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Money Swap : Pressure on FG, CBN Governor Emefiele over naira scarcity, Supreme Court judgment
….Anger in Ekiti, Osun, others over rejection of old notes
.,….Radio presenter slumps, dies while trekking to work
THE cash scarcity caused by the naira redesign claimed another life yesterday in Ibadan as pressure mounts on the Federal Government and the Central Bank (CBN) to ease the suffering of the people.
The Bayelsa State Government is suing for calm in the state following Friday’s protest by residents of Akenfa community in Yenagoa Local Government Area to call government’s attention to the tough life they have been facing over the naira scarcity.
They said they had had enough of the rejection of the old naira notes by traders one week after the Supreme Court extended their validity to December 31, 2023.
The placard carrying protesters said life had come to a standstill as they could neither sell nor buy while hunger continued to bite them and their children.
Ekiti State Governor Biodun Oyebanji yesterday joined the list of governors threatening to arrest and prosecute traders and service providers who reject the old N500 and N1000 denominations.
But the threats are having little or no effect as traders continue to reject the old notes.
They insist that President Muhammadu Buhari and the CBN must speak out on the judgment of the apex court to guide Nigerians appropriately on the old naira notes.
Baba Bintin L’aye, a presenter with Ibadan-based private radio station, Fresh FM, slumped to death yesterday while taking a walk to the radio station to present his programme.
He had reportedly left home armed with his ATM card in the hope of getting some cash from a POS outlet to pay for his transport fare.
He apparently failed to get the cash hence he resorted to trekking from his Amuloko residence to Challenge area of Ibadan, the location of the radio station, only to collapse on the way.
Baba Bintin L’aye is the latest known casualty of the naira scarcity which has made life unbearable for millions of Nigerians.
Before him was a Kaduna pregnant woman who died at the point of delivery because her husband was unable to pay the required hospital deposit on account of the cash squeeze.
An employee of the Lagos State University (LASU), Johnson Adesola, had also slumped to death last month while on a queue to withdraw cash at a bank on the institution’s main campus at Ojo, Lagos.
At least three other persons were killed also last month during violent protests in Edo State over the naira scarcity.
The federal government and the CBN have continued to keep mum over the Supreme Court judgment, prompting the Kaduna, Kogi, Zamfara, Ondo, Ekiti, Katsina, Ogun, Cross River, Lagos and Sokoto state governments to consider slamming contempt charges against the Attorney Genral of the Federation and Justice Minister Abubakar Malami (SAN) and the apex bank for non-implementation of the court order.
The states on Friday served the Attorney-General of the Federation the enrolled order of the Supreme Court on the extension of the validity of the old N200, N500 and N1,000 to December 31, 2023.
By the service, the order became automatically applicable to all agencies of the Federal Government, including the CBN.
Malami and CBN Governor Godwin Emefiele risk being committed for contempt of the court if by Monday they fail to comply with the order of the apex court.
The 10 states have activated the machinery to file contempt charges against Malami and Emefiele if they defy the order of the Supreme Court.
The delay in releasing the Certified True Copy (CTC) seems to have encouraged the banks to adopt different attitudes to the judgment of the apex court.
Some of the banks have been giving the old notes to customers but insist that customers go through the strenuous process stipulated by the CBN for the old notes to be banked.
Our correspondence gathered that the enrolled order, dated March 3rd, 2023, was served on AGF Malami yesterday.
A counsel in the matter said: “We have finally served the Attorney-General of the Federation the enrolled order of the Supreme Court.
“What we did on Friday was to fulfill all righteousness by serving the enrolled order on the AGF.
“The Federal Government has been evasive by claiming that it had not received the Certified True Copy (CTC) of the judgment, which we have obtained and made available to it.
“The burden is on Malami to act as the Chief Law Officer of the Federation to comply with the order.
“There is no hiding place for the government; there is no excuse again. While we are waiting for the government’s decision, the law provides us backing for Plan B.”
The enrolled order of the Supreme Court, which was sighted by The Nation, reads as follows: “It is ordered that this suit has merit. That the demonetization directive/policy by the President of the Federation to wit: withdrawal of the old 200, 500, and 1000 naira notes is not consistent with the provision of the Constitution of the Federal Republic of Nigeria 1999(as amended) which makes provision for the Executive power of the President of the Federation and the extant laws on the subject matter.
