Business
Stolen N1.5bn pension funds found in Maina’s Account, says witness

The trial in absentia of Abdulrasheed Maina, former Chairman, Pension Reform Task Force Team, continued on Wednesday, with a startling revelation by a witness that N1.5bn of the pension funds was found in the account of the ex-PRTFT boss.
The witness also told Justice Okong Abang of the Federal High Court, Abuja during the trial how N14 billion pension money was pilfered under Maina.
The Economic and Financial Crimes Commission, EFCC is prosecuting Maina, alongside his firm, Common Input Property and Investment Ltd.
Both are facing a 12-count charge of operating fictitious bank accounts, corruption, and money laundering to the tune of N2 billion.
At the trial, counsel to Common Input Property and Investment Ltd (the second defendant), Adeola Adedipe told the court of his intention to disengage as the company’s counsel.
Though Prosecution counsel, M.S. Abubakar, acknowledged the receipt of the defence counsel’s disengagement application, dated November 25, 2020, and made no objection to it, Justice Abang, ruled that Adedipe should remain counsel to the second defendant by the court records.
The testimonies against Maina continued with that of the ninth prosecution witness, (PW9), Rouqayyah Ibrahim, a principal investigation officer with the EFCC in Anti Money Laundering and Combating Terrorism Financing (AML CFT) unit of the Commission and member, Pension Fraud Team.
He stated that he knew Maina and Input Property Investment Ltd, following the invitation of the EFCC in 2010, to join in the pension verification exercise.
According to him, a payment mandate, bearing the names of several individuals, totalling N94 million was discovered during the course of the verification.
He said some of the pensioners’ names on the list were fake, for which a report was made to the EFCC by the team, leading eventually to the creation of the Pension Fraud Team.
The Pension Fraud Team, he said, wrote to about 30 banks, requesting the bank accounts of Mr. Steven Oransanye as the Head of Service.
It turned out that Oransanye at that time, operated 66 illegal bank accounts, unknown to the Accountant General.
“Our investigation revealed that there were five modus operandi that the suspect whom we were investigating at that time was using to steal money from the pension account.
“In total, we were able to deduce that N14 billion was stolen from the pension account.
“The five modus operandi were payment to fake pensioners, non-existing contracts, illegal payment to National Union of Pension NUP and illegal payment to another association called Association of Retired Federal Civil Servants.
“We discovered that the suspect will often pay companies for non-existing biometric contract and once the payment is made, they withdraw cash and hand it over and likewise payment to the two associations of NUP and Association of Retired Federal Civil Servants.
“They will withdraw the money cash and hand it over to the person who asked them to supply the account.
“Once we concluded the investigation of those who were indicted, they were charged to court, and some have been convicted,” the witness said.
He said Abdulrasheed Maina was part of those indicted and charged before Justice I. Ekwo of the Federal High Court, Abuja, but that he ran away for six years. And was arrested and charged before the present court.
The PW9 revealed that Maina as chairman, PRTT was deeply involved in stealing pension funds. One of the things discovered was the payment of N133 million for a non-existing contract to Xanjhi Technology, a company he appointed to computerize the pension payroll.
The money was withdrawn in cash, converted to dollars and handed over to Khalid Biu (PW5), a staff of Fidelity Bank and handed over to Maina’s secretary, Ann Igwe Oluchi, who is now standing trial at FCT High Court Gwagwalada.
Xanjhi Technology and its owner, Ahmed Mazangari are also standing trial for inserting about 15 fake persons into the pension payroll which they were engaged to computerize.
Said the witness, “We also discovered that Frederick Hamilton Ltd, owned by Osa Afe, presently standing trial with Steven Oransanye who received payment for a non-existing biometric contract handed over about N250 million to Maina.
“Our investigation further revealed the existence of six accounts with Fidelity Bank. Out of the six, five were linked to Abdurrasheed Maina.
“We discovered that there was nowhere in the accounts opening packages of these accounts where the name, birthday or signatures of Abdurrasheed Maina appeared.
“These account are: Nafisatu Aliyu Yeldu (PW4) Drew Construction, also an account Kangolo Dynamic Cleaning Services Ltd, Cluster Logistics Ltd, Fatima Aliyu. He also had a personal account in his own name with Fidelity Bank, and also in the name of Dr. Abdullahi Faizal.
“For example Nafisatu Aliyu Yeldu’s account bears the name of Abdurrasheed Maina’s sister. It also bears her passport photograph.
