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Alleged N20tn Fraud : Tinubu suspends Emefiele with Immediate effect and orders CBN probe
President Bola Tinubu has suspended the Governor of the Central Bank of Nigeria, Mr Godwin Emefiele, from office with immediate effect.
This is sequel to the ongoing investigation of his office and the planned reforms in the financial sector of the economy, according to a statement on Friday by the Director of Information, Office of the Secretary to the Government of the Federation, Willie Bassey.
According to the statement, Emefiele has been directed to immediately hand over the affairs of his office to the Deputy Governor (Operations Directorate), who will act as the CBN governor pending the conclusion of the investigation and the reforms.
The CBN listed the Deputy Director, Operations Directorate, as Mr Folashodun Adebisi Shonubi.
Unconfirmed reports emerged late on Friday that operatives of the Department of State Services had arrested the suspended CBN governor. But the spokesman for the DSS, Peter Afunaya, told one of our correspondents that he could not confirm the arrest.
A top security source, who spoke on condition of anonymity, told Our correspondence that Emefiele would have been arrested during the administration of former President Muhammadu Buhari.
He said, “Yes, expect that (his arrest) to happen. He would have been arrested before but the administration of former President Buhari protected him. He has many questions to answer.
“As a result of this, he won’t be allowed to either travel out or sneak out of the country. So, we are looking for him.”
Emefiele, who was appointed the apex bank’s governor on June 4, 2014, was also at the centre of a storm in January 2023 when security operatives attempted to arrest him over allegations of terrorism financing and economic crime.
Section 11 of the CBN Act, 2007 gives the President power to terminate the appointment of the apex bank governor, but such must have the backing of lawmakers.
“The CBN governor can be removed by the President provided that the removal of the governor shall be supported by two-thirds majority of the Senate praying that he be removed,” the section stated.
The Act also states that the governor, deputy governor, or director of the CBN can be removed if they are serving as a lawmaker or a director of a bank.
“A person shall not remain a governor, deputy governor or director of the Bank if he is a member of any federal or state legislative house; or if he is a director, officer or employee of any bank licensed under the Banks and Other Financial Institutions Act.”
The CBN Act further states that criminal offences and mental health conditions can result in the CBN governor’s termination of appointment.
“The governor, deputy governor or director shall cease to hold office in the Bank if he becomes of unsound mind or, owing to ill health, is incapable of carrying out his duties: is convicted of any criminal offence by a court of competent jurisdiction except for traffic offences or contempt proceedings arising in connection with the execution or intended execution of any power or duty conferred under this Act or the Banks and Other Financial Institutions Act,” the Act adds.
The governor can also be removed if he “is guilty of a serious misconduct in relation to his duties under this Act; disqualified or suspended from practising his profession in Nigeria by order of a competent authority made in respect of him personally; becomes bankrupt.”
Emefiele’s ‘sins’
The introduction of the naira redesign policy by the Emefiele-led CBN in October 2022 started on a controversial note as the then Minister Finance, Budget and National Planning, Zainab Ahmed, kicked against it barely 48 hours after it was announced.
Ahmed had stated that her ministry was not consulted and she was not aware of the monetary policy.
The reaction generated tension and uncertainty until the Presidency confirmed that Buhari approved the policy, which it said was to manage inflation, combat currency counterfeiting and ransom payment.
Early January 2023, the CBN started a cash swap programme in various local government areas to reach citizens in rural communities, who complained of the unavailability of banks in their localities.
The initial deadline of January 31, 2023, set by the apex bank for the old notes to cease being legal tender was moved to February 10, as the country fell into hard times with both the old and new naira notes going out of circulation.
The situation was compounded by fuel scarcity across the country as Nigerians berated the policies of the government as ill-thought.
Tinubu, who was then the presidential candidate of the All Progressives Congress, also slammed those behind the naira redesign, which he said was targeted at his candidature.
While speaking in January during a campaign at the MKO Abiola Stadium in Abeokuta, the Ogun State capital, Tinubu said, “Let fuel be expensive, only they know where they keep it. Keep petrol, keep the naira, we will vote and be elected. You may change the ink of naira notes. What you expect will not happen. We will win.
