NEWS
£15bn Petro Union Fraud: Attorney-General Steps In
In a significant move to safeguard Nigeria from potential fraud, the Attorney-General of the Federation and Minister of Justice, Chief Lateef Fagbemi (SAN), has led a team of senior lawyers to represent the Federal Government at a Supreme Court hearing over the Petro Union Oil and Gas Limited case.
The development marks the first time the Federal Government was represented at such a high level since the little-known company secured a judgment from the Federal High Court in Abuja for £2.556 billion.
However, the Economic and Financial Crimes Commission (EFCC) had concluded in its investigation report that Petro Union obtained the judgment by allegedly using a Barclays Bank UK cheque to draw from an account closed five years before it was presented.
The anti-graft agency’s finding led to the ongoing prosecution of the oil company’s directors before the Federal High Court in Lagos.
The directors, Prince Kingsley Okpala, Prince Chidi Okpalaeze, Prince Emmanuel Okpalaeze, and Abayomi Kukoyi (trading as Gladstone Kukoyi & Associates), are facing a 13-count charge of conspiracy, forgery, and fraud before Justice Chukwujekwu Aneke.
Chief Fagbemi’s appearance in the controversial case is particularly notable because it demonstrates the Federal Government’s resolve to fight the March 11, 2014, court order, which directed the Central Bank of Nigeria (CBN), Union Bank of Nigeria, the Minister of Finance, and the Attorney-General to jointly pay Petro Union the judgment amount along with 15 per cent interest per annum.
During the March 17, 2025 proceedings, Chief Fagbemi led a team of lawyers, including Mohammed Gazali (SAN), a Director in the Federal Ministry of Justice, and other lawyers representing the Federal Government and its agencies.
Chief Adegboyega Awomolo (SAN) led the legal team for Union Bank, while the CBN’s legal representation was headed by Damian Dodo (SAN) alongside Mrs. Olabisi Soyebo (SAN) and others.
Chief Awomolo argued an application to amend the Notice of Appeal by adding eight additional Grounds of Appeal.
While the AGF and the CBN’s lawyers supported the motion, Petro Union’s legal team opposed it.
After listening to arguments on the matter from the lawyers, the Supreme Court reserved its ruling for a later date to be communicated to the parties.
The judgment sum against the Federal Government, CBN, and Union Bank now stands at over £15 billion, including interest—exceeding 50% of Nigeria’s foreign reserves.
Legal experts have compared this situation to the infamous $10 billion Process and Industrial Development (P&ID) case.
The troubling events leading to this judgment began in 1994 when Petro Union allegedly fraudulently obtained a cheque worth £2.556 billion from a Barclays Bank branch in the UK.
The company presented this cheque at a Union Bank branch in Lagos, claiming it was for a contract related to refinery construction and the establishment of a bank.
Subsequent investigations by the CBN and Union Bank unveiled that the cheque, dated December 29, 1994, and drawn in favour of Gladstone Kukoyi & Associates, was confirmed by Barclays Bank to be counterfeit.
Barclays Bank had also indicated that Gazeaft Limited, the issuer of the bill of exchange, did not have an account with them and was not listed as a registered company in the UK.
Despite these findings, Petro Union and its agents persisted in their claims that Union Bank had received £2,556,000,000.00 on their behalf and had transferred £2,159,221,318.54 to the CBN while retaining £396,778,681.46. This led to court actions against the CBN and Union Bank based on these dubious claims.
In a concerning development, Petro Union managed to secure a judgment by presenting an alleged statement of account from the CBN, neglecting the fact that a Central Bank serves as a banker to the government and banks, not to individual companies or persons.
Following these proceedings, both the CBN and Union Bank filed appeals to overturn the judgment, particularly as evidence of fraudulent motives began to emerge during the ongoing criminal prosecution of Petro Union and its executives at the Federal High Court in Lagos.
Additionally, information already presented to the Supreme Court suggests that Petro Union may have obtained the judgments at lower courts by allegedly providing evidence that appears to be based on falsehoods, forgery, misrepresentation of facts, and concealment.
Given Nigeria’s increasing debt profile, many observers are alarmed by the prospect of this additional £15 billion ‘debt’ looming over the nation. They are looking to the Supreme Court to deliver justice in this complex matter.
