The Nation Newspaper

Author: The Nation

  • Fed Govt: scholarship students in Morocco not abandoned

    Fed Govt: scholarship students in Morocco not abandoned

    The Federal Government has debunked reports alleging that Nigerian students on scholarship in the Kingdom of Morocco have been abandoned.

    It described the report as false, misleading, and deliberately intended to misinform the public.

    This is contained in a statement on Tuesday in Abuja by the Director, Press and Public Relations, Federal Ministry of Education, Mrs. Folasade Boriowo.

    She said that the Minister of Education, Dr. Tunji Alausa, clarified that no Nigerian student on a valid federal government scholarship had been neglected.

    Alausa explained that all beneficiaries enrolled under the Bilateral Education Scholarship (BES) Programme before 2024 have received their entitlements up to the 2024 budget year, in line with government commitments.

    According to him, any delays in outstanding payments are a result of fiscal constraints and are currently being resolved through engagements between the Ministry of Education and the Ministry of Finance.

    He assured affected students that the government remains committed to meeting its obligations.

    “Any temporary delays in outstanding payments are attributable to fiscal constraints and are currently being addressed through ongoing engagements between the Federal Ministry of Education and the Ministry of Finance,” he said.

    Alausa also refuted claims that new bilateral scholarship awards were granted in October 2025 or thereafter, stating that documents circulating to support such claims were fake and unauthenticated.

    He described them as a calculated attempt to discredit government policy and mislead the public.

    Read Also: Morocco 2025: Super Eagles target  18th quarter-final berth against Mambas

    The minister explained that the federal government discontinued funding for bilateral scholarships abroad, following a policy review which showed that Nigerian tertiary institutions now have the capacity to offer the affected programmes locally.

    “Only scholarships that are fully funded by foreign governments are now being supported, with all financial obligations borne entirely by the host countries.

    “Notwithstanding this policy shift, the federal government remains fully committed to students already enrolled under the previous arrangements and will continue to support them until the completion of their programmes,” Alausa said.

    He emphasised that students who wish to discontinue their studies abroad may apply to return to Nigeria, where they would be reintegrated into suitable institutions, with the government covering their return travel costs.

    Alausa, however, reiterated the ministry’s resolve to reform the scholarship system, eliminate inefficiencies, and ensure transparency and prudent use of public funds, while warning against misinformation aimed at undermining the integrity of the education sector.

  • Govt introduces new measures to curb examination malpractices

    Govt introduces new measures to curb examination malpractices

    The Federal Government has announced a comprehensive set of measures aimed at eliminating examination malpractices in the 2026 and beyond.

    This measure is geared towards eliminating examination malpractices in the West African Examinations Council (WAEC) and National Examinations Council (NECO) examinations.

    This is contained in a statement made available to newsmen in Abuja on Monday by Mrs. Folasade Boriowo, Director, Press and Public Relations, Federal Ministry of Education.

    Boriowo said the new initiative was part of the ongoing reforms to strengthen credibility, transparency, and public confidence in Nigeria’s assessment system.

    She quoted the Minister of Education, Dr Tunji Alausa, to have said that the ministry was intensifying oversight and deploying targeted strategies to safeguard the integrity of national examinations.

     Among the key measures, he said, was the introduction of enhanced questions’ randomisation and serialisation mechanisms.

    He said while all candidates would answer the same examination questions, the sequencing and arrangement would differ for each candidate, ensuring that every student wrote a unique version of the examination and significantly reducing opportunities for collusion.

    Alausa reaffirmed the ministry’s strict policy prohibiting the transfer of candidates at the Senior Secondary School Three (SS3) level.

     “This directive, already communicated through an official circular, will be rigorously enforced to prevent last-minute school changes often associated with examination malpractices.

    “To further ensure transparency, a new national continuous assessment guidelines have been developed for immediate implementation.

    Read Also: JAMB’s crusade against examination malpractices

    “All examination bodies (WAEC, NECO, NBAIS e.t.c.) must strictly follow the standardised submission deadlines for each academic period,” he said.

    Alausa said the submission windows for first term continuous assessment would be in January while that of the second and third term continuous assessments would be in April and August respectively.

