Business
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.
GTCO Launches “Take on Squad” Hackathon 3.0, Opens Call for Applications
Guaranty Trust Holding Company Plc (“GTCO” or the “Group”) has announced the launch of “Take on Squad” Hackathon 3.0, reaffirming its commitment to fostering innovation, empowering talent, and supporting the development of technology-driven solutions that address real-world challenges across Africa.
Now in its third edition, the Hackathon brings together developers, designers and entrepreneurs across Nigeria in a collaborative environment to build practical solutions across key sectors including financial services, healthcare, commerce and digital inclusion. Under the theme “Smart Systems: The Intelligent Economy,” participants are challenged to design and build intelligent, data-driven solutions that transform how communities engage with money.
Applications are now open, and interested teams can find full guidelines and registration details on the official portal at https://squadco.com/hackathon.
Speaking on the initiative, Eduophon Japhet, Managing Director of HabariPay, stated: “Today’s dynamic, digitally driven world demands continuous innovation, which is shaping how economies grow, how businesses scale, and how societies evolve. Through “Take on Squad” Hackathon, we are deliberately investing in the ideas and talent that will define the future. Our objective is not simply to encourage innovation, but to enable its translation into scalable solutions that deliver real and measurable impact. This reflects GTCO’s role as a financial services platform that connects capital, capability, and creativity to drive sustainable progress.”
The social coding event remains a cornerstone of HabariPay’s mission to foster creativity and problem-solving among emerging tech talents. Competing teams will leverage Squad’s advanced APIs to create scalable digital tools that address everyday challenges faced by businesses and individuals.
Through initiatives such as this, GTCO continues to position itself at the intersection of finance, technology and enterprise, actively shaping the future of digital transformation in Africa.
About HabariPay
HabariPay Ltd is the fintech subsidiary of Guaranty Trust Holding Company Plc (GTCO), one of the largest financial services institutions in Africa with direct and indirect investments in a network of operating entities located in 10 countries across Africa and the United Kingdom.
Licensed by the Central Bank of Nigeria (CBN), our goal is to support SMEs, micro merchants, large corporations and other fintechs (Tech Stars) with the tools they need to thrive in an evolving digital economy and expand beyond their current market reach. HabariPay’s solutions include Squad, a full-scale digital payments toolkit to make in-person and online payments simpler, HabariPay Storefront, an e-commerce website to facilitate online purchases, Value-Added Services to help merchants access cost-effective and flexible airtime and data bundles to run their businesses, as well as a switching infrastructure that enables tech-focused businesses to optimise cost and make transactions more efficient.
HabariPay’s contributions to Accelerating Digital Acceptance in Africa have not gone unnoticed–it received Mastercard’s Innovative Mobile Payment Solution Award at TIA 2022 for its innovative payment solution, SquadPOS.
About Squad
Squad is a complete digital payments solution that is reliable, secure, and affordable, making receiving in-person and online payments simpler and convenient.
Thousands of merchants currently leverage Squad’s payment solutions for their daily business operations. Squad’s current products and service offerings include SquadPOS, Squad Payment Links, Squad Virtual Accounts, USSD, and E-Commerce Storefront.
Find out more at www.squadco.com.
Electric 8-Seater Tula Moto Keke Enters Nigerian Market, Targets Higher Operator Earnings
LAGOS — A new electric-powered tricycle with an expanded passenger capacity has been introduced into Nigeria’s urban transport sector, offering operators a potentially more profitable and eco-friendly alternative to conventional petrol-driven “keke.”
The newly launched 8-seater electric tricycle, now available in Lagos with plans for nationwide distribution, features a dual-row seating arrangement capable of accommodating up to eight passengers per trip—significantly higher than the standard three-passenger configuration common across the country.
Promoters of the innovation say the increased capacity is designed to boost daily earnings for operators, particularly amid persistent fluctuations in fuel prices. By running entirely on electric power, the vehicle eliminates dependence on petrol, reducing operating costs and shielding drivers from fuel price volatility.
According to the distributors, the tricycle is equipped with a durable battery system capable of covering extended distances on a single charge, making it suitable for commercial operations across high-traffic routes, residential estates, campuses, and marketplaces.
“The concept is straightforward—enable drivers to earn more while spending less,” a company representative stated. “With higher passenger capacity and zero fuel requirements, operators can maximise each trip without the burden of daily fuel expenses.”
Beyond its cost-saving potential, the electric keke is also said to require less maintenance than traditional models, offering additional long-term savings. Its quieter and smoother operation is expected to enhance passenger comfort and overall commuting experience.
Industry analysts note that the introduction of electric mobility solutions reflects a growing shift toward cleaner and more sustainable transportation alternatives in Nigeria, particularly in densely populated urban centres such as Lagos.
The distributors added that the product is currently available under a limited promotional offer, with delivery options across the country.
For inquiries and purchase: 📞 08153432071
📞 08035889103
Office Address:
📍 Plot 9, Block 113, Beulah Plaza,
Lekki–Epe Expressway,
Lekki Phase 1, Lagos
As transportation costs continue to rise and environmental concerns gain prominence, innovations like the electric 8-seater keke may signal an emerging transition toward more efficient and sustainable mobility solutions nationwide.
Business
A Pipeline, a Licence, and a Storm Brewing: Corruption allegations Draw global oil giant, Shell, Into Nigeria’s Reform Test
*A Pipeline, a Licence, and a Storm Brewing: Corruption allegations Draw global oil giant, Shell, Into Nigeria’s Reform Test*
By Deji Johnson and Mustapha Bello
t begins with a pipeline that should have been completed by June 2026. It widens into a regulatory dispute. And it now risks becoming a defining test of Nigeria’s gas reforms under President Bola Ahmed Tinubu.
