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Breaking : N6.9bn procurement fraud : Details How Emefiele allegedly bought 100 vehicles through employees, Exposed
….CBN procurement director, six others to testify against, Godwin Emefiele
The Federal Government will on Thursday arraign the suspended Central Bank of Nigeria Governor, Godwin Emefiele and his associates for N6.9 billion procurement fraud at the Federal Capital Territory High Court, Maitama, Abuja.
Emefiele will be arraigned alongside a female CBN employee, Sa’adatu Yaro and her company, April1616 Investment Limited on 20 charges of procurement fraud, conspiracy and conferring corrupt advantages on his associates.
Emefiele, who had been in detention since he was suspended from office on June 9 by President Bola Tinubu, was accused of conferring corrupt advantages on Yaro, a director in April 1616 Investment Ltd.
The offence is contrary to section 19 of the Corrupt Practices and Other Related Offences Act 2000.
If convicted, Emefiele may be sentenced to five years imprisonment without an option of a fine.
The section read, “Any public officer who uses his office or position to gratify or confer any corrupt or unfair advantage upon himself or any relation or associate of the public officer or any other public officer shall be guilty of an offence and shall on conviction be liable to imprisonment for five years without an option of fine.’’
In the charges signed by the Director of Public Prosecutions, Federal Ministry of Justice, Mohammed Abubakar; Deputy Director, Public Prosecution, Mrs N Jones-Nebo and eight other ministry officials, the three accused persons were alleged to have bought a fleet of over 98 exotic vehicles and armoured buses valued at about N6.9bn.
Some of the vehicles bought between 2018 and 2020 included 84 Toyota Hilux vehicles, 10 armoured Mercedes Benz buses, three Toyota Landcruisers and one Toyota Avalon car.
Count one read, “That you, Godwin Ifeanyi Emefiele, male, adult, sometime in 2018 within the jurisdiction of this honourable court did use your position as Governor of the Central Bank of Nigeria to confer a corrupt advantage on Sa’adatu Ramallan Yaro, a staff member of the Central Bank of Nigeria by awarding a contract for the supply of 37 (Nos.) Toyota Hilux Vehicles at the cost of N854,700,000 only to April 1616 Investment Ltd, a company in which she is a director and thereby committed an offence.
“Statement of the offence: Conferring corrupt advantage contrary to section 19 of the Corrupt Practices and Other Related Offences Act 2000.’’
The Federal Government further accused Emefiele of conspiracy to confer corrupt advantage on the second defendant contrary to sections 26 (c) and 19 of the Corrupt Practices and Other Related Offences Act 2000 and punishable under Section 19 of the same Act.
“That you, Godwin Ifeanyi Emefiele, male, adult, Sa’adatu Ramallan Yaro, female, adult, and April 1616 Investment Ltd, sometime in 2019 within the jurisdiction of this Honourable Court did conspire amongst yourselves to use the office of Mr. Godwin Ifeanyi Emefiele as Governor of the Central Bank of Nigeria to confer a corrupt advantage on Sa’adatu Ramallan Yaro, a staff of the Central Bank of Nigeria by awarding a contract for the supply of 1 (No.) Toyota Landcruiser V8 at the cost of N73,800,000 only to April 1616 Investment Ltd., ‘’ the charge stated.
Emefiele was said to have also conferred a corrupt advantage on Yaro by awarding a contract for the supply of one Toyota Avalon at the cost of N99.9m to her company, April1616 Investment Ltd., in 2019.
The suspended governor was also accused of awarding a contract for the supply of another Toyota Landcruiser V8 for N77.050m to the third defendant in 2018.
The ex-CBN governor was said to have conspired with Yaro to confer corrupt advantages on the CBN staffer by awarding to her a contract for the supply of two Toyota Hilux Shell specification vehicles at the cost of N44.2m sometime in 2020.
Emefiele was further alleged to have awarded another contract to Yaro and her firm for the purchase of one Toyota Landcruiser VXR valued at N96m in 2020.
Yaro was similarly accused of fraudulent acquisition of property for getting a contract from the CBN for the supply of 47 Toyota Hilux vehicles at the cost of N1,085, 700,000 and thereby committed a punishable offence.
Count 10 read, “That you, Sa’adatu Rammala Yaro, female, adult, sometime in 2018 within the jurisdiction of this honourable court while being employed at the CBN knowingly held directly a private interest as director in April1616 Investment Ltd., in a contract awarded to the said company, for the supply of 47 Toyota Hilux vehicles at the cost of N1,085, 700,000 and thereby committed an offence.’’
Count 11, “That you, Sa’adatu Rammala Yaro, female, adult, sometime in 2018 within the jurisdiction of this honourable court while being employed at the CBN knowingly held directly a private interest as director in April1616 Investment Ltd., in a contract awarded to the said company, emanating from the CBN where you are employed, for the supply of 10 Mercedes Benz armoured buses at the cost of N2,222, 500,00 and thereby committed an offence.’’