    According to him, the timelines are mandatory and designed to ensure consistency, data integrity, and prompt processing of continuous assessment records across the country.

    In addition, Alausa said the ministry was also introducing a unique Examination Learners’ Identity Number for all candidates.

     The identifier, he said, would enable effective tracking of learners throughout the examination process, strengthen monitoring and accountability, and support long-term reforms in assessment, certification, and data management.

    He assured the stakeholders that examination administration would be conducted under strengthened supervision and coordination with relevant examination bodies to ensure strict compliance with established guidelines and ethical standards.

     He added that these measures reflected the Federal Government’s resolve to conduct examinations that are credible, fair, and reflective of global best practices, while addressing Nigeria’s unique educational realities.

     He, however, reaffirmed the ministry’s commitment to working closely with all examination bodies, state governments, school administrators, parents, and candidates to ensure the successful implementation of these strategies and the smooth conduct of the 2026 examinations nationwide.

  • TETfund supplies 20 electric tricycles to Unilorn

    TETfund supplies 20 electric tricycles to Unilorn

    The University of Ilorin (UNILORIN) has taken delivery of 20 electric tricycles from the Tertiary Education Trust Fund (TETfund).

    The gesture is aimed at assisting the university to ease its transportation challenges, Vice Chancellor of the university Prof Wahab Egbewole has said.

    He appreciated the Federal Government under the leadership of President Bola Ahmed Tinubu for the assistance.

    He reiterated the  commitment of the university to resolving the transportation challenges on campus with the official unveiling of five new Compressed Natural Gas (CNG) buses and the electric tricycles.

    He said that the university was still expecting the delivery of additional CNG buses as earlier promised.

    Prof Egbowole said this during the unveiling ceremony held at the university’s new park.

    explained that the transportation difficulties experienced in 2025 were largely a consequence of the relocation of the university motor park, a decision he described as deliberate, strategic, and necessary for the long-term development of the institution.        

    While acknowledging that the decision initially came with challenges and resistance, the vice-chancellor explained that the relocation was undertaken to protect the master plan of the university and to position the institution on the path of becoming a world-class university with full control over its processes, systems, and procedures.

    Prof. Egbewole, who is also the Secretary General of the Association of West Africa Universities (AWAU), expressed confidence that in the long run, members of the university community would be proud of the decision, adding that significant improvements had already been made at the new park and that plans were in place to further develop the area, including the construction of a shopping mall within the park before the end of the year.

    Read Also: TETFund to facilitate tighter security in tertiary institutions

    He also attributed some of the transportation challenges to issues of attitude and coordination rather than the absence of vehicles, noting his personal commitment to monitoring operations at the park, as he is often on ground as early as 6:00 a.m everyday to ensure compliance and efficiency.

    He pointed out that the ultimate goal of the transport reform was to ensure total control over vehicles operating on campus, effective fleet management, and improved connectivity within the university.

    He added that under the new arrangement, transport operators would be brought under the university’s supervision to guarantee punctuality and reliability, particularly during peak hours.

    Prof. Egbewole applauded the students for their orderliness and consistent support for the university system, noting that at no time did they exhibit any negative disposition towards the institution.

    The vice-chancellor acknowledged the support of Starlink Global & Ideal Limited that provided a ₦200 million intervention to the university in July last year that was channelled towards addressing the transportation challenges.

  • Oil fields dispute: Court orders Lokpobiri, others to maintain status quo

    Oil fields dispute: Court orders Lokpobiri, others to maintain status quo

    The Federal High Court in Abuja, yesterday ordered the Minister of State for Petroleum Resources (Oil), Heineken Lokpobiri, and others to maintain status quo pending the hearing and determination of a case involving four oil fields.

    Justice Emeka Nwite gave the order after Ambrose Unaeze, who appeared for the plaintiffs; Hi-Rev Oil Limited and Hi-Rev Exploration and Production Ltd, moved the application to the effect.

    The News Agency of Nigeria (NAN) reports that the 2nd and 3rd defendants in the suit, marked: FHC/ABJ/CS/2678/2025, are the Attorney-General of Federation (AGF) and Nigeria Upstream Petroleum Regulatory Commission (NUPRC).