“They said petrol will rise to N200/litre and N500/litre, let your mind be at rest. They don’t want the forthcoming election to hold. They want to scatter it but that won’t be possible.
“They thought they could cause trouble; they sabotaged fuel but with or without fuel, with or without motorcycles and tricycles, we will vote and win. This is a superior revolution.”
In February, the governors of Kaduna, Kogi and Zamfara states took the Federal Government to the Supreme Court and urged it to declare the naira redesign illegal.
Despite an initial order of the court for the policy to be suspended, the CBN went ahead to announce that the old naira notes had ceased to be legal tender at the expiration of the February deadline.
In March, the Supreme Court finally ruled that the old naira notes remain legal tender till December 31, 2023, effectively ending the controversies surrounding the matter.
Experts estimated the loss to the failed naira redesign policy at N20tn as many called for the sacking of Emefiele. Many citizens died during protests against the policy, while many commercial banks had their facilities destroyed.
Prior to the naira redesign controversy, many Nigerians, particularly members of civil society and the media, had called for Emefiele’s sacking over his rumoured political ambition.
A group of friends had in May 2022 bought the N100m expression of interest form for the presidential ticket of the APC for him.
This was followed by sponsored posts on various media platforms advertising his candidacy.
Photos of hundreds of branded vehicles were also splashed on social media, attracting widespread outrage.
Emefiele had subsequently instituted a suit against the Independent National Electoral Commission and the Attorney-General of the Federation and Minister of Justice over his eligibility to contest the APC primary.
He asked the court to stop INEC from disqualifying him from participating in the primary election of his preferred political party.
Suspension expected – Analysts
An economist, Mr Ade Dayo, said the suspension was expected, adding that the Nigerian economy suffered under Emefiele.
He told our correspondence that the monetary policies postulated by Emefiele made many Nigerian businesses shrank and gasped for air.
Dayo said, “It was expected that the new President would let him go. See the gruesome way he (Emefiele) handled the naira redesign policy! Many businesses were shut down during that period. All the pleas from economists, analysts and social critics fell on deaf ears. He was fixed on only doing his bidding.
“Whoever is going to take over after him should be one who listens and is devoid of partisan affiliation. The office of the governor of the CBN is not a political office.
“A thorough probe should be instituted and a competent person made to man the position.”
Another economist, Mr Usman Musa, noted that the suspended CBN governor did not handle the economic issues affecting the nation wisely.
He added that there were many accusations of partisanship regarding Emefiele, but he failed to address the issue as he should.
Musa said, “The economy of this country suffered under Emefiele. Surprise is the last thing I feel hearing the news of his suspension. He should be thoroughly investigated, especially as regards the naira redesign policy. Where are the new notes he said he printed?
“Emefiele completely failed in his duty. He did not concentrate on his core mandate of price stability as the apex bank’s governor. We are talking of an inflation rate of about 22.24 per cent or more and an exchange rate nearing N800 per dollar. Who should be held responsible for all these woes if not him?”
The Director and Chief Executive Officer, Centre for the Promotion of Private Enterprise, Dr Muda Yusuf, said the suspension did not come to him as a surprise.
Yusuf said the President had made it known during his campaign that he did not agree with some of the policies of the CBN governor.
He said, “Emefiele came up with a lot of policies that have not worked well for the economy and Tinubu singled out the exchange rate management, the forex policy and expressed displeasure about the naira redesign. He was very clear about his condemnation of it, and that the policy was too harsh for the citizens.
“It was also clear that the policies of Emefiele were not compatible with that of the President, so if this has happened, I will not be surprised. Their monetary policy beliefs are fundamentally different.”
A policy analyst, Suraj Oyewale, said Emefiele’s performance as governor of the apex bank had fallen below expectation, adding that many Nigerians would be happy to see him leave office.
“The general consensus is that the performance of the economy under Emefiele has been less than impressive, especially the naira redesign policy, which was not well thought out. I’m sure many Nigerians will be excited to see him leave,” he said
Oyewale, however, said it was the second time in 10 years that a sitting CBN governor would be suspended by the President and feared that the trend might “weaken the independence of the CBN.”
