Finance
Alleged N13.6bn scam: Yuguda, Bafarawa, son beg court for bail
ABUJA — Justice Peter Affen of the Abuja High Court at Maitama, yesterday, adjourned till Monday to decide whether the former Minister of Finance, Bashir Yuguda, former governor of Sokoto State, Attahiru Dalhatu Bafarawa and his son, Sagir Attahiru, should be released on bail pending their trial.
The trio are answering to a 22-count criminal charge alongside the embattled erstwhile National Security Adviser, NSA, Col. Sambo Dasuki, retd, and the former Director of Finance in the Office of the NSA, Mr. Shuaibu Salisu.
Meanwhile, after two days at the Kuje Prison in Abuja, the Chairman emeritus of DAAR Communications Limited, High Chief Raymond Dokpesi, yesterday, regained his freedom.
The Economic and Financial Crimes Commission, EFCC, alleged that the accused persons connived and diverted over N13.6billion from the office of the NSA, prior to the 2015 general elections.
A company that the anti-graft agency said served as conduit pipe for the alleged illegal diversion of the funds, Dahaltu Investment Limited, was also charged before the court as the 4th accused person.
All the accused persons had on Tuesday, pleaded not guilty to the charge, even as they separately prayed the court to okay their release on bail pending hearing and determination of the criminal case against them.
They predicated their bail applications on provisions of sections 158, 162, 165, 167 and 168 (b) of the Administration of Criminal Justice Act, 2015, as well as section 36(5) (6) of the 1999 constitution.
The accused persons, through their lawyers, insisted that the charge slammed against them by the anti-graft agency were bailable.
Whereas Dasuki, through his counsel, Ahmed Raji, SAN, urged the court to grant him bail on self recognition, Bafarawa and his son, Sagir, prayed the court to grant them bail on health grounds.
While Barafawa told the court that his health had badly deteriorated owing to his continued detention, his son, told the court that he has Ulcer.
Both father and son addressed the court, yesterday, through two different Senior Advocates of Nigeria, Chief J.O. Olatoke and Mr. H. O. Afolabi. Likewise, the 3rd accused, Salisu, prayed the court for bail, saying he has been in detention for the past 31 days.
Meantime, the EFCC, yesterday, urged the court to refuse their bail requests and order accelerated hearing of the case against them.
Th e Commission, through its lawyer, Mr. Rotimi Jacobs, SAN, told the court that the defendants have wide influence and affluence to intimidate, harass and influence the proposed prosecution witnesses if released on bail.
EFCC insisted that the defendants will escape from Nigeria once out of detention.
It told the court that the applicants are also being investigated in respect of other criminal allegations.
The prosecuting agency, via an affidavit that was deposed to by one of its lead detectives, Mr. Hassan Saidu, told the court that the accused persons acquired “a large volume of assets with the proceeds of crimes”.
Saidu said his team was currently tracing the assets, “if released on bail the applicants will interfere with the assets tracing activities”, he added.
He further told the court that investigations revealed that the accused persons transferred large sums of monies outside Nigeria, saying they used part of the funds and acquired several assets in Dubai and London.
“That the prosecution is prepared to prove its case within the shortest possible time if the application is refused and the court orders accelerated hearing”, Saidu averred.
Jacobs, yesterday, argued that it would not be in the interest of justice for the court to admit any of the accused persons to bail.
After listening to all the parties yesterday, Justice Affen adjourned his ruling till Monday.
EFCC had alleged that the accused persons diverted funds budgeted for the fight against terrorism and insurgency in Nigeria.
It told the trial court that the funds were sequentially withdrawn from an account of the office of the NSA with CBN and other financial institutions.
“The funds were diverted for political campaign and shared to third parties who have nothing to do with the NSA”.
EFCC lawyer told the court that the accused persons have made confessional statements.
“My lord we are taking about monies running into billions of Naira”, Jacobs added.
Meanwhile, after two days at the Kuje Prison in Abuja, the Chairman emeritus of DAAR Communications Limited, High Chief Raymond Dokpesi, yesterday, regained his freedom.