“That the three months’ notice given for the implementation and completion of the said demonetization policy by which time the old N1,000, N500 and N200 naira notes shall cease to be legal tender does not satisfy the condition set out in Section 20(3) of the CBN Act 2007.
“That the President cannot unilaterally give a directive to embark on the demonetization policy pursuant to Section 20(3) of the CBN Act 2007 in view of Nigeria’s Fiscal Federalism, the economic interest of the Constituents of the Federation and without consultation with, and advice from the plaintiff, individually, and in their capacity as members of the National Council of States and National Economic Council and that the directive cannot be given without consultation with, and advice from the cabinet, the National Security Council and other stakeholders.
“That in issuing the directive for demonetization policy pursuant to Section 20(3) of the CBN Act, 2007 on behalf of the Federation of Nigeria, the President is under an obligation to ensure that adequate structures are put in place for the plaintiffs and Nigerian citizens prior to the implementation of the said directive.
“That the demonetization directive/policy by the President of the Federation to wit: withdrawal of the old N200, N500 and N1, 000 notes unlawfully impede the exercise of the Executive Powers of the plaintiffs’ states and other obligations to facilitate and protect the welfare of the citizens of the said states pursuant to Section 5(2) and other provisions of the Constitution of the Federal Republic of Nigeria 1999(as amended) as well as other extant laws.
“That the directive given by the President pursuant to Section 20(3) of the CBN Act 2007 limiting the amount that can be withdrawn and the charges therein without an enabling law is unconstitutional and not binding on the plaintiffs.
“That the directive of the President of the President of the Federation exercised is illegal to the extent that it restricts, without an enabling law, the rights of the plaintiffs to freely use their money in various bank accounts.
“That the old version of N200, N500 and N1,000 notes shall continue to be legal tender alongside with the new or redesigned version until 31st December, 2023.
“That the reception of old N200, N500 and N1,000 notes and the swapping of same with new Naira notes shall continue till 31st December, 2023.
“That all the consolidated suits listed in pp. 12-13 of the judgment shall abide this judgment.”
Bayelsa govt calls for calm
Following the Friday protest in Yenagoa and the continuing anger of the people over FG’s silence on the Supreme Court’s judgment, the Bayelsa State Government yesterday pleaded with residents of the state to be calm and shun acts that could jeopardise the peace of the state.
Information, Orientation and Strategy Commissioner Ayibaina Duba said in a statement that while the state government was not in any way against the naira redesign policy of the CBN or the federal government, it was “not comfortable with the method of its implementation that has resulted in further hardship on people of the state and, indeed, the country.”
It urged business operators in the state, particularly banks, traders and keke (tricycle) to “take into consideration the Supreme Court ruling in order to reduce the pains of people of the state.”
It also asked the CBN to “take immediate steps to ease the burden of doing business in the state by making implementation of the policy less cumbersome.”
Ekiti govt to arrest, prosecute traders rejecting old naira notes, says Oyebanji
Ekiti State Governor Biodun Oyebanji said government would arrest and prosecute traders and service providers who reject the old N500 and N1000 denominations.
His Special Adviser on Media, Mr Yinka Oyebode, in a statement in Ado Ekiti particularly appealed to traders and business owners in the state to stop creating hardship for residents.
The governor explained that the old N500 and N1000 denominations remained legal tender till the end of this year by virtue of the ruling of the Supreme Court.
Oyebanji said that his office had been inundated with the cries of the people due to the hardship being faced as a result of the low circulation of the redesigned naira notes.
Oyebanji said that the refusal of many business owners in the state to accept the old naira notes as means of transaction was unlawful.
He said: “This is an appeal to all residents of Ekiti to abide by the ruling of the Supreme Court, which has provided a reprieve for the people by extending the validity date of the old naira notes till December 31.
“As honourable people, what is expected of us is to abide by the ruling of the apex court and continue to accept the old naira notes as means of transactions and not to inflict further hardship on one another by rejecting it.
“Government will not hesitate to arrest and prosecute business owners found rejecting the old naira notes,” the statement quoted Oyebanji as saying.
He pledged that his administration would continue to explore avenues to make life more meaningful for the people, as it continues to build a more prosperous state.
The governor, therefore, appealed to the market women and men, artisans, transporters, filling station attendants, supermarket owners and school proprietors as well as service providers to remain law abiding and accept the old naira notes.
He also urged the commercial banks and Central Bank of Nigeria (CBN) to make the old and new currencies available in their branches and at their Automated Teller Machines (ATM) points to ease the stress residents go through to get money for their daily and commercial needs.