“Subsequent governors may become a pun in the hands of the executive for fear of being sacked and will be unable to take tough decisions that will favour the economy,” he added.
A lecturer and political analyst, Dr Ganiu Bamgbose, said the President made a great decision by suspending the CBN governor, whom he accused of holding the country hostage economically.
He said, “I think the President as the Commander-in-Chief of the Armed Forces is at liberty to choose who is returning and whosoever he wants in his space.
As a president, who is prepared to lead the country to success, he could have seen what no one else sees. In this case, as the Commander-in-Chief of the Armed Forces, he knows who is suitable for a post and who is going to make his administration successful.
“Emefiele should have been relieved of the job earlier than this. Isn’t it ridiculous that the CBN suddenly told us that there was no money to sustain the change of currency, which brought so much agony and hardship to the country about five to six months ago?”
A political analyst, Kamilu Fage, said it was surprising that the President left the CBN governor in office for some time after the swearing-in despite several infractions Emefiele committed prior to the election.
“Given what Emefiele did with the scarcity of naira, I am surprised that the President left him in the office till now given all he did during the naira crisis,” he said.
However, a human rights lawyer, Inibehe Effiong, said the suspension of the CBN governor was not in accordance with the law, adding that Emefiele could not be removed by the President without recourse to the law.
He said, “It is quite a controversial issue. Ordinarily, by virtue of Section 11 of the CBN Act of 2007, the cessation of office of the CBN governor for misconduct on account of the decision of the President can only be through removal, which has to go through the Senate and two-third of members must give their concurrence before the CBN governor can be removed. That statutory position is enshrined to guarantee the institutional independence of the CBN.
“I personally believed that Emefiele should not remain in office; he has committed several infractions, and I am not comfortable with the way he led the bank; however, on the basis of law I do not think the President can remove the CBN governor without recourse to the Senate.”
A Senior Advocate of Nigeria, Norrisson Quackers, said the President had the constitutional right to give the directive, stating that the suspension could not be questioned.
Quackers added that Emefiele had overstayed the five-year statutory period he was supposed to use in office according to the CBN Act, adding that Tinubu’s body language towards the suspension could eventually result in a further dismissal of the governor.
An economist, Prof Sheriffdeen Tella, said Emefiele should not see his suspension as shocking, having thrown the economy into domestic shocks through inconsistent policies, some of which led to the death of some Nigerians.
He said, “The suspension should not be surprising even to himself. He has over time thrown the economy into domestic shocks through policy inconsistency and summersaults without an apology to anybody, even to the government he is embarrassing.
“The last ditch was the twin policy of cashless economy and currency redesign that resulted in the death of Nigerians, collapse of businesses and loss of faith in banking services.”
Suspension legal – Ozekhome
A Senior Advocate of Nigeria, Chief Mike Ozekhome, said Tinubu had the right to suspend Emefiele, adding that the term suspension was just a euphemism for dismissal.
He stated, “The President has all the right to suspend the CBN governor despite the independence of the apex bank. He can do so under the CBN Act. He is the overall boss and President of Nigeria.
“This is what we call the transient nature of power. Before Emefiele, there was Sanusi. The position is not hereditary. He who has the power to appoint can suspend. It is Tinubu’s right and prerogative to suspend the CBN governor for any infraction. He acted in line with the law. It is not illegal.
“Someone must have been appointed to act in his place so there is no illegality there.”
Like Sanusi, like Emefiele
On February 20, 2014, President Goodluck Jonathan ordered the suspension of the then CBN governor, Lamido Sanusi, weeks after he exposed the alleged theft of at least $20bn by officials of the petroleum ministry.
Sanusi was suspended while on an official assignment to Niamey, Niger Republic.
He later claimed to have ignored Jonathan’s directive to him to resign because the reason for the directive was baseless.
He said Jonathan asked him to quit for allegedly sending copies of the letter he wrote to the President to former President Olusegun Obasanjo and the then Rivers State governor, Chibuike Amaechi.
