Uncategorized
Buhari’s Legacy Under Scrutiny as Emefiele, Former Ministers Face N3.5tr Graft Probes
By: Fabian Apechihin
The legacy of former President Muhammadu Buhari is facing renewed scrutiny as several senior officials from his administration are investigated or prosecuted over alleged corruption estimated at about ₦3.47 trillion.
The unfolding cases, coming against the backdrop of Nigeria’s heavy debt burden accumulated during Buhari’s eight years in office, have reignited debates over accountability, selective justice, and the long-term cost of governance failures.
At the centre of the investigations are former ministers and top officials seen as close allies of the ex-president and prominent figures within the ruling All Progressives Congress (APC). The Economic and Financial Crimes Commission (EFCC) is probing former Minister of Labour, Chris Ngige, over an alleged ₦2.2 billion fraud. Former Minister of State for Petroleum Resources, Timipre Sylva, was declared wanted in November over an alleged ₦21.4 billion fraud, while former Aviation Minister and close associate of Buhari, Hadi Sirika, is facing charges related to an alleged ₦2.7 billion aviation contract scam.
The most extensive allegations involve former Central Bank of Nigeria (CBN) Governor, Godwin Emefiele. The EFCC has accused him of arbitrarily allocating ₦3 trillion in foreign exchange—about $2 billion—without competitive bidding or due process, allegedly benefiting associates. Investigators also claim he operated 593 bank accounts across multiple countries, illegally acquired a 753-unit housing estate in Abuja, and mismanaged more than ₦16 billion.
Court documents further allege that between 2019 and 2022, Emefiele warehoused funds through proxy accounts linked to Kelvito Integrated Services, amounting to over ₦6.3 billion across four years.
Experts say the scale of the alleged looting is particularly troubling given that much of the money involved was borrowed. Governance and public finance expert, Prof. Chiwuike Uba, warned that misappropriating borrowed funds worsens hardship for ordinary Nigerians.
“Citizens are already paying through higher taxes, inflation and declining public services,” Uba said, adding that future generations would bear the burden through debt repayments that crowd out spending on health, education and infrastructure.
Uba noted that despite gains from fuel subsidy removal, higher tax revenues and foreign exchange reforms, borrowing by federal and state governments continues to rise, with little visible improvement in public services.
Former CIBN president, Prof. Segun Ajibola, criticised what he described as misplaced priorities by anti-corruption agencies, urging them to focus on large-scale fraud rather than minor offences. He called for tougher laws, citing China’s zero-tolerance approach to corruption.
“Corruption is especially tragic in a country grappling with poverty,” Ajibola said, noting that many who once posed as reformists often fail when entrusted with power.
Similarly, Prof. Godwin Oyedokun described the allegations as “deeply troubling,” stressing that corruption in loan-funded projects leaves future generations repaying debts without corresponding development. He argued that Nigeria’s anti-corruption drive remains reactive and selective, often gaining momentum only after officials leave office.
Legal practitioner Ameh Madaki was more critical, accusing the EFCC of selective prosecution and staging “media trials” that rarely lead to convictions.
“Nigerians are no longer excited by such cases because many simply fade away,” he said.
Experts agree that Nigeria must move beyond post-administration probes to a preventive system anchored on strong public financial management, transparent procurement, real-time auditing of borrowed funds, and genuinely independent oversight institutions.
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ADC Honours Fallen Heroes, Criticises Tinubu’s Absence on Armed Forces Remembrance Day
Fabian Apechihin
The African Democratic Congress (ADC) has marked the 2026 Armed Forces Remembrance Day, paying tribute to fallen and serving members of the Nigerian Armed Forces, while criticising President Bola Tinubu for his absence at the national ceremony.
The party described the President’s non-attendance at an event meant to promote national unity, reflection and support for troops and their families as troubling, stressing that the physical presence of the Commander-in-Chief carries strong moral and symbolic value for soldiers on the frontlines.
This position was outlined in a statement issued on Thursday by the ADC’s National Publicity Secretary, Bolaji Abdullahi.
