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Ogun FTZ saga: Chinese to seize Nigeria assets in eight countries
Zhongshan Fucheng Industrial Investment Co. Limited, the Chinese firm that got a court injunction to ground three presidential jets belonging to the Federal Government in Europe, has initiated plans to seize other Nigerian assets in the United Kingdom, United States of America and in six other countries, The PUNCH has learnt.
The company has also instituted legal proceedings in about eight jurisdictions globally, regarding the dispute.
The other countries include Belgium, Canada, France, Singapore and the British Virgin Islands, documents relating to the case, which were obtained by our correspondent, were revealed on Thursday.
This comes as the Federal Government vowed to protect its foreign assets from “predators.”
There has been serious controversy following reports that the Chinese company got judgement to ground three presidential jets belonging to the Federal Government.
In 2001, China and Nigeria signed a bilateral investment treaty aimed at promoting commercial investment between the two countries.
In 2007, Ogun State reportedly entered into a joint venture agreement with a Chinese company and another company to create the Ogun Guangdong Free Trade Zone Company. The Nigeria Export Processing Zones Authority, a Federal Government entity that oversees free-trade zones in Nigeria, then delegated control and operation of the free-trade zone to the company.
In 2010, the Ogun Guangdong Free Trade Zone Company contracted with Zhongshan’s parent company to develop an industrial park in the free-trade zone. The goal was for Zhongshan’s parent company to develop the park and build factories in it for tenants to use.
In the first half of 2016, however, the agreement between both parties was terminated, leading to Zhongshan filing lawsuits in Nigerian federal and state courts seeking reinstatement of its contractual rights but the legal proceedings were discontinued in Spring 2018.
However, a French court, recently, authorised the seizure of three of Nigeria’s presidential jets, two of the jets – a Dassault Falcon 7X and a Boeing 737 – are part of Nigeria’s presidential air fleet that were recently put up for sale and the third, an Airbus 330 purchased by Nigeria, but not yet delivered.
Zhongshan had again dragged Ogun to court, where an independent arbitral tribunal, chaired by the former President of the UK Supreme Court, awarded the Chinese firm $74.5m compensation, which Ogun was yet to pay.
The court order prohibited Nigeria from moving or selling the presidential jets until the Chinese firm was paid the $74.5m by Ogun, its sub-national.
However, documents indicated that the Chinese company attempted to seize a jet being recovered by the country from Dan Etete as proceeds from fraudulent acts in Canada.
The Federal Government had tracked down and grounded the luxury private jet purchased by former petroleum minister, Etete, with some of the alleged proceeds of the notorious $1.3bn Malabu OPL245 oil deal.
“The goal is clear – that Mr Etete will avoid the seizure of an asset he got with stolen Nigerian money, with Zhongshan’s connivance.”
According to the documents, Zhongshan was originally engaged as a developer and manager of Fucheng Industrial Park but was asked to manage the facility after the government terminated the joint venture with CAI because it didn’t meet the necessary requirements.
The document claimed that the Ogun government cancelled the contract after it received a Diplomatic Note 1601 from the Economic and Commercial Section of the PRC Consulate in Lagos, alleging that Guangdong illegally held shares in China Africa Investment Limited, a state asset and that entity (New South Group) was the company properly entitled to manage OGFTZ.
The document read, “In 2007, the Ogun State Government, in partnership with the Guangdong province in China conceived and set up the Ogun Guangdong Free Trade Zone, which sits on 2,000 hectares in Igbesa, Ogun State.
“Ogun State signed a Joint Venture Agreement directly with China Guangdong Xinguang China-Africa Investment Limited representing Guangdong Province in the joint venture. OGFTZ houses several enterprises as well as subdevelopments, including one Fucheng Industrial Park, measuring 224 hectares. In 2010, OGFTZ contracted Zhongshan to develop and manage Fucheng Industrial Park.
“However, in 2012, Ogun State terminated the joint venture with CAI because CAI had not met obligations under the 2007 JVA. Ogun State then appointed Zhongshan as an interim manager of the Zone, since it was already managing Fucheng Industrial Park. In June 2012, Zhongshan assumed management control of a 51 per cent stake in CAI and subsequently signed another JVA with Ogun State Government in September 2013.”
It further stated that the company had been making efforts to enforce the tribunal award.
