Author: user user

Nigeria has established a working group to explore the possible adoption of stablecoins as part of ongoing efforts to support innovation in the financial sector while balancing the risks of emerging technologies, according to Olayemi Cardoso, governor of the Central Bank of Nigeria (CBN).

Cardoso disclosed this during a joint press briefing at the conclusion of the annual meetings of the World Bank and the International Monetary Fund (IMF) in Washington, DC.

He said the Central Bank, the Ministry of Finance, and other relevant institutions have set up specific working groups to take a deeper dive into understanding the broader ramifications and implications of adopting a viable framework for stablecoins in Nigeria.

The CBN governor explained that the discussion around stablecoins was one of the recurring themes at the meetings. ‘The message from there is that the Central Bank Governor, the Ministry of Finance, and others reached a general consensus on the need to support innovation and ensure it continues. By no means does anybody want to stifle innovation. However, there is also a need to balance this with the risks involved in these new technologies and digital currencies,’ Cardoso said.

He added that beyond policy engagements, the apex bank is deepening partnerships with key stakeholders, driving innovation and investment. According to him, the CBN recently held a strategic session with Nigerian FinTech leaders under the theme ‘Shaping the Future of FinTech in Nigeria: Innovation, Inclusion and Integrity.’

Speaking on recent economic developments, Cardoso said inflation has eased, reflecting the impact of disciplined monetary tightening, exchange rate unification, and improved market transparency. He noted that the naira continues to strengthen, with the spread between the official and bureau de change rates now below 2 per cent. Nigeria’s foreign reserves, he added, stand above $43 billion, providing more than eleven months of forward import cover supported by sustained inflows and renewed investor participation across asset classes. He said the ongoing reforms have enhanced transparency and efficiency in the foreign exchange market, supporting the disinflation trend alongside stable exchange rates, durable improvements in food supply, and continuing moderation in petroleum product prices.

Cardoso also spoke about the growing role of non-bank financial institutions in the financial ecosystem, noting that globally, the ratio of financial dependence on banks versus non-banks has continued to shrink. He said microfinance institutions, digital lenders, and other non-bank entities have become significant players, but their regulatory environments are not as stringent as those of traditional banks. ‘Therefore, there is a need to closely monitor how that sector develops and to strengthen regulations accordingly,’ he stated.

He pointed out that the removal of fuel subsidies and expenditure rationalisation have helped to rebalance public finances and create fiscal space for productive investment. According to him, the bold reforms undertaken over the last two years have set a strong foundation for Nigeria to pursue the next phase of its economic agenda, driving inclusive growth and job creation to alleviate poverty.

Speaking on the government’s job creation agenda, Doris Nkiruka Uzoka-Anite, Nigeria’s Minister of State for Finance, said the government is prioritising investments in infrastructure, the digital economy, and agriculture. She noted that Nigeria has joined the World Bank’s Agri-Connect Programme, designed to scale innovation in agriculture through blended finance to support women and vulnerable groups.

‘These initiatives, in collaboration with the World Bank, will catalyze job creation and business growth. As I mentioned earlier, we are also prioritising our spending and appropriation towards key sectors. With the increase in government revenue, which we expect to rise further next year through new tax reforms and the digitization and automation of revenue collection, government will have more funds to invest in these priority sectors. This will provide another boost to job creation,’ Uzoka-Anite stated.

234Finance has announced the launch of the Pitch2Scale Africa Competition, happening on the sidelines of the upcoming Mentor Matchup Challenge (MMC) 7.0, scheduled to take place on December 4-5, 2025.

This year’s edition which will be holding at the Lagos Oriental Hotel, themed ‘Building Bridges for Equitable Trade’, spotlights the importance of value addition, industrialization, and regional integration for African entrepreneurs.

The Pitch2Scale Africa Competition, developed in collaboration with seasoned angel investor Sam Uduma, is designed to empower high-potential African founders by providing not just visibility but also access to funding, mentorship, and market expansion opportunities.

Through this partnership, one outstanding entrepreneur will secure $10,000 in investment funding, alongside strategic support to accelerate business growth and scale operations.

