President Bola Ahmed Tinubu has approved a six-month ban on the export of raw shea nuts.

Vice President Kashim Shettima, who announced the directive at a multi-stakeholder meeting in Abuja, said the temporary measure, subject to review, aims to boost the shea value chain and generate up to $300 million annually in the short term.

“This is not an anti-trade policy but a pro-value addition policy. The goal is to supply our factories with raw materials, run them at full capacity, and create jobs for our people. Nigeria produces nearly 40% of global shea, yet accounts for only 1% of the $6.5 billion market. That is unacceptable,” he said.

He said the initiative would transform Nigeria into a global supplier of refined shea butter, oil, and derivatives, while driving industrialisation, rural development, gender empowerment, and expanded trade opportunities.

“By 2027, we target a ten-fold increase in earnings,” he added, highlighting agreements with Brazil to fast-track market access for Nigerian shea products within three months.

The Minister of Agriculture and Food Security, Senator Abubakar Kyari, described the move as long overdue. He disclosed that despite producing 350,000 metric tonnes annually across 30 states, with potential to reach 900,000 tonnes, Nigeria’s processors operate at only 35–50% capacity.

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The Economic and Financial Crimes Commission (EFCC) has dismissed allegations by businessman, Abdullahi Bashir Haske, son-in-law to former Vice President, Atiku Abubakar, that his rights were violated while in the agency’s custody.

Haske had claimed in an interview with The Africa Report that he collapsed during interrogation at the EFCC and was hospitalised. He has since filed a lawsuit against the anti-graft agency over the alleged violation.

Reacting to the report on Tuesday, the EFCC’s Head of Media and Publicity, Dele Oyewale, said the commission had not received any court processes regarding Haske’s claims.

“The EFCC has not been served the court proceedings. There is nothing to react on,” Oyewale stated.

He further dismissed Haske’s allegations, saying, “Our facility is one of the best in the world. That is why some even ask the court to remand them in our custody rather than in prisons. His allegations are untenable. EFCC custody is not a death centre.”

The EFCC also accused Haske, founder of AA & R Investment Group, of criminal conspiracy and money laundering.

According to the commission, Haske was declared wanted after breaching the terms of his administrative bail and failing to honour further invitations.

In a notice signed by Oyewale, the EFCC urged anyone with information on Haske’s whereabouts to report to the nearest police station or EFCC office. The notice also listed his last known addresses in Ikoyi and Victoria Island, Lagos.

Haske’s firm, AA & R Investment Group, which has interests in energy, agribusiness, logistics, and ICT, has previously been linked to investigations into alleged multimillion-dollar transfers from the Nigerian National Petroleum Company Limited.

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The Governor Ademola Adeleke-led Osun State government is set to depose the Apetu of Ipetumodu, Oba Joseph Oloyede, following his sentencing for more than four years in prison in the United States.

According to Leadership, the Osun State government had weeks ago said it will only decide the monarch’s fate after his trial in the US.

Oba Oloyede was on Tuesday jailed 56 months by a US District Judge Christopher A. Boyko over $4.2m COVID-19 fraud.

The monarch, 62, was convicted on charges of conspiracy to exploit COVID-19 emergency loan programmes created for struggling businesses.

Oloyede holds dual U.S. and Nigerian citizenship and resides in Medina, Ohio.

In a statement by the U.S. Attorney’s Office for the Northern District of Ohio on Tuesday, the monarch, was also ordered to “serve three years of supervised release after imprisonment and pay $4,408,543.38 in restitution

“He also forfeited his Medina home on Foote Road, which he had acquired with proceeds of the scheme, and an additional $96,006.89 in fraud proceeds investigators had seized.

“From about April 2020 to February 2022, Oloyede and his co-conspirator, Edward Oluwasanmi, conspired to submit fraudulent applications for loans that were made available through the U.S. Small Business Association (SBA) under the Coronavirus Aid, Relief, and Economic Security (CARES) Act,” the statement read.

In April, the duo pleaded guilty to wire fraud and tax fraud charges linked to a pandemic relief scam that siphoned over $4.2m in federal stimulus funds.

The court was told that Oloyede, who also worked as a tax preparer, “operated five businesses and one nonprofit, while Oluwasanmi owned an additional three business entities.

“Both defendants used their businesses to submit loan applications using false information.

“They obtained approximately $1.2 million in SBA funds for Oluwasanmi’s entities and $1.7 million for Oloyede’s entities,” the statement added.

According to investigators, “Oloyede submitted fraudulent PPP and EIDL applications in the names of some of his clients and their businesses.

“In exchange, Oloyede would receive 15-20% of their loans as the fee, or kickback, for obtaining the loans for them, without reporting this income to the IRS on his own tax returns.”

The funds were then used for personal gain, prosecutors said.

“Investigators learned that the defendant used funds obtained from these loans to acquire land and build a home and purchase a luxury vehicle,” the U.S. Attorney’s Office disclosed.

In all, Oloyede “caused the SBA to approve 38 fraudulent applications, amounting to $4,213,378 in disbursed loans and advances.”

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