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Nigerian Commodity Exchange Deepens Trade With Benue Office

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Nigerian Commodity Exchange

By Adedapo Adesanya

The Nigerian Commodity Exchange (NCX) has begun operations in Benue State, occupying an office space at the Benue Investment and Property Company (BIPC) Limited to strengthen agro-commodities trading and value chains in the Food Basket of the Nation.

The BIPC and NCX, on November 7, 2025, signed a partnership agreement aimed at addressing post-harvest challenges and improving farmers’ access to markets. The MoU was the result of a three-day roundtable and inspection tour of BIPC-operated warehouses, agro-processing industries, and farms conducted by NCX officials and the Benue chapter of the All Farmers Association of Nigeria (AFAN).

Benue is one of Nigeria’s top three agriculturally productive regions, contributing significantly to the country’s supply of tomatoes, rice, maize, yams, soybeans, cassava, and fruits.

Speaking at the recent commissioning, BIPC’s managing director, Mr Raymond Asemakaha, said the initiative would play a pivotal role in regulating and overseeing trade commodities in Benue State as a key step towards boosting “the state economy, creating jobs and improving the lives of our people, while deepening agribusiness investments in line with the vision of Governor Hyacinth Iormem Alia.”

The BIPC boss commended the managing director of NCX, Mr Anthony Atuche, for successfully implementing the partnership between both organisations.

Mr Asemakaha noted that the NCX will introduce a warehouse receipt system in the state, where farmers will be able to store their produce in certified warehouses and receive receipts that serve as proof of ownership and access to credit for farmers and traders.

According to the BIPC GMD, the warehouse receipt system will reduce the risk of commodity price fluctuation.

It would “Improve transparency and accountability in commodity trading, enhance market efficiency and price discovery and installation of cleaning machines for the harvest products,” Mr Asemakaha stated.

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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SERAP Demands Accountability Over N302bn Rivers Funds Under Emergency Rule

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Ibok-Ete Ekwe Ibas

By Adedapo Adesanya

The Socio-Economic Rights and Accountability Project (SERAP) has demanded transparency and accountability regarding the six-month administration of the Rivers State sole administrator, Mr Ibok-Ete Ibas.

The group has asked questions regarding an alleged spending of over N302 billion received from the Federation Account Allocation Committee (FAAC) during the period. Rivers State was under an emergency rule from March to September 2025.

In a Sunday statement published on its official website, the group disclosed that the Rivers State Accountant-General and the Ministry of Budget and Economic Planning told the Rivers State High Court sitting in Port Harcourt how Mr Ibas allegedly spent over N302 billion received from the FAAC between March and August 2025.

The statement signed by SERAP deputy director, Mr Kolawole Oluwadare, disclosed that the allegation was contained in a lawsuit titled Freedom of Information, with suit number PHC/4153/CS/2025.

Mr Oludare further disclosed that the lawsuit was filed by SERAP on October 31, 2025, against the Accountant-General of Rivers State and Rivers State Ministry of Budget and Economic Planning, and is pending before Justice S.H. Aprioku of the Rivers State High Court.

In the counter-affidavit dated March 10, 2026 and filed in response to SERAP’s lawsuit, the Accountant-General and the Ministry of Budget and Economic Planning stated that “the FAAC allocations received by Rivers state between March and August 2025 were over N253 billion (N253,480,052,907.33)”

According to SERAP, Exhibit DT1, which is the bank statements, and Exhibit DT2, which is the capital pages of the Government House estimate, filed in support of the counter-affidavit and comprising 49 pages, provide some details of government expenditures exceeding N300 billion, including FAAC allocations and other funds.

The counter-affidavit, read in part, “Our records show that N28 billion was approved for the installation of Closed Circuit Television (CCTV) at the State House, but no expenditure was incurred in respect of the project. Therefore, no document evidencing such expenditure can be provided.”

“The Defendants/Respondents do not contest SERAP’s right to access information under the Freedom of Information Act and have no intention whatsoever of withholding the requested documents.”

“The Defendants/Respondents have now compiled and made available the requested information in accordance with the provisions of the Freedom of Information Act, and copies are herein attached as Exhibit DTI (bank statements) and Exhibit DT2 (capital pages of the Government House estimate).”

“By furnishing the documents requested, the Defendants/Respondents have substantially complied with SERAP’s demand.”

“While the Defendants/Respondents recognise the public interest in transparency and accountability, the delay in providing the requested information did not occasion any specific or proven injury to SERAP.”

According to the group, Rivers State received FAAC inflows of over N253.48 billion (N253,480,052,907.33) and other receipts totalling over N44.87 billion (N44,868,976,368.32) from March to August 2025, bringing the total funds received to approximately N298.35 billion (N298,349,029,275.65).”

“The two exhibits also show transfers to government entities, payments to individuals (NIP transfers), and repeated transfers to Government House during the period from March to August 2025. In total, over N302.35 billion was shown to have been spent during this period.”

“The exhibits reveal multiple payments to Government House ranging from N1.8 million to N4.27 billion, including transactions of N61.9 million, N122 million, N170 million, N389 million, N750 million, N850 million, and N900 million—with the N900 million payments occurring repeatedly. Notably, a single transfer of N4.27 billion was recorded in August.”

“Over N112.41 billion (N112,408,021,641.07) was reportedly spent on salaries, pensions, and overheads, while N163.44 billion (N163,441,654,922.70) was allocated to ministries, departments, and agencies (MDAs).”

“Over N106 billion of the N163.44 billion allocated to MDAs was disbursed in August alone, showing a significant concentration of spending within a single month.”

“Additionally, over N26.01 billion (N26,011,189,540.73) was reportedly spent to service loans, while over N491.59 million (N491,592,418.57) was spent on bank charges, bringing these to approximately N26.50 billion (N26,502,781,959.30) during the same period.”

