CBN: Diaspora Remittances To Drop; Bank Get Orders To Pay In Naira

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March 25, 2026

Forex in Nigeria - Dollar and Naira Price CBD

Nigeria’s apex bank, the Central Bank of Nigeria, CBN, has directed all International Money Transfer Operators, IMTOs operating in the country to open and maintain Naira settlement accounts with authorised dealer banks.

The apex bank said on Monday, that the directive is part of efforts to improve transparency in the foreign exchange market and tighten control on Foreign currencies being sent to the country by Nigerians living abroad.

Apart from the forex from crude oil sales, foreign remittances is the second largest forex earnings for the federal government of Nigeria.

In 2024, forex remittances, according to data from the CBN totalled $2.3 billion while in 2025 Nigeria earned $2.07 billion, as total receipt from forex remittances from Nigerians in the diaspora.

But sources in the CBN said the apex bank has discovered that a large part of diaspora remittances had not been accounted for because they were routed through informal sources.

The development had forced the CBN to issue the latest directive to further tighten grip on most diaspora remittances, and ensure transparency, insiders in the bank said on Wednesday.

According to the directive contained in a circular dated March 24, 2026, signed by the Director, Department of Trade and Exchange Department, Dr Musa Nakorji, and addressed to IMTOs, authorised dealer banks and the general public, the CBN said the aim is to “strengthening transparency, traceability, and effective monitoring of all transactions,” in all diaspora remittances.

The apex bank said “all IMTOs are hereby directed to open naira settlement accounts and ensure that all transactions are routed strictly through their designated settlement accounts, maintained with Authorised Dealer Banks in Nigeria.”

The apex bank said in the circular that all transactions related to international money transfers, including disbursements to beneficiaries and other settlements, must be processed exclusively through the designated accounts.

It said IMTOs may designate existing accounts or open new ones and are allowed to operate multiple settlement accounts across different ADBs.

The CBN stressed that such accounts must be credited with remittance flows and proceeds of foreign exchange conversions by licensed IMTOs (or their agents) with authorised market participants in the Nigerian Foreign Exchange Market (NFEM).

Accordingly, the CBN directed IMTOs to notify its trade and exchange department of all designated settlement accounts and provide updates when necessary.

The bank said the ADBs may process foreign currency transfers from IMTO settlement accounts to other authorised dealers and approved participants, including bureau de change (BDC) operators, to enhance market efficiency.

For effective pricing, the CBN directed the IMTOs to benchmark their rates against real-time market prices on Bloomberg’s BMatch platform.

“IMTOs shall observe real-time market prices from the Bloomberg BMatch and utilise this as guidance for pricing transactions with their customers and authorised dealers,” the apex bank said.

“This directive takes effect from May 1, 2026,” according to the CBN.

Meanwhile, experts in the sector insist that the directive may further reduce diaspora remittances into the country, as well as slashed forex earnings for the federal government.

“Forgive Me Nigerians, I’m Ashamed I was APC Member” – Rivers State’s Eze Dumps APC

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Adesina Soyooye

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March 24, 2026

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By Adesina Soyooye

Chukwuemeka Eze, a loyalists of former Rivers State Governor, Chibuike Amaechi, has dumped the All Progressives Congress, APC.

Eze dumped the in a rather dramatic manner. He cursed the Party. He called it evil. He expressed shame that he was ever a member of the Party. He lamented the suffering, he said, the Party has heaped on Nigerians. And, finally, Eze begged Nigerians for forgiveness.

Eze said his decision to leave the Party was well thought out and after consultations with his associates and family.

He cited one of the reasons for which he left dumped the APC, stems from “the brazen ineptitude of the current APC administration, led by President Bola Tinubu which has undoubtedly tipped a precarious balance on the economy and overall livelihood of Nigerians, coupled with the menace of terrorism and general insecurity across parts of the country.”

What pains him most is that APC is a party he once canvassed for, and sacrificed his energy and resources to promote.

Eze, in a statement he issued, more than hinted that he would join the African Democratic Congress, ADC where he said he hopes to

collaborate with other patriots and people of good conscience to propagate ADC’s ideologies to the Nigerian public.