Ezinne Nwazulu, convener of MMC7.0 and Managing Partner at 234Finance predicts that the future of trade in Africa will be massive as the world will come to the continent to seek answers to its toughest challenges.

‘African entrepreneurs need to be ready and poised to take advantage of this, and MMC is laying the foundation’.

The competition will target entrepreneurs operating in Agribusiness, Manufacturing, Energy, Hospitality and Tourism, and the Creative Economy, offering them a unique opportunity to pitch their ventures to a panel of judges comprising of of Angel investors, business accelerators, financial institutions, and policymakers at MMC 7.0.

Sam Uduma, speaking on the collaboration, emphasised: ‘Entrepreneurs are the backbone of Africa’s growth story. My commitment to Pitch2Scale Africa is to identify and back bold founders who are ready to create scalable businesses that can thrive within Africa and beyond.’

‘Pitch2Scale Africa reflects the very essence of MMC 7.0’s theme,’ said Tolu Olawumi, Head of Partnerships at 234Finance.

‘We are creating a platform where African founders can showcase their innovation, secure capital, and build the right partnerships to compete locally and scale globally.’

With over 30+ speakers, including leading industry experts, family offices, MMC 7.0 is set to be one of the most influential gatherings for Africa’s entrepreneurial ecosystem this year. More than 1,000 delegates and exhibitors from Nigeria, Ghana, Cameroon, Kenya, South Africa, Zambia, Mozambique, and other African countries will gather in Lagos this December, creating an unparalleled platform for networking, knowledge exchange, and deal-making.

Beyond the Pitch2Scale Africa Competition, delegates attending MMC 7.0 will gain access to mentorship clinics, financial institutions looking for entrepreneurs to back, free financial advisory, masterclasses, exhibition opportunities, and strategic partnerships and connections that can transform the trajectory of their businesses.

Entrepreneurs eager to take their businesses to the next level are encouraged to sign up to receive updates on Pitch2Scale Africa Competition via the MMC website.

France is strengthening its cultural, creative, and technological partnership with Nigeria, signalling a new chapter in Franco-African relations that blends art, innovation, and sustainable development.

The commitment was reaffirmed in Lagos over the weekend at the Forum Création Africa, the continent’s largest gathering dedicated to creative and cultural industries. The forum, organised by the French Ministry for Europe and Foreign Affairs in collaboration with MansA, drew over a thousand participants from 42 countries, including 80 Nigerian creators spanning film, gaming, design, and extended reality.

Jean-Noël Barrot, France’s minister for Europe and Foreign Affairs, told BusinessDay, at the sideline of the event that, the forum underscores a deepening bond between France and Nigeria across culture, economy, and technology.

‘France is at the forefront of creative and cultural industries in Europe, and Nigeria leads in Africa. There is a lot we can achieve together by bringing our talents, energies, and entrepreneurs into the same space, just as we are doing today in Lagos,’ Barrot said. This second edition of the forum, first held in France last year, fulfills a promise made by president Emmanuel Macron to president Bola Ahmed Tinubu during his visit to France. Barrot said the relocation of the forum to Lagos was a natural step, given Nigeria’s growing influence in film, music, design, and digital innovation.

‘When Macron met Tinubu in France last year, he promised that the second edition would be held in Lagos and today, that promise has been kept,’ Barrot said.

The minister noted that the relationship between both nations has never been as intense, with increased exchanges between their governments, companies, and civil societies. ‘Macron came to Nigeria in 2018. Tinubu was in France last year. Since then, both countries have built a partnership of equals, one that serves their strategic autonomy. We have had a huge amount of interaction, including hosting eight Nigerian governors in Paris and celebrating African talents like Davido at the Ministry of Foreign Affairs,’ he said.

Beyond cultural diplomacy, Barrot highlighted France’s investment in sustainable transport, education, and technology as part of its collaboration with Nigeria.

One major example is the Omi Eko Project, a pound 410 million initiative co-funded by France and the European Union to modernize water transportation in Lagos. The project will introduce 75 electric boats and open 15 new routes spanning 140 kilometres, designed to reduce travel time, improve affordability, and cut 41,000 tons of CO2 emissions annually. ‘This project will deliver decarbonised water transport for Lagos, helping the city resist rising sea levels while reducing its carbon footprint,’ Barrot said. The French minister also inaugurated the newly renovated French School of Lagos, which serves both French and Nigerian students, reflecting the shared educational and cultural values between the two nations.

