Former President Olusegun Obasanjo has listed what Nigeria should do to have access to $12 trillion “dormant funds”.
He said the Federal Government must endorse the Africa Continental Free Trade Area Agreement (AFCFTA) to tap into the funds earmarked for Africa’s development.
The former President spoke yesterday at a programme, tagged: “Conversation with Olusegun Obasanjo” and moderated by former British Broadcasting Corporation (BBC) broadcaster Mark Eddo at the Al Manara Conference Center, in Cairo, Egypt.
According to him, out of the $14 trillion that has been announced, only $2 trillion has been put to use, pointing out that $12 trillion “is sitting idle” waiting to be accessed.
Insisiting that Nigeria has no choice than to endorse the AfCFTA, the former President said: “The money is there; it is about how Africa can access that money. The amount of money needed is sitting somewhere dormant; it’s about $12 trillion. The money is dormant and it can only go to where it is needed. I was told that $14 trillion has been printed, about $2 trillion is generating interest and about $12 trillion is sitting idle.”
Obasanjo was responding to a statement that Egyptian President Al’ Sisi said that lack of funds was hindering Africa’s advancement.
He said: “You can imagine Africa getting $1trillion of that money every year. If our leaders can get that money routed to Africa, it will be quite useful and Africa will benefit from it.”
The former President praised the efforts of those who packaged the Intra-African Trade Fair, saying the success it has garnered should be shared by all and not him alone.
“The credit must not be given to me only. All the members, and particularly to former President Ekra, Professor Benedict Oramah and Afreximbank,” he said, adding that the lessons learnt will be useful in planning for the next fair.
Obasanjo said he took time to visit the exhibition stands, observing that Nigeria had a huge presence in the fair.
He said: “This is a one stop shop window for Africans to know what Africa has. Here you’ll not only see, you will feel, hear and even eat.
“I believe that we have started, we have put our hands in the plough and we will not go back, so we can say IATF is getting better and better. The issue of finance is not what worries me.”
Obasanjo expressed sadness that Nigeria was foot-dragging on the endorsement of the African Continental Free Trade Area Agreement IAfCFTA), wondering how Africa can’s economy can grow when countries like Nigeria were absent, pointing out that with, or without Nigeria, Africa will move on.
“It is a great pity for Nigeria and Africa that at the time Nigeria should be at the table, Nigeria is not there at AfCTFA, especially with the final negotiation which was led by Nigeria. At the point of signing, Nigeria developed cold feet. I just have to say, better late than never,” Obasanjo said.
He described as unfortunate that was yet to bad to endorse the treaty, pointing out, however, that “whether Nigeria is there or not, Africa will go on.”
He said he went through the pavilion, saying “Nigeria’s delegation was great,” wondering, “how can you be talking of African trade when you’re not there?
“You cannot absent yourself when the rest of Africa was there,” he stated.
Obasanjo, however, expressed optimism that whatever may have gone wrong, Nigeria would return and join itself with the rest of Africa.
“So what has gone wrong? I think understanding. I think the correct understanding will come. In all honesty, Nigeria will soon join this group,” Obasanjo said, stressing, “we have no choice.”
Kwara Court Jails Tailor for Impersonating, Defrauding EFCC Investigator
AJAGBE ADEYEMI TESLIM
SPONSORED BY: H&H
Justice Abimbola Awogboro of the Federal High Court sitting in Ilorin, Kwara State, has sentenced a 27-year-old fashion designer, Haruna Musa Tolani, to 12 months imprisonment for impersonating and defrauding Callitus Egwuonwu, an investigating officer with the Economic and Financial Crimes Commission, EFCC, Ilorin Zonal Directorate.
Tolani, an indigene of Ilorin East Local Government Area of Kwara State, was initially arraigned on a two-count charge bordering on impersonation and cybercrime on January 28, 2025 and pleaded not guilty, but later changed his plea to guilty after overwhelming evidence was presented by counsel to the EFCC, Sesan Ola.