A statement from his counsel, Chief Mike Ozehkome, SAN, said Dokpesi was released from prison custody having perfected all the conditions that were stipulated by trial Justice Gabriel Kolawole of the Federal High Court in Abuja.
Justice Kolawole had on Monday granted Dokpesi who is facing a six-count criminal charge that was entered against him by the EFCC, bail to the tune of N400milion.
The court, among other conditions, directed him to produce two sureties, as well as to surrender all his travelling documents to the Deputy Registrar of the high court.
Two of the charges against Bafarawa and the others read: “That you Col. Mohammed Sambo Dasuki (rtd), whilst being the National Security Adviser and Shuaibu Salisu whilst being the Director of Finance and Administration in the Office of the NSA, between 14th April, 2014, and 7th May, 2015, in Abuja, within the jurisdiction of this court, entrusted with dominion over certain properties to wit: an aggregate sum of N3,350,000,000 (Three Billion, Three Hundred and Fifty Million Naira) being part of the funds in the account of the office of the NSA with the Central Bank of Nigeria, committed criminal breach of trust in respect of the said properties when you transfered same to the account of Dalhatu Investment Limited with the United Bank of Africa Plc. purporting same to be payment for the supply of security equipment and you thereby committed an offence punishable under section 315 of the Penal Code Act, Cap 532, Vol. 4, LFN 2004.
“That you Dalhatu Investment Limited, Sagir Attahiru and Attahiru Dalhatu Bafarawa, between 14th April, 2014 and 17th May, 2015, in Abuja, within the jurisdiction of this court, dishonestly received stolen property, to wit: an aggregate sum of N3,350,000,000 (Three Billion, Three Hundred and Fifty Million Naira) into your account with the United Bank of Africa Plc from the account of the office of the NSA with the CBN, which belonged to the Federal Government of Nigeria and knowing the said sum to be stolen property but purporting same to be payment for the supply of security equipment and you thereby committed an offence punishable under section 317 of the Penal Code Act, Cap 532, Vol. 4, LFN 2004.
Vanguard-
Business
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Business
AfCFTA $3.4 Trillion Market in Focus as NCDMB, Others move to deepen Intra-Africa Trade
By Modupe Asudo
The 2026 edition of the African Continental Free Trade Agreement (AfCFTA) Summit got underway in Lagos on Monday with regulatory agencies, project promoters, and financial institutions focused on deepening intra-Africa trade, a unified code of standards for professional qualifications and manufactured goods, and expansion of the frontiers of technological development and innovation.
Critical questions addressed include how AfCFTA’s 1.4 billion population and $3.4 trillion economy could achieve “a strategic shift from fragmented economies towards a globally competitive supply chain system”; how Africa could leverage its vast mineral resources, including copper, iron ore, petrochemical, for domestic production of hardware such as Christmas tree (an assembly of valves, fittings on top of a wellhead to control oil production), and how, hypothetically, Tema Shipyard in Ghana could be designated the vessel construction, assembly and repairs hub for Africa.
Related questions were how cables manufactured in Nigeria, hypothetically, could benefit from favourable trade terms in Angola; what compliance requirements a sacrificial anode producer in Nigeria would have to meet in regard to the rule of origin requirement to export anodes to Algeria for protection and longevity of pipelines, storage tanks, offshore platforms, etc., and what other support levers would be required to achieve energy security for Africa besides expanded refining capabilities in Dangote Refinery, laying of continental gas transmission pipelines, and establishment of industrial parks and other support infrastructure.
In a keynote address at the event, the Executive Secretary of the NCDMB, Engr. Felix Omatsola Ogbe, represented by the Director, Corporate Services, Dr. Abdulmalik Halilu, disclosed that Nigeria’s oil and gas industry embraced AfCFTA and developed a framework for domesticating the policy in 2022.
According to him, implementing AfCFTA in the industry was anchored on three broad pillars, namely, Opportunities Identification, Capacity Development, and Capacity Exportation. In regard to opportunities, he said Nigeria’s strength lies in formidable supply chain in oil field services, refining capacity, oil field logistics base, gas supply pipelines, and a pool of qualified oil field technical workforce.
