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 Money laundering: I can’t be convicted – Metuh

Money laundering: I can't be convicted - Metuh

….As court refuses request for foreign treatment

 

Former spokesman of the People’s Democratic Party (PDP), Olisa Metuh said Thursday that his trial will not lead to conviction.

Metuh said: “I will go to the witness box. There is nothing in my case that will ever lead to conviction.”

He spoke in Abuja Thursday while reacting to a ruling by Justice Okon Abang of the Federal High Court on his (Metuh’s) motion for leave to travel abroad for medical treatment.

Metuh and his company, Destra Investment Limited are being tried before the court on charges of money laundering.

They are said to have unlawfully received N400m from the Office of the National Security Adviser (ONSA) in November 2014 to fund the party’s presidential campaign ahead of the 2015 poll.

Metuh and Destra are also said to have engaged in cash transaction of $2m without going through a financial institution.

Ruling yesterday, Justice Abang said his court lacked jurisdiction to entertain Metuh’s motion, since he failed to appeal the court’s decision in May 2016, rejecting similar a application by the defendant.

The judge also said the motion, argued by parties last month, was without merit because it was not supported by a medical report.

Metuh, who had on two occasions attended court on a stretcher and later on wheel chair, came to court yesterday with the aid of a walking frame.

Justice Abang had, on May 25, 2016 dismissed a similar motion for the release of his passport to enable him seek medical attention in the United Kingdom.

While dismissing the latest one yesterday, the judge upheld the argument by Sylvanus Tahir (for the prosecution) that Exhibit 3, relied upon by the applicant amounted to “a documentary hearsay” in as much as the doctor who issued it did not personally examine Metuh.

Justice Abang noted that, besides failing to personally examine Metuh, the doctor who authored the document merely relied on other medical reports which were never produced before the court for scrutiny.

Justice Abang said: “To the extent that the author of Exhibit 3 relied  on the content of two other letters or two other medical reports dated January 20, 2017 and January 30, 2018 to come to the conclusion that the defendant needed to be referred to the United Kingdom, the Exhibit 3 is a documentary hearsay which is not tenable. I so hold.

“In the same vein, the applicant cannot rely on the document not brought before the court without producing the document before the court.

“He (Metuh) ought to have known that it is no longer fashionable to use ill health to delay trial,” the judge said.

Justice Abang noted that had the court not prevented Metuh from hijacking the proceedings, he would not have called the 10 witnesses that had appeared in court to defend him.

He added: “On the account of the conduct of the 1st defendant (Metuh) since February 9, 2016 when the prosecution closed its case whereby the defendant has employed all manners of tactics to delay the case, I cannot exercise my discretion in his favour.

“On whether the court has jurisdiction to entertain the application, in the final analysis, I have no jurisdiction to entertain the matter on merit.

“On whether the application has merit, the application lacks merit and accordingly dismissed.”

The judge further noted that there was no medical report filed in support of the application even when the Supreme Court had ruled that for such application to be granted it must be backed by a convincing medical report to the satisfaction of the court.

He said Metuh could not have filed a medical report since the court had, on January 25, 2016 prohibited him from filing such report since he had resorted to using his ill health to frustrate the trial.

The judge was of the view that instead of filing a fresh motion for permission to travel abroad, Metuh ought to have appealed the 2016 ruling of the court.

Justice Abang adjourned to today for further proceedings in the case.

Reacting to the judge’s ruling after the court’s proceedings, Metuh described court’s decision as “frustrating” and “shocking”.

He noted: “This is because, in the course of our filing the application we had contended with the fact that the judge said we should not bring medical report again.

Metuh, who is currently conducting his defence, has called 10 witnesses.

He noted that “in the course of defending this matter, there is nothing unlawful or illegal that we have done”.

Metuh insisted that he was innocent. He said he was eager to defend himself and might have have to stop calling from his fresh list of 10 witnesses to enable him personally take the witness stand.

He said: “I will go to the witness box. There is nothing in my case that will ever lead to conviction.”

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Update :FG Unveils Additional 10 Steps to Reduce Impact of Rising Fuel Prices

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The Federal Government has announced ten new measures to reduce the pain Nigerians feel from high fuel prices. It insists, however, that none of them brings back the old fuel subsidy for everyone.