    Justice Nwite had, on Dec. 22, 2025, ordered the minister, the AGF and NUPRC to show cause why the reliefs of the plaintiffs in their motion ex-parte should not be granted.

    The judge made the order after Unaeze moved the motion dated and filed on Dec. 11.

    The oil and gas companies had sought an order of interim injunction restraining the defendants or whomsoever is acting on their behest from selling, assigning or allocating the Yorla South (Petroleum Prospecting Licence (PPL) 2A32 – OML 11) located in Rivers.

    The order is to also restrain the defendants from allocating Akiapiri (PPL 2A48 – OML 25) located in Bayelsa; Diebu Creek East (OML 32) also located in Bayelsa and Idiok (PPL 2A41 – OML 67) located in Akwa Ibom, “same being direct replacements for Utapate Oil Field (formerly part of OML 13) and OPL 2002, previously allocated to the plaintiff but was later withdrawn by the defendants, pending the hearing of the interlocutory application in this suit.”

    Giving four grounds why their application should be granted, the lawyer said the companies were previously allocated the Utapate Oil Field (formerly part of OML 13) and OPL 2002, but were unreasonably withdrawn by the Federal Government.

    He said parties had a settlement agreement for the replacement of the Utapate Oil Field, which was accepted or adopted and it became consent judgement.

    Unaeze stated that the firms had taken substantial steps and offered consideration in respect of the grant of the licence to operate OPL and licence to establish a petroleum refinery.

    Read Also: Lokpobiri mourns passing of Bayelsa deputy gov Ewhrudjakpo

    He argued that the companies’ legal right is being threatened by the defendants, pursuant to the threat to sell or allocate the oil fields at Yorla South, Akiapiri, Diebu Creek East, and Idiok to third parties via the defendants’ offer to the public for round bid, hence, the need for the interim order.

    Although the judge did not grant the order, he, however, ordered the defendants to appear on Jan. 5 (today).

    When the matter was called yesterday, Unaeze informed the court that an order was made for the defendants to show cause why their relief should not be granted.

    The lawyer said the 1st and 3rd defendants (minister and NUPRC) just served on him their memorandum of conditional appearance, counter affidavit and preliminary objection in court and that he would need time to respond.

    Unaeze, however, applied that the defendants, who were duly represented in court by their lawyers, should give an undertaking not to take any action that might affect the subject matter pending the hearing and determination of the case.

    “This is because of the nature of the case and the risk the res (subject matter) may face before the next adjourned date,” he said.

    Speaking, Oyinlade Koleoso, who appeared for the 2nd defendant (AGF), said they filed a counter affidavit and a preliminary objection, though they were yet to serve same.

    When the judge asked him if he had filed affidavit to show cause, Koleose said he believed that the processes he had filed would take care of that.

    The lawyer told the court that based on Unaeze’s application, their submission was that the AGF was not in the position to allocate oil blocks.

    The 3rd defendant (NUPRC)’s lawyer, J. A. Olugbade, disagreed with Unaeze’s application.

    He said he opposed the plaintiffs lawyer’s prayer since he had already filed a counter affidavit and a preliminary objection.

    B. J. Tabaya, counsel for the 1st defendant (minister), said he did not have the instruction of his client to make such undertaking sought by Unaeze.

    “But when a case is in court, what are you supposed to do?” the judge asked Tabaya.

    “Party will maintain status quo,” the lawyer responded.

    “So go and tell your client that as far as this matter is before the court, parties should maintain status quo,” the judge said.

    Delivering the ruling, Justice Nwite, who granted Unaeze’s application, ordered the parties to maintain status quo pending the hearing and determination of the matter. The judge then adjourned the matter until Januaty 26 for hearing.

  • Flutterwave acquires Mono to drive payment

    Flutterwave acquires Mono to drive payment

    Flutterwave, Africa’s leading payments technology company, has acquired Mono, a pioneer in open banking infrastructure across the continent.

    The transaction deepens Flutterwave’s long-term commitment to building a connected, interoperable financial system for Africa and positions open banking as a core pillar in the evolution of alternative payment methods across the region.

    Mono’s API-driven platform enables secure access to financial data, identity verification, and account-to-account payments; capabilities that are increasingly critical as African markets move toward more trusted, data-led financial services.

