News
Russia’s Economic Sanctions: Perhaps Nigeria’s Elite Should Take Note
By Joel Popoola
Even for a country with as troubled a recent history – and present – as Nigeria, you cannot fail to have been moved by the scenes of carnage coming out of Ukraine following the cruel and cowardly Russian invasion.
But there are lessons Nigeria must learn from this horrific situation too.
The international response to Russian aggression has by and large, not been military, but economic.
Russia has been hit by severe sanctions designed not to attack her army, but hobble her economy – an indication that future wars may be fought not on the battlefields but on the international finance markets.
And while Russia seemingly holds a military advantage over Ukraine – despite the heroism of the Ukrainian people – it is getting destroyed economically.
An international alliance has cut off some Russian banks from the SWIFT messaging system, used to facilitate trillions of dollars’ worth of international financial transactions every day, in what has been called “the nuclear option” of sanctioning.
They also promised to prevent Russia from accessing some of its foreign reserves. To put that in layman’s terms, Russian has gone to the bank and found its saving account empty.
When the stock market opened for the first time after the penalties were imposed, the value of Russia’s major banks halved almost instantly and the rouble lost 30% of its value, making it much more expensive for Russian to trade – if indeed they can find anyone to trade with.
To combat inflation, the Russian central bank doubled its key interest rate to 20%. That’s higher than America’s equivalent rate has been in all of its history.
But what does this have to do with Nigeria?
A British parliamentary inquiry reported in 2018 that “despite the strong rhetoric, President Putin and his allies have been able to continue ‘business as usual’ by hiding and laundering their corrupt assets in London.”
Hiding illicit assets overseas you say?
This may sound very familiar to Nigerians.
As part of the international response to Russia’s aggression, Russian elites have seen their overseas assets targeted too – which may be why Roman Abramovich suddenly seems so keen to sell Chelsea.
The message is clear. If you try to hide dishonestly or illegally gained money overseas, there is no place to hide. And if your country finds itself embroiled in an international dispute, you may find yourself a target.
Russian is far from alone in seeing its very wealthy hide their wealth as far from home as possible.
In recent days, leaks from the Credit Suisse bank have shown how comfortable the Swiss bank was in having Eduard Seidel as a client.
The German was convicted of bribery in 2008 after overseeing a campaign of industrial-scale bribery to secure lucrative clients for his employer by shovelling cash to corrupt Nigerian politicians.
That leak follows last-year’s so called Pandora Papers leak, which pointed the finger at a number of high profile Nigerians – including current and former state governors, past and present lawmakers, and even a senior judge –for setting up shadow shell companies in notorious tax havens to hide their wealth. That leak suggested that powerful Nigerians have bought UK property valued at £350m using 166 offshore companies.
The Ukraine situation has highlighted this issue. Soon there may be no hiding place for those who hide their wealth overseas. And if not in the national interest, our elites need to consider acting in their own self-interest when it comes to transparency and accountability.
But politicians need to take the same steps towards transparency and accountability too.
At the digital democracy campaign I lead, we have been trying to give Nigeria’s elected leaders the tools to build back the trust and both their reputations and that of our entire political system, and to make all their financial interests publicly accessible.
We have created a free mobile app called Rate Your Leader, which was designed to reconnect electors and the elected, opening direct channels of communication between people and to their elected officials – giving local people the kind of access previously only enjoyed by funders.
Rate Your Leader encourages politicians to explain the decisions they have made and the reasons for making them directly to the people they affect. If the voters don’t like the answer they get, they can rate their politicians appropriately.
In the UK, a new Economic Crime Bill developed in response to Russian’s invasion of Ukraine will include a new register that will mean foreign owners of UK property must declare and verify their identities with the state.
That register will include Nigerians too.
This week the UK also signed another agreement relating to compensation for corruption in the Nigerian Energy sector.
The net is closing in on international corruption, and current international events are just making that net tighter. We now need to do our bit at home.
Joel Popoola is a Nigerian tech entrepreneur, digital democracy campaigner and creator of the Rate Your Leader app.
Operatives of the Economic and Financial Crimes Commission have arrested a former chairman of defunct Skye Bank Plc, Tunde Ayeni, over alleged money laundering, misappropriation and diversion of funds amounting to N36.54bn and $30m.
Ayeni, a businessman, was arrested in Abuja on Thursday, and is currently being held at the commission’s facility.
