💰 “No Sin in Borrowing”: Presidency Defends Nigeria’s Debt Strategy In a recent statement, the Nigerian Presidency has asserted that borrowing is a necessary instrument for driving economic development. Special Adviser to the President on Information and Strategy, Bayo Onanuga, emphasized that when loans are utilized responsibly, borrowing should not be viewed negatively. He stated, “It is not a sin to borrow. Even developed nations like the United States of America and the United Kingdom borrow beyond their GDP. The issue is not borrowing; it is what you do with the borrowed funds.”  This clarification comes amid discussions surrounding President Bola Tinubu’s recent request to the National Assembly for approval of fresh external and domestic loans amounting to ₦34.15 trillion. The administration maintains that such borrowing is essential for funding large-scale development projects, such as highways and infrastructure, which are pivotal for economic growth.  The Central Bank of Nigeria (CBN) has previously echoed similar sentiments, stating that borrowing is part of fiscal responsibility. CBN Governor Godwin Emefiele noted, “Debt is never a crime or a sin. The private entity also borrows to survive. What matters most is the debt’s quantum and the debt usage.”  However, concerns persist regarding Nigeria’s rising debt profile and the nation’s ability to service these debts. Critics argue that while borrowing can be a tool for development, it must be managed prudently to avoid long-term economic challenges.  #NigeriaEconomy #GovernmentBorrowing #DebtManagement #EconomicDevelopment #InfrastructureFunding

From Luxury to Affordable: FG to Sell Emefiele’s Properties to Ordinary Nigerians The Federal Government has announced plans to sell properties seized from former Central Bank of Nigeria (CBN) governor, Godwin Emefiele, to low and middle-income Nigerians. The move is part of a broader initiative to redistribute assets recovered through anti-corruption efforts, with a focus on addressing housing shortages and providing affordable real estate options for ordinary citizens. Government officials stated that the properties—mostly located in high-value urban areas—will be sold through a transparent, subsidized process aimed at empowering everyday Nigerians. This development follows Emefiele’s ongoing prosecution over alleged financial misconduct during his tenure at the apex bank. The government emphasized that the proceeds from the sales will be reinvested into public infrastructure and social welfare projects. The plan has drawn mixed reactions—while some have praised it as a bold step toward economic justice, others are calling for clarity on who qualifies and how the allocation will be managed. #Emefiele #CBN #FederalGovernment #AffordableHousing #NigeriaRealEstate

Emefiele Appeals Final Forfeiture of 753-Unit Abuja Estate Former Central Bank of Nigeria (CBN) Governor, Godwin Emefiele, has filed an appeal at the Court of Appeal in Abuja, seeking to overturn a judgment that granted the Federal Government ownership of a 753-unit housing estate located in the Lokogoma district of Abuja. The Economic and Financial Crimes Commission (EFCC) had earlier secured both interim and final forfeiture orders from a Federal High Court, which linked the estate to proceeds of unlawful activity. The property was initially recovered from an undisclosed former government official. Through his lawyer, A.M. Kotoye, Emefiele filed a motion as an interested party, arguing that he should have been included in the original proceedings. He is now seeking to nullify the lower court’s decision, claiming that due process was not followed. Emefiele specifically requested an extension of time to contest the interim and final forfeiture orders, which were issued on December 2 and December 24, 2024, respectively. He asserted that the EFCC published the interim forfeiture notice in a rarely-read section of a national newspaper, which he could not reasonably have seen, especially while facing multiple criminal trials in both Abuja and Lagos. He accused the EFCC of deliberately excluding him from the proceedings despite ongoing engagements over separate criminal cases. Emefiele maintained that the Commission concealed the forfeiture process, even though it was aware of his interest in the disputed property. However, the trial court, in a judgment delivered by Justice J.O. Onwuegbuzie, dismissed his motion, ruling that the publication met the legal requirements under Section 17(2) of the Advance Fee Fraud and Other Fraud-Related Offences Act, 2006. The court further stated that a half-page notice in a national newspaper could not be deemed obscure. Unhappy with the ruling, Emefiele filed an appeal dated April 30, 2025, seeking five key reliefs, including an order to set aside the lower court’s decision. The EFCC is listed as the sole respondent in the case. In the appeal, Emefiele argued that the entire forfeiture process was flawed, built on conjecture and hearsay—evidence he described as inadmissible. He maintained that no laws were violated in the acquisition of the estate, and thus, Sections 44(2)(b) of the 1999 Constitution and Section 17(1) of the fraud-related offences act could not be invoked. He further argued that the forfeiture orders violated Section 44(1) of the Constitution, rendering them legally null and void. Emefiele also emphasized that he has both legal and equitable interests in the estate. Meanwhile, in a letter dated May 26, 2025, co-counsel A.O.M. Adebowale wrote to the Minister of Housing and Urban Development, informing him of the pending appeal and urging a suspension of any action related to the property. The letter noted that the properties were recently handed over to the Ministry and are allegedly being prepared for public auction. It emphasized that notices of appeal and injunction were served to the EFCC on May 2 and May 22, 2025, respectively. “In light of the foregoing, we respectfully request that any further action on the subject property be suspended until the Court of Appeal delivers its ruling,” the letter read. The matter now awaits judicial review at the appellate level. #Emefiele #EFCC #ForfeitureAppeal #NigeriaNews

“Accountability in action — the legal process unfolds for Nigeria’s former CBN governor.” — According to Nigeria Stories Video of sacked CBN governor Emefiele exiting court with lawyers following EFCC hearing.

“PSA: The 753-unit housing estate linked to ex-CBN Gov. Emefiele is NOT for sale — yet. Ministry of Housing says the sale process hasn’t started. Don’t fall for any ‘sharp guy’ trying to sell you air. Be guided. Scammers are outside." — MUSBEY (@zaMusbeyNe_) https://pbs.twimg.com/media/Grxuyx4WEAA6jWF?format=jpg&name=small