Connect with us

News

Dispute stalls Federal Govt, Emefiele plea bargain talks

Published

on

283 Views

The suspended Central Bank of Nigeria (CBN) Governor Godwin Emefiele  and other top officials  of the bank held by the Department of State Service (DSS), may face trial, this is according to the Nation newspaper.

This follows the stalling of the plea bargain move between the Federal Government and the embattled apex bank boss.

The Nation newspaper reported that Emefiele and the affected officials of the apex bank have “not made substantial concessions on some refunds expected from them, while sources said trillions of Naira were being tracked by a federal agency but only a few billions of naira was offered as refundable by some of those linked to the suspicious transactions.

It was gathered that some interceding forces and Emefiele have not made progress on the plea bargain terms.

Despite Emefiele’s offer to step aside in August, the other aspects of plea bargain process were “not substantially met.”

It has also been confirmed that the four deputy governors were dropped because of their alleged complacency when Emefiele was in the saddle at the apex bank.

It was learnt that the  Presidency was shocked by the “massive scale of fraud and flagrant violations of the CBN Act,”.

It was also  learnt that following interventions, the government’s investigation, initially coordinated by a security agency, had recommended plea bargain option with Emefiele, who wanted it.

Apart from Emefiele offering to step aside, other terms were the withdrawal of court cases against the government and the refund of substantial cash allegedly linked to him and others.

But there were strong indications that the plea bargain option may have suffered a setback.

“The engagement of the Special Investigator has also uncovered more mismanagement of resources and questionable expenditures in CBN than what some security agencies dug up.

A source within the Presidency, said the CBN was stinking. He declined to volunteer information on the plea bargain dimension.

The source said the government might prosecute anyone indicted.

He said: “I don’t know whether plea bargain has collapsed or not. I don’t even know if that is on the table to start with. But I know the CBN Governor and the Deputies have been removed.

“The investigations across board are going on and Iam sure the govt will prosecute anyone who has compromised the country.”

Investigation confirmed that the four deputy governors were replaced because of their alleged complacency.

The Presidency source said none of the deputy governors complained when Emefiele was allegedly mismanaging the CBN.

“Most of the DGs “actively collaborated with Emefiele on policies and decisions not in line with the CBN’s mandate,” he said.

Those affected were Folashodun Adebisi Shonubi (Deputy Gov Operations and Acting Governor); Aisha Ahmad (Deputy Governor, Financial System Stability): Adamu Lamtek (Deputy Gov Corporate Services) and Kingsley Obiora (Deputy Governor, Economic Policy).

The source added: “Investigation is still ongoing. The special investigator sure uncovered a lot of rots which implicated the Deputy Governors.

“There is no way the Deputy Governors would have remained with the scale of corruption, poor corporate governance and complacency that happened under Emefiele.

“Allowing them to remain will mean the government has condoned all that went down under their watch.”

Source: The Nation Newspaper

News

Senate makes a caricature of Abuja-Kaduna train, revives probe panel headed by Adams Oshiomole

Displeased by the “sorry state” of the entire train facilities; AKPABIO took a swipe at the sluggish nature of the Chinese trains when he said “bicycle-even keke is faster than Abuja-Kaduna train.

Published

on

By

16 Views

The Senate on Thursday called for a thorough investigation into the entire contract and execution agreements of the Abuja-Kaduna-Kano railway line, 10 years after it began full commercial operations.

Worried about the deplorable condition of both the railway line and the attendant poor service delivery by the Nigerian Railway Corporation, the Senate resuscitated its Ad-hoc Committee set up last November but was hampered by a lack of funds to commence the probe of the national asset.

One train ride from Abuja to Kaduna last week by Senator Abdul Ningi -who represents Bauchi Central was all it took to reveal -the deplorable state of Nigeria’s rail transport network-especially the tracks linking the Northern corridors.

Coming on Order 42-, NINGI laments how a journey that should have taken an hour at most took over three hours on a worn-out, second-hand train.

“A Nigerian tragedy”-that’s how the PDP Bauchi Senator refers to the situation as he recounts how the Abuja -Kaduna train service has diminished in quality -from transporting 10,000 passengers daily when it first started to running a single shuttle of less than a thousand passengers a day.

Ningi’s further laments how the revenue from the train service has dwindled over time and called on the Senate to treat the issue as “a national emergency”.

The Abuja-Kaduna railway line was completed in 2015 as the first phase of the Nigerian railway modernization project.

Constructed by the China Civil Engineering Construction Corporation (CCECC), the Abuja-Kaduna railway was largely funded by project-tied loans obtained from China.

But over the years -, the Abuja-Kaduna rail route has been at the receiving end of poor maintenance, vandalism, bandit attacks and derailments-with the most recent incident in last August in ASHAM.

Chairman Senate Committee on Transport, Senator Adamu Aliero backs the motion ; calling for a concerted effort to fix the “eyesore ‘ the Abuja -Kaduna rail line has become.

In his contribution, President of the Senate, Godswill AKPABIO questions the entire contract agreement and execution of the rail project and calls for a thorough investigation into every single KOBO spent.

Displeased by the “sorry state” of the entire train facilities; AKPABIO took a swipe at the sluggish nature of the Chinese trains when he said “bicycle-even keke is faster than Abuja-Kaduna train.

The Senate subsequently revived its ad hoc committee set up since last November to investigate the matter but was hampered by a paucity of funds.

The probe panel headed by Senator Adams Oshiomhole was formally inaugurated at plenary on Thursday and given six weeks to complete the assignment.