Eze: “We (APC) promised Nigerians that we would improve the value of our local currency against the dollar, but the Naira has maintained a free-fall trajectory and abysmal performance in the international money market; we promised to eradicate insecurity in Nigeria, but instead, the party and government in power have turned the country into a graveyard where no Nigerian is sure of life.

“The party promised sufficient food for all Nigerians, but instead the government is building Internally Displaced Persons (IDP) camps to house farmers as bandits raze homes and villages in the North East and North Central zones, which are the nation’s food basket; we promised quality education for our children, but today education is flat on its back, beaten into a prostrate position, making those who knew the previous standard shake their heads in sorrow and dismay.

“We promised to make our democracy one of the most outstanding in the world, but instead, we have turned our democracy into a huge joke and a laughingstock, as the country under Tinubu is being forced into a one-party system.

“We promised to eradicate corruption, but instead corruption and embezzlement of public funds have become a way of life under the current regime.

“Our dear President Tinubu promised Nigerians uninterrupted power supply, and if he failed, nobody should vote for him or the party, but he has given Nigerians darkness while scheming for reelection.

“To mess up our dear party, we mistakenly brought in Tinubu, whose claim of being a democrat has crushed every dint of democracy that remained in our polity.

“To embarrass us as a party, Tinubu brought in (Godswill) Akpabio and Nyesom Wike, who were sworn enemies of the APC from the beginning, to prove to Nigerians what undemocratic minds can achieve through dishonest craftiness.”

Eze said he was a sad because of what he said the APC and President Tinubu have done to Nigeria. He proceeded to tender an apology to all Nigerians for the shame and terrible image he insists the government has made of the country on the global stage.

Eze: “The best I can show of my seriousness in my decision is to disengage myself from such an evil setup that does not mean well for Nigeria and Nigerians, and join the African Democratic Congress (ADC) to collaborate with others to turn the fortunes of this country and restore true and genuine democracy to us all.

“Today, no Nigerian can claim to be safe anymore, as the country has been turned into a field of bloodshed. If we count daily the number of Nigerians killed, they would be in the hundreds.

“Suicide bombings are now back in our midst. Our soldiers are no longer safe, as Boko Haram and their groups now overrun our barracks.

“Who, in their right senses, should still proudly claim to be a member of such an undemocratic setup called APC?”

Sheikh Umar To Aggrieved El-Rufai’s Supporters: Obtain Your PVCs, And Choose Better Leadership When The Time Comes

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Suleiman Anyalewechi

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March 24, 2026

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By Suleiman Anyalewechi

Sheikh Ahmad Tijjani Umar has sued for calm among Kaduna residents, particularly supporters of Mallam Nasir El-Rufai, the detained former Governor of the State.

This is as he informed that he himself was not detained, but was only invited for questioning by the Department of State Service, DSS, after the visit of Peter Obi.

The Source reports that ,Obi the former presidential candidate of the Labour Party LP in the 2023 general elections had on Tuesday raised the alarm over the alleged arrest of Sheikh Umar on Sunday, after playing host to him.

” I have just been made aware early this morning that revered religious leader Sheikh Ahmad Tijjani Umar has been arrested by the authorities shortly after hosting me in Kaduna on Sunday.

“This development underscores the deeply troubling state of our nation and our democracy, where freedom of speech and movement is increasingly threatened ,and where citizens and perceived political opponents face harassment and unnecessary persecutions . This cannot be allowed to continue”, Obi stated on his official site.

But in a video message online, Tuesday afternoon, Sheikh Umar stated that he is free ,safe and well after interfacing with the DSS.

According to him, he was neither detained, nor maltreated, noting that his engagement with the service was to clarify some issues.

” I come today to correct a false report being circulated in some quarters to the effect that I am in custody.

“I was not detained by the DSS. I was invited for questioning. I cooperated fully and I was released. I am free, safe and well”, Sheikh Umar stated.

He, however, urged his supporters and followers to keep the peace, remain calm and law abiding.

