News
Diezani Loses N7.6B Loot, Protesters Demand Extradition from UK
The Federal High Court in Lagos yesterday ordered the final forfeiture of N7.6billion allegedly stolen and hidden by Mrs Diezani Alison-Madueke, former Minister of Petroleum Resources.
This came as Charles Oputa, popularly known as Charly Boy, on Monday led a protest to the headquarters of the Economic and Financial Crimes Commission (EFCC) in Abuja to demand the extradition of Diezani Alison-Madueke, former minister of petroleum resources, from the UK to Nigeria.
But in Lagos, Justice Abdulazeez Anka granted an application by the EFCC seeking the money’s final forfeiture to the Federal Government.
He held: “I’ve read the motion on notice seeking the final forfeiture of the sum of N7,646,700,000 reasonably suspected to be proceeds of unlawful activity.
“I have also gone through the affidavit in support of the application. In the circumstances, I am of the view that the application has merit and is hereby granted as prayed. Parties have a right of appeal.”
Moving the application, EFCC’s lawyer Rotimi Oyedepo said the money was part of “huge sums” allegedly diverted by Mrs Alison-Madueke from various subsidiaries of the Nigerian National Petroleum Corporation (NNPC).
According to him, it was “fraudulently converted from NNPC by Mrs Alison-Madueke”.
He said the commission published an advertorial after the court ordered the money’s temporary forfeiture, but no one came forward to claim its ownership.
In an affidavit to support the application, an investigating officer, Usman Zakari, said he was part of a team of operatives who investigated an intelligence report that huge sums were laundered.
He said it was looted through former Managing Director, Crude Oil Marketing Department, Gbenga Olu Komolafe; former Managing Director, Petroleum Products Management Company (PPMC) Prince Haruna Momoh; Group Managing Director, Nigerian Products Marketing Company (NPMC) Umar Farouk Ahmed, Stanley Lawson, Babajide Sonoiki and some bank chiefs on behalf of Mrs Alison-Madueke.
The deponent said Mrs Alison-Madueke called a bank chief to her office for a meeting where she informed him that some officials of her ministry would be bringing funds to his bank.
She allegedly directed that the “funds must neither be credited into any known account nor captured in any transactional platforms of the bank”.
The investigator added: “In carrying out this alleged scheme of fraud, the sum of $153,310,000 was moved from NNPC through B.O.N Otti and Stanley Lawson, both former Group Executive Directors, Finance and Account of the NNPC” to the bank.
He said using the same fraudulent scheme, another $45million was also conveyed to the bank.
He said the money was conveyed in cash from Abuja to the bank’s headquarters in Lagos; $113,310,000 was taken out of it and moved to another bank in a bid to conceal its illicit source.
The investigator said the remaining $40million was conveyed in cash to a bank chief, Dauda Lawal.
Zakari said $108,310,000 was taken from the $113,310,000 and was disguised and invested in an off balance sheet investment using an asset management company owned by the bank as a special purpose vehicle.
He said the remaining $5million was conveyed in cash to another bank’s managing director “for safe keeping”.
The sum in the asset management company was allegedly converted to N23,446,300,000, which EFCC said it recovered in drafts from the bank.
It also recovered the $5million held by the bank MD.
The operative said the $40million conveyed in cash to Lawal was subsequently converted to N9,080,000,000 and retained by him.
Zakari said the N23,446,300,000, $5million and N9,080,000,000 were forfeited to the Federal Government on February 16, following an order by Justice Muslim Hassan of the same court.
According to him, the $45million was converted to naira by the bank in a bid to conceal and disguise its illicit origin.
He said EFCC received N7,646,700,000 in draft from the bank.
He recalled that the court on August 9 granted an interim order of forfeiture of the money and directed EFCC to publish the order in national newspapers to enable any person interested in it to appear in court and show cause why it should not be forfeited permanently to the Federal Government.
“The applicant has complied with the order of this court by publishing the said order on the 16th of August. It is in the interest of justice to grant this application,” Zakari said.
Justice Anka “granted the application as prayed”.
The UK’s National Crime Agency (NCA) has frozen London properties valued at £10 million allegedly bought for the former minister.
The two properties located at Regents Park in London, along with one in Buckinghamshire, have now been frozen based on the request of Nigerian authorities.
According to online news medium, Premium Times, a London court gave the freeze order in September 2016 but details of the rulings have only recently become public.
But the agency was too late in preventing a further two properties worth £8 million from being sold.
In July, the U.S. Department of Justice (DoJ) had revealed four properties it alleged were bought for the former petroleum minister by individuals and firms seeking her influence in obtaining lucrative oil assets and crude oil lifting contracts.
Some of the oil assets were assigned to people believed to be her cronies through Strategic Alliance Agreements (SAAs).
The DoJ’s affidavit stated that businessmen, Jide Omokore and Kola Aluko were involved in the purchase of two of the properties allegedly bought for Alison-Madueke.
The UK order obtained by Africa Confidential, a newsletter specialising in politics and business in Africa, has revealed that three of the properties have been frozen under the Proceeds of Crime Act.
In Abuja, Charly Boy, led protesters, who converged on the premises of the EFCC, who wielded a banner which comically read, ‘Bring Back Diezani Alison-Madueke’.
Alison-Madueke, who served in the administration of Goodluck Jonathan, has been linked to several corruption cases. Some pieces of property she allegedly own have also been seized by the government.
But the former minister insists that she has no case to answer and that the pieces of property linked to her were not hers.
