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Breaking:Alleged N109bn Fraud, Court Revokes Ex-AGF Bail

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Justice Yusuf Halilu of an FCT, Maitama, Abuja, on Tuesday revoked the bail earlier granted a former Accountant-General of the Federation, Ahmed Idris and one of the defendants in the trial of over an alleged fraudulent diversion of public fund to the tune of N109.5 Billion

The defendant, Geoffrey Olusegun Akindele’s bail was revoked by the judge following his non-appearance in court for continuation of trial.

Mr Akindele, who is the second defendant in the case marked, CR/199/2022, and Idris are standing trial alongside Mohammed Kudu Usman and Gezawa Commodity Market and Exchange Limited.

The Economic and financial crimes commission, EFCC, dragged them to court on a 14-count charge bordering on stealing, fraudulent diversion of public fund to the tune of N109.5 billion.

Idris, among others, was alleged to have between February and December 2021, while being a public servant by virtue of his position as Accountant-General of the Federation accepted from Olusegun Akindele, the second defendant, a gratification of the aggregate sum of N15, 136, 221, 921.46, which was converted to dollars equivalent by Akindele.

The money, according to the prosecution, did not form part of Idris’s remuneration but a motive for accelerating the payment of 13% derivation to nine oil producing states in the federation through the Office of the Accountant-General of the Federation.

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EFCC alleged they thereby committed an offence contrary to Section 155 of the Penal Code Act Cap 533 Laws of the Federation of Nigeria 1990 and punishable under the same section.

Messrs Idris and Akindele, who was Technical Assistant to the Accountant-General of the Federation, were accused of committing criminal breach of trust while being entrusted with certain property, to wit N84,390,000,000 between Feb. and Nov. 2021 by dishonestly receiving the said amount from the Federal Government through Godfrey Olusegun Akindele, trading under the name and style of Olusegun Akindele & Co.

By this, according to EFCC, the first and second defendants were alleged to have committed an offence punishable under Section 315 of the Penal Code Act Cap 532 Laws of the Federation of Nigeria.

The defendants, however, pleaded not guilty to the charges preferred against them by the anti-corruption commission.

At the resumed hearing of the matter on Tuesday, Mr Akindele was absent in court as of the time the case was called, though Idris and Usman were in court.

Despite pleas by counsel for Mr Akindele, S.E. Adino that his client was on the way to court, submitting that he (Akindele) has always been in court to face trial, Justice Halilu insisted on revoking the second defendant’s bail.

The judge held that after listening to what Adino said, when a court grants a defendant bail, such person must reciprocate the gesture by attending court for trial.

He added that, Mr Akindele had clearly not shown good character and conduct by his refusal to attend court.

”The second defendant had abuse the terms of his bail.”

Mr Halilu subsequently revoked his bail and ordered the FCT Commissioner of Police and the EFCC to arrest Mr Akindele and produce him in court in the next adjourned date.

He then adjourned the case until February 1, 2024 for definite hearing.

Earlier, the prosecuting counsel, Oluwaleke Atolagbe, had informed the court that the prosecution received a letter from counsel for Idris and did not receive any from the counsel for Gezawa Commodity Market and Exchange Limited.

Mr Atolagbe said despite the fact that there were competent lawyers in the office of Idris’ lawyer, none of them announced appearance for the former Accountant-General of the Federation.

He added that he saw two lawyers from the office yesterday morning in court, saying that, “This is not fair on the prosecution. It is definitely a ploy to delay trial.”

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NANS-RN Disowns Alleged ‘President’, Warns Public Against Impostor

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The recognised leadership of the National Association of Nigerian Students, Republic of Niger Chapter (NANS-RN), has distanced itself from one Abubakar Muhammad Uwaisu, accusing him of falsely parading himself as the “National President” of the association.
In a press disclaimer issued by the association’s Secretary General, Comrade Mustapha Y. Haruna, the group described Uwaisu’s claim as “false, baseless, and a deliberate act of impersonation and misrepresentation.”

The association stated that Uwaisu “is not, and has never been” its president, urging the public, media organisations, government agencies, and diplomatic stakeholders to disregard any statements or representations made by him in that capacity.

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NANS-RN further alleged that Uwaisu lacks the qualifications and institutional backing required to assume any leadership role within the body, noting that leadership within the association is based on due process, legitimacy, and the confidence of its members.

The statement also raised concerns about alleged conduct attributed to Uwaisu, including remarks directed at Musa S. Mamman, Secretary General of the Nigeria–Niger Joint Commission, whom the association described as a respected diplomat with a record of national service.

The association cautioned key institutions such as the National Youth Service Corps and the Federal Ministry of Education against engaging with Uwaisu under any official pretence, emphasising that he does not represent Nigerian students in the Republic of Niger.

Reaffirming its commitment to protecting the integrity and unity of the student body, the leadership said it would pursue all lawful measures to safeguard the association’s image.

It also urged stakeholders to verify official communications through recognised NANS-RN channels to avoid being misled.

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UAE to Withdraw from OPEC Effective May 1, 2026

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By Yusuf Danjuma Yunusa

The United Arab Emirates (UAE) announced on Tuesday that it will withdraw from the Organization of the Petroleum Exporting Countries (OPEC) and the broader OPEC+ alliance, effective May 1, 2026.

The decision, reported by a Dubai-based local media outlet, stems from the UAE’s long-term strategic and economic vision as its energy profile evolves. This includes accelerated investments in domestic energy production, following a comprehensive review of the country’s current and future production capacity, as well as its overall output policy.

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“This would be based on the UAE’s national interest and commitment to contributing effectively to meeting the market’s pressing needs,” the report added.

The UAE stated that it will continue to act as a responsible and reliable energy supplier, bringing additional production to the market gradually and measuredly, in line with demand and market conditions.

The Emirates also reaffirmed its commitment to investing across the entire energy value chain—including oil and gas, renewables, and low-carbon solutions—and to working with partners to ensure stable global supply.

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Abe Resumes as NUPRC Board Chairman, Pledges Improved Leadership

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By Yusuf Danjuma Yunusa

Senator Magnus Abe officially resumed as Chairman of the Board of the Nigerian Upstream Petroleum Regulatory Commission (NUPRC) today, vowing to enhance the regulatory body’s capacity to fulfill its statutory mandate.

Speaking at the Commission’s headquarters shortly after his inauguration, Abe promised to provide stronger leadership and oversight while also committing to securing a more befitting office for the NUPRC to maximize staff productivity.

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“I want to assure management that we are here strategically to work with you and see that, as much as possible, we work together to uplift the Commission and to help our country,” Abe said.

The Chairman emphasized that the board’s core purpose is to deliver better leadership and oversight to the regulatory agency.

In her remarks, NUPRC Commission Chief Executive Mrs. Oritsemeyiwa Eyesan congratulated the new board members, noting that the Commission depends on them for direction in line with the Petroleum Industry Act.

Eyesan described the inauguration as coming at a “most auspicious moment,” particularly amid the current spike in oil and gas prices triggered by the ongoing Middle East crisis.

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