Business

NIA Chiefs disown suspended DG over N15Billion found in Ikoyi Mansion

Published

9 years ago

May 1, 2017

The Deputy Director General in charge of Administration at the National Intelligence Agency (NIA), who is now the acting Director General, Ambassador Arab Yadam and the Deputy Director General (Operations), Ambassador Emmanuel Okafor, have told the Yemi Osinbajo investigative panel that they were not privy to the about N15 billion cash that was kept at the Osborne Towers in Ikoyi, Lagos.

The Director-General of NIA, Ambassador Ayodele Oke, was suspended over the discovery of $43.3 million, N23.3 million and £27,800 cash in a luxury apartment at Osborne Towers in Ikoyi, Lagos, which he claimed belongs to the agency.

A source close to the Osinbajo investigative panel told New Telegraph yesterday that the two top intelligence chiefs confessed to the panel that Oke ran a one-man show at the agency.

According to the source, who does not want to be named, Yadam and Okafor told the panel last week Thursday that Oke “should carry his own cross for not carrying the top echelon of the agency along even in the day-to-day running of NIA.”

The duo also accused Oke of arbitrariness and failure to make full disclosure to President Muhammadu Buhari and the National Security Adviser (NSA), Maj.-Gen. Babagana Monguno (rtd), about the nature of the covert operations that the agency was supposed to undertake with the huge cash that was discovered at Osborne Towers.

The suspended NIA boss had told the panel that Monguno knew about the recovered fund. According to Oke, he wrote a memo to the NSA on the custody of the $43.3 million and that the funds were for covert operations.

However, the source said that it was when the Presidential Committee on Purchase of Arms, which Monguno is a member, stumbled on irregular payments by the Central Bank of Nigeria (CBN) to NIA that the NSA confronted Oke.

“It was at that point that the DG NIA told Major General Monguno that the monies were released to the agency for covert operations by the Goodluck Jonathan administration, but he didn’t disclose further,” the source pointed out.

According to him, “The lack of full disclosure necessitated the NSA to write a memo to the president about the huge cash that was released to the agency by Jonathan on March 24, 2016.

“In the memo, Monguno clearly stated that although the objectives of celebrating NIA’s 30th anniversary and executing some covert operations seem noble, there is the possibility of the funds being abused by the agency’s leadership,” the source added.

He further said that the suspended NIA chief erred by not disclosing fully the “source of the funds, where it is located and the appropriate expenditure in respect of the projects that NIA was doing either in Lagos or Abuja.”

Meanwhile, a presidency source, conversant with the operations of the panel, confirmed to our correspondent at the weekend that the suspended NIA DG will be nailed as he has not been able to convince the three ‘wise men’ that the recovered money from the Ikoyi apartment is part of funds approved by former President Jonathan for critical security infrastructure and covert operations in 2015.

Jonathan had, in March 2015, approved a total of $289 million for the NIA to deliver on infrastructurand other security projects.

According to the source, the presidential committee, set up by Buhari on the audit of Defence Equipment Procurement in the Armed Forces between 2007 and 2015, in the course of carrying out its assignment, also stumbled on the approval of the $289 million by former President Jonathan for the agency.

The panel, which was chaired by AVM J.O.N. Ode (rtd), is the same committee which uncovered the $15 billion arms fraud in the purchase of the military wares to tackle the Boko Haram insurgency in the North-East. New Telegraph gathered that following the revelation by the AVM Ode’s committee on the $289 million, the present NSA, Monguno, constituted a separate committee to identify and establish whether all the listed projects by the suspended NIA boss were actually being executed.

A senior aide to the president, who pleaded anonymity because he was not authorised to speak on the matter, said the embattled NIA director general was only compelled to brief the NSA on the $289 million after the existence of the funds which was hitherto treated in secret, had been revealed by the AVM Ode’s committee. “Oke informed the NSA that the NIA was executing nine critical projects across the country.

He disclosed that as at January 2015, the agency had made payments to contractors amounting to $98.891 million, leaving a balance of $190.311 million out of the total funds released by the immediate past administration.

“The NIA director general also briefed the NSA that, of the balance left from the released funds, cash at hand was $89.298 million while $101.012 million was in a dedicated bank account.

