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Tinubu Lauds EFCC’s N500bn Asset Recovery, 7,000 Convictions

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By Adedapo Adesanya

President Bola Tinubu has lauded the achievements of the Economic and Financial Crimes Commission (EFCC) under the leadership of Mr Ola Olukoyede for achieving new heights in asset recovery and convictions.

Speaking at the 7th EFCC-NJI Capacity Building Workshop for Justices and Judges, on Monday, October 20, 2025, at the National Judicial Institute, Abuja, the President, who was represented by Vice President Kashim Shettima, stated that, “As an administration we have prioritized public accountability by strengthening the anti-corruption agencies and accorded them the needed independence to execute their statutory mandates. This enabling environment is evident in the impact that has been made in the last two years.

“The EFCC, for example, has recorded over 7,000 convictions in the first two years of the present administration and recovered assets in excess of Five Hundred Billion Naira. Recovered proceeds of crime by the agency have been ploughed back into the economy to fund critical social investment programmes, including the Students Loan and Consumer Credit schemes.”

Mr Tinubu at the event themed Enhancing Justice in the Fight against Economic and Financial Crimes called on judges and justices to give their utmost in the fight against corruption, noting that the judiciary was critical to a successful anti-crime fight.

He noted that corruption can be rooted out in the country if citizens choose to do what is right and those who deviate are punished accordingly.

“We have an opportunity to consolidate the efforts of the last two years to deliver an optimal anti-corruption framework that will support our peaceful growth and development.

“A Nigeria free of corruption is possible, if we all commit to doing what is right in our respective spheres of influence and ensuring that those who deviate from the norm are not allowed to go scot-free. A robust judicial system is central to the success of anti corruption efforts and I count on our judges.

“We have allowed both the judiciary and the anti-graft agencies to exercise their constitutional and statutory powers to dispense justice and restore sanity.

“The evidence is before your eyes. We cannot claim to have excelled in our pursuit of a transparent system if we do not live by such examples. Courts and judges are strong pillars of the anti-corruption process.

“Except the society has full confidence that those who pillage our resources will be subjected to the rule of law and brought to justice through a fair and transparent process of adjudication, the sneers over our collective commitment to fighting corruption will only get louder.

“This point should resonate with your lordships. Your vantage position on the bench does not insulate you from the consequences of corruption.

“There are no special roads, hospitals or communities for judges. We all shop in the same markets and face the same risk of insecurity which is a culmination of decades of willful theft and wastage of the nation’s resources by corrupt public officials.

“I believe that it is in the interest of all Nigerians, members of the executive, the legislature and the judiciary to join hands in this important task of fighting and winning the war against corruption in Nigeria,” he said.

On his part, Mr Olukoyede in his opening remarks, noted that though he had always been conscious of the enormous role of the judiciary in enforcing the rule of law and accountability in the course of his work in fraud management and regulatory compliance, the last two years of superintending the affairs of the EFCC have further brought the importance of the judiciary as the cornerstone in the fight against corruption into sharper focus.

He regretted the long-winding courtroom procedures that encumber the Commission’s progress in high profile corruption cases.

“The milestones we have recorded in the past two years are almost overshadowed by public concern over the progress of high profile cases in court.

“The seeming convoluted trajectory of many cases involving politically exposed persons evoke gasps of exasperation, incredulity and sometimes disdain by the people. Without mentioning specific cases and courts, there are cases filed by the Commission 15 or 20 years ago that appear in limbo, moving in circles.

“We appeared to have grown accustomed to a predictable pattern in high profile prosecutions: When investigations are concluded, getting PEPS to appear in court to answer to charges is a herculean task itself.

“When that hurdle is overcome, and the charge is read, other antics unfurl. It is either the charges are not properly served, or the defendant who hitherto was fit as fiddle suddenly comes down with some of the most chronic ailments under the sun. A medical report is brandished and technical adjournment procured.

“At other times, defendants recant on the statements they voluntarily made. A trial-within-trial is ordered. If that fails, a no case submission is the ultimate card of rigmarole, and the trial is on a roller coaster, that may stretch until God knows when! The power of the Commission to file a charge is challenged or the neutrality of the trial judge queried.

