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Court Orders Forfeiture Of Emefiele’s $1.4m Bribery Proceeds

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The Federal High Court in Lagos, on Wednesday, ordered the interim forfeiture of $1,426,175.14 linked to former Governor of the Central Bank of Nigeria, Godwin Emefiele.

Justice Ayokunle Faji directed the Economic and Financial Crimes Commission to publish the interim forfeiture order in a national newspaper.

The judge said anyone interested in the funds must appear before him within 14 days to show cause why the funds should not be permanently forfeited to the  Federal Government.

The court order followed an ex parte application marked FHC/L/CS/232/2024, moved by EFCC counsel,  Bilikisu Buhari-Bala.

My boss colluded with external parties to rob our workplace, but I went to prison for it – Ex-inmate0.00 / 0.00

Buhari-Bala told Justice Faji that the funds were reasonably suspected to be proceeds of unlawful activities of Emefiele, who is currently facing three criminal trials.

She said the court was empowered by Section 17 of the Advance Fee Fraud and Other Related Offences Act, 2006 to order the forfeiture of the funds.

The EFCC investigator, David Jayeoba, who deposed to an affidavit in support of the ex parte application,  stated that credible intelligence led to the discovery of the funds in a bank account.

The investigator alleged that between 2021 and 2022, during a period of forex scarcity, one Uzeobo Anthony and Adebanjo Olurotimi, directors of Donatone Limited, collected bribes on behalf of Emefiele to facilitate forex approvals.

According to the investigator, payments, totaling $26,552,000, were made to Donatone’s accounts, with significant transactions on specific dates in 2021 and 2022.

“That Uzeobo Anthony and Adebanjo Olurotimi used the firm to collect bribes and gratification on behalf of Godwin Emefiele, to get approval for accessing forex. And that one of the entities (NP) paid a total sum of $26,552 million USD, into the account of firm domiciled in Titan Trust account number 2000000500.

EFCC secured 3,175 convictions, recovered N156bn in one year -Secretary

“That the said credits came into the account of the firm on November 9, 2021: $6,450,000, November 5, 2021: $6,050,000, December 16, 2021: $5,400,000, December 23, 2021: $652,000; January 31 2022; $3,000,000 and September 21, 2022: $5,000,000.

“Investigations revealed that the funds were laundered through a foreign account in Mauritius before being returned to Nigeria.

‘As of now, the balance in the account is $1,426,175.14, which the EFCC seeks to forfeit to the Federal Government as proceeds of unlawful activities.

“Investigation further revealed that the international entities sourcing for forex were pressured into parting with huge funds to access forex during the period.

“That the signatories to the account warehousing the sum of $1, 426, 175.14 million USD, sought to be forfeited are at large and are making frantic efforts to dissipate the funds electronically.

“Based on our investigation findings, the funds sought to be forfeited are proceeds of unlawful activities of and his cronies.

“It is in the interest of justice to grant this application.”

Justice Faji after granting the interim forfeiture order adjourned till June 25 for the hearing on the final forfeiture.

The Wednesday forfeiture comes days after Justice Yelim Bogoro of the same Federal High Court on May 23, 2024, ordered the interim forfeiture of $4.7 million, N830 million, and properties linked to Emefiele.

Emefiele is currently facing charges bordering on procurement fraud, authorised redesign of the naira notes and forgery of ex-President Muhammadu Buhari’s signature to allegedly move funds out of the CBN.

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Official Disclaimer Notice  From The Honourable  Minister  Of State For  Finance , DR. Doris Uzoka -Anite

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It has come to our attention that a fraudulent website — lankantamil.com — is falsely using the name, image, and identity of Dr. Doris Uzoka-Anite, Honourable Minister of State for Finance of the Federal Republic of Nigeria, in an attempt to mislead the public.

We state categorically that Dr. Uzoka-Anite has no affiliation whatsoever with the aforementioned website or any content being circulated in her name through that channel. The materials therein are entirely unauthorised, deceptive, and intended to misinform the public.

This is a case of digital impersonation and fraud, and the matter has already been reported to the appropriate law enforcement and cybersecurity authorities for investigation and takedown action.

Members of the public are strongly advised to:

Disregard any information, videos, or links associated with this website;

Avoid clicking on or sharing the fraudulent content;

Report such activity immediately to digital platforms or relevant agencies.

The Honourable Minister remains committed to transparent public service and official communication through verifiable and authorised channels only.

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NIgeria’s External  Borrowing Plan For 2024 -2026

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On May 27, 2025, the President of the Federal Republic of Nigeria, His Excellency Bola Ahmed Tinubu, GCFR, formally requested the approval of the 2024 – 2026 External Borrowing Rolling Plan from the National Assembly. This press release 

provides context and clarification on the purpose and significance of the request.

