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SERAP Wants INEC to Publish Financial Details of Political Parties

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By Adedapo Adesanya

In its latest move, the Socio-Economic Rights and Accountability Project (SERAP) has urged the Independent National Electoral Commission (INEC) to publish the reports on the accounts and balance sheets of every political party submitted to the National Assembly since 2015.

The group called on Mr Mahmood Yakubu, the Chairman of the body, to make available the request in a letter dated May 21, 2022, signed by SERAP deputy director, Mr Kolawole Oluwadare.

SERAP urged him to “urgently examine the books and records of financial transactions of political parties, and to make public the outcome of any such examination.”

It also urged him to “provide details of the guidelines, and steps that INEC is taking to prevent vote-buying in the forthcoming elections in Ekiti and Osun states and 2023 general elections, and to prosecute vote buyers and other electoral offenders.”

Recently, the All Progressives Congress (APC) collected N100 million for its presidential form while the opposition Peoples Democratic Party (PDP) collected N40 million for the same purpose for the 2023 elections.

The organisation also alleged that some leading political parties and politicians also spend between N250 to N14,000 to buy votes.

The organisation said: “Nigerians have the right to know about the accounts and financial transactions of their political parties, especially the major parties with a strong possibility to assume government in the future.”

According to SERAP, “transparency and accountability of political parties is important to achieve greater transparency in public life, curb the influence of money in politics, promote a level playing field, and remove the risks to the independence of political actors and would-be public office holders.”

SERAP also said, “It is both immoral and illegal to pay citizens to vote for a particular political party or candidate. Unpunished cases of vote buying and related electoral offences would continue to undermine good governance, the rule of law, moral values, as well as hinder citizens’ participation in elections.”

The letter, read in part: “When a political candidate decides to buy the support of the people rather than contest fairly for their votes, there are possibilities that such candidate will show a disregard for democratic rules and a disposition to adopt illegal means becomes inevitable.

“Vote buying and related electoral offences encourage poor governance and weaken citizens’ capacity to hold their elected officials accountable for their actions.

“SERAP urges you to urgently take measures and to collaborate with appropriate anti-corruption agencies to ensure the effective prosecution of any outstanding cases of vote buying and related electoral offences allegedly committed in the context of the 2019 general elections.

“We would be grateful if the recommended measures are taken within 14 days of the receipt and/or publication of this letter. If we have not heard from you by then, SERAP shall consider appropriate legal actions to compel INEC to comply with our request in the public interest.

“The lack of transparency and accountability in political finance is seriously undermining the legitimacy and credibility of the democratic and electoral processes, and invariably contributing to denying the citizens the right to effective participation in their own government.

“The failure of political parties to comply with transparency and accountability frameworks would undermine citizens’ trust in their political parties and lack of trust will inevitably destroy confidence in the system and decrease citizens’ interest and participation in the democratic process.

“Elections are only one part of the democratic process, and a fair and effective electoral system must be founded in an adequate democratic infrastructure and responsibility of political leaders.

“According to our information, several political parties have for many years failed to submit their annual financial statements to INEC. Many political parties have failed to submit election expenses reports, and to disclose material contributions received from individuals and corporate bodies to the Commission.

“The Commission has also been apparently unable or unwilling to monitor, examine and publish these financial statements.”

“Also, some leading political parties, politicians and other political actors reportedly paid between N250 to N14,000 to buy votes. For many years, allegations of vote buying (the payment of cash or gifts in exchange for voting) and related electoral offences have characterised elections and party primaries in the country.

“SERAP is concerned that despite several provisions of the Electoral Act (as amended), anti-corruption laws, and the country’s international anti-corruption obligations, suspected perpetrators of vote buying and related electoral offences frequently escape justice for their crimes.

“However, INEC has consistently failed to exercise its powers and to provide the leadership that would promote collaboration with appropriate anti-corruption agencies to facilitate and ensure thorough, transparent and effective investigation of cases, and the arrest and prosecution of suspected perpetrators.

