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Multi-million-dollar fraud uncovered in CBN

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By Philippine Duru

philippineobetoduru@gmail.com

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A witness of the Economic and Financial Crimes Commission (EFCC) on Monday told an FCT High Court in Abuja how $6.23 million was allegedly withdrawn from the Central Bank of Nigeria (CBN) for a purported election monitoring exercise during the 2023 general election under the leadership of former apex bank governor, Godwin Emefiele.

The witness, Chinedu Eneanya, an Assistant Commander with the EFCC, said investigations revealed that the funds were removed from the CBN vault under the guise of paying foreign election observers.

“The investigation revealed that $6.23 million was removed from the coffers of the CBN for purported funding of the foreign observers of the 2023 elections,” Eneanya told the court.

Eneanya, the 13th prosecution witness, said documents authorising the release of the money were recovered from the apex bank, while individuals linked to the transaction were interrogated.

The EFCC is prosecuting Emefiele on a 20-count amended charge bordering on criminal breach of trust, forgery, obtaining by false pretence, procurement fraud and conspiracy.

At the centre of the case is the alleged payment of $6.23 million from the CBN vault in 2023 for what the commission described as a phoney election observer exercise. Emefiele has denied all the charges.

Led in evidence by Rotimi Oyedepo, Director of Public Prosecutions of the Federation, Eneanya said the commission discovered that signatures attributed to the late President Muhammadu Buhari and former Secretary to the Government of the Federation, Boss Mustapha, were forged to facilitate the withdrawal.

He said the finding followed a forensic examination of the documents used to process the payment.

Under cross-examination by defence counsel Matthew Burkaa, however, Eneanya said no forensic test was conducted on Emefiele’s signature.

He also confirmed that none of the five CBN officials who endorsed the internal memo authorising the transaction are standing trial, noting that they were suspended by the bank.

When asked whether investigations showed that Emefiele personally received the funds, the witness said a lawyer, Ifeanyi Omeke, claimed to have received the money on behalf of the former CBN governor.

He added that Emefiele was not questioned on the allegation.

The court thereafter discharged the witness.

Proceedings took another turn when the prosecution failed to bring additional witnesses, despite the defence indicating readiness to continue.

Oyedepo told the court that it was uncertain whether the remaining witnesses would be available, explaining that subpoenas had not yet been issued and that the witnesses were outside the court’s jurisdiction. He said the witnesses, Jim Obessa and Eloho Okpozikbo, were in Benin and Lagos.

The defence counsel urged the court to foreclose the prosecution’s case if the witnesses failed to appear.

“If the witnesses do not come tomorrow, we will apply that they should be foreclosed… This is an antic for the prosecution to put maximum hardship on the defendant,” he said.

But Oyedepo opposed the request, saying it was an attempt to stop the prosecution from presenting its case.

Trial judge Hamza Muazu asked both sides to reserve their arguments for final written addresses and directed the prosecution to liaise with the court registrar to issue subpoenas.

The case was adjourned to Tuesday for continuation of trial.

Eneanya’s testimony is consistent with earlier evidence presented by other prosecution witnesses. In January, Bashirudeen Maishanu, a CBN official, told the court that the $6.23 million was withdrawn in cash in a single day in February 2023 and tagged as payment to foreign election observers.

On February 13, 2024, the former SGF testified that his signature and that of Buhari were forged to approve the release of the funds.

A day earlier, Onyeka Ogbu, a former CBN controller in Abuja, said he received documents bearing approvals from Buhari, Mustapha and Emefiele for the payment.

In March 2024, Bamaiyi Meriga, a forensic expert, also testified that the documents used for the withdrawal were forged.

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North African Airline incurs Nigeria’s wrath

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By Philippine Duru

philippineobetoduru@gmail.com

08034905774

 

 

Nigeria has warned EgyptAir to modernise the aircraft deployed on its Nigerian routes, stressing that continued use of ageing planes could affect the airline’s operations in the country.

The Minister of Aviation and Aerospace Development, Festus Keyamo, gave the warning during a bilateral meeting with his Egyptian counterpart, Sameh El-Hefny, on the sidelines of the ongoing El-Alamein International Airshow (EIAS 2026) in Egypt.

According to a statement issued by Keyamo’s media aide, Tunde Moshood, the meeting focused on improving air connectivity between Nigeria and Egypt and strengthening cooperation between the two countries’ civil aviation authorities.

The discussions also covered the expansion of technical and professional capacity, as well as opportunities for greater collaboration among airlines, airports, regulators and other aviation stakeholders.

Keyamo specifically urged EgyptAir to deploy newer-generation aircraft on its Nigerian routes, rather than continuing with what Nigeria considers ageing aircraft.

“The minister also used the engagement to emphasise the need for a stronger and more modern fleet deployment by EgyptAir on its Nigerian routes,” Moshood said.

