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Saraki Kicks as Court Orders Temporary Forfeiture of Ikoyi Houses
The Federal High Court in Lagos on Monday ordered the forfeiture of houses in Ikoyi belonging to former Kwara State governor and ex-Senate President, Bukola Saraki.
Justice Mohammed Liman made the temporary forfeiture order following an ex parte application by the Economic and Financial Crimes Commission.
The EFCC said the landed property “lying and known as No. 17A McDonald Road, Ikoyi,” was reasonably suspected to have been acquired with proceeds of unlawful activity.
It alleged in a supporting affidavit that Saraki, who served two terms as Kwara State governor between 2003 and 2011, “withdrew over N12bn cash from the account of the Kwara State Government and paid same into his accounts domiciled in Access and Zenith banks through one of his personal assistants, Abdul Adama, at different intervals.”
The EFCC lawyer, Nnaemeka Omewa, said the court was empowered to order the temporary forfeiture of the landed assets to the Federal Government.
Justice Liman agreed with him.
After ordering the temporary forfeiture of the property, the judge directed the EFCC to publish the order in a national newspaper.
He gave 14 days for Saraki or anyone interested in the property to appear before him to show cause why the property should not be permanently forfeited to the Federal Government.
Meanwhile, Saraki has stated that the judge was misled into making the forfeiture order.
In a statement by his Special Adviser (Media and Publicity), Yusuph Olaniyonu, Saraki said neither him nor his lawyers were aware of any application by the EFCC for any forfeiture order.
He said there was a subsisting court order issued by the Federal High Court, Abuja, in which the same property was a subject matter and where the EFCC and the Federal Ministry of Justice were parties. The court in that case gave an order restraining the EFCC from taking any further action until the matter was determined.
“We are sure the FHC judge in Lagos was not aware of all these facts and has therefore been misled into giving the temporary forfeiture order. The affected property, House Number 17 A and 17B, was specifically listed in the case against him at the Code of Conduct Tribunal in which the EFCC was part of the prosecution and the case went up to the Supreme Court where the apex court in its July 6, 2018 judgment ruled in his favour.
“The Supreme Court has ruled that the source of funds for the purchase of the property was not illicit as claimed by the prosecution. On pages 12, 13 and 26 of the judgment of the highest court, this particular property on 17A McDonald Street, Ikoyi, was specifically referred to and the court upheld the no case submission of Dr. Saraki and therefore ruled in his favour.
“We know that any action which tends to mislead the court amounts to misrepresentation and it is a good ground for us to get the court to throw away the order it issued today. We are sure the order will be reversed.
“We therefore call on all the friends, associates and supporters of Dr Saraki to remain calm because we know this action will not stand when the court gets to hear the side of the former Senate President,” the statement stated.
The Punch
US President Donald Trump has signed a federal spending bill, officially ending the longest government shutdown in American history.
The legislation, passed by the House of Representatives in a 222–209 vote, followed narrow approval in the Senate just two days earlier. The bill restores funding to federal agencies after 43 days of closure, bringing relief to millions of government employees and citizens affected by halted services.
Speaking after signing the measure on Wednesday night, Trump described the deal as a political victory, asserting that Democrats unnecessarily prolonged the shutdown.
“They didn’t want to do it the easy way. They had to do it the hard way, and they look very bad,” he said.
The temporary funding bill maintains government operations only through 30 January, creating a new deadline for lawmakers to negotiate a long-term budget solution.
As part of the agreement, Senate leaders committed to an early December vote on Obamacare subsidies, a key priority for Democrats during the shutdown standoff.
In addition to reopening federal offices, the bill provides full-year funding for the Department of Agriculture, military construction projects, and several legislative branch offices.
It also ensures retroactive pay for federal workers affected by the shutdown and allocates funding to the Supplemental Nutrition Assistance Program, SNAP, which helps about one in eight Americans access food.
The shutdown, which began in October, forced the suspension of many government services, leaving an estimated 1.4 million federal employees either furloughed or working without pay. It also disrupted food assistance programmes and caused widespread delays in domestic air travel.
With federal operations now resumed, attention in Washington has turned to whether Congress and the White House can reach a longer-term funding agreement before the new deadline at the end of January.
The Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA), on Thursday, announced discontinuation of the planned 15 per cent duty on imported petroleum products.
NMDPRA’s Director, Public Affairs Department, George Ene-Ita, conveyed the development in a statement while warning the public to shun panic buying.
President Bola Tinubu, on October 29, approved an import tariff on petrol and diesel, a policy expected to raise the landing cost of imported fuel.
The President’s approval was conveyed in a letter signed by his Private Secretary, Damilotun Aderemi, following a proposal submitted by the Executive Chairman of the Federal Inland Revenue Service, Zacch Adedeji.
The proposal sought the application of a 15 per cent duty on the cost, insurance, and freight value of imported petrol and diesel to align import costs with domestic market realities.
Implementation was slated to take effect on November 21, 2025.
The policy aimed to protect and promote local refineries like the Dangote Refinery and modular plants by making imported fuel more expensive.
While intended to boost local production, it is also expected to increase fuel costs, which could lead to higher inflation and transportation prices for consumers.
Experts have argued that the move could translate into higher pump prices for consumers, with some estimating an increase of up to N150 per litre or more.
In an update, however, NMDPRA said the government was no longer considering going ahead with implementing the petrol import duty.
“It should also be noted that the implementation of the 15% ad-valorem import duty on imported Premium Motor Spirit and Diesel is no longer in View,” the statement read in part.
Meanwhile, the NMDPRA also assured all that there is an adequate supply of petroleum products in the country, within the acceptable national sufficiency threshold, during this peak demand period.
“There is a robust domestic supply of petroleum products (AGO, PMS, LPG, etc) sourced from both local refineries and importation to ensure timely replenishment of stocks at storage depots and retail stations during this period.
“The Authority wishes to use this opportunity to advise against any hoarding, panic buying or non-market reflective escalation of prices of petroleum products.
“The Authority will continue to closely monitor the supply situation and take appropriate regulatory measures to prevent disruption of supply and distribution of petroleum products across the country, especially during this peak demand period.
“While appreciating the continued efforts of all stakeholders in the midstream and downstream value chain in ensuring a smooth and uninterrupted supply and distribution, the public is hereby assured of NMDPRA’s commitment to guarantee energy security,” the statement added.
The Senate has approved President Bola Tinubu’s request to raise N1.15 trillion from the domestic debt market to cover the unfunded portion of the 2025 budget deficit.
The approval followed the adoption of a report by the Senate Committee on Local and Foreign Debt during plenary on Wednesday.
The committee noted that the 2025 Appropriation Act provides for a total expenditure of N59.99 trillion, representing an increase of N5.25 trillion over the N54.74 trillion initially proposed by the Executive.
This expansion created a total budget deficit of N14.10 trillion. Of this, N12.95 trillion had already been approved for borrowing, leaving an unfunded deficit of approximately N1.15 trillion (N1,147,462,863,321).
In a related development, a motion by Senator Abdul Ningi was adopted, directing the Senate Committee on Appropriations to intensify its oversight to ensure that the borrowed funds are properly implemented in the 2025 fiscal year and used strictly for their intended purposes.
President Tinubu had on November 4th requested the approval of the National Assembly for a fresh ₦1.15 trillion borrowing from the domestic debt market to help finance the deficit in the 2025 budget.
The President’s request was conveyed in a letter. According to the letter, the proposed borrowing is intended to bridge the funding gap and ensure full implementation of government programs and projects under the 2025 fiscal plan.
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