The prominent Islamic scholar, similarly, passionately appealed to the aggrieved supporters and followers of the detained former Governor of Kaduna state , El-Rufai, not to take the laws into their hands.

Rather, he urged all those who are not happy with the current state of affairs in the country to register and obtain their permanent voters cards, PVCs ,and use same at the appropriate time.

“I want to appeal to our supporters and all citizens of Kaduna State to remain calm, peaceful and law-abiding.

“No one should take the laws into their hands. No one should disrupt the peace and stability of the state under any guise.

“On the issue of our leader – Malam Nasir El-Rufai, let us be patient, and allow due process to take its course.

“Let us continue to pray and let us keep the peace. To everyone dissatisfied with the system, your answer is very simple – register, vote and choose better leadership when the time comes”, Sheikh Umar admonished.

Sheikh Umar’s appeal comes just as a Federal High Court sitting in Kaduna on Tuesday adjourned till March 31, 2026, for a ruling on the bail application filed by El-Rufai in his ongoing prosecution by the Independent Corrupt Practices and Other Related Offences Commission, ICPC, over alleged money laundering, diversion of public funds and abuse of office.

The Source reports that the anti-graft Commission, after detaining the former Kaduna state former Governor for over 30 days without trial, finally arraigned him on Tuesday, amidst protest by El-Rufai’s supporters.

Insecurity: Tinubu Having Sleepless Nights

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James Orji

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March 24, 2026

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President Bola Ahmed Tinubu has been having sleepless nights over the state of insecurity in the country, according to one of his aides, Abdullahi Yakassai.

Yakassai, the president’s Senior Special Assistant on Community Engagement made the remark on Tuesday on Channels Television programme Morning Brief, saying the president has been losing sleep over the problem.

According to him, the president has been up and doing, calling security chiefs to meeting, on how to arrest the problem to no avail, adding that some unscrupulous persons in the country are the ones instigating the problem to discredit the current administration.

He explained that terrorists, bandits and kidnappers are becoming bolder every day, saying they are deploying gorilla tactics which made it impossible for them to be curtailed.

“The security situation in some parts of the country has really been subdued, but there are new tactics emerging, like the one we see in Kwara State—very unfortunate,” Yakassai said.

Adding that “Even the president is having sleepless nights because every week you see him holding a Security Council meeting in the Presidential Villa to address this insecurity.

“It’s very hard to tackle. We have come from a long-standing crisis, and it has been ongoing. You can’t just blame this government for it.

“You wouldn’t know where they come from. I’m telling you, there is a hand in this kind of insecurity issue. We cannot just say it is a coordinated insecurity situation.

“Some elements are against this government and are instigating insecurity to give the new administration a bad name,” he said.

His remarks however comes on the heels of the upsurge of terrorists and bandits attacks in some parts of the country, particularly the northern part.

Recently, suspected Boko Haram terrorists set off bombs in Maiduguri, capital of Borno state killing over 20 persons, leaving over 100 others severally wounded.

Also, suspected terrorists had last Sunday, attacked the ECWA Church in Omugo community, Ifelodun Local Government Area of Kwara State, abducting 13 worshippers during the weekly service.

Police said some of the abductees have now been rescued.

Oyo 2027: Adelabu Says Sarafa Ali Not APC Consensus Candidate

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James Orji

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March 24, 2026

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Nigeria’s Minister of Power, Adebayo Adelabu, has dismissed speculations that the All Progressives Congress, APC, has adopted Senator Sarafadeen Ali as the party’s consensus gubernatorial candidate for Oyo State in the 2027 elections.

Senator Ali, representing Oyo South in the Nigerian Senate was said to have been picked during a meeting by APC stalwarts from the South West during a meeting with President Bola Ahmed Tinubu at his Ikoyi, Lagos residence last weekend.

Senator Olamilekan Yayi and Obafemi Hazmat, the Deputy Governor of Lagos state was said to have been selected as consensus governorship candidates for Ogun and Lagos states, respectively.

