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N33bn Fraud: CBN Director To Testify Against Mompha; As Court Remands Instagram Celeb, Trial Begins Friday

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A Federal High Court in Lagos on Monday remanded a suspected money launderer, Ismaila Mustapha, also known as Mompha, following his arraignment for alleged N33billion fraud.

Mompha pleaded not guilty to 14 counts of money laundering, unauthorized forex trade and failure to comply with the Federal Ministry of Industry, Trade, and Investment.

The charge was filed against the internet celebrity and the second defendant, Islamob Global Investments Ltd, by the Economic and Financial Crimes Commission (EFCC).

The EFCC arrested Mompha on October 19 at the Nnamdi Azikiwe International Airport, Abuja.

He was remanded in the commission’s custody following a court order.

Last Thursday, the internet celebrity sued the anti-graft agency for N5million alleging wrongful detention.

At his arraignment on Monday, EFCC counsel Rotimi Oyedepo told Justice Mohammad Liman that Mompha laundered the funds through Ismalob Global Investment Ltd, between 2015 and 2018.

Following his plea, the prosecutor prayed the court to remand the defendant in prison custody. He applied for a trial date.

Defense counsel Mr. Gboyega Oyewole (SAN) did not oppose the prayer, but he observed that Mompha had been in custody for 42 days already, according to him, unlawfully.

Oyewole said the defense had already filed a bail application.

Oyedepo agreed that he had been served with the bail application. He prayed for a short date to respond.

The prosecutor further applied for a summons to be issued to several witnesses, including a Central Bank of Nigeria (CBN) Director of Trade and Exchange, Mr Ahmed B. Umar.

The judge granted his prayer.

Following the submissions of the parties, Justice Liman fixed Friday, 29, for hearing of the bail application and commencement of trial.

The EFCC claimed that the funds were laundered in tranches of N18,059,353,413 billion and N14,946,773,393.00 billion.

The commission further alleged that both defendants, not being a financial institution, or an authorized foreign exchange dealer, negotiated a foreign exchange transaction in the sums of N9.416million, N20 million, N10,437,400.00, N10miillion, N2.46million, N10miillion, N100million, N61million, N100million, N40.7million and N42million.

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BREAKING: Senate Confirms Amupitan As INEC Chairman

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The Senate has officially confirmed Professor Joash Amupitan as the new Chairman of the Independent National Electoral Commission (INEC).

His confirmation came after a voice vote by lawmakers, following a screening session in which Amupitan answered questions on his plans for the commission’s future.

Amupitan, who arrived at the National Assembly earlier in the day, exchanged pleasantries with senators before entering the chamber. He was accompanied by the Governor of Kogi State, Ahmed Ododo, and several dignitaries.

At about 12:50 p.m., he was ushered into the Senate chamber by the Presidential Adviser on National Assembly Matters (Senate), Senator Abubakar Lado. His entry followed a motion by Senate Leader, Senator Opeyemi Bamidele (APC, Ekiti Central), to suspend Order 12 and permit visitors into the chamber. The motion was seconded by the Minority Leader, Senator Abba Moro (PDP, Benue South).

Senate President Godswill Akpabio welcomed Amupitan, his family, and well-wishers to the Red Chamber, commending them for their presence. Akpabio also disclosed that the nominee had been cleared by multiple security agencies, including the National Security Adviser’s office, the Department of State Services, and the Nigeria Police Force. According to Akpabio, “the Inspector-General of Police, having done a fingerprint search, confirmed that Amupitan has no criminal record.”

The screening began around 12:55 p.m. after Akpabio’s opening remarks, during which he outlined the Senate’s procedure for assessing the nominee’s credentials. Lawmakers quizzed Amupitan on his vision for credible elections, plans for institutional reforms within INEC, and strategies for enhancing the use of technology in Nigeria’s electoral system.

With his confirmation, Amupitan will now oversee preparations for upcoming off-cycle governorship elections and set the stage for the 2027 general elections.

Earlier reports indicated that President Bola Tinubu nominated Amupitan, a Professor of Law at the University of Jos, to replace Prof. Mahmood Yakubu. The nomination letter was read by Akpabio during Tuesday’s plenary session.

A Senior Advocate of Nigeria and former Dean of the Faculty of Law at the University of Jos, Amupitan is widely respected for his expertise in constitutional and international law.

