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Another $44m Develops Wings @ NIA

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Another $44 million has reportedly vanished from the vault of the National Intelligence Agency (NIA).

 

This comes months after N13 billion belonging to the agency was found in an Ikoyi apartment belonging to Ayo Oke, immediate past Director General of the agency,. DailyTrust revealed the recent development. Read how it was reported below

 

Two months after Ambassador Ayodele Oke was sacked as Director General of the National Intelligence Agency [NIA] and two days after Ahmed Rufa’i Abubakar was appointed as its new DG, another scandal hit the intelligence agency at the weekend when $44million in cash kept in its vaults in Abuja was removed to an unknown destination. Daily Trust on Sunday learnt from top security sources that the money was surreptitiously removed even before the agency’s new DG resumes duty.

 

Tracing the origin of the money, the sources disclosed that the Jonathan administration released over $260million to NIA as General Intervention Fund. At the time Federal Government launched an investigation into the funds last year, only the cash discovered in Lagos and the $44million lying in the Abuja vault remained to be expended out of the original $260million, the sources said.

 

As soon as it started its probe, the Osinbajo-led committee directed that the money must remain in NIA’s vault as exhibit, Daily Trust on Sunday learnt.The sources however said, “While the money remained in the vault, certain powerful forces mounted pressure on the acting DG, Ambassador Mohammed Dauda, who was redeployed from Chad, to use the money since it is the property of the NIA but the acting DG refused.”

 

According to our sources, the “powerful forces” pushed very hard for the money to be tampered with, saying government had forgotten all about it, but for the firm resistance of the outgoing acting DG.

 

Our sources added, “But barely two days after President Buhari named a substantive head for the agency, a black bullion van was dispatched to NIA and the money was removed to an unknown destination around 6am on Friday. The team that removed the money was accompanied by a serving military officer who was posted to the intelligence outfit months ago as the finance officer.” The total amount of money that was taken away from NIA’s vaults on Friday was $44,285,996.

 

Daily Trust on Sunday learnt that the $43million that former DG Ambassador Ayodele Oke kept at an Ikoyi apartment was part of the funds earlier released to NIA by the Federal Government as General Intervention Fund. Oke was fired from his job in October last year, six months after he was handed an indefinite suspension following the discovery of the money at an Ikoyi apartment by the Economic and Financial Crimes Commission, EFCC. When a whistle blower led EFCC to the money, NIA under Oke said the money belonged to it and was meant for unspecified undercover operations.

 

An investigative panel headed by Vice President Yemi Osinbajo probed the matter and turned in a report to President Muhammadu Buhari which indicted Oke in the scandal. Weeks after he received the report, Buhari announced in October last year that he had accepted its recommendation to terminate Oke’s appointment.

 

Secretary to the Government of the Federation [SGF] Babachir David Lawal was also sacked on the same day based on the same committee’s report, though for a separate offence. Apart from Osinbajo, other committee members were National Security Adviser Major General Mohammed Monguno and Attorney General of the Federation and Minister of Justice Abubakar Malami, SAN.

 

When Daily Trust on Sunday contacted the acting DG Ambassador Mohammed Dauda yesterday, he neither denied nor confirmed the allegation that money was moved from NIA’s vaults.

 

He however promised to investigate the matter and get back to us, but did not do so before we went to press.


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UK Appoints Peter Vowles as British High Commissioner to Nigeria

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The UK Government has announced the appointment of Mr Peter Vowles as the next British High Commissioner to the Federal Republic of Nigeria.

Mr Vowles succeeds Dr Richard Montgomery CMG and is expected to take up his post in Abuja in September 2026. Dr Montgomery remains in post until that time.

Mr Vowles brings extensive diplomatic and development experience to the role, having served as His Majesty’s Ambassador to Zimbabwe from 2023 to 2026 and previously as Ambassador to Myanmar from 2021 to 2022.

He has held senior leadership positions across the FCDO and its predecessor department DFID, including as Transformation Director and Director for Asia, Caribbean and Overseas Territories.

Earlier in his career, Mr Vowles worked in international development across South Asia, Central Africa and East Africa, including postings in Bangladesh, India, the Democratic Republic of Congo and Kenya. He began his career in Zimbabwe, where he worked in education and development.

