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President Muhammadu Buhari has ordered that further investigations be made into the Nigerian Army’s procurement of weaponry and other equipment from 2007 to 2015. A statement issued by Air Vice Marshal Jon Ode (ret.), who chaired the Presidential Committee on the Audit of Defense Equipment Procurement in the Armed Forces, disclosed that Mr. Buhari had accepted the committee’s recommendation to further investigate those involved in the procurements. The statement added that the committee had discovered numerous irregularities in the contract awards.

President Buhari’s order came after the committee submitted its third interim report today. But Worrisome in the approval of further investigation is the exclusion of Buhari’s interior minister, Lt. General Abdulrahman Bello Dambazau, the chief of Army Staff under whom some of the fraudulent procurement process was carried out within the period under review. Lt. General Dambazau was Chief of Army Staff between 2008 and 2010

Saharareporters learnt Dambazau was earlier indicted in the report submitted by the panel but elements within the Presidency worked hard to exonerate him from the list of former army officers indicted.

“Among those to be investigated are 18 serving and retired military personnel, 12 serving and retired public officials and 24 Chief Executive Officers of Companies involved in the procurement. All were either accounting officers or played key roles in the Nigerian Army procurement activities during the period under review,” said the statement by AVM Ode.

He disclosed that the subjects of further investigation include two former Chiefs of Army Staff, Lieutenant-General Anthony Ihejirika (ret.) and Lieutenant-General K.T.J. Minimah (ret.), former Minister of State for Foreign Affairs, Nurudeen Mohammed, and three former permanent secretaries in the Ministry of Defense, Bukar Goni Aji, Haruna Sanusi, and E.O. Oyemomi.

Other targets of the probe include chief executives of several firms, among them Colonel Olu Bamgbose (ret.) of Bamverde Limited, Amity Sade of Doiyatec Comms Limited and DYI Global Services, and Edward Churchill of Westgate Global Trust Limited.

The committee said the total amount spent for procurement and operations within the period were N185,843,052,564.30 and $685,349,692.49.

The committee’s latest interim report concluded that contracts awarded by the Ministry of Defense for the Nigerian Army between 2007 and 2015 were often awarded without '”significant input from end-user (Nigerian Army) and to vendors who lacked the necessary technical competence.”

“As an example, three contracts with a total value of N5,940,000,000.00 were awarded to DYI Global Services Ltd and Doiyatec Comms Nig. Ltd (owned by the same individuals) for the procurement of military hardware including 20 units of KM-38 Twin Hull Boats and six units of 4X4 ambulances fitted with radios. The committee found that the 2 companies collected N5,103,500,000.00, representing 86% of the total value of the three contracts worth N5,940,000,000.00, but only performed to the tune of N2,992,183,705.31,” the report stated.

In another example, the committee reported that a contract worth N169,916,849.77 for the procurement of 53 armored vehicle spare parts, with a 90-day completion schedule, was yet to be completed five years after it was awarded.

In addition, the committee found that many of the contracts awarded directly by the Nigerian Army were characterized by “lack of due process, breach of extant procurement regulations and [were] tainted by corrupt practices.”

According to the committee, “a review of the procurement carried out by Chok Ventures Ltd and Integrated Equipment Services Ltd established that between March 2011 and December 2013, the two companies exclusively procured various types of Toyota and Mitsubishi vehicles worth over N3,000,000,000.0 for the Nigerian Army without any competitive bidding.

“Though the committee found no credible evidence of delivery of the vehicles, the vendors were fully paid based on job completion certificates authenticated by the then Chief of Logistics. Also, [an] analysis of the various bank accounts of the two companies showed transfers to individuals related to [the] then Chief of Army Staff.”

A Nigerian Army court-martial on Wednesday dismissed a Regimental Medical Doctor after he was found guilty of having sex with his fellow officer’s wife, military officials have told PREMIUM TIMES.

The court slammed a two-count charge of illicit sexual relationship and unprofessional conduct on Lieutenant Musa Mustapha Bature, and accused him of taking advantage of a colleague’s wife who was supposed to be his patient.