    Under the terms of the acquisition, Mono will continue to operate independently, with no changes to its leadership structure, team, or day-to-day operations.

    Flutterwave’s stake enables strategic alignment rather than operational control, allowing Mono to maintain its pace of innovation while contributing its open banking infrastructure to Flutterwave’s broader payments ecosystem.

    Read Also: Flutterwave co-founder mobilises support for Kwara Education Trust Fund

    The acquisition reflects a growing recognition that the next phase of Africa’s payments growth will be driven less by card rails and more by bank-based, authenticated, and locally relevant payment methods.

    By integrating Mono’s open banking APIs, Flutterwave strengthens its ability to support faster onboarding, improved verification, reduced fraud, and seamless account-to-account payments. The collaboration also creates a clear pathway for expanding into richer alternative payment methods, authenticated payment flows, and, over time, open banking-enabled stablecoin use cases.

    It also carries implications well beyond product expansion. Businesses gain access to infrastructure that simplifies compliance-heavy processes such as identity checks and bank verification, while improving conversion and reliability at scale.

    Developers and partners benefit from a unified environment where payments and financial data coexist, reducing complexity and accelerating time to market.

    The integration enhances Flutterwave’s vertical depth, reinforcing long-term value creation through stronger margins, deeper platform stickiness, and differentiated infrastructure. Regulatory stakeholders benefit from increased standardization, stronger data protection, and adherence to global security frameworks, including PCI-DSS and ISO 27001.

    Commenting on the acquisition, Olugbenga ‘GB’ Agboola, Founder and CEO of Flutterwave, said, “This acquisition reflects how we think about the future of financial infrastructure in Africa. Payments, data, and trust cannot exist in silos. Open banking provides the connective tissue, and Mono has built critical infrastructure in this space.

    This acquisition allows us to expand what’s possible for businesses operating across African markets, while staying grounded in security, compliance, and local relevance.”

    Adding to this, Abdulhamid Hassan, Founder and CEO of Mono, said,  “We built Mono to unlock Africa’s Open Banking potential, and since our first partnership with Flutterwave in 2021 and working together over the years, we’ve seen the power of a coordinated effort towards this goal.

    Mono’s capabilities across financial data access, direct bank payments, and identity verification, combined with Flutterwave’s unmatched scale and global reach, create something more defensible and comprehensive. This acquisition allows us to build the infrastructure layer that powers the next generation of African fintech at the speed and scale the continent deserves.”

    At a time when Africa’s digital economy is demanding infrastructure that is open by design and built for trust, the investment signals a deliberate move toward systems that are interoperable, data-driven, and designed to support long-term growth across the continent. The transaction was advised by Nichole Yembra, Founder and Managing Partner at The Chrysalis Advisors Africa, who supported the parties through strategic positioning and execution

  • Treasury Bills sales peaked at N15.2tr in 2025

    Treasury Bills sales peaked at N15.2tr in 2025

    The sum of N15.2 trillion was realised by Central Bank of Nigeria from the bi-weekly sales of Treasury Bills via primary market auctions conducted in 2025 as part of an effort to support government short-term borrowing and liquidity management.

    Out of this amount, new borrowing was N1.50 trillion, according to Meristem Securities Limited, which said that the remaining amount was used to refinance the amount of Treasury bills that matured in the same year.

    The amount is the lowest in three years. In 2024, the Apex Bank net inflow from Treasury bills sales was N5.85 trillion after expired bills were refinance from N13.4 trillion total allotment.

    The average yield on Nigerian Treasury bills declined slightly to 17.72% as investors boosted their holding ahead of fresh government borrowing in 2026.

    The yield contraction was as a result of investors positioning in the short and belly of the curve in the secondary market after showing interest in long tenor at the main auction.

    The market traded mixed for the week with balanced demand. At the start of the week, trading was largely flat across the curve, with most maturities closing unchanged as investors traded cautiously resulting in minimal repricing across short- and mid-tenor bills.

    Read Also: Fed Govt to pay CBN’s N20tr overdraft with treasury bills

    By Tuesday, trading remained subdued at the short end, with rates across short- and mid-tenor bills closing flat amid cautious positioning.

