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Emefiele Forfeits $1.4m to FG After Court Order

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Godwin Emefiele Exchange Rate

By Adedapo Adesanya

The Federal High Court, sitting in Lagos has ordered the final forfeiture to the federal government of another $1.4 million, linked to embattled former Central Bank of Nigeria (CBN) Governor, Mr Godwin Emefiele.

Justice Ayokunle Faji gave the order after hearing an application filed and argued by the Economic and Financial Crimes Commission (EFCC) on Tuesday.

This order is coming a few days after another judge of the same court, Justice Chukwujekwu Aneke, ordered the final forfeiture of over N12.18bn in money and properties linked to the same Emefiele.

Recall that a witness earlier this week had said Mr Emefiele awarded contracts to his wife and brother-in-law.

At Tuesday’s proceedings, counsel to the EFCC, Mrs Bilkisu Buhari-Bala, urged Justice Faji to grant the final forfeiture order of the money, domiciled in an account number in Titan Trust Limited, to the Nigerian government.

The EFCC counsel told the court that the application is pursuant to Section 17 of the Advance Fee Fraud and Other Fraud-related Offences Act No. 14 2006, and section 44 (2)(B) of the 1999 Constitution of the Federal Republic of Nigeria.

Mrs Buhari-Bala also told the court that the application for the final forfeiture of the said sum has been established to be proceeds of unlawful activities.

The applicant was supported by an affidavit deposed to by one David Jayeoba, an Investigating Officer with the EFCC, alongside a written address.

In the affidavit, the deponent stated that his Commission received credible and direct intelligence which led to the tracing of funds reasonably suspected to be proceeds of unlawful activities, warehoused in the Donatone Limited (DL) Titan Trust Bank account, which funds are reasonably suspected to be part of proceeds of unlawful activities.

He said that the commission, whilst investigating the monumental fraud carried out by the erstwhile CBN governor and his cronies, discovered a huge amount of money warehoused and concealed in the account of (DL) domiciled in Titan Trust Bank.

According to him, some of the brains behind the fraudulent concealment of funds reasonably suspected to have been proceeds of unlawful activities of Emefiele are the natural persons behind DL: Mr Uzeobo Anthony and Mr Adebanjo Olurotimi, who are directors of DL.

The deponent also stated “that part of the said funds, which represent the proceeds of Godwin Emefiele and his cronies’ unlawful activities, are retained in the accounts now sought to be forfeited.

“That Uzeobo Anthony and Adebanjo Olurotimi were procured by Godwin Emefiele to conceal, retain, and disguise funds reasonably suspected to be proceeds of unlawful activities.

“Between 2021 and 2022, when accessibility to Forex in Nigeria was difficult, several international entities operating in Nigeria had to resort to different means to source forex.

“That both Uzeobo Anthony and Adebanjo Olurotimi used to collect bribes and gratification on behalf of (GE) to get approval for accessing Forex. And that one of the entities paid a total sum of twenty-six million five hundred and fifty-give thousand million Dollars ($26,552,000.00) into the account of (DL) domiciled in Titan Trust account number 2000000500.

“The said credits came into the account on the 9th of November 2021: $6,450,000; 15th of November 2021: $6,050,000.00; 16th of December 2021: $5,400,000.00; 23rd of December 2021: $652,000, 31th January 2022: $3,000,000.00 and on the 21st September 2022: $5,000,000.00. Find attached and marked EFCC 1 the Titan Trust bank account of Donatus Limited evidencing the inflows.

“The investigation traced the funds to having been fixed into interest-yielding accounts, dissipated and laundered through a foreign account in Mauritius, and transported back to Nigeria under disguise.

“That of the total sum of $26, 555, 000.00 US dollars received by Donatus Limited, the balance standing in the said account as of today is the sum of one million four hundred and twenty-six Thousand one hundred and seventy-five (US $1,426, 175. 14).

“That it is the balance in the account that the applicant (EFCC) seeks to forfeit to the Federal Government of Nigeria which has been traced to be the proceeds of unlawful activities of (GE) and his cronies.

“That investigation further revealed that the international entities sourcing for forex were pressured into parting with huge funds to access forex during the period. And that the signatories to the account warehousing the sum of ($1,426, 175.14) sought to be forfeited are at large and are making frantic efforts to dissipate the funds electronically.

“Based on our investigation findings, the funds sought to be forfeited are proceeds of unlawful activities of Godwin Emefiele and his cronies. And that the applicant secured an interim forfeiture order of the Honourable Court on the 29th day of May 2024 to forfeit the sum of $1, 426, 175.14 warehoused in Titan Trust Bank to the Federal Government of Nigeria in the interim. Attached and marked EFCC 3 is the Honorable Court’s order dated 29th May 2024.