“On the face of it, it appears the account belonged to her, but when we invited her for investigation, we discovered she didn’t know anything about the account, even though it contains her name and children but it was not her signature.
“She informed us that she remembers at one point that Toyin Meseke (PW2), who is a Fidelity Bank staff requested for her PHCN (power utility) bill but she wasn’t sure what he wanted it for and that was one of the documents that was used in opening the account.
“She also informed us that when she started receiving alerts, she contacted Toyin Meseke and he promised to deal with the issue.”
“The turnover in Yeldu’s account, the witness said, was over N300m.
“The analysis of the identity used in the opening of Abdullahi Faizal’s account, (one of the many variants of the name Maina used for his son and himself) showed that it was forged, even as Meseke, the account officer, confirmed that Maina had complete control over the account, though his name, signature and photograph did not appear anywhere in the account opening packages. The account had a turnover of about N1.5 billion within nine months from mostly cash deposits from unknown sources.
“We called for the statement of Drew Construction and of his Fidelity Bank, and discovered the same modus by Maina, concealing and stealing the identity of his family members, registering companies in their names, opening corporate bank account without their knowledge.
“In the case of Drew Construction, it was the name of his other sister, Fatima Abdullahi Aliyu. When she was confronted, it showed that she had no knowledge of the account, even though it bore her name and other similar information that belonged to her. The turnover was about N55 million all from cash deposits within a few months.
“We also discovered from Common Input, a company registered by Maina and his wife, using the details of his sister (PW2), taking advantage of his sister-in-law, Mairo Bashir (PW1), who deliberately allowed Maina to conceal his identity without doing the ‘Know Your Customer’ and allowing him to operate the accounts as Fatima Abdullahi. When Fatima was invited, we confronted her that her BVN was linked to Common Input and Kongolo Dynamic Cleaning Services Ltd and she confirmed that she did not know about the existence of the company and that Maina requested her to give her BVN so that she will be removed as a signatory from the company and she wasn’t aware of being a signatory of any company but innocently gave them the BVN, believing that will make her stop being a signatory of the said company.
Justice Abang adjourned the trial till December 3, 2020.
Business
CBN’s $1bn monthly diaspora inflow target faces immigration threat

CBN’s $1bn monthly diaspora inflow target faces immigration threat
With many countries recalibrating their immigration and international fund remittance frameworks to cement their protectionist posturing, the Central Bank of Nigeria’s (CBN) push to secure $1 billion in monthly diaspora remittances now faces fresh headwinds.
Offshore inflows, seen as a cornerstone of the apex bank’s foreign exchange strategy, are now in the midst of policy shifts especially as countries like the United States and the United Kingdom move to tighten immigration controls and remittance regulations.
Diaspora remittances have long served as a critical cushion for Nigeria’s economy.
In 2023 alone, remittances topped $21 billion, according to World Bank data, making Nigeria the largest recipient in Sub-Saharan Africa.
These inflows often exceed foreign direct investment and official development assistance combined and serve as vital source of income for millions of households, especially in rural areas.
Recognising this potential, the CBN prioritised boosting diaspora remittance inflows through a raft of financial and regulatory reforms.
This year, the apex bank in collaboration with the Nigeria Inter-Bank Settlement System (NIBSS) introduced the Non-Resident Bank Verification Number (NRBVN) framework to enable Nigerians abroad remotely open BVN-linked naira and domiciliary accounts.
The move, designed to capture more inflows through official channels, was widely praised by stakeholders and fintech operators alike.
Governor, CBN, Olayemi Cardoso, while fielding questions from newsmen at the last Monetary Policy Meeting (MPC), said the platform will be a game-changer in expanding access to financial services for Nigerians in the diaspora.
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Cardoso noted that the cost of repatriating funds from overseas to Nigeria and many other emerging markets which stands around 7 per cent is clearly unacceptable.
“One key solution, which we have now begun to pursue, is rooted in the volume business. As we drive up transaction volumes, the cost of remittances will inevitably decline and I must say, the recent bold steps taken in partnership with the Nigerian Regulatory Bank Verification Network (NRBVN) is truly game-changing. This is what our diaspora community has been waiting for, that is, the ability to transact from abroad seamlessly. Now, the opportunity to invest in the country of their birth is wide open. It could not have come at a better time”.
According to him, the apex bank sees itself as facilitators and catalysts clearing the path and letting the private sector take the lead. He noted that the key target of $1 billion a month in diaspora inflows might sound ambitious, but it is not unattainable.
