Economic and Financial Crimes Commission (EFCC,) insisted on Monday at the High Court of the Federal Capital Territory that the signatures of late President Muhammadu Buhari and former Boss Mustapha, secretary to the Government of the Federation (SGF), were forged by unscrupulous Nigerians to defraud the country of $6,230,000.

 Mr Godwin Emefiele, former CBN governor

Mr Chinedu Eneanya, assistant commander II, EFCC, told the court that five officials of the Central Bank of Nigeria (CBN) moved the money out of the apex bank under the guise that it was meant for the payment of foreign election observers in the 2023 general elections.

The anti-graft agency testified on Monday at the resumed trial of  Mr Godwin Emefiele, former CBN governor, on a 20-count charge of criminal breach of trust brought against him by the federal government.

Emefiele is being prosecuted by the EFCC in the charge marked FCT/HC/CR/577/2023.

He is standing trial on an amended 20-count charge bordering on criminal breach of trust, forgery, abuse of office, conspiracy to obtain by false pretence, and obtaining money by false pretence while serving as CBN governor.

Emefiele was, among others, alleged to have knowingly obtained by false pretence the sum of $6,230,000 purportedly meant for international election observers for the 2023 general election.

The EFCC accused him of conferring corrupt advantages on two companies — April 1616 Nigeria Ltd and Architekon Nigeria Ltd.

He, however, pleaded not guilty to the charges during his arraignment.

At Monday’s proceedings, Chinedu Eneanya, who served on the probe panel, was called to testify as the 13th prosecution witness (PW13).

In his evidence-in-chief, the witness told the court that his team was assigned to investigate the matter.

“The investigation revealed that the money, $6.2 million, was removed from the coffers of the CBN for a purported funding of foreign observers for the 2023 elections.”

He told the court that those connected with the movement of the fund were interviewed.

The witness said documents were recovered from the CBN regarding the release of the money.

Eneanya told the court that investigations also revealed that the signatures of the then President, Muhammadu Buhari, and then Secretary to the Government of the Federation (SGF), Boss Mustapha, were forged to collect the money.

He said forensic examination was carried out, which established that the two signatures were forged.

Drama, however, ensued during cross-examination by Mathew Burkaa, SAN, counsel to Emefiele, when the witness admitted that forensic examination was not carried out on Emefiele’s signature despite Emefiele’s claim that his signature was also forged by the culprits.

The witness said five CBN officers signed the internal memo that authorised the release of the money and that none of them is standing trial alongside Emefiele, but were only suspended by the CBN.

The witness told the court that he was not the one who took Emefiele’s extra-judicial statements.

When asked if any of the investigators established that Emefiele received any money, he said Emefiele’s lawyer, Ifeanyi Omeke, said he received money on behalf of Emefiele, but that he did not interview Emefiele on the claim.

Earlier, Emefiele’s counsel had frowned at bringing another Investigating Police Officer (IPO) on the ground that the witness would say the same thing said by two other IPOs.

He also drew the attention of the court to the last proceedings where the EFCC told the court that it was bringing its last witness.

“We understand their strategy. It seems they are ridiculing the court. All the same, we are ready to go on.”

Emefiele, through his counsel, applied for the foreclosure of the EFCC’s case after prosecution counsel, Rotimi Oyedepo, SAN, told the court that he was not sure of bringing two witnesses on April 28.

Oyedepo informed the court that the EFCC was yet to obtain the subpoena from the court and that the witnesses were outside jurisdiction in Benin and Lagos.

When the court asked the prosecution how many more witnesses it intended to call, Oyedepo said two more and mentioned their names as Jim Obessa and CP Eloho Okpozikbo.

The court then asked the prosecution to bring all the witnesses between April 27 and 28.

At this point, Burkaa applied to the court that the EFCC’s case be foreclosed if it failed to bring the two remaining witnesses to court on April 28.

“If the witnesses do not come on April 28, we apply that they should be foreclosed. Justice is both for the prosecution and the defendant.

“This is an antic by the prosecution to put maximum hardship on the defendant. Please let it be on record that the prosecution has severally brought out this scenario,” he said.

Responding, Oyedepo told the court that he was not there to be a clog in the expeditious trial of the case and prayed the court to refuse the application to shut the doors against the prosecution.

Justice Hamza Muazu advised parties to reserve their arguments till their final addresses and directed Oyedepo to go to the court registrar for the signing of the subpoena.

