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Governor Refunds $2.5m Paris Club Loot to EFCC

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By Dipo Olowookere

The state Governor in Nigeria, who was accused of stealing from the London-Paris Club loot and building a hotel with $3 million has agreed to return $2.5 million, The Nation reports.

It was reported that the Governor recently sneaked into Aso Rock Presidential Villa in search of soft-landing, speaking with some top government officials on how to escape justice.

According to the Nation, the embattled Governor had in the last 48 hours been roaming the corridors of the Presidential Villa in desperate search for help.

He was said to have offered to refund the balance of $2.5 million quietly to the Economic and Financial Crimes Commission (EFCC) without being further investigated, given that one of the proxies used to launder the funds had already surrendered $500,000 to the anti-graft agency.

It was learnt that the Governor, who disguised to enter the Villa, avoided the prying eyes of journalists at the seat of power.

A government source said, “The Governor was looking visibly disturbed, but it was obvious he was seeking help. The manner he managed his shuttle to the Villa suggested that he had something up his sleeves.

“I think he is ready to refund $2.5 million since one of his proxies has paid back about $500,000.

“The governor had audience with some government officials.

“We learnt he made a commitment to pay back quietly to avoid any political backlash.

“He also does not want to be exposed or his proxies subjected to trial.

“The truth is that this government will not give waiver to anybody or group in its anti-corruption campaign.”

Already, the EFCC has recovered about N1.420 billion from some firms and a consultant who benefited from the N19 billion illegally deducted by the Nigeria Governors Forum (NGF) from the loan refund.

Out of the sum, about N1.2 billion was frozen in the account of a consultant alone.

A top source, who spoke in confidence, said the EFCC was already on the trail of all those who benefitted from the N19 billion cash.

The source said, “Apart from the N8 billion left in the NGF’s Naira account, our detectives have recovered about N1.420 billion from some companies and consultants who were used to launder some of the London-Paris Club refunds.

“While a company refunded N200 million, the other paid back undeserving N20 million. We froze about N1.2 billion in a consultant’s account.

“The cash refunds have clearly shown that some of the London-Paris Club funds were siphoned for private use.

“This is why the EFCC is determined to ensure a comprehensive investigation of the scandal.”

Responding to a question, the source added, “The ultimate objective of this commission is to recover the diverted funds and ensure judicious use of the loan refunds by states.

“The law will, however, be applied to those used for the illegal funds. This is not a war against the NGF or any particular Governor.”

The presidency had so far released N1.266 trillion to the 36 states in the past one year, including N713.70 billion special intervention funds to states.

Following protests by states against over-deductions for external debt service between 1995 and 2002, President Muhammadu Buhari had approved the release of N522.74 billion (first tranche) to states as refunds, pending reconciliation of records.

Each state was entitled to a cap of N14.5 billion, being 25 percent of the amounts claimed.

The Minister of Finance, Mrs Kemi Adeosun, said the payment of the claims will enable states to offset outstanding salaries and pension which had been “causing considerable hardship.”

The Governors had sought for the loan refunds to states and local governments at a meeting with President Muhammadu Buhari on May 24, 2016.

Source: The Nation

Dipo Olowookere is a journalist based in Nigeria that has passion for reporting business news stories. At his leisure time, he watches football and supports 3SC of Ibadan. Mr Olowookere can be reached via [email protected]

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ANLCA Airport Chapter Scores Salamatu High on Stakeholder Engagement, Trade Facilitation

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ANLCA Airport Chapter

By Bon Peters

The Airport Chapter of the Association of Nigerian Licensed Customs Agents (ANLCA) at Omagwa Rivers State has praised the Customs Area Controller for Customs Area 1 Command, Comptroller Salamatu Atuluku.

At the end-of-the-year party attended by stakeholders, including the leader of the association’s chapter, Mr Charles Onyema, said the customs officer has done well in stakeholder engagement and trade facilitation.

At the event held last Friday, he said his association has been enjoying a very cordial relationship with other organisation in the ecosystem.

“You can see what is happening today, everybody is working together and our operations here are seamless,” he noted.

He stated that apart from creating a very robust business environment for his members and other stakeholders to operate, he has taken a decision to build and commission a befitting ANLCA Secretariat which would be completed soon and be commissioned by the ANLCA national president, Mr Emenike Nwokeoji.

