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

Published

2 years ago

August 16, 2023

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.

Related Topics:Emefiele Featured Procurement Fraud

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The Buy-and-Hold Strategy for Lagos Real Estate Investors by Dennis Isong

Population is increasing, businesses are expanding, and land is becoming more valuable. If done right, a buy-and-hold strategy can secure long-term wealth for any investor.

Published

6 hours ago

February 23, 2025

OCHEFA

If you’re thinking of making serious money in Lagos real estate, you must understand one of the most reliable strategies: buy-and-hold.

This is when you buy a property, hold it for years, and allow its value to appreciate while earning rental income.

Lagos is a dynamic and ever-growing city.

Population is increasing, businesses are expanding, and land is becoming more valuable. If done right, a buy-and-hold strategy can secure long-term wealth for any investor.

Why Buy-and-Hold Works in Lagos Land and Property Appreciate Fast Lagos is a land of gold—figuratively.

With high demand and limited land space, properties in strategic locations appreciate fast.

If you bought land in Lekki Phase 1 twenty years ago, you could sell it today for more than 20 times the original price.

The earlier you buy, the better. Steady Rental Income Lagos is home to millions of people, and many prefer renting rather than buying.

A well-located property can generate steady rental income that grows over time.

The more people move into Lagos, the higher the rental demand.

Beating Inflation Nigeria’s economy has its ups and downs, but real estate always finds a way to stay ahead of inflation.

While the value of the naira fluctuates, properties continue to appreciate. This makes real estate a safe hedge against inflation.

Steps to Succeed in the Buy-and-Hold Strategy

1. Pick the Right Location Lagos has different property markets. Some areas grow faster than others.

Choose a location based on your investment goal.● For rapid appreciation: Look at developing areas like Ibeju-Lekki, Epe, or parts of Ikorodu.● For steady rental income: Invest in places with high demand for rentals, like Yaba, Surulere, Lekki, or Ikeja.● For luxury and long-term gains: Consider high-end areas like Ikoyi, Banana Island, or Victoria Island.

Do your research, visit the location, and study the growth trends before investing.

2. Buy from a Trusted Source Lagos real estate is lucrative, but it’s also filled with scams.

Many investors have fallen victim to land disputes or properties with unclear titles.

Ensure that the property has proper documentation—like the Certificate of Occupancy (C of O) or a Governor’s Consent.

Work with a reliable real estate professional who understands the Lagos market.

Don’t fall for “cheap deals” without verifying ownership.3. Decide Between Land or Built Property ● Buying land is great for long-term appreciation. You can hold it for years and sell later at a higher price.● Buying a house or apartment gives you immediate rental income while still appreciating in value.

If you have the patience to wait, land investment is powerful. If you want regular cash flow, go for rental properties.

4. Maximize Rental Income If your goal is passive income, make your property attractive to tenants. Consider:● Security: Lagos tenants prioritize safety.● Amenities: Good roads, water supply, and electricity boost rental value.● Short-let options: Platforms like Airbnb can give you higher returns, especially in areas like Lekki and Victoria Island.

If your property is well-maintained, you’ll attract quality tenants and increase your rental value over time.

5. Be Patient and Think Long-Term Real estate is not a quick-money scheme. The buy-and-hold strategy requires patience. Lagos properties appreciate, but it takes time.

Many investors regret selling too early when they see the prices skyrocketing years later.

Think of real estate like fine wine—it gets better with time. Potential Risks and How to Overcome Them Government Policies Policies like land use charges or demolitions can affect investments.

Stay updated with real estate laws in Lagos. Work with professionals to ensure your property is compliant.

Maintenance Costs

If you own rental property, you’ll need to maintain it. Set aside funds for repairs and upgrades to keep it attractive to tenants.

Bad Tenants

Some tenants may refuse to pay or damage your property.

Screen tenants properly before renting out your property, and have a solid lease agreement.

The buy-and-hold strategy is a proven way to build wealth in Lagos real estate. It allows you to generate rental income while your property appreciates in value.

With proper planning, the right location, and patience, your investment will reward you in the long run.

So, are you ready to secure your future with Lagos real estate? Start now—because five years from today, you’ll wish you had.

Dennis Isong and team.

+2348164741041+2348028667565

Business

President Pledges Support for Fintech Companies As Flutterwave Seeks Listing on NGX

The CEO of Flutterwave, Agboola, said the company has made it easy for Nigerians to pay for some global services with Naira and provided payment platforms for Nigerians in the diaspora who are willing to send money to families and relatives in the country.

