Business & Economy
Yuan weakens to 7.0764 against dollar
THE central parity rate of the China’s renminbi, or the Yuan, slipped by 15 pips to 7.0764 to the dollar on Monday, signalling…
Latest
- ECOWAS, AES Commit to Cooperation and Mutual Respect Despite Split12:33 pm
- Publish relevant contract, payment records, audit findings for N4. 65bn motorcycles’ deal, group tells ex-Bauchi Finance commissioner A group, under the auspices of Coalition for Public Accountability and Justice (CPAJ), has called on Yakubu Adamu, former Commissioner of Finance, Bauchi State, to publish relevant contract, payment records and audit findings for N4. 65 billion earmarked for supply of motorcycles to the state’s civil servants. The secretary of CPAJ, Comrade Muhammad Abdullahi, made the call in a statement he signed and made available to newsmen on Monday in Abuja. The coalition also urged Adamu, who is also the governorship candidate of Allied People’s Movement (APM) for the 2027 governorship election in Bauchi State, to disclose financial dealings, corporate interests and the destination of alleged billions linked to transactions under scrutiny. It would be recalled that the Economic and Financial Crimes Commission (EFCC) had, on December 30, 2025, arraigned Adamu and a company, Ayab Agro Products and Freight Company Ltd, on alleged money laundering offence to the tune of N4. 65 billion. The defendants were arraigned before Justice Emeka Nwite of the Federal High Court in Abuja on a six-count charge, marked: FHC/ABJ/CR/694/2025. The EFCC alleged that Adamu, who is the prime suspect, committed the alleged offences in 2023 while he was the branch manager of Polaris Bank in Bauchi. The prosecution alleged that the defendants channeled funds through a series of complex transactions to disguise its illicit origin from an unlawful activity. According to the EFCC, the defendants carried out the fraudulent scheme under the guise of financing the purchase of motorcycles for the Bauchi State Government. It said the motorcycles were never delivered However, the defendants denied all the charges during the arraignment. Reacting CPAJ called on the ex-commissioner to publicly explain the reported financial transactions involving Ayab Agro Products and Freight Company Ltd, and other companies named in the allegations concerning the management and movement of funds. The group said the reported transactions raised serious questions about transparency, accountability and the protection of public resources in Bauchi State, “particularly where companies reportedly connected to individuals involved in public financial administration appear in financial investigations or court proceedings. “At the centre of the controversy is a reported transfer of approximately ₦266 million to Ayab Agro Products and Freight Company Ltd, which was identified in testimony concerning financial transactions associated with a wider motorcycle-financing arrangement.” It said that the public deserves a detailed explanation of the transaction, including its purpose, the source of the funds, the contractual or commercial basis for the payment and the services or goods provided in return. The coalition, however, said that the amount must not be treated as proof of stolen public funds without evidence establishing the source and legal status of the money. “Nevertheless, transactions of this magnitude involving companies reportedly associated with a public officeholder warrant credible explanations,” it added. CPAJ, therefore, demanded clarification concerning a reported ₦4.65 billion financing arrangement intended to support the supply of 15,000 motorcycles to Bauchi State civil servants. “The critical questions remain unanswered for the public: Were the 15,000 motorcycles supplied? Which institutions approved the financing? Who received the funds? What amounts were transferred to each company, and what documentation supports the transactions?” the group asked. CPAJ restated that it was not declaring the transaction illegal but insisting that the public should not be left to rely on conflicting explanations or speculation when substantial financial transactions were involved.12:08 pm
- Backward integration on manufacturing investment: Result of Tinubu’s economic reforms- Group8:36 am
- Peter Obi’s refutation of World Bank’s economic growth oautlook for Nigeria pedestrian-Group8:32 am
- Nigeria’s Judiciary Ahead of 2027: Between Power and the People8:20 am
- ECOWAS Unveils 2025 Consolidated Investment Reports of Member States8:13 am
- NIWA Restates Commitment To Safer Waterways, Sustainable Maritime Excellence10:18 pm