But reacting to the report, on Tuesday Adelabu who, until recently had been touted as President Tinubu’s candidate for Oyo governorship election, for 2027 said it’s untrue that a consensus had been reached on who flies the party ticket next year in the Pacesetter state.

Adelabu’s position follows reports suggesting that party leaders had settled for preferred candidates in Oyo, Lagos and Ogun states as part of early preparations for the next general elections.

The Minister’s spokesperson l, Bolaji Tunji made the remark on his behalf, describing the report as speculative with no iota of truth in it.

According to him, those peddling thd report are only trying to advance their own interests, and also cause confusion in the state.

“At a time like this, especially when the contest is drawing closer, there will be speculation. That is normal in politics. My principal has not withdrawn from the race. People will always try to push narratives to gain relevance or create confusion,” Adelabu said.

I Was Only Invited For Questioning Over Obi’s Visit To Me – Kaduna Islamic Scholar Dismisses Arrest

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Ayodele Oni

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March 24, 2026

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By Ayodele Oni

Kaduna-based Islamic scholar, Ahmad Umar, has clarified that he was invited and questioned by Nigeria’s Department of State Services (DSS) over a recent visit by former presidential candidate, Peter Obi.

He explained that he was never arrested and detained as stated in a post by Obi.

Obi had earlier raised alarm in a post on X (formerly Twitter) on Tuesday, claiming that the cleric was arrested shortly after hosting him in Kaduna on Sunday.

The former Labour Party flagbearer described the alleged development as a worrying indication of shrinking democratic space, expressing concerns over threats to free speech and political expression.

“I have just been informed that respected religious leader Sheikh Ahmad Tijjani Umar has been arrested by authorities shortly after hosting me,” Obi stated, without identifying the specific security agency involved.

However, in a video that surfaced hours later, Umar dismissed the claim, clarifying that he was not arrested or detained by the DSS.

According to him, he was only invited by security operatives for questioning and was subsequently released.

“I want to correct the misinformation making the rounds. I was not detained by the DSS. I honoured an invitation for questioning, cooperated fully, and was allowed to go. I am safe and in good condition.”

Umar also appealed to his followers and residents of the state to remain calm and avoid actions that could disrupt public order, stressing the need for peace and lawful conduct.

He further advised citizens to express any grievances through democratic processes, particularly by participating in elections.

“The way forward is clear—get registered, vote, and elect leaders of your choice at the appropriate time,” he added.

South East Youths Condemn Arrest Of Kaduna Islamic Cleric For Hosting Peter Obi

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Suleiman Anyalewechi

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March 24, 2026

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By Suleiman Anyalewechi

The Coalition of South East Youth Leaders COSEYL, has strongly condemned the recent arrest of a Kaduna-based prominent Islamic scholar and cleric Sheikh Ahmad Tijjani Umar shortly after hosting Peter Obi, the former Presidential Candidate of the Labour Party, LP.

The Source reports that Obi ,a prominent figure in the opposition Coalition platform the African Democratic Congress ADC had on Tuesday morning announced the shocking arrest of his host , Sheikh Umar by security operatives on Sunday , describing the development as a disturbing sign of Nigeria’s descent to authoritarianism.

In a statement on his official site, Obi, one of the ADC’s presidential aspirants equally condemned the arrest of the Islamic cleric as representing a very dangerous threat to freedom of speech and movement, as well as a dent on the country’s democratic credentials.

“I have just been made aware early this morning that revered religious leader Sheikh Ahmad Tijjani Umar has been arrested by the authorities shortly after hosting me in Kaduna on Sunday”, Obi stated.

Reacting to the development, the COSEYL in a statement issued on Tuesday by its President -General, Comrade Goodluck Ibem and made available to this magazine, described the arrest as not only shocking, but a dangerous assault on the fundamental principles of democracy, civil liberty and rule of law.

“The alleged arrest is anti-democratic, wicked, barbaric and totally unacceptable in any society that claims to uphold justice and freedom.

“COSEYL views this incident ,as a blatant attempt to intimidate citizens.and suppress freedom of association, expression and movement — rights that clearly guaranteed under the Constitution of the Federal Republic of Nigeria.

