General
Ozekhome Threatens EFCC with Lawsuit over N75m Seizure
By Dipo Olowookere
But the Constitutional lawyer, reacting to the ruling by Justice Abdulazeez Anka, explained that the money was part payment for professional services he rendered to Governor Ayodele Fayose of Ekiti State.
Mr Ozekhome described insinuation by the anti-graft agency that the fund was proceed of money laundering, as “an invidious lie from the pit of hell”.
According to him, “It is with rude shock and personal sense of consternation that my attention has just been drawn to online publications with numerous calls from Nigerians, that my account containing N75 million domiciled with GTBank has been temporarily frozen, allegedly based on an ex-parte order obtained by the EFCC from the Honourable Justice Abdulazeez Anka of the Federal High Court, Lagos.
“It is alleged that the said sum of N75 million is ‘suspected’ to be the proceeds of crime or that it is from money laundering. This is an invidious lie from the pit of hell.”
The lawyer said, “For the records, the N75 million was paid into my account by my client, Governor Ayodele Fayose of Ekiti State, as part payment of Professional Fees for the numerous cases my chambers is currently handling for him (in his personal capacity) and his aides across Nigeria. The money is neither ‘’suspected proceeds of crime’’ nor of money laundering.
“On the 13th day of December, 2016, I defeated the EFCC in a judgment delivered by the Honourable Justice Taiwo O Taiwo, sitting at the Federal High Court, Ado Ekiti.
“In his judgment dated 13th December, 2016, the court ordered the EFCC to immediately defreeze two accounts belonging to Governor Fayose and domiciled with Zenith Bank Plc, which accounts EFCC had, illegally , unconstitutionally, an in a most uncouth and cavalier manner frozen and blocked in Zenith Bank Plc. The court described the action of the EFCC as ‘’illegal, wrongful, unconstitutional and unlawful’’.
“Mr Rotimi Oyedepo, the same lawyer who was said to have obtained the ex-parte order blocking my account from Honourable Justice Abdulazeez Anka, is the very counsel for the EFCC in the case I won for Governor Fayose before the Federal High Court, Ado Ekiti.
“After the accounts were defrozen by the judgment of the court, I urged Governor Fayose to make part payment of N100 million for the numerous cases I am handling for him and his aides across Nigeria, but which he did not have funds to pay for.
“He then transferred, with the cooperation of Zenith Bank Plc, which was actually the 2nd Defendant in the suit, the sum of N75 million as part payment of my Professional Fees.
“I have since utilized the funds for the payment of salaries, school fees of my children schooling in Nigeria and abroad, with spirally inflation, and for my Mike Ozekhome Foundation (MOF) activities.
“On the 19th of January, 2017, Honourable Justice Taiwo O Taiwo of the Federal High Court, Ado Ekiti, took argument on a motion for injunction pending appeal restraining Governor Fayose from withdrawing the remaining balance in his said accounts. This same motion was argued by the same Rotimi Oyedepo.
“The court on the 31st of January, 2017, dismissed EFCC’s motion. He has now appealed to the Court of Appeal, Ado Ekiti, with a similar motion.
“The present action of EFCC is clearly calculated to overreach Governor Fayose in the appeal and also to embarrass and intimidate me from defending Governor Fayose.
“This will never happen. I will continue to defend beleaguered and oppressed Nigerians from the antics and high handedness of publicly funded government institutions that breach their fundamental rights.
“It is sickening and inconceivable that money legitimately and legal.”
By Adedapo Adesanya
The federal government has issued a data protection compliance circular to all Ministries, Departments and Agencies (MDAs) to promote public trust through data-driven governance.
The compliance directive is contained in Circular No. 59805/S.I/74, dated 27 July 2026, and signed by the Secretary to the Government of the Federation, Mr George Akume, according to a statement by the Head, Legal, Enforcement & Regulations, Mr Babatunde Bamigboye.
The initiative forms part of a continuum of regulatory measures that will be vigorously pursued as Nigeria advances towards the decisive frontiers of the Fourth Industrial Revolution.
The circular drew the attention of MDAs to a statement of President Bola Tinubu, where he said: “Data is the new oil”.
Mr Akume then directed all Ministries, Extra-Ministerial Departments and Agencies to capture the information rigorously and safeguard it under the Nigeria Data Protection Act, 2023 (NDP Act).
The circular also directed MDAs to ensure full compliance with the NDP Act, Regulations, Guidelines, and Directives issued by the Nigeria Data Protection Commission (NDPC) in relation to the processing of personal data.
To this end, the Circular directs MDAs to, designate suitably qualified officers as Data Protection Officers (DPOs) to oversee data protection compliance and advise management on all matters relating to the lawful processing of personal data, ensure that the names and contact details of their designated DPOs are communicated to the NDPC for registration and official records; engage licensed Data Protection Compliance Organisations (DPCOs), where required, to facilitate compliance with the NDP Act and support the conduct of statutory compliance audits.
It also directed them to provide adequate budgetary allocation for data protection compliance activities, including capacity building, awareness programmes, deployment of appropriate technical safeguards, and periodic compliance audits; and submit all mandatory Data Protection Compliance Audit Returns and other statutory returns to the NDPC within the timelines prescribed by law.
