Economy
SERAP In Court to Stop Reps from Buying N57.6bn SUVs
By Adedapo Adesanya
Socio-Economic Rights and Accountability Project (SERAP) has asked the Federal High Court in Lagos to stop the House of Representatives from procuring and taking delivery of 360 sports utility vehicles (SUVs) valued at N57.6 billion for its members.
In a statement dated October 21, 2023, and signed by its deputy director, Mr Kolawole Oluwadare, SERAP called on the judicial organ to halt the acquisitions pending the hearing and determination of the applications for injunction filed by the organisation.
SERAP’s applications for interim and interlocutory injunction followed reports that the lawmakers are set to procure and take delivery of N57.6 billion SUVs.
According to reports, each of the SUVs would cost taxpayers at least N160 million. Critics also lamented that it was coming at a time when the nation was faced with hardships.
In the applications filed last week, SERAP is seeking “an order of interim injunction restraining the National Assembly from procuring, taking delivery and distributing the SUVs to their members, pending the hearing and determination of the motion on notice for an order of interlocutory injunction filed simultaneously in this suit.”
SERAP is also seeking “such further order(s) that the Honourable Court may deem fit to make in the circumstance of this suit.”
It would be recalled that SERAP in August filed the suit number FHC/L/CS/1606/2023 before the Federal High Court challenging “the legality of the spending of billions of naira by the National Assembly to purchase exotic and bulletproof cars for members and principal officials.”
SERAP has also sent an open letter to President Bola Tinubu urging him to “put pressure on the leadership of the House of Representatives and stop members from taking delivery of 360 sports utility vehicles (SUVs), pending the hearing and determination of the application for an interim injunction.”
The organisation also urged the president to “put pressure on the leadership of the Senate and stop members from taking delivery of the planned procurement of bulletproof SUVs, pending the hearing and determination of the application for interim injunction filed before the Federal High Court.”
The letter, read in part: “Allowing the National Assembly to go ahead and purchase and take delivery of the SUVs would prejudice the outcome of the suit pending in court and make a mockery of the rule of law.”
“Unless you exercise your executive powers and discharge your constitutional oath of office act as recommended, the lawmakers would go ahead to procure and take delivery of the N57.6 billion vehicles, and thereby present the court with a fait accompli.”
“It would invariably hamstring the ability of the court to do justice in the pending suit and applications for an injunction.”
“Stopping the leadership of the House of Representatives and members from going ahead to procure and take delivery of the SUVs, pending the hearing and determination of the applications for injunction would be entirely consistent with the notions of the rule of law, judicial independence and integrity and the public interest.”
“Exercising your constitutional powers in this matter would promote the effective administration of justice and maintain the integrity of the claims against the lawmakers.”
“Allowing the House of Representatives to procure and take delivery of the 360 SUVs for its members and the Senate to go ahead with its planned purchase of close to 500 SUVs while the applications for injunction are pending before the court would be detrimental to the rule of law and the public interest.”
“It would also be incompatible with the constitutional oath of office. The constitutional oath of office under the Seventh Schedule to the Constitution of Nigeria 1999 (as amended), imposes clear responsibility on you to uphold and maintain the provisions of the constitution and the rule of law.”
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.
