Thursday, April 16, 2026 A witness of the Economic and Financial Crimes Commission on Thursday told the Federal High Court in Abuja how over N4.6 billion was allegedly diverted from the coffers of the Bauchi State Government. The witness, John Ibrahim, an investigator with the commission and the first prosecution witness, gave his testimony in the ongoing trial of Bauchi State’s finance commissioner, Yakubu Adamu, before Justice Emeka Nwite. While being led in evidence by the prosecution counsel, Ibrahim told the court that the EFCC received intelligence reports in May 2024 concerning alleged fraudulent activities involving Adamu and a company, Ayab Agro Products and Freight Company Ltd, which is standing trial as the second defendant. According to him, the investigation revealed that an account belonging to I.S. Makayya Investment Resources Ltd, domiciled in Polaris Bank, was used to receive funds belonging to the Bauchi State Government. The funds were allegedly disbursed to various individuals and companies, including Ayab Agro Products. He said further analysis of bank records showed inflows of N4 billion and N650 million into the account of Emmanuel Asomugha General Enterprises, also domiciled in Polaris Bank. The witness explained that part of the funds originated from a loan granted to the company for the supply of 15,000 motorcycles to Bauchi State civil servants, a loan he said was approved while Adamu served as a branch manager at the bank. Ibrahim told the court that the EFCC contacted relevant institutions, including the Corporate Affairs Commission, and discovered that Adamu is listed as a director in Ayab Agro Products. He added that about N266 million was traced from the I.S. Makayya account to Ayab Agro Products’ account. The commission also obtained account statements from Fidelity Bank as part of its investigation. According to the witness, Adamu was invited for questioning but initially failed to honour the invitation. He was later arrested in 2025 and gave a statement. The witness said Adamu claimed the funds received by his company were repayments of a loan his agric business had granted to an individual. However, Ibrahim told the court that the defendant could not explain why an agriculture-based company was issuing such loans. He further stated that the loan obtained by Emmanuel Asomugha General Enterprises was backed by an irrevocable standing payment order issued by the Bauchi State Government through the Office of the Accountant-General. However, he alleged that the loan was not used for its intended purpose. Instead, transactions showed funds being moved to various companies and Bureau De Change operators. Some of the individuals and entities invited during the investigation reportedly stated that they converted the funds into foreign currency and handed them over to certain officials. The witness listed beneficiaries of the funds to include I.S. Makayya, Dnice Number City, Amy Trading Ltd, Umman Engineering, Assar Global Ltd, Inabi Nigeria Ltd, and Zailali Idriss, among others. Several documents, including bank statements and correspondence with regulatory bodies, were tendered and admitted as evidence in court. Justice Nwite adjourned the case until May 4, 2026, for continuation of the trial.

MTN Nigeria has announced the temporary suspension of its airtime and data borrowing service, popularly known as Xtratime, citing new regulatory requirements. In a corporate filing to the Nigerian Exchange Limited on Thursday, the telecom giant explained that the decision is part of efforts to comply with the Digital, Electronic, Online or Non-Traditional Consumer Lending Regulations, 2025. Why MTN Suspended Xtratime According to a statement signed by Company Secretary Uto Ukpanah, the new rules introduce a compliance and licensing framework for digital lending services. This means telecom operators offering airtime and data advances are now classified under regulated lenders. The regulations were issued by the Federal Competition and Consumer Protection Commission, which now requires all digital lenders to formally register and meet strict operational standards. MTN stated: “This relates to the implementation of processes under the new regulatory framework for digital or non-traditional consumer credit services.” Operators were given until April 2026 to comply or face possible sanctions. What This Means for Customers While Xtratime is temporarily unavailable, MTN reassured customers that they can still purchase airtime and data through other channels such as USSD codes and digital platforms. The company also noted that the suspension is not expected to significantly impact its financial performance, given the relatively small share of the service in its overall revenue mix. Public Reaction The move has triggered widespread reactions, especially among prepaid users who depend on borrowing airtime or data in urgent situations. Many customers reported receiving this message: “Xtra Time is currently unavailable. Kindly recharge… We apologise for the inconvenience.” Some Nigerians expressed frustration online, noting that the service had become an essential backup amid rising living costs. Regulatory Context The new FCCPC regulations build on earlier 2022 guidelines and signal increased government oversight of digital lending in Nigeria. The goal is to improve transparency, protect consumers, and ensure responsible lending practices across the sector. Related Development In a separate move, the Nigerian Communications Commission has directed telecom operators—including MTN, Airtel, Globacom, and 9mobile—to begin compensating customers for poor network service starting April 2026.