France’s growing footprint in Nigeria’s creative economy extends beyond physical infrastructure. Barrot noted that the Création Africa Forum serves as a platform to connect African creators with European investors, digital innovators, and policymakers, a collaboration designed to empower local talent and promote fair participation in the global creative ecosystem.

During the forum, discussions explored how Artificial Intelligence (AI) is transforming the creative landscape in Africa. Artists and technologists from across the continent called for the ethical use of AI to enhance, not replace, human creativity, and for governments to invest in homegrown AI models that reflect African languages, values, and cultural realities.

‘Technology is another field ripe for collaboration. France, Nigeria, and Europe share a common vision for development, rooted in multilateralism and respect for international law. We want to innovate and develop our own tools to strengthen our autonomy while ensuring regulation protects citizens without stifling innovation,’ Barrot said. The minister also attended the opening of the Fela Kuti Exhibition in Lagos, the largest ever organized, which France previously hosted in Paris. The exhibition celebrates Fela’s global influence and marks another symbol of the growing cultural exchange between both nations.

From the rhythms of Afrobeat to the rise of African digital art, the Lagos forum showcased how creative collaboration can bridge continents. For France and Nigeria, the partnership now extends beyond music and cinema, as it is a shared bet on technology, sustainability, and the power of innovation to shape a fairer global economy.

‘From culture to economy to infrastructure, our cooperation is accelerating and delivering tangible results. This is the future of France-Nigeria relations – creative, digital, and collaborative,’ Barrot affirmed.

Olayemi Cardoso, governor, Central Bank of Nigeria (CBN), said on friday that the country’s economic reform agenda is delivering tangible results, with inflation easing, the naira stabilising, and investor confidence gradually returning.

Speaking to Nigerian journalists at the end of the IMF and World Bank Annual Meetings in Washington D.C., Cardoso also revealed that the CBN is leveraging artificial intelligence and advanced analytics to modernise monetary policy and strengthen decision-making.

‘There is broad recognition that Nigeria’s reforms are delivering results,’ Cardoso said. ‘Inflation is moderating, the exchange rate has stabilised, and investor confidence is returning.’ He added that the recent decline in headline inflation to 18.02% in September, down from 20.12% in August, marked the sixth consecutive monthly drop and the lowest level in three years.

The governor attributed this trend to tighter monetary conditions, improved exchange rate management, and greater market transparency.

He said the naira has continued to appreciate, with the gap between the official and parallel market rates narrowing to less than 2%. Nigeria’s foreign reserves, meanwhile, have risen to over $43 billion, covering more than 11 months of imports, boosted by rising inflows and renewed investor participation across multiple asset classes.

Cardoso emphasised the restoration of monetary policy orthodoxy at the central bank, relying on traditional tools such as the monetary policy rate, cash reserve requirements, and liquidity ratios to anchor inflation expectations and manage liquidity.

He said those measures, in combination with improved coordination with fiscal authorities, are helping to deliver ‘tangible outcomes.’

As part of its evolving policy framework, the CBN is adopting new technologies to enhance macroeconomic forecasting and decision-making. ‘Advanced analytics and AI are being leveraged to strengthen monetary operations, enhance forecasting, and improve policy transmission, ensuring decisions are data-driven and forward-looking,’ he said.

The broader economic reform drive has included the removal of fuel subsidies, increased revenue mobilisation, and efforts to trim government spending while directing resources toward priority areas like infrastructure, education, and healthcare.

Cardoso noted that public finances are improving, supported by non-oil revenue growth and a rebound in oil production in previously insecure areas. He said over $8 billion in new energy investments have been attracted in the last year.

Nigeria’s financial system, he added, is on a firmer footing. The bank recapitalisation program is advancing, with the aim of creating a stronger and more globally competitive banking sector. In the foreign exchange market, recent reforms have improved efficiency and supported disinflation, while food supply conditions and petroleum product prices continue to stabilise.

Cardoso also pointed to Nigeria’s growing leadership in global economic forums.