At the center is a stalled 80 kilometre gas pipeline from Sagamu to Ibadan, a project backed by over 100 million dollars in investment and built on a protected Gas Distribution Licence issued under the Petroleum Industry Act 2021. The licence granted NGML–NIPCO exclusive rights to distribute gas within Ibadan for 25years based on Nigeria’s Petroleum Industry Act.
On paper, the law is clear. On the ground, the situation is anything but.
For more than three months, construction has been halted following a stop work order issued by the Oyo State Government led by former Shell Contractor and engineer, Governor Seyi Makinde. No detailed public justification has been provided that aligns with existing federal approvals already secured for the project.
What might have remained a quiet regulatory disagreement has now escalated into something far more politically charged. How?
In recent remarks, Nigeria’s Minister of the Federal Capital Territory, Nyesom Wike, who is of the same political party as Governor Seyi Makinde, made a pointed allegation that has since rippled across political and industry circles. He suggested that the Governor of Oyo State and Shell were in what could be described as an “unholy alliance.”
It is a serious claim. One that, if substantiated, would raise profound questions about the intersection of corporate influence, state level action, and federal law.
Neither Shell nor the Oyo State Government has publicly responded in detail to the allegation.
But the silence is now part of the story.
*THE SHELL QUESTION*
For Shell, this moment carries particular weight.
The company has operated in Nigeria for decades, building one of its most significant global portfolios in the Niger Delta. But that history is not without controversy. From corruption claims to environmental damage claims and community disputes amongst others, Shell has faced years of litigation and, in several high profile cases, adverse rulings tied to its operations in the region.
Those cases, many adjudicated in foreign courts, have shaped a negative reputation that continues to follow the company.
Now, a new question emerges.
Is Shell once again operating at the edge of Nigeria’s regulatory framework seeking to exert undue influence in circumventing Nigeria’s petroleum laws, or firmly within it?
Industry sources including a widely reported meeting between their representatives, Oyo State Government representatives and the newly appointed midstream and downstream chief executive, indicate that engagements involving Shell and the Nigerian Midstream and Downstream Petroleum Regulatory Authority could enable the company to enter a gas distribution zone already licensed to another operator in breach of the PIA.
If true, the implications are immediate and far reaching.
A licence meant to protect investors and investments in Nigeria’s gas space ceases to be exclusive against the dictates of the guiding laws. A framework begins to look flexible, and a reform risks appearing reversible.
To many, it seems more than just a commercial dispute and is not just about one company versus another.
Nigeria is in the middle of an energy transition where gas is expected to play a central role in powering industries, stabilising electricity supply, and reducing reliance on expensive diesel. President Bola Tinubu has emerged as a global champion of using gas as a transition fuel in Nigeria and Africa whilst rolling out elaborate but clearly defined plans to achieve it. Yet gas availability remains inconsistent, constraining power generation and limiting industrial output.
Projects like the Sagamu to Ibadan pipeline are designed to close that gap. To halt such a project is to delay not just infrastructure, but impact. To undermine its legal basis is to question the system that enabled it and to introduce competing claims within the same licensed zone is to risk regulatory confusion at a time when clarity is most needed.
This is where the issue moves from commercial to national because at stake is not only an investment, but the credibility of the reform architecture itself.
*OYO STATE AND THE FEDERAL QUESTION*
The role of the Oyo State Government adds another layer of complexity.
Energy regulation in Nigeria, particularly in the gas sector, is governed by federal law. Yet implementation often intersects with state authority, creating spaces where jurisdiction can blur.
The stop work order issued on the pipeline has become the clearest manifestation of that tension. Was it a regulatory necessity?
A precautionary measure? Or, as alleged by Minister Wike, part of a broader alignment with external interests? Without transparency, speculation fills the vacuum and the regulator must avoid finding itself mired in such allegations.
*QUESTIONS THAT WILL NOT GO AWAY*
For Shell, the questions are now direct and unavoidable:
Is Shell, a global energy giant, seeking to operate within the Ibadan gas distribution zone already licensed to NGML–NIPCO?
What assurances, if any, has it received from regulators or state actors?
How does it reconcile such actions with the exclusivity provisions of the PIA?
For the regulator, NMDPRA:
Can a Gas Distribution Licence be effectively shared, diluted, or overridden after issuance? According to Nigerian laws, the answer is No.
What precedent does this set for Nigeria’s gas infrastructure market?
For the Oyo State Government:
On what legal grounds does the stop work order stand, given federal approvals already in place?
And how does this action align with national energy priorities or the state’s gas needs?
Nigeria has spent the last two years telling a new story to the world. A story of reform, of discipline, of a country ready to compete for global capital. And it has worked so far with stability returning to Nigeria’s economy and over $20bn of energy investments looking to enter the country in the short to midterm.
But reforms are not tested in policy papers. They are tested in moments like this.
Moments where law meets influence, investment meets interference and promise meets pressure.
For Shell, long mired in issues surrounding ethical operations in Nigeria, this is more than a business decision. It is a reputational crossroads.
For Nigeria, it is something even larger. Whether the country’s laws will hold when they are most challenged or Whether its reforms will stand when they are most inconvenient or even whether Nigeria’s energy investments future will be shaped by the rules of law, adherence to regulatory protections and provisions or by unethical and corrupt relationships.
Until those questions are answered clearly, publicly, and decisively, the pipeline in Ibadan will remain more than steel in the ground.
It will remain a symbol of a country still deciding which path it truly intends to follow. Nigeria must act quickly and decisively because the world is watching.
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