“All these breakdown was possible when Ambassador Oke knew that the new panel set up by the NSA would beam its searchlight on the $289 million approved by former President Jonathan for the nine projects,” the presidential aide noted.

The source told our correspondent that what is worrisome is that when the separate panel set up by the NSA investigated the payments made by both the CBN and the agency to contractors from the $289 million, the figures captured for on-going and completed projects under the critical infrastructure and covert operations added up to the entire money. He stated that the $43.3 million found in the Ikoyi apartment was not part of Jonathan’s approval.

“Oke’s problem is that when the panel went round the country, they were not shown the Lagos apartment and the $43 million that has just been recovered by the Economic and Financial Crimes Commission (EFCC). His problem clearly is that of disclosure.

“The thinking in the security intelligence community is that these monies may have been campaign funds in the 2015 election,” he added.
Buhari had, on April 19, suspended the NIA DG alongside the Secretary to the Government of the Federation (SGF), Babachir David Lawal, and constituted a threeman committee headed by Osinbajo to investigate the allegations raised against the two senior officers.

The Osinbajo panel is expected to complete its assignment on Wednesday this week (14 days) as directed by Mr. President. All the principal actors, including the acting chairman of the EFCC, Ibrahim Magu; the CBN Governor, Godwin Emefiele; Director General of the Bureau for Public Procurement (BPP); the embattled NIA DG, the suspended SGF and contractors handling different projects have since appeared before the panel.

Other members of the Presidential Investigative Committee are the Attorney General of the Federation and Minister of Justice, Abubakar Malami (SAN) and the NSA, Major General Monguno (rtd).

Business

ADVAN Wins Global Honour at WFA Awards for “Project Freedom” Initiative

Published

3 days ago

April 25, 2026

Sahara Weekly

ADVAN Earns Global Recognition As WFA President’s Award Winner For “Project Freedom”

The Advertisers Association of Nigeria (ADVAN) has been recognised on the global stage as a recipient of the prestigious WFA President’s Award, presented by the World Federation of Advertisers during its Global Marketer Week in Stockholm. The recognition places ADVAN among a select group of leading industry associations worldwide acknowledged for driving meaningful impact in marketing and society.

The WFA President’s Awards, established in 2010, celebrate national industry associations whose initiatives advance the marketer’s agenda and contribute to positive change. This year’s honours were awarded following a rigorous selection process involving 38 submissions from associations across the WFA’s global network, with winners chosen for their measurable impact and potential for replication across markets.

ADVAN’s recognition comes through its advocacy initiative, Project Freedom, a bold and strategic effort focused on addressing the challenges of stifling, non–data-driven regulations affecting businesses in Nigeria and across Africa. The initiative underscores the importance of evidence-based policymaking while championing the constitutional right to freedom of commerce.

Through Project Freedom, ADVAN has taken a proactive leadership role in engaging key stakeholders and shaping conversations around fair, balanced, and transparent regulation. The initiative reflects a shift toward constructive dialogue and collaboration, ensuring that regulatory frameworks support innovation, protect consumer interests, and enable sustainable business growth.

By earning this global recognition, ADVAN reinforces the growing influence of African marketing institutions in shaping international discourse. Its work highlights how local advocacy, when rooted in data and guided by clear principles, can deliver impact not just within national borders but across the global marketing ecosystem.

The award also affirms ADVAN’s commitment to strengthening self-regulation within the industry, fostering accountability, and promoting standards that align with global best practices while remaining relevant to local realities.

As the marketing landscape continues to evolve, ADVAN’s recognition by the World Federation of Advertisers signals a strong endorsement of its leadership and vision. It positions the association as a key voice in advancing responsible marketing, advocating for enabling policies, and ensuring that businesses can operate in an environment that supports both innovation and economic freedom.

Business

PUBLIC NOTICE*: Revalidation of UNIPGC Organizational Status

Published

3 days ago

April 24, 2026

Sahara Weekly

***PUBLIC NOTICE*: Revalidation of UNIPGC Organizational Status**

To prevent any misunderstanding regarding our affiliation with the United Nations, we hereby provide a formal clarification on the status and identity of the United International Peace and Governance Council (UNIPGC), formerly known as IPGC.

