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SEDC Launches Venture Capital Drive to Unlock South-East Business Growth

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By Gloria Ikibah

The South East Development Commission has commenced the grand finale of its inaugural South East Venture Capital Programme, marking a major step towards expanding access to investment funding for emerging businesses across the region.

The event, taking place at the International Conference Centre in Enugu, features 50 finalist ventures selected from more than 1,200 applications submitted by entrepreneurs from across the South-East and other parts of the country.

According to the Commission, the initiative forms part of a broader strategy aimed at creating sustainable investment structures for innovation-driven enterprises and strengthening the region’s economic competitiveness.

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The finalists emerged after a rigorous selection process involving video pitch reviews, phased assessments and judging rounds. The businesses were grouped into two categories, the Accelerator Track for ventures with measurable market traction and the Incubation Track for early-stage startups with strong growth potential.

Ahead of the final presentations, participants underwent an intensive investment-readiness bootcamp in Enugu focused on business development, investor engagement and pitch refinement.

Speaking before the grand finale, the Managing Director and Chief Executive Officer of the Commission, Mark Okoye, described the programme as a strategic economic intervention rather than a routine competition.

“What is taking place here is not simply a startup pitch event. It is the deliberate construction of institutional capital infrastructure for the South East. For far too long, exceptional entrepreneurial talent in this region has operated without the kind of structured financial backing required to scale sustainably. The South East Venture Capital Program is our response to that gap, carefully designed to create long-term pathways for capital, innovation, and enterprise growth,” he said.

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The 30 successful ventures selected from the finale will be unveiled during the inaugural investment ceremony scheduled for Tuesday, May 26, 2026. The selected businesses are expected to receive structured early-stage investment support under the South East Venture Capital Fund.

The Commission explained that the Fund was established to tackle one of the region’s longstanding economic challenges, limited access to institutional startup financing. It added that the investment framework is expected to attract up to $50 million in blended financing from public institutions, development finance partners, private investors and diaspora contributors over time.

Also speaking, the Executive Director of Finance at the Commission and Chairman of the South East Venture Capital Programme, Stanley Ohajuruka, said the initiative had already demonstrated the depth of entrepreneurial talent within the region.

“What this programme has demonstrated very clearly is the depth of entrepreneurial ambition that exists across the South East. The volume and quality of participation affirm that there is no shortage of high-potential ventures in the region. The challenge has always been creating credible structures through which promising ventures can access early support, build investor confidence, and progress toward scale. This initiative is an important first step in building that bridge between enterprise and capital,” he stated.

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The programme aligns with the Federal Government’s economic agenda focused on enterprise development, innovation and job creation under the Renewed Hope initiative.

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ICPC arrests El-Rufai’s doctor over alleged abuse of court approved medical visit

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The Independent Corrupt Practices and Other Related Offences Commission (ICPC) has arrested Prof. Bello Abubakar, personal physician to former Kaduna State governor Nasir El-Rufai, over alleged abuse of a court-approved medical visit.

The commission’s spokesperson, John Odey, announced this in a statement on Tuesday in Abuja.

Mr Odey said Mr El-Rufai’s personal physician was arrested for allegedly making false statements in connection with a court-approved medical visit.

He said the visit was granted to Mr El-Rufai at the private wing of the National Hospital, Abuja, with the understanding that he was to receive medical attention.

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”However, photos later posted online by a political associate, Isa Kudan, showed El-Rufai meeting with Prof. Abubakar and others at the same time.”

He said this indicated the medical visit was used for activities outside the scope approved by the court, which the ICPC described as an abuse of its goodwill and a violation of the court order.

He explained that the Kaduna State High Court had fixed July 6, 7 and 8 for accelerated hearing of criminal charges pending against Mr El-Rufai, who is currently in the commission’s custody.

”However, on the first day of the hearing, the former governor did not appear before the court.

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”The prosecution told the court that El-Rufai refused to be conveyed, insisting he wanted to see his personal doctor.

”The prosecution further stated that no prior request for medical consultation was made to the Commission. When asked by the ICPC medical doctor, El-Rufai reportedly said he had no immediate complaint,” he said.

He allegedly said his wife, Asia El-Rufai, who is also one of his lawyers, requested that he see Mr Abubakar, his personal physician.

According to him, following arguments by counsel, the court adjourned proceedings to July 15.

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”The adjournment was to hear an application for the trial judge’s recusal and to await the chief judge’s directive on a transfer petition.

”In spite of this, the ICPC facilitated the medical visit in compliance with court directives and its obligation to respect the rights and welfare of persons in custody.

“The hospital visit took place on Tuesday, July 7, 2026, at the private wing of the National Hospital, FCT. ICPC’s medical and security team conducted themselves professionally and respected the defendant’s privacy,” he said.

Mr Odey said at the family’s request, the ICPC officers remained outside the consultation room, while the attending oncologist was supposedly examining El-Rufai.

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”The commission was later confronted with Facebook photos posted at 2:00 pm by Isa Ashiru Kudan, a political associate of El-Rufai, showing a meeting with the former governor.

”The pictures showed Prof. Abubakar, Isa Kudan and three others with El-Rufai at the same time he was supposed to be having a medical consultation.

”The images indicated the medical visit was used for activities outside the scope approved by the court and the Commission, describing it as a clear violation of the court order,” he said.

While noting that the commission had remained patient, professional and courteous in handling Mr El-Rufai and other suspects, Mr Odey warned that such courtesies had been abused and the commission will no longer tolerate it.

