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Crisis as Rivers state Governor, Nyesom Wike, NIA fight over ownership of N13bn found in Ikoyi
The controversy surrounding the ownership of the N13bn ($43.4m, N23m and £27,000) found by the Economic and Financial Crimes Commission at the Osborne Towers, Ikoyi, Lagos, took a dramatic turn on Friday evening when Governor Nyesom Wike of Rivers State and the National Intelligence Agency claimed ownership of the money.
The National Intelligence Agency on Friday said the money belonged to it.
A national daily had earlier reported that the money belonged to the NIA. Sources at the agency confirmed to one our correspondents late Friday that the money belonged to the agency and that it had written a formal letter to President Muhammadu Buhari to claim ownership of the money.
Saturday PUNCH learnt that the NIA, which is Nigeria’s foreign intelligence service, explained that the money, which was found on the seventh floor of the building, was approved by former President Goodluck Jonathan for covert operations and security projects covering a period of years.
The money was said to have been released in bits during the tenure of a former NIA director-general.
A source said that the cash was approved before the advent of the Treasury Single Account.
He stated that the Director-General of the NIA, Amb. Ayo Oke; the EFCC Chairman, Mr. Ibrahim Magu; and the National Security Adviser, Babagana Moguno, had met over the issue. A Presidency source also confirmed the meeting to one of our correspondents.
The NIA source explained that when EFCC operatives stormed the Ikoyi property on Wednesday, they were informed that the said apartment was a safe house of the NIA from which discreet operations were carried out.
The EFCC boss, however, rejected all entreaties from the NIA and entered the building, breaking the fireproof safes and taking the money.
The source, who wished to remain anonymous because he was not authorised to speak with the media, said, “The money belongs to the NIA. It is for covert operations and security projects covering a period of years.The DG has met with the President, he has explained everything to him. The President asked him to put everything into writing and he has done so.
“The entire chain of events was a big misunderstanding. That place was an NIA safe house and you have to understand that the NIA carries out discreet investigation in conjunction with many agencies across the world.
“On the day the EFCC men gathered around the house, the NIA reached out to Magu to explain to him that the money was the property of the Federal Government and the place was an NIA safe house. Unfortunately, the EFCC still went ahead to break down the doors.”
But Wike, who described the claim that the cash belonged to the NIA as balderdash, alleged that the immediate past governor of the state and the current Minister of Transportation, Mr. Rotimi Amaechi, kept the money in the apartment.
As such, the Rivers State governor gave the Federal Government a seven-day ultimatum to return the money to the state government or be ready to face legal action.
Speaking with newsmen in Port Harcourt on Friday night, Wike said the $43m was part of the proceeds from the sale of a gas turbine by the immediate past administration, adding that the gas turbine was initially built by the Peter Odili administration.
The governor further challenged the Federal Government to set up a commission of inquiry to probe the source of the huge money found in the flat, insisting that the funds belonged to Rivers people and should be returned to the owners within seven days.
He said, “All these things they are saying that the $43m belong to the Nigerian Intelligence Agency is balderdash. When did the NIA begin to keep money in houses? As I speak to you now, the Federal Government is so embarrassed.
“I want the President to set up a commission of inquiry. We don’t want to fight anybody; they should set up a commission of inquiry or return our money within seven days. If they don’t, we will take all necessary legal actions and NIA will come and prove where they got the money from.
“The $43m is the proceeds of the sale of the gas turbine sold by the immediate past administration. The gas turbine was built by the (Peter) Odili administration. It (gas turbine) was sold to Sahara Energy.
“The turbine was sold for $319m. But as of May 2015, what was in the account was $204,000. We will avail ourselves and we will be present at the commission of inquiry expected to be set up by the Federal Government. If we are invited, we will come. There is no contradiction in this at all, but I know they (FG) will not agree.”
Wike maintained that he would complete the monorail project if the Federal Government returned the $43m to Rivers State, adding that it would be “projects galore” in the state should the money be returned back to its original owner.
“Part of the money from the sale of the gas turbine was used to fund the All Progressives Congress campaign. We are telling the world that the money belongs to us. If they (FG) give us the money, I will complete the monorail project,” he said.
When contacted, the media aide to Mr. Rotimi Amaechi, Mr. David Iyofor, said he would react to Wike’s claim on Saturday (today).
The money has since been deposited into the account of the Central Bank of Nigeria following an interim forfeiture order granted by a Federal High Court in Lagos.
The court had also ruled that if the owner of the money did not show up within 30 days, it would be forfeited to the federal Government permanently.
EFCC keeps mum
All attempts to speak with the spokesperson for the EFCC, Mr. Wilson Uwujaren, on Friday proved abortive as his phone indicated that it was switched off while a text message sent to his phone was not responded to.
