The Debt Management Office (DMO), acting for the Federal Government (FG), has announced a N50 billion Green Bond offering.

The Director-General of the Debt Management Office (DMO), Ms. Patience Oniha, informed investors at a stakeholders’ meeting in Lagos yesterday that the funds would be allocated to various climate-friendly initiatives across the country, including renewable energy, afforestation, dam projects, and Compressed Natural Gas (CNG) development.

The Green Bond has a five-year term and will be priced in line with the FGN Savings Bond, which is actively traded in Nigeria’s capital market.

The Director-General emphasized the instrument’s importance, stating that all proceeds would fund projects aimed at reducing the impact of climate change in Nigeria.

She stated, “It is tied to the global policy on Climate Change and looking after the environmental because Nigeria is committed to the global agreements on Climate Change.”

She highlighted Nigeria’s leadership in issuing Sovereign Green Bonds, noting that the country was the first in Africa to do so, raising N10.69 billion in 2017 and N15 billion in 2019. Oniha said the N25.69 billion raised from the earlier two series went into supporting renewables, afforestation, education, and micro-utilities.

“The government continues to mobilize domestic and international climate finance to scale up mitigation and adaptation efforts,” she added.

In response to journalists’ questions, Oniha expressed her Office’s readiness to issue Green Bonds regularly, but noted that such issuances would depend on provisions in the federal government’s budget.

She encouraged other corporate entities to follow the federal government’s lead in issuing Green Bonds, emphasizing that such efforts are essential for effectively addressing the various challenges of climate change facing the nation.

Oniha revealed that investment in the N50 billion Sovereign Green Bond would require a minimum subscription of N10 million, with additional investments in multiples of N1 million.

In her presentation, Dr. Iniobong Awe, Director of Climate Change at the Federal Ministry of Environment, highlighted the serious threat of desert encroachment in Northern Nigeria, which is impacting both people and livestock.

She affirmed the federal government’s commitment to the Climate Change Act of 2021 and the goal of achieving Net Zero emissions by 2060. This commitment, she noted, is backed by key policies including the Nigerian Carbon Market Initiative, the Green Bond Initiative, the National Council on Climate Change, and the Renewable Energy Policy.

The Court of Appeal in Lagos has nullified the final forfeiture order previously granted over assets belonging to former Central Bank of Nigeria Governor, Godwin Emefiele.

In a two-to-one split decision delivered on April 9, 2025, and detailed in a certified true copy obtained by our correspondent on Sunday, the appellate court overturned the earlier judgment and directed that the case be retried at the lower court.

The Federal High Court in Lagos had earlier, on November 1, 2024, granted the Economic and Financial Crimes Commission (EFCC) a final forfeiture order against Emefiele’s assets.

What Are These Assets?

The assets listed include two fully detached duplexes at No. 17B, Hakeem Odumosu Street, Lekki Phase 1, Lagos; an undeveloped parcel of land measuring 1,919.592 square metres with survey plan No. DS/LS.340 at Oyinkan Abayomi Drive (formerly Queens Drive), Ikoyi, Lagos; a bungalow located at No. 65A Oyinkan Abayomi Drive, Ikoyi, Lagos; and a four-bedroom duplex at No. 12A, Probyn Road, Ikoyi, Lagos.

Other properties include an industrial complex under construction across 22 plots of land in Agbor, Delta State; eight units of uncompleted apartments situated on a plot measuring 2,457.60 square metres at No. 8A Adekunle Lawal Road, Ikoyi, Lagos; and a fully detached duplex on a 2,217.87 square metre plot at No. 2A Bank Road, Ikoyi, Lagos.

In addition, the court had previously ordered the forfeiture of $2,045,000 and share certificates in Queensdorf Global Fund Limited to the Federal Government.

Why Were the Assets Forfeited?

The EFCC argued that the properties were “reasonably suspected to have been acquired with proceeds of unlawful activities.” Emefiele was arraigned on an eight-count charge involving “criminal breach of trust, conspiracy, forgery, and unlawful possession of property suspected to be proceeds of crime to the tune of ₦7,831,002,396.”

Dissatisfied with the trial court’s ruling, Emefiele, through his lead counsel Olalekan Ojo (SAN), appealed, raising five key issues. These included whether the trial judge properly evaluated the evidence, whether Emefiele had sufficiently demonstrated ownership of the properties, and whether the EFCC’s counter-affidavit complied with the law. EFCC counsel Rotimi Oyedepo (SAN) countered that “the appellant did not produce single evidence on how he acquired the forfeited properties,” noting that Emefiele merely presented income figures without proof of how the funds were used to purchase the assets.

Oyedepo stated that none of the properties were registered in Emefiele’s name, but rather in company names in which he held no directorship or shares. “The companies in whose names the properties were acquired did not challenge the forfeiture of the properties,” he added. He also argued that Emefiele failed to declare the forfeited assets to the Code of Conduct Bureau.

Justice Abdulazeez Anka, delivering the lead judgment, noted that “These funds are the legitimate earnings of the appellant,” citing income from Zenith Bank, a severance package exceeding ₦1.75 billion, shares worth ₦500 million, CBN salary of ₦350 million annually, and estacodes of $6.285 million.