On capacity development, he pointed out that Nigeria’s oil and gas industry, through the local content law, has developed capabilities in the oil and gas value chain spanning marine vessel asset ownership, fabrication, assembly and installation of production systems, including Christmas trees, pressure vessels, and pumps.
What remains unresolved, described by the Executive Secretary as “the next frontier and the reason for convening the Summit,” is capacity exportation. He posited for consideration a unified work permit and visa that would enable, say, “a welder in Senegal to be engaged in Arlec Engineering Works, Johannesburg, South Africa, for fabrication of heat exchangers, storage tanks, pressure tanks, pressure vessels, etc.”
In examining the importance of achieving continental economic integration, Engr. Ogbe explained that strong regional supply chains would shift Africa from exporting raw materials to producing high-value goods. For pathways to integration, he listed regional value chains, infrastructure connectivity, regulatory harmonization, industrial clusters, and small and medium scale enterprises (SME) inclusion.
He assured industry stakeholders and participants maximum support by the NCDMB.
Business
AfCTA: NCDMB provides roadmap to $3.4tn continental market
By Modupe Asudo
The Nigerian Content Development and Monitoring Board has outlined a practical framework for positioning Nigeria’s energy sector to access the African Continental Free Trade Area, following a strategic webinar focused on meeting rules-of-origin requirements for continental trade.
The Board held a pre-conference webinar on Wednesday ahead of the Nigeria Local Content AfCFTA Energy Summit scheduled for Monday, February 9, 2026.
The engagement was attended by stakeholders from the oil and gas, power and renewable energy sectors, and they addressed how Nigerian products and services can qualify for preferential market access across 54 African countries with a combined gross domestic product of $3.4tn and a population of about 1.4 billion people.
Entitled ‘Meeting AfCFTA Origin Requirements in Energy Trade’, the webinar focussed on one of the major barriers facing Nigerian exporters under AfCFTA — structuring production and operations to meet origin requirements that determine eligibility for duty-free and preferential trade.
The initiative was supported by the Executive Secretary of NCDMB, Engr. Felix Omatsola Ogbe, and the Acting Director of Planning, Research and Statistics, Mr. Ene Ette, as part of preparations for the forthcoming Nigeria Local Content AfCFTA Energy Summit, with the theme ‘Unlocking Africa’s Energy Future through AfCFTA: Trade, Innovation and Regional Integration’.
Speaking during the session, a communications analyst, Joseph Nwokedi, representing the Acting National Coordinator of Nigeria’s AfCFTA Coordination Office, Mrs Patience Okala, stressed the central role of energy in Africa’s economic integration under AfCFTA.
He urged Nigerian companies to shift their focus from Nigeria’s domestic market of about 200m people to the wider continental market of 1.4bn consumers.
“Without energy, there’s no industrialisation. Without energy, regional value chains remain aspirational,” Nwokedi said. “With AfCFTA, energy transforms from a domestic infrastructure issue into a tradable, investable and exportable sector within an integrated African market.”
He noted that even one per cent penetration of the African market translates to about 14m consumers, underscoring the scale of opportunity available to Nigerian energy firms.
The webinar identified four key pathways through which Nigeria’s energy sector can participate in AfCFTA-enabled trade. First, Nigeria’s Electricity Act of 2023 allows independent power producers to supply electricity directly to industrial clusters and export processing zones, positioning power generation as a foundation for trade-ready manufacturing.
Second, the country has submitted commitments under AfCFTA that enable professionals such as engineers, electricians, geophysicists and energy auditors to export services across Africa, subject to mutual recognition of qualifications.
Third, refined petroleum products, gas derivatives, electricity and renewable energy components can be traded across borders under preferential tariffs, provided they meet AfCFTA rules of origin.
Fourth, AfCFTA’s investment protocol, combined with recent domestic reforms, including the Presidential Directives on Investment Incentives for 2024–2025, strengthens Nigeria’s credibility for attracting cross-border investments in power generation, transmission, renewable energy and storage infrastructure.
Delivering a technical presentation, Assistant Comptroller of Customs, Burhan Sulaiman, explained that AfCFTA would eliminate tariffs on 90 per cent of goods traded within the bloc over five to 10 years, with an additional seven per cent liberalised over 13 years. However, he stressed that these benefits were conditional on meeting origin requirements.