NEWS
FG reforms NYSC, replaces military leadership, redesigns uniform
The Federal Executive Council has approved a comprehensive overhaul of the National Youth Service Corps, marking the first major restructuring of the scheme since it was established 53 years ago.The reforms, approved at the FEC meeting in Abuja on Monday, are aimed at repositioning the NYSC into a skills-focused, productivity-driven institution aligned with the Federal Government’s economic agenda.A key aspect of the reform is a change in the leadership structure of the scheme, with the NYSC set to be headed by a civilian, while the military will continue to provide security for corps members nationwide.The council also directed the Attorney-General of the Federation and the Federal Ministry of Youth Development to amend the NYSC Act and relevant regulations to provide legal backing for the approved changes and enable their implementation.
Announcing the approval on X, the Minister of Youth Development, Ayodele Olawande, described the reforms as the first holistic review of the scheme in its 53-year history.He said, “We are transforming the Scheme into a platform that not only unites Nigeria but also equips our young people with the skills, experience and opportunities they need to thrive in a fast-changing world.”
Olawande said the approved reforms would reposition the scheme as “a skills-driven, productivity-focused and youth-empowering institution that aligns with President Bola Tinubu’s vision of building a $1 trillion economy.”
According to him, the reforms include “a technology-driven call-up process, risk-sensitive deployment to better protect corps members, a redesigned six-week orientation programme with stronger focus on leadership, entrepreneurship, digital skills and specialised career streams, skills-based primary assignments aligned with academic background and career pathways, modern governance with civilian operational leadership while the military continues to provide security support, improved camp standards through a national grading and certification system, and a new graduation ceremony to replace the Passing Out Parade, alongside a redesigned NYSC uniform that reflects professionalism and national pride.”Olawande said the reform process began in 2025 through a broad-based review involving the Federal Ministry of Youth Development, the Federal Ministry of Education and the Office of the Special Adviser to the President on Policy and Coordination before receiving FEC approval.He added, “This is more than a reform of an institution. It is an investment in Nigeria’s greatest asset, our young people. The future of the NYSC begins now, and it is brighter, more relevant and more impactful than ever.”Established in 1973 following the Nigerian Civil War, the NYSC was created to promote national unity by deploying graduates to states outside their regions of origin for one year of compulsory national service.The latest reforms represent the first comprehensive review of the scheme since its creation, with the Federal Government saying the changes are designed to make the institution more relevant to Nigeria’s contemporary economic and youth development needs.
Punch
NEWS
PRESIDENT SWEARS IN NEW COMMISSIONERS FOR RMAFC, NPC
President Bola Tinubu has sworn in new Commissioners for the National Population Commission (NPC) and the Revenue Mobilization Allocation and Fiscal Commission (RMAFC).The ceremony took place before the commencement of the Federal Executive Council meeting, this Monday. Former chairman, National Hajj Commission, Abdullahi Mukhtar Mohammed from Kaduna state and Amina Gamawa representing Bauchi took oath of office as federal commissioners for the revenue commission. Six new Commissioners were inaugurated for the population commissioner. They are Kolawole Oladipupo Alabi – Ekiti State, Nasiru Mu’azu – Zamfara State, Isaka Alada Yahaya – Kwara State, Prof. Sadiq Isah Radda – Katsina State, Suleiman Umar – Jigawa State and Chiso Abdullahi Dattijo from Sokoto State.
NEWS
Governor Dauda Lawal Chairs Security Council Meeting, Vows Unprecedented Support for Frontline Troops
Governor Dauda Lawal of Zamfara State has reaffirmed his administration’s unwavering resolve to back security forces in the ongoing campaign against insurgency, banditry and other violent crimes plaguing the state.Presiding over the weekly State Security Council meeting on Thursday, June 25, at the Government House in Gusau, the governor convened the state’s top security brass for a high-level strategic session aimed at recalibrating the state’s counter-insurgency approach.In a terse but firm statement, Governor Lawal disclosed that deliberations centered on reinforcing troop deployments in high-risk zones, fast-tracking intelligence-sharing mechanisms and overhauling rapid-response protocols to better safeguard civilian populations.”I want to make it clear to every service commander in this room; the welfare and operational readiness of our troops remain non-negotiable. My administration stands ready to authorize every required resource logistical, material and otherwise to ensure they operate at full capacity,” Lawal declared.The governor underscored that his foremost priority remains the restoration of lasting peace across Zamfara and he assured security chiefs of his open-door policy, urging them to channel operational needs directly to his office without bureaucratic bottlenecks.With the meeting concluding, sources indicate that concrete action plans are being finalized to boost joint task force patrols and community intelligence networks, signaling a renewed offensive push in the coming weeks.
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