According to the ADC, Armed Forces Remembrance Day is more than a ceremonial occasion and requires visible leadership and collective national mourning, especially at a time when security personnel are battling multiple threats across the country.
The party noted that the day is dedicated to honouring the courage, sacrifice and patriotism of military personnel who laid down their lives in defence of Nigeria, adding that such a solemn occasion demands leadership at the highest level.
It argued that the President’s absence weakened the sense of solidarity with troops and military families who continue to shoulder the burden of the nation’s security challenges.
The ADC also linked the issue to the growing pressure on the armed forces, pointing out that soldiers remain overstretched as they confront insurgency, banditry and violent crime in different parts of the country.
The party maintained that leadership should not be reduced to symbolism or delegated during periods of national difficulty, insisting that the Commander-in-Chief’s presence on such a day reflects respect, accountability and shared sacrifice.
Reaffirming its support, the ADC said it honours fallen heroes, stands with serving personnel and recognises the resilience of military families, while calling for leadership that prioritises responsibility, clear strategy and genuine political commitment over image management, foreign engagements or political convenience.
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Nigeria Removed from European Union’s Financial High-Risk List
Fabian Apechihin
Nigeria has been removed from the European Union’s list of high-risk jurisdictions, a move expected to improve trade, financial transactions, and investment flows between the country and Europe.
The European Commission confirmed the decision on Wednesday, according to a report by Business Insider. Nigeria was delisted alongside South Africa, Burkina Faso, Mali, Mozambique, and Tanzania.
In a statement, the commission said the affected countries had strengthened their anti-money laundering and counter-terrorism financing (AML/CFT) frameworks and no longer posed “strategic deficiencies” under the EU’s assessment criteria. It added that the reforms brought their financial systems in line with international standards set by the Financial Action Task Force (FATF).
Reacting to the development, the Minister of State for Finance, Doris Uzoka-Anite, described the decision as a significant boost to investor confidence. Writing on X on Thursday, she said: “Big win for Nigeria! Removed from EU’s financial ‘high-risk’ list! Congrats to President Bola Ahmed Tinubu on this achievement. As minister of state for finance, I’m proud of this boost to trade and investor confidence.”
Nigeria’s removal from the list marks a major shift from its previous status, which subjected transactions with European partners to enhanced due diligence and stricter documentation requirements. That designation had increased scrutiny of Nigerian banks and businesses, often slowing cross-border trade and complicating investment processes.
Analysts say the delisting could help improve Nigeria’s access to European financial markets, reduce transaction costs, and strengthen confidence among foreign investors.
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US Approves $413m for Military Operations in Nigeria Amid Rising Insecurity
Fabian Apechihin
The United States government has approved $413.046 million (about ₦587 billion) to support military operations in Nigeria and other West African countries as part of efforts to combat worsening insecurity in the region.
The funding, aimed at addressing threats such as terrorism and banditry, forms part of the US National Defense Authorization Act (NDAA) for the 2026 fiscal year. The wide-ranging defence bill, which authorises a total global military budget of $901 billion, was signed into law by President Donald Trump on December 18, 2025.
Under the Act, the allocation for the US Africa Command (AFRICOM) falls within the “Operations and Maintenance” category, with a focus on strengthening counter-terrorism operations and degrading extremist networks across West Africa.
The approval follows recent direct US military engagement in Nigeria. On Christmas Day 2025, American forces carried out airstrikes on terrorist hideouts in Sokoto State. In addition, AFRICOM delivered a new batch of military equipment to Nigerian security agencies earlier this week.
The equipment handover, which took place in Abuja, is widely viewed as a strategic move to modernise Nigeria’s military capabilities and enhance its operational effectiveness against insurgent groups.
Beyond financial and logistical support, the NDAA 2026 also introduces institutional reforms affecting US engagement in Africa. The Act establishes a new Bureau of African Affairs and creates the position of Assistant Secretary for African Affairs within the US Department of State.
These new offices will oversee US foreign policy and coordinate security assistance across sub-Saharan Africa. The legislation also mandates a comprehensive review of Russia’s expanding military footprint and influence on the continent, highlighting Washington’s intent to confront geopolitical competition alongside counter-terrorism efforts.
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