The proposed Borrowing Rolling Plan is an essential component of the Medium-Term Expenditure Framework (MTEF) in accordance with both the Fiscal Responsibility Act 2007 and the DMO Act 2003. The Plan outlines the external borrowing framework for both the federal and sub-national governments over a three-year period, accompanied by five detailed appendices on the projects, terms and conditions, implementation period, etc. By adopting a structured, forward-looking approach, the plan facilitates comprehensive financial planning and avoids the inefficiencies of ad hoc or reactive borrowing practices. This strategic method enhances Nigeria’s ability to implement effective fiscal policies and mobilize development resources. 

The borrowing plan does not equate to actual borrowing for the period. The actual borrowing for each year is contained in the annual budget. In 2025, the external borrowing component is US $1.23 billion, and it has not yet been drawn. This is planned for H2 2025. Also, the plan is for both federal and several state governments across numerous geopolitical zones, including Abia, Bauchi, Borno, Gombe, Kaduna, Lagos, Niger, Oyo, Sokoto, and Yobe States.

Importantly, it should be noted that the Borrowing Rolling Plan does not equate to an automatic increase in the nation’s debt burden. The nature of the rolling plan means that borrowings are split over the period of the projects. For example, a large proportion of projects in the 2024. – 2026 rolling plan have multi-year draw downs of between 5 – 7 years, which are project-tied loans. These projects cut across critical sectors of the economy, including power grids and transmission lines, irrigation for improving food security, fibre optics network across the country, fighter jets for security, and rail and road infrastructure. 

The majority of the proposed borrowing will be sourced from Nigeria’s development partners, including the World Bank, African Development Bank, French Development Agency, European Investment Bank, JICA, China EximBank, and the Islamic Development Bank. These institutions offer concessional financing with favourable terms and long repayment periods, thereby supporting Nigeria’s development objectives sustainably.

The government seeks to reiterate that the debt service to revenue ratio has started decreasing from its peak of over 90% in 2023. The government has ended the distortionary and inflationary ways and means. There are significant revenue expectations from the Nigerian National Petroleum Corporation (NNPC) and technology-enabled monitoring and collection of surpluses from Government Owned Enterprises and revenue-generating ministries, departments, and agencies, including legacy outstanding dues. 

Having achieved a fair degree of macroeconomic stabilization, the overarching goal of the Federal Government is to pivot the economy onto a path of rapid, sustained, and inclusive economic growth. Achieving this vision requires substantial investment in critical sectors such as transportation, energy, infrastructure, and agriculture. These investments will lay the groundwork for long-term economic diversification and encourage private sector participation. Our debt strategy is therefore guided not solely by the size of our obligations but by the utility, sustainability, and economic returns of the borrowing. Ensuring that all borrowed funds are efficiently utilized and directed toward growth-enhancing projects remains a top priority.

In conclusion, the government remains committed to keeping borrowing within manageable and sustainable limits in accordance with the DMO Debt Sustainability Framework. The ongoing tax reform agenda and other revenue initiatives will further improve revenue generation and prudent financial management. We reaffirm our dedication to fiscal discipline, transparency, and accountability. Constructive public engagement and legislative oversight are vital components of our journey toward long-term economic stability and inclusive national prosperity.

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Jafiya Pledges Support  For  Unity Schools’ Renewal 

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The Permanent Secretary, Federal Ministry of Finance, Mrs Lydia Shehu Jafiya, has assured the Unity Schools Old Students Association (USOSA) of her commitment to collaborating with relevant Ministries, Departments, and Agencies (MDAs) of  the Federal 

 Government to address the current challenges plaguing the Schools in the country

The Permanent Secretary gave this assurance during a courtesy visit by the USOSA delegation led by its President General, Mr Michael Ibrahim Magaji, to her office in Abuja today. 

Mrs Jafiya emphasized the priority accorded to Education under the Renewed Hope Agenda of the President Bola Ahmed Tinubu-led Administration and assured the delegation of her commitment to collaborating with relevant MDAs to find solutions.

Led by Mr Magaji, the delegation comprising representatives of EXCOs from various Unity Schools, including Sokoto, Yola, Warri, Jos, Kano, Ibillo, Bwari, and Ogbomosho, stated that their visit was to solicit the Permanent Secretary’s kind intervention towards addressing the challenges facing Unity Schools in the country 

The delegation highlighted pressing issues affecting students and teachers, including inadequate electricity, lack of digitization, health concerns, dilapidated hostel accommodations, as  well as security threats, and appealed to the Permanent Secretary to leverage her position to engage relevant MDAs, including Education, Communication and Digital Economy, Health, and Lands, to address these issues.

Notably, as an old student of Unity Schools herself, Mrs Jafiya expressed her resolve to support the renewal of Unity Schools,  underscoring her commitment to the alma mater.

The Permanent Secretary’s commitment marks not only a significant step towards revitalizing these institutions but more importantly enhancing the learning experience for Nigerian students, paving the way for collaborative efforts to restore Unity Schools to their former glory

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