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EFCC grants ex-Minister Etete bail over $1.1 bn Malabu fraud
For the second time in a week, the Economic and Financial Crime Commission has placed a former Minister of Petroleum, Dan Etete who is being investigated for a curious huge transfer made to Switzerland in relation to the dubious $1.1 billion Malabu Oil deal, on an administrative bail.
The Economic and Financial Crimes Commission, EFCC, on Friday moved against Mr. Etete over the transfer of $1.1 billion made to his phoney company, Malabu Oil and Gas, for the sale of OPL 245 to Italian oil giant, Eni and Royal Dutch Shell by the Goodluck Jonathan administration.
Last Saturday, PREMIUM TIMES exclusively reported that the anti-graft commission invited Mr. Etete for questioning after Swiss authorities seized a recent transfer linked to the $1.1 billion.
Last Friday Mr Etete was extensively grilled on the curious transfer to Switzerland and the $1.1 billion payment made to Malabu but was asked to return on Monday for further questioning after he requested time to gather necessary documents in respect of the payment.
A source close to Mr. Etete said he did not return to the EFCC on Monday as expected. He however showed up Wednesday, but after EFCC operatives questioned him for hours, he was again allowed to get more documents about the transfer.
“He came with some documents but as the questioning proceeded he asked to be allowed to locate more documents about the transfer. He was subsequently given an administrative bail and asked to reappear sometime next week,” the source said.
Though the EFCC has been investigating Mr. Etete for several years in relation to the Malabu deal, the investigation was in limbo during the Goodluck Jonathan administration, which in the first place offered a federal government account as conduit for the illicit transfer from oil giants Eni and Royal Dutch Shell for the sale of OPL 245.
The Jonathan administration failed to approve or support an investigation even when the scandal triggered by the payment sparked a probe by the House of Representatives, and led to criminal cases in Italian and British courts.
That administration, in fact, actively participated in the dubious transfer of the $1.1 billion when former Attorney General, Mohammed Adoke and former Minister of State for Finance, Yerima Ngama, offered the government’s platform to Malabu as a conduit for the round-tripping.
PREMIUM TIMES investigation at the time revealed that Mr. Adoke, on August 16, 2011, hurriedly and furtively authorised the transfer of the money to Malabu, which has a fake address, from a Nigerian government account with JP Morgan International Bank, a day before the resumption of the former minister of finance, Ngozi Okonjo-Iweala.
Malabu subsequently transferred the money to other phony companies with falsified addresses in what the EFCC described at the time as a “cloudy scene associated with fraudulent dealings”.
The renewed investigation has rekindled hope that Mr. Etete, who was convicted for money laundering in France in 2005, and prominent members of the Jonathan administration like former Attorney General of the Federation, Mohammed Adoke and former Minister of State for Finance, Yerima Ngama who approved the transfer, will be made to account for their roles in the scandal.
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USOSA Mobilises Nationwide Resistance Against Asset Sale, Holds Major Awareness Walk in Lagos, Abuja, Kano
A powerful wave of resistance is building across Nigeria’s elite alumni network as the Unity Schools Old Students Association (USOSA) prepares for a coordinated nationwide awareness walk aimed at safeguarding the legacy and assets of Federal Unity Colleges.
Scheduled for Saturday, May 9, 2026, the high-impact rally will simultaneously hold in Lagos, Abuja, and Kano, drawing participation from thousands of old students under the unifying banner: “Pro Unitate – Better Together.”
Insiders within the association reveal that the rally is not just symbolic but a strategic response to growing concerns over alleged plans to commercialise or dispose of critical assets belonging to Unity Schools, a move many alumni describe as “short-sighted and dangerous.”
According to organisers, the objective is clear: to send a strong, unmistakable message to policymakers and stakeholders that the heritage of Unity Schools must be preserved, not monetised.
“This is about legacy, identity, and national cohesion,” a senior USOSA member told TheCityPulseNews under anonymity. “Unity Schools were built to foster national integration. Selling their lands or assets undermines that very foundation.”