The court-martial sat at the Adekunle Fajuyi Cantonment of the 2 Division, Ojo, Ibadan in Oyo State.

The 38-year old officer, whose fate would be finally decided by a military council, which statutorily ratifies such sentences, reportedly confessed to the crime, and pleaded with military authorities to give him corrective punishment rather than a terminal one, PREMIUM TIMES was told.

Sources familiar with the trial said the accused, a native of Kebbi State, had a notorious history of sexual indiscipline in his four years of service. His conduct was recently brought to the attention of the army authority.

The doctor’s offence, namely indecent professional misconduct and having sex with a fellow soldier’s wife, contravene Sections 79 and 93 of the Armed Forces Act CAP A20, Laws of the Federation of Nigeria, 2004. The law prescribes jail term and dismissal from service with dishonour.

Delivering his judgement, the President of the Court Martial, Brigadier General Raji, who is also the Commander of 52 Division Signals, said the court opted for a lesser sentence of dismissing the doctor because the convict was a young officer who got commissioned into the Nigeria Army only in 2012.

He said in his sentence: “Given the level of treachery and the betrayal of trust you displayed by having sexual relation with your colleague’s wife, the court is tempted to award you a maximum sentence of five years in prison. The Court has however looked that you were only commissioned to the Nigerian Army in 2012, you may therefore not be well grounded in the traditions of the Nigerian Army. Ignorance, however, does not excuse your despicable behaviour. So therefore, the court sentences you as follows:-

“On Count 1, dismissal with disgrace and dishonour. On Count 2, dismissal from the armed forces.

“Note that these sentences are subject to confirmation by the Army Council and the sentences are to run concurrently.”

According to revelations made during the court-martial, the officer’s last sexual escapade involved the wife of a fellow officer whom he took advantage of when she visited his clinic for consultation on a gynaecological case.

Officials said after seeing the newly-married woman from Yobe State, whose identity they asked should be protected, the doctor insisted on conducting a more detailed examination of her.

Our sources say the young doctor disregarded prescribed medical ethics requiring that such examination be carried out in the presence of a chaperon.

The officer’s wife served as one of the prosecution witnesses in the case. In her testimony, according to details obtained by PREMIUM TIMES, the woman gave a detailed account of how the doctor sexually stimulated her before they had sex in the man’s office.

She told the court that the doctor later invited her in the evening of the same day to his house so she could pick an ointment he earlier prescribed for her treatment. There, they engaged in another round of intercourse, she narrated.

The young woman said she reported to the barrack’s chaplain after becoming crushed by the weight of her guilt.

Below is the full text of the judgment of the president of the Martial Court on the matter, exclusively made available to PREMIUM TIMES:

Brigadier General Raji:

“This Honourable court as composed has listened to all parties in the matter, including the addresses by the counsels on both sides. The court is therefore well acquainted with the facts to enable it arrive at the decision of the learned judge advocates. It is my privileged to announce the decisions of the court in this matter.

“Count-1:- The Accused is charged with having sexual relations with the service personnel spouse, punishable under section 79 of the Armed Forces Act. CAP A20 Law of the Federation of Nigeria 2004.

The issue for determination:

This honourable court is required to determine whether the accused has committed the offence by having sexual relations with a service personnel spouse.

The court finds in the affirmative; the accused confessed to the offence in the presence of witnesses.

Decision:- The court therefore finds the accused guilty Count One as charged.

“Count-2:- The accused is charged with the disgraceful conduct of an indecent nature punishable under section 93 of the Armed Forces Act, CAP A 20 Laws of the Federation of Nigeria 2004

The Issues for Determination: This honourable court is required to determine whether the accused has committed the offence of disgraceful conduct of an indecent nature. The particulars of the offence were by the accused being the unit Regimental Medical Officer, committed an act of gross indecency with his patient – Prosecution witness 2 – by fingering of her vagina under the pretext of conducting medical examination without the presence of a chaperon. In our opinion, the prosecution failed to proof that the vaginal examination was a pretext for fingering the patient and not the necessary procedure in the treatment of pelvic inflammatory disease. He could have verified this by seeking the opinion of an independent medical practitioner. If the prosecutor has been able to prove that the vaginal examination was a pretext of fingering the prosecution witness-2, they might have been able to sustain a charge of disgraceful conduct of an indecent nature.

