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Death Knell Sounds on Ex-Governors… Nyame, Dariye Jailed… Kalu, Shema Next

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By Eric Elezuo

This is not the best of times for ex-governors undergoing prosecution for one financial offence or another as the Economic and Financial Crimes Commission is beginning to get convictions against offenders.

This gradual turn of events for Nigerian former governors may portend a good wind that blows everyone a lot of good. In a space of two weeks, two former governors bit the dust after a long drawn trial when they were sentenced to 14 years imprisonment each by Justice Adebukola Banjoko of the Abuja Federal High Court.

First to be painted with the mud of political waterloo was the ‘reverend’ former governor of Taraba State, Jolly Nyame, who was convicted for stealing N1.6 billion belonging to Taraba State.

The ex-governor, whose trial started in 2007, was convicted on a total of 27 out of the 41 counts preferred against him, and sentenced to various terms of imprisonment with the highest being 14 years for offences bordering on criminal breach of trust, criminal misappropriation, taking valuable thing without consideration and receiving gratification as a public officer.

Luckily enough for the Pentecostal clergy, who betrayed the dictates of his calling, the sentences are to run concurrently.

In her ruling, the no nonsense judge, Justice Banjoko, who took between 9.51am and about 2.05pm to read out her judgement, sentenced him to the maximum punishment of 14 years for criminal breach of trust, without an option of fine.

She sentenced him to the maximum sentence of two years for misappropriation, seven years for receiving gratification and five years for “obtaining valuable thing without consideration.”

The sentences were the maximum provided by the laws under which Nyame was charged in May 2007.

The judge, while dismissing his lawyer’s plea for mercy, described the act of the convict as likely to be the most “audacious” by any chief executive of a state.

Barely two weeks after the celebrated trial, Justice Banjoko slammed another 14 years maximum jail term on another former state chief executive, Chief Joshua Dariye of Plateau State.

Dariye was convicted on 11 counts bordering on criminal breach of trust and sentenced to 14years imprisonment, the maximum sentence provided for by the law. He was also convicted on four counts bordering on criminal misappropriation and sentenced to two years imprisonment, the maximum allowed. The judge however held that the sentences would run concurrently, meaning Dariye would spend a maximum of 14 years in prison.

Aside the ecological funds, Dariye was also found guilty of criminal breach of trust as regards N204 million, N53.6 million and N21 million being funds of Plateau State Government.

The court ordered the EFCC to repatriate the N80m and other funds recovered during investigation to the coffers of Plateau State government. The court however did not make any pronouncement on the N100m said to be paid to Marine Float, a company said to be owned by former Vice President Atiku Abubakar, as the court was told EFCC was still investigating the matter.

In the over six-hour-long judgment, Justice Banjoko held that the evidence of Inspector Peter Clerk, a retired officer of the Metropolitan Police (London), revealed that Dariye jumped bail and was declared wanted but that the Metropolitan Police had to relax their pursuit of him, when they were informed the EFCC had started his prosecution. He had told the court how investigation of fraudulent activities on Dariye’s nine accounts with Barclays Bank had led to the former governor’s arrest and questioning on money laundering.

The court was told that the funds seized from Dariye were later forfeited and repatriated to Nigeria through the Attorney General of the Federation.

While sentencing him, Banjoko held that the court wonders at the level of “systematic stealing of over half a billion from the state’s accounts,” adding that “Even through the statements of accounts tendered before the court, there were random dates the defendant (Dariye) was richer than the state; he could bail out the state”.

The N1.1bn meant for special ecological intervention in the state, was spent as follows: N100m for PDP S/West collected by Yomi Edu, former Minister of Special Duties; N100m for PDP N/East credited to Marine Float; N66m for PDP in Plateau shared among the 274 wards.

Others are former deputy Senate president, Ibrahim Mantu who pocketed N10m; Pinnacle Communications got N250m and Ebenezer Retina Ventures, a company owned by Dariye was credited with N176m; and N80m paid to Union Savings & Homes was later traced to Dr. Kingsley Ikuma, the Permanent Secretary of Ecological Funds as bribe to secure the release of the cheque.

Dariye, however, claimed he was misled, and questioned if there is any saint in Nigeria.