    In contrast, long-dated bills attracted demand, led by the 03-Dec-26 which declined by 69bps to 16.20%, alongside yield compression on the 17-Dec-26 and 10-Dec-26 papers.

    Toward the close of the week, trading remained subdued, with yields across most maturities holding steady and only marginal adjustments observed at the long end, as investors maintained cautious, light positioning amid muted market activity.

    Overall, the market ended the period with a mild downward bias, as the average benchmark yield fell 4bps. Market is anticipated to trade in line with the available system liquidity.

  • ‘New tax laws to plug revenue leakages in oil, gas sector’

    ‘New tax laws to plug revenue leakages in oil, gas sector’

    An oil and gas expert, Ken Ife, has said that the country’s newly implemented Tax Act would curb revenue leakages in the oil and gas sector.

    Mr Ife, an energy development economist, said the tax would also free regulatory agencies to concentrate on oversight, performance monitoring and enforcement. He spoke in an interview with journalists on Sunday in Lagos, as the Nigeria Tax Act 2025 officially took effect on January 1, 2026.

    The tax laws signed into law in June 2025, represents one of the most sweeping fiscal reforms in Nigeria’s petroleum industry in decades.

    Mr Ife said the new law consolidates legacy statutes such as the Petroleum Profits Tax Act (PPTA) and fully integrates the Petroleum Industry Act (PIA) 2021 into a single, unified tax code.

    According to him, the Act repeals much of the fragmented tax regime, replacing it with a streamlined fiscal framework designed to improve transparency, efficiency and investor confidence. “For the oil and gas industry, upstream companies will still face a split tax structure,” Mr Ife explained.

    “This consists of Hydrocarbon Tax (HT) on profits from crude oil production and Companies Income Tax (CIT) on general corporate profits.” He said the hydrocarbon tax remains between 15 and 30 per cent, depending on licence type, while the standard CIT for large companies is set at 30 per cent, with a planned reduction to 25 per cent in subsequent years.

    “The drop from 30 to 25 per cent CIT is very encouraging to prospective investors and improves retained earnings for existing operators,” he said.

    Mr Ife identified the introduction of a 15 per cent Minimum Effective Tax Rate (ETR) as one of the most consequential changes for International Oil Companies (IOCs) and large indigenous firms.

    “This aligns Nigeria with the OECD’s ‘Pillar Two’ framework where a company’s effective tax rate falls below 15 per cent due to incentives or deductions, a top-up tax will apply to meet the threshold.”

    “This effectively blocks tax leakage and guarantees a minimum contribution from multinational groups,” he said. He also highlighted the introduction of a consolidated 4 per cent Development Levy on assessable profits, replacing several smaller levies, including the Tertiary Education Tax, NITDA Levy, NASENI Levy and the Police Trust Fund Levy.

    Read Also: House of Reps releases CTC of four Tax Laws to public

    “The positive aspect is that this 4 per cent levy applies only to profits subject to CIT and not to profits calculated for Hydrocarbon Tax purposes, offering some relief for core upstream operations,” he said.

    On energy transition measures, Mr Ife noted that a five per cent surcharge has been introduced on fossil fuel products such as petrol and diesel at the point of sale, in line with global practice. “This policy is currently facing resistance, and effective implementation of a 15 per cent ad-valorem tax on imported fuel may delay its full rollout,” he said.

    He added that clean energy products, including Compressed Natural Gas (CNG), Liquefied Petroleum Gas (LPG or cooking gas) and household kerosene, are exempt from the surcharge. Warning of potential downstream implications, he said: “The current competitive environment that has driven pump prices down to about N739 per litre could be reversed if the government pushes through the 5 per cent tax at the pump.”

    Addressing long-standing concerns over high production costs, Mr Ife said the reform introduces the Upstream Petroleum Operations (Cost Efficiency Incentives) Order 2025. He said that under the scheme, companies that reduce operating costs below regulatory benchmarks can claim tax credits, allowing them to retain up to 50 per cent of the savings achieved.

    He added that the Act reinforces Nigeria’s gas strategy through new Gas Tax Credits (GTC) and Gas Tax Allowances (GTA) for greenfield non-associated gas developments, positioning gas as a transition fuel.