Osun residents decry inability to spend old N500, N1000 notes
Residents of Osogbo in Osun have decried their inability to spend the old N500 and N1,000 denominations in spite of the Supreme Court’s pronouncement that they remain legal tender until December 31.
Some of them told the News Agency of Nigeria (NAN) yesterday that were happy with the Supreme Court’s judgment, but were disappointed when traders refused to accept the money.
Mr Adejare Agunloye, a civil servant, said the N10,000 old notes he got from the ATM had become useless as traders refused to accept them from him .
“The situation is really messed up,” he said.
“Imagine the situation where the Supreme Court would give a judgment and people still have to wait for the President to give such court order power of authenticity.
“I have been cash strapped since the new currency issue started and imagine my joy (like many others) when the judgment that banks should circulate the old N500 and N1,000 notes was given.
“Now see, after rushing to withdraw the old money from the bank, there is no where to spend it as traders continue to reject it because the President and CBN governor have not said it should be spent.
“At the moment, I have money I cannot spend, and the worst part is, banks are not collecting the old notes from customers who want to deposit them. Instead, they are asking us to take the money directly to the CBN office for deposit.
“I don’t understand why things in Nigeria are always made difficult by the authorities.”
Another resident, Mrs Ayoade Usman, said she withdrew N5,000 old notes from the ATM with the intention of buying food items from the market.
Usman said she almost got into a fight with some traders when they refused to collect the money from her, saying they don’t accept the old notes.
“I was angry after I wanted to buy pepper and meat and other food items, and these people said they are not collecting the old notes.
“This is the money that the Supreme Court said remains a legal tender till December and this is the same money these traders are refusing to collect.
“So, what is the essence of collecting the old Naira notes from the banks if business operators and traders would not collect them?
“I hope the CBN governor or Mr President would speak or issue an official statement to address this matter, because the banks are still paying out the old notes to customers while business owners are rejecting them,” she said.
Mr Ajayi Ogunsola, a resident and a commercial transport operator, said he was collecting the old notes from passengers, but stopped when he discovered filling stations and traders were not collecting them from him.
“I was collecting the old N500 and N1,000 when the court said we should continue to spend them. But to my surprise, when I wanted to buy fuel, the fuel attendant said she was not collecting the old notes.
“I thought she was joking and told her the Supreme Court has directed that the old notes should remain a legal tender till December 31, but she insisted that the management had directed her and her colleagues not to collect the old notes.
“At this point, I did not know what to do with the old notes with me because I heard banks are also not collecting them, and people are saying I have to take it to the CBN office.” he said.
May God’s judgement be on you, Fani-Kayode curses CBN managers
Lamenting the naira scarcity situation across the country despite recent orders by the Supreme Court, former Minister of Aviation, Femi Fani-Kayode took to his Twitter page on Saturday to rain curses on the people at the helm in Central Bank of Nigeria (CBN) for causing the people untold hardship.
The All Progressives Congress (APC) chieftain lamented that some people at the CBN believe they are greater than the court but should remember they are not greater than God.
“May God’s judgement and curse be upon those at Central Bank who believe that despite the ruling of the courts they are above the law & are greater than their creator. Your money, power, properties & wealth are for but a fleeting moment in the sands of time & echoes of eternity,” he wrote.
The Federal Government has banned electricity distribution companies and installers from collecting any form of payment for meters, warning that DisCo officials and installers found extorting customers will be prosecuted.
The Minister of Power, Adebayo Adelabu, issued the warning on Thursday during an on-site inspection of newly imported smart meters at APM Terminals, Apapa, Lagos.
Adelabu said the meters were procured under the World Bank–funded Distribution Sector Recovery Programme and must be installed for consumers free of charge, stressing that any demand for money would be treated as an offence.
Adelabu, who was received into the Apapa Port Command of the Nigerian Customs Service by Area Controller Emmanuel Oshoba, expressed happiness over the importation of another tranche of 500,000 smart meters under DISREP.
He said the meters would be given to all electricity customers, regardless of their band. “I want to mention that it is unprecedented that these meters are to be installed and distributed to consumers free of charge—free of charge! Nobody should collect money from any consumer. It is an illegality. It is an offence for the officials of distribution companies across Nigeria to request a dime before installation; even the indirect installers cannot ask consumers for a dime.