It’s a security issue –Presidency
When contacted, the Special Adviser to the President on Media and Publicity, Mr. Femi Adesina, directed our correspondent to the security agencies said to have been involved in the matter.
“This is not a matter for the Presidency. It is a security issue and I will advise you to get across to the agencies mentioned,” he said on the telephone.
SERAP, CD, others hit EFCC for hiding owners’ identities
But socio-political groups, including the Socio-Economic Right Accountability Project and the Campaign for Democracy, criticised the EFCC for hiding the identities of the owners of the recently recovered funds in Lagos and Kaduna.
SERAP and the CD, in separate interviews with Saturday PUNCH, said that it was anti-democratic for the EFCC to shield the identities of the owners of recovered money.
The SERAP Director, Adetokunbo Mumuni, said, “Whatever information that the EFCC has about any money abandoned or found in any place deserves to be released to the public. In a democracy, there can’t be opaqueness. This issue affects public interest and it is against the collective interest if the EFCC withholds the identities.
“The EFCC’s action will be contrary to public policy and anti-democratic if the information is not released. What will happen if the EFCC is not open is that it will give room for rumours, which is not good for democracy.”
In his own remarks, the CD President, Usman Abdul, said, “The EFCC of recent has just been playing to the gallery. The APC-led Federal Government should not take citizens for a ride. After the denial of the confirmation of the EFCC Chair, Magu, we have had several seizures in Kaduna and Lagos states, without anybody having being identified as the custodians of these monies.
“It is quite laughable that new notes of money, even hard to get in banks, were found and the EFCC cannot disclose who committed such acts.”
On his part, the National Publicity Secretary of Afenifere, Yinka Odumakin, said that it was unfortunate that Magu’s EFCC out of desperation had thrown caution to the wind in the desperate attempt to be in the news and excite the public.
He stated, “You found such volume of cash without any attempt to find the owners and you start a cinema of exhibit. A sergeant IPO who does that should be fired without benefits.
“You cannot tell me that you cannot trace the title of a property in Ikoyi at Alausa in a matter of hours .But it seems Magu is all about anti-corruption and seduction.
“If Magu fails to disclose the owners of the money, it means that the anti-corruption war has become a ‘night of a thousand laughs.’”
Also, the Executive Secretary, Anti-Corruption Network, Ebenezer Oyetakin, said, “The fight against corruption must be total, unambiguous, true in character and content, transparent in outlook and must not be cloudy in presentation to the public.”
He said that the shielding of the identity of the looters in itself was corruption and detrimental to the success of the fight against graft.
Oyetakin stated, “The fact that this is fuelling speculations that those involved are government officials of the present regime is too bad for the image of the government that is fighting corruption.
“This is why I must vehemently call on the EFCC to do the needful by releasing the names of the looters. The more reason why the names should be made known is to serve deterrence against such practices.
“However, I am more concerned that arresting and making this type of discovery once in a month is not the only way to fight corruption or regained the loots, otherwise fifty years will not be enough to regain looted funds.”
He called for the re-denomination of the naira, adding that owners of looted funds could come out and change their money.
A former chairman of the Peoples Democratic Party, Adamu Mu’azu was reported to have said that he knew nothing about funds recovered at a property reported to be his in Ikoyi, Lagos.
An online newspaper, The Cable, reported that Mu’azu, who was the Governor of Bauchi State from 1999 to 2007, said he got a bank loan to acquire the land where the house was built, adding that he sold the house to pay back the loan.
Another online newspaper, Sahara Reporters, reported that the Minister of Transportation, Amaechi, said he had no connection whatsoever with the apartment or the money.
He was reported to have said that he did not own any apartment or house in Lagos, stating that his only property in Nigeria was in Abuja.
FirstBank Makes Home Ownership Possible for Nigerians with Single-Digit Interest Rate Loan
For millions of Nigerians, homeownership has long felt like an ambition deferred. Squeezed by rising property prices, persistent double-digit inflation and high commercial lending rates, the dream of owning a home has remained just that – a dream.
But that narrative is quietly changing. Thanks to FirstBank.
The N1 Trillion Intervention Reshaping Access
In partnership with the Ministry of Finance Incorporated Real Estate Investment Fund (MREIF), FirstBank has unveiled a mortgage opportunity that could redefine access to housing finance in Nigeria.
Backed by the Federal Government’s N1trillion mortgage fund, the initiative is designed to empower Nigerians with affordable, long-term credit to own their homes.
9.75% Interest Rate in a 30% Lending Environment
MREIF is priced at 9.75% per annum, dramatically lower than prevailing commercial loan rates. Eligible Nigerians can access up to N100 million and repay within 20 years. This translates into significantly more manageable monthly repayments and greater long-term financial stability.
