Economy
Alleged Paris Loan Diversion: SERAP Gives FG 7 Days to Sue States
By Dipo Olowookere
An interest group called the Socio-Economic Rights and Accountability Project (SERAP) has given the Federal Government seven days to initiate legal action against states that allegedly diverted and mismanaged the N388.304 billion London/Paris Club loan refunds.
In the open letter dated February 17, 2017 and signed by SERAP executive director, Mr Adetokunbo Mumuni, the group said it strongly believes that passing on information on the spending by states of N388.304 billion London Paris Club loan refunds to the Attorney General of the Federation and Minister of Justice Abubakar Malami (SAN) and bringing a case against the states that have allegedly diverted and mismanaged funds meant for payment of salaries and pension is rational, and would be a powerful tool to deter corruption in the states of the federation.
SERAP urged the Accountant-General of the Federation, Mr Ahmed Idris, to urgently pass on information to Mr Malami (SAN) so that he can take steps to initiate legal action against the states that allegedly diverted and mismanaged the funds.
“We request that you take this step within 7 days of the receipt and/or publication of this letter, failing which SERAP will institute legal proceedings to compel the discharge of duty in this matter,” the group said.
“Pursuing such action will also send a strong message that President Muhammadu Buhari would not tolerate corruption in the disbursement of funds by his government no matter who is involved.
“Such legal action will be deemed incidental to the power of the federal government to achieve effective implementation of anticorruption legislation such as the ICPC Act, which is applicable in all states of the federation, and will not amount to interference with activities within the states involved.
“The Accountant General of the Federation ought to be decisive in this matter and pass on the information on the release and spending of the funds, especially given the fact that the current economic problem and recession is largely attributable to widespread corruption and abuse of power, and that foreign countries generally regard and treat Nigerians as corrupt people.
“To do otherwise is to limit the scope of the anticorruption agenda of the federal government, and encourage impunity for alleged corruption and mismanagement within these states.
“SERAP is seriously concerned about allegations of corruption and mismanagement of funds by several states including under-declaration of refunds; diversion of some of the loan funds; curious payment of service charge to some consultants and tracing of some of the cash to personal accounts of some governors.
“Rather than spending the funds to pay all outstanding salaries of workers and provide targeted social assistance schemes for pensioners, several states have allegedly diverted and mismanaged the funds.
“SERAP is also concerned that allegations of corruption and mismanagement of in the spending of N388.304 billion London Paris Club loan refunds have undermined the human dignity of workers and pensioners facing difficult circumstances that deprive them of their capacity to fully realize their internationally recognized economic and social rights.
“The allegations of corruption in the spending of the London Paris Club loan refunds have also exacerbated poverty, social exclusion, and violated the government’s obligation to use its maximum available resources to fully realize the right of all persons especially workers and pensioners who are the most vulnerable sectors of the population.
“Allegations of corruption and mismanagement in the spending of N388.304 billion London Paris Club loan refunds by states are of utmost national concerns, as they affect the body politic of the country, and undermine constitutional authority of the federal government to fight corruption and abuse of power under enabling legislation.
“Legal action your office is also wholly consistent with the aim of the Constitution to wipe out corrupt practices, as entrenched in section 15(5) of the1999 Constitution (as amended) which provides that “the state shall abolish corrupt practices and abuse of power.
“Under section 10(2) of the Interpretation Act, the constitution and the Corrupt Practices and Other Related Offences Act, which confer power to do any act, “shall be construed as also conferring all such other powers as are reasonably necessary to enable that act to be done or are incidental to the doing of it.
“SERAP notes that President Muhammadu Buhari has promised that his government will take corruption and abuse of power regardless of who is involved, and underscored the fact that there can be no sustainable development where corruption is the norm.
“SERAP therefore asks you to release the information on the funds to Mr Malami so that he can take steps to pursue appropriate legal action against states that allegedly diverted and mismanaged the London Paris Club loan refunds with a view to seeking from the state publication of the following including on a dedicated website: a. Detailed information on the total amount of the London Paris Club loan refunds that have been spent by each state; b. Details on the total amount of the funds spent on outstanding workers’ salaries and pension as well as other projects as appropriate.
