By Adedapo Adesanya

Melrose General Services Limited has initiated contempt proceedings against the Governor of the Central Bank of Nigeria (CBN) Mr Yemi Cardoso and Legal Services Director, Mr Salam-Alada Kofo, for allegedly failing to comply with a Supreme Court judgement delivered in 2024 reversing the forfeiture of N1.222 billion and N220 million linked to the Paris Club refund.

The case filed as FHC/ABJ/CS/532/2025 before Justice Inyang Ekwo at the Federal High Court in Abuja was led by Melrose’s counsel, Mr Chikaosolu Ojukwu.

The Supreme Court had overturned an Economic and Financial Crimes Commission (EFCC) forfeiture order, ruling that funds which include N1.222 billion in Melrose’s Access Bank account and N220 million paid to Wasp Networks and Thebe Wellness, were not proven fraudulent.

It ordered their release, stating: “The appellant’s application (Melrose General Services Limited) to set aside the order of interim forfeiture of the sum of N1,222,384,857.84 in the appellant’s account with Access Bank Plc and N220,000,000.00 in the accounts of the 2nd and 3rd respondents (Wasp Networks and Thebe Wellness) is hereby granted.”

Melrose alleged that while the CBN refunded N1.222 billion, the N220 million remains unpaid. On March 27, Justice Ekwo permitted contempt notices (Forms 48 and 49) to be served, with a seven-day response deadline.

By April 10, all parties except the Ministry of Finance had responded, per Melrose’s counsel, Mr Segun Fiki.

The CBN, represented by Mr Abdulfatai Oyedele, argued the Supreme Court directed the N220 million to Wasp Networks (N200 million requested) and Thebe Wellness (N20 million unclaimed), not Melrose.

The EFCC, through Mr M.A. Babatunde, sought exclusion via a misjoinder motion.

The hearing is set for June 4.

By Dipo Olowookere

Entrepreneurs living in Ogun State have been given an opportunity to get about €30,000 in funding support their businesses for expansion.

The beneficiaries would be expected to come up with innovative solutions to challenges in the circular economy.

They will undergo a six-month training programme designed to prepare them for the tasks ahead.

Apart from the monetary benefits, the intending participants, who must be between the ages of 18 and 35, will receive enterprise development training and capacity building, have access to local and international markets, enjoy mentorship from industry experts and peer networks, and get personalized coaching and business support.

Business Post reports that this platform was provided by the Orange Corners Nigeria (OCN) Incubation Programme.

The initiative has already called for applications for the 13th cohort, with the deadline fixed for Sunday, May 18, 2025.

Applicants must operate in the circular economy, agriculture, health, renewable energy, or technology sectors to qualify for the scheme exclusively for Ogun residents.

By Adedapo Adesanya

The Nigerian government has inaugurated a special inter-ministerial committee on research and innovation to ensure food security in Nigeria and slash the cost of food by 50 per cent.

The team was also charged on energy security and curtailing the nation’s dependence on import.

The Vice President, Mr Kashim Shettima, inaugurated the panel at the State House Abuja with a charge to them to work towards cutting down Nigeria’s import bills by 50 per cent.

He said the group is part of ongoing efforts by the administration of President Bola Tinubu to pool intellectual and financial capital to “create the cockpit from which Nigeria’s innovation economy will be piloted.”

“We are here to breathe life not into this Committee, but into a bold mission: to build Nigeria into an innovation-driven, trillion-dollar economy within a decade. The future we desire is not something we inherit. It is something we build,” he declared.

On its terms of reference, Mr Shettima said it is to coordinate action in five strategic sectors with the power to transform society.

He listed the committee to include  “Agriculture and Climate Resilience, where research innovation must feed our people and protect our planet; Manufacturing Excellence, where we break our dependency on imports and build proudly Nigerian supply chains; Healthcare Innovation, where we shift from importing medicines to exporting medical breakthroughs; Natural Resource Optimisation, where we stop selling raw materials and start exporting ingenuity; and Energy Security, where we power our economy and secure our future.”

The Vice President explained that a major target for setting up the panel was to reduce Nigeria’s food import bill by 50 per cent, maintaining that “in each of these areas, we will pursue missions, not just metrics.

“We will not be content with data for dashboards—we want deliverables that change lives. What will it take to reduce our food import bill by 50 per cent? How do we triple local pharmaceutical production? Let us align policy, research, and investment to answer these questions and achieve measurable, meaningful outcomes,” he added.

Mr Shettima disclosed that the team is a prelude to a Presidential Plenary on Innovation approved by President Tinubu, saying the high-level plenary, which will be held annually, will be presided over by the President himself.

“This committee is only the beginning. President Tinubu has approved a Presidential Plenary on Innovation—an annual high-level forum that will bring together academia, research institutes, industry, civil society, and the Nigerian people to align our national innovation priorities.

“This plenary will be addressed by Mr President himself, because innovation is a presidential area of priority. It is central to his vision for a new Nigeria,” the VP explained in a statement.

Present at the inauguration were the ministers of Innovation, Science, and Technology, Mr Uche Nnaji, Agriculture and Food Security, Mr Abubakar Kyari; Communications, Innovation, and Digital Economy, Mr Bosun Tijani; Mr Balarabe Lawal; Mr Idi Mukhtar and representatives of the Ministers of Education, Budget and Economic Planning, and Foreign Affairs, among other members of the committee.