News
Court Adjourns Indefinitely EFCC’s Stay Of Execution Against Gov Bello

Kogi State Governor, Yahaya Bello
The Federal High Court in Lagos has adjourned indefinitely an application filed by the Economic and Financial Crimes Commission (EFCC), seeking a stay of execution of the ruling that lifted a forfeiture order on some assets linked to the Kogi State Governor, Yahaya Bello.
Justice Nicholas Oweibo adjourned the hearing of the application sine die because the matter is now before the Lagos Division of the Court of Appeal.
On April 26, Justice Oweibo struck out a suit by the EFCC seeking the final forfeiture of the assets based on the provisions of Section 308(1) of the 1999 Constitution.
The Judge had held that “given the provisions of Section 308 of the Constitution, which provides immunity to a sitting governor from any civil/ criminal prosecution, the court lacks jurisdiction to entertain the matter.”
When the matter was called on Monday, the EFCC counsel, Rotimi Oyedepo (SAN), informed the court that he had filed an application dated April 27 seeking a stay of execution of the ruling pending the outcome of the appeal on the case.
But in his response, counsel to the Kogi State governor, Akoh Ocheni, asked the court to strike out the application because the anti-graft agency failed to comply with the rules of the court, which mandates it to file a written address along with the application.
Ocheni also informed the court that the matter is now before the Court of Appeal as records of proceedings have been transmitted to the upper court.
He argued that the lower court lacked the jurisdiction to continue to hear the application.
After listening to the lawyers, Justice Oweibo adjourned the matter sine die to await the appellate court’s decision.
In Feb. 22, the judge granted a temporary forfeiture order following an exparte motion filed by the EFCC seeking to seize 14 properties located in Lagos, Abuja and the United Arab Emirates (UAE), as well as N400 million, allegedly recovered from one Aminu Falala.
The Court also directed EFCC to make publication in two national dailies for any interested parties to come up with 14 and to show cause why the order should not be made absolute.
After the publication of the preservative order by the EFCC, Governor Bello filed a Notice of Intention to oppose and an application seeking the vacation of the interim forfeiture order.
The Governor, through his lawyer, Abdulwahab Mohammed (SAN), also argued that the property listed were not proceeds of an unlawful act, as they were acquired long before he was elected as Kogi state governor and could not have been received from Kogi State funds.
He further submitted that the case was in flagrant disobedience to a state high court order which restrained the EFCC or any government agency from taking action that may lead to the forfeiture of the properties.
He stated that the interim forfeiture order was obtained by either suppression or misrepresentation of facts by the Commission.
The governor also said that the proceedings of the Crime Act could not take effect in retrospect as the property in dispute was acquired before he became Kogi state governor.
He said the validity of the crime act is being challenged at the Supreme Court.
On the issue of jurisdiction, the government stated that the properties listed were in Abuja, Kogi and UAE, and the personality involved is based in Lokoja, adding that the suit ought to have been instituted either in Abuja or in Kogi State. He, therefore, asked the court to vacate the case for lack of jurisdiction.
In his response, the counsel to the EFCC, Rotimi Oyedepo (SAN), maintained that the applicant had not placed sufficient materials before the court to convince the court to vacate the order.
Oyedepo also insisted that contrary to the Applicant’s submissions, the Kogi state high court or any other court in Nigeria has not stopped the EFCC from carrying out its constitutional duties.
He argued that while the governor enjoys immunity under Section 308 of the constitution, nothing stops the EFCC from investigating and preserving the proceeds of unlawful activities.
In his Ruling, Justice Oweibo agreed with the Commission that the Proceeds of Crime Act suit pending before the Supreme Court remains the law as the Apex court is yet to pronounce on the validity of the law.
The judge, however, held that given Section 308 of the Constitution, which provides immunity to a sitting governor from any civil/criminal prosecution, the court lacked jurisdiction to entertain the matter.
The court, therefore, struck out the suit for lack of jurisdiction.
International News
Gunman Kills Tourist, Injures Six In Mexico
A gunman killed a Canadian tourist and wounded six other people on Monday at Mexico’s famed Teotihuacan archaeological site, authorities said.
The gunman killed himself after opening fire at the heavily visited destination in central Mexico, home to pre-Aztecan pyramids, according to a security official.
The shooting occurred on the Pyramid of the Moon, a 45-meter (nearly 150-foot) high monument visitors are allowed to climb using steep steps carved of volcanic rock.
Six people were wounded by gunfire and taken to local hospitals, including a Canadian woman, a Colombian woman and child, a Brazilian and two Americans.
Seven other people were injured in the scramble for safety and were treated at the scene after the gunman — identified as Julio Cesar Jasso Ramirez of Mexico — opened fire.
The midday shooting stunned tourists at one of Mexico’s most visited pre-Hispanic sites, less than two months before the 2026 World Cup kicks off with games in Mexico, the United States and Canada.
AFPTV footage showed a body wrapped in a white sheet being walked down the steps of the pyramid.
State authorities at the scene seized a firearm, a knife and unused ammunition and evacuated tourists from the premises.
More than 2,000 years old, the pyramid city near Mexico City attracted over 1.8 million visitors in 2025, tourism officials said.
Canadian Foreign Minister Anita Anand in a post on X called the attack “a horrific act of gun violence.”
Mexican President Claudia Sheinbaum called for a thorough investigation, and said she sent personnel to the site to provide assistance.
“What happened today in Teotihuacan deeply pains us,” Sheinbaum posted on X.
‘Send security’