“The Honorable Court ordered that the order be published in a national daily. The said order was carried out and the applicant published the order in the Punch Newspaper on the 6th of June 2024. Attached and marked EFCC 4 is the said order.”

In ordering the final forfeiture of the money after listening to the submission of the EFCC lawyer, the court held that: “having been satisfied with the application and submission of Counsel, I hereby granted the prayer finally forfeiting the said funds in question.”

Adedapo Adesanya is a journalist, polymath, and connoisseur of everything art. When he is not writing, he has his nose buried in one of the many books or articles he has bookmarked or simply listening to good music with a bottle of beer or wine. He supports the greatest club in the world, Manchester United F.C.

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Nigeria Steps up AI Surveillance, Anti-Drone Systems for National Security

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Anti-Drone Systems

By Adedapo Adesanya

Nigeria is set to strengthen its defence architecture by deploying artificial intelligence-powered surveillance systems and advanced anti-drone technology as part of efforts to modernise the country’s military capabilities, according to the Minister of Defence, Mr Christopher Musa.

He disclosed this during a high-level visit to Monaco, where he led a Nigerian delegation to conclude discussions on the multi-domain Hybrid Intelligence Shield (HIS) project.

According to Mr Musa, the initiative is designed to enhance border security, protect urban centres and improve the country’s response to emerging security threats.

The project is expected to introduce AI-driven surveillance systems capable of identifying threats rapidly through smart algorithms, while anti-drone technology will be deployed to intercept and neutralise unmanned aerial threats.

The government also plans to establish national and regional command-and-control centres to improve real-time coordination and response to security incidents across the country.

Mr Musa said the initiative would place strong emphasis on technology transfer and local capacity development through the establishment of a military Centre of Excellence in Nigeria.

He added that the federal government would leverage partnerships with international firms, including Marss UK Ltd, while simultaneously building indigenous capabilities to address insurgency, illegal mining, piracy and other security threats.

Nigeria has continued to battle multiple security challenges in recent years, including insurgency in the North-East, banditry and kidnappings in the North-West, farmer-herder clashes in the North-Central region, crude oil theft in the Niger Delta and piracy in the Gulf of Guinea.

Nigeria is stepping up its defence as the border region of Nigeria, Benin and Niger on the southern edge of the Sahel region is becoming a new stronghold for jihadists, as militants turn forests and pastoral networks in West Africa into bases for recruitment and international attacks.

Attacks in Nigeria have also risen, with data from the website of the Armed Conflict Location & Event Data (ACLED), a conflict-monitoring group, affirming that the number of suicide bombings in Nigeria by March already matched the annual average over the past six years.

The Nigerian military has also been dealt a blow to its military bases and senior figures targeted. In April, Brigadier-General Oseni Omoh Braimah was killed when Islamist fighters attacked a base in Borno State.

To also meet the defence goal, Nigeria is stepping up efforts to build domestic arms-manufacturing capacity.

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Nigeria, Morocco to Seal Atlantic Gas Pipeline Deal by Q4 2026

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By Adedapo Adesanya

Nigeria and Morocco are set to sign a major intergovernmental agreement later this year to push forward the long-delayed Nigeria-Morocco Gas Pipeline project, a multi-billion-dollar energy corridor expected to reshape gas trade across West Africa and Europe.

The agreement, expected to be signed in the fourth quarter of 2026 by President Bola Tinubu and King Mohammed VI of Morocco, follows the completion of preliminary technical studies for the ambitious project, according to officials from both countries.

The pipeline, also known as the African Atlantic Gas Pipeline, is projected to stretch about 6,900 kilometres along offshore and onshore routes across West Africa, making it one of the largest gas infrastructure projects on the continent.

With an estimated cost of $25 billion, the pipeline is designed to transport up to 30 billion cubic metres of gas annually once completed.

Discussions on the project gained fresh momentum during a telephone conversation between Nigeria’s Minister of Foreign Affairs, Mr Bianca Odumegwu-Ojukwu, and her Moroccan counterpart, Mr Nasser Bourita.

The project would not only strengthen energy cooperation between the two countries but also improve regional economic integration and expand Africa’s access to European energy markets.

According to Morocco’s hydrocarbons and mining agency, ONHYM, part of the gas supply will support Morocco’s domestic energy demand, while large export volumes will be directed to Europe.

The project, first proposed about a decade ago, is seen as a strategic alternative gas supply route amid rising global energy security concerns and Europe’s search for more diversified energy sources.

Beyond the pipeline, Nigeria and Morocco are also exploring broader economic partnerships, particularly in fertiliser production and distribution to support food security across Africa.