However, Justice Anka also acknowledged conflicting claims in the affidavit evidence and ruled that “there is in my view a need to call for further oral as well as documentary evidence.”
The judge ordered a retrial with oral testimonies and cross-examinations, setting aside the forfeiture order but upholding the forfeiture of the $2,045,000.

Justice Mohammed Mustapha agreed with the ruling, stating that Emefiele’s income “was more than enough to buy up the properties in question and even more.” He added that the appellant’s 2014 and 2019 declarations could not have covered assets acquired between 2020 and 2023, a period relevant to the case.

Justice Danlami Senchi, however, dissented, arguing there were no conflicts in the affidavits that justified oral evidence. “The companies whose names were used to purchase and perfect the title… have not filed an affidavit to show cause,” he stated, describing Emefiele’s claim to the properties as that of a “meddlesome interloper.” He dismissed the appeal and affirmed the forfeiture ruling of the trial court.

In conclusion, while two justices supported a retrial based on conflicting evidence, the third maintained that the original ruling was sound. The case has now been sent back to the Federal High Court for a new hearing before a different judge.

The Lagos Chamber of Commerce and Industry has emphasized the need for Nigeria to sustain efforts in tackling the root causes of inflation, even with the recent slight decline in the inflation rate. Dr Chinyere Almona, the LCCI Director-General, made this statement on Tuesday in Lagos, reacting to the May inflation rate of 22.97 per cent.

The National Bureau of Statistics reported that Nigeria’s headline inflation dropped to 22.97 per cent in May, compared to 23.71 per cent in April.

Dr Almona described this as a modest but encouraging change in the nation’s inflation trend following months of continuous rises, crediting the Central Bank of Nigeria’s consistent monetary tightening measures, such as interest rate hikes and liquidity management.

Nevertheless, Dr Almona cautioned that the improvement should be approached with care due to persistent structural challenges and potential disruptions to food production and distribution.

She warned, “The recent spate of herdsmen-farmers clashes in the Middle Belt and flooding disasters are negative signals capable of limiting food harvests this year.

Logistics and supply chain risks also loom due to current escalations in the Middle East and the deadlocked ceasefire talks between Russia and Ukraine. Importing fuel and other products may become more expensive as oil prices have risen due to ongoing tensions and trade wars. These shocks pose significant risks to food availability and prices, which can drive food inflation—an essential component of the headline inflation index in the third and fourth quarters of 2025.”

Dr Almona urged the government to take bold steps to address insecurity, enhance agricultural infrastructure resilience, and strengthen policy coordination to ensure sustainable and inclusive progress.

She advocated for a balanced approach combining fiscal and monetary policies, including reforms in the oil and gas sector that have previously curbed fuel price surges.

She also recommended sustaining the naira-for-crude policy and ensuring crude supply to local refineries. Additionally, the LCCI Director-General advised the CBN to uphold prudent monetary policies while facilitating better credit access for key sectors like agriculture and manufacturing, and stressed the importance of continuing to avoid government ways and means provisions despite any pressures.

Dr Almona highlighted the need for increased government investment in dry season farming, irrigation systems, and mechanization to lessen reliance on rain-fed agriculture.

She concluded, “There is an urgent need for the government to scale up support for dry season farming, irrigation infrastructure, and mechanisation to reduce Nigeria’s dependence on rain-fed agriculture.

The government must remain focused on addressing challenges related to the movement of food from farms to cities. Addressing inefficiencies in transporting goods, particularly food, from rural to urban markets can help lower market prices and reduce post-harvest losses.”

The Nigerian military and police have initiated a coordinated cross-border operation to hunt down the gunmen responsible for the massacre of about 200 villagers in Yelewata, Guma Local Government Area of Benue State, which occurred on the night of Friday, June 13, 2025.

General Christopher Musa, Chief of Defence Staff, and Inspector-General of Police Kayode Egbetokun arrived in Makurdi and Yelewata on Monday to oversee operations targeting the suspected killers.

After evaluating the devastation, Musa pledged to adapt the military’s tactics to confront the terrorists effectively.

He also raised alarm about possible internal collusion, expressing concern that the assailants may have received assistance from within the community.

While addressing journalists in Yelewata, the Defence Chief said, “In every society, including the military, there are always people who compromise. I promise to meet with the commanders and find ways to change our strategies.

“In my estimation, it is one killing too many. We’re here to ensure that we address such. From here, I’m going to see my commanders, and we are going to change our strategies to look inwards and see how we can address this. We cannot do it alone without the community.”

General Musa emphasized the need for community cooperation, noting that military action alone is insufficient to achieve success.

“There may be trust issues that we are going to address. For us we want this to be the last that would happen.

“We need everybody to be part of it, we understand that even before now we used to have even within us, people that used to compromise and give out information.

“If you see the way some of the burnings were made, you know that they were targeted. It shows they have insiders,” he stated.