“Over N2.5 billion was released for the construction of Government House quarters, but only about N1.1 billion is reflected in the exhibits as actual spending. The exhibits show a revised allocation of N2.67 billion for office building repairs, while about N404 million was spent.”

“N350 million is stated to be allocated for canteen and kitchen equipment. It is unclear from the exhibits how much was released for the project. Over N463 million was shown to be spent on rehabilitation projects. A project initially budgeted at N800 million appeared to be increased to N1.56 billion.”

“The closing balance in the account as at August 2025 was N19,929,707,462.66.”

In the lawsuit, SERAP is seeking the determination of the following question, “Whether, having regard to the combined provisions of Sections 13, 15(5), 16(2), and 39 of the Nigerian Constitution 1999 (as amended) and Sections 1(1), 2(3)(d)(v), 2(4), and 4(a) of the Freedom of Information Act, 2011, SERAP is not entitled to access and obtain the information sought from the Defendants/Respondents.”

The lawsuit has been adjourned to May 19, 2026, for further hearing.

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Dominion City 2026 Global Camp Meeting Begins April 1

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2026 Global Camp Meeting

By Modupe Gbadeyanka

The 2026 Global Camp Meeting of Dominion City, tagged Redigging the Wells of Our Fathers, will commence on Wednesday, April 1 and end on Monday, April 6, with the daily sessions at 8 am and 5 pm.

A statement from the church disclosed that the spiritual programme will take place simultaneously in Lagos and Enugu, with over 30,000 persons expected to attend, with free transportation provided from designated locations across Lagos to ease access.

To ensure safety and order, more than 200 traffic marshals will be deployed in collaboration with relevant authorities.

In addition, free medical services will be offered daily, building on previous outreaches that benefited over 1,700 people.

It was further revealed that the 2 Nights of Glory would take place on Friday, April 3, and Saturday, April 4, at the Golden Heart Place on Km 22, Lekki-Epe Expressway, beside Lagos Business School, Ajah, Lagos.

The conference will centre on revival, spiritual renewal, and practical teachings by notable ministers of God, including Pastor David Ogbueli, Pastor Charles Ndifon, Pastor Andres Bisonni, Pastor Randy Mitchell, Apostle Ikechukwu Peter Nnajiofor, Dr Ferdinand Nweke, Apostle Ben Hanyani Ndobe, Evangelist Dan Scott, and Dr Chiefo Ejiofobiri.

Music ministrations will also be led by notable gospel artists such as Grace Idowu, Rhema Onuoha, Once More Six, David Nkennor, Anthony Kani, and GUC.

Speaking ahead of the event, the President of Golden Heart Foundation and Senior Pastor, DC Lagos and Europe, Nobbert Onaga, emphasised the need for moral reawakening as a pathway to national transformation, describing the church as “the pillar and foundation of truth,” noting that the conference aims to confront moral decline and restore core values within society.

“We are going back to foundational truths that established the Church. These truths will help repair societal damage and reposition the Church as a source of hope and light,” Onaga added.

Also speaking, the Senior Pastor of Dominion City Headquarters, Shola Olapade, highlighted the church’s role in addressing ethical and cultural challenges, particularly among young people.

He noted that the programme would go beyond spiritual teachings to include sessions on artificial intelligence, innovation, business, media, arts, and career development, stating that, “We are equipping people not just spiritually, but with relevant 21st-century skills to thrive in today’s world.”

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Oceangate Engineering Oil to Appeal Assets Forfeiture Judgment

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Oceangate Engineering

By Modupe Gbadeyanka

Oceangate Engineering Oil and Gas Limited has concluded plans to challenge the Federal High Court judgment directing the forfeiture of its assets to the federal government.

The energy firm, in a statement on Thursday by its scribe, Ms Nnenna Onyeaso, denied any wrongdoing in the matter taken to court by the Economic and Financial Crimes Commission (EFCC).

Justice Emeka Nwite of the Federal High Court in Abuja ordered the final forfeiture of $13 million linked to a Lagos socialite, Ms Aisha Achimugu, and her company, Oceangate, after ruling that the EFCC established that the foreign currency was proceeds of fraud and unlawful activities.

The judge dismissed the claims that the $13 million was gifts received into the Oceangate Engineering Company by Ms Achimugu, adding that the woman never came to the court to show cause why the huge amount of money should not be forfeited to the government.

Reacting to the issue in the statement, Oceangate described the court’s decision as a civil asset forfeiture order based on suspicion rather than proof, stressing that the judgment did not establish any criminal liability against the organisation.

The organisation emphasised that it has already directed its legal team to file an appeal, expressing confidence in the judicial process and the outcome of a thorough review of the case.

“To be clear, this ruling is a civil asset forfeiture order with no finding of wrongdoing against Oceangate or its leadership.

“The court’s decision rested on a legal standard of suspicion, not proof, and it is one we intend to pursue fully through the appeals process,” Ms Onyeaso said in the statement.

The firm secretary also said that Oceangate has reiterated its belief in the rule of law, noting that the appellate system exists to address such outcomes, adding that the firm remained confident that the facts of the case will ultimately affirm its integrity and business practices.

She stressed that the company’s operations remained unaffected, stating that it continues to provide employment to many Nigerians while contributing to the country’s energy sector and broader economy.

“We have always believed in the ability of the judicial process, and that belief has not wavered,” she added, saying the organisation expressed appreciation to its employees, partners, and clients for their continued support amid the development, assuring stakeholders of its commitment to transparency and accountability.

“We remain committed to the continued growth of our business and the communities we serve as we are optimistic that justice will prevail at the end of the legal process,” Ms Onyeaso stated.

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