Business News
CBN Probe: Experts Fault Engagement of Private Investigator
By Tony Obiechina, Abuja
The Federal Government’s decision to hire a private investigator to probe the Central Bank of Nigeria(CBN) came under attacks at the weekend as Some financial experts said it was in the best interest of the nation’s economy to engage a consortium of audit firms for the crucial assignment.
The experts spoke on Sunday in Abuja against the backdrop of the appointment of a private investigator, Osayande Obaze, the former Chief Executive Officer of the Financial Reporting Council (FRC) to probe the CBN.
Some stakeholders said that the law empowered the FRC to carry out such investigation, adding that going outside the FRC to appoint an individual could send the wrong message.
According to Prof. Uche Uwaleke, the Director, Institute of Capital Market Studies, Nasarawa State University Keffi, it was not out of place for the president to commission an enquiry into the activities of the apex bank.
Uwaleke, however, said that a consortium of audit firms could be trusted to do a more thorough probe than a private investigator.
“The CBN is the banker to the Federal Government, and in that regard, it is not out of place for the president to commission an enquiry into the activities of the bank.
“But in doing so, the president will approach it better by engaging the services of a consortium of reputable audit firms rather than giving that responsibility to an individual ” he said.
Past President of the Chattered Institute of Bankers of Nigeria (CIBN), Okechukwu Unegbu said a private investigator might be influenced by certain personal considerations in carrying out the probe.
Unegbu said Obaze has had issues with the apex bank when he served at the FRC, noting that the relationship could influence his verdict.
He said that the Federal government should have engaged reputable audit firms to thoroughly examine the CBN.
” It is not right for the president to appoint a single individual to do such an investigation.
“The guy they hired is a controversial person, who has had issues with the CBN even from the time he was at the FRC, and he is going to be a bit biased.
“We need reputable and impartial audit firms to do the examination,” he said.
Meanwhile, the Chief Executive Officer of the Centre for the Promotion of Private Enterprise, Muda Yusuf, said that the investigation had become necessary to ascertain if there were any infractions or abuse of office.
According to Yusuf, the only way to get the facts out is through the normal audit and maybe a forensic audit. It is not out of place.
‘’If there is any suspicion of abuse of office, the normal thing is to do a forensic examination to ascertain whether there was any infraction or abuse of office.
“You need to get the facts before you can take action against anybody,” he said
It will be recalled that President Bola Tinubu recently announced Obaze as a special investigator to probe the CBN.
In a letter dated July 28, the president said that the probe was backed by section 15 of the Constitution of the Federal Republic of Nigeria.
Tinubu also directed the special investigator to take immediate steps to ensure the strengthening and integrity of crucial government business entities ( GBEs), and also block further leakages in the CBN and related CBEs.
“By the fundamental objective outlined in section 15(5) of the Constitution, this administration is today continuing the fight against corruption by appointing you as a special investigator to investigate the CBN and related entities.
“This appointment shall be with immediate effect, and you are to report directly to my office.
“The full terms of your engagement as Special Investigator shall be communicated to you in due course.
“But they require that you immediately take steps to ensure the strengthening and integrity of crucial GBEs, and block further leakages in CBN and related GBEs.
“You will also provide a comprehensive report on public wealth currently in the hands of corrupt individuals and establishments, whether private or public,” Tinubu said.
He advised the investigator to use a “suitably experienced, competent and capable team”, and to also work with relevant security and anti-corruption agencies to deliver on the assignment.
“I shall expect a weekly briefing on the progress being made,” the president said.(Additional Reports from NAN)
Business News
Customs CG Tasks Officers on Discipline, Integrity
By Tambaya Julius, Abuja
The Comptroller-General of the Nigeria Customs Service (NCS), Bashir Adewale Adeniyi, has called on officers and men of the Customs Police Unit (CPU) to uphold discipline, professionalism and integrity, stressing that accountability must begin within the Service.
Adeniyi made the call while delivering the keynote address at the inaugural Customs Police Summit 2026, held at the NAF Conference Centre and Suites, Abuja.
The summit, with the theme, “Reimagining Customs Policing: Learning From the Past, Responding to the Present, and Preparing for the Future,” brought together customs personnel and representatives of security and law enforcement agencies to discuss ways of strengthening the unit and preparing it for emerging enforcement challenges.
The Customs boss, who is also the Chairperson of the World Customs Organization (WCO) Council, said the Service must first demonstrate the discipline and integrity it expects from traders and members of the public.
He described the Customs Police Unit as a critical part of the Service’s internal control system, noting that its responsibility goes beyond investigating misconduct to ensuring that officers exercise their powers within the confines of the law.
According to him, the unit, formally inaugurated in July 2019, was established to investigate erring personnel, prevent crime and promote compliance, guided by the principle that no officer is above the law.