“In the opinion of this honourable court, the prosecutor was only able to prove that the accused person conducted a vaginal examination on a patient of opposite sex in the absence of a chaperon. Conducting an intrusive procedure such as vaginal examination in the absence of a chaperon contravenes the code of ethics of the medical and dental council of Nigeria under the rules of professional conducts for medical and dental profession.

“We conclude there that the accused acted unethically. The matter should be referred to the Nigeria Medical Association. However, by contravening the ethics of his profession, the accused person acted in a manner unbecoming of a gentleman capable of bringing the Nigeria Army into disrepute. He conducted himself in a manner prejudicial to good order and service discipline; and therefore contravened section 103 of the Armed Forces Act. The court therefore invoked section 142 of the Armed Forces Act, finds the accused person guilty of the alternate offence of misconduct of prejudice to the service discipline.

“At this point, before sentence is passed, we will like to hear mitigations on behalf of the accused, if any.”

In a move to help the accused get a soft landing, his lawyer Major Femi Oyebanji (rtd) presented his somehow impressive Record of Service that was obtained from the office of the military secretary, Army, to help mitigate the already known punishment for his conviction.

“Here is a brief of Lieutenant MM Bature, N/14543”, said Major Oyebanji. “Lieutenant Musa Mustapha Bature was born on 21 May, 1977 at Yawuri, and hails from Yawuri local government area of Kebbi state. He was granted a direct short service commission on 10 August, 2012 on the rank of Lieutenant, with seniority on the same rank on 10 August 2012. He is of the medical corp, Courses attended: Nil.

He holds a bachelor of medicine and bachelor of surgery.

Summary of Course report: Nil.

Promotion history: Nil

Appointments held within the periods he has served:

– RMO 81 Battalion

– RMO 19 Battalion

– He was posted to HQ 2 Div for Jurisdiction on 18 April 2016.

“Command Experience:- As RMO 19 Battalion he was described as a calm and articulate officer who was noted to have good grasp of service knowledge and unit regimentation. He was said to have rehabilitated some wards that were said to have been in bad state in the unit MRS. He was noted to have conducted series of lectures and enlightenment programmes on scourge of Ebola virus disease. He was observed to have paid much attention to the troops health conditions and issues of public health and sanitation were properly addressed. He was also reported to have ensured proper functionality of the MRS by making drugs available for personnels and their families. He was commended for his community service by extending medical services to the local populace whenever authorised and this gesture was seen to have improved the unit’s civil-military relations.

“Operational Experience:- As RMO LIbat One… he was said to have set up a medical station for the unit and properly managed all health related cases brought before him. He was noted to have establish contact with the SHQ medical cell and was able to take series of assistance to the troops, especially for referral cases. In the mission area, he was reported to have organised periodic fumigation of the unit locality. He was noted for carrying out free bi-weekly consultancy services for the locals and host communities to foster civil-military cooperation in the unit’s AOR. He was remarked to have been appreciated by the local communities.

“Disciplinary Records:- He was posted to 2 Div for jurisdiction on allegation of sexual related offences.

“Miscellaneous: He is married and blessed with a child. He enjoys reading and watching movies.

The defence counsel further pleaded with the president of court to give the convicted officer a lesser or no punishment at all as he argued that his sack may permanently affect his future career.

he Police Service Commission has approved the retirement of 21 Assistant Inspectors General of Police who were senior to the new acting Inspector General of Police, Idris Ibrahim, before his appointment.

The affected AIGs are:

1 Bala A Hassan
2.Yahaya Garba Ardo
3. Irmiya F Yarima
4. Danladi Y Mshebwala
5. Tambari Y. Mohammed
6..Bala Magaji Nasarawa
7. MUsa Abdulsalam
8. Adisa Bolanta
9. Mohammed J Gana
10. Umaru Abubakar Manko
11. Lawal Tanko
12. Olufemi A. Adenike
13. Johson A Ogunsakin
14. Adenrele T. Shinaba
15. James O. Caulcrick
16 Olufefemi David Ogumbayode
17. Edgar T Nanakumo
18. Kalafite H. Adeyemi
19. Patrick D Dokumor
20. Mbu Joseph Mbu
21. Sabo Ibrahim Ringim

Chairman of the Commission, Sir, Dr. Mike Mbama Okiro congratulated the affected officers for their meritorious service to the nation and wished them well in their new endeavours.