Located about 50 kilometers (31 miles) from the capital Mexico City, Teotihuacan draws domestic and foreign tourists to see its pyramids and its Avenue of the Dead.
Federal security officials said police and the national guard were dispatched to the area following the attack.
Videos on social media showed the gunman firing periodic shots from a pistol about halfway up the Pyramid of the Moon while some tourists took cover behind stairs below and others fled.
“A person is opening fire on us, take care friends, send security,” a voice from one video, which AFP has not verified, can be heard saying.
Other videos show authorities examining the pyramid in a complex cordoned off with crime-scene tape.
Designated as a World Heritage site of “outstanding universal value” by the United Nations, the monuments at Teotihuacan were built in the pre-Hispanic Classic period — a golden age of Mesoamerican history — between the first and seventh centuries.
Mexico’s nearly 200 archaeological sites are popular with tourists, and although accidents have been reported, this is the first reported case of armed violence in decades.
While Mexico continues to struggle with frequent drug gang-related violence, untargeted mass shootings are relatively rare, especially compared to the country’s northern neighbor, the United States.
Mexico expects over 5.5 million visitors for the World Cup in June, when the popular football contest hosts national teams from around the world.
American tourist Anna Durmont, a 37-year-old art historian, told AFP she was walking towards the pyramid when she was startled by the sight of emergency vehicles and police.
“It actually felt extremely calm,” Durmont said, explaining she hadn’t heard gunfire.
“It was very measured. The park is full of souvenir sellers and they hadn’t left. It wasn’t clear to us until we got closer that there was a serious emergency,” she said.
News
Hon. Kusimo Unveils ₦13.69bn Budget Of Renewed Hope, Urges Speedy Legislative Passage
The Executive Chairman of Ifo Local Government, Hon. Idris Olalekan Kusimo, on Monday, April 20, 2026, presented a proposed budget of N13.69 billion for the 2026 fiscal year to the Legislative Council, with a call for its prompt consideration and approval.
Tagged the “Budget of Renewed Hope,” the proposal was formally laid before the Council during a plenary session held at the Council Secretariat.

The Chairman described the budget as a strategic roadmap aimed at deepening development, strengthening the local economy, and improving the overall wellbeing of residents across the council area.
In his address, Hon. Kusimo expressed appreciation to the Executive Governor of Ogun State, Prince Dapo Abiodun, CON, for his continued support towards grassroots development.

He noted that the proposed budget goes beyond fulfilling a statutory requirement, emphasizing that it represents a shared vision focused on sustainable development, infrastructure renewal, economic empowerment, and improved service delivery.

The Chairman disclosed that the budget is balanced, with a total sum of N13,690,777,742.45 (Thirteen Billion, Six Hundred and Ninety Million, Seven Hundred and Seventy-Seven Thousand, Seven Hundred and Forty-Two Naira, Forty-Five Kobo), aligning projected revenues with anticipated expenditures.
Reviewing the performance of the 2025 budget, Hon. Kusimo highlighted key achievements recorded by his administration despite prevailing economic challenges. These include the rehabilitation of rural roads, notable improvements in primary healthcare delivery, sustained support for small and medium-scale enterprises (SMEs), and enhanced internally generated revenue.

He explained that the 2026 budget is designed to consolidate these gains while accelerating development across critical sectors of the local government.
Responding on behalf of the Legislative Council, the Leader, Hon. Samuel Bamgboye, assured that the proposal would receive thorough scrutiny and expedited consideration to ensure timely passage.
He reaffirmed the Council’s commitment to fiscal discipline, transparency, and responsible governance.
The budget presentation was attended by the Vice Chairman, Hon. Abibat Ojo; Secretary to the Local Government, Mrs. Temitope Adegboyega; Head of Local Government Administration, Mr. Fatai Ogundele; Supervisors; Special Advisers; Directors; Heads of Departments; and other key stakeholders.