He said the experience of the Service over the years had reinforced three important lessons: integrity must begin at home, enforcement powers must be exercised responsibly, and effective policing requires cooperation among relevant institutions.
The Comptroller-General expressed concern over the growing sophistication of criminal networks, which he said were increasingly exploiting legitimate trade routes and digital platforms to move illicit goods, including firearm components, narcotics, counterfeit medicines, protected wildlife and proceeds of illegal activities.
He maintained that tackling these threats required more than aggressive enforcement, calling instead for smarter, intelligence-driven operations supported by technology and international best practices.
Adeniyi pointed to several World Customs Organization instruments, including the SAFE Framework, Authorised Economic Operator (AEO) Programme, advance rulings, Time Release Study and Revised Kyoto Convention, as important tools for promoting compliance, facilitating legitimate trade and reducing opportunities for corruption.
He also highlighted the role of technology and data management in strengthening customs operations, citing the B’Odogwu platform, which integrates declarations, valuation, risk management and AEO processes.
He added that the INTERPOL Data Centre at Customs Headquarters had provided the Service with access to global criminal databases, while the Nigeria Customs Service Act 2023 had strengthened the legal foundation for intelligence-led operations, joint border activities and mutual administrative assistance.
The CGC identified Consolidation, Collaboration and Innovation as the three pillars that must shape the future of customs policing.
He explained that consolidation would require stronger operational procedures, improved investigations, properly documented cases for prosecution and continuous professional development of personnel.
He called for closer working relationships with the Nigeria Police Force, Armed Forces, National Drug Law Enforcement Agency (NDLEA), National Agency for Food and Drug Administration and Control (NAFDAC), Department of State Services (DSS), Independent Corrupt Practices and Other Related Offences Commission (ICPC), Nigeria Agricultural Quarantine Service (NAQS), neighbouring countries and border communities.
He also encouraged the Service to take advantage of emerging technologies, including artificial intelligence, advanced scanners, geospatial tools and electronic cargo tracking, to improve investigations and strengthen enforcement operations.
Adeniyi urged participants to use the summit to develop practical recommendations, including a Customs Police doctrine based on the NCS Act 2023 and Revised Arusha Declaration, improved protocols for joint operations and evidence management, guidelines for the responsible use of artificial intelligence in investigations, and better training and welfare for CPU personnel.
Addressing officers of the unit, he reminded them that their red berets represented the confidence Nigerians placed in the Service and must therefore be worn with discipline, restraint and pride.
He stressed that integrity remained the greatest badge of honour for every customs officer.
The Acting Provost Marshal of the NCS, Deputy Comptroller TS Sanusi, described the summit as an important step towards strengthening the institutional capacity and repositioning the Customs Police Unit.
Sanusi said the unit was established to provide a dedicated structure for maintaining discipline, investigating misconduct and ensuring compliance with professional standards among personnel and stakeholders.
He observed that the Service could not effectively enforce laws and regulate international trade without having strong mechanisms to promote discipline and accountability within its own ranks.
He added that the increasing challenges of transnational organised crime, illicit financial flows, corruption and emerging security threats had made the work of the Customs Police Unit more important.
The Acting Provost Marshal expressed appreciation to the Comptroller-General for his leadership, support and approval of funds for the inaugural summit, noting that the gesture reflected management’s commitment to strengthening the unit.
He also recognised the contributions of former Provost Marshals and personnel who helped establish the unit’s operational structures and professional standards.
Sanusi urged serving personnel to lead by example, insisting that discipline must begin with them if they were to earn the respect and confidence required to enforce it among others.
In his remarks, Assistant Comptroller-General of Customs at Headquarters, MS Shuaibu, called for a renewed approach to customs policing, with greater emphasis on professionalism, intelligence gathering and institutional accountability.
Shuaibu said the summit provided an opportunity to reflect on the unit’s achievements, address existing challenges and develop strategies to respond to changing global trade patterns and security threats.
He acknowledged the unit’s contributions to internal discipline, investigation of infractions and the protection of the Service’s interests, but stressed the need to continually improve its operational capacity.
He identified intelligence gathering, surveillance, risk analysis, inter-agency cooperation and modern investigative techniques as key areas requiring attention.
The ACG further emphasised that the exercise of police powers must be guided by respect for human rights and due process, warning that enforcement must never become an excuse for unjust treatment.
He urged officers to remain firm but lawful, courageous but responsible, and impartial in carrying out their responsibilities.
Business News
NELFUND Loan Improves Graduate’s GPA to 3.50
A graduate of the University of Maiduguri, Shianya Ebwaseh, said the Nigerian Education Loan Fund (NELFUND) helped improve her Grade Point Average (GPA) to 3.50 through financial support that enabled her to concentrate on her studies.
