EMEFIELE: FINANCE MINISTRY UNAWARE OF N124.86BN CBN WITHDRAWAL, WITNESS TELLS COURT. (PHOTO). #PRESS RELEASE

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 Emefiele:  Finance Ministry Unaware of N124.86bn CBN Withdrawal,   Witness Tells Court   A Director in the Federal Ministry of Finance, Ali Mohammed, on Tuesday, October 6, 2026, told the Federal Capital Territory, FCT High Court sitting in Maitama, Abuja, that the Ministry was not aware of the withdrawal of N124.86 billion from the Central Bank of Nigeria, CBN.   Mohammed, who testified as the prosecution witness 10, PW10, in the ongoing trial of the former CBN Governor, Godwin Emefiele, disclosed this while being led in evidence by the prosecution counsel, Abbas Mohammed.   The witness said he appeared before the court because his Ministry received a letter from the investigation team concerning N154 billion said to have been withdrawn by the CBN.   Explaining his position and responsibilities in the Ministry, Mohammed said, “My Lord, the Department of Home Finance is made up of three functions based in three divisions, that is State and Public...

NATIONAL ASSEMBLY SLAMS BORDER CLOSURE POLICY AS INEFFECTIVE.(PHOTO).


 

The National Assembly, through its joint committee on Industry, Trade, and Investment, has criticized Nigeria’s border closure policy, labeling it ineffective in curbing cross-border crimes such as banditry and smuggling.


During the 2025 budget defence session with the Ministry of Industry, Trade, and Investment, lawmakers expressed frustration over the ongoing security and economic challenges linked to the porous nature of the country’s borders with Niger and Chad, as it says Nigeria might be fooling herself.


Chairman of the Senate Committee on Industry, Senator Francis Fadaunsi argued that the current border closure policy is counterproductive. He suggested that it might be more beneficial to open the borders officially rather than maintain the illusion of a closure that fails to prevent smuggling and insecurity.


“Border closure is hampering economic fortunes of the country because rather than curb smuggling, it encourages it’. For instance, with rice production, local producers only manage to meet 3 million tonnes of the 7 million tonnes required, leaving a significant shortfall filled by smuggled goods”


Hon. Fatima Talba representing Nangero/Potiskum Federal Constituency in Yobe State, reechoed similar sentiments, stating that in her experience, the borders appear open, given the unchecked movement of people and criminals. “We must stop deceiving ourselves about border closure”


According to her, “Going by free movement of people and even criminals across the borders, it is time for us, to stop fooling ourselves with border closure “.


Hon. Paul Kalejaiye (Ajeromi/Ifelodun Federal Constituency, Lagos State) questioned the consistency of the policy, asking whether the closure applied to all borders or was selectively enforced in certain regions.


In response to the concerns, the joint committee, chaired by Senator Suleiman Sadiq Umar (APC, Kwara North), urged the Minister of Industry, Trade, and Investment, Dr. Jumoke Oduwole, to engage with the Presidency to seek a comprehensive solution to the issues surrounding the border closure policy.


Dr. Oduwole, during her presentation, outlined the ministry’s budget for 2025, which includes N3.8 billion for capital expenditure, 4.65 billion naira for personnel costs, and 1.45 billion naira for overhead, with a projected revenue of 24 billion naira.


However, the committee identified errors in the submitted documents. The lawmakers raised concerns over a project initially budgeted at N50 million but later awarded for N59 million, resulting in an extra 9 million naira in the 2024 budget of the Ministry of Trade and Investment.


While defending the 2025 budget, the Minister of Trade and Investment, Jumoke Oduwole and her team attributed the discrepancy to a “typographical error.” The Committee, however, instructed the Minister to rectify the error before the budget document could be accepted.

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