The ANLCA chapter chief said since “Comptroller Salamatu Atuluku assumed office at Customs Area 1, Port Harcourt Command, it has been a different ball game, facilitating  trade and increasing Revenue generation.”

“I remember I told her she was a mother during her maiden visit to the airport.

“You know when you have a woman in charge of an affair, food will not lack, compassion will not lack and motherly love will not lack.

“She is very wonderful in stakeholder engagement, revenue generation and trade facilitation,” Mr Onyema enthused.

Projecting into the future, Mr. Onyema said the year 2026 would be better for his members, adding that he has advised them on financial discipline which he said would help them during the trying period.

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FG Declares Holidays for Christmas, New Year Celebrations

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as public holidays

By Adedapo Adesanya

The federal government has declared Thursday, December 25, and Friday, December 26, 2025, as public holidays to mark Christmas and Boxing Day respectively.

The government also declared Thursday, January 1, 2026, for the New Year celebration.

The declaration was contained in a statement issued on Monday by the Permanent Secretary of the Ministry of Interior, Mrs Magdalene Ajani, on behalf of the Minister of Interior, Mr Olubunmi Tunji-Ojo.

According to the statement, the Minister urged Nigerians to reflect on the values of love, peace, humility and sacrifice associated with the birth of Jesus Christ.

Mr Tunji-Ojo also called on citizens, irrespective of faith or ethnicity, to use the festive season to pray for peace, improved security and national progress.

He further advised Nigerians to remain law-abiding and security-conscious during the celebrations, while wishing them a Merry Christmas and a prosperous New Year.

Business Post reports that on these public holidays – the foreign exchange market, the Nigerian Exchange (NGX), as well as the NASD Over-the-Counter (OTC) Securities Exchange will not open to trade.

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Dangote Refinery Warns Against Artificial Petrol Scarcity

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petrol scarcity

By Modupe Gbadeyanka

Local crude oil refiner, Dangote Petroleum Refinery, has kicked against attempts to put consumers of premium motor spirit (PMS), otherwise known as petrol, under untold hardship in the country.

The company, which commenced nationwide sales of the product at a pump price of N739 per litre across all MRS Oil Nigeria Plc filling stations, appealed to Nigerians to report any of its marketers who sell above this price.

“Any attempt to create artificial scarcity or manipulate supply to frustrate recent price reductions is unpatriotic and unacceptable.

“We urge regulatory authorities to remain vigilant and take firm action against such practices, especially during this critical festive period,” the Lagos-based refinery said in a statement.

It noted that the significant price reduction was part of its mission to deliver affordable fuel to consumers and stabilize the downstream petroleum market.

With over 2,000 MRS stations nationwide, the new pricing is expected to be implemented across all outlets, ensuring that the benefits of this reduction reach consumers nationwide.

Dangote Refinery applauded marketers who have embraced the new pricing regime and urged others to follow suit in the interest of national economic recovery.

“We commend MRS and other marketers who have demonstrated patriotism by reflecting the reduced price at the pump. We call on others to join this effort as a show of support for Nigeria’s economic recovery,” the refinery stated.

Historically, the festive season has been associated with fuel scarcity and sharp price hikes. However, Dangote Refinery has delivered a decisive market intervention—crashing pump prices at a time when Nigerians typically brace for hardship. Backed by a guaranteed daily supply of 50 million litres, this initiative fundamentally alters the supply dynamics during the holiday period.

By refining locally at scale, the refinery is reducing Nigeria’s exposure to volatile global markets, conserving foreign exchange, stabilizing the Naira, and strengthening energy security. This sustained price cut and steady supply are providing relief to households, businesses, and transport operators nationwide.

Consumers were advised to resist purchasing fuel at inflated prices when cheaper, high-quality alternatives are readily available.

“We encourage Nigerians to avoid buying PMS at excessively high prices when they can access locally refined fuel at N739 per litre from over 2,000 MRS stations nationwide. Report any MRS station selling above N739 per litre by calling 0800 123 5264,” the refinery said.

“We also call on other petrol station operators to patronize our products so that the benefits of this price reduction can be passed on to Nigerians across all outlets, ensuring broad-based relief and a more stable downstream market,” it added, reaffirming its commitment to steady supply, price moderation, and energy security, emphasizing that its operations are anchored on long-term national interest rather than short-term market pressures.

“Our objective remains clear: to ensure consistent supply of high-quality petroleum products at affordable prices for Nigerians, while supporting economic stability and reducing dependence on imports,” the refinery concluded.

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