Ikechukwu Ani

Head, Press and Public Relations

July 1st 2016

The federal government has come under fire for its failure to release the names of public officials from whom stolen public funds have been recovered.

Inibehe Effiong, an attorney and convener of the Coalition of Human Rights Defenders (COHRD), is the latest figure to call on the federal government to publish the looters' names.

During an interview broadcasted on Blaze 91.1 FM, Mr. Effiong explained that President Muhammadu Buhari promised to release the names of the looters but has yet to do so.

Repatriating stolen funds has been a major priority of the Buhari administration, which has been working with foreign governments and the World Bank to facilitate the recovery of the stolen assets.

Last weekend, the federal government released a list of funds that have been recovered throughout the past year, but excluded the names of the individuals from whom the recoveries were made.

Vice President Yemi Osinbajo explained on Monday that the government has not published the names because doing so could jeopardize the ongoing investigations into these persons.

But Mr. Effiong rejected this excuse, emphasizing that the government’s reluctance to release the names contradicts its message of transparency, accountability and anti-corruption.

He further explained that it would not be a violation of the law to release the looters’ names.

“Section 36 (5) of the Nigerian Constitution guarantees presumption of innocence and states that every person is presumed innocent until proved guilty…but the issue is not about conviction because no one is being convicted by the federal government; only a court of competent jurisdiction can convict… It is not an infringement on the right to presumption of innocence because they are not being convicted or sent to prison,” he said.

Mr. Effiong added that the government could not be sued for defamation if the correct names are published.

“If the publication is true, then there is no defamation. There is no litigation that can arise from that because they willingly surrendered theses funds…It can only be defamatory if what the government is saying is false,” he explained.

The attorney argued that the looters who surrendered their funds voluntarily should be prosecuted.

“While we are interested in having money back, there has to be deterrence,” Mr. Effiong said.

Mr. Effiong’s appeal marks the second time this week the government has been called upon to release the names of looters. The Socio-Economic Rights and Accountability Project (SERAP) filed a Freedom of Information request to Minister of Information Lai Mohammed, urging him to publish information about the public officials from whom stolen funds were recovered.

“While we believe that suspects generally are entitle to be presumed innocent until proven guilty by a court of competent jurisdiction, SERAP opposes blanket non-disclosure of names of high-ranking public officials from whom some of the funds were recovered,” their request read in part.


SERAP argued that the public has the right to know the names of the public officials.

Referring to the government’s determination to legally protect the individuals from whom assets were recovered, SERAP stated, “SERAP insists that the public interest to know is greater than any other legitimate interest that the government might wish to protect. The Nigerian government has an obligation to balance whether the risk of harm to the legitimate aim (that is the secrecy of ongoing corruption investigation and presumption of innocence) from disclosure of the names of public officials is greater than the public interest in accessing information.”

At the time of publication, the federal government has not announced plans to publish the names of the looters.

Diamond Bank Plc. and two of its managers, Lasisi Abayomi and Hillary Ojukwu, were today arraigned before a Federal High Court in Lagos, capital of Lagos State on a six-count charge of money laundering. Charged alongside the bank and its two managers are Oni Oil and Gas Ltd and Ms. Lizzy Chinyere Ikenua.

Prosecutor Augustine Nwagu of the National Drug Law Enforcement Agency (NDLEA) accuses the bank and its two managers of failing to verify the true identity of its customers, Oni Oil and Gas Ltd, Onoche Ikenua, a deceased and suspected drug baron, and his wife, Lizzy Chinyere Ikenua. The prosecutor charges that the defendants, without due diligence, opened account number 0212010006203 in favor of the shady company and its owners as well as entered into other fiduciary relationships with them. The alleged offense took place in August 2006.