The spokesperson for the then President, Dr Reuben Abati, explained in a statement Sanusi was suspended because of reports by the Financial Reporting Council of Nigeria claiming that the CBN governor had engaged in “financial recklessness and misconduct” but did not identify any particular financial crime.
Sanusi, who later became the Emir of Kano before he was deposed, refused to back down on allegations that the Nigerian National Petroleum Corporation and the then Minister of Petroleum Resources, Diezani Allsion-Madueke, could not account for over $20bn of crude oil exports carried out by the NNPC.
He was ordered to hand over to the most senior Deputy Governor of the CBN, Dr Sarah Alade, pending the conclusion of investigations into the alleged breaches of enabling laws, due process and the mandate of the CBN.
In April 2014, he won a court case against the Federal Government after he was detained and his passport confiscated by the Department of State Services but did not return to the apex bank.
Harmonisation of versions begins •Red Chamber okays e-upload to IREV
The controversy over the passage of the Electoral Act (Amendment) Bill 2026 at the Senate was laid to rest yesterday.
The Red Chamber endorsed electronic transmission of election results, without including the contentious “real-time” provision.
This was shortly before it adopted the Votes and Proceedings of the passage of the Bill, which scaled third reading on February 4, during a rowdy session.
Because the version passed by the Senate did not include “real-time” transmission, unlike the version earlier passed by the House of Representatives, a conference committee of both chambers will harmonise the bills before final approval and eventual presentation for presidential assent.
The amendment of Section 60(3), effected yesterday and passed along with other sections read by Senate President Godswill Akpabio, states: “The Presiding Officer shall electronically transmit the results from each polling unit to the INEC Result Viewing Portal, and such transmission shall be done after the prescribed Form EC8A has been signed and stamped by the Presiding Officer and countersigned by the candidates or polling agents where available at the polling unit.
“But if the electronic transmission of the result fails as a result of communication failure, and it becomes impossible to transmit the result electronically, the signed and stamped Form EC8A by the Presiding Officer, and countersigned by the candidates or polling agents where available, shall in such a case be the primary source of collation and declaration of results.”
This differs slightly from the version passed by the House of Representatives in December, which states: “The Commission shall electronically transmit the results from each polling unit to the IREV portal in real time, and each transmission shall be done simultaneously with the physical collation of results.”
The House also passed Section 60(5), which provides: “The Presiding Officer shall transmit the results, including the number of accredited voters, to the next level of collation.”
The Electoral Act 2022, under which the 2023 elections were conducted and which is in the process of being repealed, states in part under Section 60(5): “The Presiding Officer shall transfer the result, including the total number of accredited voters and the result of the ballot, in a manner as prescribed by the Commission.”
Before senators began proceedings yesterday, protesters, for the second consecutive day, gathered in front of the National Assembly to call for the passage of real-time electronic transmission of election results.
Among the protesters was the former Governor of Rivers State and immediate past Minister of Transportation, Chibuike Amaechi.
The police prevented the protesters from gaining access to the National Assembly complex.
Inside the chamber, the Senate passed the Electoral Act Amendment Bill after a heated debate in a rowdy plenary session.
At the session presided over by Senate President Godswill Akpabio, senators modified their earlier position on real-time electronic transmission of poll results.
They consequently approved a revised clause mandating electronic transmission of results from polling units to the INEC Result Viewing Portal (IREV), with a fallback mechanism in the event of network failure.
In such instances, Form EC8A, on which results are recorded, would serve as the basis for collation.
The amendment, once harmonised with the House of Representatives’ version and signed into law by the President, is expected to legalise the use of IREV in the result transmission process, unlike what obtained during the 2023 elections.
There was palpable tension in the hallowed chamber as the initial proposal to adopt the Votes and Proceedings of the previous sitting led to heated procedural disputes, which were carefully managed by Akpabio.
Outside the National Assembly, protesters continued to agitate for the inclusion of the real-time electronic uploading clause, which had been upheld in the House of Representatives’ version of the bill.
The modification followed the approval of a motion by the Senate Chief Whip, Mohammed Tahir Monguno (Borno North), titled: “Motion for Rescission on Clause 60(3) of the Electoral Act, 2022 (Repeal and Enactment) Bill, 2026.”