Nigeria will formally assume the chairmanship of the Intergovernmental Group of 24 on November 1, succeeding Argentina. The G-24 represents the interests of developing countries within the Bretton Woods system. ‘This milestone underscores international confidence in Nigeria’s leadership and our growing influence in shaping the global financial architecture,’ Cardoso said.

Beyond high-level meetings, Nigeria also held investor engagements in Washington, including a dedicated forum that brought together global financial institutions and private sector leaders. Discussions with ratings agencies, the IMF, World Bank, and other central banks reinforced investor trust in the country’s policy direction and reform trajectory.

The CBN also met with Nigerian fintech leaders during the week to explore the future of digital finance. ‘We believe that innovation and regulation must progress together, anchored in trust and responsible growth,’ Cardoso said, describing fintech firms as ‘ambassadors of our nation’s creativity and resilience.’

Nigeria, he said, remains committed to strengthening macroeconomic fundamentals, advancing reform, and building an inclusive and innovative economy.

‘Our story is one of resilience, of a nation aligning courage with conviction to build a more competitive, innovative, and inclusive economy.’

President Bola Tinubu is expected to return to Abuja on Saturday (today), after participating in the Aqaba Process Heads of State and Government-level Meeting in Rome, Italy.

Bayo Onanuga, special adviser to the President on Information and Strategy, in a statement, said the Rome edition had focused on strengthening regional and international collaboration in the fight against terrorism and violent extremism, with particular attention to West Africa.

The Aqaba Process, is counter-terrorism initiative launched by King Abdullah II of Jordan in 2015.

It is co-chaired by the Hashemite Kingdom of Jordan and the Government of Italy.

The high-level meeting was held on Wednesday, October 15, at the National Gallery of Modern and Contemporary Art in Rome. Many heads of State and Government attended, including King Abdullah II of Jordan, Italian Prime Minister Giorgia Meloni, and the Presidents of Nigeria, Chad, Paraguay, Sierra Leone, and Togo.

Azouz Nasri, President of Algeria’s Upper House, delegations from Côte d’Ivoire, Kazakhstan, Mauritania, Senegal, and Uzbekistan, special envoys, and security experts were also in attendance.

The meeting was held behind closed doors On the sidelines of the event, President Tinubu held bilateral meetings with Giorgia Meloni, the Italian Prime Minister and Massad Boulos, U.S. President Donald Trump’s Senior Adviser on Arab and African Affairs.

President Tinubu also met with Cardinal Pietro Parolin, the Vatican’s Secretary of State, to discuss religious harmony in Nigeria. The meeting addressed the widespread disinformation campaigns that falsely portray the country as intolerant of religious diversity. Since its establishment in 2015, the Aqaba Process has convened 33 meetings at various levels, from Heads of State summits to technical expert sessions.

It is built on three core pillars: prevention, coordination, and closing operational gaps in counterterrorism efforts.

In recent years, Port Harcourt has emerged as a significant player in Nigeria’s fashion landscape, thanks in large part to the efforts of the Port Harcourt Fashion Week (PHFW). Founded by visionary Anyiam Ngozi Constance, PHFW has become a vital platform for designers, models, and stylists to showcase their talent and gain exposure. In an exclusive interview, Constance shares her insights on the city’s evolving fashion scene, the impact of PHFW, and her plans to position Port Harcourt as a leading fashion hub in Nigeria and beyond.

Putting Port Harcourt on the Map

Constance’s motivation for starting PHFW was simple: to put Port Harcourt’s unique creative voice on the map. ‘The city has a rich mix of culture, textiles, and talent that was under-represented on national fashion stages,’ she explains. ‘We wanted a platform that celebrates that identity, creates commercial opportunities for makers, and builds a professional pathway for designers and creative entrepreneurs.’

Today, PHFW has become a convergence point for designers, buyers, media, and young creatives. The last edition brought together over 50 designers, 30 marketplace vendors, and more than 3,000 attendees across four days. Beyond the shows, the event has catalyzed collaborations, retail orders, and meaningful media attention, helping turn creative activity into real business opportunities and positioning Port Harcourt as an active node in Nigeria’s fashion ecosystem.