The prosecution stated that, between August and December 2006, Diamond Bank’s Mr. Ojukwu aided Oni Oil and Gas Ltd, Mr. Ikenua and Ms. Ikenua to convert various sums of money obtained directly or indirectly from illicit traffic in narcotic drugs. It said the defendant violated Section 14 (a) of the Money Laundering (Prohibition) Act, 2004.

The prosecution also alleged that, between August and October 2006, Diamond Bank “failed to report suspicious transactions on account no. 0212010006203 in the name of Oni Oil and Gas Ltd,” adding that the bank thereby breached Section 6 (9) of the Money Laundering (Prohibition) Act, 2004.

After the accused parties pleaded not guilty, Mr. Nwagu told the court that he was ready to proceed with the trial, revealing that two prosecution witnesses were in court. Justice Mojisola Olatoregun Ishola granted bail to each of the defendants in the sum of one million naira in addition to one surety in like sum.

The charge was also amended owing to the death of one of the defendants, Mr. Ikenua.

President Muhammadu Buhari has released the names of 47 ambassadorial nominees.

The names were contained in a letter sent to the senate, and read on the floor of the upper legislative chamber by Senate President Bukola Saraki on Thursday.

In the letter, the president sought the consent of the senate‎ for the confirmation of the nominees.

Some of the names of “the career diplomats” who will head Nigeria’s missions abroad when confirmed by the senate ‎ are Obinna Chukwuemeka, Okeke Vivian, Ngozi Okeje, Bello Kazaure, Garba Baba, Umar Salisu, Kadiri Ayinla Audu, Ibrahim Isa, Bankole Adeoye, Ibrahim Hamza, KC Nwachukwu, Olufemi Abekoye, Adekunbi Abibat, Salisu Umoru, Liman Munir, Mohammed Hassan Hassan, Olatunde Adesesan, Usman Bakure, Balogun Akeem and Kabiru Bala.

Mr. Omisore spoke through a statement issued today stressing that the EFCC's decision to declare him wanted was senseless and born out of vendetta.yiola Omisore, former Chairman of the Senate Committee on Appropriation, has hit back at the Economic and Financial Crimes Commission (EFCC), describing it as a tool being used against the opposition by the federal government.




Mr. Omisore spoke through a statement issued today stressing that the EFCC's decision to declare him wanted was senseless and born out of vendetta.

“I read the statement issued by the Economic and Financial Crimes Commission (EFCC) purportedly declaring me wanted as an attempt by that organization and its leadership to tarnish my image.

Iyiola Omosire was People's Democratic Party (PDP) candidate in the recently concluded Osun election

“That statement, if indeed it was issued by the EFCC, is the height of mischief and a deliberate attempt to assassinate my character. It is now very clear that the EFCC is indeed playing out the script of persecuting and harassing perceived opposition groups in the country.

“To be sure, there is no basis for the EFCC’s so-called statement. Only on Tuesday, May 24, we appeared in court with the EFCC asking for permission of the court for an extension of time in the preliminary objection to a suit filed against me.

“The Managing Director of Firmex Gill, which the EFCC joined in their case, indemnified me from the company’s contracts and any suchobligations.

“In other words, there is nothing related to me in the company’s contract deal with the Office of the National Security Adviser (ONSA). The company has even sued ONSA for its inability to pay the balance of the contract so awarded to it.

“Therefore, I am not aware of any issue relating to a contract of N700 million. There was no issue of N700 million anywhere. The relationship between the company and ONSA is civil and contractual, which has nothing to do with me,” Mr. Omisore said in his statement.

A new armed militant group in Nigeria's Niger Delta, "The Niger Delta Avengers" today destroyed the main pipeline supplying gas that provides electricity to the Escravos tank farm in Delta state owned by Chevron. In a tweet sent from its account on Twitter, the group said the latest action was carried out after Chevron ignored its May 12 warning not to fix a major crude pipeline blown up by the group early in the month. The group did not disclose if the latest attack led to human casualties. A new armed militant group in Nigeria's Niger Delta, "The Niger Delta Avengers" today destroyed the main pipeline supplying gas that provides electricity to the Escravos tank farm in Delta state owned by Chevron. In a tweet sent from its account on Twitter, the group said the latest action was carried out after Chevron ignored its May 12 warning not to fix a major crude pipeline blown up by the group early in the month.

