Finance
EFCC begins fresh probe into Dokpesi’s N8bn sport deal
Fidelis Soriwei and Ade Adesomoju
ABUJA-The hope of the former Chairman, DAAR Communications Plc, Chief Raymond Dokpesi, of being granted bail by Justice Gabriel Kolawole of a Federal High Court, Abuja, dimmed on Thursday after the Economic and Financial Crimes Commission said it had opened a fresh probe into the payment of N8.4bn to the businessman by the Federal Government.
Counsel for the EFCC, Mr. Rotimi Jacobs, said this while opposing Dokpesi’s application for bail as canvassed by his lawyer, Chief Mike Ozekhome (SAN), during Dokpesi’s appearance in court in Abuja.
On Wednesday, Ozekhome had said his client had been in the EFCC custody for eight days, adding that the offences, for which the embattled businessman was standing trial, were bailable.
The judge had adjourned hearing of the bail application till Thursday after the EFCC counsel indicated that he needed time to file a counter-affidavit opposing it.
Dokpesi was on Wednesday arraigned along with his firm, Daar Investment and Holdings Limited, on six counts of money laundering and procurement fraud, instituted against him by the EFCC.
The EFCC charged Dokpesi and DIHL with fraudulent receipt of N2.1bn from the Office of the National Security Adviser between October 2014 and March 19, 2015, for the Peoples Democratic Party’s presidential media campaign in breach of the provisions of the Public Procurement Act, Money Laundering (Prohibition) Act and the EFCC (Establishment) Act.
He pleaded not guilty to all the six counts on Wednesday.
Justice Kolawole had, after the arraignment on Wednesday, ordered that Dokpesi be remanded in the EFCC custody and be produced in court on Thursday for the hearing of his bail application.
During the hearing of the application on Thursday, Ozekhome urged Justice Kolawole to grant bail to his client.
The lawyer argued that the offences, with which Dokpesi was charged, were ordinarily bailable because they were not capital offences.
He said Dokpesi had not, in any way, contributed to any act of insurgency in the country and that he would not jump bail.
Similarly, the defence lawyer contended that Section 36 of the 1999 Constitution presumed his client innocent until the contrary was proved by the prosecution.
Opposing the bail application, however, Jacobs urged the court to reject the application on the grounds that the Federal Government was investigating a fresh allegation of N8.4bn the accused collected for airing the FIFA Under-17 championship, which Nigeria hosted in January, 2012.
Jacobs added that the airing right was given to DAAR Communications by FIFA and the Federal Government was not a party to the contract for which he allegedly collected N8bn from the Nigerian government.
Jacobs said, “Here is a man, who in 2012, collected over N8bn for the contract for airing of the Under-17 World Cup organised by FIFA. Nigeria was not part of the contract agreement with FIFA, yet, this applicant collected the huge sum from the treasury of this country.
“Again, let me say here that Nigeria is bleeding and it is the duty of everybody, including judges in court, to ensure that we fight and put an end to corrupt tendencies in this country.”
He added that granting bail to the accused person would jeopardise investigation into the allegation.
He referred the judge to the affidavit filed in opposition to the bail application, indicating no contract paper was exchanged by Dokpesi and any agent of government when the N2.1bn was paid to him.
In response to the allegations, Ozekhome said Jacobs was being speculative.
He said, “The prosecution counsel is being speculative and giving evidence from the bar. When we get to the bridge, we will cross it and prove that there was no corruption as far the applicant is concerned.”
Ozekhome also told the court that his client was scheduled to travel abroad for medical attention when he received a call, inviting him to the EFCC office in Abuja and that without hesitation, Dokpesi honoured the invitation as a law-abiding citizen.
The senior advocate added that Dokpesi’s son would wed on December 17 and 19 and that as a father, he (Dokpesi) had sent invites to highly-placed Nigerians and as such, he would be around at all times to stand trial.
Jacobs also faulted the health grounds on which the bail application was predicated, arguing that the defence failed to disclose the nature of the ailment.