The campaign has already gained traction online, with members urged to amplify visibility through branded display pictures and coordinated messaging ahead of the event. The mobilisation strategy reflects a well-structured advocacy push designed to capture both public attention and institutional response.
Observers note that this could mark a turning point in how alumni bodies across Nigeria engage with government policies affecting legacy institutions. USOSA’s move signals a shift from passive concern to active civic engagement , a model that could inspire similar interventions nationwide.
Security and logistics arrangements are reportedly being finalised across the three cities, with local coordinators ensuring peaceful and orderly participation.
As May 9 approaches, one thing is certain, USOSA is not merely organizing a walk, it is staging a statement and the message is unequivocal – Unity Schools are a national treasure, not a commercial asset.
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BREAKING: SGF George Akume, Other APC Chieftains Back ATM’s Ondo North Senate Bid
Chief Abdul Tunji Mohammed (ATM), APC frontrunner for Ondo North Senatorial District, has secured the blessings of the Secretary to the Government of the Federation, Senator George Akume, and other party chieftains as his 2027 bid gains ground.
ATM met with the SGF and top APC leaders in Abuja, where he presented his agenda for Ondo North and sought their counsel. The meeting was described as cordial and strategic.
Senator Akume hailed ATM’s vision and readiness for national service. “The Senate needs men of capacity who understand governance. You have my support. Go and deliver for your people,” the SGF stated.
Responding, ATM said the backing of Senator Akume and other party chieftains was “a major boost.” He added: “Their encouragement strengthens our resolve to give Ondo North a strong, connected voice in the Senate.”
The consultation follows ATM’s purchase of the APC nomination form and earlier endorsements from former Deputy Governor Ali Olanusi, first-class monarchs, and youth groups in Ondo North.
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Sofela Salutes Workers, Calls Them Pillars of Ogun Central’s Progress
Solanke Ayomideji Taiwo
The Senatorial Aspirant for Ogun Central under the All Progressives Congress (APC), Emmanuel Adebola Sofela, has extended warm felicitations to workers across the district in celebration of the 2026 International Workers’ Day.
In a goodwill message released to mark the global event, Sofela praised the resilience, diligence, and unwavering commitment of workers in Abeokuta South, Abeokuta North, Odeda, Obafemi-Owode, Ifo, and Ewekoro Local Government Areas, noting that their contributions remain central to the growth and development of Ogun Central and Nigeria at large.
Describing workers as the “engine room of progress,” Sofela acknowledged the sacrifices made daily by individuals in both the public and private sectors. He emphasized that from civil servants and entrepreneurs to artisans, traders, and professionals, every category of worker plays a vital role in sustaining the economy and strengthening the social fabric of the region.
“On this special occasion of International Workers’ Day, I celebrate the hardworking men and women across Ogun Central whose dedication and commitment continue to drive our collective progress,” the statement read. “Your efforts, whether seen or unseen, form the foundation upon which our communities thrive.”
Sofela highlighted the importance of recognizing and rewarding hard work, stressing that workers deserve not only commendation but also improved welfare, fair opportunities, and an enabling environment to maximize their potential. He called for renewed focus on policies that prioritize job creation, economic empowerment, and sustainable development.
The senatorial hopeful also paid special tribute to workers in essential services, including healthcare personnel, security operatives, teachers, and sanitation workers, who he said consistently demonstrate exceptional courage and responsibility, often under challenging conditions.
“You remain the backbone of our society, standing firm in service even in difficult times. Your dedication inspires hope and strengthens our resolve to build a better future,” he added.
Reaffirming his commitment to the people of Ogun Central, Sofela assured that his aspiration is driven by a desire to advocate for workers’ rights, promote inclusive growth, and support initiatives that will enhance productivity and improve living standards across the district.
As Workers’ Day is celebrated worldwide, his message resonates as both a tribute and a call to action—recognizing the invaluable role of workers while emphasizing the need for sustained efforts to uplift and empower them.
Across Ogun Central, the celebration served as a reminder that behind every achievement lies the dedication of hardworking individuals whose contributions continue to shape the present and secure the future.
Happy International Workers’ Day.
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