It has to be installed free of charge so that billings and collections will improve for the sector.
“The main objective of coming here today is to carry out a physical on-site inspection of shipments of smart meters that the Federal Government has imported under the World Bank-funded Distribution Sector Recovery Programme. This programme is supporting the Federal Government to import a total of about 3.4 million meters in two batches; the first batch is 1.43 million meters, out of which we have received close to about a million meters. Currently, almost 150,000 meters have already been installed across all distribution companies in the country.
“And what we have today is close to 500,000 meters that we just received. They are all smart meters, and I believe that the journey of completely eliminating the meter gap in the Nigerian power sector has just begun,” Adelabu said, even as he expressed dissatisfaction with the pace of metering.
Adelabu was optimistic that in a couple of years, every household, business, and institution would be fully metered so that billings and collections in the power sector would become more transparent, fair, and just. He added that it would also improve the readiness of electricity consumers to pay their bills, leading to improved liquidity in the sector.
“I’m quite excited and elated with what’s happening because it’s unprecedented. This is the first time in the history of this country that a government will be importing and locally buying this number of meters to ensure that the power sector is completely transformed. This is like walking the talk. Our target reform in the sector is not just verbal. Nigerians can see that this is real; it’s not just a promise of the tongue.
“We said it is free. We are not saying this behind closed doors. We are telling Nigerians that the distribution and installation of these meters in every location is free of charge, and it is declared an offence—an illegality—for any DisCo official or installer to request money from the beneficiaries of these meters. We will track and monitor this installation. We also await tip-offs. We have the regulatory commission (NERC), which has offices in some of these locations, and the state regulatory authorities also have offices in each state.
“We are going to open a customer complaint desk whereby, if you notice any such requests for illegal money, you report it, and the authorities will follow up. We are not leaving the installation to the DisCos alone; we’re also creating an interface between the installers and consumers to accelerate the pace of installation. We have some issues with the data and addresses of unmetered customers. We are working hand-in-hand with the DisCos to ensure clean data so that we can accelerate installation.
“We also want to maintain a register whereby unmetered customers can register their names. Once we have a list, we will validate it with the DisCos, improving the pace of installation. We are looking for confirmed cases of requests for money by any DisCo official or installer. Nigerians will know what we can do, and it will serve as a deterrent for others not to commit such an offence or illegality. That’s the plan.
“Extortion is not allowed, but there must be confirmed cases of such extortion, and the officials involved—no matter how high—will be prosecuted. It will be publicised and serve as a deterrent to others with similar intentions. We will not allow that. This is a government effort, and no activity of a DisCo or installer should frustrate government efforts to ensure that life is made easy for Nigerians and that we have a stable, reliable, and functional power sector,” he said.
Adelabu added that the Tinubu administration is resolving a decades-long problem that has affected liquidity. “But the boldness, courage, and political will of the government to go ahead with this should be commended. We will track it end-to-end to ensure that the government’s effort is well implemented and our desired objectives are achieved.
“The aggregate meter gap covers all categories of customers. We are not discriminating. We are prioritising every Nigerian, every customer, every electricity user. The issue of Band A, Band B, or Band C is temporary; it is our systematic way of ensuring this reform reaches everyone. The meters will be given to all levels of customers and not restricted to a single band. I am committing to that,” he stressed.
As journalists expressed doubts over the possibility of free meter distribution to customers, the Director-General of the Bureau of Public Enterprises, Ayo Gbeleyi, stated that the bureau coordinates the implementation of the Distribution Sector Recovery Programme on behalf of the Federal Government and serves on the boards of all 11 electricity distribution companies.
Gbeleyi said, “Regarding concerns that DisCos are delaying meter installations, you will soon see a new order or circular from the Nigerian Electricity Regulatory Commission prescribing the protocols and processes DisCos must follow to ensure unhindered access for meter installations.
“We are monitoring this. We have our dashboard, trackers, and all stakeholders’ hands on deck to ensure seamless and rapid deployment of these meters. One more thing—the meters here are manufactured to the specific requirements of each DisCo. They are inscribed on the meter, with an anti-theft protocol embedded. The configuration is for a particular DisCo, so a meter configured for Eko DisCo cannot be installed in Ibadan.”
Speaking, the Chairman of Mojec, Mojisola Abdul, said the meters supplied by the Federal Government are designed to genuinely generate more revenue for the country and supply more power.