Justice Muazu then adjourned till April 28 for continuation of trial.

Dr. Olasupo Olusi, the Managing Director of the Bank of Industry (BOI), has challenged Nigeria to urgently convert its vast reservoir of talent into measurable productivity, declaring that the nation’s economic future depends less on potential and more on deliberate organisation of skills, technology, and capital.

Delivering the 18th Convocation Lecture at Ladoke Akintola University of Technology (LAUTECH), Ogbomosho, Oyo State, Olusi presented a sweeping diagnosis of Nigeria’s economic paradox – abundant human capital, yet underwhelming output – while positioning technology as the critical bridge between the two.

Olusi argued that Nigeria’s problem is not a shortage of talent but the failure to translate that talent into economic value. According to him, productivity, defined as output relative to input, remains the missing link between effort and impact in the country’s development trajectory.

“Nigeria’s challenge is not necessarily to produce more talents. The challenge is to organise that talent pool into productivity,” he said, adding that while Nigerians are globally competitive, systemic inefficiencies continue to limit economic outcomes.

He drew attention to comparative data showing Nigeria trailing peer economies in manufacturing output and agricultural yields, despite possessing similar starting advantages decades ago. The implication, he noted, is clear: the country must rethink how it deploys its resources.

Anchoring his argument on technology, Olusi pointed to ongoing transformations across sectors – from financial technology platforms expanding access to credit, to precision agriculture solutions improving yields and incomes. These examples, he said, demonstrate how innovation can amplify human effort and unlock productivity gains at scale.

“Technology does not replace human effort. It multiplies it, and that is the bridge between talent and productivity,” Olusi stated, urging Nigerian universities to move beyond theoretical knowledge and focus on producing practical, scalable solutions to real economic challenges.

He specifically called on institutions like LAUTECH to lead the charge in innovation, stressing that universities must become engines of production by linking research directly to industry and markets.

Speaking on the role of development finance, Olusi outlined the strategic repositioning of the Bank of Industry to support technology-led growth. He revealed that BOI is embedding digital transformation at the core of its 2025–2027 strategy, with a focus on accelerating access to finance, supporting innovation, and building enterprise capacity.

A key initiative, he disclosed, is the launch of a digital loan application platform scheduled for June 2026, which will enable entrepreneurs to access funding more efficiently.

“If technology multiplies productivity, then development finance must be organised to accelerate technology adoption. Without capital, talent and technology remain mere potential. With it, they become production,” he said.

Olusi highlighted several BOI-backed interventions across manufacturing, agriculture, infrastructure, and sustainability, noting that the Bank is increasingly financing technology upgrades that enable businesses to scale, compete globally, and create jobs.

He also underscored the need to strengthen the link between academia and industry, announcing plans for an Industrial Innovation Fund aimed at bridging the gap between research and commercialisation. In addition, he disclosed a proposed student venture capital grant programme designed to support young innovators with funding of up to ₦50 million.

Addressing the graduating students, Olusi urged them to prioritise problem-solving, production, and integrity, while encouraging those considering migration to remain connected to Nigeria’s development.

“This nation is still under construction, and she needs her most capable people,” he said, noting that meaningful transformation will occur not in theory but through practical engagement in farms, factories, and enterprises.

Olusi expressed confidence in Nigeria’s economic outlook, pointing to ongoing reforms and increased investment in digital skills, innovation, and infrastructure as signs of progress.

“I am optimistic about Nigeria, not because the challenges are small, but because I have seen what Nigerians achieve when the right systems are in place. The journey from talent to productivity is not a slogan. It is the work of a generation,” he said.

He concluded with a direct charge to the graduates and the broader Nigerian youth, whom he described as central to the country’s future.

“The question is not whether this transformation will happen. The question is who will do it. And the answer is sitting here. You are the builders. Go and build.”

Consumer advocates, health professionals and policymakers have called for urgent regulatory reforms to eliminate added sugars in infant foods, warning that current standards may be exposing Nigerian babies to avoidable long-term health risks.

Chiso Ndukwe-Okafor, Executive Director of CADEF

The call was made on Thursday at a high-level stakeholders’ meeting in Abuja organised by the Consumer Advocacy and Empowerment Foundation (CADEF) in partnership with Public Eye, where new findings on sugar content in baby foods triggered widespread concern.

