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Senate accuses CBN of frustrating N30tn Ways and Means probe

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The Senate Ad-hoc Committee Investigating Ways and Means has slammed the Central Bank of Nigeria, CBN, for frustrating its investigation into the N30 trillion facility provided to the last administration from 2015 to 2023.

The chairman of the ad-hoc committee,
Senator Jibrin Isah Echoch, made the accusation after receiving an interim report from consultants commissioned to investigate the matter.

He said the committee was mandated to investigate how the Ways and Means facility was utilized by the past administration, particularly as it affects the government’s cover for budget deficits.

DAILY POST recalled that on 20th February, 2024, the Nigerian Senate passed a resolution to investigate the use of the facility by former President Muhammadu Buhari’s administration.

Senator Isah attributed the food scarcity and security challenges bedeviling the country to unnecessary overdraft from the nation’s coffers by the former Governor of the Central Bank of Nigeria, Godwin Emefiele.

He said the committee’s mandate was to unravel the utilization of funds, highlighting that “the details of the spending was deliberately shielded away from the National Assembly”.

The lawmaker lamented the uncooperative stance of the Central Bank of Nigeria in providing the necessary documents for the consultants to carry out their job.

Jibrin said, “None of the documents was submitted to us. We will not allow you to attend the next meeting because you have been coming here for the same reason.

“The least likely person that will attend the next meeting should be a deputy governor of CBN. What you are telling us is not the truth. We have not received the documents. I don’t want to deceive the public here.”

Jibrin further stated that the goal of his committee was to produce a report as quickly as possible, but expressed frustration that their efforts were being hindered by the actions of the CBN.

He said, “The information we have here is not different from what we have had all along.

“What we did was to hand over the documents to the consultants, and when the consultants made available to us this interim report, our intention was to hold onto the interim report on the final report.

“We have now been compelled to make available this interim report to the general public so that we let them know where the problem is.

“The problem is that the Central Bank of Nigeria has consistently denied us the documents that we need to complete this assignment. That is the truth. I was at the CBN sometimes, I met Bala the deputy governor and they promised but nothing came out of it.

“The clerk has been there several times. Nothing has come out of it.

“The consultants themselves even took it upon themselves to go with CBN directly, because we introduced them to CBN and nothing has come out of it.

“So let the Nigerian public know that this assignment has been hindered by the Central Bank of Nigeria. They will deny those documents. After this, you must avail us, or avail the consultants, all the documents that they require to complete this assignment.

“The reason for this meeting is to let everybody know why we have not been able to finish this assignment and it looks as if we have compromised. The answer is that we have not.”

He clarified that despite the challenges, the committee is committed to uncovering how the money was spent.

Reacting, the Director of Banking Services, Hamisu Abdullahi, who represented the Governor of the Central Bank, Olayemi Cardoso, said the apex bank did provide all necessary documents to the consultants.

The chairman of the committee insisted that preliminary reports show that there are major infractions, especially on the part of the Central Bank of Nigeria.

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My life is in danger, NAFDAC DG  Prof. Mojisola Adeyeye cries out.

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The Director General of the National Agency for Food and Drug Administration and Control (NAFDAC), Prof. Mojisola Adeyeye, on Wednesday raised the alarm over threats to her life and that of the agency’s staff, calling on the authorities to protect the operatives who daily navigate a great deal of hazards while carrying out their assigned responsibilities.

 

This comes as the NAFDAC boss prescribed the death penalty for counterfeit and illicit drug peddlers in the country.

 

Prof. Adeyeye addressed newsmen at the Presidential Villa, Abuja, where she had gone to speak on the agency’s recent large-scale enforcement operation across three major open drug markets—Onitsha, Aba, and Lagos—describing it as the biggest in NAFDAC’s history. She also disclosed that the value of the seized illicit and fake drugs was estimated at about N1 trillion.

 

Recall that Prof. Dora Akunyili was haunted by drug cartels due to her relentless efforts to combat counterfeit drugs in Nigeria during her tenure as the Director-General of NAFDAC from 2001 to 2009.

 

Her personal motivation stemmed from the death of her sister, who died after receiving fake insulin. Akunyili’s campaigns led to the closure of open-air medicine markets and the confiscation of large quantities of fake drugs, which earned her numerous threats and an assassination attempt in 2003.