Basking in the euphoria surrounding the two convictions, the EFCC says it is intensifying its efforts to bring to book not only ex-governors, but as many that has siphoned Nigeria’s commonwealth. It maintained that the two convicted ex-governors are members of the ruling party, All Progressives Congress (APC), a situation that vindicates the anti-graft agency of complicity in its activities.

EFCC spokesman, Mr. Wilson Uwujaren, said the convictions had “put a lie to the often repeated charge by critics and cynics that the EFCC (the prosecutor) is lukewarm in prosecuting chieftains of the ruling party for corruption’’.

It would be recalled that Dariye won the election to the Senate on the platform of the Peoples Democratic Party (PDP) but decamped to the ruling party when he realized he was heading to prison. His party affiliation has not helped matters.

The conviction has given the commission the impetus to continue the prosecution of others, believing that they stand a chance of success.

Former governors Orji Kalu of Abia, Shema of Katsina State, Jonah Jang of Plateau among others was still undergoing prosecution in court by the EFCC irrespective of the political parties they belong.

“Rather than entertain idle gossips who thrive on haranguing the EFCC with charges of selectivity, these two recent convictions offer Nigerians the opportunity to better appreciate the efforts and sacrifices of the commission,” the EFCC spokesman said

He said, “Mistakes were made, my Lord, should this man be punished by our mistakes? My Lord, appeals against your judgment hardly succeed. When we get there (appellate and apex courts), they tell us you were right in your judgment, so we are appealing for a non-custodial sentencing.”

It would also be recalled that a former Governor of Adamawa State, Mr. James Ngilari and former Jigawa State governor, Alhaji Sule Lamido, were once convicted, but let loose later.

On July 9 and 10, the Katsina State High Court will commence ruling on the matter brought before it by the Economic and Financial Crimes Commission (EFCC), over alleged money laundering levelled against the former Governor of the state, Ibrahim Shehu Shema, to the tune of N11 billion.

The presiding Judge of the Court, Justice Ibrahim Maikaita, reserved the ruling on the issue after intense arguments by the legal teams of the EFCC and that of the former governor and three others.

Former Abia and Plateau states governors, Orji Uzo Kalu and Jonah Jang respectively are in and out of court answering questions on embezzlement and other sundry crimes as brought about by the EFCC.

The way it is now, the prisons may begin to swell up with the presence of former state executives. This is provided that straightforward judges like Justice Banjoko, who appeals against her judgments ‘hardly succeed’ will preside at all times.

 

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Strategy and Sovereignty: Inside Adenuga’s Oil Deal of the Decade

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By Michael Abimboye

In global energy circles, the most consequential deals are often not the loudest. They unfold quietly, reshape portfolios, recalibrate value, and only later reveal their full significance.

The recent strategic transaction between Conoil Producing Limited and TotalEnergies belongs firmly in that category. A deal whose implications stretch beyond balance sheets into Nigeria’s long-troubled oil production narrative.

For Mike Adenuga, named The Boss of the Year 2025 by The Boss Newspapers, the agreement is more than a corporate milestone. It is the culmination of a long-term upstream strategy that is now translating into hard value barrels, cash flow, and renewed confidence in indigenous capacity.

At the heart of the transaction is a portfolio rebalancing agreement that sees TotalEnergies deepen its interest in an offshore asset while Conoil consolidates full ownership of a producing block critical to its medium-term growth trajectory. The parties have not publicly disclosed the monetary value, industry analysts place similar offshore and shallow-water asset transfers in the high hundreds of millions of dollars, depending on reserve certification and development timelines. What is indisputable, however, is the deal’s structural clarity: each partner exits with assets aligned to its strategic strengths.

For Conoil, the transaction represents something more profound than asset shuffling. It is the validation of an indigenous oil company’s ability to operate, produce, and partner at scale. That validation was already underway in 2024, when Conoil achieved a landmark breakthrough: the successful production and export of Obodo crude, a new Nigerian crude blend from its onshore acreage.

In a country where new crude streams have become rare, Obodo’s emergence signalled operational maturity. More importantly, it shifted Conoil from being perceived primarily as a downstream and marginal upstream player into a full-spectrum producer with export-grade assets.

The commercial impact was immediate. Obodo crude enhanced Conoil’s revenue profile, strengthened cash flows, and materially improved the company’s asset valuation.

