General News
Sanusi Says $12.5Bn Oil Money was Diverted under Jonathan

Muhammad Sanusi II, Emir of Kano and former Central Bank of Nigeria (CBN) governor, yesterday insisted that some $12.5billion oil money was diverted under President Goodluck Jonathan’s administration.
Sanusi, who started the row over the “missing” $20 billion oil money was reacting to the auditors’ report on the Nigerian National Petroleum Corporation’s (NNPC’s) books.
In an article titled “Unanswered questions on Nigeria’s missing oil revenue billions”, in the “Financial Times”, he insisted that the PwC Audit Report confirmed that about $18.5billion of the NNPC’s earnings was not remitted to the treasury, contrary to what the Petroleum Minister Mrs. Diezani Alison-Madueke, claimed is the case.
Sanusi wrote: “Contrary to the claims of Petroleum Minister Diezani Alison-Madueke, the audit report does not exonerate the NNPC. It establishes that the gap between the company’s oil revenues between January 2012 and July 2013 and cash remitted to the government for the same period was $18.5bilion.”
Sanusi said the breakdown of the NNPC’s account of how it used that money, raises serious questions about the legality of the conduct of the state’s oil company.
He said the only thing that is left to be done is for the authority to hold anyone found culpable in these transactions accountable and commence legal proceedings against them since, in his words, “Nigerians did not vote for an amnesty for anyone”.
Sanusi said: “The lines of investigation suggested by this audit need to be pursued. Any officials found responsible for involvement in this apparent breach of trust must be charged.”
Giving details of what he described as a “scam that violated the constitution” and which he alleged resulted in the siphoning of money from the treasury,” and by extension, his suspension as CBN governor, Sanusi said the perpetrators of the exercise relied on the supposed kerosene subsidy purportedly granted by the late President Umaru Yar’Adua.
He pointed out that contrary to that view, the kerosene subsidy had been vacated, going by the statement attributed to the Executive Secretary of the Petroleum Products Pipeline Marketing Company (PPPMC).
His words: “ The auditors say a significant part of the unremitted funds is supposed to have gone towards a kerosene subsidy that had been stopped two and a half years earlier by the late President Umaru Yar’Adua. His decree never appeared in the official gazette, leading some to question whether it ever had legal force.
“Evidence disclosed in the report suggests this is a sideshow. The executive secretary of the agency charged with administering subsidies confirmed that, acting on Yar’Adua’s orders, it had ceased granting subsidies on kerosene. There was no appropriation for such a subsidy in the 2012 or 2013 budgets,” he stated.
He said throughout all this, “Nigerians paid N120-N140 a litre of kerosene, far more than the supposed subsidised price of N50, yet the state oil company withheld $3.4billion to pay for a subsidy that in effect did not exist”.
Sanusi said besides the subsidy matter, he was interested in knowing whether the NNPC remitted to the government the entire proceeds of its crude oil sales, and that if it did not, whether there is proof of the purpose to which the unremitted amounts were applied, as well as ascertaining whether the Corporation has the legal authority to withhold these funds.
Notwithstanding the outcome of the PwC audit report, the President-elect, General Muhammadu Buhari, has said he would revisit the missing $20billion. After Buhari’s omment, President Jonathan directed that the report be made public.
Besides Buhari’s pronouncement, other stakeholders and chieftains of the incoming government, have called for an overhaul and restructuring of the nation’s oil sector, so as to position it as a revenue earner, as it is applicable in other major oil producing countries in the world
General News
GOMYCODE Partners Woolf University to Offer Globally Recognised Master’s Degree in Software Engineering in Nigeria

GOMYCODE, a leading technology education provider, has announced a groundbreaking partnership with Woolf University, a global collegiate higher education institution, to offer Master of Science in Computer Science with Specialization in Software Engineering to aspiring and established tech professionals in Nigeria.
This collaboration aims to provide accessible, high-quality, globally recognized education to individuals seeking to advance their careers and expand their opportunities.
The Master’s program is designed to empower busy professionals and ambitious individuals with advanced skills and qualifications, opening doors to global job opportunities and facilitating potential emigration for those seeking international careers.
“We are thrilled to partner with Woolf University to bring this exceptional opportunity to Nigeria,” said Yahya Bouhlel, Co-founder of GOMYCODE. “In today’s competitive tech landscape, advanced degrees are increasingly essential.
“This partnership allows us to provide a flexible, world-class education that empowers our students to achieve their career aspirations, whether they seek to excel locally or on a global stage.”
The program’s online, flexible structure caters to the demands of working professionals, enabling them to balance their studies with existing commitments. Students will benefit from Woolf University’s rigorous academic standards and GOMYCODE’s practical, industry-relevant approach to learning.
“Woolf University is excited to collaborate with GOMYCODE to expand access to quality higher education in Nigeria,” stated Naveen Jangir, Head of Strategy and Growth, from Woolf University. “Our mission is to democratize education, and this partnership aligns perfectly with our goal of providing accessible, accredited degrees to learners worldwide.
“We believe this program will equip Nigerian tech professionals with the skills and credentials they need to thrive in the global economy.”
Babatunde Olaifa, Country Head of GOMYCODE in Nigeria, emphasized the significance of this partnership for the Nigerian tech ecosystem.
“This collaboration represents a significant leap forward for tech education in Nigeria. By offering a globally recognized Master’s degree, we are empowering our professionals to compete on a global scale.
“This is a chance for people to level up their careers, and to open doors that they previously thought were closed.
“We are very excited to see the impact that this program will have on the lives of our students and the broader Nigerian tech community.”
This Master of Science in Computer Science with Specialization in Software Engineering program is ideal for tech professionals seeking to enhance their qualifications; Individuals aiming for global job opportunities; those considering emigration and requiring advanced degrees; ambitious individuals looking to accelerate their career growth.
GOMYCODE and Woolf University are committed to providing a supportive and enriching learning environment that fosters innovation and excellence.
General News
Tony Elumelu Foundation Set to Announce 2025 Cohort of TEF Entrepreneurship Programme

