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Release $717.4m trapped funds to foreign airlines, Senate Urges CBN
The central Bank of Nigeria on Wednesday has been asked to release trapped $717,478,606 airlines funds in the country.
The Senate made the call to CBN while also allocating the sum of $25 million to airlines operating in Nigeria at its fourth-nightly dollar auction.
These resolutions were reached sequel to the consideration of a motion titled, ‘Current Issues on airlines blocked funds in Nigeria’, sponsored by Sen. Biodun Olujimi (PDP-Ekiti) at the plenary in Abuja and chaired by the Senate Committee on Aviation.
The vice chairman of the committee, Sen. Bala Na’Allah (APC-Kebbi) presented the motion on behalf of Olujimi.
The upper chamber of the National Assembly also called on the Federal Government to urgently reverse the current trend of increasing airlines blocked funds in Nigeria.
It called on President Muhammadu Buhari to direct the CBN Governor, Godwin Emefiele, to pay up the blocked funds to the affected airlines.
The Senate further appealed to the airlines operating in the country not to withdraw their services, saying efforts were ongoing to resolve the issue.
Moving the motion, Na’Allah said since January 2021, Nigeria has been the most challenging country in the world for the airlines to repatriate their funds to support their operation.
In February, Nigeria alone accounted for 44 per cent of total airlines blocked funds in the entire world.
The total airlines blocked funds in Nigeria as of March amounted to $717.4 million comprising matured bids that the CBN was yet to deliver, bids yet to mature, and cash balances in airlines’ accounts for repatriation.
News
Political Thugs Set Rivers ADC Office On Fire
Ubima is the country home of the former Minister of Transportation, Chibuike Amaechi.
Suspected political thugs have set ablaze the office of the African Democratic Party (ADC) at Ubima Community, Ikwerre Local Government Area of Rivers State.
Ubima is the country home of the former Minister of Transportation, Chibuike Amaechi.
The political thugs also attacked the Minister’s Community with heavy firepower, shooting sporadically in the area.
Amaechi,a two times governor of Rivers state between 2007 to 2015 is one of the leaders of the ADC, the political party seeking to unseat President Bola Ahmed Tinubu in 2027.
Meanwhile, Amaechi is expected to visit Ubima , Friday, to officially register with the ADC at the ward level.
The thugs reportedly invaded the community, Thursday night, shooting heavily and setting the party Secretariat on fire.
Locals say the thugs may have caused the panic in the community to scare people from coming out to welcome the former governor of the state who is visiting the party office in his ward for official registration with the ADC.
They reportedly reappeared Friday morning mounting Road block on the Omuawa-Ubima toad stopping every bus with ADC banner from entering the community.
Meanwhile,intervention from security operatives mobilised to the area is said to have restored normalcy.
News
EFCC says 100 senior lawyers on trial for alleged financial crimes
Olukoyede, a lawyer, added that investigations uncovered offences ranging from the diversion of clients’ funds to aiding money laundering.
Photo: EFCC Chairman , Ola Olukoyede
The Economic and Financial Crimes Commission (EFCC) Chairman Ola Olukoyede, says that the Commission is investigating 100 senior lawyers for corruption-related offences.
In an address in Abuja during the second annual lecture of the Body of Benchers, the EFCC chairman expressed concern over the growing involvement of lawyers in financial crimes.
He noted that the anti-graft agency had received multiple petitions against members of the profession.
“We have had calls to investigate quite a number of senior members of the Bar,” he said.
Olukoyede, a lawyer, added that investigations uncovered offences ranging from the diversion of clients’ funds to aiding money laundering.
“Before I came here, I checked our database and discovered that we have about 100 senior members of the Bar that we are prosecuting at the moment for those offences.
“It has become very necessary for us to work together,” he said.
News
FHC grants Malami, wife, son N200m bail each
The former AGF is being prosecuted by the EFCC alongside his wife and son on a 16-count charge bordering on alleged N9 billion money laundering.
The Federal High Court in Abuja on Friday granted bail to former Attorney-General of the Federation, Abubakar Malami, his wife, and their son pending the continuation of the trial on March 16.
The former AGF is being prosecuted by the EFCC alongside his wife and son on a 16-count charge bordering on alleged N9 billion money laundering.
At the resumed sitting, the trial judge, Justice Joyce Abdulmalik, directed the EFCC to call its first witness after counsel to Malami, Joseph Daudu, attempted to draw the court’s attention to the defendants’ pending bail application.
The judge, however, reminded counsel that she had earlier ruled that the bail application and other motions would be taken after the prosecution’s first witness had given his evidence-in-chief.
Following the ruling, the EFCC called its first witness, David Ajoma, a compliance officer with Sterling Bank, Abuja, who told the court that he had worked with the bank for three years and handles compliance requests from law enforcement agencies.
According to him, the bank subsequently forwarded the requested documents, including the account opening package, loan account statements, and other supporting records.
Ajoma testified that on December 2, 2025, Sterling Bank received a request from the EFCC seeking details of loan facilities granted to Rayham Hotel Limited.
The witness further told the court that the loan facility granted to Rayham Hotel Limited was backed by a cash collateral from Metropolitan Autotech.He explained that both Metropolitan Autotech and Rayham Hotel Limited maintain separate accounts with Sterling Bank, adding that the signatory to the Metropolitan Autotech account is one Hassan Aliyu.
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