Count one of the charge reads:
“That you Haruna Musa Tolani in August,2024 at Ilorin within the jurisdiction of this Honourable Court with intent to defraud, misrepresented yourself via electronic message sent through unstructured supplementary service data (USSD) to Access Bank Plc. With respect to account number 0022643389, property of Mr Callistus Egwuonwu, with which you purchased N20000.00( Twenty Thousand naira) worth of MTN data which resulted into loss to the owner of the account and you thereby commit an offence contrary to and punishable under Section 14(2) of the cybercrime (Prohibition and Prevention) Act, 2015”
Similarly, count two reads:
“That you Haruna Musa Tolani sometime in August,2024 at Ilorin within the jurisdiction of this Honourable Court fraudulently impersonated one Callistus Egwuonwu via electronic message sent through unstructured supplementary service data (USSD) to Access Bank Plc with respect to account number 0022643389, property of Callistus Egwuonwu with intention to purchase MTN data worth Twenty Thousand Naira (20,000.00) which you did purchase and thereby committed offence contrary to Section 22(2)(b)(ii) of the cybercrime (Prohibition and Prevention) Act,2015 and punishable under Section 22(2)(b)(iv) of the same Act”
In his judgment, Justice Awogboro imposed a 12-month custodial sentence on Tolani with an option of a fine of N200,00( Two Hundred Thousand Naira). The court also ordered the forfeiture of a First Bank manager’s cheque of N200,000 in favour of the victim and directed the convict to restitute the sum of N20,000, the amount he fraudulently obtained.
Tolani bagged his imprisonment when he was arrested for internet fraud. He was charged to court, pleaded guilty and convicted.
Two Truck Drivers Jailed for Illegal Possession of Minerals in Ilorin
AJAGBE ADEYEMI TESLIM
SPONSORED BY: H&H
Justice Abimbola Awogboro of the Federal High Court sitting in Ilorin, Kwara State, on Thursday, May 15, 2025 convicted and sentenced two truck drivers, Abdulkareem Hussaini and Aliyu Ladan to one-year imprisonment each for unlawful possession of solid minerals.
They were arraigned on one-count separate charges by the Ilorin Zonal Directorate of the Economic and Financial Crimes Commission, EFCC.
The charge against Hussaini reads:
“That you, Abdulkareem Hussaini on or about the 11th day of June 2024, at Ballah Asa Local Government Area of Kwara State, within the jurisdiction of this Honourable Court, without lawful authority, comes into possession of minerals to wit: Thirty-Five Tonnes of mineral, conveyed in a Layland DAF Truck, with registration number KTG 54 XB and thereby committed an offence contrary to and punishable under Section 1 (8) (b) of the Miscellaneous Offences Act, 1984”
Similarly, Ladan’s charge reads:
“That you, ALIYU LADAN, on or about the 13th day of September, 2024 at Ballah, Asa Local Government Area, Kwara State, within the jurisdiction of this Honourable Court, without lawful authority, comes into possession of minerals to wit: 30 tons of mineral, conveyed in a SINO truck, with registration number: FTA 981 XB and thereby committed an offence contrary to and punishable under Section 1(8) (b) of the Miscellaneous Offices Act, 1984”
The defendants pleaded guilty to their respective charges when they were read to them.
Following their pleas, counsel to the EFCC, Sesan Ola, reviewed the facts of the case, tendered evidence and thereafter prayed the court to convict the defendants accordingly.
In his judgment, Justice Awogboro sentenced Hussaini and Ladan to 12 months in prison with an option of fine of N1 million each. The judge also ordered that the solid minerals recovered from the convicts at the time of arrest be forfeited to the Federal Government.
The convicts started their journey to the Correctional Centre when they were found in possession of large quantities of minerals without valid authorization, an act that violates Section 1(8)(b) of the Miscellaneous Offences Act, 1984.
They were charged to court, pleaded guilty to their charges and convicted.