“I’m telling you, physically, we have installed almost 150,000 meters, and they are free. Don’t give anybody money. You are not allowed. We had a meeting Wednesday with the minister and the DG of BPE about further progress on making it easy for every Nigerian. We are calling it mobile registration of free meters. If you register today, your meter will be installed within three days,” she said.
On the delay in meter installations after months of application and payments made, the minister reassured, “This is our country. It is valid that there will be apprehensions and reservations because of past experiences. Previously, there was limited meter availability, and payment was required.
“But this programme has two advantages: first, the volume is now sufficient—we have received almost 1 million meters, with another 1.55 million meters coming in the second phase. Second, the meters must be installed free of charge. The complications experienced in the past will be completely eliminated. We had a meeting on Wednesday for almost two to three hours to discuss all existing complications and foreseeable difficulties, and I assure you we already have effective solutions to all these problems.”
Adelabu also visited the National Meter Test Station in Oshodi, where meters are tested by the Nigerian Electricity Management Services Agency to ensure they meet required standards. Nigeria currently has over five million customers under estimated billing.
….Gov throws jibe, describes impeachment notice as ‘love letter’
Vows to avoid actions capable of breaching peace
The office of the Rivers State Chief Judge, Justice Simeon Amadi, has received the letter from the State House of Assembly requesting him to constitute a seven-man committee to probe the allegations of gross misconduct leveled against the state Governor, Sir Siminalayi Fubara and his Deputy, Prof. Ngozi Odu.
The House of Assembly Committee Chairman on Petitions, Information and Complaints, Dr Enemi George, confirmed that the Chief Judge had acknowledged receipt of all the documents.
Also received by the CJ’s office were other documents detailing the allegations of gross misconduct against the governor and the deputy governor, copies of the Rivers State Impeachment Panel (Conduct of Investigations) Procedure 2025 and photocopies of The Nation, The Guardian and The Sun, among others.
George said: “It is important to inform the good people of Rivers State that Mr. Speaker has already complied with the Constitution and letters sent by him to the Chief Judge have been received and acknowledged.
“All relevant documents including the Notices of Allegations of Gross Misconduct were attached”.
He added: “Every step going forward, what can happen or what cannot happen is clearly stated in Section 188 of the Constitution.
“The good people of Rivers State should remain calm and should not listen to those who want to truncate our democracy.”
He commended and thanked the good people of Rivers State for their support and prayers for the 10th Assembly in particular and Rivers people at large.
The Rivers State High Court sitting in Oyigbo Local Government Area has however issued an interim injunction restraining the CJ from receiving, forwarding, considering or acting on any request, resolution, articles of impeachment or any form of communication from Speaker Martin Amaewhule and other members of the State House of Assembly for the purpose of constituting a panel to investigate the alleged misconduct against the governor and his deputy.
They just landed me a ‘love letter’, says Fubara
Governor Fubara, in a veiled reference to the impeachment notice, called it a love letter.
“This 2026 that I thought would have been the finest, they just landed me a love letter,” he said while speaking as special guest during the finals of the 2026 Port Harcourt Polo Tournament in Port Harcourt, the Rivers State capital.
He added:”That notwithstanding, we must move on and carry on the responsibilities as a government. We will continue to support everyone who means well for Rivers State.”
He vowed that he would not support, directly or indirectly, any action capable of undermining peace and safety in the state.
He insisted that the protection of lives and property remained the primary responsibility of his administration.
He emphasised that he remained the governor of the state and would continue to deliver on the promises made to the people.
Fubara expressed satisfaction that the 2026 Port Harcourt Polo Tournament was held for one week without any incident.
He described the peaceful conduct of the event as a clear indication that Rivers is safe for residents, visitors and investors.
A supporter of the governor, Amb.Chijioke Ihunwo, asked the assembly members to perform their functions independently.
He pleaded with President Tinubu to intervene on the matter, insisting that the governor had done nothing to warrant his removal.
He said: “This assembly must remain independent to allow peace to prevail in the state.
“Governor Fubara has done nothing to warrant his removal. President Tinubu should intervene in this matter as the leader of the party.”
The high powered committee set up by the Pan Niger Delta Forum (PANDEF) to reconcile the feuding sides in the Rivers imbroglio is said to be working round the clock to stop the planned impeachment.
The committee members have already met with Federal Capital Territory (FCT) Minister Nyesom Wike in Abuja and separately with Fubara and some other stakeholders.