“Section 86(1) of the Electoral Act 2022 requires every political party to submit to INEC a detailed annual statement of assets and liabilities and analysis of its sources of funds and other assets and statement of its expenditure. Failure to comply is an offence under Section 86(2), which is punishable by imprisonment for a term of six months or a fine of N1,000,000 or both.

“Under Section 86(3)(4) INEC has the power to examine the records and audited accounts kept by any political party, and to publish the report on such examinations and audit in two national newspapers and Commission’s website within 30 days of receipt of the results.

“Section 226 (1) of the Electoral Act 2022 also requires INEC to prepare and submit a report every year to the National Assembly on the accounts and balance sheet of every political party. Under Section 225(5), INEC has the power to give directions to political parties regarding their books or records of financial transactions.

“The Nigerian Constitution and international standards guarantee and protect the right of all qualified citizens to vote, in state as well as in general elections.

“The right to vote freely for the political party and candidate of one’s choice is of the essence of a democratic society, and any restrictions on that right strike at the heart of representative government.

“The effective exercise of the right of qualified Nigerians to have a voice in the election of those who make and enforce the laws under which, as good citizens, they live can contribute to the enjoyment of other human rights, including to corruption-free public services, freedom of expression and digital and data rights.

“Public confidence in voting systems serves as an indispensable feature of a full and healthy democracy.

“Persistent failure to arrest and prosecute suspected perpetrators of vote buying and related electoral offences may ultimately undermine public confidence, the integrity of the country’s elections, and lead to widespread disaffection with the electoral process.”

Adedapo Adesanya is a journalist, polymath, and connoisseur of everything art. When he is not writing, he has his nose buried in one of the many books or articles he has bookmarked or simply listening to good music with a bottle of beer or wine. He supports the greatest club in the world, Manchester United F.C.

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EFCC Launches Manhunt for Eight CBEX Promoters

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Four CBEX Promoters wanted

By Dipo Olowookere

Eight persons, comprising four Nigerians and four foreigners, believed to have promoted the failed Ponzi scheme, Crypto Bridge Exchange (CBEX), in Nigeria have been declared wanted by the Nigeria Police Force (NPF).

Recall that a few weeks ago, several investors lost their hard-earned funds in the investment scheme, which the Securities and Exchange Commission (SEC) said it did not authorise.

The platform crashed and went away with investors’ money after it made it impossible for them to withdraw their funds. It later asked them to pay an activation fee of $100 and $200, depending on what was in their wallets.

The crashing of CBEX triggered attacks on its offices, especially in Ibadan, Oyo State, by aggrieved investors, whose funds’ were trapped in CBEX.

Already, the EFCC has swung into action, arraigning the promoters of the investment scheme in court, though four of them are at large.

In a notice on Friday night, the agency said it was looking for the fugitive, asking members of the public with information about their whereabouts to come forward to aid their arrest.

The anti-money laundering organisation listed the wanted persons as Seyi Oloyede, Emmanuel Uko, Adefowowa Oluwanisola, and Adefowora Abiodun Olaonipekun, and listed Johnson Okiroh Otieno, Israel Mbaluka, Joseph Michiro Kabera, and Serah Michiro as the foreign accomplices.

“The public is hereby notified that the persons whose photographs appear above are suspected foreign accomplices wanted by the Economic and Financial Crimes Commission (EFCC) for fraud allegedly perpetrated on an online trading platform called Crypto Bridge Exchange (CBEX)

“Anybody with useful information as to their whereabouts should please contact the Commission in its Ibadan, Uyo, Sokoto, Maiduguri, Benin, Makurdi, Kaduna, llorin, Enugu, Kano, Lagos, Gombe, Port Harcourt or Abuja offices or through 08093322644; its e-mail address: info@efcc.gov.ng or the nearest Police Station and other security agencies,” the notice signed by its spokesman, Mr Dele Oyewale, stated.

CBEX promoters

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Nigeria Moves to Revive Textile Sector With Development Board

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By Adedapo Adesanya

Nigeria’s National Economic Council (NEC) has approved the establishment of Cotton, Textile and Garment Development Board as part of efforts to drive non-oil revenues.