For Mike Adenuga, Obodo represented something else entirely: oil income with scale and durability. Producing crude shifts wealth from theoretical to realised. It is the difference between potential and proof.

That momentum was reinforced by Conoil’s acquisition of a new drilling rig, a move that underscored its intent to control not just resources, but execution. In an industry where rig availability often dictates production timelines, owning modern drilling capacity gives Conoil a strategic advantage lowering costs, reducing dependency, and accelerating development cycles. It also enhances the company’s bargaining power in partnerships such as the one with TotalEnergies.

Taken together, the Obodo crude success, the rig acquisition, and the TotalEnergies transaction, these moves materially expand Conoil’s enterprise value. While private company valuations remain opaque, upstream assets with proven production, infrastructure control, and international partnerships typically command significant multiple expansion. For Adenuga, all of these represents a stabilising and appreciating pillar of wealth.

As The Boss Newspapers honours Mike Adenuga as Boss of the Year 2025, the recognition lands at a moment when his oil ambitions are no longer peripheral to his legacy. They are central. In Obodo crude, in steel rigs, and in carefully negotiated partnerships, Adenuga is shaping a version of Nigerian capitalism that privileges patience, scale, and execution over spectacle.

In the end, the most powerful statement of wealth is not net worth rankings or headlines. It is the ability to convert strategy into assets, assets into production, and production into national relevance. On that score, the Conoil–TotalEnergies deal may well stand as one of the most consequential chapters in Mike Adenuga’s business story and in Nigeria’s evolving oil future.

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Peter Obi, Only Life in ADC, Says Fayose

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Former Governor of Ekiti State, Ayodele Fayose, says the former presidential candidate of the Labour Party, Peter Obi, is the only life in the African Democratic Congress, ADC.

Fayose made this statement on Friday while fielding questions in an interview on ‘Politics Today’, a programme on Channels Television.

He also said that the Peoples Democratic Party, PDP, is technically no more, adding that it is dead.

The former governor equally said that Oyo State governor, Seyi Makinde, should not be dragged into the woes of the PDP.

He said: “Obi is the only life in ADC; all other people in ADC are semi-existent. If Obi had remained in Labour Party or has gone to Accord Party, he is the only life there. All the other people there, they are not existing. They are old-forces.

“Openly, I supported Tinubu in 2023. I didn’t hide it. Till now I’m still there. I don’t jump. I have said it to you I’m not a member of APC and I will never be.”

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More Troubles for Ahmed Farouk: Dangote Drags Ex-NMDPRA Boss to EFCC over Corruption Claims

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The Chairman of Dangote Industries, Aliko Dangote, through his legal representative, has filed a formal corruption petition against the former Managing Director of the Nigerian Midstream and Downstream Petroleum Regulatory Authority, Farouk Ahmed, at the headquarters of the Economic and Financial Crimes Commission.

This was disclosed in a statement made available to our correspondent by the Dangote Group media team on Friday.

Recall that Dangote had earlier petitioned the Independent Corrupt Practices and Other Related Offences Commission to investigate Ahmed for allegedly spending $5 million on his children’s secondary education in Switzerland. He withdrew the petition a few days ago, even as the ICPC vowed to continue with its investigation.

The statement on Friday said Dangote’s petition to the EFCC followed “The withdrawal of the same petition from the Independent Corrupt Practices and Other Related Offences Commission, a strategic decision aimed at accelerating the prosecution process.”

In the petition, signed by Lead Counsel Dr O.J. Onoja, Dangote urged the EFCC to investigate allegations of abuse of office and corrupt enrichment against Ahmed, and to prosecute him if found culpable.

The petition further stated that Dangote would provide evidence to substantiate claims of financial misconduct and impunity.

“We make bold to state that the commission is strategically positioned, along with sister agencies, to prosecute financial crimes and corruption-related offences, and upon establishing a prima facie case, the courts do not hesitate to punish offenders. See Lawan v. F.R.N (2024) 12 NWLR (Pt. 1953) 501 and Shema v. F.R.N. (2018) 9 NWLR (Pt.1624) 337,” the petition read.

Onoja further urged the commission, under the leadership of Mr Olanipekun Olukoyede, “To investigate the complaint of abuse of office and corruption against Engr. Farouk Ahmed and to accordingly prosecute him if found wanting.”

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