Business
N6.9bn procurement fraud: Federal Government arraigns Emefiele, allies Thursday

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.
The case is for arraignment and mention.
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.
Corrupt advantage
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.
Emefiele’s associate
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.’’
Witnesses against Emefiele
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.’’
“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.
But the Department of State Security operatives rearrested the embattled bank chief after fighting off NCoS officials on the court’s premises.
Business
Algiers-Abuja direct flights begin April 6

The Ministry of Foreign Affairs on Wednesday, announced the launch of Air Algérie’s inaugural direct flight service from Algiers to Abuja, set to begin on April 6, 2025.
This is said to strengthen the diplomatic and economic ties between Nigeria and Algeria.
According to a statement signed by the Acting Spokesperson for the Ministry, Kimiebi Ebienfa, the new route, which is the result of the Bilateral Air Services Agreement between the two countries, will be operated by the national carrier, Air Algérie, using a Boeing 737 aircraft.
This new service is expected to boost connectivity, encourage tourism, and facilitate trade and investment between Nigeria and Algeria.
“The Ministry of Foreign Affairs is pleased to announce the commencement of Air Algerie’s inaugural direct flight service from Algiers to Abuja, scheduled for 6th April 2025.
“This historic development marks a significant milestone in the growing diplomatic and economic relations between Nigeria and Algeria.
“It is pertinent to state that it is the implementation of the Bilateral Air Services Agreement between both countries, which culminated in this successful venture,” the statement read in part.
The inaugural flight is expected to carry the Charge d’Affaires of the Nigerian Embassy in Algiers, Nigerian community leaders, and representatives from the Algerian government.
The Federal Government has extended congratulations to Air Algérie and offered its full support to ensure the success of the new service.
With affordable fares and Algeria’s proximity to Europe, the flight also offers Nigerians a convenient gateway to Europe, enhancing Nigeria’s position as a regional hub for business, tourism, and transit.
The statement added, “The Federal Government of Nigeria, through the Ministry of Foreign Affairs and relevant aviation authorities, extends its warm congratulations to Air Algerie and assures all necessary support to ensure the success and sustainability of this new service.
“We believe this initiative will further strengthen the longstanding friendship between Nigeria and Algeria, while opening new opportunities for mutual growth.
“The affordable fare structure and the proximity of Algeria to Europe would also provide Nigerians with a convenient gateway to Europe, thereby enhancing Nigeria’s position as a regional hub for business, tourism, and transit.”
The ministry encouraged citizens and businesses to take advantage of this new connectivity to explore opportunities for trade, tourism and cultural exchanges between the two nations.
Business
FG borrows N13.21trn from World Bank in 20 months
The country’s debt profile has hit N142 trillion, according to data published by the Debt Management Office (DMO).

The World Bank has approved over N13.21 trillion ($8billion) as loans for different developmental projects for President Bola Ahmed Tinubu-led federal government in the last 20 months,
Daily Trust analyses of the various loans indicated that they were targeted at several interventions in various sectors of the economy with three fresh loans amounting to $1.1 billion approved between Friday and yesterday.
The country’s debt profile has hit N142 trillion, according to data published by the Debt Management Office (DMO).
The 2025 budget of N54.99tn has a debt service component of N14.32tn and N13.64tn for recurrent expenditure.
Business
Women make up 15% of 288 new billionaires in 2025
One of the most striking trends among the newcomers is the high percentage of self-made billionaires.

The newcomers come from 33 countries and territories, marking a significant rise from the 265 additions made in 2024.
Forbes’ 2025 World’s Billionaires list has welcomed a record 288 new billionaires, pushing the total number of billionaires to 3,028 globally.
This group, which includes entrepreneurs, investors, and heirs, is collectively valued at nearly $680 billion, averaging $2.4 billion per person.
The newcomers come from 33 countries and territories, marking a significant rise from the 265 additions made in 2024.
The United States remains the dominant force, contributing the most new billionaires with 103 additions this year.
Among the top names is Marilyn Simons, widow of quantitative hedge fund founder Jim Simons, whose net worth is estimated at $31 billion.
She stands alongside Lyndal Stephens Greth, the daughter of oil magnate Autry Stephens, who holds $25.8 billion following her father’s passing in 2024.Germany ranks second in terms of new entries, with 37 individuals joining the list, including Johannes von Baumbach. At 19 years old, he becomes the youngest new billionaire globally, with a fortune of $5.4 billion.
Along with von Baumbach, 14 other heirs to the Boehringer Ingelheim pharmaceutical empire also made their debut on the list.China and Hong Kong together contributed 32 new billionaires, with jeweller Xu Gaoming being one of the notable additions, valued at $8.2 billion. India saw 17 new billionaires, while Russia accounted for 15.
One of the most striking trends among the newcomers is the high percentage of self-made billionaires.
Of the 288 newcomers, 196 (approximately 70%) built their wealth from the ground up, rather than inheriting it.
The wealthiest self-made newcomer is Saudi Arabian entrepreneur Sulaiman Al Habib, whose fortune stands at $10.9 billion. Al Habib’s success is a notable achievement as Saudi Arabia has seen a resurgence of billionaires on the list for the first time since 2017.
Alexandr Wang, the 28-year-old co-founder and CEO of Scale AI, is the youngest self-made billionaire this year, valued at $2 billion.
(BusinessDay)
-
News1 day ago
Kogi State enforces ban on rallies, public gatherings amidst riding security concerns
-
Sports2 days ago
UPDATE: How bankruptcy led Nigerian boxer to death in Ghana – NBBofC
-
News1 day ago
President Tinubu congratulates Jim Ovia on admission to the freedom of the city of London
-
News2 days ago
JUST IN: FG to shut Lagos’ Independence Bridge for two months
-
Politics19 hours ago
I would have handled economy better than Tinubu – Obi
-
Sports19 hours ago
NTTF U-12 National Hopes Week kicks off today in Lagos
-
Business19 hours ago
Women make up 15% of 288 new billionaires in 2025
-
News18 hours ago
BREAKING: Tinubu Sacks NNPCL Board , Replaces Mele Kyari with Bashir Ojulari as Group CEO