Peter Vowles said: “I am honoured to be appointed as British High Commissioner to Nigeria. Nigeria is a country of immense importance to the United Kingdom, and I look forward to working closely with Nigerian partners to strengthen our relationship across trade, development and security.”


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Nigeria’s Apapa, Tin Can Ports Make Global Top 20 Improvement List

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World Bank has ranked the Apapa and Tin Can Island Port complexes in Lagos among the world’s 20 most improved ports in its 2025 Container Port Performance Index (CPPI), released in June 2026.

Nigeria’s Apapa, Tin Can Ports Make Global Top 20 Improvement List

The ranking places both ports in the “Top 20 Port Improvement Since 2020” category, reflecting significant gains in operational efficiency and vessel turnaround time.

The CPPI is a global benchmark used to assess the efficiency of container ports based on factors such as cargo handling speed, ship turnaround time and overall logistics performance.

According to the report, the improvement highlights ongoing reforms and modernization efforts within Nigeria’s maritime sector.

The Managing Director of the Nigerian Ports Authority (NPA), Mr Abubakar Dantsoho, attributed the recognition to ongoing policy reforms and infrastructure upgrades in the sector.

He said the development reflects the impact of economic policies of President Bola Tinubu and the support of the Minister of Marine and Blue Economy, Mr Adegboyega Oyetola.

“With the investor-friendly policies of President Bola Ahmed Tinubu providing the impetus for increased investment to drive our port infrastructure and equipment modernisation programme, coupled with the unflinching support of the Honourable Minister of Marine and Blue Economy, Adegboyega Oyetola, we have all it takes to further enhance trade facilitation, improve competitiveness and boost the national economy,” he said.

The NPA said the recognition is expected to strengthen investor confidence in Nigeria’s maritime sector and enhance the country’s position as a regional trade and logistics hub.

It noted that improvements in port operations are already contributing to increased efficiency in cargo movement and reduced delays at key terminals.

The authority also pointed to ongoing efforts to modernise port infrastructure and expand digital systems aimed at improving service delivery.

Earlier in February 2026, the NPA said the federal government had intensified efforts to position Nigeria as a leading maritime destination through port rehabilitation and modernization projects.

It also highlighted public-private partnership initiatives, including developments at the Lekki Deep Sea Port, as part of broader reforms aimed at improving efficiency and attracting investment.

The CPPI ranking is expected to further boost Nigeria’s maritime profile and encourage additional investment in the sector.


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PalmPay Joins Industry Leaders @ Digital Pay Expo 2026

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As digital payment adoption continues to grow across Nigeria and emerging markets, the next phase will depend not just on innovation, but on the strength, reliability, and trustworthiness of the infrastructure behind it.

While the ecosystem has made clear progress in recent years, trust remains a critical issue for users, businesses, and operators alike. Questions around resilience, security, interoperability and transaction reliability continue to shape how the market evolves and how confidently digital payments can scale.

These issues will be central to the deliberations at Digital Pay Expo 2026, where fintech leaders, payment operators, and other ecosystem stakeholders will gather under the theme, “Seamless Digital: Fostering Pan-African Market Expansion in the Era of AI.”

PalmPay’s participation reflects its continued commitment to building trusted and scalable payment infrastructure, while contributing to the broader industry efforts to strengthen systems, standards, and partnerships needed to support long-term ecosystem growth.

Speaking ahead of the event, Olorunfemi Hanson, Head of Marketing and Communications at PalmPay Nigeria, said: “As the financial services ecosystem continues to grow, trust and reliability become even more important.

“The industry’s next phase will be shaped not only by innovation, but by the strength of the infrastructure supporting it. Digital Pay Expo provides an important platform to address the resilience, interoperability, and trust issues that will shape the future of digital payments growth across Africa.”

The event, scheduled to be held from the 17th to the 18th of June, 2026, will feature Chika Nwosu, Managing Director of PalmPay Nigeria, alongside other distinguished guests, including the Director-General, Payment System Management Department (PSMD), Central Bank of Nigeria. The event will examine how the industry can balance innovation, regulation, and scalability while strengthening trust across the digital payments value chain.

For PalmPay, this event reinforces its role in supporting a more resilient, secure and scalable payments ecosystem for Nigeria and emerging markets more broadly.


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