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FG Says Sanusi is to Face Trial If…

Sanusi Lamido Sanusi, sacked governor, Central Bank of Nigeria (CBN) may face prosecution if a criminal case is established against him, according President Goodluck Jonathan.
Jonathan, who spoke during a presidential media chat, also explained that he had full powers to suspend Sanusi as the Central Bank governor.
He said that the CBN governor was asked to step aside based on the allegations raised against him by the Financial Reporting Council.
He said that Sanusi was only asked to step aside to allow for thorough investigations into issues raised by the Financial Reporting Council on the bank’s 2012 audit report.
He said it would not be appropriate for Sanusi to be allowed to stay in his position because he was also the Chairman of the Board of the CBN.
Jonathan said that the outcome of the investigation would determine whether the CBN boss would face prosecution. Pressed to confirm if Sanusi would be prosecuted based on the FRC allegations, Jonathan said: “People must know how government functions.
The government doesn’t just prosecute anybody. No, it is not done that way.
Anybody could be accused of anything. Even in normal civil service operation, when you are suspected for fraud, the best thing is to place you on suspension or interdiction and the matter is investigated.
“At the end of investigation, why they place you on suspension is so that you don’t stay in that office and frustrate the process of investigation. So government normally places such person on suspension.
And if it is a grievous offence, they place you on suspension without salary, but not sack. “Until when they conclude investigations, he may go back if he has no case to answer. If he has a case to answer, that is when they prosecute.
“These are issues raised by a third party, the Financial Reporting Council is not a member of CBN. I am not saying everything raised there is incriminating on the CBN or Sanusi.
“If Sanusi has no case to answer, how will you prosecute somebody that has no case to answer? “But if he has a case to answer, it depends on the nature of the case. In the public service, there are some cases that if it is not criminal in nature, it is either act if negligence or probably missed a process he was supposed to follow, he may not necessarily be prosecuted. There may be other sanctions or indictment. So everything does not end up with prosecution.
“Prosecution can only come if a clear fraud is established. But if a fraud is not established, maybe somebody does not follow due process, or some other issues that are not clearly fraudulent, we may not necessarily prosecute him even though the person is guilty.
So, Nigerians should wait, they should not just talk about prosecution.” The president also explained that the suspension was delayed in view of the need to consult widely and not to send a wrong signal. “When dealing with the treasury of a nation, you have to be careful and consult widely,” he added. Jonathan also said that he has oversight functions over the bank.
“Yes, I have absolute power. The CBN is not well defined in the Nigerian Constitution,” he said.
News
CAC Flags Three Companies, Warns Nigerians

Corporate Affairs Commission (CAC) has warned Nigerians against transacting with three fake Nigerian firms, citing fraudulent incorporation documents and registration numbers not issued by the commission.
According to the CAC, these companies are using fake certificates of incorporation with two different RC numbers each, none of which exist in the commission’s official records.
The affected companies are SPEF Cooperative Society Ltd with RC Numbers 1265884 and 512862, UPIL Staff Cooperative Society Ltd with RC Numbers 1265837 and 553220, and PREM Staff Cooperative Society Ltd with RC Numbers 1265844 and 545901.
The CAC warns that any Nigerian conducting business with these entities does so at their own risk.
“Anyone that transacts any business with the above-mentioned companies does so at their own risk,” the commission warned.
The commission further advised potential partners and investors to verify registration details directly through its official portal before signing contracts or making payments.
Similarly, the CAC, in a bid to enhance its services, introduced an AI-powered business registration platform on July 3, designed to streamline incorporations.
This new system offers instant name reservations, automated business-name suggestions, and same-day registration using a National Identification Number (NIN).
Additionally, the commission plans to review its service fees starting August 1, aiming to make its services more efficient and cost-effective.
News
AfDB to Introduce Systems Reforms to Prioritize Investing in Africa’s Youth