Nurturing Emerging Talent

One of PHFW’s key objectives is to identify and nurture emerging talent. The PHFW Future Designer Showcase is solely curated for this purpose, with designers selected through open calls, targeted scouting, recommendations, and partnerships with design schools. ‘Our selection process looks at design quality, commercial readiness, and a commitment to telling local stories,’ Constance explains. ‘But curation is only the start: we support designers with business masterclasses, mentorship sessions, and industry panels that address sourcing, costing, export readiness, and digital marketing.’

The results have been impressive, with many emerging designers rising to become highly sought after. ‘We’re particularly proud to see many of the emerging designers we nurtured rise to become most sought after,’ Constance says.

Economic and Cultural Impact

Fashion events like PHFW play a significant role in boosting local economies. According to Constance, PHFW has directly generated income for designers and vendors, with the marketplace selling out during peak hours. The event has also indirectly supported hotels, transport providers, caterers, photographers, and freelancers.

Culturally, PHFW has helped reclaim and celebrate local aesthetics, encouraging designers to source local fabrics and tell River State and tell River State stories. ‘That visibility also builds civic pride and attracts national media attention, helping shift perceptions about Port Harcourt from a single-industry city to a growing creative capital,’ Constance notes.

Sustainability and Innovation

Sustainability and innovation are major global fashion themes, and PHFW is actively promoting these trends. According to Constance, designers are experimenting with deadstock fabrics, and the use of locally woven textiles is on the rise. ‘PHFW actively promotes these trends: we run panels and masterclasses on sustainable production, host summits that cut across different topics including upcycling workshops, and showcase designers whose work aligns with responsible practices,’ she explains.

The platform is also encouraging sponsors and partners to support sustainable initiatives, from biodegradable packaging in influencer boxes to reduced single-use plastics backstage.

A Vision for the Future

Looking ahead, Constance’s vision for PHFW is twofold: deepen local capacity and broaden national and international reach. ‘Practically, that means securing longer lead-time sponsorships, expanding buyer outreach, and building year-round programs – incubators, business clinics, and a digital marketplace to keep momentum between editions,’ she explains.

The platform aims to be not just a showcase but a launchpad for designers to graduate into sustainable businesses and export opportunities. Over the next 2-3 years, PHFW plans to grow attendance and digital reach, expand buyer and retailer programs, formalize an alumni mentorship and business development program, strengthen partnerships with travel, hospitality, and media partners, and build a stronger sustainability track.

Conclusion

With PHFW, Anyiam Ngozi Constance has created a platform that is not only celebrating fashion but also empowering young designers, contributing to the state’s economy, and promoting sustainability. As the platform continues to grow and evolve, it’s clear that Port Harcourt’s fashion industry is in good hands. With continued collaboration from designers, sponsors, government, and media partners, the future of Port Harcourt as a leading fashion hub in Nigeria and beyond is within reach.

As poverty deepens and insecurity and climate shocks multiply across the country, mental health has emerged as one of Nigeria’s silent front lines, a crisis playing out quietly in homes, schools, and workplaces.

Experts, advocates, and policymakers made this declaration at the Vanguard Mental Health Summit 3.0, held over the weekend in Lagos.

The summit, themed ‘Stemming the Rising Tide of Suicide in Nigeria’ with the sub-theme ‘Substance and Silence: Unmasking the Dual Crisis of Addiction and Suicide,’ brought together leading voices from government, psychiatry, media, and civil society to address what they described as an urgent national emergency, the growing link between poverty, trauma, and suicide.

Delivering his welcome address, Eze Anaba, editor of Vanguard Media Limited, said Nigeria’s worsening economic hardship was pushing more people to the edge. ‘Just last week, the World Bank reported that about 139 million Nigerians are now living in poverty, an increase of nine million from previous figures. This harsh reality pushes more people to the edge and, tragically, for some, it may lead to the conclusion that life is not worth living,’ Anaba said. Anaba noted that mental-health challenges are not driven by economics alone but are compounded by insecurity, trauma, and social isolation. He called for greater empathy and legislative reform, particularly in the effort to decriminalise suicide attempts in Nigeria.

‘In many developed countries, suicide is approached with care; here in Nigeria, attempts are still criminalised. That is why the bill to decriminalise suicide currently before the National Assembly matters so much. We hope today’s deliberations will help accelerate that change,’ he said.