Business
CBN Recapitalisation: Wema Bank Secures National Banking Statusl
Wema Bank, Nigeria’s oldest indigenous national bank and pioneer of Africa’s first fully digital bank, ALAT, has successfully met and surpassed the Central Bank of Nigeria’s (CBN) recapitalisation requirements, reaffirming its status as a National bank.
This achievement represents a critical milestone in the Bank’s growth journey, reflecting its ability to meet regulatory expectations and its deliberate strategy to scale sustainably, strengthen its balance sheet, and reinforce its position within Nigeria’s banking sector.
The milestone follows the Bank’s successful completion of a ₦150 billion Rights Issue and an additional ₦50 billion special placement in 2025, bringing its Total Qualifying Capital to ₦264.7 billion, well above the regulatory minimum. This achievement was concluded six months ahead of the CBN’s stipulated deadline, further reinforcing the Bank’s strong financial position, shareholder confidence, and long-term growth trajectory.
Earlier in April 2026, the Central Bank of Nigeria also formally confirmed that Wema Bank, alongside 32 other financial institutions across international, national, and regional categories, had successfully concluded the recapitalisation process. Notably, Wema stands among only ten national banks that met and surpassed the minimum required capital threshold, thereby sustaining its national banking license.
This milestone not only affirms regulatory compliance but also signals a new phase of accelerated growth for the Bank; one defined by stronger capital base, increased capacity to support customers, and a reinforced position within Nigeria’s competitive banking landscape.
Commenting on the milestone, the Managing Director/Chief Executive Officer of Wema Bank, Moruf Oseni, stated, “The successful completion of our recapitalisation exercise is a defining moment for Wema Bank.
It is a strong validation of our strategy, our performance, and the enduring confidence our shareholders and stakeholders have in our vision. We have not only met the CBN’s requirements; we have exceeded them, reinforcing our position as a National Bank with the scale, strength, and stability to compete and lead.”
In March 2024, the Central Bank of Nigeria announced the recapitalisation programme requiring all national banks to maintain a minimum capital base of ₦200 billion. The initiative was designed to strengthen the resilience of financial institutions, enhance their capacity to absorb economic shocks, and position them to drive sustainable economic growth.
In response, Wema Bank embarked on a strategic capital raise through the stock market, successfully strengthening its shareholder base and securing the required capital through strong participation from existing investors. The ₦150 billion Rights Issue, which opened on April 14, 2025, and closed on May 21, 2025, marked a significant step in this journey.
This was subsequently complemented by a ₦50 billion special placement later in the year, ensuring the Bank not only met but exceeded the regulatory threshold well ahead of schedule.
For Wema Bank, this journey is a testament to its transformation. After regaining its national license in 2015, the Bank has consistently demonstrated financial discipline and strategic foresight. By raising the necessary capital primarily from existing shareholders, the Bank has underscored a deep-seated mutual trust between the institution and its investors.
Speaking further on what this achievement means for the Bank’s future and its customers, Oseni added: “This milestone strengthens our ability to compete at scale, deepen our market presence, and deliver more value to our customers across Nigeria through improved access to credit, enhanced digital banking experiences, and innovative financial solutions. It positions us to play an even bigger role in powering Nigeria’s economy while continuing to deliver sustainable value to all our stakeholders.
Looking ahead, we remain focused on deepening our market presence, driving customer-centric innovation, and strengthening our role as a catalyst for growth across retail, SME, and corporate segments. This is not just about retaining our license; it is about building a bigger, stronger, and more impactful Wema Bank.”
The successful conclusion of the recapitalisation process underscores Wema Bank’s financial strength, disciplined execution, and unwavering commitment to regulatory compliance as it continues to expand its footprint across Nigeria. With a significantly strengthened capital base, the Bank is now positioned to do more – support more customers, enable more businesses, and unlock more opportunities across every segment it serves.
As it enters this new phase, Wema Bank is not only reaffirming its status as a National Bank; it is stepping forward with greater scale, sharper ambition, and a clear intent to lead. The Bank remains firmly committed to powering progress, driving innovation through ALAT, and delivering sustained value; powering a future of possibilities for all its stakeholders.
CBN Recapitalisation: Wema Bank Secures National Banking Status
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