All of these amount to weaponization of procedures.

“Prioritization of procedural technicalities at the expense of justice undermines public confidence in the fight against corruption and financial crimes.

“This calls for greater circumspection by Your Lordships in making pronouncements and decisions with dramatic implication for the fight against corruption. When cases drag in court, many things happen. Witness fatigue sets in, memories fade and those who had testified may struggle to recall their earlier testimonies. In extreme circumstances, the witness or the prosecutor may have died, or moved on and no longer available to testify. The defendants too grow old and frail, eliciting compassion that was not there in the beginning.

“The longer cases last in court, the more the chance that they slip off popular consciousness, and the image of the court as the temple of justice is eroded. The only victor in the circumstance is corruption.

“My lords, while the Nigerian Judiciary is blessed with competent and courageous judges and justices, the actions and decisions by a few are sources of worry to agencies such as the EFCC,” he said.

Speaking further, the EFCC boss stated that . “For instance, the Commission is disturbed by the trend in which some judges of state high courts issue orders to apprehend the powers of the Commission to investigate money laundering cases, even though it is clearly established that those matters are outside their purview.

“More worrisome is the fact that most of those decisions are made ex-parte. Even where the Commission appeals, there are no restraints in making contempt decisions against it.

“In addition, contradictory decisions by courts of coordinate jurisdiction in high profile corruption cases encumbers the work of the Commission. There is also the case when senior lawyers are allowed to stall the arraignment of corruption suspects through frivolous applications.

“These antics leave the society with suspicion that the courts and the prosecution are not keen about justice. This feeds into the theme of the workshop: Enhancing Justice in the Fight Against Economic and Financial Crimes.

“It is a clarion call to interrogate the absurdities obstructing the flow of the wheel of justice, especially in cases of corruption and other forms of economic crime.”

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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NCSP Strengthens Strategic Investment Cooperation With China

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By Adedapo Adesanya

The Nigeria–China Strategic Partnership (NCSP) recently hosted a high-level delegation from Newryton International Industrial Development Company Limited, a leading Chinese investment and industrial development consortium, to advance discussions on deepening bilateral trade, industrial cooperation, and development financing between both countries.

The Newryton delegation, led by Mr David Chen, Assistant Secretary-General of the China Hainan Investment Council, had earlier engaged with the Nigerian Association of Commerce, Industry, Mines and Agriculture (NACCIMA). They were accompanied to the NCSP by Mr Joe Onyuike, Vice-Chairman of NACCIMA’s Agriculture and Livestock Trade Group, who conveyed NACCIMA’s support for the delegation’s engagements.

Discussions centered on the establishment of a Nigeria–China Trade and Investment Platform, including a proposed Promotion Centre in China to support Nigerian products, investors, and state governments.

The consortium also presented opportunities within Hainan Province’s Free Trade Port (FTP), which offers preferential policies that Nigerian businesses can leverage to expand exports and attract new investments.

In his address on behalf of Newryton, Mr Pong outlined plans to collaborate with NCSP in accessing FOCAC-supported financing for strategic investments in agriculture, energy, mining, solid minerals processing, and related sectors. The delegation identified aquaculture as a key area of interest and referenced the forthcoming Global Aquaculture Conference in Hainan Province, encouraging Nigerian stakeholders to participate.

They also expressed readiness to strengthen cooperation in vocational training and employment under the Belt and Road Initiative (BRI).

Welcoming the delegation on behalf of the Director-General, Martins Olajide, NCSP’s Head of Internal Operations, reaffirmed the organisation’s commitment to fostering mutually beneficial partnerships.

He highlighted NCSP’s strong interest in the proposed Nigeria–China Trade and Investment Platform and the development of the Nigerian Oil Palm Industrial Park as a flagship demonstration project.

Also speaking at the meeting, Ms Judy Melifonwu, NCSP’s Head of International Relations, underscored the opportunities presented by China’s zero-tariff policy and the forthcoming NAQS–GACC protocol on the export of Nigerian aquaculture products. She noted that these frameworks would significantly enhance Nigeria’s competitiveness in emerging global markets.