The Federal Road Safety Corps (FRSC) has announced stricter enforcement measures targeting fuel tanker operators, stating that vehicles failing to meet “safe-to-load” standards will no longer be permitted to transport petroleum products. The Corps Marshal, Shehu Mohammed, made this known on Thursday in Abuja during the inauguration of the 2026 technical training for safe-to-load desk officers and marshals deployed to petroleum depots and terminals nationwide. Represented by Zonal Commanding Officer Comfort Asom, Mohammed emphasized that all tanker-related crashes would now undergo comprehensive investigations across the entire value chain. This includes inspecting officers, depot managers, drivers, and vehicle owners. He warned that tampering with speed-limiting devices and other critical safety systems would attract strict sanctions, including prosecution. “The era of impunity on our highways is over. Compliance with safety regulations must be absolute, and accountability must be enforced at all levels,” he stated. Mohammed noted that road transportation accounts for over 95 percent of petroleum product distribution in Nigeria, making it a high-risk operation that demands strict regulatory oversight. He highlighted the impact of the Safe-to-Load Programme, introduced in 2015 alongside Nigeria’s adoption of the 1957 United Nations Agreement on the International Carriage of Dangerous Goods by Road (ADR). According to him, compliance with valid Class G driver licences rose significantly to 99.4 percent in 2025, up from 58.2 percent at inception. Additionally, the installation of API-standard leak-proof systems and manhole covers reached 98.3 percent compliance nationwide. Despite these improvements, Mohammed disclosed that 268 tanker-related crashes were recorded in 2025. However, fatality and severity rates dropped by 61.29 percent and 15.53 percent respectively compared to 2024. He expressed concern over recurring tanker explosions in locations such as Majia, Dikko Junction, and Indorama, stressing the need for sustained vigilance and stronger enforcement. Describing the training as strategic, Mohammed said it aims to enhance the competence, professionalism, and leadership capacity of officers responsible for enforcing compliance. “At the core of our aspiration to achieve zero crashes and fatalities is our personnel. This training is not routine but a strategic investment,” he added. The Corps Marshal also announced plans to intensify monitoring through physical inspections and technology-driven compliance systems across depots and transit corridors. He further directed operators to strictly adhere to maintenance schedules for safety-critical components, particularly API-standard manhole covers and valves. He commended the Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA), as well as stakeholders including MEMAN, DAPPMAN, NARTO, NUPENG, and IPMAN, for their continued collaboration in improving safety standards. In his remarks, the FRSC FCT Sector Commander, Tijjani Iliyasu, stressed that petroleum transportation remains vital to Nigeria’s energy supply chain and requires strict safety management to protect lives, investments, and the environment. Also speaking, Moses Oko, representing the Major Energy Marketers Association of Nigeria (MEMAN), called for stronger collaboration among stakeholders, noting that town planners, engineers, road users, and emergency responders all play critical roles in preventing accidents. Similarly, Oyedeji Ifeoluwa of TotalEnergies emphasized the need for continuous capacity building, regulatory compliance, and the adoption of technology-driven solutions to enhance safety in petroleum transportation. He noted that TotalEnergies has maintained a long-standing partnership with FRSC, including sponsoring training programmes for officers both locally and internationally.

The UK economy recorded stronger-than-expected growth in the months leading up to the outbreak of conflict in Iran, according to newly released official figures. Data from the Office for National Statistics shows that gross domestic product (GDP) grew by 0.5% in the three months to February, surpassing economists’ forecasts. The economy also expanded by 0.5% in February alone, highlighting a short-term boost in activity. The growth was largely driven by the services sector, with strong performances in wholesaling, market research, hospitality, and publishing. However, this rebound may prove temporary. Revised figures indicate that the UK economy recorded no growth in the three months to December, suggesting underlying fragility. While industrial production rose by 1.2%—helped by a recovery in car manufacturing after disruptions at Jaguar Land Rover—the overall picture was dampened by continued weakness in the construction sector, which remained in decline. Government officials welcomed the figures, pointing to ongoing efforts to stabilise the economy, boost investment, and reduce business costs. Still, economists warn that rising geopolitical tensions and global uncertainty could weigh on growth in the months ahead.