News
Court Okays Senate’s Rejection of Magu as EFCC Boss

The fate of Mr. Ibrahim Magu, embattled acting chairman, Economic and Financial Crimes Commission (EFCC), may have been sealed Thursday when a Federal High Court in Abuja ruled that the Senate is conferred with the authority to ensure the choice of “only suitable and credible persons for appointment to the office”.
Also, the Senate, yesterday, said it expects President Muhammadu Buhari to show respect for rule of law by removing immediately from office, Magu as acting chairman, EFCC following the court judgement which vindicated the upper house as having constitutional power to reject any nominee of the President for any appointment.
The Presidency and the Senate have been at loggerheads on the issue of Magu, with the Presidency insisting that the Senate does not have the constitutional power to reject Magu as a nominee of the President for the EFCC job.
But a Federal High Court in Abuja gave the ruling in determining the suit challenging the Senate’s authority to deny an appointee to the office of EFCC under the EFCC Act.
A copy of the judgement obtained by on Thursday revealed that Justice John Tsoho gave the ruling on January 15, 2018.
Mr Oluwatosin Ojamo, a lawyer, had filed a suit in January 2017, questioning whether the Senate President and the Senate can reject a valid appointment made by the President as it relates to Ibrahim Magu, in accordance with the provisions of the EFCC Act.
Ojamo had also questioned if the Senate can refuse to confirm any appointment made by President Buhari to the office of the anti-graft agency.
Joined as respondents in the suit are Dr Bukola Saraki, Senate President, and the Attorney-General of the Federation (AGF).
Justice Tsoho, however, held on Monday (last two weeks) that contrary to the plaintiff’s submission, section 2 subsection 3 states that the chairman and members of the commission other than the ex-officio members shall be appointed by the President and the appointment shall be subject to a confirmation of the Senate.
He noted that the use of the word “shall” in a legislation usually denotes mandatories, while the plaintiff recognises the use of the word “shall” as conferring the mandatory and unqualified powers of the President to appoint the chairman of the EFCC.
The presiding judge also held that doing otherwise would give the impression that “the Senate only exists to rubberstamp the President’s appointment of a chairman for the EFCC, and such viewpoint is misconceived and runs counter to the proper interpretation of section 2 subsection 3 of the EFCC Act.”
The Senate yesterday, urged President Buhari to, in line with the judgement, forward the name of a credible Nigerian to it for confirmation as substantive EFCC boss.
Senator Sabi Abdullahi, Senate spokesman, said that though the Senate was not the plaintiff in the matter decided by the court, the judgement, however, states clearly that the power to confirm or reject a nominee of the president for any office, absolutely belong to the Upper Chamber.
“We are pleased with this judgement and salute the judiciary for rising up to the occasion.
“With this, the Senate expect the executive to be guided by the court decision and do the needful by forwarding name of any credible Nigerian for the EFCC office. There is nothing personal in the whole thing
“The Court had ruled and all parties concerned must obey,” he said.
News
EFCC Arraigns Two FSDH Bank Officials Over $307k, €50k Fraud


EFCC
News
AfDB Supports Francophone Africa Start-ups with €6.5M

The African Development Bank Group last week approved an investment of €6.5 million in the Saviu II fund in order to support technology start-ups through their seed phase and first institutional fundraising, mainly in French-speaking Central and West Africa.

The Bank will invest €4.5 million as equity and €2 million as a first-loss hedging tranche on behalf of the European Commission, under the Boost Africa Programme.
This participation of the Bank Group will enable the Saviu II fund to give priority to companies with a strong technological or digital component.
Saviu II, the second investment vehicle of Saviu Partners, plans to invest between €500,000 and €3 million in about 20 technology or technology-oriented business-to-business start-ups in the seed phase or carrying out first institutional fundraising.
The Saviu II venture capital fund aims to make at least 60% of its commitments in the French-speaking countries of West and Central Africa: Côte d ‘Ivoire, Cameroon, Benin, Senegal, Togo, Burkina Faso and Mali.
The fund can also co-invest in promising technology companies in East Africa that have a strong team and business model, and whose strategy includes entering the market in French-speaking West African countries and establishing a strong presence there.
In addition, the fund will devote a dedicated envelope to pre-seed investments, focusing on minority equity investments, usually in co-investment with studios, incubators or other ecosystem partners.
News
Nigeria Inks $1.3bn MoU with AFC for Alumina Refinery, Mining Push

Nigerian Government has signed a $1.3 billion Memorandum of Understanding (MoU) with Africa Finance Corporation (AFC) via the Solid Minerals Development Fund (SMDF) to fund an alumina refinery, national geoscience mapping, and a strategic investment vehicle for mining growth.

Special Assistant to the Minister of Solid Minerals Development, Segun Tomori, said the refinery will process one million tonnes of bauxite yearly using a modern Bayer process, powered by an on-site gas-fired cogeneration plant.
Minister Dele Alake called it a transformative milestone boosting GDP, aligning with reforms that improve investment climate, regulations, and licensing to attract private capital. He directed agencies to fast-track permits.
The 20-year project at 95% utilization eyes 19 million tonnes total output, $1.2 billion annual GDP addition, $25 billion economic impact, and $8 billion forex earnings, per feasibility studies.
SMDF Executive Secretary Fatima Shinkafi termed it the agency’s biggest funding deal, supporting value-addition policy.
The partnership extends to geoscience mapping for mineral data, de-risking exploration, and a joint vehicle for mining assets.
Permanent Secretary Engr. Farouk Yabo praised the reforms. Shinkafi signed for government; AFC’s Franklin Edochie for the corporation, witnessed by AFC CEO Samaila Zubairu.
Tomori positioned it as Nigeria’s largest private mining investment and FDI magnet.
Telecom2 days agoSunil Bharti Mittal Conferred GSMA Lifetime Achievement Award for Transforming Global Telecommunications
Telecom2 days agoWhy Digital Trust Matters: Secure, Responsible AI for African SMEs?
General News2 days agoKrishnan Exits Africa Data Centre to Embark on Professional Chapter
E-Business2 days agoJumia Tech Week 2026 Begins with Tech Deals on Smartphones, Electronics, and Everyday Technology
E-Financial1 day agoNRS Targets N40trillion in Tax, Royalty Revenue in 2026
Broadcasting2 days agoNCAA Orders Overland Airways to Refund VAT Charged on 2025 Tickets
Telecom2 days agoHouse Probes Fintech Regulation via Public Hearing on New Commission Bill
E-Financial1 day agoSEC Revokes Registration of Kensington Agro Trading Limited