Published

18 hours ago

February 23, 2025

OCHEFA

▪︎In picture: President Bola Ahmed Tinubu, Minister for Finance and Coordinating Minister of the Economy, Mr Wale Edun, Chief Executive Officer Flutterwave, Mr Olugbenga Agoola and CEO Alami Capital, Miss Olu Seun Olufemi-White, after a Meeting at the Presidential Villa Abuja.

President Tinubu said his administration will support businesses in the financial technology sector that provide payment infrastructure services for Nigerians and Africans.

He said this when he received the leadership of Flutterwave and Alami Capital in Abuja on Saturday afternoon.

Flutterwave, a leading Fintech company founded by young Nigerians and headquartered in Lagos, operates in the U.S., Canada, Nigeria, Kenya, Uganda, Ghana, South Africa, and 29 other African countries. Olugbenga Agboola, the CEO; Adeleke Adekoya, a co-founder; Oluwabankole Falade and Mitesh Popat, represented Flutterwave at the meeting.

Ms Oluseun Olufemi-White represented Alami Capital as its CEO. Minister of Finance and Coordinating Minister of the Economy Mr Wale Edun led the delegation to meet President Tinubu.

Dr. Armstrong Ume Takang, the Managing Director and Chief Executive of the Ministry of Finance Incorporated (MOFI), and Dr. Inuwa Kashifu Abdullahi, the Director General/ Chief Executive Officer of the National Information Technology Development Agency (NITDA), also attended.

President Tinubu said Nigeria is genuinely open to business, and as President, he is determined to remove all obstacles to allow companies to thrive.

He commended Flutterwave’s commitment to building capacity in the digital economy sector, especially as it is being made possible by energetic, young Nigerians.

He said he is honoured to be the President of a country with such a youthful and resourceful population.

He said the leadership Flutterwave provides in the digital world is what Nigeria needs today to grow its economy and make life easier for most of its population.

Minister of Finance and Coordinating Minister of the Economy, Mr. Wale Edun, said Flutterwave has made significant progress since its establishment 10 years ago.

It has created jobs and helped diversify the economy by providing innovative digital platforms and payment services in Nigeria and across Africa.

He said Flutterwave, valued at over $3 billion, is a Nigerian export and brand employing over 1,000 Nigerians.

He said the company seeks to be listed on the Nigerian Exchange and solicited the President’s support.

The Managing Director and Chief Executive of MOFI, Dr. Armstrong Ume Takang, said that as Africa’s biggest economy, Nigeria must demonstrate its economic prowess by strategically positioning products and services by Nigerian companies, such as Flutterwave, in the homes of all Africans.

He said Flutterwave spends millions of dollars monthly on hosting services, but that money goes to other countries.

He suggested supporting Galaxy Backbone’s hosting services to enable it to handle companies like Flutterwave.

Business

FG Mandates IRWG to Revives over 700 Moribund Industries

The 22-member IRWG team was inaugurated in Abuja, on Thursday this week, by Senator John Owan Enoh, Minister of State for Industry, and co-chaired by Francis Meshioye, President of the Manufacturers Association of Nigeria (MAN).

Published

1 day ago

February 22, 2025

OCHEFA

The Director-General of the Manufacturers Association of Nigeria (MAN) has affirmed that the recently inaugurated Industrial Revolution Working Group (IRWG) by the Federal Government, will go a long way in “waking up those more than 700 industries that have been shutdown for one reason or the other across the manufacturing sector and ensure that they don’t leave the country or be shut again”.

Ajayi-Kadir, expressed the confidence during the launch of the IRWG members team, saying that the group would ignite the revival in the sector and ensure the creation of an environment that is conducive.

Other members of the group include the Permanent Secretary of the Ministry of Industry, Trade and Investment. , representatives from the Ministry of Power, the Ministry of Finance, MAN, the Nigeria Customs Service (NCS), the Nigeria Ports Authority (NPA), the Nigerian Association of Chambers of Commerce, Industry, Mines, and Agriculture (NACIMMA), and others.

IRWG Mandates

The Minister said that the mandates of the revolution group are :

1. Rejuvenate, innovate, and elevate Nigeria’s industrial future.

2. The IRWG would focus on addressing regulatory bottlenecks, power supply issues, and customs procedures.

3. The IRWG should anchor its efforts on four pillars which include revitalizing dormant industries, infrastructure, and energy solutions, technology innovation, access to finance, and competitiveness.

4. Conduct meticulous audits of industries that once thrived but have since stagnated.

5. Formulating bespoke intervention strategies for their resurgence.