Economy
National Assembly Blackmailing Minister of Finance to Siphon Funds—Report
By Dipo Olowookere
A report by Premium Times has disclosed that the leadership of the National Assembly is using a ‘secret’ it has about the Minister of Finance, Mrs Kemi Adeosun, to get her approve funds for the second arm of government.
According to the report, some Senators provided insights into why Mrs Adeosun has remained exceptionally generous in funnelling billions of Naira to parliament, sometimes even against the wishes of her bosses at the presidency.
The newspaper had in a series of reports revealed how the Minister repeatedly enriched lawmakers, including by funding unapproved projects and making unappropriated cash payments to the legislative arm of government.
In April, it reported details of the controversial release of N10 billion to the National Assembly by Mrs Adeosun.
The lawmaking arm then wasted the money on exotic cars and dubious contracts. Some of the companies to which the contracts were awarded were not even registered with the Corporate Affairs Commission (CAC) and the Bureau of Public Procurement (BPP).
In June, Premium Times reported how the Minister spent about N12 billion to finance projects the presidency wanted removed from the 2017 budget.
The Minister’s action generated uproar nationwide, especially among civil society activists who wondered the motive of such curious financial relationship with federal lawmakers reputed for being self-centred, greedy and corrupt.
Two months of asking questions is beginning to provide some insights into the real reason the Minister has maintained such cosy relationship with the lawmakers.
At least five senators who spoke to the newspaper said the abnormal actions of the Minister were activated by the top echelon of the legislature.
“We have never had a Finance Minister so generous to the National Assembly,” one senator said. “But it is not for nothing. The truth is we were able to dig up something unsavoury about her and our leaders are holding her by the jugular
One ranking Senator simply said, “The Minister is being gagged by our people”.
He however said he was not sure what his colleagues were using to “gag” the Minister.
Yet another Senator said, “What I am aware of is some of our people said they have an ammunition they can use to silence her. That has given way for the leadership (of the National Assembly) to intimidate her, knowing that they could get her out of her job if she doesn’t cooperate.”
Another ranking Senator, who also asked not to be named, said Mrs Adeosun was indeed being blackmailed by lawmakers.
“Not everything is out in the public because every single one of us are beneficiaries of this situation,” he said. “But I can tell you the woman is being harassed and blackmailed into doing many things she would ordinarily not so. She is helpless in the hands of our people.”
The Minister is said to be afraid of being exposed or investigated by the legislative body, which may lead to her losing her position.
Premium Times learnt that the real “ammunition” is known only by a few high profile leaders of the National Assembly who have turned it into what an official called “a secret tool for extortion.”
But when contacted, Senate President, Mr Bukola Saraki, said the Finance Minister was not being blackmailed in any way.
“There is nothing like that and I am very sure of that,” Mr Yusuph Olaniyonu, spokesman to Mr Saraki, informed Premium Times. “If there is anything like that, I would know. Oga (boss) will hint or she will tell me. There is absolutely nothing like that. It is not true.”
Mr Olaniyonu described Mrs Adeosun as the “most cooperating minister” who answers lawmakers’ summons at all times. But he insisted that her conduct was not because of fear of any blackmail.
Spokesperson to Mrs Adeosun, Mr Oluyinka Akintunde, also denied his boss was being blackmailed by lawmakers.
“I wish to state that there is no such thing,” Mr Akintunde said. “The Honourable Minister has always operated within the ambit of the law in the discharge of her responsibilities.”
However, the newspaper said it was working hard to uncover what the real “ammunition” being used against the Minister is, promising to provide updates as information becomes available.
By Adedapo Adesanya
The Federal Ministry of Finance has directed the National Insurance Commission (NAICOM) to suspend enforcement of disputed recapitalisation fees and a directive requiring NICON Insurance Limited and the Nigeria Reinsurance Corporation to transfer their entire fresh capital into an escrow account with the Central Bank of Nigeria (CBN).
The ministry also demanded a detailed response and legal justification from NAICOM over assessments of N305 million against NICON and N375 million against Nigeria Re as part of the ongoing insurance industry recapitalisation exercise.
The directive was contained in a letter dated August 6, 2026, signed by the Permanent Secretary, Finance, Mr Raymond Omachi, on behalf of the Minister of Finance and Coordinating Minister of the Economy, Mr Taiwo Oyedele.
The letter followed a July 27 petition by NICON and Nigeria Re over the implementation of the Nigerian Insurance Industry Reform Act, 2025. The companies challenged NAICOM’s demand for a one per cent capital injection fee, alongside processing and verification charges under the commission’s Minimum Capital Requirement Guidelines.
They also disputed a directive requiring existing insurance companies to transfer their entire recapitalisation funds into a CBN escrow account, arguing that Section 16(3) of NIIRA 2025 provides for a statutory deposit of only 10 per cent.
According to the Finance Ministry, NICON and Nigeria Re had injected N20 billion and N30 billion respectively into Mudaraba Term Deposit accounts with Lotus Bank, exceeding their adjusted capital requirements of N16 billion and N28 billion.
The companies also deposited N2.5 billion and N3.5 billion respectively with the CBN as statutory deposits and paid initial fees of N80 million and N75 million.
The ministry said the companies therefore considered themselves compliant with the July 31, 2026 recapitalisation deadline.