- FG Debunks Gov. Makinde’s Claim of Withheld N250 Billion8:35 pm
- ECOWAS, AES Commit to Cooperation and Mutual Respect Despite Split12:33 pm
- Publish relevant contract, payment records, audit findings for N4. 65bn motorcycles’ deal, group tells ex-Bauchi Finance commissioner A group, under the auspices of Coalition for Public Accountability and Justice (CPAJ), has called on Yakubu Adamu, former Commissioner of Finance, Bauchi State, to publish relevant contract, payment records and audit findings for N4. 65 billion earmarked for supply of motorcycles to the state’s civil servants. The secretary of CPAJ, Comrade Muhammad Abdullahi, made the call in a statement he signed and made available to newsmen on Monday in Abuja. The coalition also urged Adamu, who is also the governorship candidate of Allied People’s Movement (APM) for the 2027 governorship election in Bauchi State, to disclose financial dealings, corporate interests and the destination of alleged billions linked to transactions under scrutiny. It would be recalled that the Economic and Financial Crimes Commission (EFCC) had, on December 30, 2025, arraigned Adamu and a company, Ayab Agro Products and Freight Company Ltd, on alleged money laundering offence to the tune of N4. 65 billion. The defendants were arraigned before Justice Emeka Nwite of the Federal High Court in Abuja on a six-count charge, marked: FHC/ABJ/CR/694/2025. The EFCC alleged that Adamu, who is the prime suspect, committed the alleged offences in 2023 while he was the branch manager of Polaris Bank in Bauchi. The prosecution alleged that the defendants channeled funds through a series of complex transactions to disguise its illicit origin from an unlawful activity. According to the EFCC, the defendants carried out the fraudulent scheme under the guise of financing the purchase of motorcycles for the Bauchi State Government. It said the motorcycles were never delivered However, the defendants denied all the charges during the arraignment. Reacting CPAJ called on the ex-commissioner to publicly explain the reported financial transactions involving Ayab Agro Products and Freight Company Ltd, and other companies named in the allegations concerning the management and movement of funds. The group said the reported transactions raised serious questions about transparency, accountability and the protection of public resources in Bauchi State, “particularly where companies reportedly connected to individuals involved in public financial administration appear in financial investigations or court proceedings. “At the centre of the controversy is a reported transfer of approximately ₦266 million to Ayab Agro Products and Freight Company Ltd, which was identified in testimony concerning financial transactions associated with a wider motorcycle-financing arrangement.” It said that the public deserves a detailed explanation of the transaction, including its purpose, the source of the funds, the contractual or commercial basis for the payment and the services or goods provided in return. The coalition, however, said that the amount must not be treated as proof of stolen public funds without evidence establishing the source and legal status of the money. “Nevertheless, transactions of this magnitude involving companies reportedly associated with a public officeholder warrant credible explanations,” it added. CPAJ, therefore, demanded clarification concerning a reported ₦4.65 billion financing arrangement intended to support the supply of 15,000 motorcycles to Bauchi State civil servants. “The critical questions remain unanswered for the public: Were the 15,000 motorcycles supplied? Which institutions approved the financing? Who received the funds? What amounts were transferred to each company, and what documentation supports the transactions?” the group asked. CPAJ restated that it was not declaring the transaction illegal but insisting that the public should not be left to rely on conflicting explanations or speculation when substantial financial transactions were involved.12:08 pm
- Backward integration on manufacturing investment: Result of Tinubu’s economic reforms- Group8:36 am
- Peter Obi’s refutation of World Bank’s economic growth oautlook for Nigeria pedestrian-Group8:32 am
- Nigeria’s Judiciary Ahead of 2027: Between Power and the People8:20 am
- ECOWAS Unveils 2025 Consolidated Investment Reports of Member States8:13 am
- NIWA Restates Commitment To Safer Waterways, Sustainable Maritime Excellence10:18 pm
- FG Debunks Gov. Makinde’s Claim of Withheld N250 Billion8:35 pm