The measures were presented by the Federal Ministry of Finance at a press briefing on Thursday, 8 October 2026, titled “Fuel Prices and the Subsidy Question.” The government admitted its earlier steps fell short. According to the presentation, “These measures do not fully relieve the pressure households feel today, so the government is going further.”

The government described the new package as “Help that is targeted, temporary and affordable.” In plain terms, the help is meant for those who need it most, will not last forever, and is designed so that the country can pay for it.

Cheaper petrol and more cash support

The first measure is a discount on petrol sold at NNPC filling stations. The discount will last for the next 30 days, and public transporters, such as commercial bus and taxi operators, will get priority. The government hopes this will help keep transport fares from rising further.

The government also plans to increase cash transfers to vulnerable households. Small businesses will get cheaper loans, known as subsidised credit, to help them cope with higher running costs.

Steps to keep pump prices steady

To protect Nigerians from sudden jumps in world oil prices, the government will sell crude oil in advance to local refineries. This is expected as oil production rises and crude previously committed to other purposes becomes available. The presentation says this will shield “pump prices from global swings.” ShopAfrican Art

The government will also introduce what it calls price modulation. Under this plan, a negotiated limit of ₦1,350 per litre will apply to the ex-gantry price (the price at the depot) or the landing cost (the cost of bringing the fuel into the country). The limit will be reviewed every month, so it can change as conditions change.

A National Strategic Fuel Reserve will also be set up. Fuel from the reserve will be released “under published rules when disruption or hoarding threatens supply.” This means the government can step in when fuel becomes scarce or when marketers hold back products to push up prices.

Lowering the cost of transport and doing business

The government says part of what Nigerians pay for transport comes from illegal charges on the roads. It will work with state governments under the 2025 tax laws to rein in road taxes that push up fares.

It will also speed up the rollout of compressed natural gas (CNG) as a cheaper alternative to petrol, again working with the states. Transporters who benefit from cheaper fuel are expected to “pass savings on in lower fares” to passengers.

Other steps target the cost of goods and services more broadly. The government will cut regulatory costs, described as red tape, that “feed into the price of goods and services.” It will also ease traffic in cities to save fuel, and it will use NIPOST address codes to reduce the cost of moving goods from one place to another.

One measure has not yet been decided. The government is considering an excess profit tax on operators it says exploit consumers. If it goes ahead, the money raised will fund transport support and vouchers for low-income earners.

No return to blanket subsidy

The ministry ended the presentation with a clear message, “None of these measures restores a blanket subsidy.” The government is therefore not returning to the old system, where fuel was sold cheaply to everyone. It says its new approach will reach “the people who need help without putting the wider economy at risk.”

The announcement comes as many households as possible, and businesses struggle with the high cost of transport, food, and other goods linked to fuel prices. How much relief Nigerians feel will depend on how quickly and effectively these measures are carried out, and whether transporters and marketers pass the benefits on to consumers.

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Nigeria Emerges as Africa’s Biggest Climber in Investment Risk Ranking on Back of Tinubu’s Economic Reforms

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Nigeria has emerged as the biggest climber in Africa’s latest investment risk ranking, rising four places to eighth position as economic reforms implemented by President Bola Tinubu improved the country’s relative attractiveness to investors, a new report by Bloomberg has stated.

Nigeria overtook Rwanda, Tanzania, Kenya and Namibia in the 2026 Bloomberg Economics Investment Risk-O-Meter, which assesses the relative investability of 19 African economies.

Bloomberg, in the report released on Monday, said Nigeria’s improvement was driven by stronger performance in three of the five indicators used in the assessment: economic strength, fiscal strength and external vulnerability.

“Nigeria was the biggest climber in a ranking of Africa’s most investable markets, propelled by President Bola Tinubu’s economic reforms, according to the findings of the latest edition of An Investor’s Guide to Africa.

“The continent’s biggest oil producer and refiner rose four places to eighth in the 2026 Bloomberg Economics Investment Risk-O-Meter, overtaking Rwanda, Tanzania, Kenya and Namibia as it improved in three of the five metrics assessed by the gauge: economic strength, fiscal strength and external vulnerability,” Bloomberg reported.