“Companies lose benefits because origin was treated as an afterthought,” Sulaiman said. “You must build in origin compliance from the beginning, not while already running your project. Origin determines whether you export duty-free or pay full tariffs.”
He clarified that origin is determined by where economic production takes place, not by company ownership or registration. Foreign-owned companies producing in Nigeria can export as Nigerian origin, while Nigerian companies importing finished goods cannot claim AfCFTA preferences.
Sulaiman explained that products qualify for preferential access through two routes. “Wholly obtained” goods are entirely produced within AfCFTA member states, such as crude oil and natural gas extracted in Nigeria, as well as locally generated electricity regardless of fuel source.
The second route, “substantial transformation”, applies where foreign inputs are used and requires compliance with one of three tests: a change in tariff classification; a value-addition threshold limiting foreign content to between 30 and 60 per cent of ex-works price; or completion of specific prescribed processes such as distillation, cracking or reforming for petroleum products.
He provided sector-specific guidance, noting that in oil and gas, locally extracted crude and gas qualify, just as refined petroleum products that meet processing requirements. However, simple blending, basic distillation operations and modular refineries using imported crude without substantial transformation do not qualify.
In the power sector, he explained, locally generated electricity and regionally manufactured equipment with deep component transformation qualify, while installation-only activities, imported turbines, transformers and switchgear mounting do not.
“For renewables, regional solar cell and battery cell manufacturing with deep component processing qualify,” he said, adding that panel installation alone, simple module assembly and packaging imported batteries do not meet the thresholds.
Sulaiman warned that without regional manufacturing accumulation, power equipment exports fail origin tests.
According to him, the Nigeria Customs Service applies a five-step verification process for origin claims, including confirming accurate HS codes, reviewing production records, testing for minimal operations, verifying African input origins and ensuring consistency across certificates, production records and cost documentation.
“Weak documentation kills origin claims. Even genuinely originating products can be denied if documentation is incomplete or inaccurate,” he noted.
Both speakers emphasised that origin compliance should be treated as a core business strategy rather than a regulatory formality.
“Origin is not paperwork; it is strategy,” Sulaiman said. “It shapes where you locate facilities, how you source inputs, and where you sign regional contracts. Treat it as strategic from day one.”
Nwokedi urged Nigerian firms to act early. “AfCFTA is happening now. Early movers will shape supply chains, standards and partnerships. Are you going to lead, or simply follow?”
Officials also provided updates on AfCFTA implementation, noting that 92 per cent of rules of origin had been agreed, with negotiations ongoing in the textiles and automotive sectors.
An online dispute resolution mechanism has been established to coordinate Customs authorities, standards bodies and complainants.
Nigeria has deployed a fully operational electronic certification system for paperless trade, while Nigerian Customs is introducing risk-management frameworks that could allow exporter self-certification on commercial invoices.
Following a five-year implementation review led by the Minister of Industry and Investment, Dr Jumoke Oduwole, government sensitisation efforts have intensified through partnerships with the Nigerian Association of Chambers of Commerce, Industry, Mines, and Agriculture; Women’s Chambers of Commerce; zonal outreach programmes and ‘P3 engagements’ involving the press, private sector and public institutions.
“The government will not trade under AfCFTA — our exporters will,” officials said. “If they win, we win.”
Nigerian Customs also reiterated its open-door policy for pre-export origin verification to help businesses avoid delays and additional costs at the border.
The webinar highlighted Nigeria’s potential as a regional energy and transition-fuel hub, building on frameworks such as the West African Power Pool to support cross-border electricity trade.
Key recommendations included structuring projects for origin compliance from inception, forming regional joint ventures, aligning with continental standards and leveraging AfCFTA service commitments to export Nigerian energy expertise.
The session ended with confirmation that the webinar was a technical precursor to the Nigeria Local Content AfCFTA Energy Summit, which will convene policymakers, industry leaders and trade experts to develop strategies for maximising Africa’s energy potential under the AfCFTA framework.