Both parties expressed commitment to advancing discussions toward a structured cooperation framework covering all priority areas.

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UKNIAF Marks Six Years Infrastructure Support to Nigeria

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By Adedapo Adesanya

The United Kingdom–Nigeria Infrastructure Advisory Facility (UKNIAF), established in 2019 as part of a 16-year legacy of UK-funded infrastructure support to Nigeria, convened over 100 senior stakeholders on Tuesday, December 2, to review its progress and formally close out its current phase of operations.

The event brought together representatives from federal and state governments, development partners, development finance institutions, and the private sector to reflect on UKNIAF’s work across the power, infrastructure finance, and roads sectors. Discussions focused on institutional reforms, capacity development, and the sustainability of tools and processes introduced over the past six years.

Since inception, UKNIAF has delivered targeted technical assistance designed to embed evidence-based reforms, data-driven decision-making, and improved institutional performance. Its interventions have mobilised significant financing, strengthened regulatory and planning systems, and enhanced investor readiness across multiple infrastructure markets.

In the power sector, participants highlighted landmark achievements including the development of Nigeria’s first Integrated Resource Plan, which outlines a least-cost and low-carbon pathway for expanding electricity supply. UKNIAF also supported the Nigerian Electricity Regulatory Commission (NERC) in building advanced real-time data capabilities for tariff monitoring, grid management, and outage tracking. The programme enabled pioneering states to establish their own electricity markets following constitutional reforms.

In infrastructure finance, UKNIAF was recognised for strengthening project preparation systems and enabling access to capital. Notable accomplishments include supporting the mobilisation of $75 million from the African Development Bank to the Special Agro-Industrial Processing Zone (SAPZ) programme in two states, and accelerating mini-grid and solar deployment through improved technical standards at the Rural Electrification Agency (REA).

UKNIAF also designed a national project preparation facility, for which N21 billion was allocated in both the 2024 and 2025 budgets to build a pipeline of bankable projects.

Speaking on this, Mr Frank Edozie, UKNIAF Team Lead, described the programme’s close-out as a “handover for sustained delivery,” emphasising that strengthened institutions now hold tools that make Nigeria’s infrastructure landscape more transparent, climate-smart, and investor-ready.

On his part, the Minister of Power, Mr Adebayo Adelabu, commended the programme, noting that its technical assistance and advisory services had helped lay the foundation for a sustainable and inclusive electricity supply industry.

Mrs Cynthia Rowe, Head of Development Corporation at the UK Foreign, Commonwealth and Development Office (FCDO) in Nigeria, praised the partnership, highlighting achievements ranging from state-level electricity market reforms to unlocking major financing and designing Nigeria’s Climate Change Fund.

Enugu State Secretary to the State Government, Professor Chidiebere Onyia, underscored the lasting influence of the programme, stating that UKNIAF’s impact continues through the expertise and leadership transferred to national and sub-national institutions.

The close-out event reaffirmed stakeholders’ commitment to sustaining tools, reforms, and knowledge products developed under UKNIAF, while strengthening collaboration among public, private, and development actors in the infrastructure ecosystem.

Participants included federal and state agencies such as the Nigeria Governors’ Forum, Federal Ministry of Power, Ministry of Finance, NERC, REA, and the Transmission Company of Nigeria, alongside development partners including the African Development Bank, World Bank, and IFC, as well as private sector and civil society stakeholders.

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Dangote Refinery Reduces PMS Pump Price to N699 Per Litre

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By Aduragbemi Omiyale

The gantry price of Premium Motor Spirit (PMS), otherwise known as petrol, has been slashed by the Dangote Petroleum Refinery.

The Lagos-based oil facility brought down the ex-depot price of the petroleum product by 15.58 per cent or N129 per litre to N828 per litre.

Though the company had yet to release an official statement on this development, real-time market data on Petroleumprice.ng on Friday showed the new price.

Punch reports that data from the platform also showed fresh reductions across several private depots following the refinery’s latest review.

Sigmund Depot cut its ex-depot price by N4 to N824 per litre, Bulk Strategic dropped its price by N3, and TechnoOil slashed its by N15.

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