Built for Salary Earners, Entrepreneurs and the Diaspora
The MREIF mortgage facility has been structured to be inclusive. It is available to salary account holders, business owners and diaspora customers. Whether you are a young professional aiming to exit the rent cycle, an entrepreneur building generational stability, or you’re a Nigerian abroad looking to secure assets locally, the product opens a pathway that has historically been out of reach for many.
Taking the First Step
For those who have been waiting for the right time, this is definitely it. The question is no longer whether homeownership is possible. The real question is: will you act before the window narrows?
Visit https://www.firstbanknigeria.com/personal/loans/mreif-home-loan/ and in no time you could be the latest homeowner in town.
Alpha Morgan Bank Deepens Presence in Abuja with New Branch in Utako
Marking another milestone in its expansion drive, Alpha Morgan Bank has opened a new branch in Utako, Abuja, reinforcing its strategy of building closer institutional ties within key business communities and bringing its financial expertise closer to individuals, and enterprises driving the city’s growth.
The new branch, located at Plot 1121 Obafemi Awolowo Way, Utako, Abuja is strategically positioned to serve individuals, entrepreneurs, and corporate clients within Utako and surrounding districts.
The expansion follows the Bank’s recently concluded Economic Review Webinar held in February 2026, as the bank continues to position as a thought-leader in the financial services industry.
Speaking on the opening, Ade Buraimo, Managing Director of Alpha Morgan Bank, said the move underscores the Bank’s commitment to accessibility and service excellence.
“Proximity matters in banking. As communities grow and commercial activity expands, financial institutions also evolve to meet customers where they are. The Utako Branch allows us to deliver our services to people in that community efficiently while maintaining the high standards our customers expect,”
The Utako location will provide a full suite of retail and corporate banking services, including account opening, deposits, transfers, business banking solutions, and financial advisory support.
Customers and members of the public are invited to visit the new Utako Branch to experience the Bank’s approach to satisfying banking.
Dangote Refinery Prioritises Domestic Supply Amid Global Energy Turbulence
By George Omagbemi Sylvester | Published by SaharaWeeklyNG
“Nigeria insulated from international fuel shocks as Dangote Petroleum commits to uninterrupted local delivery.”
Dangote Petroleum Refinery and Petrochemicals has reaffirmed its commitment to prioritising the domestic market, pledging to shield Nigerians from the ripple effects of ongoing global energy disruptions. The assurance, delivered in Lagos on 5 March 2026, comes as international refinery operations experience shutdowns or reduced output due to escalating Middle East geopolitical tensions, which have sent crude oil and petroleum product prices soaring worldwide.
“Our mandate remains clear: Nigeria’s local market takes precedence. In times of global supply shocks, we will continue to ensure that domestic availability of petrol, diesel, and kerosene is uninterrupted,” said Mr. Folorunsho Alakija, spokesperson for Dangote Petroleum Refinery.
The refinery’s declaration arrives amid mounting concerns over fuel scarcity, triggered by export restrictions imposed by major international producers, including China, and shipping delays that have further tightened global petroleum supply chains. Industry analysts have hailed the domestic focus as a critical buffer against volatility that could otherwise push Nigeria into deeper energy insecurity.
Domestic Shield Against Global Disruption
Dangote Refinery, Africa’s largest oil processing facility, has leveraged its multi-million-barrel refining capacity to mitigate Nigeria’s historical dependence on imported petroleum products. The company emphasised that prioritising local supply provides a strategic advantage in insulating the nation from international market shocks.
“Our refinery’s scale allows Nigeria to withstand short-term external disruptions. We have the infrastructure and capacity to meet local demand even when global supply chains falter,” explained Mr. Chijioke Okonkwo, Operations Director at Dangote Refinery.
The proactive approach is particularly significant as several international refineries have either reduced throughput or temporarily halted operations, causing a global scarcity of refined products. Experts warn that without domestic cushioning, fuel prices in Nigeria could have surged sharply, exacerbating inflationary pressures in a fragile economy.
Managing Costs While Prioritising Supply
In response to rising procurement costs for crude oil amid the international crisis, Dangote Refinery introduced a modest ₦100 per litre increase in the ex-depot price of Premium Motor Spirit (PMS), absorbing roughly 20 percent of the cost escalation to lessen the impact on consumers.
“We are balancing operational sustainability with affordability. While global prices have risen sharply, we have chosen to absorb a significant portion to protect Nigerian households and businesses,” noted Mr. Emmanuel Adeyemi, Chief Finance Officer.