The CBN’s strategy appeared to gain traction. By early 2025, remittances through formal channels had climbed to over $600 million monthly, with a target of hitting $1 billion by the third quarter (Q3) of the year.
“In fact, we have already made remarkable progress moving from just over $200 million to peaking at over $600 million in a single month. That is the Nigerian spirit in action and at work. There is nothing that would stop us from exceeding that. This shows what is possible when we get creative, stay committed, and work together. Other countries like Pakistan, India, and others have done this, so why can’t we? So, this is a reflection and effort that proves what can be achieved when the government steps back and allows the private sector to lead”, the CBN governor remarked.
However, that momentum is now at risk as the U.S President, Donald Trump, at the weekend signed the proposed “One Big Beautiful Bill”. The bill includes a provision to levy a 3.5 per cent surcharge on all outbound remittances by foreign nationals. The funds raised would reportedly go toward enhancing border security and immigration enforcement.
For Nigerian families that rely on modest monthly transfers from relatives abroad often between $100 and $500, a new fee structure could sharply reduce the value of those transfers or deter formal transactions altogether. Already, fintech operators say they are fielding concerns from customers about the potential costs and implications of the policy.
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Analysts at CardinalStone Partners in a recent brief seen by Daily Sun, warned that such a tax could push many Nigerians abroad to revert to informal and unregulated remittance channels, undermining efforts by the CBN to formalise inflows and improve transparency in the foreign exchange market.
Similarly, the U.S Department of State noted that effective July 8, 2025, most non-immigrant and non-diplomatic visas issued to Nigerians will now be valid for only three months and limited to a single entry.
Across Europe and Asia, governments are implementing tighter immigration controls, increased financial scrutiny, and stricter documentation requirements for money transfers. Specifically, in the UK, another major remittance source country for Nigeria, new rules around immigration process for Nigerians applying for study and work visas, proof of income and recipient verification have increased processing times and compliance burdens for remittance service providers.
The United Arab Emirates (UAE) has also imposed tougher entry conditions for Nigerian travelers, banning transit visa applications entirely. According to the UAE, Nigerians aged 18-45 will no longer be eligible for tourist visas unless accompanied while those aged 45 and above must provide a 6-month personal bank statement showing at least $10,000 monthly balance before they are granted visas.
These policy shifts are driven by a combination of factors: anti-money laundering efforts, populist politics, national security concerns, and a push to tax cross-border capital flows. But for developing economies like Nigeria, they represent a new layer of risk in already fragile FX ecosystems.
Economic implications
If diaspora remittances fall significantly, the consequences for Nigeria could be severe. First, it would tighten pressure on the naira, which has already experienced persistent volatility despite CBN interventions and rising oil prices.
The naira depreciated by 0.2 per cent to N1,531/$1 at the official market amid emerging demand pressures which outweighed supply from foreign portfolio investors (FPIs) looking to participate in the Open Market Operations (OMO) Primary Market Auction (PMA) despite $50 million intervention from the CBN.
Secondly, household consumption could suffer as remittances are often used to pay for food, school fees, medical bills, and housing. A drop in these flows could worsen poverty, reduce domestic demand, and strain public social services. Finally, Nigeria’s fiscal position could weaken further with the government already grappling with a high debt burden and limited revenue.
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Hence, reduced FX inflows could hinder its ability to service external debts or finance imports, especially for critical sectors like power and healthcare.
Experts’ views
This has led to several calls for Nigeria to engage in high-level diplomacy to advocate for policies that will not disproportionately hurt its diaspora.
They also called for a diversified strategy that goes beyond remittances. One such option is the issuance of diaspora bonds, which would allow Nigerians abroad to invest in infrastructure and development projects back home in exchange for returns in dollars or naira.
Governor Cardoso has hinted at such a possibility, noting in a recent interview that the CBN and Ministry of Finance are exploring instruments to channel diaspora savings into productive uses.
Founder, Cowry Asset Management Limited, Johnson Chukwu, speaking during a recent forum, noted that this could only work if there is a high level of transparency, security and impact.
“There is no doubt that there is appetite within the diaspora community for investment products but this can only work if there is a high-level of transparency, security, and impact”. Do we need to move beyond consumption driven inflows? The answer is yes. We need to move beyond consumption-driven remittances to investment-driven diaspora engagement”, Chukwu said.