The Tony Elumelu Foundation (TEF), Africa’s leading philanthropy empowering entrepreneurs is set to announce the 11th cohort of the TEF Entrepreneurship Programme on Saturday, March 22, 2025.
The 2025 announcement comes at a critical time, as Africa’s entrepreneurship ecosystem faces funding constraints and global economic headwinds. TEF continues to provide much-needed support, empowering African entrepreneurs to transform their ideas into sustainable businesses and engines of economic growth.
Each selected Tony Elumelu Entrepreneur will receive $5,000 non-refundable seed capital, a world-class business training on TEFConnect, one-on-one mentorship, and access to global networks and investment opportunities. The selection process is being conducted by Ernst & Young, to ensure independent assessment.
The impact of the Tony Elumelu Foundation extends beyond funding. It is changing lives and shaping Africa’s future, as witnessed by beneficiaries of the catalytic TEF Entrepreneurship Programme.
Ahead of the upcoming announcement, Tony O. Elumelu, C.F.R., Founder of TEF and Group Chairman of Heirs Holdings, reiterates his unwavering belief in the potential of Africa’s entrepreneurs:
“I believe that Africa’s transformation will not be led by aid, but by empowering the next generation of African entrepreneurs—giving them the tools, the funding, the training, and the networks to build sustainable businesses that create jobs and drive economic growth.
Over the past decade, we have nurtured entrepreneurs from inception to success, scaling our impact across all 54 African countries. We have provided capital and also developed a robust monitoring and evaluation framework that allows us to track the progress of our entrepreneurs and measure their contributions to their communities and economies.
No other organisation is implementing entrepreneurship development at this scale across Africa. We have learned, we have refined, and we continue to improve, ensuring that African entrepreneurs—women and men—are at the forefront of solving our continent’s challenges and creating wealth for themselves and their communities. Entrepreneurship is the key to Africa’s prosperity. I wish the 2025 cohort of Tony Elumelu Entrepreneurs success, as they chase their ambitions, and play their part in Africa’s transformation.”
The Tony Elumelu Foundation is the leading philanthropy empowering a new generation of African entrepreneurs, driving poverty eradication, catalysing job creation across all 54 African countries and ensuring inclusive economic empowerment.
Since the launch of the Tony Elumelu Foundation Entrepreneurship Programme in 2015, TEF has lifted over 2 million Africans out of poverty, provided 2.5 million young Africans with access to training on TEFConnect, and disbursed more than $100millon in direct funding to thousands of African entrepreneurs who have gone on to create over 1.5 million direct and indirect jobs and generate over $4.2 billion in revenue.
Tony Elumelu Entrepreneur Testimonials from Previous Years:
“I started my agribusiness with nothing but an idea. TEF changed everything. With the funding, training, and mentorship, I have now expanded across three countries and employ 25 people.”
– Fatima Diallo, Senegal, Agritech Entrepreneur
“As a woman in the fintech industry, it was difficult to secure funding. TEF not only provided me with capital but also the confidence and skills to build a business that is now attracting international investors.”
– Mary Okeke, Nigeria, Fintech Founder
“The TEF Entrepreneurship Programme helped me commercialise my clean energy innovation. Today, we provide solar solutions to over 50,000 homes in rural Tanzania.”
– Juma Nyerere, Tanzania, Renewable Energy Entrepreneur
For more details on the Tony Elumelu Foundation’s impact visit our Impact Page, African Success Stories Page, and Annual Report Page.
For Media Inquiries: media@tonyelumelufoundation.org
General News
NBTI Advocates for Legislation to Strengthen Local Content

National Board for Technology Incubation (NBTI) has urged the National Assembly to enact Executive Orders 003 and 005 into law to ensure full compliance by Ministries, Departments, and Agencies (MDAs).
Executive Order 003, signed by former Vice President Yemi Osinbajo, mandates MDAs to prioritise local manufacturers and service providers in procurement.
Similarly, Executive Order 005, issued by former President Muhammadu Buhari, directs MDAs to promote science, technology, and innovation in achieving national development goals.
Speaking on the necessity of these Orders, Dr Kazeem Raji, director-general, NBTI emphasised the need for legal backing to enhance enforcement and compliance.
He noted that while Executive Orders remain in effect until revoked or ruled unlawful, transforming them into legislation would strengthen their implementation and enforcement.
Raji stressed that enacting these Orders as laws would drive the adoption of indigenous technology, increase patronage of local innovations, and enhance economic growth.
“If Executive Orders 003 and 005 become laws, capital flight will reduce, foreign reserves will increase, GDP will grow, and employment opportunities will expand. These Orders will no longer be ignored, as there will be legal consequences for non-compliance,” he stated.
He emphasised that institutionalising these policies through legislation would solidify the government’s commitment to boosting local production and supporting homegrown industries.
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