The circular further states that “Permanent Secretaries, Accounting Officers and Chief Executive Officers of all MDAs shall be personally responsible for ensuring institutional compliance with the Circular and the provisions of the NDP Act.”
The National Commissioner/Chief Executive Officer of the NDPC, Mr Vincent Olatunji, expressed the commission’s commitment to supporting data-driven governance.
Mr Olatunji maintained that data accountability is pivotal to achieving the eight Presidential Priorities. To provide full technical support to MDAs for the purpose of achieving compliance, the commission has constituted a regulatory clinic.
By Adedapo Adesanya
Yellow Card, a global stablecoin infrastructure provider, has raised $40 million in a strategic funding round to accelerate its international expansion and strengthen its digital payment infrastructure.
The funding round attracted investments from SC Ventures, the innovation and investment arm of Standard Chartered, Sony Innovation Fund, Polychain Capital, Blockchain Capital, and other strategic investors. With the latest raise, Yellow Card’s total equity financing has now exceeded $120 million.
The company said the fresh capital will be used to scale its Global US Dollar Accounts, an end-to-end dollar account designed for businesses, while expanding the stablecoin payment rails that connect businesses to markets around the world.
Yellow Card’s chief executive, Mr Chris Maurice, described the investment as a strong endorsement of the company’s long-term vision, noting that the company has spent years building infrastructure that allows businesses to move money globally without relying on traditional correspondent banking systems.
He added that the next phase of growth will focus on helping banks connect directly to stablecoin payment rails, enabling faster and more efficient cross-border transactions while expanding access to US Dollar services for businesses.
SC Ventures chief executive, Mr Alex Manson, said stablecoins are becoming an important part of global payments, but noted that widespread adoption will depend on reliable infrastructure and practical use cases.
He said Yellow Card has built the payment rails businesses across Africa need to move money efficiently across borders and expressed confidence in the company’s ability to expand both within Africa and internationally.
The investment also marks growing interest from global institutions in stablecoin-based payments. Sony Innovation Fund said its backing reflects confidence in Yellow Card’s ability to build digital payment infrastructure for emerging markets.
Mr Austin Noronha, Managing Director at Sony Ventures-US, said the company believes Yellow Card is creating the technology needed to help banks, financial technology firms and enterprises move money faster and more securely.
He added that the company looks forward to supporting Yellow Card as it expands beyond Africa into Latin America, the Middle East, Europe and the Asia-Pacific region.
Yellow Card said the funding will also support the wider rollout of its Global USD Accounts, which allow businesses to hold U.S. dollars, manage treasury operations, swap stablecoins, and collect or make payments in local currencies across more than 50 countries.
The company noted that the platform is already being used by major customers, including Visa and Western Union.
Founded to simplify cross-border payments through digital assets, Yellow Card has processed more than $10 billion in transactions across its network. The company supports over 50 currencies and holds licences, authorisations and registrations in 22 jurisdictions across North America, Europe and Africa.
Yellow Card has also established strategic partnerships with global payment companies including Visa, Mastercard, PayPal and Coinbase as it positions itself as a key infrastructure provider for international digital payments.
By Adedapo Adesanya
The National Economic Council (NEC) has approved a $4.5 billion arrangement for the Nigerian National Petroleum Company (NNPC) Limited aimed at strengthening the country’s external reserves and freeing up funds for infrastructure.
This is part of the refinancing of the $3.3 billion Project Gazelle Pre-Export Finance Facility through a new $4.5 billion facility named “Project Gazelle 2”.
The approval allows NNPC Limited to refinance the outstanding balance of approximately $1.5 billion under the original 2023 facility, while unlocking an additional $3 billion in liquidity to strengthen the country’s external reserves and support ongoing fiscal and infrastructure priorities of the government.
NEC’s approval followed a presentation by the Minister of Finance, Mr Taiwo Oyedele, which was presented by the Chairman of the Council, Vice President Kashim Shettima, underscoring the importance of the project.
NEC observed the significance of unlocking additional liquidity to the federation, among other benefits, pledging its support for the actualisation of the initiative.
The Finance Minister explained that the refinancing has been structured on more favourable terms than the original facility, including a reduction in the volume of pledged crude oil from 90,000 barrels of oil per day to approximately 78,750 barrels of oil per day – a 12.5 per cent reduction.
He noted that under the new arrangement, an additional 11,250 barrels of oil per day for the federation will be released, while there will be a reduction in the pledged crude volumes by the state oil company.
Mr Oyedele added that while accessing additional liquidity on improved terms, the arrangement is freeing up resources for strategic national priorities while strengthening the country’s financing structures.
“The arrangement is freeing up resources for strategic national priorities while strengthening the country’s financing structures,” he said.
VP Shettima called for a responsive, scalable, and data-driven social protection policy to tackle multidimensional poverty in Nigeria.
According to Mr Shettima, government policies are often heard before they are seen, speak through the price of food, condition of hospitals, records in schools, strain on families, the confidence of those who invest their labour in the nation’s future, and, very importantly, the ambitions of state governments.
He implored members of Council to ensure that every decision they make assure the citizens “that their government is paying attention to the pulse of the nation and is resolved to respond with competence, compassion and purpose.”