“As of August 2024, there are court proceedings in about eight jurisdictions of the world regarding this dispute.
“These include USA, UK, Belgium, Canada, France, and the British Virgin Islands. Till date, Zhongshan has not realised a single penny from the Award, and all signs indicate that Zhongshan is unlikely to do so anytime soon.”
It added that the company was still tracking the location of Nigerian assets abroad.
Meanwhile, a court document has revealed that the Chinese company was demanding compensation of $130.6m due to a breach of contract by reneging on terms between both parties to create the Ogun Guangdong Free Trade Zone.
The document obtained by our correspondent on Thursday, however, listed the Federal Government as the defendant because the direct agreement was between Nigeria and China and not with the company based on international treaty conditions.
The case filed at the United States District Court for the District of Columbia (No. 1:22-cv-00170) was argued April 22, 2024 and decided August 9, 2024 by Circuit Judges Millett, Katsas and Childs.
In presenting its argument, the company stated that Nigeria violated the Investment Treaty with China in five ways “by failing to provide Zhongshan with fair and equitable treatment, engaging in unreasonable discrimination, neglecting to protect Zhongshan, breaching the contract, and wrongfully expropriating investments without compensation.”
Giving details of the deal, the company said it invested millions of dollars and significant resources to develop and build infrastructure in the industrial park, including roads, utilities and opened services such as a hospital, hotel, supermarket, and bank.
By 2016, businesses had moved into the zone and Nigeria had collected approximately N160m in tax revenue from the free-trade zone.
It read, “In the first half of 2016, however, Ogun State terminated its agreements with Zhongshan. Ogun claimed that a different Chinese company was legally entitled to Zhongshan’s share of the free-trade zone and that Zhongshan had defrauded Ogun.
“Things continued to deteriorate. One Ogun official texted a Zhongshan executive, urging him ‘as a friend’ to ‘leave peacefully when there is opportunity to do so, and avoid forceful removal, complications and possible prosecution.’ The next month, Ogun issued an arrest warrant for two executives, alleging a ‘criminal breach of trust.’
“Nigerian federal police arrested one Zhongshan executive at gunpoint and held him for ten days. During that time, the police denied the executive food and water, beat him, intimidated him, and questioned him about the whereabouts of the other executive.
“Based on these findings, the arbitral tribunal found that Nigeria had breached its obligations under the Investment Treaty and that Zhongshan was entitled to $55.6m in compensation from Nigeria and $75,000 in moral damages, along with interest and legal and arbitral fees.”
Reacting, the Attorney General of the Federation and Minister of Justice, Lateef Fagbemi (SAN), said his office and that of the National Security Adviser have commenced legal and diplomatic moves to recover the three presidential aircraft seized by the Chinese firm.
This was contained in a statement by the Special Adviser to the President on Communication and Publicity, Office of the AGF, Kamarudeen Ogundele, on Thursday in Abuja.
The statement read, “On 14th August 2024, the Federal Government of Nigeria became aware of the interim attachment of three presidential aircraft undergoing routine maintenance in France. The said temporary attachment was made pursuant to exparte orders issued by the Judicial Court of Paris dated 7 March 2024 and 12 August 2024 respectively at the instance of Messrs. Zhongshan Fucheng Industrial Investment Co. Limited, a Chinese company seeking to enforce a Final Award granted in its favour on 26 March 2021, against one of Nigeria’s sub-nationals, Ogun State.
“It is to be noted that the arbitral award arose from an arbitration proceeding which commenced in 2018 as a fallout of a contractual dispute between the Chinese company and Ogun State Government over the operation and management of Ogun Guangdong Free Trade Zone.
“We wish to clarify that, though the dispute originated from engagements of the Ogun State Government, however, the consequential enforcement actions are being directed against the Federal Government and its assets in line with extant principles of international law, which holds that the actions of a subnational or local entity are attributable to the state or country itself.
“The offices of the National Security Adviser and the Attorney-General of the Federation have already set in motion both legal and diplomatic steps to ensure the discharge of the inappropriate orders against the aircrafts, which are covered by sovereign immunity.
“While, further actions are being put in place to resolve the entire dispute through available legal means, the firm position of the Federal Government remains that the aircraft in question are sovereign assets used solely for sovereign purposes and are therefore immune from attachment as Zhongshan has sought to do.”