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JUST IN: Senate Screens INEC Chairman-Designate Amupitan

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The newly appointed Chairman of the Independent National Electoral Commission (INEC), Prof. Joash Amupitan, appeared before the Senate on Thursday for his screening and confirmation.

Amupitan, who arrived at the National Assembly complex earlier in the day, exchanged pleasantries with Senators before entering the chamber. He was accompanied by Kogi State Governor Ahmed Ododo and other dignitaries.

At about 12:50 p.m., he was ushered into the Senate chamber by Senator Abubakar Lado, the Presidential Adviser on National Assembly Matters (Senate). The session was convened after Senate Leader Opeyemi Bamidele (APC, Ekiti Central) moved that Order 12 be suspended to allow “strangers” into the chamber. His motion was seconded by Senate Minority Leader Abba Moro (PDP, Benue South).

Senate President Godswill Akpabio welcomed Amupitan, his family, and well-wishers to the Red Chamber. He informed Senators that the nominee had been cleared by the Office of the National Security Adviser (NSA) after a comprehensive vetting process.

According to Akpabio, the Department of State Services (DSS) and the Inspector-General of Police’s office had also cleared Amupitan, confirming he had no criminal record.

The screening commenced around 12:55 p.m., following Akpabio’s remarks outlining the procedures for assessing the nominee’s credentials.

Earlier in the week, President Bola Tinubu had nominated Amupitan — a Professor of Law at the University of Jos and Senior Advocate of Nigeria (SAN) — to succeed former INEC Chairman Prof. Mahmood Yakubu, who resigned from his position.

Tinubu’s nomination letter was read on the Senate floor during plenary on Tuesday.

Amupitan, a former Dean of the Faculty of Law, University of Jos, is widely recognised for his expertise in constitutional and international law. His nomination, however, has attracted mixed reactions from civil society organisations and political stakeholders, some of whom have called for deeper electoral reforms to strengthen INEC’s independence and transparency.

The ongoing screening is expected to centre on Amupitan’s vision for credible elections, his plans for institutional reforms within INEC, and strategies to enhance the use of technology in Nigeria’s electoral process.

If confirmed by the Senate, Amupitan will lead preparations for the forthcoming off-cycle governorship elections and set the foundation for the 2027 general elections.

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Nigeria Forecasts 4% Economic Growth In 2025, 5% In 2026 — Presidential Aide

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Sanyade Okoli, Special Adviser to President Bola Tinubu on Finance and the Economy, says Nigeria’s economy is projected to grow 4% in 2025 and 5% in 2026.

Speaking at the Nigeria Investors Forum in Washington, D.C., United States, held on the sidelines of the World Bank–IMF Annual Meetings, Okoli said Nigeria has already achieved a growth rate of 4%, with Q2 2025 showing 4.3% growth.

“We know we need to diversify the economy — and we’re seeing results,” Okoli said.

He explained that in Q2, 13 sectors grew above 7%, compared to 9 sectors in Q1.
According to him, Nigeria’s dependence on oil for total exports has dropped to 57.5% in the first half of 2025 — a decline from previous years — while oil now contributes only about 4% of GDP, down from 8% in 2021.

“The economy is diversifying, and resilience is building,” he added.

Okoli said Nigeria’s oil sector is also improving, with daily crude production expected to reach 2 million barrels per day by 2027, and further growth anticipated by 2030 — supported by better security and management reforms.

The presidential aide also outlined ongoing partnerships with the private sector and development partners to boost infrastructure and drive long-term growth.

“On roads, the Highway Development and Management Initiative has identified over 10 routes for PPPs,” he said.

“On power, we’re partnering with the World Bank and AfDB to mobilise about $32 billion to improve electricity access and reliability.

“On digital infrastructure, we’re laying 90,000 kilometres of fibre-optic coverage to future-proof connectivity for our young population.”

Okoli said agriculture remains central to Nigeria’s growth and job creation strategy and is critical to reducing food inflation.

He also noted that the government is investing in human capital, citing programmes such as the Nigerian Education Loan Fund (NELFUND) for interest-free student loans and the Digital Health Initiative.

On fiscal policy, Okoli reported improvements in Nigeria’s public finances, stating that while expenditures have risen slightly, revenues are increasing and deficits are narrowing.

“The federal government’s deficit-to-GDP ratio is now around 3.6%, down from over 4% previously — trending toward the 3% target,” he said.

He added that non-oil revenue has remained strong, driven by improved tax compliance, automation, and digitisation across the system.

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