“Nigeria is not a police state. No citizen should be harassed, intimidated,or arrested simply for exercising his constitutional rights, or for hosting a guest, regardless of differences on political affiliation.

“Such actions set a dangerous precedent ,and signals a steady drift towards authoritarianism.

“We state clearly that: injustice to one is injustice to all. We, therefore, demand immediate and unconditional release of Sheikh Ahmad Tijjani Umar ,as well as a full and transparent investigation into the circumstances surrounding his arrest”, COSEYL stated.

The apex South East socio-political youth group, also called for an immediate end to all forms of politically-motivated harassment, intimidation and persecution of innocent citizens .

The COSEYL warned that the country’s democratic and governance space must not be reduced to a level where citizens live in fear, owing to their political preferences.

“We must collectively resist any attempt to erode freedom.

“COSEYL remains committed to the protection of human rights , justice and preservation of our democratic values”

Benin Traditional Council Insists No Letter Authorizing Visit Of Social Media Influencer, Peller To Palace

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Ayodele Oni

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March 24, 2026

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By Ayodele Oni

The Benin Traditional Council (BTC) has insisted that Habeeb Hamzat Adelaja (Peller) and his manager entered the Oba of Benin Palace uninvited.

The clarification was contained in a press release signed by Frank Irabor, Secretary, Benin Traditional Council and made available to journalists in Benin City.

He noted that ordinarily the Benin tradition would not warrant further engagement on such matters, but given the level of misinformation and ignorance displayed by Peller and his manager, it has become necessary to set the record straight.

The Secretary Benin Traditional Council further said that it is a well-known principle in any establishment that the submission of a letter of request and mere stamping or acknowledgement of such a letter does not constitute approval adding that these are standard institutional protocols and administrative procedures.

“For the avoidance of doubt the Benin Traditional Council reiterates that the receipt and stamping of any correspondence by its secretariat only serve as acknowledgment of receipt and do not in any way imply approval by His Royal Majesty or the Benin Traditional Council.

“In the absence of explicit authorization, no visit or activity is deemed sanctioned”, he noted

He subsequently called on Peller and his manager to state publicly whether any formal written approval was granted to them and also pertinent to ask whether their letter of request disclosed any intention to visit any of the Queens.

He, however, stated that as previously communicated, matters arising from the unauthorized visit are currently undergoing disciplinary proceedings and also Peller has been invited to the Palace of the Oba of Benin.

“The Council will not be drawn into public discourse on issues already being addressed through the appropriate internal channels.”

He informed that the Benin Traditional Council remains resolute in upholding the customs, traditions and sanctity of the Benin Royal Palace.

The Oba of Benin, Ewuare II has “declared wanted” the social media influencer, Habeeb Hamzat Adelaja, known as Peller, over an unauthorized entry into Benin monarch palace.

The Palace had suspended one of the Queens, a Palace Chief and a member of staff of Benin Traditional Council, identified as Mr. Omuemu who was arrested and charged to court over an unauthorized access to the Palace by a social media influencer, Habeeb Hamzat Adelaja, known as Peller.

EFCC Takes Over Malami’s Abuja Home, Office

By

Suleiman Anyalewechi

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March 24, 2026

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By Suleiman Anyalewechi

Former Attorney General of the Federation AGF and Minister of Justice Abubakar Malami, SAN, has accused the Economic and Financial Crimes Commission, EFCC, of illegal and unconstitutional invasion and occupation of both his residence and office.

The Source reports that operatives of the EFCC on Tuesday, March 24, 2026, moved to take over Malami’s Maitama Abuja residence and office premises.

The operatives, heavily armed, led by Folarin Dare arrived at the affected properties in about three buses.

They barricaded the road leading to the affected street – Koranakh Close, off Amazon Street in Maitama District Abuja.

The EFCC had earlier on Monday March 23, 2026, sealed the two properties, said to be part of about 57 choice properties which the Court had earlier granted their interim forfeiture, and are also said to be linked to Malami, his wife and son Abdulaziz.