Anaba urged the media to continue to spotlight mental health as a national development issue, adding that, ‘Mental health affects productivity, public safety, education, and family life. When we invest in mental health, we invest in the strength of our people and the future of our nation,’ he said.

In a stirring address, Deborah Omage from the Nigerian Mental Health Association (NMH), an advocacy network of more than fifty organisations, said the country was facing an overlapping crisis of economic struggle, insecurity, and climate disruption, all of which amplify vulnerability to mental illness.

‘Risk is interconnected. Economic struggle, insecurity, and climate change amplify one another, creating compounded vulnerability to mental illness. Mental health is protected not only in clinics; it is protected by economic policy, security reform, and climate action,’ Omage said. Citing recent data from the World Health Organisation, she revealed that over 720,000 people die by suicide annually worldwide, more than deaths from HIV, malaria, or homicides individually. ‘Here in Nigeria, the estimate is about 16,000 suicide deaths annually, a stark reminder of how urgent this challenge is,’ she added.

The speaker told the story of a young Nigerian man who, after losing his business to inflation and flooding, told a clinician, ‘I no longer see a future that includes me,’ adding that this story could come from almost any part of Nigeria today.

Omage explained that Nigeria’s rising mental-health burden is directly linked to social and environmental conditions like economic hardship, which deepens despair and fuels anxiety and depression; insecurity, leaving psychological scars that persist long after violence subsides and climate shocks such as floods and droughts, causing trauma in real time, displacing families and destroying livelihoods.

‘The mental-health impact of these crises doesn’t make headlines, but it changes the mood of entire communities. Fatigue, anger, resignation, and hopelessness become widespread,’ she said.

The NMH representative called for policy-based interventions, noting that economic policy can be mental-health policy. She urged government to strengthen social protection, job creation, and climate-resilience measures, and welcomed the progress made on the National Suicide Prevention Bill 2024, sponsored by senator Asuquo Ekpenyong.

The bill, which has passed its first reading in the National Assembly, seeks to decriminalise attempted suicide and establish a national suicide prevention framework, including 24-hour crisis hotlines, aftercare services, and improved data systems. ‘Today, under our Criminal and Penal Codes, someone who attempts suicide can face up to one year in prison. Criminalisation deepens stigma and drives people away from care. The new bill reframes suicide attempts as cries for help and replaces punishment with compassion,’ she said. Omage revealed that NMH played a key role in drafting and advocating for the bill, holding stakeholder meetings, and translating the text into Yoruba, Hausa, Igbo, and Pidgin so that every citizen can understand it. The federal government has reportedly set December 2025 as the target to fully decriminalise attempted suicide, a move that would align Nigeria with global best practices.

Beyond legislation, speakers at the summit called for stronger mental-health integration into primary care, training of non-specialist health workers, and community-based models that restore connection and hope.

Stakeholders closed with a message of resilience, stating, ‘Mental health is not a luxury for peaceful times. It is the foundation of resilience during turbulent ones. If we combine compassion with evidence, and policy with humanity, we can save lives and build a Nigeria where every mind has room to heal, to hope, and to dream.’

Trinity Usman, a prosecution witness, on Friday told the Federal High Court in Abuja that he received and transferred $3 million into the account of Oceangate Engineering Oil and Gas Ltd, a company owned by Aisha Achimugu.

Usman, who testified as the second prosecution witness (PW-2), was led in evidence by Ekele Iheanacho, Economic and Financial Crimes Commission’s (EFCC) counsel, before Emeka Nwite (Justice).

He testified in the ongoing trial of Halima Buba, managing director of SunTrust Bank, and Innocent Mbagwu, the bank’s Executive Director and Chief Compliance Officer, both of whom are facing charges of money laundering to the tune of $12 million.

The duo were arraigned by the EFCC on June 13 on a six-count charge bordering on alleged facilitation of high-value cash transactions without routing them through a financial institution, contrary to the Money Laundering (Prevention and Prohibition) Act, 2022.

They pleaded not guilty and were granted bail in the sum of ?100 million each, with one surety in like sum.