“Pending the determination of the petition, the Commission should suspend the enforcement of the contested processing fees, 1 per cent capital injection fee demands, and full-capital escrow transfer directives against NICON Insurance Limited and Nigeria Reinsurance Corporation,” the letter stated.
The ministry consequently asked NAICOM to explain the basis and legal justification for the disputed charges and escrow requirement.
The intervention comes amid the Federal Government’s efforts to strengthen the capital base of insurance companies and reinsurers, improve their capacity to underwrite larger risks and enhance the sector’s contribution to economic development.
The dispute, however, has raised questions over the extent of NAICOM’s authority to impose additional fees and require existing insurers to place their entire recapitalisation funds in escrow.
The Finance Ministry’s letter did not disclose whether NAICOM had responded to the issues raised. It also referenced an alleged N500 million demand and an additional N180 million capitalisation charge in its subject, although the substantive section specifically put the disputed assessments at N305 million for NICON and N375 million for Nigeria Re.
For now, enforcement of the contested fees and full-capital escrow directive against the two state-owned insurers has been suspended pending NAICOM’s response and legal clarification.
By Adedapo Adesanya
Four price decliners overpowered the two price gainers recorded at the NASD Over-the-Counter (OTC) Securities Exchange on Monday, August 10, weakening it by 0.32 per cent at the close of transactions.
The advancers were led by Food Concepts Plc, which chalked up 25 Kobo to sell at N2.75 per unit versus the previous price of N2.50 per unit, and Mass Telecoms Innovation Plc appreciated by 3 Kobo to 35 Kobo per share from 32 Kobo per share.
However, 11 Plc lost N24.75 to close at N222.75 per unit versus N247.50 per unit, FrieslandCampina Wamco Nigeria Plc declined by N3.09 to N145.00 per share from N148.09 per share, Industrial and General Insurance (IGI) Plc went down by 5 Kobo to 50 Kobo per unit from 55 Kobo per unit, and Geo-Fluids Plc slid by 1 Kobo to N2.27 per share from N2.28 per share.
As a result, the market capitalisation contracted by N8.94 billion to N2.798 trillion from the previous session’s N2.807 trillion, and the NASD Security Index (NSI) retreated by 14.9 points to 4,663.18 points from 4,678.08 points.
The trading data showed that the volume of securities exchanged by investors rose by 108.9 per cent to 1.1 million units from 535,7560 units, and the value of securities jumped by 69.5 per cent to N10.2 million from N6.0 million, while the number of deals executed receded by 2.8 per cent to 35 deals from 36 deals.
Great Nigeria Insurance (GNI) Plc closed the trading session as the most traded stock by value on a year-to-date basis, with 3.4 billion units exchanged for N8.4 billion, followed by Infrastructure Credit Guarantee (Infracredit) Plc with 2.3 billion units valued at N6.5 billion, and Central Securities Clearing System (CSCS) Plc with 77.0 million units transacted for N5.5 billion.
GNI Plc also ended the day as the most traded stock by volume on a year-to-date basis, with 3.4 billion units worth N8.4 billion, followed by Infracredit Plc with 2.3 billion units sold for N6.5 billion, and Resourcery Plc with 1.1 billion units traded for N415.7 million.
By Adedapo Adesanya
The Naira opened the week on a positive note, appreciating against the US Dollar by N5.55 or 0.41 per cent in the Nigerian Autonomous Foreign Exchange Market (NAFEM) on Monday, August 10, to N1,360.14/$1 from N1,365.69/$1.
The domestic currency also improved its exchange rate against the Pound Sterling in the official market during the session by 67 Kobo to sell at N1,838.50/£1 compared with the preceding session’s N1,839.17/£1, and gained N4.64 against the Euro to quote at N1,571.09/€1, in contrast to last Friday’s N1,575.73/€1.
However, the Naira maintained stability against the Dollar in the black market and the GTBank forex counter on Monday at N1,400/$1 and N1,371/$1, respectively.
Data from the Central Bank of Nigeria (CBN) showed that interbank FX turnover fell by 46 per cent yesterday to $213.845 million from the $393.477 million recorded at the close of trading on Friday.
The decline came despite a sharp increase in the volume of foreign exchange transactions executed during the session, indicating weaker participation by high-ticket FX customers and other major market participants.
The lower turnover suggests reduced demand for FX among large-scale buyers, even as market makers continued to facilitate transactions through the NAFEM window, with the number of FX traded rising to 182 from 102.
In the cryptocurrency market, traders and investors took profit as broader markets’ focus shifted to rising bond yields, higher oil prices and upcoming US inflation data.
Cardano (ADA) depreciated by 5.2 per cent to $0.1873, Ethereum (ETH) slipped by 2.6 per cent to $1,873.43, Ripple (XRP) slumped by 2.3 per cent to $1.01, Bitcoin (BTC) fell by 1.8 per cent to $63,949.22, Solana (SOL) crashed by 1.3 per cent to $75.81, and Binance Coin (BNB) tumbled by 0.6 per cent to $599.49.
But TRON (TRX) gained 0.5 per cent to trade at $0.3314, and Dogecoin (DOGE) grew by 0.2 per cent to $0.0700, while the US Dollar Tether (USDT) and the US Dollar Coin (USDC) traded flat at $1.00 apiece.