Meanwhile, the Presidency, in a statement titled ‘Chinese company’s fraudulent attempt to strip Nigeria’s assets abroad’, on Thursday said the efforts by Zhongshan to take over the jets were fraudulent.
The Presidency argued that the use and nature of the jets as assets of a sovereign entity whose assets were protected by diplomatic immunity forbade any foreign court from issuing an order against them.
It said it is convinced that the Chinese company “misled” the Judicial Court of Paris regarding the use and nature of the assets it sought to attach and did not fully disclose to the court as required by law.
The statement, signed by the Special Adviser to the President on Information and Strategy, Mr. Bayo Onanuga, “The Presidency is aware of the various failed attempts by a Chinese company, Zhongshan Fucheng Industrial Investment Co. Limited, to take over offshore assets of the Federal Government of Nigeria through subterfuge.
“The Federal Government is not under any contractual obligation with the company. The case in which Zhongshan is trying to use every unorthodox means to strip our offshore assets is between the company and the Ogun State Government.”
Also, the Ogun State Government, on Thursday, faulted the judicial process that led to the provisional attachment of three Nigerian government-owned aircraft in France by the Judicial Court of Paris on March 7 and August 2, 2024.
In a statement signed by the Special Adviser to Governor Dapo Abiodun on Media and Strategy, Kayode Akinmade, the state government described the latest development as “the new antics by the Chinese company to appropriate Nigerian assets in foreign jurisdictions, as past efforts had continually failed.”
The statement described the legal process “as nothing but a total charade with fraudulent notion,” adding that the company deliberately concealed the litigation from both the Nigerian government and Ogun State, as well as their legal counsels before hurriedly securing orders of seizure.
The state government said the company must have misled the Judicial Court of Paris on the use and nature of the assets it sought to attach and not make full disclosure to the court as required by law.
The statement read, “On 14 August 2024, the attention of the Ogun State Government was drawn to the provisional attachment of three Nigerian government-owned aircraft in France by the Chinese company, Zhongshan Fucheng Industrial Investment Co. Ltd. (Zhongshan).
“Ogun State also learned of two orders of the Judicial Court of Paris dated 7 March 2024 and 12 August 2024 respectively, both obtained by Zhongshan without notice being duly given to the Federal Government of Nigeria, Ogun State or their legal counsel.
“This is the latest in a series of ill-advised attempts by Zhongshan to attach Nigerian-owned assets in foreign jurisdictions, none of which have to date led to the recovery of any sums from Nigeria.
“Each of the three aircraft is used solely for sovereign purposes and as such are immune from attachment under international and French laws.
“In obtaining the provisional attachments, Zhongshan deliberately withheld information from the Federal Government of Nigeria, Ogun State and their legal counsel.
“Just like the P&ID case, this is another unfortunate case of unscrupulous individuals masquerading as foreign investors with the sole aim of defrauding Ogun State and Nigeria.
“It should be recalled that the underlying contract between Ogun State and Zhongshan was executed in 2007, 12 years before the present administration, for the management of a free-trade zone. The parties entered into a dispute in 2015 with arbitration commencing in 2016.”
It added, “By 2019, when the current State Administration took office, the hearing at the arbitration had been all but concluded. The Arbitral Panel awarded over 60 million USD against the Federal Government of Nigeria (FGN) which was a co-Defendant, when all Zhongshan had done was to build a perimeter fence around the free-trade zone. Needless to say this was a bad/unfair decision.
“The present State Administration could not in all good conscience allow such an unconscionable and baseless decision, which would dissipate the commonwealth of the good people of Ogun State, to stand.
“Accordingly, and based on erudite legal advice, this Administration resolved to resist the enforcement of the award. The resistance was successful in eight different jurisdictions. Currently, there are pending appeals against recognition orders issued in both the US and UK,” the statement read.
A senior consultant physician in Kano State has died after collapsing barely 15 minutes after arriving at a private hospital where he was scheduled to attend to patients.
The tragic incident occurred on Saturday at Arewa Surgery Hospital, Hotoro, Kano, where the doctor, identified simply as Dr. Ibrahim, had reportedly agreed to replace another consultant who was unavailable for an evening clinic, according to Daily Trust.
