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Renewed hope : Tinubu set to relaunch Tradermoni, beneficiaries to get N50,000 each, Says Betta Edu
The federal government on Monday, October 9, said that it would reintroduce the TraderMoni scheme next month.
In the past administration, Tradermoni was one of the programmes under the Government Enterprise Empowerment Programme (GEEP).
The interest-free loan scheme for traders which started in 2018, has been on hold for some time.
With the reintroduction of the scheme, each beneficiary is expected to get N50,000 to support their business.
The Minister of Humanitarian Affairs and Poverty Alleviation, Betta Edu disclosed this in an interview on television.
Edu said: “Now, for the first set, which we are starting in November, we are selecting one big market per senatorial district. That is 109 markets and we are going into the markets, capturing the traders in their shops in the markets.
“Unlike the N10,000 given to traders in the earlier phases, there is more money for the beneficiaries. It’s N50,000 to support their businesses.
“We are not interested in party lines, or any social or personal interest. We will capture them in the market and then after doing so, we will create a bank account just as they are being captured, the monies are sent directly from the CBN account.”
According to her, it is a one-off interest-free loan with those who repay qualifying for another loan.
She equally said the conditional cash transfer policy of the government is set to return later in the month.
She said: “With the approval from the President which we hope to get this week, on the 17th of October, we will be officially launching the conditional cash transfer to 15m households in Nigeria.
“Presently we are having a verification exercise, every State can bear us witness that we have put boots on the ground, persons are working with the state cash transfer office as well as the governors who are the head of the steering committee, and then several other persons in the state the local government heads, the community heads can testify also that we are on ground to ensure that those who are on the national social register truly are Nigerians and they fall within the under $1.95 a day and they deserve to have it.”
On why the verification was important, she said: “Remember some people on the register will probably be dead, some people on the register would have moved out of that bracket because they got a job and they’re no longer where they used to be and all of that, we need to be able to mind find that data and get these people out and deal with people.
“We are on the field cleaning up that data and doing a complete verification and we’re putting juxtaposing both the BVN and the rest of it to identify these people and be sure that we are dealing with authentic persons.
“We are also capturing the head of the households as well as a picture of the household, so we can locate each of households, they’re numbered so people can go there and verify against the register.
“We are equally doing a kind of rapid response expansion by capturing persons who were left out of the register just to fill in the spaces of those who are either dead or have moved out of that bracket.”
On the number of people the government hopes to lift out of poverty through its various programmes in one year, she said: “For the conditional cash transfer, we’re working with 15 million households which amount to about 60 million individuals directly touched by the conditional cash transfer.
She added: “On the N-Power job creation which is the renewed hope job creation scheme, we are working on 5 million Nigerian youth between the ages of 18 and 40 and this will be taken 1 million per year on the
“GEEP programme, we are working on 1.5 million Nigerians and this will include the market women, the traders for capital, and then the farmers.
“For the Homegrown School feeding which is expected to deal with the nutrition, health and in a way act as an incentive to keep children in school, we are looking at reaching out to over 10 million children within the next four years. So in the next year, we would have directly touched at least 70 million Nigerians.”
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Update : • $7m School Fees Controversy: ICPC Invites Dangote Over Claim Against Ex-NMDPRA Boss
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ICPC invites Dangote and ex-NMDPRA boss
Pushes ahead despite ex-CEO’s resignation
Raises panel, opens investigation on Monday
The Independent Corrupt Practices and Other Related Offences Commission (ICPC) has invited businessman, Aliko Dangote for more information in respect of his petition against the immediate past managing director of the Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA), Alhaji Farouk Ahmed.
Dangote is expected to appear or send his lawyer, Ogwu Onoja (SAN) tomorrow when ICPC’s investigation of the petition formally commences.
The commission raised a panel of crack investigators on Friday to handle the probe,
The ICPC ,according to sources ,has asked Dangote to submit his evidence to the anti-graft agency.
Dangote had accused Farouk of corruption and misappropriation of funds, including spending millions of dollars on his four children’s education in expensive and exclusive schools in Switzerland.
The businessman accused Farouk of economic sabotage by undermining domestic refining by colluding with international traders and oil importers through the continued issuance of import licences.
Farouk has since resigned his appointment.
But the commission said it is going ahead with the investigation, Farouk’s resignation notwithstanding.
“All is set for the investigation, ” a well- placed source in ICPC told The Nation yesterday.
“ICPC has set up a panel of crack investigators on Dangote’s petition. The Chairman of the commission, Dr. Musa Adamu Aliyu (SAN) asked the trusted team to stay action on a case and focus on Dangote’s petition. This underscores the importance attached to this case,” the source said.
“We have also invited Dangote or his lawyer to come on Monday to adopt the petition. “Either of them is to present relevant documents or evidence to support the petition.
