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Furniture Dealers Laud FG for MSME Scheme

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By Adedapo Adesanya

The United Furniture Dealers Association of Nigeria has commended the federal government over the inclusion of the members of the association in a scheme tailored for small enterprises.

President of the association, Mr Emeka Egwuekwe, has, however, asked that members of his group be included in the Central Bank Of Nigeria (CBN) N50 billion COVID-19 stimulus package for households and small businesses in the country.

Business Post had reported that the federal government recently released the guidelines to access the N75 billion Micro, Small and Medium Enterprises (MSME) Survival Fund and Support Initiatives, which took effect from September 21, 2020.

The scheme, which is the core of the N2.3 trillion stimulus package of the Nigerian Economic Sustainability Plan, includes the N60 billion MSMEs Survival Fund and the N15 billion Guaranteed Offtake Schemes.

The leader of the furniture dealers stated that the industry lost over N600 million during the COVID-19 lockdown, noting that if care is not taken, a lot of companies will shut down after the pandemic.

According to Mr Egwuekwe, who is also the Apakata Onyii Of Enugwu-Agidi l, “the government should look into our sector, the furniture industry. If care is not taken, a lot of furniture dealers would go out of business after this COVID-19 pandemic.”

“As the President of the United Furniture Association Of Nigeria, I want the government to look at ways of including members in the CBN N50 billion COVID-19 intervention loan. Our members need this bailout loan as the furniture industry provides over 6,000 jobs. If you go to Kugbo furniture market, you will discover over 6,000 Nigerians making their living from the market.

“I tell you that after this COVID-19, a lot of companies will go extinct as most of our raw materials are imported from China, and since we have not been able to import for some time, the companies are not working.

“So, I am pleading with the federal government to include us in the bailout funds. We have lost over N600 million not only in revenue, but this sector has also lost over N600 million because of the pandemic.

“The business aspect is closed, people are crying and this is happening when the year was just picking. Many people imported goods but cannot clear them and others cannot replace their stock. As I speak, many are still losing so much money as they cannot get their goods or bill of lading to clear the goods, we are in a quagmire and calling for government intervention to save our businesses” he declared.

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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Rivers Assembly Begins Impeachment Proceedings Against Governor Fubara

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By Aduragbemi Omiyale

Members of the Rivers State House of Assembly have commenced impeachment proceedings against Governor Sim Fubara.

The exercise commenced on Thursday and if successful, it would see the removal of Mr Fubara from office by the state parliament.

This is coming less than less than four months after he was restored as the Governor of the oil-rich state from a six-month suspension on democracy in the state.

In March 2025, President Bola Tinubu suspected Mr Fubara and the Rivers State House of Assembly over political tension between the Governor and his predecessor, Mr Nyesom Wike, who is now the Minister of the Federal Capital Territory (FCT) Abuja.

A peace deal was reportedly brokered by Mr Tinubu between Mr Fubara and Mr Wike but things fell apart a few months after.

The Rivers Assembly is populated by loyalists of Mr Wike and has lawmakers from the All Progressives Congress (APC) and the People’s Democratic Party (PDP).

A few weeks ago, the Governor decamped from the PDP to the APC, in a move described as a masterstroke because it was calculated that it would free Mr Fubara from the grip of Mr Wike, who has been expelled from the PDP but yet to join the APC.

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Dangote Withdraws Petition Against Ex-NMDPRA CEO Farouk Ahmed

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By Modupe Gbadeyanka

The petition filed by Mr Aliko Dangote to the Independent Corrupt Practices and Other Related Offences Commission (ICPC) against the former chief executive of the Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA), Mr Farouk Ahmed, has been withdrawn.

The businessman had accused Mr Ahmed of using his office to enrich himself and living above his means.

According Mr Dangote, the former NMDPRA chief spent about $7 million belonging to Nigerians for the primary education of his four children in Switzerland.

In the heat of this, Mr Ahmed resigned from the position, with the ICPC promising to further look into the matter.

It was gathered that the owner of the Lagos-based Dangote Petroleum Refinery has withdrawn his petition against Mr Ahmed from the ICPC because a similar complaint is already being investigated by the Economic and Financial Crimes Commission (EFCC).

The ICPC, in a statement signed by its Head of Media and Public Communications, Mr John Okor Odey, on Wednesday said, “The ICPC is in receipt of a letter dated January 5, 2025, titled ‘Notice of Withdrawal of Petition against Engineer Farouk Ahmed’, submitted to the commission by Dr. O.J. Onoja, SAN and Associates, legal counsel to Aliko Dangote.

“The letter states that the petitioner has withdrawn the petition dated December 16, 2025, submitted against Engineer Farouk Ahmed, the immediate past ACE/CEO of the NMDPRA, in its entirety, and that another law enforcement agency has taken over.

“The ICPC wishes to state categorically that, in line with the provisions of Sections 3(14) and 27(3) of its enabling Act, investigations in the interest of the Nigerian people and the Nigerian state have already commenced and are presently ongoing.

“The ICPC will therefore continue to investigate this matter in line with its statutory mandate and in the interest of transparency, accountability and the fight against corruption for the benefit of Nigeria.”

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Court Grants N500m Bail To Malami, Wife, Son in Money Laundering Case

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Abubakar Malami Assets Recovery Campaign

By Adedapo Adesanya

Justice Emeka Nwite of the Federal High Court in Abuja has granted the former Attorney General (AGF) and Minister of Justice, Abubakar Malami and two others, bail in the sum of N500 million with two sureties.

The sureties, according to the judge, must have landed property in Asokoro, Maitama, or Gwarinpa.

The documents of the properties are to be verified by the deputy chief registrar of the court while the sureties are also to depose to affidavit of means.

Mr Malami was also ordered to deposit his travelling documents with the court and must not travel out of the country without the permission of the court.

The former AGF and his sureties were also ordered to deposit their two recent passport photograph with the court.

Meanwhile, Mr Malami has been ordered to be remanded in Kuje prison pending his perfection of the bail conditions.

Justice Nwite subsequently fixed February 17 for commencement of trial of the corruption charges.

The same bail were extended to Mr Malami’s son, Mr Abdulaziz Malami, and a listed employee of Rahamaniyya Properties Limited, Mrs Asabe Bashir, who is also believed to be Mr Malami’s wife.

The Economic and Financial Crimes Commission (EFCC) filed a 16-count alleged money laundering charge against Malami, his son and his wife.

In one of the counts, the anti-graft agency alleged that Mr Malami and his son procured Metropolitan Auto Tech Limited to conceal the unlawful origin of the sum of N1,014,848,500.00 in a Sterling Bank Plc account, when they reasonably ought to have known that the sum constituted proceeds of unlawful activities, thereby committing an offence contrary to Section 21(c) of the Money Laundering (Prevention and Prohibition) Act, 2022, and punishable under Section 18(3) of the same Act.

It also said they conspired to disguise the unlawful origin of the aggregate sum of N1,049,173,926.13 paid through the Union Bank Plc account of Meethaq Hotels Limited, Jabi, between November 2022 and September 2024, contrary to Section 21 of the Money Laundering (Prevention and Prohibition) Act, 2022, and punishable under Sections 18(2)(a) and 18(3) of the same Act.

Another count alleged that between November 2022 and October 2025, the duo indirectly took control of the aggregate sum of N1,362,887,872.96 paid through the Union Bank Plc savings account of Meethaq Hotels Limited, when they reasonably ought to have known that the funds constituted proceeds of unlawful activities, contrary to Section 18(2)(d) and punishable under Section 18(3) of the Money Laundering (Prevention and Prohibition) Act, 2022.

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