The account was shared by Suleiman Harbo, an aide to the Jigawa State Governor, who said he witnessed the incident while accompanying his elderly mother to the hospital for a medical appointment.
Harbo said he arrived at the hospital around 5 p.m. with his mother, only to be informed that the consultant originally scheduled to see patients would not be available. Hospital staff then advised the waiting patients to see Dr. Ibrahim instead.
According to him, about six patients, most of them over 80 years old, waited for the physician’s arrival. Concerned about the delay, Harbo contacted the hospital reception, which reached the doctor by telephone.
Dr. Ibrahim reportedly informed the receptionist that he would come after observing the Maghrib prayer.
Shortly after arriving at the hospital, the physician allegedly became dizzy immediately after stepping out of his vehicle and collapsed.
He was rushed to the hospital’s emergency unit, where fellow consultants made frantic efforts to revive him. However, he was pronounced dead about 15 minutes later.
“The painful irony was this: all the patients waiting to see him were above 80 years of age, while about five senior consultant doctors fought to save him, yet all of them broke down in tears,” Harbo wrote.
He said his mother was initially unaware of what had happened and asked whether the doctor had arrived. Before he could respond, another patient informed her that the physician they had all been waiting to see had died.
According to Harbo, his mother responded by offering prayers for the deceased, saying: “Innalillahi wa inna ilaihi raji’un. So that was the doctor they rushed inside? May Allah have mercy on him. Let us just go home. I am already healed.”
Harbo also disclosed that those who were with Dr. Ibrahim during his final moments said his last audible words were, “La ilaha illallah,” the Islamic declaration of faith.
The cause of the doctor’s sudden collapse has not yet been disclosed.
The United States has withdrawn most of its military personnel deployed to Nigeria for a joint counterterrorism mission in the Lake Chad Basin, while maintaining intelligence-sharing and other security cooperation with Nigerian authorities.
The Commander of the US Air Forces in Africa, General Dagvin R.M. Anderson, announced the development during a virtual press briefing on the outcome of the African Chiefs of Defence Conference 2026.
Anderson said the partnership between Washington and Abuja remains strong, particularly in intelligence operations targeting the Islamic State (ISIS/Daesh).
According to him, the specific mission that required the deployment of US troops has been successfully completed, leading to the withdrawal of most of the personnel. He, however, stressed that the United States would continue providing intelligence support at the request of the Nigerian government.
“And so that operation in the Lake Chad Basin of Nigeria not only helped the countries in that immediate region; it also helps countries globally as it disrupts the ISIS network,” Anderson said.
“And so we have withdrawn much of our forces that were there specifically for that operation, but we are continuing the partnership that Nigeria has asked for to support intelligence sharing and provide the understanding necessary to prosecute these difficult tasks.”
The US Air Force commander described Nigeria as a key regional partner with a capable military, noting that cooperation between both countries has yielded significant gains in the fight against ISIS.
He credited intelligence collaboration between the two nations with enabling the operation that eliminated Abu-Bilal Al-Minuki, the second-highest-ranking leader of ISIS, who was responsible for much of the group’s global operations, media activities and recruitment.
“I think the partnership we’ve shown recently with Nigeria demonstrates what can be achieved. Nigeria is a capable country with a strong economy, a large, educated population and a professional military,” Anderson said.
“There are things we have learned over years of counterterrorism operations that we were able to integrate with Nigeria’s efforts. By combining intelligence sharing with unique US capabilities, we were able to support a cooperative operation that eliminated the number two leader of ISIS.”
According to Anderson, the operation highlights the effectiveness of intelligence collaboration rather than prolonged foreign troop deployments.
“As we move forward, this is the model we want to pursue—bringing unique US capabilities that enable our partners to be more effective in confronting terrorist threats,” he added.
The US commander also called for stronger intelligence cooperation among African countries to combat terrorism, drug trafficking and other transnational crimes.
He cited a recent multinational operation that intercepted a record 31-ton shipment of cocaine originating from South America and transiting through the West African coastline. According to him, intelligence sharing among partner nations made the seizure possible.
“I coordinated through our interagency partners in the United States, through AFRICOM, and informed regional partners. Eventually, it was a Spanish naval vessel that intercepted the ship carrying 31 tons of cocaine—the largest drug seizure at sea on record,” Anderson said.