Public Eye’s research focused on Cerelac, Nestlé’s widely consumed infant cereal across Africa. Laboratory tests on nearly 100 samples purchased in over 20 African countries revealed that 94 per cent contained added sugar. On average, products recorded about 6 grams of added sugar per serving equivalent to roughly one and a half sugar cubes with some markets reaching between 7 and 7.5 grams. Nigerian samples averaged 5 grams, with peaks of 6.1 grams.

The figures refer strictly to sugar added during manufacturing and exclude naturally occurring sugars present in ingredients such as grains, fruits and milk.

Nestlé however maintained that its products comply with local regulations and are fortified to address nutritional deficiencies.

However, the company has not explained why sugar-free formulations are available in Europe while African markets receive variants containing added sugar.

Opening the session, Chiso Ndukwe-Okafor, Executive Director of CADEF, stressed that the advocacy is not targeted at any single company but aimed at safeguarding children’s health and advancing a zero-added-sugar standard for infant foods in Nigeria.

“African babies are being fed sugar Europe would never accept,” she said, highlighting disparities in product formulations across regions.

Citing the findings, she noted that some cereal-based infant foods contain “over four grams, almost five grams of sugar,” but clarified that manufacturers are not breaching existing laws.

“They are complying with current regulations, which are based on Codex standards developed over 30 years ago,” she said, pointing to the outdated nature of the framework as the core issue.

She urged regulatory authorities to align national standards with current global health recommendations.

CADEF warned that early exposure to added sugars can shape children’s taste preferences and increase their risk of obesity, diabetes, dental disease and other non-communicable conditions later in life echoing guidance from the World Health Organization, which advises against added sugars in infant foods.

While acknowledging that existing sugar levels fall within Nigeria’s Codex-based standards, the organisation argued that the framework is no longer sufficient to protect infant nutrition.

It clarified that its concerns relate specifically to sugars deliberately added as sweeteners or enhancers, not naturally occurring sugars in raw ingredients.

Stakeholders at the meeting called on key regulators including the Standards Organisation of Nigeria (SON) and the National Agency for Food and Drug Administration and Control (NAFDAC) to review existing standards and enforce clearer, more transparent labelling requirements.

CADEF emphasised that parents deserve accurate, easy-to-understand information when making nutritional choices, noting that Nigerian consumers should enjoy the same level of product quality and protection available in other markets.

Among its recommendations is the introduction of mandatory front-of-pack labelling that clearly identifies and distinguishes sources of sugar, alongside policies to drive reformulation toward zero added sugar.

“We need front-of-pack labelling in simple language that separates the source of sugar on each product,” Ndukwe-Okafor said, adding that regulators and paediatric stakeholders expressed support for reform.

Also speaking, Adeyemo Adebayo of the Nutrition Division at the Federal Ministry of Health stressed that policy reforms must be complemented by sustained public advocacy to achieve meaningful impact.

He called for broader health education efforts beyond formal legislation, including engagement with traditional and religious leaders to drive grassroots awareness that infants do not require added sugar.

Jubril Mohammed, representing the Standards Organisation of Nigeria, said the agency’s role is to facilitate consensus-driven standards rather than impose unilateral decisions.

He noted that proposals such as eliminating added sugar must be backed by evidence and stakeholder agreement, adding that review processes can take up to a year.

He, however, expressed the agency’s willingness to collaborate with CADEF.

From a clinical perspective, Dr. Anthony Bawa, representing the Paediatric Association of Nigeria (PAN), called for stronger multi-sector collaboration involving academia, health institutions and lawmakers to address the risks associated with added sugars in infant diets.

He emphasised the importance of National Assembly involvement in enacting effective legislation to protect children’s health.

The meeting also highlighted international precedents. In India, sustained advocacy and regulatory pressure have compelled manufacturers to introduce multiple no-added-sugar variants of infant foods, demonstrating that reform is achievable.

As interim guidance, advocates urged parents to limit processed foods, avoid sugary drinks and sweets for young children, and prioritise natural options such as fruits.

“Don’t give children soft drinks. Don’t give them sweets,” Ndukwe-Okafor advised, recommending healthier alternatives like bananas and mangoes.

The coalition said it will engage senior policymakers and the National Assembly to push for stricter regulations, including a zero-added-sugar benchmark for infant foods in Nigeria.

Stakeholders agreed that a combination of regulatory reform, industry accountability and consumer education will be critical to safeguarding infant health and securing a healthier future.