Her actions significantly disrupted the operations of drug cartels, making her a target for retaliation.

 

Narrating the agency’s challenges, the NAFDAC DG said, “I told you about the attempted murder about six months ago. One of our staff in Kano—his child was kidnapped because the father was doing what he was supposed to do. Fortunately, the child escaped.

 

“For me, I have two policemen living in my house 24/7 in Abuja and Lagos. I don’t have a life. I cannot go anywhere without police, and to me, that is not my way of living. But I don’t have a choice because we’ve got to save our country. Nonetheless, I also use common sense.”

 

Meanwhile, the NAFDAC DG explained that the seized consignments of banned, expired, unregistered, substandard, and falsified medical products will be destroyed publicly in each of the locations where they were seized after the exercise.

 

She called for speedy work by the National Assembly to expedite the amendment of NAFDAC ACT NI LFN and Counterfeit and Fake Drugs and Unwholesome Processed Foods C34 ACT to include LIFE SENTENCE & DEATH PENALTY in the penalties for crimes committed under these Acts.

 

“With the signing into law of the Proceeds of Crime Act (POCA) for the forfeiture of assets, the assets recovered from suspects will be treated as proceeds of crime after their conviction by the courts.

 

“We use this opportunity to call on the National Assembly to expedite the amendment of NAFDAC ACT NI LFN and Counterfeit and Fake Drugs and Unwholesome Processed Foods C34 ACT to include LIFE SENTENCE & DEATH PENALTY in the penalties for crimes committed under these Acts,” she stated.

 

Adeyeye described the exercise as “purely an enforcement operation to protect public health and rid our country of falsified and substandard medical products.”

 

“Many people are dying, and many have died as a result of the activities of fake drug peddlers.”

 

Shedding more light, Prof. Adeyeye said the ongoing crackdown on the illicit drug trade by operatives of the agency has also resulted in the seizure of 87 truckloads of banned, expired, and substandard medical products, including USAID and UNFPA-donated antiretroviral drugs, male and female condoms.

 

She said the value of the seizures is at least N1 trillion and could be much higher after assessment.

 

The operation was executed in Ariaria and Eziukwu Markets (Aba), Bridge Head Market (Onitsha), and Idumota Drug Market (Lagos).

 

She said it was part of NAFDAC’s National Action Plan (NAP 2.0) 2023-2027, aimed at eliminating counterfeit medicines, improving regulatory compliance, and safeguarding public health.

 

Prof. Adeyeye revealed that the exercise, which commenced on February 9, 2025, involved 1,100 security operatives, including military personnel, police, and Department of State Services (DSS) agents.

 

According to her, the security forces cordoned off the markets to prevent traders from concealing or smuggling out illegal products.

 

She affirmed that the operation uncovered shocking violations of drug storage and distribution regulations, including “diverted donated medical supplies: Large quantities of USAID and UNFPA-donated antiretroviral drugs and condoms, meant to support Nigeria’s HIV/AIDS response, were found expired and repackaged for sale. These life-saving medications were either improperly stored or deliberately resold for profit, undermining global efforts to combat HIV/AIDS in Nigeria. Significant volumes of Tramadol, Flunitrazepam (Rohypnol), Nitrazepam, and Diazepam—drugs linked to rising drug abuse, crime, and insecurity—were seized.”

 

The Director General said the sheer volume of these narcotics was deemed sufficient to destabilize national security.

 

Also, the NAFDAC boss said a large quantity of Tafradol, recently banned in India after a BBC undercover investigation exposed its illicit export to Africa, was discovered in Onitsha.

 

According to her, the drug, unapproved anywhere in the world, has been widely abused in Nigeria.

 

Prof. Adeyeye noted that vaccines, prescription medicines, and thermolabile drugs (requiring cold storage) were found stacked in toilets, staircases, and rooftops at dangerously high temperatures.

 

Similarly, Oxytocin injections and other essential medicines were stored under extreme heat, rendering them ineffective and potentially harmful.

 

Some warehouses were packed with pharmaceuticals in rooms with no windows, where temperatures could reach 40°C, accelerating chemical degradation.