The group did not disclose if the latest attack led to human casualties.


We Warned #Chevron but they didn't Listen. @Niger Delta Avengers just blow up the Escravos tank farm Main Electricity Feed PipeLine.
— Niger Delta Avengers (@Niger Delta Avengers) May 25, 2016

https:///jrkSjIPVLc
our Warning to Chevron
— Niger Delta Avengers (@Niger Delta Avengers) May 12, 2016

A new armed militant group in Nigeria's Niger Delta, "The Niger Delta Avengers" today destroyed the main pipeline supplying gas that provides electricity to the Escravos tank farm in Delta state owned by Chevron. In a tweet sent from its account on Twitter, the group said the latest action was carried out after Chevron ignored its May 12 warning not to fix a major crude pipeline blown up by the group early in the month. The group did not disclose if the latest attack led to human casualties. A new armed militant group in Nigeria's Niger Delta, "The Niger Delta Avengers" today destroyed the main pipeline supplying gas that provides electricity to the Escravos tank farm in Delta state owned by Chevron. In a tweet sent from its account on Twitter, the group said the latest action was carried out after Chevron ignored its May 12 warning not to fix a major crude pipeline blown up by the group early in the month.

The group did not disclose if the latest attack led to human casualties.


We Warned #Chevron but they didn't Listen. @Niger Delta Avengers just blow up the Escravos tank farm Main Electricity Feed PipeLine.
— Niger Delta Avengers (@Niger Delta Avengers) May 25, 2016

https:///jrkSjIPVLc
our Warning to Chevron
— Niger Delta Avengers (@Niger Delta Avengers) May 12, 2016

Former President Olusegun Obasanjo says President Muhammadu Buhari may not do well in economy and foreign affairs, except in military matters.

“Buhari is not a very hot person on the economy and foreign affairs,” Obasanjo said.

The former President stated this on Monday at the third International Conference on African Development Issues — themed, “Driving inclusive and sustainable development in Africa: Models, methods, and policies” — organised by Covenant University, Ota, Ogun State.

While reacting to a question posed to him by a member of the audience: “Is there any hope for Nigeria under the administration of President Muhammadu Buhari?”, Obasanjo replied, “Is there any hope for Nigeria under this administration? I came back from Geneva, Switzerland a few days ago to attend a conference titled, ‘Are elections giving democracy a bad name?’ We had an election; we elected a leader and the good thing about democracy is that the power you have to elect a leader is also the power you have to remove him. I am saying this because I said earlier that if you don’t see any leader that has done well in the 56 years of Nigeria’s independence, then let us forget about Nigeria.

“I will tell you what I know, and I will tell you what I don’t know. I know Gen. Muhammadu Buhari. He served under me in the military. His characteristics that I know, his behaviour that I know, he has not deviated from them. He was never a perfect man; he is not a perfect man, and no leader can ever be a perfect man because they are human beings. But if you read my book, what I said about him is correct. He is not a hot person when it comes to economy. He is not a very hot person when it comes to foreign affairs. But he will do well in matters of military, and he will do well in fighting Boko Haram.”

The former president also said he tried his best in fighting corruption, especially in the recovery of funds looted by the late Gen. Sani Abacha and that as of the time he left the government, about $1bn was still to be recovered.

Obasanjo said, “For me, we have no hope if we have no future. I am an optimist as far as Nigeria is concerned. If somebody doesn’t get it all right for now, we will get somebody who will come up and fix whatever is missing. The administration before this had no clue on how to deal with Boko Haram; there is no doubt about that.

“You may not like the way he (Buhari) is fighting corruption. I fought corruption. We recovered over $1.25bn from Abacha and his men. We didn’t make noise. Also, we recovered £100m and about N30m and those who were helping us, the lawyers and the rest said there was still at least $1bn to be recovered at that time. I put it in my handover notes. But rather than encourage scrupulous persons, we had another spate of corruption.”