The African Development Bank, in partnership with the International Labour Organization, has launched a transformative system to mainstream youth employment, skills development, and entrepreneurship across its investments.
The approach, called the Youth, Jobs and Skills Marker System, is aligned with the Bank’s latest Ten-Year Strategy, which places Africa’s young people at the center of development efforts to maximize the impact of every dollar invested, turning demographics into a dividend.
The Marker System ensures that Bank projects spanning diverse sectors, such as agriculture, transport, energy, water, and education, systematically incorporate components that enhance youth employability, foster entrepreneurship, and build market-relevant skills.
“The Youth, Jobs and Skills Marker System is about ensuring Africa’s young people have a real say and active role in building sustainable economies and creating jobs – not as passive recipients of youth programs,” said Dr. Beth Dunford, the Bank’s Vice President for Agriculture, Human and Social Development. “This transformation of Bank practices and systems is a step toward making sure our investments have a positive impact on Africa’s young women and men.”
The integrated system has three focus areas:
Youth: Supporting youth-led micro, small, and medium-sized enterprises through targeted investments and operational integration.
Skills: Expanding access to practical, market-driven training and apprenticeships to enhance career prospects.
Jobs: Ensuring Bank-funded projects create sustainable job opportunities, particularly by developing youth skills for employability and the promotion of youth-led businesses in priority value chains.
Each year, around 10 to 12 million young Africans enter the labor market, which offers only three million formal jobs annually. The Bank will prioritize youth entrepreneurship and mobilize private sector partnerships to strengthen industry-oriented skills training as well as job creation over the coming decade.
“[This initiative] is very important because it allows us to significantly contribute to the United Nations Sustainable Development Goal #8 that includes decent work for all,” said Peter van Rooij, Director of Multilateral Partnerships and Development Cooperation at the International Labour Organization. “It also allows the International Labour Organization to influence the Bank’s work, to support their lending that is more geared toward more job creation and better jobs in a sustainable way.”
The Youth, Jobs and Skills Marker System is modeled on the success of the Bank’s Gender Marker System and its online dashboard, which categorize Bank projects based on their contribution to gender equality and women’s empowerment.
Similarly, the new system will feature an online platform enabling Bank staff and consultants to access real-time data for preparing country strategy papers, mid-term reviews, annual reports, project supervision, and reporting on youth-related skills, businesses and jobs outcomes.
The Bank has just launched a pilot version of the Youth, Jobs and Skills Marker System in readiness for the full implementation in 2026. This system will enhance data tracking, improve estimates of youth skills attainment and employment, strengthen labor market information systems, and support policymakers in making evidence-based decisions that drive meaningful change.
The International Labour Organization provided technical support for the system’s development with financial support from the Bank’s Youth Entrepreneurship and Innovation Multi-Donor Trust Fund. The Youth, Jobs and Skills Marker System is the first deliberate action of its kind developed by a development finance institution worldwide.
News
SEC Probes Ponzi Scheme Linked to FF Tiffany

The Securities and Exchange Commission has revealed plans to commence investigation into the activities of an entity operating under FF Tiffany, allegedly running a fraudulent investment scheme that has defrauded citizens.
A statement by the SEC on Tuesday in Abuja said preliminary information revealed that the scheme, which promised investors unusually high and unrealistic returns, had resulted in the loss of several billions of naira.
The SEC said it viewed the activity as a threat to investor confidence and the overall integrity of the financial system.
The commission assured the public that it was working closely with law enforcement agencies and other relevant bodies to bring everyone involved in the unlawful operation to justice.
According to SEC, those found culpable will be prosecuted in accordance with the Investment and Securities Act and regulatory provisions.
SEC reiterated its earlier warnings to the general public to desist from engaging in Ponzi or unregistered investment schemes that promised guaranteed or exaggerated returns.
“These schemes are not registered with the SEC and do not offer investor protection under the law.
“The commission is currently investigating 79 schemes and will make a statement on its findings at the conclusion of the investigation,” the SEC said.
The commission encouraged investors to conduct due diligence and verify the registration status of any investment firm or product by visiting the SEC website or contacting the commission directly through official channels.
SEC said it remained committed to its mandate of protecting investors, ensuring fair practices, and maintaining confidence in Nigeria’s capital market.
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