- FG spends $77millon on debt service yearly
- Gets below $5million revenue per annum
The recent arrest of four Nigerian Railway Corporation(NRC) serving and retired workers by the Economic and Financial Crimes Commission(EFCC) over the fraudulent acquisition of money from the system and brazen abuse of office is suggestive of a corruption trap, with a system that ends up sabotaging its own survival. Despite the huge investment in rail rehabilitation spanning over 25 years, the NRC still cannot foot its bills and service its huge indebtedness to China Exim Bank, standing at approximately $4.90billion(N675bn) as at September, 2025.
Its annual operating revenue still hovers below $5million(N7bn), whereas its annual debt service fee stands between $70million and $80million.
Meanwhile, its four arrested officers allegedly siphoned $1.67million, amplifying a self-defeating spiral where railway debts pile up while insiders drain the coffers, making repayment even near impossible.
The reality today is that loans fund projects, workers loot the funds, service quality falls, revenue drops, debts grow, and more borrowings is needed to feed the same looting.
While the Federal Government battles to service the existing loans, it borrowed another $403million approximately as provided for in 2025 budget for new rail projects in Kano, Kaduna, Ogun, and for Lagos Green Line as the Lagos Calabar Coastal rail project has been abandoned.
In what has become the new faces of fraud in present NRC, allegedly, according to the EFCC are:
*Fidet Okhiria* On Tuesday,this week, EFCC arraigned a former Managing Director of the NRC, Engr. Fidet Edetanle Okhiria, over allegations that he laundered $385,000 and N165 million. This amounts to N218,900,000 million in Naira.
The sums, EFCC explained, were transferred to foreign accounts in the Netherlands during and shortly after his tenure at the state-owned rail agency.
The judge, Rahman Oshodi of the Special Offences Court in Lagos, presided over the case.
According to EFCC spokesperson, Dele Oyewale, in a statement on Tuesday, Engr. Edetanle faces a seven counts of abuse of office, money laundering, and unlawful enrichment as a public official.
The alleged offences violate Sections 332(1) and 332(3), Section 73(1), and Section 82(c) of the Criminal Law of Lagos State, 2011, EFCC said.
In one of the counts, while serving as NRC Managing Director between 29 May and 11 September 2024, Engr. Edetanle allegedly transferred $205,000 from his Access Bank domiciliary account to the account of Ehimen Okhiria at ABN AMRO Bank in the Netherlands.
EFCC alleged that the funds came from unlawful activities.
In another count, EFCC alleged that after leaving office, between 21 October and 21 November 2024, he moved $40,000 from his Access Bank domiciliary account to Mr Okhiria’s account in the Netherlands, also using proceeds from unlawful activities.
Similarly, on Wednesday, February 25, 2026, the anti- graft agency also arraigned three senior officials of the NRC before a Lagos State High Court sitting in Ikeja over alleged abuse of office, money laundering, collection of bribes from railway contractors to secure contracts from the NRC, and unlawful enrichment by public officials to the tune of over ₦2.04 billion.
In a statement posted on EFCC website on Wednesday evening, the three arraigned senior officials of the NRC are: Felix Njoku, a former Director of Finance of the Nigerian Railway Corporation (NRC); Benjamin Chinwuba Iloanusi, presently a Director in the Procurement Department of the NRC, and Oche Jerry Ogbole-Inalegwu, also presently a Director in charge of Mechanical department.
Felix Njoku
Njoku was arraigned before Justice Olubunmi Abike-Fadipe of the Special Offences Court, Ikeja, on a 17-count charge involving an alleged fraud of ₦736,320,807.08.
One of the counts against Njoku reads: “That you, Felix Njoku transacting under the name of FC Njoku and Company, after leaving office as the Director Finance, Nigerian Railway Corporation, between 2nd January, 2024 and 3rd December, 2024 in Lagos within the jurisdiction of this Honorable Court, committed an offence, to wit; unlawful enrichment by receiving the cumulative sum of N240,940,000.00 from contractors of the Nigerian Railway Corporation through the bank account of FC Njoku and Company domiciled in Zenith Bank Plc with account number: 1014247906, on account of the contracts awarded to the contractors during the discharge of your official duties”.
Benjamin Iloanusi
Iloanusi was arraigned before Justice Ismail Ijelu of the Lagos State High Court on a 10-count charge involving an alleged ₦915,265,472.60 fraud.
One of the counts against Iloanusi reads: “That you Benjamin Chinwuba Iloanusi while serving as the Director Procurement Department, Nigerian Railway Corporation, between 4th January, 2022 and 30th December, 2022 in Lagos within the jurisdiction of this Honorable Court, committed an offence, to wit; corruption by receiving the cumulative sum of N160,930,458.04 from contractors of the Nigerian Railway Corporation through your bank account domiciled in Polaris Bank Plc with account numbers: 1060170530 and 1767841197 respectively, on account of the contracts awarded to the contractors during the discharge of your official duties”.
The payments were allegedly connected to contracts awarded in the course of his official duties.
Ogbole was arraigned before Justice Mojisola Dada of the Special Offences Court, Ikeja, on a nine-count charge involving an alleged ₦395,190,600.00 fraud.
*Jerry Ogbole-Inalegwu*
One of the counts against Ogbole-Inalegwu reads: “That you Oche Jerry Ogbole-Inalegwu while serving as the Railway District Manager, Nigerian Railway Corporation and transacting under the name of Altech Engineering Services, between 12th February, 2019 and 29th October, 2019 in Lagos within the jurisdiction of this Honorable Court, committed an offence, to wit; corruption by receiving the sum of N11,397,500.00 from China Civil Engineering Construction Company (CCECC), a contractor of the Nigerian Railway Corporation through the bank account of Altech Engineering Services domiciled in Access Bank Plc with account number: 0018021498, on account of the contracts awarded to CCECC during the discharge of your official duties”.
It was alleged that while Ogbole-Inalegwu was serving as Railway District Manager and operating under Altech Engineering Services, allegedly received ₦11,397,500.00 from China Civil Engineering Construction Company (CCECC), an NRC contractor, through an Access Bank Plc account in relation to contracts awarded during his official duties.
The offences are said to contravene Sections 332(1) and 332(3), Section 73(1), and Section 82(c) of the Criminal Law of Lagos State, 2011.
All defendants pleaded “not guilty” to the charges.
Following their pleas, the prosecution counsel, Abba Muhammad, SAN, requested trial dates and urged the courts to remand the defendants in correctional facilities pending trial, noting that the prosecution intended to respond to certain paragraphs in the bail applications on points of law.
The defence counsel, Mordecai Adejo, informed the courts that bail applications had been filed and served, and urged that the defendants be allowed to continue enjoying the administrative bail earlier granted by the EFCC.
Justice Abike-Fadipe granted Felix Njoku temporary release on health grounds, ordering him to deposit his international passport with the court, and report to the EFCC Lagos Directorate 1 office every Monday and Friday.
The matter was adjourned to March 10, 2026 for hearing of the bail application and May 11, 12, 18, and 19, 2026, for the commencement of trial.
Justice Ismail Ijelu remanded Iloanusi in a Correctional centre and adjourned the case till March 3, 2026, for the hearing of his bail application and commencement of trial.
Justice Dada allowed Ogbole-Inalegwu to continue enjoying the administrative bail earlier granted by the EFCC and adjourned the case till April 23, 2026 for hearing.
The question, however, on stakeholders’ lips is how does the system, and or the current Managing Director, Dr.Kayode Opeifa ensure that other workers do not feast on the agency again.
