In the ongoing trial of Godwin Emefiele, former governor of the Central Bank of Nigeria (CBN), a significant revelation emerged as Victor Onyejiuwa, managing director of The Source Computers Limited, took the stand as the fourth witness.

His testimony shed light on alleged extortion involving a substantial sum of $400,000.

Onyejiuwa recounted his company’s involvement with the CBN from 2014 to 2019, providing technology support and securing multiple contracts, including one for enterprise storage and servers in 2017.

However, post-execution of the contract, he faced pressure from John Ikechukwu Ayoh, a former CBN director, regarding the release of funds.

According to Onyejiuwa’s testimony, Ayoh approached him, indicating that CBN management required a portion of the contract’s funds.

He alleged that Ayoh threatened to withhold payment approval if his demands were not met. Feeling coerced, Onyejiuwa acceded to Ayoh’s request after several discussions.

To ensure the contract’s payment, Onyejiuwa revealed that he organized the sum of $400,000 along with an additional $200,000, yielding a total of $600,000.

This payment, made within two to three weeks, facilitated the release of funds for the contract.

During his testimony, Onyejiuwa disclosed contract amounts, including a significant $1.2 billion contract, along with others valued at $2.1 million, N340,000, and N17 million.

These revelations provide insight into the alleged irregularities surrounding contract payments at the CBN.

Following Onyejiuwa’s testimony, Emefiele’s legal counsel requested an adjournment for cross-examination at the next hearing, which was granted by Justice Rahman Oshodi. The trial is set to resume on May 17.

The Democratic Republic of Congo (DRC) received a positive review from the International Monetary Fund (IMF) on Wednesday in a crucial step toward completing its first-ever IMF loan program.

Following the completion of the sixth and final review in the Congolese capital, Kinshasa, IMF staff are set to recommend to the executive board the approval of the last disbursement of Congo’s three-year $1.5 billion extended credit facility.

This development positions Congo on the brink of achieving a milestone in its financial history.

Despite facing fiscal pressures exacerbated by ongoing conflict in the eastern regions and the recent elections in December 2023, the IMF lauded Congo’s overall performance as “generally positive”.

The country’s economy heavily relies on mineral exports, particularly copper and cobalt, essential components in electric vehicle batteries.

According to the IMF, Congo’s economy exhibited robust growth, expanding by 8.3% last year, fueled largely by its ascent to become the world’s second-largest copper producer.

However, persistent insecurity in eastern Congo, attributed to the activities of over 100 armed groups vying for control over resources and political representation, has hindered the nation’s economic progress.

The positive assessment by the IMF underscores Congo’s achievements in enhancing its economic fundamentals, including an increase in reserves, which reached $5.5 billion by the end of 2023, equivalent to approximately two months of imports.

Despite these gains, challenges remain, with high inflation rates hovering around 24% at the close of last year.

The IMF emphasized the necessity of enacting a new budget law following the renegotiation of a minerals-for-infrastructure contract with China. Under the revised terms, Congo is slated to receive $324 million annually in development financing backed by revenue from a copper and cobalt joint venture.

Looking ahead, the IMF’s executive board is anticipated to deliberate on the staff recommendation in July. If approved, the disbursement of approximately $200 million will fortify Congo’s international reserves, providing a crucial buffer against economic volatility.

Also, Congo’s government intends to seek a new Extended Credit Facility (ECF) from the IMF, signaling its commitment to ongoing economic reforms and sustainable growth.

The IMF’s endorsement represents a significant validation of Congo’s economic trajectory and underscores the nation’s efforts to navigate complex challenges while advancing towards financial stability and prosperity.

Access Holdings Plc, a leading financial institution, has recently vested approximately 23.81 million shares valued at over N420 million to its directors.

The share vesting process, a common practice in corporate governance, allows employees, investors, or co-founders to gradually receive full ownership rights to shares or stock options over a specified period.

In this instance, Access Holdings Plc has chosen to reward its directors with shares, signifying confidence in their leadership and contributions to the company’s growth trajectory.

Among the beneficiaries of this share allocation are key figures within Access Bank, a subsidiary of Access Holdings Plc, as well as the acting Group Chief Executive Officer (GCEO).

Recipients include Sunday Okwochi, the company secretary, who received 1.2 million shares at N17.95 per share, and Hadiza Ambursa, a director of Access Bank, who was allocated 1.72 million shares at the same price.

Other directors, such as Gregory Jobome, Chizoma Okoli, Iyabo Soji-Okusanya, Seyi Kumapayi, and Roosevelt Ogbonna, also received allocations ranging from 1.234 million to 12.345 million shares, each valued between N17.85 and N17.95 per share.

Bolaji Agbede, the acting Group CEO of Access Holdings, was granted 2.216 million shares at N17.95 per share, further solidifying his stake in the company’s success.

This move by Access Holdings Plc comes amidst a dynamic economic landscape, where organizations are strategically positioning themselves to navigate challenges and capitalize on emerging opportunities.

By incentivizing its directors through share vesting, the company aims to foster a sense of ownership and accountability while motivating top talent to drive innovation and sustainable growth.

The share vesting scheme not only rewards directors for their past contributions but also incentivizes them to remain committed to the company’s long-term vision.