Adjudication Kicks Off for The Nigeria Prize for Science
AJAGBE ADEYEMI TESLIM
SPONSORED BY: H&H
Momentum is building and adjudication is set to commence for the 2025 edition of The Nigeria Prize for Science, with 112 entries handed over today to the Prize’s Advisory Board for onward transmission to the judges.
Caption:(L-R): Anne-Marie Palmer-Ikuku, Manager, Corporate Communications and Public Affairs (NLNG); Dr. Sophia Horsfall, General Manager, External Relations and Sustainable Development (NLNG); and members of The Nigeria Prize for Science Advisory Board – Prof. Barth Nnaji (Chairman), Chief Dr. (Mrs.) Nike Akande (Member), and Prof. Yusuf Abubakar (Member) during the handover of entries for the 2025 edition of NLNG-sponsored prize held in Lagos…on Tuesday. The Nigeria Prize for Science, arguably Africa’s richest and most prestigious science award, is worth $100,000.
The 2025 edition features the theme “Innovations in ICT, Artificial Intelligence (AI) and Digital Technologies for Development,” seeking solutions to bolster Nigeria’s digital economy.
Sponsored by NLNG, the Prize attracts entries from scientists worldwide (Nigerians and Non-Nigerians) and aims to identify and reward groundbreaking innovations that advance industry and promote sustainable development in Nigeria.
At a press conference in Lagos, NLNG’s General Manager for External Relations and Sustainable Development, Sophia Horsfall, formally handed over the 112 entries to the Advisory Board, chaired by renowned scientist Professor Barth Nnaji.
The handover marks the start of a rigorous evaluation process, during which a panel of distinguished judges will assess entries based on merit, originality, and potential impact on national development.
The competition is expected to be intense, reflecting rising global interest and innovation in AI and digital technology.
In her remarks, Horsfall highlighted that this year’s theme reflects the global shift toward technological transformation.
She stated: “This year’s Prize seeks to spotlight pioneering research and bold solutions that harness technologies to empower industries, uplift societies, and transform Nigeria’s development trajectory.”
She further added: “These technologies hold immense transformative potential for Nigeria.
As Africa’s largest economy and a nation blessed with a vibrant pool of young talent, we have a unique opportunity to harness digital innovation to develop scalable, globally relevant solutions that will drive sustainable socio-economic development.”
Professor Barth Nnaji, while receiving the entries, expressed his appreciation for the number of submissions. “The Board is greatly encouraged by the volume of entries.
The 2025 competition is shaping up to be intensely competitive, and we are confident it will showcase outstanding innovation,” he said.
He emphasised the transformative power of AI and digital technologies across sectors: “AI is rapidly reshaping nearly every aspect of modern life, driving innovation, improving efficiency, and unlocking new possibilities across industries.”
He added; “ In healthcare, AI enhances diagnostic accuracy and speed through advanced imaging and predictive tools. In education, it personalises learning experiences, helping teachers address challenges early using intelligent tutors and automated assessments.
In agriculture, AI enables precision farming by analysing sensor and satellite data to improve crop management and forecast yields.
These sector-wide transformations underscore AI’s growing role as a catalyst for innovation and sustainable progress.” Other members of the Board are Chief Dr. Nike Akande, a two-time former Minister of Industry, and Professor Baba Yusuf Abubakar, a professor of quantitative genetics and animal breeding.
The Prize continues to champion innovation, creativity, and scientific excellence as key drivers of Nigeria’s development, while fostering a culture of research that positions the country at the forefront of global innovation.
The winning entry for the 2025 Prize will be unveiled at a world press conference scheduled for September.
Caption:(L-R): Anne-Marie Palmer-Ikuku, Manager, Corporate Communications and Public Affairs (NLNG); Dr. Sophia Horsfall, General Manager, External Relations and Sustainable Development (NLNG); and members of The Nigeria Prize for Science Advisory Board – Prof. Barth Nnaji (Chairman), Chief Dr. (Mrs.) Nike Akande (Member), and Prof. Yusuf Abubakar (Member) during the handover of entries for the 2025 edition of NLNG-sponsored prize held in Lagos…on Tuesday.