He stressed that sustained collaboration among African governments, international partners and the private sector would be essential to addressing security challenges, promoting economic growth and attracting investment across the continent.
The United States deployed about 200 military personnel to Nigeria in February 2026 to support intelligence, surveillance and counterterrorism operations in the Lake Chad Basin as both countries expanded cooperation against ISIS and other extremist groups operating in the region.
The deployment followed US President Donald Trump’s redesignation of Nigeria as a Country of Particular Concern and his pledge to strengthen American support for Nigeria’s counterterrorism efforts.
On December 25, 2025, US forces carried out airstrikes on two terrorist camps in the Bauni Forest in Tangaza Local Government Area of Sokoto State.
The security partnership recorded a major breakthrough in May 2026 when a joint US-Nigerian operation killed Abu-Bilal Al-Minuki, the second-in-command of ISIS, during a raid on his hideout in Borno State.
News
Every Naira stolen robs Enugu of development’ — Gov. Mbah charges Public Officers on Accountability
Mbah gave the charge on Thursday when he declared open a two-day training programme, Compliance with Anti-Corruption Policies and Financial Regulations Frameworks, organised by his administration for the state’s political appointees and civil servants.
The governor, who was represented by the Secretary to the State Government, Prof. Chidiebere Onyia, spoke on the theme, “Enhancing Governance through Compliance: Navigating Anti-Corruption Policies, Financial Regulations and Emerging Taxation Frameworks.”
He described corruption as one of the greatest obstacles to development because resources are diverted through fraudulent practices, thus directly reducing government’s capability to provide essential social services.
“Therefore, Enugu State, under our leadership, set out three governance principles that would serve as a guide for our governance thinking and delivery strategy —Transparency, Traceability and Accountability. These three pillars have informed a lot of our procurement and systems-thinking model, our e-governance initiatives and our financial management across the state.
“This is because every naira lost to corruption, financial irregularities and non-compliance means fewer resources for smart schools, primary healthcare centres, roads and other critical infrastructure. Our governance is built on transparency, traceability and accountability, and compliance begins with knowledge,” Mbah said.
He urged public servants to stay abreast of emerging taxation and regulatory frameworks, stressing that ignorance of the law would no longer be an excuse for non-compliance. He also tasked participants to cascade the knowledge acquired to their colleagues in their various Ministries, Departments and Agencies (MDAs) and assured that government would continue to monitor compliance across the public service.
Speaking at the event, the consultant, Justin Kuatsea, noted that corruption had become deeply entrenched and could only be overcome through collective action and exemplary leadership.
Kuatsea, a certified management trainer and retired Deputy Director, Independent Corrupt Practices and Other Related Offences Commission (ICPC), maintained that the anti-corruption fight must begin with individuals in their homes, workplaces and communities, while political leaders must lead by example by demonstrating integrity and accountability.
Kuatsea identified employment irregularities, recruitment abuses, concealment of official files, irregular promotions, contract inflation, payments for unexecuted contracts and other financial misconduct as common corruption indicators in the public service.
“That was why I said that the fight against corruption must start with individuals, but political leaders must lead by example,” he said.
Also speaking, the Managing Director/Chief Executive Officer of Xavine Consulting Limited, Catherine Kadiri, said the training was designed to ensure that civil servants fully understand anti-corruption policies, financial regulatory frameworks and emerging taxation laws.
Kadiri said the programme would significantly tackle ignorance of ethical and operational standards in the public service, noting that participants would gain practical knowledge applicable to their respective roles.
She disclosed that 16 resource persons, including experts from the ICPC and Nigeria’s financial regulatory sector, were engaged to facilitate the sessions and expose participants to global best practices in governance and compliance.
According to her, the programme underscored the Mbah administration’s understanding that it could not build its envisioned $30 billion economy without a solid, committed, ethical, accountable, and highly responsible public service.
“There should be no excuse for non-compliance. This programme is designed to ensure public officers understand the dos and don’ts of governance, financial regulations and anti-corruption frameworks.
“We are also adding integrity to the core pillars so participants leave with the right values to drive good governance,” Kadiri concluded.
Former President Olusegun Obasanjo on Wednesday warned that many of the factors that triggered Nigeria’s three-year civil war in 1967 are still with the country, stressing that every effort must be made to prevent a recurrence of such a conflict, which resulted in huge losses of lives and property.