Moving the motion, Monguno recalled that the bill had been passed by the Senate on February 4 but said “fresh issues have emerged in respect of Clause 60(3), which require further legislative consideration to ensure the conduct of smooth, transparent and credible elections in Nigeria.”
Invoking Orders 1(b) and 52(6) of the Senate Standing Orders, 2023 (as amended), he urged the chamber to rescind its earlier decision on the clause and recommit it to the Committee of the Whole for reconsideration and passage.
Trouble began when Monguno rose to move the motion while the Senate President was reading out the rules on Votes and Proceedings.
His action triggered confusion, with many senators questioning whether the Senate could revisit a decision already taken within the same legislative session.
Some senators argued that Order 1(b) empowered the Senate to suspend normal procedure.
Following a voice vote, the chamber agreed to allow Monguno to proceed.
Monguno said ambiguity surrounding the earlier amendment, particularly the controversy over the use of the words “transfer” and “transmission” of election results, had generated public concern and required urgent legislative clarification.
He proposed a fresh amendment stipulating that presiding officers at polling units must electronically transmit results to the INEC Result Viewing Portal (IREV) after completing and signing Form EC8A.
He added that where electronic transmission fails due to communication challenges, the signed and stamped Form EC8A would serve as the primary source for collation and declaration of results.
After the motion was seconded by Senator Abba Moro, who described the development as “a victory for democracy,” the chamber descended into disorder when the Senate President declared that the voice vote had carried the amendment.
Several senators protested and invoked Order 72, which allows any senator to challenge the opinion of the presiding officer by calling for a division.
Citing Order 72, Senator Enyinnaya Abaribe demanded individual voting, triggering loud protests, shouts of points of order, and repeated calls to order by Akpabio.
At the height of the confusion, Abaribe withdrew his request for a division, a move that further unsettled the chamber.
Akpabio ruled that Abaribe’s withdrawal stood, thereby upholding the voice vote that carried the amendment.
Following the approval of the revised clause, the Senate adopted the Votes and Proceedings of the previous sitting, bringing the stormy session to a close.
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To fast-track harmonisation of the Electoral Bill with the House of Representatives’ version, the Senate expanded its conference committee from nine to 12 members to match the number of conferees from the House.
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The committee is chaired by Senator Simon Bako Lalong, with Mohammed Tahir Monguno, Adamu Aliero, Orji Uzor Kalu, Abba Moro, Asuquo Ekpenyong, Aminu Iyal Abbas, Tokunbo Abiru, Adeniyi Ayodele Adegbonmire, Jibrin Isah (Echocho), Banigo Ipalibo and Onyekachi Nwebonyi as members.
Expressing optimism that the committee would conclude its work swiftly, Akpabio said: “This is a matter of urgency. If you are able to conclude within the next few days or one week, the President should be able to sign this amended Electoral Bill within this month.”
Former Vice President Atiku Abubakar, who spoke in Minna, the capital of Niger State, said electronic transmission of results would restore sanity and avert chaos.
However, he expressed doubts about the ability of the proposed law to guarantee real-time transmission.
Atiku said: “This is below the expectations of Nigerians. During the last elections, Nigerians were expecting real-time electronic transmission of election results at various levels of the election, but what we got was a mixture of electronic and manual uploading, which caused more confusion and chaos.
“It will be best if we have a single-tier electronic transmission, which is real-time electronic transmission, which is the preference of all Nigerians.”
The African Democratic Congress (ADC) stalwart urged opposition political parties to reject the Senate’s decision to allow manual uploading of election results.
He said: “We need all opposition political parties to pursue this issue. We should not allow it to rest the way they wanted it to rest today at the Senate.”
The African Democratic Party (ADP) warned of likely public distrust of the electoral process if electronic transmission is not upheld.
The party’s National Chairman, Yabagi Sani, said in a statement that “while the Senate’s reversal of its earlier rejection of electronic transmission reflects public pressure and democratic expectation, the ADP notes that a reform that does not guarantee mandatory, real-time transmission cannot restore electoral credibility.”