At the resumed hearing, Usman, a Bureau De Change operator and businessman, told the court that he was contacted in April 2025 by one Suleiman Ciroma, who requested a $3 million transfer to Achimugu’s company, Oceangate Engineering Oil and Gas Ltd.

‘Ciroma contacted me that he had a transaction requiring three million US dollars to be transferred to Oceangate Engineering Oil and Gas Ltd.

‘I had the money in my company account, Triple A and Tee Oil and Gas Nigeria Ltd, and after we agreed, he gave me the dollar payment in cash. I then transferred the equivalent amount into Oceangate’s account,’ Usman said.

The witness said the payment was made in four tranches in April 2025 but could not recall the specific dates.

He further testified that he did not know or have any prior dealings with the defendants, Buba and Mbagwu.

When asked by the EFCC counsel whether his Bureau De Change firm, Triple A and Tee BDC Ltd, was used in the transaction, Johnson Usman, defence counsel representing the first defendant, objected, arguing that the prosecution was attempting to lead the witness.

Justice Nwite sustained the objection and directed the prosecutor to rephrase the question.

Usman admitted that at the time of the transaction, the licence of Triple A and Tee BDC Ltd had been suspended, hence he used his oil and gas company account for the transfer because that was where he had the available dollars.

‘The cash transaction from Ciroma was made through my staff, Abdulkadir Mohammed and Kabir Haruna. The naira equivalent was transferred into the account of Triple A and Tee Service Venture Ltd and then converted to dollars before being sent to Oceangate’s account,’ he added.

Under cross-examination, the witness confirmed that although his BDC licence was suspended, his firm continued operations and had since received approval-in-principle from the Central Bank of Nigeria (CBN).

He also confirmed making a profit from the transaction but said he did not inform the defendants that his BDC licence was inactive. When asked by defence counsel if the decision to use his oil and gas company’s account was his personal choice, Usman replied, ‘Yes.’

M.S. Ibrahim, second defence counsel, asked whether he informed the defendants that the inflow would come from an oil company account, and the witness admitted he did not.

After his testimony, the court discharged the witness, and Justice Nwite adjourned the case to December 10 and 11 for continuation of trial.

Earlier in the trial, Suleiman Ciroma, owner of Funnacle BDC Ltd and the first prosecution witness (PW-1), told the court that Mrs. Achimugu requested the $3 million transfer because depositing such cash directly into a bank would have triggered restrictions under money laundering regulations.

Ciroma, who is also a member of the BDC Traders Association in Abuja’s Wuse Zone 4, said: ‘If she had deposited the money in cash, she would not be able to transfer it. So, after receiving the cash from her representatives, I and my partners transferred the dollar equivalent, less our commission to the account she designated.’

He confirmed that the funds were intended for the purchase of two oil blocks and that all transfers were made from accounts that had corresponding inflows, not cash deposits.

During cross-examination, Ciroma admitted that he had never met the defendants personally and had no phone or chat records showing communication with them.

He also acknowledged that his BDC licence had expired at the time of the transactions but said he never disclosed that to the bank officials.

The EFCC alleges that Buba and Mbagwu, as senior executives of SunTrust Bank, knowingly facilitated suspicious transactions in breach of Nigeria’s anti-money laundering laws.

Crystal Palace captain Marc Guehi has informed the club he will not sign a new contract and plans to leave next summer, manager Oliver Glasner has confirmed.

Glasner revealed that Palace made efforts to keep the 25-year-old England international, whose current deal expires at the end of the season, but Guehi has decided to seek a new challenge. ‘They offered Marc a new contract, but he said, ‘No, I want to make something different,’ and that’s normal,’ Glasner said.

‘Now it’s about how we can deal with this situation and find the best way forward.’ Palace now face a crucial decision: sell Guehi in the January transfer window or risk losing him for free next summer.

The centre-back, who joined from Chelsea in 2021 and has made 167 appearances for Palace, came close to leaving during the last transfer window. He reportedly passed a medical ahead of a £35 million move to Liverpool, but the deal collapsed after Palace failed to secure Brighton defender Igor Julio as a replacement.