The development puts Nigeria among the biggest gainers on the continent, despite ongoing concerns about the country’s high public debt, cost of living, inflation, infrastructure deficit and foreign exchange pressures.

Mauritius emerged as the most investable African market in the latest ranking, while Botswana fell two places. South Africa, which topped the ranking in the previous edition, also dropped one place following a weaker economic growth outlook.

Nigeria’s improved position comes more than three years after Tinubu assumed office and embarked on a series of major economic reforms aimed at restructuring the country’s fiscal and monetary environment.

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Among the most significant measures were the removal of the petrol subsidy, reforms to the foreign exchange market and changes to electricity tariffs.

The Federal Government has repeatedly defended the reforms as necessary to address distortions that had weighed on public finances, discouraged investment and placed pressure on foreign exchange reserves.

However, the policies have also increased economic hardship for households and businesses, particularly through higher transport, food and energy costs. Despite the adjustment pains, Nigeria’s economy has continued to expand during the period under review.

Real Gross Domestic Product growth rose from 2.54 per cent in the third quarter of 2023 to 3.46 per cent in the fourth quarter of that year.

The economy subsequently grew by an average of 3.19 per cent in 2024 before accelerating to 3.85 per cent in 2025, its strongest annual performance within the period covered by the assessment.

Growth stood at 3.89 per cent in the first quarter of 2026, bringing the average quarterly growth between the third quarter of 2023 and the first quarter of 2026 to about 3.46 per cent.

The stronger growth performance has come alongside efforts by the government to increase revenue, reduce fiscal leakages and attract investment into critical sectors of the economy.

Nigeria’s improved position in the Bloomberg ranking, however, comes against the backdrop of a substantial increase in public debt.

Data from the Debt Management Office showed that Nigeria’s total public debt stood at N87.38tn as of June 30, 2023, shortly after Tinubu took office. By December 31, 2025, the figure had risen to N159.28tn. This represents an increase of N71.90tn, or about 82.3 per cent, in two and a half years.

The increase was driven by new borrowing, foreign exchange adjustments and the securitisation of certain legacy obligations, according to the DMO.

The development is significant for a country that has struggled for years to attract sufficient foreign capital because of concerns over exchange-rate instability, policy uncertainty, weak infrastructure, insecurity and limited fiscal space.

The reforms under the Tinubu administration have sought to address some of these constraints by allowing market forces a greater role in determining fuel prices, foreign exchange rates and electricity tariffs.

The foreign exchange reforms, in particular, were designed to reduce multiple exchange rates and improve transparency in the currency market, while the removal of the petrol subsidy was intended to reduce the government’s fiscal burden.

The electricity tariff reforms were also aimed at improving the financial viability of the power sector and encouraging investment by allowing electricity prices for some customer categories to better reflect supply costs.

Nigeria’s rise in the Bloomberg ranking therefore marks an improvement in its relative position among African investment destinations, even as investors continue to monitor the sustainability of its reforms, debt burden and economic growth.

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Update : Tinubu Expected Back in Abuja Today After Six-Day Stay in Lagos

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President Bola Ahmed Tinubu is expected back in Abuja this evening after concluding a six-day stay in Lagos, the Presidency announced on Monday.

The President will depart Lagos for the Federal Capital Territory after a visit during which he participated in activities marking Nigeria’s 66th Independence Day anniversary and held other engagements. SahelSecurity Report

Tinubu arrived in Lagos on Tuesday, September 29, following his annual holiday in London and Paris.

While in Lagos, the President addressed Nigerians on October 1 to mark the country’s 66th Independence Day anniversary.

Later that day, he attended the national premiere of MKO, a documentary chronicling the life, political struggle, and legacy of the late Chief Moshood Kashimawo Olawale Abiola, as well as the historic June 12 pro-democracy struggle.

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The premiere was held at the Wole Soyinka Centre for Culture and Creative Arts in Lagos.

Special Adviser to the President on Information and Strategy, Bayo Onanuga, confirmed the President’s return to Abuja in a State House statement issued on Monday.

“President Bola Ahmed Tinubu will depart Lagos for Abuja this evening after his six-day visit to the former seat of government,” Onanuga said.

 

 

 

 

 

 

 

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