 

On fake, expired, and unregistered drugs, she disclosed that banned and expired drugs were hidden in plumbing and wood plank sections of Onitsha’s Bridge Head Market, far from the authorities’ usual focus, while unregistered and falsified products were found in over 7,000 shops screened during the operation.

 

The Director General announced that so far, 40 arrests have been made, with suspects facing prosecution.

 

The National Security Adviser (NSA), Mallam Nuhu Ribadu, coordinated security forces for the operation, ensuring strict compliance.

 

She also said a database of the offending shops and their owners has been compiled for further legal action.

 

According to her, the seized drugs will be publicly destroyed in the three cities after the exercise.

 

She spoke of plans by NAFDAC and the Pharmacy Council of Nigeria (PCN) to relocate all open drug markets within the next year to six Coordinated Wholesale Centres (CWCs), one per geopolitical zone.

 

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$3.5m Nigerian tech startup ceases operation, returns capital to investors

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After three years in operation, Nigerian education technology startup Edukoya has ended operations, saying poor infrastructure and economic challenges made it impossible to scale.

The startup which secured Africa’s largest pre-seed funding of $3.5 million in 2021, said it will return capital to investors rather than persist in what it described as an unsustainable market environment.

In a statement on Wednesday , the startup said despite its early success, it faced fundamental adoption challenges, including limited internet penetration, high device costs, and declining disposable incomes that undermined its target audience’s ability to pay for digital education services.

Unveiled to revolutionise digital learning for K-12 (primary and secondary) students, Edukoya rapidly gained traction, onboarding over 80,000 students, facilitating millions of practice questions, and conducting thousands of live tutoring sessions.

After exploring strategic alternatives, including partnerships, mergers, and business model pivots, Edukoya found no viable path forward.

Part of the statement read, “Having explored various strategies to sustain operations—including partnerships, mergers, and business model shifts—without success, we’ve made the difficult decision to shut down and return capital to investors rather than exhaust resources in an unsupportive market.

“This strategic shutdown—though counterintuitive in a startup culture that emphasizes persistence at all costs—creates better outcomes for everyone: our investors can redeploy capital, our team can transition with dignity, and we preserve our vision’s integrity instead of compromising to survive.”

Edukoya’s shutdown highlights the broader struggles of Africa’s edtech sector, where startups face difficulties balancing innovation with the realities of infrastructure gaps and affordability constraints.

While digital learning remains a high-potential market, achieving large-scale adoption continues to be an uphill battle.

Edukoya expressed gratitude to its team, parents, students, and investors, stating that while its journey is ending, the insights gained could help pave the way for future innovations in African edtech—when the market is ready to support them.

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Judge rejects request to step down from Emefiele’s trial

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Rahman Oshodi, a judge at the Ikeja Special Offences Court in Lagos, has rejected the request to step down from the ongoing trial of Godwin Emefiele, the former governor of the Central Bank of Nigeria (CBN).

Emefiele is facing 19 counts bordering on abuse of office, receiving gratification, and corrupt demands, brought against him by the Economic and Financial Crimes Commission (EFCC).

During Monday’s court proceedings, Olalekan Ojo, counsel for Godwin Emefiele, orally requested that Justice Rahman Oshodi recuse himself from the trial. This request followed a dispute that arose while the seventh prosecution witness, John Adetola, was testifying.

Rotimi Oyedepo, the EFCC’s counsel, was leading Adetola’s testimony and referenced an earlier statement in which Adetola claimed he received a bribe from John Ayoh and delivered it to Emefiele at his office. Oyedepo then asked Adetola to verify a WhatsApp message from Eric Odoh, which had been extracted from his phone by EFCC investigators.

Ojo objected, arguing that the document was only for identification and had not yet been formally accepted as an exhibit. The defense contended that the witness should not read or comment on the document at that point.

The court overruled the objection, citing section 224 of the Evidence Act, which allows for leading questions on introductory or undisputed matters.

Dissatisfied with the ruling, the defense declined to cross-examine the witness and instead filed a motion for the judge to recuse himself from the case.

On Wednesday, Justice Oshodi delivered his ruling, stating that after reviewing the arguments and legal authorities presented, the request lacked merit and was therefore dismissed.

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