Guehi has featured in all 12 games for Palace this season, helping them to sixth place in the Premier League. Reports suggest the club could sanction a January sale, with Liverpool, Barcelona, Real Madrid, and Bayern Munich all monitoring his situation.

The defender, who recently earned his 26th England cap in the 3-0 friendly win over Wales, remains focused on maintaining his form ahead of the 2026 FIFA World Cup.

‘There’s definitely an opportunity to make the World Cup squad,’ Guehi said earlier this month.

‘The focus is just to keep performing, wherever I am.’

Abayomi Ayoola Oladejo, a Nigerian scholar and Ph.D. candidate at the University of Colorado Boulder, is charting a new course for construction site safety worldwide through the use of data analytics and predictive modeling.

As a graduate research assistant with the Construction Safety Research Alliance (CSRA), Oladejo’s work is helping the industry move from reactive to proactive safety management.

His passion for construction safety, however, began far from the laboratories and data centers of the United States. It started on the bustling construction sites of Nigeria, where he witnessed first-hand the consequences of inadequate safety measures.

‘Witnessing the aftermath of tragic construction accidents that claimed the lives of workers and left others injured ignited within me a passion to dedicate myself to making a positive impact and ensuring such tragedies are mitigated,’ Oladejo recalls.

A graduate of Ladoke Akintola University of Technology with a Bachelor of Technology in Civil Engineering, and later a master’s degree holder from the University of Ibadan, Oladejo’s academic and professional journey has been shaped by a deep commitment to saving lives through innovation.

At CSRA, an industry-academic alliance renowned for its collaborative research on construction safety, Oladejo leads pioneering studies on how last-minute changes on construction sites affect workers’ ability to anticipate and manage risks.

Using statistical models and advanced data analytics, his research analyzes vast safety observation datasets to uncover patterns that might otherwise go unnoticed. ‘My work uses data analytics to make sense of safety observation data, revealing patterns that help us figure out what makes a crew more or less likely to notice and respond to last-minute changes,’ he explains. ‘The goal is to intervene before something goes wrong.’

This data-driven approach addresses one of the most persistent challenges in the construction industry: managing dynamic risks that emerge under high-pressure, rapidly changing conditions. Oladejo collaborates with leading construction, infrastructure, and utility firms, as well as experts in psychology and statistics, ensuring that his findings translate into real-world impact.

To test his hypotheses, Oladejo designs and implements field experiments across various construction sites, introducing tailored safety interventions and tracking improvements in hazard anticipation and risk identification.

‘I validate my research through field experiments, observing whether there’s a consistent improvement in safety practices, and I compare real data from before and after interventions to see if there’s a measurable impact in the field,’ he said.

While his current work focuses on the United States, Oladejo’s vision extends to developing regions, particularly Africa, where construction remains one of the most hazardous industries. He advocates for low-cost but high-impact measures, such as structured pre-task planning and formalized risk assessments.

‘For Africa, especially Nigeria, I hope my research will encourage structured pre-task planning and risk assessment programs, which are low-cost but high-impact solutions that reduce serious injuries and fatalities,’ he said.

Oladejo’s groundbreaking contributions have earned him numerous recognitions. In 2025, he received the McLaren Futures Family Fellowship, an award presented to scholars who are shaping the future of construction research. Earlier, in 2018, he was named a Young African Leadership Initiative (YALI) fellow, a testament to his commitment to leadership and social impact.

Beyond his research, Oladejo serves as Chair of the Student Affairs Committee for the Colorado Section of the American Society of Civil Engineers (ASCE), where he mentors upcoming engineers and advocates for stronger integration of safety education in engineering curricula. He is also a registered engineer with COREN (Nigeria), a Project Management Professional (PMP), and a PMI Agile Certified Practitioner (PMI-ACP).

Looking ahead, Oladejo envisions a future where construction safety is predictive, adaptive, and human-centered. ‘In the next five to ten years, I see more use of real-time data from wearables, sensors, and digital models to help crews spot risks before things go wrong,’ he predicts. ‘The future of safety lies in designing systems that understand how people actually work under pressure.’

Through his blend of technical expertise, leadership, and a mission-driven vision, Abayomi Ayoola Oladejo stands at the forefront of a global movement to make construction safer, proving that data, when guided by empathy and innovation, can save lives.