This pricing strategy underscores the refinery’s dual focus: ensuring uninterrupted supply while cushioning the public from abrupt spikes that could destabilize economic activity. Industry observers have lauded the approach as pragmatic, considering the volatility in international oil markets.
Strategic Distribution Initiatives
Beyond refining, Dangote Petroleum has initiated Compressed Natural Gas (CNG) powered trucks to enhance nationwide distribution efficiency. The initiative seeks to reduce logistics costs and carbon emissions while ensuring a more reliable delivery network to petrol stations across urban and rural areas.
“Logistics is a critical part of the energy supply chain. By deploying CNG-powered trucks, we reduce dependency on expensive diesel, lower delivery costs, and improve supply reliability across the country,” explained Ms. Funke Adedoyin, Head of Logistics Operations.
This strategic move reflects a broader commitment to modernising Nigeria’s petroleum distribution infrastructure, reducing bottlenecks that have historically contributed to scarcity at retail outlets.
Implications for National Energy Security
Nigeria has historically struggled with fuel imports to meet domestic demand, making the country vulnerable to international market fluctuations. Dangote Refinery’s prioritisation of local supply mitigates this vulnerability by leveraging home-grown refining capacity, which allows for timely access to petroleum products and less reliance on foreign shipments.
“With Dangote Refinery leading local prioritisation, Nigeria is less exposed to global fuel shocks. The country is moving towards self-reliance in petroleum product supply,” commented Dr. Halima Suleiman, energy sector analyst.
Experts note that sustained operations at the refinery not only enhance energy security but also preserve foreign exchange, reduce import bills, and stabilise domestic market prices.
Corporate Social Responsibility and Market Stability
The refinery’s commitment is part of a broader corporate responsibility framework. Dangote Petroleum continues to engage with government agencies and regulatory bodies, ensuring that domestic supply is coordinated with Nigeria’s Petroleum Product Pricing and Regulatory Agency (PPPRA) to prevent panic buying and market distortions.
“We are in constant consultation with the government to ensure that our supply strategies align with national economic priorities,” said Mr. Alakija.
Such collaboration helps avert artificial shortages, stabilises pump prices, and maintains confidence in the domestic fuel market. Analysts argue that this approach exemplifies how private sector capabilities can complement governmental policies to enhance national resilience.
Navigating Global Uncertainties
The refinery operates in a complex global environment, where geopolitical crises, shipping constraints, and crude oil volatility can trigger disruptions. Dangote Petroleum’s domestic-first approach positions Nigeria to weather such crises more effectively.
“Global uncertainties are unavoidable, but our infrastructure and strategy ensure that Nigerians remain insulated from immediate shocks,” said Mr. Okonkwo.
This emphasis on resilience aligns with global best practices, where national refining capacity is leveraged to protect local markets from international supply disruptions.
Stakeholder Reactions
The government, civil society, and industry stakeholders have welcomed Dangote Petroleum’s strategy. Officials from the Federal Ministry of Petroleum Resources noted that prioritising local supply aligns with Nigeria’s energy security policies and reduces the burden of foreign exchange expenditures on crude imports.
“Dangote Refinery is demonstrating leadership. Its domestic prioritisation ensures that the Nigerian economy remains insulated during turbulent global markets,” said Dr. Tunji Olumide, Special Adviser on Energy.
Consumers have also expressed cautious optimism. Retail operators and commuters reported steadier fuel availability in Lagos and other cities, though concerns remain about sustained pricing and distribution efficiency.
The Road Ahead
While Dangote Refinery’s strategy provides immediate relief, experts argue that long-term stability requires further investments in alternative energy, diversified refining infrastructure, and strategic reserves. This ensures that Nigeria can withstand global shocks without relying excessively on imports or temporary supply adjustments.
“Short-term measures like prioritising local supply are critical, but long-term energy security demands diversification, renewables adoption, and consistent policy implementation,” said Dr. Suleiman.
The refinery is exploring additional initiatives, including expanding storage capacity, upgrading pipeline networks, and adopting technology-driven monitoring systems to ensure supply continuity across the country.
Final Take
By prioritising domestic fuel supply amid global market turbulence, Dangote Petroleum Refinery and Petrochemicals has demonstrated its role as a stabilising force in Nigeria’s energy sector. Through strategic logistics, modest pricing adjustments, and engagement with government regulators, the refinery is insulating the nation from international shocks while maintaining operational sustainability.
“Our responsibility extends beyond profitability; it’s about ensuring Nigerians have reliable access to essential fuel. We take that mandate seriously,” concluded Mr. Adeyemi.
The refinery’s actions offer a blueprint for how large-scale domestic capacity can protect national economies in times of global energy instability, underscoring the critical intersection of private sector resilience, public policy, and national energy security.
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