The ADC National Publicity Secretary, Bolaji Abdullahi, described the Senate’s modified position as a victory for the resilience, vigilance and rising political consciousness of Nigerians.
He said in a statement: “It demonstrates, in the clearest possible terms, that when citizens act with unity, clarity of purpose and resolve, they can indeed move mountains.”
The ADC credited Nigerians’ coordinated civic actions, noting: “From the street protests to the digital campaigns, the Nigerian people have once again shown that sovereignty truly belongs to them.”
Hailing the protesters, Abdullahi added: “We salute the courage and tenacity of Nigerians. We commend every citizen who raised a voice, whether online or offline, to resist legislative mischief that threatened to undermine our electoral integrity.”
A former President of the Nigerian Bar Association (NBA), Dr Olisa Agbakoba (SAN), said the adoption of real-time upload of results would engender public trust and close electoral loopholes.
He said the regulatory process must be adequately backed by law.
Agbakoba noted in a statement that the 2023 election exposed a critical gap in the electoral legal framework, recalling that despite INEC’s deployment of the IREV portal for electronic transmission of results, the Supreme Court ruled that the innovation lacked legal force.
The human rights lawyer explained that the IREV portal currently serves only for public viewing and is not admissible as evidence of results in election petitions.
He said: “The message was unmistakable: without explicit statutory provision, electronic transmission remains optional and legally inconsequential, no matter how transparent or efficient it may be.
“This legal gap creates an insurmountable evidentiary burden in election petitions.”
The Tanimu Turaki-led faction of the PDP rejected the Senate’s position on transmission of election results, describing the senators as “clever by half.”
The party’s National Publicity Secretary, Comrade Ini Ememobong, said in a statement that the addendum introduced by the Senate to allow manual transmission was a backdoor attempt to achieve the same objective as the earlier rejection.
The statement reads in part: “We have taken note of the outcome of the Senate’s reconsideration of its earlier position on the real-time electronic transmission of election results, wherein an addendum was introduced to permit manual transmission where technology is said to fail.
“We hold the firm view that this addendum is nothing more than a backdoor attempt to achieve the same objective as the earlier outright rejection, while pretending to align with the wishes of the Nigerian people.
“Manual transmission is already sufficiently provided for under the Electoral Act. The current agitation for electronic transmission is aimed at introducing a second-layer authentication mechanism that prevents the alteration of results en route to collation centres, a malpractice that has historically been the bane of Nigeria’s electoral process.
“Furthermore, it is inconceivable that the same BVAS technology, which successfully undertakes accreditation throughout an election, would suddenly become unreliable for the transmission of results and accreditation data arising from that same exercise.
“This caveat is a clear indication of the humongous fear being harboured by senators opposed to electronic transmission, particularly Senate President Godswill Akpabio, whom we reasonably suspect remains haunted by the ghost of his 2019 election loss, occasioned by the deployment of technology to curb over-voting.
“They must be reminded that Nigeria is bigger than their narrow personal and political interests.
“We therefore urge members of the Conference Committee to adopt the version of the bill passed by the House of Representatives as the harmonised position, if indeed they are committed to delivering credible elections in 2027.
“They must rise above the instincts of politicians fixated on the next election and instead focus on the sustenance of democracy and the protection of future generations.
“Should this democracy fail, the names of Senator Akpabio and all senators who voted against electronic transmission will undoubtedly occupy a conspicuous chapter in the book of infamy.
“We also call on Nigerians to remain resolute in their demand for real-time electronic transmission of election results. This is no time for excuses. This hard-won democracy is far too valuable to be left in the hands of politicians alone.”
The Ooni of Ife, His Imperial Majesty, Oba Adeyeye Enitan Ogunwusi, Ojaja II, has accepted to be the Royal Father of the Day at the New Telegraph Awards Night/ Dinner holding at the Grand Ballroom of the Oriental Hotels, Lagos this Friday.
That is as veteran Elder journalist and former Governor of Ogun State, Aremo Olusegun Osoba, has also accepted to be the Chairman of the event.