He explained that the letter of appointment, issued by the physician and exhibited by the defence, was written on December 5, when the accused was already in the EFCC custody.
Jacobs said Dokpesi might jump bail due to the possibility of being jailed for seven years upon conviction.
But after the hearing on Thursday, the judge said he needed time to study the arguments canvassed by parties for and against the bail application before he could deliver his ruling.
He then fixed Monday for the ruling and ordered that Dokpesi be returned to the EFCC custody.
A large number of women and youths besieged the Federal High Court, Abuja, in solidarity with Dokpesi on Thursday.
The placard-bearing supporters were not allowed entry into the court premises but remained outside the gate throughout the court proceedings.
The judge had, on Wednesday, fixed initial trial dates for February 17, 18, March 2 and 3, 2016.
Meanwhile, there were strong indications on Thursday that the EFCC might invite the former Minister of Finance, Dr. Ngozi Okonjo-Iweala, in connection with its ongoing investigation into the procurement of arms under the past administration of President Goodluck Jonathan.
A source in the commission on Thursday said the commission was also looking into the role of the Central Bank of Nigeria in the release of the funds to the former National Security Adviser, Col. Sambo Dasuki (retd.), and others being probed as a result of the arms deal.
A top operative of the EFCC, who confided in one of our correspondents, said the commission had been working very hard to identify those who received funds from the ONSA because they could not lay their hands on documented evidence in the office.
It was learnt that the invitation, which might be sent to the former minister within a week, was not an indictment, but a move by the commission to get to the root of the arms deal.
Findings showed that Okonjo-Iweala would assist the EFCC in its ongoing investigation into the arms deal.
It was gathered that the 27-man Task Force, set up by the Chairman of the commission, Mr. Ibrahim Magu, had been working on evidence of funds released from the CBN to arrest those who were in the custody of the anti-graft agency.
The source added that while it was true that part of the recovered Abacha loot was spent on the campaign against insurgency at the time, the commission was of the view that not all the money was spent for that purpose.
The source explained for instance that the funds were spent on the procurement of arms for troops and the payment of the South African mercenaries, who trained a Strike Force and supplied intelligence to the military in the recovery of 22 local government areas from Boko Haram shortly before the general elections.
A former Commander of the South African Defence Force, Col. Eeben Barlow, had told the UK Telegraph, that his outfit, known as the Special Tasks Training, Equipment and Protection, trained an elite strike force in Nigeria to aid the campaign against insurgency.
Barlow was silent on the amount of money involved in the deal.
The source said, “You see these things are not as easy as you think. The Office of the NSA does not seem to have the type of documentation that we require to go after those involved.
“The belief here is that while some of the money might have been spent on arms and other security issues, not all of the funds went into that and of course, that is why there is a probe.
“As for the former Minister of Finance, she said clearly in her letter that the former NSA should report to the President on the disbursement of the funds.
“However, her name has been coming up, and there is a strong likelihood that she should be invited to make clarifications. I cannot tell you when but from what I know, she will appear to make clarifications.
“I must tell you that those, who presided over the disbursement in the CBN, will also be summoned to answer questions. Okonjo-Iweala may be invited next week because of the latest revelations.”
Our correspondent could not get the Head of Media and Publicity of the EFCC, Mr. Wilson Uwujaren, to comment on the story as calls to his mobile did not connect.
Okonjo-Iweala had on Wednesday said she transferred $322m from the looted funds recovered from a former Head of State, the late Gen. Sani Abacha, to the Office of the NSA for military operations in the North-East.
The former minister had, in a statement by her Media Adviser, Mr. Paul Nwabuikwu, said the transfer of the fund was approved after a committee set up by former President Jonathan gave approval for the use of the money.
She said based on the decision of the committee, she personally requested that part of the recovered fund be used for security operations while the rest be channelled into developmental purposes.
There was a report on Wednesday that the former minister allegedly diverted N61.4bn from the Abacha loot to Dasuki’s office.
PUNCH-
Nigerisa’s Vice President Kashim Shettima
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.
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.
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