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He added that Mr Abubakar had been taken into custody for making false statements and for further investigation.

He said the commission would bring the alleged disobedience to the attention of the court and reiterated its commitment to operating within the law.

(NAN)

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EFCC transfers over 1,440 recovered assets to education ministry

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The Federal Government has redirected more than 1,440 assets recovered by the Economic and Financial Crimes Commission (EFCC) to the education sector, in a move aimed at transforming proceeds of corruption into investments that enhance teaching and learning across the country.

The assets, comprising 501 double-decker bed frames, 939 mattresses and 12 wooden beds with mattresses, were formally handed over to the Federal Ministry of Education during a restitution ceremony in Abuja.

Speaking at the ceremony, the Minister of Education, Dr Tunji Alausa, said the deployment of recovered assets to the education sector reflects President Bola Tinubu’s determination to ensure that resources reclaimed on behalf of Nigerians are channelled into projects that have a direct impact on citizens, especially children and young people.

Dr Alausa said education remains at the heart of the President’s ambition to build a $1 trillion economy through sustained investment in human capital. He explained that redirecting assets recovered from corrupt practices to schools is part of a deliberate policy to convert the proceeds of crime into opportunities that enhance learning, improve educational outcomes and secure a brighter future for Nigerian students.

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The Minister noted that education has emerged as one of the major beneficiaries of the Federal Government’s asset recovery programme. He recalled that President Tinubu had previously approved the conversion of a forfeited university facility into the Federal University of Applied Sciences, Kachia, instead of disposing of the property through sale.

According to him, the institution has already enrolled more than 3,000 students in programmes covering applied sciences, engineering, nursing, health sciences and other strategic fields, thereby expanding access to quality education and equipping young Nigerians with skills required for national development.

Alausa added that the latest tranche of recovered assets would substantially improve student accommodation and welfare in colleges and other educational institutions nationwide.

He also hailed the EFCC Chairman, Ola Olukoyede, for enhancing public confidence in the Commission through professionalism, adherence to the rule of law and sustained efforts to tackle corruption, procurement fraud and cybercrime.

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The transfer of the recovered assets was formalised through the signing of a Deed of Release by representatives of the EFCC and the Federal Ministry of Education, including the Ministry’s Permanent Secretary, Abel Enitan.

The recovered assets will be deployed to educational institutions across the country to improve student accommodation and strengthen learning infrastructure.

Alausa assured Nigerians that the recovered assets would be deployed transparently and equitably to Unity Schools across the country where they would directly improve student welfare, strengthen learning infrastructure and support the Federal Government’s commitment to providing accessible, inclusive and quality education for every Nigerian child.

Earlier, the anti-graft Chairman, Olukoyede, said the assets were recovered during Operation Eagle Flush, one of the largest cybercrime operations undertaken by the Commission.

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He explained that the operation, conducted towards the end of 2024, led to the arrest of about 792 suspects, including foreign nationals, who were investigated, prosecuted, convicted and repatriated after serving their prison terms.

According to him, the restitution was carried out in line with the provisions of the Proceeds of Crime Act and the Federal Government’s commitment to ensuring that recovered assets are transparently deployed for national development.

Olukoyede said children and young people are among the greatest victims of corruption and financial crimes, making it appropriate that they should also benefit from assets recovered from criminal activities.

The EFCC Chairman also highlighted previous interventions in the education sector, including the transfer of the forfeited university facility that now operates as the Federal University of Applied Sciences, Kachia, and the deployment of recovered proceeds of crime to provide part of the seed funding for the Nigerian Education Loan Fund.

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According to him, about 1.4 million students have already benefited from the education loan programme through tuition support and monthly upkeep allowances, easing financial burdens that often expose vulnerable young people to cybercrime and other financial offences.

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PSC Dismisses Four Senior Police Officers, Sanctions 31 Others

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The Police Service Commission (PSC) has dismissed four senior police officers and imposed various disciplinary sanctions on 31 others over acts of misconduct, reaffirming its commitment to strengthening discipline and accountability within the Nigeria Police Force.

The decisions were taken at the commission’s plenary meeting held at its corporate headquarters in Abuja, according to a statement by the Head of Protocol and Public Relations, Mr Torty Njoku Kalu.

The commission said the four officers were dismissed after they were found guilty of gross misconduct, unprofessional conduct and acts unbecoming of public officers.

“It also approved a range of disciplinary measures affecting several other officers. Ten senior officers were reduced in rank, comprising three Superintendents of Police demoted to Deputy Superintendents of Police, two Deputy Superintendents of Police reduced to Assistant Superintendents of Police, and five Assistant Superintendents of Police demoted to the rank of Inspector. Two other officers were compulsorily retired in the public interest.

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“The disciplinary actions also included severe reprimands for 10 officers, reprimands for five officers, warning letters for three officers and a letter of advice to one officer. The commission, however, exonerated seven officers after clearing them of any wrongdoing,” the statement revealed.

Chairman of the Commission, DIG Hashimu Salihu Argungu (rtd), reiterated the board’s zero-tolerance policy towards indiscipline in the Nigeria Police Force.

“The current Board of the PSC under my watch will not condone any form of misconduct by police officers,” DIG Argungu stated.

“The commission will continue to uphold discipline in the Force and match all forms of misconduct with commensurate disciplinary actions. We would also continue to encourage and motivate hard work for deserving officers through our established reward system.”

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The commission reaffirmed its commitment to entrenching accountability, professionalism and public trust in the Nigeria Police Force.

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