“According to SERAP’s information, the Federal Government released N388.304billion of the N522.74 billion to 35 states as refunds of over-deductions on London-Paris Club loans. The amounts received by the states are as follows: Akwa Ibom N14.5bn; Bayelsa N14.5bn; Delta N14.5bn; Kaduna N14.3bn; Katsina N14,5bn; Lagos N14.5bn; Rivers N14.5bn; Borno N13,654138,849.49; Imo 13bn; Jigawa 13.2bn; Niger N13.4bn; Bauchi N12.7bn and Benue N12.7bn.
“Other states Anambra N11.3bn; Cross River N11.3bn8; Edo N11.3bn; Kebbi N11bn; Kogi N11.2bn; Osun N11.7bn; Sokoto N11.9bn; Abia N10.6bn; Ogun N10.6bn; Plateau N10.4bn; Yobe N10bn; and Zamfara N10bn. Other states are: Adamawa N4.8bn; Ebonyi N3.3bn; Ekiti N8.8bn; Enugu N9.9bn; Gombe N8.3bn; Kwara N5.4bn; Nasarawa N8.4bn; Ondo N6.5bn; Oyo N7.2bn and Taraba N4.2bn,” the letter read in parts.
By Aduragbemi Omiyale
The Global Banking and Finance Review has named Stanbic IBTC Capital, a subsidiary of Stanbic IBTC Holdings, as the Best Investment Bank in Nigeria for 2026.
The leading financial publication picked Stanbic IBTC Capital for the honour in recognition of its commitment to leadership and excellence in Nigeria’s investment banking sector.
The selection process involves an extensive evaluation of performance across critical metrics, including innovation, client service, financial health, and industry advancement.
Stanbic IBTC Capital’s accolade reflects its strong dedication to delivering capital markets and financial advisory solutions for clients in both the public and private sectors.
The firm has made significant strides in facilitating groundbreaking transactions, offering market-leading expertise in equity, debt, and structured finance, while nurturing the growth ambitions of businesses and institutions across Nigeria.
“We are truly pleased to be acknowledged for our relentless pursuit of excellence in the investment banking arena.
“This honour reflects our commitment to hard work and further establishes the deep trust our clients have in our expertise and service.
“It further motivates us to maintain our dedication to exceptional service, cultivate impactful partnerships, and continue delivering innovative financial solutions that meet our clients’ aspirations,” the chief executive of Stanbic IBTC Capital, Mr Oladele Sotubo, stated.
The Executive Director of Corporate and Transaction Banking at Stanbic IBTC Bank, Mr Eric Fajemisin, on his part, said, “Receiving this esteemed acknowledgement from the Global Banking and Finance Review Awards underscores our commitment to driving innovation and excellence within Nigeria’s investment banking landscape.
“This accolade highlights the significant role our skilled team plays in fostering economic growth and stability.
“We are dedicated to delivering exceptional value to our clients, which not only supports their financial success but also contributes to the broader development of the nation’s financial ecosystem.”
The Global Banking and Finance Review annually celebrates institutions that demonstrate quality, innovation, and contributions to the advancement of banking and financial services worldwide.
Now in its 16th edition, the awards honour organisations that uphold outstanding service standards, strategic execution, and industry leadership.
By Aduragbemi Omiyale
The Governor of Rivers State, Mr Siminalayi Fubara, has presented the 2026 Appropriation Bill to the Rivers State House of Assembly.
The 2026 budget estimate of N1.85 trillion, christened Budget of Resilience for Growth and Development, was presented to the state parliament on Friday.
Mr Fubara stated that the proposed spending for the 2026 fiscal year represents a 24.49 per cent increase over the adjusted 2025 budget, driven by anticipated growth in Federation Account Allocation Committee (FAAC) allocations, derivation revenue and internally generated revenue.
He informed the lawmakers that the state hopes to earn N487.61 billion from internally generated revenue, N936.05 billion from FAAC allocations, derivation funds, Value Added Tax (VAT) and exchange gains, and N382.48 billion from capital receipts, including loans, grants and asset sales.