The New Telegraph Awards Night/Dinner is a high octane event, where governors, captains of industry, banking and financial institutions and executives as well as public, private sector players and sports personalities would be honoured.
Nine state governors from across the country have confirmed their attendance at the event, with other awardees expressing delight and anticipation towards the event.
In a letter conveying his choice as the Royal Father of the Day, the Management of Daily Telegraph Publishing Company, publishers of the New Telegraph, Saturday and Sunday Telegraph titles informed the paramount ruler and the number one Yoruba king that his choice was borne out of his dedication to excellence and public good in his 10-year reign as the Paramount Ruler of the Yoruba Nation.
“Your Highness, it is important to let you know that you were chosen because of your position as not only the Paramount Ruler of one of the largest and homogenous nations in Nigeria, but also because of your dedication to service, excellence, reward and honesty in your over 10-year reign on the throne of your ancestors.
The letter was delivered to him personally by the Managing Director/Editor-in-Chief of the newspaper, Mr Ayodele Aminu. Similarly, Aremo Osoba, a former Editor-in-Chief of the Daily Times and Grand Patron of the Nigerian Guild of Editors, was chosen because of his close association with his profession, several years after serving as governor.
Osoba is ever present in the activities of journalists and editors, despite being a leading political figure in the country.
According to Aminu, Osoba reflects the dream of not only journalists but every profession because he did not forget his roots and easily identifies with his colleagues, no matter the gap in age and experience.
More applicants have approached the Federal High Court in Abuja over some properties linked to former Attorney-General of the Federation (AGF) and Minister of Justice, Abubakar Malami (SAN).
The applicants prayed for the setting aside of the interim forfeiture order made against some of the property linked to the former minister.
They argued that the Economic and Financial Crimes Commission (EFCC) failed to establish any nexus between their property and any unlawful activity, contrary to Section 135 of the Evidence Act and the Advance Fee Fraud.
In their separate motions on notice filed by their lawyers, the applicants – Alhaji Muktaka Usman Junju, and Rayhaan Bustan and Agro Allied Limited – urged the court to vacate and discharge the order made on January 6 by Justice Emeka Nwite.
Junju, a businessman, through his lawyer, Kalu Kalu Agu, prayed the court to set aside the order made on property listed as Number 40 by the EFCC.
Rayhaan Limited, an agricultural food production company, through its lawyer, Joseph Daudu (SAN), also asked the court to remove property listed as numbers one, 28, 29, 30, 31, and 32 from the list of property brought by the anti-graft agency.
The duo, in their applications, also prayed the court for an order directing the immediate restoration of their possession, control, and enjoyment of the listed property from the 57 property sought to be forfeited to the Federal Government.
The News Agency of Nigeria (NAN) recalls that the property listed as number 40 in the EFCC’s schedule is Al-Afiya Energy Tanker Garage, opposite Rayhaan University Health Centre, along Sani Abacha Bypass Road, Birnin-Kebbi, valued at N2,450,000,000.00.
Property Number One is a luxury duplex at Amazon Street, Plot Number 3011 within the Cadastral Zone, A06 Maitama; File Number: An enhancement 11352, which was purchased in December 2022 at N500,000,000.00 (value after enhancement at N5,950,000,000).
Property numbers 28, 29, 30, 31 and 32, which are under Rayhaan Agro Allied Factory in Kebbi, include Factory Buildings, Factory Machines and Plants Units, Factory Mosque, Rayhaan Mill Staff Quarters and Rayhaan Bustan Building, valued at N4,200,000,000.00; N10,500,000, 000.00; N2,450,000,000.00; N1, 487,500,000.00; and N3,150,000, 000.00 respectively.
NAN reports that Justice Nwite had, on Jan. 6, ordered the interim forfeiture of the 57 property suspected to be proceeds of unlawful activities linked to Mr. Malami.
The multi-billion naira landed properties are located in Abuja, Kebbi, Kano and Kaduna States.
The judge granted the order following an ex parte motion moved by the EFCC’s lawyer, Ekele Iheanacho, SAN, to the effect.
Malami was the AGF and Minister of Justice in the Muhammadu Buhari administration.