The arrest followed an EFCC probe into alleged misappropriation and diversion of funds said to have been obtained from Polaris Bank through multiple entities linked to him.
“Operatives of the Economic and Financial Crimes Commission, EFCC, have arrested a former board chairman of defunct Skye Bank Plc and businessman, Tunde Ayeni, in connection with alleged money laundering, misappropriation and diversion of funds to the tune of N36,540,058,400.00 and $30m.
“Ayeni was arrested sequel to the investigation of the EFCC into alleged misappropriation and diversion of funds to the tune of N36,540,058,400.00 and $30m obtained from Polaris Bank Plc by different entities linked to him.
“The funds were loans obtained allegedly for specific investment projects but subsequently transferred to other entities’ accounts. Investigations showed that, though the loans were obtained for purposes such as finance of marine security activities, electricity distribution contract, estate development, they were diverted to the NITEL/MTEL asset acquisition through NATCOM account,” one of the sources said.
Another source said the commission is currently probing 12 companies allegedly linked to Ayeni, which it said were used to obtain the loans from Polaris Bank.
“Twelve different companies linked to Ayeni are being investigated by the EFCC. They are entities he allegedly used to obtain loans from Polaris Bank for his shady activities. The loans are depositors’ funds fraudulently obtained and frittered into diverse wasteful purposes. Ayeni will be arraigned in due course upon conclusion of investigations,” the source said.
When contacted, EFCC spokesman Dele Oyewale confirmed the arrest but declined to give further details.
The Punch
By Henry Ukazu
Dear Destiny Friends,
To be fruitful is to be productive, profitable, and successful in all areas of your life. When one is fruitful, he will attract many opportunities and values. When we are fruitful, we won’t be barren because we will be producing fruits and results with our work. Even the book of life said no woman will be barren in your land. That’s being fruitful.
Fruitfulness permeates every area of our life. When you are fruitful, your life, marriage, business, academic, ethics, relationship/network will flourish. Our business must be fruitful to survive, otherwise it will be out of business. We shall discuss several areas where one can be fruitful.
Parents
The joy of every father is for the child to be greater than him. Any father that wants to be greater than his son is not a good father in my understanding. Parents, mentors, government, teachers, leaders of faith, etc. all want us to be fruitful.
Let’s take a case study of parents. They sacrifice their time, resources and health just to give us a decent life. They do it because they want us to be successful in life.
Personally, I watched my late father and mother deprive themselves of the luxury of life just to give me and my siblings a decent life. My late parents never had the opportunity of having a decent education, it won’t be out of place for one to say they are unlettered, but they knew the value of education.
My late dad will always say, he’s not concerned about building houses, or living a luxury lifestyle, to him, those are secondary needs of life. His primary concern is for his children to have a good education. My late dad will always say assuming he’s educated, he would have excelled higher in life.
My late mother is not an exemption. I vividly remember one day my late mother said to me, her colleagues are buying jewelry, shoes, clothes, making their hair, etc. to fit into trends, but she’s not concerned about that, her major concern is for her children to have a decent education and look good.
Most people don’t understand the inspiration behind why I do what I do today. My late parents were and remained my biggest supporter. Apart from going to heaven, my greatest goal is to make my late parents and children proud. The moral of this analysis is my late parents sacrificed even their life for me and siblings just because they want us to be successful and fruitful.
Mentors
Mentors are not left out of this equation; mentors can be regarded as gatekeepers because they have paid the price of success. It is the fruitfulness of mentors that attracts values and mentees to them. When a mentor accepts a mentee into his fold, he’s simply telling the mentee, “I want you to be successful, I don’t want you to fail. However, it is important to state that before a mentor can accept to mentor a mentee, the mentor would have seen some potential in the mentees.
It’s instructive to mention that there are five types of mentors namely:
- Position Mentor: People follow you because they have a right to follow you which can be because of the position you occupy.
- Permission Mentor: People follow you because you allow them. For example, in relationships when you decide to allow people to build relationships with you.
- Production Mentor: People follow you because of what you have done for the organization or association. This is result oriented.
- People Development Mentor: People follow you because of what you have done for them.
- Pinnacle Mentor: People follow you because of who you are or what you represent. The question now is where do you belong?
For the umpteenth time, I am a product of mentorship. My mentors have really shaped my life.