The Chief of Defence Staff recognized the unsecured borders between Nasarawa and Benue states and committed to meeting with the Nasarawa State Governor to address the issue.

He explained, “I want to assure Nigerians, the whole Benue State, and all over the country, that we are determined, based on the mandate of Mr President, that we will restore peace and tranquillity within the country.

“We always have information that these people are coming from across borders; wherever they come from, we will go after them.

“We must take the battle to them, we must not wait for them to attack, and that is what I think. It is very critical that tomorrow (Tuesday) we proceed to Nasarawa State because the borders are actually very critical to the success of what we are doing.”

General Musa called on Nigerian youths and citizens to back the military, emphasizing the need for collective action.

“We need Nigerians to support us. We must work together as a team. For the youths, please don’t give up. This is our country; we can never give up our country for anything. And this madness must stop,” the CDS said.

On late Friday, June 13, gunmen attacked Yelewata village in Guma LGA, Benue State, carrying out one of the deadliest assaults in the state in recent years.

According to Amnesty International and local officials, at least 100 people were killed, many remain missing, and hundreds are injured with gunshot and burn wounds after attackers set homes on fire into the early hours of Saturday.

The local police confirmed the attack but have yet to provide a final casualty count, while emergency responders noted that many victims were internally displaced persons who had sought refuge in Yelewata after prior attacks.

The Benue State government has initiated a manhunt, but locals are concerned about potential reprisals as the rainy season, a peak time for disputes over grazing and planting, begins.

Pope Francis also referenced the incident during his Sunday Angelus, praying for those affected by what he called a “terrible massacre.”

The violence is part of ongoing conflicts tied to farmer-herder disputes, banditry, and a security gap that human rights groups say allows perpetrators to operate with “utter impunity.”

Inspector General of Police Kayode Egbetokun labeled the attacks a threat to Nigeria’s sovereignty. In Makurdi, he expressed condolences to the Benue government and its people for the killings.

“These mindless acts of terror are not just attacks on Benue people, but they are attacks on the sovereignty and integrity of the nation. An attack on any community of Nigeria is an attack on the entire country.

“The criminal elements and bandits might have operated here with impunity in the past but a day is fast approaching when they would come to attack but would never return.

“That day is fast approaching and I can assure you that we would continue to protect lives and property in the state,” the police chief said.

Egbetokun acknowledged that the vast landmass of Benue poses challenges for effective policing but assured that more personnel would be assigned to ensure public safety.

“We are aware of the vast terrain of Benue State and the security challenges it presents. We might not be able to cover every inch of the place, but we will deploy adequately to ensure the protection of lives and property in Benue.

“I want to assure you that the Nigerian Police Force will stand with you and the entire people of Benue state on this. We are going to work closely with you and in close synergy with other security agencies to ensure that lasting peace return to Benue state.

“We will support the state with all of our resources and synergize with other security agencies to defeat these evils,” he vowed.

Governor Hyacinth Alia thanked the Police Chief for his visit and lamented the numerous recent tragedies that have befallen Benue communities.

“We are bleeding, we are in sorrow. I believe your visit is going to uplift our spirits and build within us formidable assurance of the fact that we are not alone but that you will be there for us.

“But I’m confident that once our victims feel your presence, it will rekindle hope in them as well.

“We are hopeful that with all hands on deck, we would become victorious and the sorrowful narrative we share today would become a thing of the past,” Alia stated.

The governor further said that the past two months have been especially difficult for the people of Benue, but expressed hope that help from the President and security agencies would bring peace.

“There has been an upsurge of attacks recently. We have not rested in the last two months,” he added.

In a related development, President Bola Tinubu has postponed his previously scheduled visit to Kaduna State on Wednesday, June 18, and will instead visit Benue State on that day to address the persistent violence plaguing the region. The Kaduna visit has now been shifted to Thursday, June 19.

President Tinubu made this known while commissioning the Greater Abuja Water Supply project, expressing sympathy for the victims of the latest violence.

“I sympathise with those who have lost their lives. I will adjust my programmes and see Benue people on Wednesday,” Tinubu said.

The President’s Special Adviser on Information and Strategy, Bayo Onanuga, confirmed this change in a statement, explaining that the visit is intended to confront the crisis that has caused severe loss of lives and property.

During the visit, President Tinubu will engage with key stakeholders, including traditional rulers, political figures, religious leaders, local authorities, and youth groups, in pursuit of a sustainable peace.

“In preparation for the visit, President Tinubu has already dispatched the Secretary to the Government of the Federation, the Inspector General of Police, heads of intelligence agencies, the National Security Adviser, and the Chairmen of the Senate and House Defence Committees to Benue State.

“The President is expected to hold a town hall meeting with all stakeholders during the visit,” the statement read.

President Tinubu had earlier denounced the violence in Benue and urged both leaders and citizens to prioritize peace, unity, and mutual respect.

Additionally, he instructed security agencies to take immediate action in implementing his earlier directives aimed at restoring peace and order in the state.

Onanuga noted, “On the President’s directive, intelligence chiefs, the police and the military have arrived in the state to direct security operations and restore sanity.”