Economic and Financial Crimes Commission (EFCC) chairman Ola Olukoyede has faulted the persecution claim by the immediate-past Attorney-General of the Federation and Minister of Justice, Mallam Abubakar Malami (SAN).
He described it as unfortunate that some Nigerians were buying into the narrative when Malami’s probe started before his appointment.
Malami is standing trial alongside some family members on 16 counts of money laundering involving about N8.7 billion.
Speaking on a national television yesterday, Olukoyede dismissed Malami’s claim of vendetta against him, saying the commission has not wavered in investigating and prosecuting those suspected to have been involved in corruption cases.
“There’s nothing like that. The particular case predated my appointment. And, I didn’t give a nod to initiate proceedings until I found that we have a water-tight investigation,” he said.
The EFCC boss denied being indicted by Justice Ayo Salami’s panel.
Olukoyede said: “I challenge those making such claims of indictment against me by Justice Ayo Salami Panel to publish the report.
“Let me tell Nigerians that the commission’s investigation panel cleared me of any wrongdoing. The presidency at the time also cleared me. Also, the law enforcement agencies handed me a clean bill.
“I can say clearly that there’s no report anywhere that I’ve been involved in any fraudulent dealings, whether as the commission’s chief of staff, secretary, and now, the chairman of the commission.”
Noting that the commission, under his watch, made notable achievements last year, he said: “Our big win in 2025 was our ability to review and revive old cases that Nigerians thought were dead.
“Some of the cases affect past governors and ministers, and many such cases are in courts.
“We were able to recover assets. Nigerians are aware of the Lokogoma assets. One major recovery was a university.”
The EFCC recovered Nok University in Kachia, Kaduna, after a court ordered its final forfeiture because it was built with stolen public funds by a former civil servant.
It was converted to the Federal University of Applied Sciences,
Immediate-Past Attorney-General of the Federation and Minister of Justice, Mallam Abubakar Malami (SAN), is facing a fresh investigation over the arms and ammunition found in his house.
Newsthumb learnt that the arms were uncovered at his Kebbi country home by the operatives of the Economic and Financial Crimes Commission (EFCC) during a search.
The anti-graft agency, it was further learnt, handed them over to the Department of State Service (DSS) for a comprehensive probe because it is not within its remit to do so.
The number of arms and ammunition could not be immediately ascertained, but it was gathered that they are high in number to attract a full DSS investigation.
Malami, who was granted bail last week along with his sons – Abdulaziz, Abiru-Rahman, and others – is still in the Kuje correctional centre, having been unable to perfect his bail conditions.
But, sources said he might be taking things slowly to stall the DSS investigation into the weapons found in his house.
“The former minister is being separately investigated for allegedly having arms in his house in Birnin Kebbi. The inventory of the shock find has been handed over to the DSS.
“It is now left to Malami to explain to the DSS how he came about the arms. That’s why he is yet to perfect his bail conditions. He is holed up in prison to avoid arrest by the DSS.
“DSS operatives are within the precincts of Kuje Correctional Service to invite Malami. He got wind of their presence and raised the alarm. But the law must take its course.”
Another source within the EFCC said Malami had yet to meet his bail conditions.
“By our records, the ex-AGF is still in custody. We saw all manners of fake clips on social media on his purported arrival and rousing reception in Kebbi State,” the source said.
The source added: “The investigation into Malami’s activities during his tenure began when former EFCC Acting Chairman Ibrahim Magu was in office.
“Investigation continued through the administration of another Acting Chairman, Ibrahim Chukkol, to the present Executive Chairman. Chukkol, who works in the agency, was in charge briefly before Olukoyede’s appointment.
“There is nothing vindictive about his investigation since 2019. It is an inherited case, and the ex-AGF knows this.”
Olukoyede confirmed that he inherited the Malami case during an interview last night on a national television.
A Federal High Court in Abuja last week ordered the interim forfeiture of 57 assets linked to Malami and his two sons.
The assets have been valued at N213, 234,120,000.
The court has, however, given Malami and the sons or any other claimant a 14-day leave to show proof that the assets were legally acquired.
Failure to present legitimate claims within 14 days may lead to the permanent loss of the assets to the Federal Government.
The court’s order was based on the invocation of the Non-Conviction Asset Forfeiture Clause in the EFCC Establishment Act.
The EFCC had applied to the Federal High Court to seize the suspicious properties in Abuja, Kano, Kaduna, and Birnin-Kebbi.
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