Nigeria Civil Aviation Authority (NCAA) has announced plans to introduce Radio Frequency Identification (RFID) baggage tracking technology across domestic and international airport terminals to tackle the growing problem of delayed, misrouted and missing luggages
Michael Achimugu, director, Public Affairs and Consumer Protection, NCAA, disclosed this at a stakeholder engagement forum in Lagos.
Achimugu said the RFID-enabled system would replace the traditional barcode-based baggage tracking framework and provide airlines and passengers with real-time visibility of checked luggage from check-in to final collection.
According to him, the technology would improve baggage traceability, reduce mishandling and strengthen accountability across the baggage-handling chain.
Unlike conventional barcode systems, RFID technology allows baggage to be automatically scanned at multiple points without requiring direct line of sight, enabling real-time tracking of luggage throughout its journey.
Achimugu said issues involving short-landed, missing, lost or damaged baggage had remained among the major complaints from air travellers, alongside flight delays.
He said the introduction of RFID technology was therefore aimed at improving baggage-handling standards and restoring passenger confidence in the aviation sector.
The NCAA said the initiative also aligns with IATA Resolution 753, which requires airlines to track baggage at key points during the passenger journey.
The authority expects the technology to provide more accurate information on the location of luggage, facilitate quicker resolution of baggage-related complaints and improve the overall passenger experience.
The NCAA said the initiative would also strengthen accountability among airlines and other stakeholders involved in baggage handling at Nigerian airports.
eTranzact International Plc has called for increased adoption of digital payment solutions among micro, small and medium enterprises (MSMEs), saying access to technology is critical to improving business efficiency, financial inclusion and growth.
The company also said it was deepening its partnership with the Small and Medium Enterprises Development Agency of Nigeria (SMEDAN) to expand digital access and financial literacy among small businesses across the country.
In a statement, the Divisional Head, Merchant Services, eTranzact, Mrs. Abimbola Reis, stated this at the SMEDAN/eTranzact Town Hall Engagement in Lagos recently, themed, “Financial Literacy and Inclusion for MSMEs Leveraging on Fintech Innovation.”
Reis described MSMEs as the backbone of Nigeria’s economy, noting that the sector comprises almost 40 million businesses and contributes significantly to economic growth and job creation.
However, she said many businesses continue to face challenges including limited access to finance, inefficient payment systems, weak financial reporting, cash-flow constraints and inadequate access to digital platforms.
She added that trust concerns also affect businesses’ ability to access finance, while heavy reliance on cash increases exposure to theft and makes payment reconciliation more difficult.
Representing the Director-General of SMEDAN, Prof. Yinka Fisher said the town hall was aimed at generating practical ideas and solutions that would support the growth and expansion of MSMEs.
“The essence of this engagement is to share ideas and concepts that will help MSMEs thrive and expand. Our partnership with eTranzact is about expanding the frontiers of MSMEs and ensuring they continue to grow,” he said.
Also speaking, representative of the Director-General of the Nigerian Association of Chambers of Commerce, Industry, Mines and Agriculture (NACCIMA), Dr. Praise Adedigba said businesses could no longer depend solely on hard work to remain competitive.
As the world marks International Youth Day, attention once again turns to the opportunities and challenges facing young people as they prepare for work, financial independence, and adulthood.
In Nigeria, the urgency is clear. According to UNICEF, about 7% of young people aged 15–24 possess basic ICT skills, highlighting a wider gap in the skills required to participate effectively in an increasingly digital economy.
At the same time, the Federal Government, through the Federal Ministry of Youth Development, continues to prioritize skills development, job creation, entrepreneurship and social inclusion.
For PalmPay, youth empowerment goes beyond corporate social responsibility. It is an investment in the people who will shape Nigeria’s workforce, businesses and economy.
This belief is reflected in initiatives focused on financial literacy, employability, digital skills and access to opportunities.
Through its Graduate Trainee Programme, PalmPay provides young graduates with opportunities to gain workplace experience, develop professional skills and build careers in a fast-evolving industry.
The investment also extends to financial education. Through its NYSC Financial Literacy Programme, PalmPay brings practical financial education to young Nigerians at an important transition point, helping Corps members develop better habits around saving, spending, budgeting and protecting their money.
For young women, Purple Woman provides another pathway to economic empowerment, creating opportunities for internships, learning and professional development while supporting greater female participation in the technology sector.
Speaking on the importance of youth empowerment, Chika Nwosu, Managing Director of PalmPay Nigeria, said: “Nigeria’s young population is one of its greatest assets, but unlocking its potential requires access to the right skills, knowledge and opportunities. At PalmPay, we are committed to equipping young Nigerians to learn, earn and thrive in an increasingly digital economy. We believe that investing in young people today is an investment in a stronger, more inclusive Nigeria.”
These initiatives reflect a broader belief that youth empowerment is most meaningful when young people are given the knowledge, exposure and opportunities to apply what they learn.
A graduate given workplace exposure today can become tomorrow’s business leader. A Corps member who develops sound financial habits can carry those lessons into their career and personal life. A young woman given access to professional opportunities can gain the confidence, experience, and networks to create opportunities for others.
Investing in young people is a great strategy for building a stronger, more productive, and more inclusive economy.
This International Youth Day, PalmPay reaffirms its commitment to investing in young Nigerians and contributing to a broader national ambition where the young population is not just counted, but equipped, employed, empowered, and positioned to lead.
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