Executive Director at Zenith Bank, Dr Temitope Fasoranti, said, “In the current environment, every dollar counts. Losing even $200–300 million a month in diaspora remittances would be a significant shock to Nigeria’s external balance. There have been calls to diversify our export base which is good but the government needs to also look at creating diaspora funds that will target housing, agriculture, or even renewable energy which can channel long term capital back home”
The CBN’s $1 billion monthly remittance target is not just a financial benchmark, it is a critical lifeline for the Nigerian economy at a time of macroeconomic fragility. But as global migration policies harden and remittance corridors become more expensive and complex, Nigeria faces a new set of external risks that require both nimble diplomacy and domestic resilience.
Whether the country can sustain and grow its diaspora inflows will depend on how effectively it can navigate these emerging global headwinds. For now, the road to $1 billion a month looks steeper than ever.
CBN’s $1bn monthly diaspora inflow target faces immigration threat
Sun
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Electric Mobility Leader, Spiro, Selected for 2025 Regional Platforms for Climate Projects Pipeline

Electric Mobility Leader, Spiro, Selected for 2025 Regional Platforms for Climate Projects Pipeline
Spiro, a pioneering Pan-African electric mobility company driving sustainable transportation across the continent, has been selected for the prestigious 2025 Regional Platforms for Climate Projects (RPCP) Pipeline.
The RPCP is an initiative under the leadership of the High-Level Champions, designed to mobilize capital for climate ventures and projects across developing countries and emerging markets.
Spiro is the largest electric mobility company in Africa operates the largest battery swapping infrastructure in eight countries in Africa.
The firm says it intends to transform the African economies through substitution of expensive imported fossil fuel-based transportation into affordable, and accessible electric mobility solutions locally made in Africa, by Africans, for Africa end the world.
A statement by the firm says this recognition highlights Spiro’s position as a leading climate leader, delivering cutting-edge, high-impact solutions that accelerate Africa’s transition to a low-carbon, sustainable future in line with the Sustainable Development Goals (SDGs).
Founded in 2022, Spiro operates a vertically integrated platform that scales electric two-wheel mobility across eight African countries: Benin, Togo, Nigeria, Kenya, Uganda, Rwanda, Cameroon, and Tanzania.
The company’s comprehensive business model encompasses four key revenue streams: electric bike sales through distribution partners and financiers; battery-as-a-service subscriptions supported by a rapidly expanding network of swap stations; after-sales services including spare parts and maintenance; and data monetization via licensing and analytics.
Spiro has deployed over 35,000 electric motorbikes and facilitated more than 20 million battery swaps, enabling over 500 million kilometres of CO₂-free travel and helping to avoid approximately 30,000 tons of carbon emissions.
Beyond its environmental impact, Spiro is driving significant economic and social benefits.
The company has created over 1,000 direct and indirect manufacturing jobs across its facilities in Kenya, Uganda, Rwanda, and Nigeria, with women representing more than 40% of the workforce.
Additionally, the Spiro Academy plays a pivotal role in training and upskilling local talent, supporting transitions into medium- and high-skilled employment opportunities.
Financially, Spiro’s growth has been robust, generating USD 23 million in revenue in 2024 and projecting a tenfold increase to USD 200 million in 2025.
To support its ambitious expansion plans, Spiro is currently raising USD 50 million in Series A funding to accelerate market growth, scale operations, and invest in research, development, and technological innovation.
The company has already secured USD 120 million in equity and USD 23 million in debt financing.
As part of the RPCP Pipeline, Spiro will gain valuable exposure at prominent climate-focused events, be featured in curated publications by the Climate Champions Team and partners and access a broad network of global climate stakeholders to foster collaboration and amplify impact.
This far, Spiro has achieved over half a billion kms of CO2 free travel, crossed 20 million battery swaps and operated over 600 battery swapping stations with more than 35,000 motor bikes in circulation.
Through its expanding regional production network and upcoming facilities in Uganda, Kenya, Nigeria, and Rwanda, Spiro is committed to deliver affordable, locally manufactured electric mobility solutions at scale across Africa.
The Climate High-Level Champions (HLCs) work to mobilize ambitious climate action from businesses, cities, regions, and financial institutions to support governments in achieving the goals of the Paris Agreement.
By driving partnerships, showcasing transformative solutions, and prioritizing support for vulnerable communities, the HLCs help turn ideas into impact – cleaner air, better jobs, safer homes, and a healthier world for all.
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