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N33BN FRAUD: Ex-Power Minister Goes to Prison

Madukwe Nwabuisi by Madukwe Nwabuisi
July 11, 2024
in Law, News Bite
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A Federal High Court in Abuja has ordered that a former Minister of Power, Saleh Mamman, be remanded in Kuje prison in Abuja pending the consideration of his bail application.

Justice James Omotosho issued the order on Thursday after the court resumed Mamman’s arraignment on money laundering charge which was earlier stepped down by the judge.

The former minister pleaded not guilty to the charge preferred against him by the Economic and Financial Crimes Commission.

The EFCC had filed a 12-count money laundering charge against Mamman.

He was alleged to have committed money laundering offences to the tune of N33 billion.

He however pleaded not guilty to all the counts after it was read to him while docked.

The EFCC counsel, Olumide Fusika (SAN), sought a date for the commencement of trial.

Defendant’s lawyer, Femi Ate (SAN), however informed the court that he filed a bail application after the matter was stood down earlier in the morning.

“I have filed a motion on notice this morning shortly after the proceeding was stood down,” he said.

However, the judge replied that the matter was stood down to take the defendant’s plea and not bail application.

But the defendant’s lawyer urged the court to hear his application.

“I don’t have it before me,” Justice Omotosho said in response to Ate’s plea.

The defense counsel prayed the court to allow him return the next day to argue the bail application.

The prosecution counsel admitted that he was served with the bail application around 12:30pm, adding that he has no objection to the court decision of the day for bail application.

After listening to their submissions, the judge adjourned the matter till Friday July 12 for the hearing of the bail application.

Omotosho also ordered that the former minister be remanded in Kuje correctional center.

The former minister served under former President Muhammadu Buhari from 2019 to 2021.

On May 10, 2021, he was arrested and detained at the headquarters of the anti-graft agency in Abuja.

Buhari had September 1, 2021, sacked Mamman and the then Minister of Agriculture and Rural Development, Sabo Nanono, in what was called a cabinet restructuring.

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Mamman was accused of conspiring with staff of the ministry in charge of the accounts of the Zungeru and Mambilla Hydro Electric Power projects to divert about N22 billion.

The investigations uncovered property in Nigeria and overseas allegedly linked to the suspects, while millions of naira and dollars had reportedly been recovered.

Madukwe B. Nwabuisi
Madukwe Nwabuisi

Madukwe B. Nwabuisi is an accomplished journalist renown for his fearless reporting style and extensive expertise in the field. He is an investigative journalist, who has established himself as a kamikaze reporter.

Tags: Ex-Power Ministerprison

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President Bola Tinubu has signed the Presidential Executive Order on Virtual Assets Coordination, 2026, establishing a unified framework to regulate virtual assets and strengthen Nigeria's digital economy. The President signed the order pursuant to Section 5 of the 1999 Constitution (as amended), and it took effect immediately, according to a statement issued Friday by presidential spokesperson, Bayo Onanuga. The statement explained that the order was designed to address a fragmented regulatory landscape, where overlapping and disjointed oversight by government agencies had exposed Nigerians to risks such as money laundering, terrorism financing, cybersecurity threats, fraud and revenue losses. It noted that unregistered operators had exploited these gaps in the past to defraud unsuspecting citizens. To close these loopholes, the order establishes a Virtual Asset Council chaired by the Central Bank of Nigeria (CBN), with the Nigeria Revenue Service (NRS) and the Securities and Exchange Commission (SEC) serving as vice-chairs. Other members include the Nigerian Financial Intelligence Unit (NFIU) and the Office of the National Security Adviser (ONSA). The Council will set policy direction, foster cooperation among the agencies, and collaborate with the Attorney-General of the Federation to build a harmonised legal and institutional framework for the sector. A Virtual Asset Office will also be created as the Council's operational arm, with its secretariat based at the CBN. The office will coordinate information sharing, applications and reporting among agencies through an integrated supervisory technology platform. The statement clarified that the order does not create a new regulator or strip any agency of its existing powers. Instead, registration of virtual asset activities will be determined by the nature of the asset involved — the SEC will register security-related activities, while the CBN will handle payment, settlement, custody and other non-security virtual asset services. The Council will resolve any disputes over jurisdiction. As part of the coordinated approach, the CBN is proceeding with a regulatory sandbox that will allow eligible operators to test virtual asset products and blockchain-based solutions under close supervision before they reach the wider market. The NRS is also expected to release a tax policy for the virtual assets sector to strengthen compliance and ensure the industry contributes fairly to national revenue. Additionally, the Federal Government is finalising a Virtual Assets White Paper that will outline the country's long-term policy direction for the sector. The Council has been given 30 days to develop a Harmonised Implementation Framework to guide agencies in enforcing the order.
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