Obasanjo made the remark while receiving a book, research materials, videos and interviews of eyewitnesses documenting the Asaba Massacre and related events, compiled by the Chairman of the Asaba Memorial Trust and the Asaba Image Branding and Project Committee, Chief Chuck Nduka-Eze, at the Olusegun Obasanjo Presidential Library, Abeokuta.
He described the prospect of another civil war as unthinkable, insisting that the country had already fought “one civil war too many.”
He said, “What went wrong in the past is essential to preventing a repeat. We must do everything humanly possible to prevent its recurrence.”
He called on Nigerians to collectively adopt a “never again” resolve against civil war.
“Some of the things that led to the Civil War are still with us. How long will this remain so?
“I was with a colleague when Gen Yakubu Gowon said that we would not survive a second civil war as a country.
I believe we have fought one civil war too many already.
“To say that we will have a second civil war, God forbid.
We must understand what happened, condemn what should not have happened, and do everything humanly possible to prevent its recurrence.
“And then, for us to be able to say, ‘never again,’ what are we going to do to make that possible?
“Thank you very much for making people know about it, for people to learn from it, and for people to take a vow that it should never happen again. I will do everything possible to ensure that there is never again a civil war in this country,” he said.
The former President hailed Nduka-Eze for the effort to preserve history, saying the importance of documenting the past lies in helping the nation understand its history, learn from it and ensure such tragedies never happen again.
He added that at the Olusegun Obasanjo Presidential Library, part of its value is to preserve the past, capture the present and inspire the future, while emphasising that understanding the events surrounding the civil war, including the Asaba massacre, remains critical for national healing.
“We pride ourselves that we preserve the past, we capture the present, and we inspire the future,” he said.
The former president, who acknowledged his role as a soldier during the civil war, said he could not provide detailed accounts of the Asaba incident, noting that operations in that area were under the command of the late former Head of State, Gen Murtala Mohammed.
Obasanjo recalled that towards the end of the war, he was given key responsibilities to ensure that no further massacres occurred, stressing that abuses by soldiers were not condoned.
He also noted that former Head of State, Gen Gowon, had publicly acknowledged and apologised for the excesses of the war, stating that, at the highest level, actions such as the Asaba massacre were neither ordered nor condoned.
The former president, who commended Nduka-Eze for the work, promised to study the transcripts and audiovisual materials.
“At OOPL, we pride ourselves that we preserve the past, we capture the present, and we inspire the future. We capture the past, and this is the past; we want to capture it; we want to know about it.
“I must confess, and you know that I was involved in the civil war. When people talk about the Asaba Massacre, I always confess that I cannot give details of it,” he said.
Obasanjo also narrated how he prevented a soldier from raping a woman in Asaba, saying such an act would have attracted vicarious liability on his part as a commander.
Obasanjo maintained that documenting and teaching the history of the civil war and the Asaba Massacre were vital for national unity, adding that he would do everything within his power to ensure Nigeria never experiences another civil war.
Providing insight into the work on the Asaba Massacre, Nduka-Eze described it as a substantial and carefully cross-referenced body of evidence, including eyewitness testimonies, recorded interviews, archival materials, audio-visual documentation and established historical scholarship.
He said that across independent sources, a clear and consistent account emerges of events following the entry of federal troops into Asaba, then a civilian population centre in the Mid-West Region.
“The evidence establishes a recurring pattern. Civilians were assembled in public places under conditions of fear and uncertainty. During these assemblies, residents were required to proclaim allegiance to the Nigerian state, including being instructed to declare ‘One Nigeria’ and otherwise demonstrate loyalty.
“In a setting where identity and suspicion had become dangerously intertwined, these acts were understood by those present as affirmations of belonging and safety. Men were then separated from women and children. Thereafter, unarmed male civilians were killed in a manner consistently described across multiple independent accounts.
“Compliance with these demands did not secure protection. The sequence, repeated across testimonies, reflects a tragic contradiction in which individuals who openly affirmed their identity and loyalty as Nigerians were nonetheless killed in the most undignified manner by the same Nigerian state to which they had pledged allegiance.