Listed as witnesses against the defendants were the CBN Director of Procurement, Stanley Alvan; CBN Head of Procurement, Mike Agboro, Tahir Jafar, David Usman and “any other witnesses to be supplied later in the additional proof of evidence.’’
Meanwhile, a Federal High Court in Lagos has fixed the ruling on the application to withdraw the illegal possession of firearms charges against Emefiele for Thursday.
Justice Nicholas Oweibo fixed the date after listening to the arguments of the DPP, Abubakar and Emefiele’s counsel, Joseph Daudu SAN.
At the last adjourned date, the matter was slated for a hearing of pending applications seeking to stay the execution of the bail and application compelling the complainant to obey the court orders.
But when the matter came up on Tuesday, the DPP made an oral application to the court to withdraw the charges against Emefiele.
He stated that the application was informed by emerging facts and circumstances that required further investigations and urged the court to grant the application.
Abubakar said the application was pursuant to sections 174 (1) (c) (2) and 108 (2) (4).
But the defence counsel disagreed with the prosecution’s oral application, arguing that because the government was in disobedience of the court’s order granting Emefiele bail, its application should not be taken.
He said, “There is no application before the court, there is no doubt and I am not disputing the facts that the state can withdraw any charge before the court against any person.”
Daudu further said that in the past the argument was that there was no Attorney General of the Federation who could handle the case.
He cited section 174 (3) of the Constitution that the AGF has power that can be devolved to any of its officials.
The senior lawyer stated, “We have an application that the AGF has flouted the court order which says the respondent/ defendant should be remanded at the Nigeria Correctional Service but they are not obeying the order.
“The court granted order of substituted service to be published in three national dailies and after they brought an application of stay of execution of the bail and we say unless they obey, that order section 174 (1) can only be by nolle prosequi (I do not want to prosecute).
“It must be in writing, I have never heard of the withdrawal of a case without a nolle prosequi; for the interest of justice we need to prevent abuse of legal processes.’’
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“Every application they brought against any citizen of this country under section 174 is nolle prosequi; the government cannot come before the court orally for that. It’s to be by nolle prosequi. At this point in time, there is no application before the court.
“I urge the court to reject the application and order the learned DPP to go on with today’s business,” he maintained.
While responding to the defence argument, Abubakar submitted that nolle prosequi was different from withdrawal and cited section 108 of the Administration of Criminal Justice Act 2015.
The judge had on July 25 admitted Emefiele to N20m bail on two-count charge of illegal possession of firearms and ammunition and ordered his remand at the Ikoyi Correctional Centre, pending when he is able to perfect his bail conditions.
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But the Department of State Security operatives rearrested the embattled bank chief after fighting off NCoS officials on the court’s premises.
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Breaking : Osun Election: Tinubu Intervenes, Orders EFCC to Unfreeze Osun Government Accounts
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…says action could undermine public confidence in electoral process
…insists anti-graft agencies must remain independent but avoid actions suggesting political interference
President Bola Ahmed Tinubu on Thursday directed the Economic and Financial Crimes Commission (EFCC) to immediately take steps to vacate a court order freezing the bank accounts of the Osun State Government, saying the timing of the action, just days before the state’s governorship election, could create the impression of federal interference in the electoral process.
The President said although he respects the constitutional independence of the anti-graft agency and had no prior knowledge of its action, he was compelled to intervene in the overriding public interest to preserve public confidence in the credibility and fairness of Nigeria’s democratic process. NigerianBusiness Coverage
The EFCC had on Wednesday froze the accounts of the Osun State Government, placing a Post No Debit (PND), on its First Bank account, alleging fraudulent handling of N11 billion ecology funds, intervention funds and Federal Account Allocation Committee (FAAC).
However, in a personally signed statement issued from the State House, Abuja, President Tinubu disclosed that the EFCC had obtained the court order on August 5, 2026, freezing the accounts of the Osun State Government.
He said he was “deeply embarrassed” by the timing of the development, explaining that actions taken by federal institutions are often attributed to the President, regardless of whether he authorised them.
“It has come to my notice that the Economic and Financial Crimes Commission (EFCC) obtained a court order on August 5, 2026, freezing the accounts of the Osun State Government. I must state that I feel deeply embarrassed not by the EFCC’s exercise of its mandate backed by a court order, but by the timing of the agency’s action.
“This is so because every action taken by an institution of State, especially at the Federal level, is always credited to me, as the President, even when I may not have had any prior knowledge of the action”, the President said.
Tinubu reiterated his long-standing policy of allowing anti-corruption and law enforcement agencies to carry out their statutory responsibilities without political interference, stressing that he had deliberately refrained from directing the operational activities of the EFCC and other investigative bodies since assuming office.