According to him, N413.11 billion is for recurrent expenditure and N1.405 trillion for capital projects, underscoring his administration’s commitment to accelerating development across the state.
He added that personnel costs would gulp N154.77 billion, while N15.22 billion would fund new recruitments, stating that the budget also provides for pensions, gratuities, death benefits and debt servicing.
Governor Fubara further proposed a 50 per cent increase in overhead expenditure for Ministries, Departments and Agencies (MDAs) to strengthen their operational capacity immediately after the budget is signed into law.
He also stated that the largest allocation under the capital budget is the Works and Infrastructure sector with N533.32 billion, followed by Education with N315 billion and Healthcare with N105.43 billion.
In addition, N41.44 billion is for the Rivers State House of Assembly, N30 billion for the Judiciary, N19.26 billion for Agriculture, N15 billion for Power, N8.5 billion for Chieftaincy and Community Development, N7.98 billion for Sports, N7 billion for Youth Development, N6.5 billion for Women Affairs, and N6.61 billion for Environment and Sustainable Development.
The Governor noted that the budget was designed to sustain economic growth, expand critical infrastructure and improve the welfare of residents, pointing out that it builds on the achievements of his administration despite the challenges experienced by the state.
According to him, the budget prioritises the completion of ongoing road projects, new infrastructure investments, improved education and healthcare services, job creation and expanded economic opportunities for residents.
Describing the proposal as a people-centred budget, he assured Rivers people that every public fund would be judiciously utilised to deliver quality services, attract investment and stimulate inclusive development.
Mr Fubara acknowledged the delayed presentation of the budget and appealed to members of the House of Assembly to give the appropriation bill speedy consideration and passage to facilitate timely implementation.
In his remarks, the Speaker of the Rivers State House of Assembly, Mr Martin Amaewhule, acknowledged that the 2026 Appropriation Bill was presented later than expected but assured the Governor that the legislature would expedite its consideration in the interest of the people of Rivers State.
By Adedapo Adesanya
The Securities and Exchange Commission (SEC) has unveiled plans to make sustainability reporting mandatory for large public interest entities from 2027.
This comes as Nigeria moves to align its corporate disclosure framework with global environmental, social and governance (ESG) reporting standards.
The phased implementation will begin with voluntary adoption by early adopters and large public interest entities before becoming mandatory in 2027. The requirement will extend to other public interest entities in 2028 and small and medium-scale enterprises (SMEs) by 2030.
The Director-General of the SEC, Mr Emomotimi Agama, disclosed this at the 2026 Financial Institutions Training Centre (FITC) Sustainability and ESG Conference 3.0, themed ‘Building a Sustainable Africa: Integrating Environmental Stewardship, Social Investment, and Strong Governance for a Prosperous Future’ in Lagos.
Mr Agama said Nigeria’s sustainability disclosure regime is being aligned with the International Sustainability Standards Board (ISSB) framework, including IFRS S1 and IFRS S2, which have emerged as the global benchmark for sustainability reporting.
He said that institutional investors increasingly consider ESG performance a key determinant of capital allocation rather than a peripheral corporate responsibility issue, noting that the price of entry is disclosure.
He said the reforms would strengthen investor confidence and position Nigerian businesses to access global capital markets, where sustainability disclosures are becoming an essential investment requirement.
According to him, Nigeria’s capital market has recorded significant expansion, with market capitalisation growing from about N130 trillion to nearly N160 trillion following recent market reforms, while assets under management have surpassed N9 trillion.
To deepen sustainable finance, Agama said the commission was promoting infrastructure, green and municipal bonds, alongside infrastructure-focused investment funds, to mobilise long-term capital for critical national projects.
He added that the commission would also encourage investments in the blue economy and support financing for the power sector through green energy bonds, project bonds and public-private investment structures.
The SEC chief cited the recent launch of the Nigerian Exchange (NGX) Impact Board as another milestone in advancing sustainable finance and urged companies, regulators and investors to move beyond commitments by embedding sustainability into governance, operations and investment decisions.