Continue Reading

News

NECA Urges Immediate Halt to NAFDAC’s Renewed Enforcement of Sachet Alcohol Ban

Published

on

29 Views

The Nigeria Employers’ Consultative Association (NECA) has strongly criticized the National Agency for Food and Drug Administration and Control (NAFDAC) for resuming enforcement of the ban on the production and sale of alcoholic beverages in sachets and small PET bottles, calling it a “serious regulatory misstep” that threatens jobs, investments, and Nigeria’s regulatory credibility.

In a statement signed by NECA Director General Wale-Smatt Oyerinde, the employers’ body highlighted that the ongoing crackdown contradicts a December 15, 2025, directive from the Office of the Secretary to the Government of the Federation (SGF) suspending all enforcement actions pending further consultations.

It also disregards a March 14, 2024, resolution by the House of Representatives urging restraint and inclusive stakeholder engagement.

NECA emphasized that the enforcement is already disrupting legitimate businesses, jeopardizing thousands of jobs across the wines and spirits value chain—including manufacturing, packaging, distribution, retail, and agriculture—and eroding investor confidence amid economic challenges such as high operating costs and currency pressures.

While affirming strong support for protecting minors, removing unsafe products, and advancing public health, NECA argued that the current blanket approach is flawed.

It disproportionately affects compliant, NAFDAC-registered manufacturers whose products underwent rigorous testing, registration, and revalidation processes. These products comply with international alcohol-by-volume (ABV) standards for spirits, with clear labeling and warnings restricting consumption to adults over 18.

Oyerinde stressed that underage access stems from enforcement gaps at the retail level—such as weak age verification and monitoring—rather than packaging formats. He advocated for smarter, evidence-based measures, including stricter retailer licensing, compliance checks, public education on responsible drinking, and intensified crackdowns on illicit narcotics and unregistered substances, which pose greater dangers to youth.

The statement noted that sachet and small-pack formats address affordability for low-income adult consumers in Nigeria’s economy, where daily small purchases are common.

Banning them risks shifting demand to unregulated, informal alternatives, potentially worsening public health risks while shrinking the formal economy and government revenue.

NECA also addressed environmental concerns over plastic waste, suggesting they be tackled through broader waste management, recycling, and extended producer responsibility policies across industries, rather than selective product bans that conflate environmental issues with product safety.

The association rejected any notion of opposing regulation, instead calling for science-driven, proportionate, and rule-of-law-based policies. It demanded an immediate suspension of enforcement in line with the SGF’s directive and a return to structured dialogue involving regulators, industry, public health experts, and consumers to develop balanced solutions.

“Nigeria deserves regulation that safeguards public health while preserving livelihoods, investment, and respect for due process,” Oyerinde concluded.

“Policies ignoring science, economic realities, and regulatory coherence risk causing more harm than good.

“NECA, established in 1957, serves as the umbrella body for organized private-sector employers in Nigeria, advocating for policies that foster a harmonious business environment, productivity, and prosperity.

Continue Reading

News

Otunba Adekunle Ojora, Industrialist and broadcaster dies at 93

Ojora held significant interests in AGIP Petroleum Marketing, NCR Nigeria, and founded several private firms, including Nigerlink Industries, Unital Builders, and Lagos Investments, a holding company. In the wake of the Nigerian Enterprise Promotion Act.

Published

on

By

29 Views

Photo of Otunba Adekunle Ojora

The Head of Ojora Royal Family of Lagos, on Wednesday announced the death of Otunba Adekunle Ojora at the age of 93.

He is survived by his wife, Erelu Ojuolape, and children, including, Mrs. Toyin Saraki, wife of former Senate President Bukola Saraki.

In a statement issued on behalf of the Ojora Family by Prince Adewale Taorid Ojora, stated that Otunba Ojora who was born on June 13th 1932, died on January the 28th 2026.

Widely celebrated as one of Nigeria’s most influential corporate leaders of the post-independence era,

Otunba Adekunle Ojora carved an exceptional legacy that spanned journalism, public service, politics, and big-ticket corporate governance.

He was Chairman of the Board of AGIP Nigeria Limited from 1971 until its acquisition by Unipetrol in 2002.

Ojora’s professional journey began in the early 1950s at the British Broadcasting Corporation (BBC) after studying journalism at Regent Street Polytechnic, London.

He rose to the position of assistant editor, and later returned to Nigeria in 1955 to join the Nigerian Broadcasting Corporation (NBC) as a reporter.

He later moved to Ibadan, where he served as an information officer in the office of the then regional premier.In 1961, he transitioned into the corporate world, joining the United African Company (UAC) as Public Relations Manager and becoming an Executive Director in 1962.

His interest in commerce and enterprise deepened in the years that followed, marking the start of a lifelong influence in Nigerian boardrooms.

Following the military coup that ended the First Republic, Otunba Ojora was nominated to the Lagos City Council in 1966.

In 1967, he held two key appointments: Managing Director of WEMABOD, a regional property and investment company, and Chairman of the Nigerian National Shipping Line, succeeding Chief Kola Balogun.

After he left WEMABOD, he expanded his footprint as a major investor and entrepreneur.

Ojora held significant interests in AGIP Petroleum Marketing, NCR Nigeria, and founded several private firms, including Nigerlink Industries, Unital Builders, and Lagos Investments, a holding company. In the wake of the Nigerian Enterprise Promotion Act.

He acquired equity stakes in numerous foreign companies operating in Nigeria, including Bowring Group, Inchcape, Schlumberger, Phoenix Assurance, UTC Nigeria, Evans Brothers, and Seven-Up.

Beyond the boardroom, Otunba Ojora was deeply rooted in tradition. He was the Otunba of Lagos, Lisa of Ife and Olori Omo Oba of Lagos.

Continue Reading

Trending