Nwite, in the ruling, also directed the publication of the interim order of forfeiture in any national daily, inviting any person(s) or body (ies) who might have an interest in the property to show cause, within 14 days of the publication, why a final order of forfeiture to the Federal Government of Nigeria should not be made.
Although the case was formerly before Justice Nwite, the case file had been transferred by the chief judge to Justice Obiora Egwuatu of a sister court for adjudication.
Also in his motion on notice dated January 26, but filed January 28 by Agu, Junju stated that the property listed as Number 40 belonged to him.
According to Junju, the root of title and acquisition history are described in the schedule attached to the affidavit in support of the motion, as Exhibit A.
Nigerian Property Investment
His lawyer argued that the commission had not established that the property was proceeds of an unlawful purpose, which, he argued, robbed the court of jurisdiction.
Agu submitted that the EFCC had failed to comply with the constitutional and statutory dictates of Section 44(2) (b) of the 1999 Constitution (as amended) and Section 17(1) of the Advance Fee Fraud and Other Fraud Related Offences Act 2006, requiring it to disclose specific particulars of the alleged unlawful act committed and the applicable laws.
Besides, he said the court did not conduct a global review of the entire documents and exhibits attached to the commission’s motion ex parte filed on January 6 and granted the same date, “which constitutes an abdication of its judicial duty to properly consider the application to ensure there is a reasonable suspicion that the property was linked to unlawful activities.”
The lawyer argued that Junju duly purchased the land in question “from an original allottee, by name Alhaji Usman Na’Allah Bunza and has no link with Malami, SAN or any Al-Afiya Garage.”
“Respondent (EFCC) is guilty of fraud and non-disclosure of material facts regarding ownership and acquisition of property of the applicant (Junju) forfeited in the interim by the orders of this honourable court.
“The interim forfeiture was procured in violation of Section 5 of the Assets Tracing, Recovery and Management Regulations 2019, having not been initiated through the Office of the Attorney-General of the Federation,” Agu said.
Also in his argument, Daudu, in their motion dated Jan. 19 but filed Jan. 23, said Rayhaan Ltd, by law, is a corporate person and can acquire and own property anywhere in Nigeria.
He described Rayhaan as “a limited liability company, duly registered with the Corporate Affairs Commission (CAC) pursuant to the Companies and Allied Matters Act (CAMA).”
The senior lawyer said properties listed as Nos. 1, 28, 29, 30, 31 and 32 all belonged to the company.
“The applicant’s property Number One was acquired with payments made from Excel Merchants Ltd in favour of the applicant,” he said.
Daudu also said the property numbers 28, 29, 30, 31, and 32 were acquired by the company from banking facilities granted by NEXIM BANK, the Bank of Industry and Access Bank Plc.
“The NEXIM Bank loan has now been called in by reason of the interim order of forfeiture of January 6, 2026.
“Zenith Bank Plc, which had guaranteed the loan, has revoked the guarantee by reason of the interim order of forfeiture of January 6, 2026, and has commenced daily interest charges on the outstanding sum,” Daudu said.
The lawyer argued that the EFCC did not establish that the assets listed as numbers one, 28, 29, 30, 31, and 32, in the interim forfeiture order were proceeds of some unlawful activities, as required under Section 17 (1) of the Advance Fee Fraud Act 2006, and that no predicate offence was linked to the acquisition of the property.
He also argued that the court was not invoked and prompted to conduct a global review of the entire documents and exhibits attached to the motion ex parte, “which constitutes an abdication of its judicial duty to properly consider the application to ensure that there is a reasonable suspicion that they were linked to unlawful action.”
Daudu aligned with Agu that the EFCC “is guilty of fraud and non-disclosure of material facts regarding ownership and acquisition of properties of the applicant forfeited by the orders” of the court.
He submitted that the proceedings of January 6 amounted to unlawful deprivation of property, denial of fair hearing and abuse of court process, urging the court to set the same aside.
Malami had, equally, filed a motion, praying the court to vacate the interim order of forfeiture against his property.
Also, Justice Egwuatu has fixed February 12 for the hearing of the matter.
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