“He who alleges must prove or provide lead on the allegations which our investigators must act on.
“We have acknowledged the receipt of the petition in line with our guidelines or mandate to do so within 48 hours.”
Continuing, the source said :”after formal adoption of the petition, we will isolate issues and ask Ahmed to respond to the allegations.
“We have been inundated with enquiries but I can assure you that ICPC will be fair to all the parties.”
Responding to a question, the source added: “The resignation of Ahmed does not affect this probe which is in the public interest.”
“Section 19 of the Corrupt Practices and Other Related Offences Act (ICPC Act 2000) makes it an offence for any public officer to use his/her position to confer an unfair or corrupt advantage on himself, his relatives, associates, or other public officers.Anyone found guilty of any such offence is liable to five years imprisonment without the option of a fine.
“The enabling law also stipulates harsh punishment for individuals deemed to have wasted ICPC’s time and resources by making malicious or frivolous petitions against others.”
In the petition submitted on Tuesday through his lawyer, Ogwu Onoja SAN), Dangote demanded the arrest, investigation and prosecution of Farouk for allegedly living above his means as a public servant.
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He accused Farouk of “spending without evidence of lawful means of income amounting to over $7 million for the education of his four children” in Switzerland.
The document named the children and their schools and provided specific amounts paid for verification.
“Engr Farouk Ahmed spent without evidence of lawful means of income humongous amount of money of over $7million of public funds, for the education of his four children in different schools in Switzerland for a period of six years upfront,” Dangote alleged.
“It is without doubt that the above facts in relation to abuse of office, breach of the Code of Conduct for public officers, corrupt enrichment and embezzlement constitute gross acts of corrupt practices, for which ICPC is statutorily empowered under section 19 of the ICPC Act to investigate and prosecute,” Dangote added.
The cold war between Dangote and petroleum regulators had earlier sparked a N100billion suit.
The Dangote Petroleum Refinery and Petrochemicals FZE filed a N100 billion lawsuit at the Federal High Court in Abuja challenging import licences issued by the Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA) and others, including the Nigerian National Petroleum Company Limited (NNPCL).
The refinery accused the regulator of granting licences to import refined petroleum products despite domestic production capacity.
It alleged that the action of the regulator has violated some sections of the Petroleum Industry Act.
The suit, FHC/ABJ/CS/1324/2024, was discontinued in July 2025 by Dangote’s lawyers.
ICPC petition guidelines say: “Any person anywhere in the world may make a complaint against any other person (corporate or non- corporate) in Nigeria, where reasonable grounds exist for suspecting that such a person has conspired to commit or attempted to commit or has committed an offence under the Corrupt Practices and Other Related Offences Act 2000.
Complaint/petition is made through oral/written report submitted through post, physically to any ICPC office in Nigeria.
A complaint made orally or by an illiterate shall be reduced into writing and read over to the complainant by an officer of the Commission.
The report shall set out details of the complaint , date, time and place where the offence was allegedly committed.
The complainant shall provide the names and addresses, phone number, email and other relevant information that may assist the Commission in locating the person or persons against whom the complaint is made.
The complainant shall state his/her full address, email or phone number or any other information that will assist the commission in contacting him/her, whenever necessary.
Reports can also be made online through any of the commission’s reporting platforms.
The commission shall acknowledge receipt of any petition within 48 hours.
Spokesperson of ICPC , John Okor Odey confirmed that the commission “received a formal petition on Tuesday, 16th December, 2025 from Alhaji Aliko Dangote through his lawyer. The petition is against the CEO of the NMDPRA, Alhaji Farouk Ahmed. The ICPC wishes to state that the petition will be duly investigated.”
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JUST IN : N2.2bn Fraud, Court Upholds Ngige’s EFCC Bail, Insists on Senior Civil Servant as Surety
The Federal Capital Territory High Court sitting in Gwarinpa, Abuja, on Thursday, granted a former Minister of Labour and Employment, Chris Ngige, to continue to enjoy the administrative bail earlier granted him by the Economic and Financial Crimes Commission.
The trial judge, Justice Maryam Hassan, made the order while delivering a ruling in the bail application filed and argued on behalf of the former minister by his lead counsel, Patrick Ikwueto (SAN).
Justice Hassan in the ruling directed Ngige to produce a surety who must be a director in the employment of the Federal Government and own a landed property.
Justice Hassan ruled that the surety is to deposit the title documents of the landed property, as well as his travel documents, with the court pending the time Ngige completes the retrieval of his own international passport.
The EFCC had previously granted Ngige bail on self-recognition and directed him to submit his travel documents to the commission, in addition to providing one surety.
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Breaking : Tinubu Removes NMDPRA Chiefs Farouk, Komolafe Over Sabotage, Corruption Allegations; Names Replacement
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The Chief Executive of the Nigerian Midstream and Downstream Petroleum Regulatory Authority, Farouk Ahmed, has resigned.