Teachers
Teachers are not left out. Teachers are generally regarded as professional educators who play a critical role in fostering student achievement, personal growth, and social development. They are seen as the “lifeblood” of the education system, often serving as mentors, role models, and agents of social change.
There are many components of teachers namely:
- Professional Experts: Teachers are trained specialists in pedagogy (the art/science of teaching) and subject matter, holding degrees and certifications that qualify them to guide learners.
- Facilitators and Mentors: Beyond delivering content, they act as guides who help students acquire critical thinking skills and knowledge, shifting from “information dispensers” to active facilitators.
- Lifelong Learners: Effective teachers are viewed as individuals who continuously learn and adapt their practices to new technologies, curricula, and student needs.
- Moral and Cultural Guides: Teachers are often expected to act as stewards of community values, maintaining student safety, and cultivating civic responsibility.
- “Backbone of Society”: They are considered crucial to a nation’s social and economic development by preparing the future workforce. Above all, they assist in making us fruitful human beings.
Leaders of faith
The leaders of faith are regarded as the molders of the human faith because they help to build our faith. When the scripture says in Genesis 1:8, be fruitful and multiply, the scripture is also referring to them because they are regarded as shepherds. As Christians, we expected to be fruitful because our heavenly father is fruitful. Being fruitful here entails bearing fruits with our life and this entails using our life to attract people into the kingdom of God as evidence of our heavenly father who expects us to be Christlike.
Government
Let’s talk about the government. When a government is fruitful, it will reflect on the lives of her citizens, but when the government is performing below expectations, the citizens will be on the receiving end. The principal responsibility of the government is protection of life and security for her citizens. Every other thing is secondary. The government is also responsible for creating job opportunities for the citizens. However, it should be noted the government cannot create for all her citizens, and as such they provide an enabling environment for the private sector to thrive.
Employers/Supervisors/Leaders
These sets of people are regarded as people of influence. You need them at your corner, if you intend to move higher in life. Your employers and supervisors are regarded as your leaders. You can never outsmart them; the best one can try is to be in their good books and tolerate their excesses. When an employee is fruitful and exceeding expectations at work, they tend to be rewarded by their supervisors or employers because of the value they create and the problem they solve
In conclusion, whatever you do in life, please try and be fruitful.
Henry Ukazu writes from New York. He works with the New York City Department of Correction as the Legal Coordinator. He’s the founder of Gloemi. He’s a Transformative Human Capacity and Mindset coach. He is also a public speaker, youth advocate, creative writer and author of Design Your Destiny Design and Unleash Your Destiny . He can be reached via info@gloemi.com
Justice Darius Khobo of the Kaduna State High Court has adjourned the bail hearing of former Governor of Kaduna State, Mallam Nasir El-Rufai, to the first week of June, 2026.
El-Rufai is being arraigned on multiple charges bordering on alleged financial crime and abuse of office by the Independent Corrupt Practices and Other Related Offences Commission (ICPC).
“Similarly, another charge, number KDH/KAD/ICPC/01/26, against Mallam Nasir El-Rufa’i and one Amadu Sule (LEDA) has also been filed before a Kaduna State High Court in the Kaduna Judicial Division,” the ICPC said last month.
“The charges in the State High Court case range from abuse of office, fraud, and intent to commit fraud to conferring undue advantage, among others. Both charges were filed by the ICPC on the 18th of March, 2026.”
Speaking after the court session, counsel to the former governor, Ukpon Akpan, kicked against the lingering adjournment of the bail hearing by one presiding judge as politically motivated.
The high-profile case has drawn significant public attention, with heightened security presence observed around the court premises.
The former governor had arrived at the court at about 9 am in a convoy accompanied by ICPC officials and operatives of the Department of State Services (DSS).
During the proceedings, supporters of the former governor gathered outside the courtroom, while security agencies maintained order and restricted movement within the vicinity.
Inside the courtroom, journalists, as usual, were not allowed, as proceedings are expected to focus on arguments presented by both the defence and prosecution regarding the bail request.
At the last sitting, the defence team had maintained that their client poses no flight risk and is willing to comply with all conditions set by the court.
Meanwhile, the prosecution has urged the court to carefully consider the gravity of the charges.
The 66-year-old former governor of Kaduna has been in ICPC custody since February 19 following his release by the Economic and Financial Crimes Commission (EFCC).
El-Rufai, a former minister of the FCT, was, however, released on March 27 based on compassionate grounds following his mother’s death