He said, “since assuming office, I have consistently maintained that anti-corruption and law enforcement agencies must be allowed to discharge their statutory responsibilities independently, professionally, without fear or favour, or political interference.
“I have therefore deliberately refrained from directing or interfering in the operational activities of the EFCC or any other investigative or prosecutorial agency because I firmly believe that strong democratic institutions, operating within the confines of the law, are indispensable to democratic good governance and the rule of law”, he said.
The President maintained that institutions established by law should be allowed to exercise their powers independently and without requiring presidential approval for routine operational decisions.
However, he said the circumstances surrounding the EFCC’s action required presidential intervention because of the proximity of the Osun governorship election.
“As President, I am committed to allowing institutions of State to function and take any action they consider necessary in the interest of proper governance without the need for any prior approval. Indeed, that is why institutions are set up by law with clearly defined powers.
“While I am yet to be fully apprised of the facts which informed the action of EFCC in approaching the court to obtain the said order freezing the Osun State Government account, I am not in the slightest doubt that the timing of the action of EFCC is inauspicious, and therefore I feel compelled to intervene”, he said.
The President warned that no action by any federal agency should create the perception that the Federal Government was attempting to influence the outcome of the forthcoming governorship poll.
“Osun State is only a few days away from its gubernatorial election. Therefore, nothing ought to be done to give an impression that the EFCC or indeed any other agency of the federal government is being used to interfere with the election”, he stated.
Tinubu said preserving public confidence in the integrity of the electoral process was paramount, adding that he was duty-bound to act in the national interest.
“Based on the foregoing premise, I am duty-bound to issue a directive on this issue in consonance with the overriding public interest in preserving public confidence and the integrity, credibility, and fairness of our democratic process”, he said.
The President consequently directed the anti-graft agency to immediately reverse its legal action against the Osun State Government.
“Accordingly, I have directed the EFCC to immediately proceed to the court to vacate the order and discontinue whatever action it has instituted against the Osun State Government in this regard”, Tinubu declared.
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Breaking : 176 Woro Abductees, 132 Others Freed in Major Multi-State Rescue Operation
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A total of 308 kidnapped victims, including 176 residents of Woro community in Kwara State and 132 others abducted in Niger and Kebbi states, have been rescued in a coordinated multi-state security operation.
The successful operation, carried out by security agencies, marks a significant breakthrough in ongoing efforts to combat kidnapping and restore peace across the affected communities. Authorities said the rescued victims have been reunited with their families, while efforts are underway to apprehend the perpetrators and dismantle the criminal networks responsible for the abductions.
The rescue underscores the commitment of security agencies to strengthening intelligence-driven operations and ensuring the safety of lives and property across the country. Further details on the operation and ongoing investigations are expected from the relevant authorities.
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Dangote Reduces Petrol Price to ₦1,165, Diesel Drops to ₦1,570
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The Dangote Petroleum Refinery says it has reduced the ex-depot prices of Premium Motor Spirit (petrol) and Automotive Gas Oil (diesel) as part of efforts to make petroleum products more affordable.
Under the new pricing structure, the refinery reduced the price of petrol from N1,215 per litre to N1,165, representing a N50 reduction, while diesel was cut from N1,650 per litre to N1,570, amounting to an N80 reduction.
In a statement signed by the Dangote Group on Wednesday, the refinery said the price review was aimed at enhancing energy affordability, improving access to refined petroleum products and supporting economic activities across Nigeria.
According to the refinery, the move reflects its commitment to providing “affordable, high-quality petroleum products to the Nigerian market.”
It added that it remained committed to ensuring stable supply while leveraging operational efficiencies to deliver value to consumers, businesses, and stakeholders.
Rising fuel prices slash petrol, diesel, cooking gas demand
Foreign reserves near $53bn as CBN reforms gain traction
The company said it would continue to pass on the benefits of improved operational efficiencies to consumers whenever market conditions permit.
It stated that the refinery continues to play a pivotal role in strengthening Nigeria’s energy security, reducing reliance on imports, and supporting the nation’s economic development through the supply of world-class petroleum products.
“Dangote Petroleum Refinery has announced a reduction in the ex-depot prices of Premium Motor Spirit (PMS) and Automotive Gas Oil (Diesel), reaffirming its commitment to providing affordable, high-quality petroleum products to the Nigerian market.
“Under the new pricing structure, the refinery has reduced the ex-depot price of PMS to N1,165 per litre, down from N1,215 per litre, representing a reduction of N50 per litre. Similarly, the ex-depot price of Diesel has been reduced to N1,570 per litre from N1,650 per litre, amounting to a decrease of N80 per litre.
“The price review reflects Dangote Refinery’s ongoing efforts to enhance energy affordability, improve access to refined petroleum products, and support economic activities across Nigeria,” the statement read partly.
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