    On administration, Mr Ife noted that the newly established Nigeria Revenue Service (NRS) now has the exclusive mandate to collect all petroleum-related taxes and royalties.

    “This simplifies the interface for companies that previously dealt with multiple agencies such as the NUPRC and FIRS. More importantly, it reduces revenue leakages and allows regulatory agencies to focus squarely on regulation, monitoring, performance and enforcement,” he added.

  • IPMAN urges Dangote franchise stations to comply with pump price

    IPMAN urges Dangote franchise stations to comply with pump price

    The Independent Petroleum Marketers Association of Nigeria (IPMAN) yesterday urged dealers that receive direct delivery from Dangote Petroleum Refinery to sell at N739 per litre.

    Its National President Alhaji Abubakar Maigandi, in a telephone interview, said: “We appeal to any independent market that gets free delivery directly from Dangote Refinery trucks to sell at the company’s price.”

    The refinery had last year purchased 4,000 Compressed Natural Gas (CNG) powered tankers for free delivery of petrol to the petrol stations it is partnering with.

    Last month, it reduced the refinery’s rate at designated retail outlets to N739 per litre nationwide.

    At the close of business in 2025, only MRS vended the product in accordance with the refinery’s rate.

    The Nation however reported that the other partners were yet to comply with the price because they had not received the free delivery from the refinery.

    Till yesterday, Maigandi said the other partners were still waiting for the free delivery from the refinery.

    Read Also: IPMAN reminds new NMDPRA boss of N190b bridging claims

    He also said they were yet to understand the new tax reform and how it would impact their sales.

    The IPMAN National President said consequently, the marketers were yet to make any adjustments in line with the tax.

    According to him, the major overriding feature of the petrol market across the country was the crashing pump prices.

    “We don’t know anything about the tax reforms and the changes we are expected to make. We are still waiting for things to unfold.

    “The only thing that is common in all the petrol stations in the country today is that pump prices are reducing,” said Maigandi.

  • PTAD disburses N55.9billion for pension arrears

    PTAD disburses N55.9billion for pension arrears

    The Pension Transitional Arrangement Directorate (PTAD) has successfully disbursed a total sum of N55.9 billion as monthly pensions and pension arrears to eligible Pensioners and Next-of-Kins of deceased Pensioners under the Defined Benefits Scheme (DBS) in December, 2025.

    In a statement signed by Olugbenga Ajayi, Head, Corporate Communications Unit, the payment covers N13,411,400,362.87 as monthly pensions across all operations pension departments, including Diaspora Pensioners, while N42,501,348,236.06 was paid as pension arrears.

    The statement read: “The arrears payment covers outstanding obligations arising from the N32,000.00 pension increment, as well as the 10.66 per cent and 12.95 per cent pension increments, in addition to other accrued pension arrears, gratuity, and death benefits owed to eligible beneficiaries.”

    It gave the breakdown of arrears payment across the pension departments as Police Pension Department (PPD), N5,881,592.00 paid to five pensioners. Customs, Immigration and Prisons Pension Department (CIPPD): N604,332,733.96 paid to 8,606 Pensioners, Civil Service Pension Department (CSPD),N16,362,359,730.91 paid to 71,643 Pensioners.

    Read Also: 2025: PTAD steadies pension payouts, faces old burdens

    “Defunct and Transferred Agencies Department (DTAD), N15,066,055,536.83 paid to 24,995 Pensioners, Parastatals Pension Department (PaPD). N7,808,635,906.98 paid to 25,718 Pensioners, Tertiary Education and Health Department (TEHD): N2,370,854,790.39 paid to 28,245 Pensioners. Gratuity and Death Benefits, N289,109,536.99 paid to eligible Next-of-Kin of deceased Pensioners.

    “With these payments, arrears resulting from the N32,000.00 pension increment have been fully liquidated across all pension departments, except for one month each outstanding for pensioners in the PaPD and TEHD.

    Speaking, the Executive Secretary of PTAD, Tolulope Odunaiya, stated that the payments reflect President Bola Tinubu’s unwavering commitment to the welfare of senior citizens, in line with the administration’s Renewed Hope Agenda.