Similarly, his counterpart at the Nigerian Upstream Petroleum Regulatory Commission, Gbenga Komolafe, has stepped down.
Based on the development, President Bola Tinubu has asked the Senate to confirm new chief executives for the two agencies.
The President’s request was contained in separate letters to the Senate on Wednesday.
This was announced in a statement issued by the President’s Special Adviser on Information and Strategy, Bayo Onanuga.
Both officials were appointed in 2021 by former President Muhammadu Buhari after the enactment of the Petroleum Industry Act.
According to the statement, Tinubu “has written to the Senate, requesting expedited confirmation of Oritsemeyiwa Amanorisewo Eyesan as CEO of NUPRC and Engineer Saidu Aliyu Mohammed as CEO of NMDPRA.”
The statement noted that Eyesan, an economist and oil industry veteran, spent nearly 33 years at the Nigerian National Petroleum Company Limited and its subsidiaries.
She retired in 2024 as Executive Vice President, Upstream, and previously served as Group General Manager, Corporate Planning and Strategy.
Mohammed, a chemical engineer and former Managing Director of the Kaduna Refining and Petrochemical Company and the Nigerian Gas Company, has also served on several energy sector boards.
He recently emerged as an independent non-executive director at Seplat Energy.
“The two nominees are seasoned professionals in the oil and gas industry,” the statement noted.
Ahmed’s resignation comes amid a high-profile conflict with Africa’s richest man, Aliko Dangote, which drew national attention in December 2025.
The dispute arose from Dangote’s allegations that Ahmed and his family were living beyond their legitimate means, citing millions of dollars allegedly spent on overseas schooling for his four children.
Dangote petitioned the Independent Corrupt Practices and Other Related Offences Commission to investigate and prosecute Ahmed for abuse of office and corrupt enrichment, sparking a nationwide debate over regulatory oversight in Nigeria’s petroleum sector.
The NMDPRA chief dismissed Dangote’s claims as “wild and spurious,” insisting that he would rather defend himself before a formal investigative body than engage in public arguments.
The conflict, which traces its roots to 2024 when Ahmed criticised domestic refinery output—including Dangote’s refinery—prompted intervention by the House of Representatives, which summoned both parties to avoid destabilising the sector.
President Bola Ahmed Tinubu on Wednesday evening met with the embattled Chief Executive of the Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA), Farouk Ahmed, at the State House, Abuja.
The meeting came amid allegations of financial impropriety made by industrialist and President of the Dangote Group, Alhaji Aliko Dangote, against the NMDPRA boss.
Dangote and Ahmed have been at odds for a while now over downstream petroleum regulation and the future of domestic refining in Nigeria.
At a press conference on Sunday at the Dangote Petroleum Refinery, Dangote accused the NMDPRA, under Mr Ahmed’s leadership, of economic sabotage, alleging that regulatory actions were undermining local refining capacity.
He claimed that the continued issuance of import licences for petroleum products was frustrating domestic refiners and deepening Nigeria’s reliance on fuel imports.
The billionaire industrialist further alleged that the regulator was colluding with international traders and petroleum importers to the detriment of local operators, accusations to which the NMDPRA has yet to publicly respond.
Mr Dangote also made personal allegations against the NMDPRA chief, claiming that Mr Ahmed was living beyond his legitimate means.
He alleged that four of Mr Ahmed’s children attend secondary schools in Switzerland at costs running into several millions of dollars, arguing that such expenditure raised concerns about conflicts of interest and the integrity of regulatory oversight in the downstream petroleum sector.
On Monday, Mr Dangote escalated the claims, accusing Mr Ahmed of corruption and misappropriation of public funds.
He alleged that about $5 million was spent on the secondary education and upkeep of the children over six years, with an additional $2 million on tertiary education, including an alleged $210,000 for a 2025 Harvard MBA programme for one of them.
The controversy deepened on Tuesday when Mr Dangote, through his lawyer, Ogwu Onoja, a Senior Advocate of Nigeria (SAN), petitioned the Independent Corrupt Practices and Other Related Offences Commission (ICPC), calling for Mr Ahmed’s arrest, investigation, and prosecution.
In the petition addressed to ICPC Chairman Musa Aliyu, Mr Dangote alleged that the NMDPRA chief “spent without evidence of lawful means of income amounting to over $7 million for the education of his four children” in Switzerland.
The petition reportedly included the names of the children, the schools attended, and detailed figures for verification.
Mr Ahmed arrived at the Presidential Villa at about 5:30 p.m. and left the President’s office after less than 30 minutes.
He declined to speak with journalists as he exited the State House and offered no comment on the allegations or the outcome of his meeting with President Tinubu.
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