Business
BPP to sanctions MDAs dogging procurement of made-in-Nigeria vehicles
Any false claims, misrepresentation or procurement undertaken outside the approved framework will attract sanctions in line with the Public Procurement Act and other applicable regulations.
The Director- General of the Bureau of Public Procurement (BPP), Dr Adebowale Adedokun, Tuesday, warned Ministries, Departments and Agencies (MDAs) as well as suppliers that violate the ‘Nigeria First’ policy on local vehicle procurement will face sanctions.
Adedokun emphasised the warning during the signing of a policy framework on the procurement of locally assembled automotive products with the National Automotive Design and Development Council (NADDC) in Abuja.
The ‘Nigeria First’ policy, introduced by President Bola Tinubu, restricts MDAs from procuring foreign goods and services that can be sourced locally.
Under the policy, the Bureau of Public Procurement, BPP, is mandated to prioritise local content by maintaining an updated register of qualified Nigerian manufacturers and service providers.
The policy also requires MDAs seeking to procure foreign alternatives to provide written justification and obtain a formal waiver from the BPP before such procurement can be approved.
Speaking at the event, Adedokun reiterated that all procurement entities must source vehicles only from local assemblers approved by NADDC.
According to him, the framework establishes enforceable compliance requirements covering procurement planning, bidding documentation, contract awards and contract management processes.
Also speaking, Director General of NADDC, Mr. Joseph Osanipin, described the policy as a major step toward transforming Nigeria’s automotive industry and the broader economy.
“Any false claims, misrepresentation or procurement undertaken outside the approved framework will attract sanctions in line with the Public Procurement Act and other applicable regulations.,” he said.
The Presidency says the bodies allegedly used by Adeyemi—including the so-called Presidential Economic Advisory Council, Presidential Foreign Investment Promotion Council, and Presidential Foreign Intervention Promotion Council—do not exist as government agencies.
The Presidency says a man identified as Prince Adeniyi Adeyemi Matthew allegedly created and operated fake government agencies, forged appointment letters, and falsely claimed to have been appointed by Femi Gbajabiamila.
According to the statement:
The Office of the Chief of Staff discovered the alleged scheme after complaints from the Nigerian Investment Promotion Commission (NIPC) that an unauthorized body was operating in a way that conflicted with its functions.
The Chief of Staff petitioned the Department of State Services and the Nigeria Police Force in October 2025 to investigate alleged forged appointment letters.
The Presidency says the bodies allegedly used by Adeyemi—including the so-called Presidential Economic Advisory Council, Presidential Foreign Investment Promotion Council, and Presidential Foreign Intervention Promotion Council—do not exist as government agencies.
Investigators allege Adeyemi operated from an office in the Federal Secretariat Complex, held meetings with diplomats, and sought diplomatic support to obtain U.S. visas for members of the alleged organization.
Police reportedly recovered forged documents and other exhibits during searches of his office and residence.
The investigation allegedly found that Adeyemi operated 34 bank accounts, including several in the names of fictitious organizations, and used forged documents to open a Central Bank of Nigeria account.
The Presidency says no government funds were paid into that account.
Police charged Adeyemi and two others before the Federal High Court on multiple counts, including forgery, impersonation, and obtaining by false pretence. The case is scheduled for hearing on July 27.
The Presidency also denied claims that Gbajabiamila appointed Adeyemi, stating that appointments to federal offices are issued through the Office of the Secretary to the Government of the Federation, not the Office of the Chief of Staff.
Current status
The Presidency maintains that:
the agencies in question are fictitious,
the appointment letter was forged,
Adeyemi is an impostor,
and the allegations against him should be resolved by the court.
As the case is pending before the court, the allegations remain subject to judicial determination.
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Business
CBN revokes 46 MFBs’ licences
According to the revocation order, the action became necessary because of one or more of: insufficient assets to meet liabilities; closure of operations without the CBN approval; and inactivity and cessation of financial intermediation.
The Central Bank of Nigeria (CBN) has revoked the operating licences of 46 Microfinance Banks (MFBs).
CBN’s Ag. Director of Communications, Mrs. Hakama Sidi-Ali disclosed that the revocation becomes effective today.
She emphasised that the revocation was in accordance with its powers under Sections 12 and 13 of the Banks and Other Financial Institutions Act (BOFIA), 2020.
“The revocation was approved by the Governor of the Central Bank of Nigeria, Mr. OlayemiCardoso, following the banks’ failure to meet the regulatory requirements for continued operation as licensed financial institutions,” she said.
According to the revocation order, the action became necessary because of one or more of: insufficient assets to meet liabilities; closure of operations without the CBN approval; and inactivity and cessation of financial intermediation.
Others were: failure to commence operations within 12 months of licence approval, and failure to maintain minimum capital funds unimpaired by losses.
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