“This sequence is corroborated by testimonies, documentary materials and scholarly works, and remains materially unchallenged. While precise casualty figures cannot be definitively fixed, the convergence of credible evidence points to a substantial loss of civilian life, more than a thousand men, and a profound rupture in the fabric of the Asaba community,” he said.
Nduka-Eze added that deep-seated ethnic suspicion, unresolved grievances arising from Nigeria’s first military coup and the failure to enforce accountability were among the factors that culminated in the Asaba Massacre and the 1967 civil war.
According to him, ethnic mistrust did not begin with the war but had already become entrenched before independence.
He noted that many of the issues that led to the civil war remained unresolved, with ethnic groups still relating to one another with suspicion.
The Central Bank of Nigeria (CBN) has revoked the operating licences of 46 microfinance banks (MFBs) across the country for failing to comply with key regulatory requirements, in one of the regulator’s most sweeping enforcement actions in recent years.The apex bank announced the decision in a statement issued on Wednesday by its Acting Director of Corporate Communications, Hakama Sidi-Ali, stating that the revocation took effect from July 1, 2026.According to the CBN, the action was approved by its Governor, Olayemi Cardoso, in line with the provisions of the Banks and Other Financial Institutions Act (BOFIA), 2020, as part of efforts to safeguard the financial system, protect depositors and ensure strict compliance with regulatory standards.
The CBN said the affected institutions failed to meet one or more of the conditions required to retain their operating licences.
“According to the revocation order, the action became necessary because of one or more of the following circumstances: insufficient assets to meet liabilities, closure of operations without the approval of the CBN, inactivity and cessation of financial intermediation, failure to commence operations within 12 months of licence approval, and failure to maintain minimum capital funds unimpaired by losses,” the statement said.
It added: “The revocation of the licences is part of the Bank’s ongoing efforts to safeguard the stability of the financial sector, protect depositors, and ensure that licensed institutions comply with current laws and regulatory requirements.”
The affected microfinance banks are:
Minji-Se Churchill MFB (Rivers)
Merchant MFB (Abia)
Janmaa MFB (Kwara)
Busu MFB (Niger)
Gold MFB (Lagos)
Zain MFB (formerly Dawakin Tofa MFB) (Kano)
Bompai MFB (Kano)
Ajwa MFB (Kano)
Now Now Digital MFB (Kano)
Crystabel Microfinance Bank (Bayelsa)
Chanelle MFB (Lagos)
Abia SME MFB (Abia)
Kamba MFB (Kebbi)
Iwade MFB (Ogun)
Winview MFB (Abuja)
Zuru MFB (Kebbi)
Minjibir MFB (Kano)
Shanono MFB (Kano)
Sumaila MFB (Kano)
Rimin Gado MFB (Kano)
Mwaghavul MFB (Plateau)
Sycamore MFB (Kano)
TOFA MFB (Kano)
Safegate MFB (Lagos)
Creekline MFB (Delta)
Bestar MFB (Oyo)
Livingspring MFB (Cross River)
Apple MFB (Ogun)
Stanford MFB (Uyo, Akwa Ibom)
Frontline MFB (Anambra)
Zafec MFB (Kaduna)
Supreme MFB (Lagos)
Bejin-Doko MFB (Niger)
Kanopoly MFB (Kano)
Bellbank MFB (formerly Tsanyawa MFB) (Kano)
Yeneng MFB (Plateau)
Creditville MFB (Lagos)
MBAG MFB (Lagos)
Straight Sahara MFB (Benue)
Our Pass MFB (Ondo)
VERDANT MFB (Lagos)
Basawa MFB (Kaduna)
Casha MFB (Abuja)
Esteem MFB (Kano)
Enterpreneur MFB (Lagos)
Avantus MFB (Osun)
The CBN reiterated its commitment to promoting a safe, sound and resilient financial system, stressing that it would continue to take supervisory and regulatory actions where necessary to maintain public confidence in Nigeria’s banking sector.
The latest enforcement action follows the banking recapitalisation programme introduced by the apex bank in March 2024, which gave financial institutions until March 31, 2026, to meet new minimum capital requirements.
Earlier this year, the CBN disclosed that 30 banks had successfully met the new capital threshold, while institutions that failed to comply continued to face regulatory sanctions.
With the revocation now in effect, the 46 affected institutions have lost their legal authority to operate as licensed microfinance banks in Nigeria.
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