He said Keyamo urged the airline’s management to move away from the continued deployment of ageing aircraft and prioritise newer-generation aircraft in the Nigerian market.

According to the minister, fleet modernisation was essential to improving passenger experience, operational efficiency and the airline’s competitiveness.

Keyamo further stressed the strategic importance of Nigeria-Egypt aviation relations, noting that both countries occupy important positions within Africa’s aviation ecosystem.

He reaffirmed Nigeria’s commitment to expanding strategic international partnerships to improve air connectivity, promote tourism and trade, support airline growth and deliver greater value to passengers and the aviation industry.

The Nigerian delegation also expressed the country’s readiness to work with Egypt’s Ministry of Civil Aviation to identify areas of mutual cooperation, particularly within the framework of the Single African Air Transport Market (SAATM).

Responding, El-Hefny welcomed the engagement and reaffirmed Egypt’s commitment to deepening aviation cooperation with Nigeria.

He called for closer collaboration between the two countries to advance air transport development and strengthen links between their aviation industries.

The Egyptian minister also advocated stronger institutional cooperation between the African Civil Aviation Commission (AFCAC) and the League of Arab Civil Aviation (LACA).

“Enhanced collaboration between the two regional aviation bodies could promote stronger partnerships and facilitate greater cooperation among African and Arab States,” El-Hefny said.

The meeting ended with both ministers reaffirming their commitment to sustained dialogue, stronger institutional cooperation and initiatives aimed at delivering tangible benefits to the aviation sectors of Nigeria and Egypt.

 

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₦10m monthly made from akara and bread business -Umo Eno

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Philippine Duru

philippineobetoduru@gmail.com

08034905774

 

 

 

Akwa Ibom State Governor, Umo Eno, has recounted his early experience in entrepreneurship, revealing that he once made not less than ₦10 million in a month from selling akara and bread.

Eno, who spoke while reflecting on his journey before entering public service, said the business experience played an important role in shaping his understanding of enterprise, hard work and wealth creation.

According to the governor, he started from a modest venture involving the sale of akara and bread before gradually expanding his business activities.

“I started selling akara and bread. I made not less than ₦10m in a month,” Eno said.

The governor’s account highlights the entrepreneurial path he pursued before rising through the ranks in business and eventually becoming governor of Akwa Ibom State.

Eno has frequently emphasised the importance of entrepreneurship and economic empowerment, particularly as a means of creating opportunities for young people and reducing dependence on government employment.

His recollection of the akara and bread business also underscored his view that small businesses, when properly managed and supported, can grow into significant sources of income and employment.

The governor’s comments come amid growing conversations around entrepreneurship, youth empowerment and the need to create sustainable livelihoods in Nigeria, where many young people are turning to small and medium-scale enterprises to earn a living.

Eno has continued to advocate policies and initiatives aimed at expanding economic opportunities and encouraging residents to become self-reliant through productive ventures.

His story of moving from selling akara and bread to occupying the highest political office in Akwa Ibom has also been presented as an example of how entrepreneurship, persistence and business experience can shape an individual’s journey to leadership.

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All share index gains about 0.81% as NGX rebounds

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The Nigerian Exchange Limited (NGX) rebounded last week, with the All-Share Index (ASI) gaining about 0.81 per cent to close at 241,298.47 points, as renewed investor interest in oil and gas and banking stocks lifted market sentiment.

 

The week’s gain translated into an estimated ₦1.29 trillion increase in market capitalisation, pushing the value of listed equities to about ₦155.83 trillion.

 

With the latest appreciation, the NGX’s year-to-date return remained strong at approximately 55 per cent, underscoring the market’s substantial gains despite intermittent periods of profit-taking and volatility.

 

The recovery was largely driven by buying interest in oil and gas and banking stocks, with Seplat Energy among the notable gainers during the week.

 

Market sentiment also received a boost from developments in Nigeria’s international financial-market standing. FTSE Russell confirmed the country’s reclassification to Frontier Market status, effective September 21, 2026, a move expected to influence international investor positioning toward Nigerian equities.

 

Further support came from Moody’s decision to revise Nigeria’s outlook to positive, reinforcing expectations that ongoing economic and fiscal reforms could improve the country’s credit profile.

 

Despite the positive performance, trading activity was relatively subdued, partly reflecting the shortened trading week. Market volume declined as investors adopted a more cautious approach amid prevailing economic uncertainties and profit-taking pressures.

 

Analysts said the latest rebound highlights continued investor appetite for fundamentally strong sectors, although the sustainability of the market’s upward trajectory will depend on macroeconomic conditions, corporate earnings, foreign investor participation and policy developments.

 

As investors enter a new trading week, attention is expected to remain on the performance of banking and energy stocks, while the implications of Nigeria’s forthcoming Frontier Market reclassification could further shape sentiment and capital flows into the equities market.

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