Obasanjo added that fighting corruption would not be effective if it did not translate to a better life for the citizens.

He said, “Fighting corruption is not a one-day or a one-regime affair. If where we left it, they continued, we would have gone far. For me, the questions are: Is corruption being fought? And if it is being fought, is it being effectively fought? Are we getting the desired results? And if we are getting the desired results, what impact is it having on our society and our nation?”

Other speakers at the event included Nigeria’s Permanent Representative to the United Nations, Prof. Joy Ogwu, and the Associate Vice-President, Research, McMaster University, Canada, Prof. Bonny Ibhawoh.

They both said if Africa was to experience any development, leaders must match their words or policies with action.

Former minister and 2105 Presidential campaign spokesperson, Femi Fani-Kayode, will not be released from the custody of the Economic and Financial Crimes Commission (EFCC) today, SaharaReporters has learnt.



Our sources said that the anti-corruption agency on Tuesday in Abuja obtained a court order to keep Mr. Fani-Kayode in custody to conclude investigations on several fraud cases concerning him before he is charged to court.

One of those cases, we further learnt, involves the Lagos office of the EFCC. Details are not yet available.

Operatives of the agency said Mr. Fani-Kayode will be transferred to Lagos to face investigators there as soon as possible.

After months of insisting that he had no plans to devalue the naira, President Muhammadu Buhari has caved to pressure to change course, SaharaReporters has learned from an exclusive briefing by a few top aides of the president.

A day after the Buhari administration increased the price of the pump price of fuel by 67%, from N86.5 to N145 a liter, our sources disclosed that Mr. Buhari has also agreed to demands by the International Monetary Fund (IMF) that he significantly devalue the Nigerian currency. Our sources indicated that the naira would be pegged at N290 to one dollar. The current official rate is about N200 to a dollar.

Our sources said Mr. Buhari and his economic team took the decision to accept the IMF’s terms for funds that the Nigerian government wants to access in order to bridge a critical shortfall in revenue occasioned by a drastic decline in oil revenues. An administration insider told SaharaReporters that Nigeria could receive as much as $3 billion in credit facilities from the IMF.

“The truth is that Nigeria cannot operate without sourcing credit from the IMF,” said one of our sources, an economic adviser to Mr. Buhari, who spoke on condition of anonymity. “And the IMF was adamant that we must devalue before they can discuss extending credit to us,” he added.

Curiously, administration officials took the decision to devalue the naira without the input of the Governor of the Central Bank of Nigeria (CBN), Godwin Emefiele, another source revealed. An official of the CBN confirmed to Saharareporters that bank executives were kept in the dark about the discussions that led to the Buhari administration’s decision to devalue the naira. “Some of us here [the CBN] are not opposed to devaluation, given our country’s present circumstances,” the source said, adding that it was the CBN’s function to pilot Nigeria’s monetary policies.

One of our sources pointed to the fact that the naira has been weakened in the parallel market, where it now sells at N360 per dollar. “The government cannot continue to operate under the illusion that the naira is stronger than it is. The only problem is that we did not start early enough to admit to Nigerians how bad the financial outlook was,” the source added.

The Nigerian economy has been pummeled by falling oil earnings that have led to a near collapse of the economy. The IMF had long indicated its readiness to support Nigeria’s economy with credit liquidity but insisted on Nigeria devaluing its currency. President Buhari had insisted on numerous occasions, before and after his election, that he would never devalue the naira.

It is unclear how Mr. Buhari and members of his economic team plan to justify the about-turn on devaluation and other policy somersaults. After initially vowing to reduce the price of fuel, the government yesterday announced a significant hike in fuel price. The administration also set to announce a 10% increase in value-added tax (VAT), another indication that the Buhari government was embracing the kind of liberalization pushed by the IMF.

To compound dwindling oil prices, militants in the oil-rich Niger Delta region have crippled oil exports substantially after bombing oil pipelines and issuing threats to oil companies to leave the region.

Last week, several oil companies evacuated essential staff from the region’s offshore platform leading to a reduction in daily oil outputs from 2.2 million barrels a day to 1.3 million barrels a day.

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