UNIPGC is an independent Civil Society Organization and Non-Governmental Organization with continental chapters registered in the United States, Germany, Canada, and several countries across Africa. The organization is committed to promoting the values and principles of the United Nations, particularly in advancing Sustainable Development Goal 16 (Peace, Justice, and Strong Institutions), as well as advocating for good governance globally.

In furtherance of its mandate, UNIPGC has established partnerships with reputable diplomatic civil society organizations, including the United Nations Association of Nigeria and the United Nations Association of Ghana. These collaborations are aimed at strengthening its engagement with initiatives aligned with United Nations ideals.

Additionally, UNIPGC has entered into diplomatic relations with the International Organization for Economic Development (IOED), an Intergovernmental Organization (IGO), to enhance its capacity for international cooperation and diplomatic engagement.

We wish to clearly state that UNIPGC is **not** an entity, agency, or organ of the United Nations.

Members of the public and media practitioners are respectfully advised to refer to the organization by its full and correct name: **United International Peace and Governance Council (UNIPGC)**, and not as the United Nations.

Thank you.

Business

Laffmattazz Announces Strategic Partnership with First Bank of Nigeria Limited for 2026 International Tour

Published

4 days ago

April 24, 2026

Sahara Weekly

Laffmattazz Announces Strategic Partnership with First Bank of Nigeria Limited for 2026 International Tour

Laffmattazz, one of Nigeria’s foremost comedy and live entertainment brands, is pleased to announce its official partnership with First Bank of Nigeria Limited for the highly anticipated Laffmattazz 2026 International Tour, themed “Next Chapter: A New Season of Laughter.”

Now in its 15th year, Laffmattazz—the brainchild of renowned Nigerian comedian Gbenga Adeyinka (Gbenga Adeyinka 1st)—has evolved into a cultural phenomenon, celebrated for its seamless fusion of comedy, music, and live stage performances.

The 2026 tour, which kicked off on Easter Sunday, April 5th, 2026 at the Jogor Centre, Ibadan, marks a significant milestone in the brand’s journey. Building on over a decade of success across Nigeria, this year’s edition signals a bold expansion into the international market, with a multi-city run in Canada, alongside major stops in Akure, Abeokuta, and Lagos.

This strategic partnership with First Bank of Nigeria Limited underscores a shared commitment to excellence and innovation. It is also aligned with FirstBank’s First@Arts initiative—a significant and ongoing program dedicated to supporting the creative arts, entertainment, and cultural sectors. Through this initiative, FirstBank provides financing, advisory services, and actively fosters a sustainable value chain for artists and creative entrepreneurs, while supporting key industry platforms such as the Nigerian Entertainment Conference.

Speaking on the collaboration, the Laffmattazz team stated:

“We are delighted to welcome First Bank of Nigeria Limited as a strategic partner for the Laffmattazz 2026 International Tour. As we mark 15 remarkable years of Laffmattazz, this partnership reinforces our vision to take premium Nigerian entertainment beyond borders, while delivering even bigger, better, and more memorable experiences for our audiences.”

As a key partner, First Bank will enrich the tour through innovative customer engagement initiatives, experiential activations, and exclusive fan experiences across all tour locations.

With its distinctive blend of humor, culture, and live entertainment, the Laffmattazz 2026 Tour is poised to connect audiences across cities and continents, bringing laughter to thousands of fans worldwide.

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About Laffmattazz

Laffmattazz is a premier Nigerian comedy and entertainment brand, now in its 15th year, renowned for its vibrant live shows and nationwide tours. Founded by Gbenga Adeyinka 1st, the brand continues to deliver high-quality experiences that celebrate creativity, culture, and laughter.

About First Bank of Nigeria Limited

First Bank of Nigeria Limited is Nigeria’s oldest financial institution, widely respected for its legacy of trust, innovation, and customer-centric financial solutions that support economic growth and development. Through its First@Arts initiative, the Bank continues to play a pivotal role in empowering the creative industry and driving sustainable growth across the sector.