Ebwaseh, who graduated from the Department of Zoology, Faculty of Life Sciences, said this in an interview on Monday in Maiduguri.
She said financial difficulties had previously affected her academic performance, as she struggled to meet her daily needs while pursuing her degree.
The graduate said she resorted to selling fried chips and groundnuts on campus to support herself, sometimes missing lectures because of the time and energy required to run the business.
According to her, the introduction of NELFUND’s student loan scheme relieved her financial burden through tuition support and a monthly N20,000 upkeep allowance.
“Before NELFUND, I struggled with my GPA because of financial challenges. I sometimes missed lectures after spending hours frying and packaging chips for sale.
“But when NELFUND came, I stopped the business and concentrated on my studies. My GPA improved to 3.50, which is Second Class Upper,” she said.
Ebwaseh said the financial support also enabled her to attend lectures regularly, purchase learning materials and prepare adequately for tests and examinations without constant worries about money.
She added that her examination scores improved significantly after she began receiving the support, attributing the change to increased concentration and financial stability.
The graduate, who said she accessed the scheme in her third year, described the application process as simple and encouraged other eligible students to apply.
She also said the programme had helped financially disadvantaged students remain in school, particularly those whose parents could not afford tuition fees and upkeep.
Ebwaseh appealed to the Federal Government to sustain the initiative, emphasising that withdrawing the support could expose many students to financial difficulties and possible dropout.
She said the scheme had given beneficiaries an opportunity to pursue their academic ambitions with fewer financial distractions.(NAN)
Business News
FG Seeks Synergy Among Housing Agencies to Boost Housing Delivery
The Minister of Housing and Urban Development, Dr Muttaqha Darma, has called for synergy among government agencies in the housing sector to improve coordination and accelerate housing delivery.
Darma made the call in Abuja on Monday at the stakeholders’ conference on the proposed National Real Estate Regulatory Authority (NRERA).
The conference, themed “One vision, One Ecosystem, One National Housing and Real Estate Plan”, was organised by the Office of the Speaker, House of Representatives, and the House Committee on Housing and Habitat.
The minister said the lack of coordination among government agencies had affected the effective delivery of houses to Nigerians, noting that institutions in the sector operated independently.
“The players within the industry, all of us, operate in silos.
“Federal Housing Authority (FHA) does not even know what the Federal Mortgage Bank of Nigeria (FMBN) is doing. FMBN does not know what the Ministry of Finance Incorporated (MOFI) is doing,” he said.
According to him, the various institutions must work together towards a common goal rather than operate independently.
“Our target is to build houses for Nigerians. We are wasting our time because if we fail, it is us who fail, not the President,” he said.
The minister expressed support for the establishment of NRERA, saying the proposed authority would address the regulatory gaps in the real estate sector.
He said the ministry had reviewed the proposed legislation and recognised its potential to improve the sector.
Darma also disclosed that abandoned housing projects funded by the Federal Mortgage Bank of Nigeria (FMBN) across the country were worth about N38 billion.
He said a survey conducted by the ministry revealed abandoned FMBN-funded housing developments in every state of the federation, including the Federal Capital Territory.
“We realised about N38 billion of contributors’ money, your own money, all the Nigerian workers’ money. N38 billion is wasted,” he said.
He said that the poor management of workers’ contributions could discourage Nigerians from contributing to the National Housing Fund.
The minister urged the committee handling the proposed legislation to ensure that state governments were included in the regulatory framework.
He also called for safeguards to protect homebuyers, tenants, developers and mortgage lenders, including mandatory escrow accounts for buyers and standardised tenancy agreements.
The Managing Director and Chief Executive Officer of the Ministry of Finance Incorporated (MOFI), Dr Armstrong Takang, said effective regulation was necessary to restore investor confidence in Nigeria’s real estate sector.
Takang said the sector contributed 12.71 per cent to Nigeria’s Gross Domestic Product (GDP) as of June 2026, but remained largely unregulated.
He said the absence of a national licensing system had allowed unqualified individuals to operate as estate agents and developers without adequate accountability.
“Anyone can sell land, anyone can collect off-plan payments, run into tens of billions and get away with it. There are very few countries in the world where these are allowed,” he said.
He called for mandatory licensing of real estate operators and the protection of buyers’ funds through designated project accounts.
“An operator must be licensed with the authorities. No one should be operating in the real estate sector without a licence, no matter which part of the value chain they are involved in,” he said.
He added that buyers’ funds should be kept in protected project accounts and released to developers based on evidence of progress on construction.
Takang said effective regulation would attract domestic and foreign investment, protect citizens and support the Federal Government’s one-trillion-dollar economy target.
He urged the National Assembly to ensure the passage of the proposed legislation, describing it as critical to bringing order and transparency to the real estate sector.