    She further reaffirmed the Directorate’s commitment to clearing the remaining one (1) month arrears owed to PaPD and TEHD, while continuing to implement initiatives aimed at improving the welfare and overall well-being of DBS Pensioners.

  • Court grants EFCC interim forfeiture order in NNPC’s alleged fraud

    Court grants EFCC interim forfeiture order in NNPC’s alleged fraud

    A Federal High Court in Abuja has issued an order granting an  interim forfeiture of of N30,700, 000.00 the Economic and Financial Crimes Commission (EFCC) claimed was associated with an alleged fraud perpetrated by some senior officiala of the Nigerian National Petroleum Corporation (NNPC).

    Justice Emeka Nwite issued the order while ruling on an ex-parte motion, marked:FHC/ABJ/CS/2775/2025, filed by the EFCC and moved last Friday by its lawyer, Emenike Mgbemele.

    Justice Nwite held, in the ruling, that having considered all the material evidence placed before the court by the applicant, the application was meritorious and ought to be granted.

    The judge ordered the EFCC to publish the interim order of forfeiture in a national daily for interested persons to show cause, within 14 days, why the funds should not be permanently forfeited to the Federal Government.

    He then adjourned till January 22 for the EFCC to report its compliance with the order for publication.

    The EFCC, in a supporting affidavit, said the funds are currently lodged in EFCC’s Recovery Account with United Bank for Africa (UBA) in account number: 9058700029 with manager’s cheque name: M/C Draft Outstanding Account, be forfeited to the Federal Government.

    It stated, in a supporting affidavit, that the funds were discoverd while investigating allegations of fraudulent activities of some high profile officials of the NNPC as well as other criminal petitions brought to the commission.

    Read Also: EFCC to Bala Mohammed: Stop making wild claims of persecution

    The EFCC added: “In the cause of investigation and analysing some of the documents received from the bank, the name of Mr. Adamu Yakubu, a Bureau De Change (BDC) operator, featured prominently.

    “On September 2, 2025, Mr. Yakubu, whose name featured in the cause of investigation, was invited and he volunteered his statement.

     “Mr Yakubu submitted a ledger to the commission evidencing records of his transactions wherein the details of customers and the amount of dollars sold by them are recorded.

     “Upon analysing the entering in the ledger submitted by Mr Yakubu, it was revealed that over N4, 000, 000, 000.00 (Four Billion Naira) was transferred to the accounts of different individuals and companies on the instruction of one Mr. Ibrahim Sani, a staff of Federal Inland Revenue Services (FIRS).

    “It was discovered that the balance of N30.7 million sought to be forfeited was still in possession of Yakubu from the funds which he claimed was given to him by Mr Ibrahim Sani.

     “On the 15th day of September 2025, Mr. Ibrahim Sani, a staff of FIRS, whose name appeared on the ledger and who Mr Yakubu claimed owned the N30, 700, OOO (Thirty Million, Seven Hundred Thousand Naira Only) was invited and he volunteered his statement.

    “Mr. Ibrahim Sani gave statement on how he had been using Yakubu, the BDC operator, to be sending monies to different individuals and companies.

     “Mr.Ibrahim equally confirmed how he usually deposit huge amount of money (Dollars) with Mr Yakubu who in turn sends its naira equivalent to individuals and companies accounts provided by him.

     “Mr. Ibrahim neither ascertained nor verified the source of these monies, which he has been depositing with Mr. Yakubu for onward transfer to other people, which are reasonably suspected to be proceeds of unlawful activities.

    “Mr. Ibrahim, however, denied ownership of the N30.7 million found in Yakubu’s account as at the time of making his statement.”

    The EFCC further stated that Ibrahim claimed that Yakubu was not holding any of his money as at September 15, 2025.

    It added that Yakubu and Ibrahim denied ownership of the said N30.7 million found in the account of the former (Yakubu).

    The EFCC stated Mr. Yakubu has since raised four different managers’ cheques in the name of the EFCC Recovery Account in favour of the Federal Government of Nigeria.

    It added  that the source of the funds sought to be forfeited in the account of Mr. Yakubu “is proceeds of unlawful activities.”