Both countries also agreed on the need to revive the Nigeria-Morocco Business Council to strengthen trade and investment relations under the African Continental Free Trade Area framework.

Analysts noted that the project could significantly boost gas monetisation opportunities for Nigeria, expand regional infrastructure development, and deepen economic ties between West African nations and Europe if successfully executed.

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Impact Investors Foundation Launches GESI Baseline Report

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GESI Baseline Report

The Impact Investors Foundation (IIF), Nigeria’s leading platform for unlocking impact capital, today hosted the 4th Gender Impact Investment Summit (GIIS). The landmark event featured the historic unveiling of the Inclusive Capital Scorecard, a Gender Equity and Social Inclusion Baseline report, which establishes a foundation and clear understanding for GESI integration practices in impact investment.

The summit, themed “From Commitment to Action: Strengthening Inclusive Gender Lens Investment for Nigeria’s Growth,” convened at a critical juncture for deepening Nigeria’s National Women Economic Empowerment policy. Building on the momentum of previous years, where over 50 organisations pledged support for inclusive capital, the 4th GIIS serves as the definitive platform to translate high-level pledges into tangible, measurable results for women, youth, and the over 35 million Nigerians living with disabilities.

The centrepiece of this year’s summit was the GESI baseline survey, which serves as a reference point for tracking progress, informing interventions, and strengthening accountability toward achieving the national inclusive capital roadmap. It also features a policy roundtable, where regulators, ministries and government agencies made actionable commitments to strengthen cross-sector collaboration, and accelerate policy implementation for women, youths and persons with disabilities (PwD) in key economic sectors, including climate resilient industries.  “The GESI Baseline Report is more than a document; it is the data-driven foundation required to fix structural barriers in our financial system,” stated Etemore Glover, CEO of the Impact Investors Foundation. “While women own nearly 40% of Nigerian businesses, they receive a disproportionately small share of formal credit. This report empowers stakeholders to identify acute gaps and benchmark progress as we move toward a truly inclusive economy.”

Ibukun Awosika, Chair of GSG Nigeria Partner and Vice Chair of GSG Impact, emphasised the significance of this milestone at the 4th GIIS: “By providing the data-driven foundation needed to benchmark progress, it demands that stakeholders not only mobilise inclusive capital at scale but also embed GESI and gender lens investment principles into every investment decision and policy. This summit is the definitive platform to close investment gaps, unlocking Nigeria’s full economic potential and ensuring our growth is truly equitable and transformative.”

The 4th Gender Impact Investment Summit (GIIS) acts as a vehicle to dismantle obstacles for women, serving as a catalyst for growth by actively driving impact to accommodate women, including those in the informal labour market. It moves beyond rhetoric to institutionalise accountability by encouraging organisations to not only track how capital is raised, but also the type of capital deployed, jobs created, enterprise growth, geographic reach, and measurable inclusion outcomes.

Gender Equality and Social Inclusion (GESI) are increasingly recognised as critical leverage points; by addressing the institutional gaps that leave women, youths and persons with disabilities-led businesses under-resourced, Nigeria can catalyse a new wave of data-driven investment and productivity.

The keynote address, ‘Turning Gender Equity into Economic Advantage,’ presented by His Highness Khalifa Muhammad Sanusi II CON, Sarkin Kano, stressed the need for the intentional dismantling of structural barriers that hinder women’s financial inclusion, noting that gender equality is not merely a social imperative but a critical economic lever for national prosperity.

To facilitate immediate economic impact, the 4th GIIS introduced enhanced Deal Rooms, operating both virtually and in-person. These rooms are specifically designed to provide a direct matchmaking pipeline, connecting investors with ready-to-scale, women-led enterprises, leading to a soft commitment of about $250,000 from investors.

In addition, the summit featured technical sessions which emphasised institutional capacity building, equipping both public and private sector actors with the GESI diagnostic tools, investment readiness tools and data capturing frameworks necessary to mainstream GESI and gender lens investing (GLI) into their core operations.

The economic urgency of this intervention is underscored by current data showing a stark inclusion gap: only 23% of Nigerian women have bank accounts, compared to 77% of men. By providing credible, first-of-its-kind data, the IIF is positioning the GESI Roadmap as a strategic necessity for sustainable national growth.

The summit featured high-level participation from financial institutions, Development Finance Institutions (DFIs), and policymakers. Through interactive panels and policy conversations, leaders were invited to move beyond discourse and lead in GESI integration, utilising the new report to influence future policy and investment strategies.

The 4th Gender Impact Investment Summit reaffirms IIF’s role as a strategic architect in the Nigerian investment market, dedicated to establishing actionable interventions that ensure no one is left behind in the pursuit of prosperity.

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