This was disclosed by the Governor of Imo State, Mr Hope Uzodinma, while briefing State House Correspondents at the end of the 149th NEC meeting chaired by the Vice-President, Mr Kashim Shettima, on Thursday at Presidential Villa, Abuja.

He explained that in order to make the board function effectively, the council approved a proposal for Public-Private Partnership (PPP).

Mr Uzodinma stated that the chairman of the board would be selected from the private sector, adding that the body would be funded from import levies on textiles.

“The National Economic Council, among others things, received a representation from the members and leadership of Cotton, Textile and Garment Development Forum.

“These are private sector operatives who are into the cotton business, garment and textiles and the presentation highlighted their proposal on how to revitalise the cotton industry in Nigeria.

“The council endorsed the presentation and approved the establishment of a National and regional Offices for the board in each of the six geopolitical zones for proper coordination,” said Mr Uzodinma.

On his part, Governor Douye Diri of Bayelsa said the council also received proposal from the Minister of Livestock Development on acceleration strategy for the livestock industry.

He said the presentation was on on a plan to transformation the livestock industry between 2025 and 2030, stating that the strategy was built on the national livestock growth acceleration plan, which is expected to transform the sector to create jobs, export products and serve as an engine room for internally generated revenue.

“The projection is that the strategy will generate between $74 billion down and $90 billion in that sector by the year 2035.

“It will be a direct partnership with the state governors, the private sector and foreign investors under a very sound federal regulatory umbrella,” said Mr Diri.

He added that the investment would be prioritised into five key pillars between 2025 and 2026, saying the pillars are: animal health and zones control, feed and further development, water resources management, statistics and information and livestock value chain development.

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NIMASA to Disburse $700m Cabotage Fund Within Four Months

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By Adedapo Adesanya

The Nigerian Maritime Administration and Safety Agency (NIMASA) has announced plans to commence the disbursement of the $700 million Cabotage Vessel Financing Fund (CVFF) within the next four months.

Last week, the Minister of Marine and Blue Economy, Mr Adegboyega Oyetola, instructed the maritime regulator to initiate the long-awaited disbursement process for the fund.

This directive marked a significant shift from over two decades of administrative stagnation and ushers in a new era of strategic repositioning of Nigeria’s indigenous shipping.

Speaking on Wednesday, NIMASA’s Director General, Mr Dayo Mobereola, providing a timeline for the disbursement said this will happen within the next four months, which by calculation, is August 2025.

He made the announcement during an oversight visit by the House of Representatives Committee on Maritime Safety, Education, and Administration in Abuja, according to the News Agency of Nigeria (NAN).

“We are acting in accordance with the directive of the Minister to ensure indigenous shipowners finally have access to this critical funding. The guidelines have been streamlined based on the Minister’s approval, so beneficiaries can access the funds within three to four months,” he said.

“To effectively manage the $700 million intervention fund, the number of Primary Lending Institutions (PLIs) has been expanded from five to twelve.”

The CVFF, established under the Coastal and Inland Shipping (Cabotage) Act of 2003, was designed to empower Nigerian shipping companies through access to structured financing for vessel acquisition. However, successive administrations failed to operationalize the fund—until now.

According to Minister Oyetola, the disbursement of the CVFF will represent not just the release of funds, but a profound commitment to empowering Nigerian maritime operators, bolstering national competitiveness, and fostering sustainable economic development.

“This is not just about disbursing funds. It’s about rewriting a chapter in our maritime history. For over 20 years, the CVFF remained a dormant promise. Today, we are bringing it to life—deliberately, transparently, and strategically,” he stated.

NIMASA, in alignment with the Minister’s directive, has already issued a Marine Notice inviting eligible Nigerian shipping companies to apply.

Qualified applicants can access up to $25 million each at competitive interest rates to acquire vessels that meet international safety and performance standards.

The fund will be administered in partnership with carefully selected and approved Primary Lending Institutions (PLIs), ensuring professional and efficient disbursement.

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