In a statement from Mohammed Doka, his media aide, the former AGF/Minister of Justice under late President Muhammadu Buhari’s administration, described the action of the EFCC as utterly condemnable and a total disregard for the rule of law.

According to Malami, the action of the EFCC’ in taking over his residence, citing an already expired court order, is a deliberate attempt to harass , intimidate ,and embarrass him, based on his dissenting political persuasion.

“This is nothing short of a flagrant disregard for the rule of law; a gross abuse of power, and a dangerous precedent in a constitutional democracy.

“It represents a calculated attempt to harass, intimidate, and embarrass me , evidently on account of my political affiliations”, Malami stated.

Giving an insight into what transpired, the former AGF said EFCC officials, accompanied by several security operatives forcefully invaded his Abuja residence and office, and took over the properties.

This is as he alleged that the properties were earlier marked without the presentation of valid court order authorizing the action.

Malami also alleged that in the course of the execution of the illegal action on his properties, two people were arrested and taken into custody by the EFCC.

The former Justice Minister emphasized that the action of the anti-graft agency raises serious questions and concern about the intent, timing and underlying undertones of the operation.

According to him, the case instituted against him in relation to the said properties is ongoing at a Federal High Court Abuja, presided over by Honourable Justice Joyce Abdul-Malik (Suit No: FHC/ABJ/CS/20/2026) and, therefore, wondered where the EFCC is drawing its authority from.

“The Honourable Court has not made any final determination on the issues in dispute ,and no order authorizing the invasion and marking of the premises was argued and granted.

“The ex-parte order granted on January 6, 2026, was expressly time-bound for a period of 14 days which had already elapsed.

“That order has since lapsed, and cannot, under any stretch of the law, justify the EFCC”s action today.

Malami alleged that at the time of the execution of their action, the EFCC’ officials could not tender a valid court order to justify their operation.

“They failed, refused and/or neglected to produce any such order, underscoring the illegality of their conduct”, the former AGF noted.

However, the anti-graft Commission has insisted that its action is pursuant to an existing court order authorizing the forfeiture of the said properties.

In a statement from its spokesperson Dele Oyewale ,the EFCC noted that the action is in tandem with standard law enforcement procedures ,and primarily aimed at formally notifying the public of the status of the said properties.

“There is nothing illegal about the matter. The attachment, or marking of property that is on forfeiture order is a normal law enforcement action when the court has granted an interim forfeiture.

“The Commission did not raid the property. We are not involved in any of such action; so there is nothing illegal about what we have done”, Oyewale insisted.

El-Rufai’s Bail Application Adjourned For Further Hearing

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Ayodele Oni

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March 24, 2026

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By Ayodele Oni

A Federal High Court sitting in Kaduna has adjourned hearing on the bail application of former Kaduna State Governor, Nasir El-Rufai, to Tuesday next week.

The adjournment followed proceedings on Tuesday where both the defence and prosecution presented arguments on whether the ex-governor should be granted bail.

Counsel to the defendant, Ukpon Akpan, SAN, urged the Court to release his client, citing his constitutional right to liberty and the need to adequately prepare for trial.

However, the prosecution opposed the application, insisting that the weight of the charges against El-Rufai requires caution insisting that granting bail at this stage could affect ongoing investigations.

The Independent Corrupt Practices and Other Related Offences Commission (ICPC), is prosecuting El-Rufai over alleged financial misconduct.

According to the commission, the former governor is facing charges bordering on conversion and possession of public property, as well as money laundering. He is being tried alongside one Joel Adoga

In addition, the ICPC disclosed that a separate case has been filed at a Kaduna State High Court against El-Rufai and another defendant, Amadu Sule.

The stated charges include alleged abuse of office, fraud, and conferring undue advantage.

The anti-graft agency said both cases were instituted on March 18, adding that the former governor had been duly served in line with legal procedures.

El-Rufai’s arraignment follows weeks of legal and public scrutiny after his arrest on arrival from foreign trip by the Directorate of Security Services, (DSS).