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 7th Africa Emerging Markets Forum has commenced in Abuja, Nigeria, with critical stakeholders in the financial services and other industries in attendance.
The programme commenced today, Wednesday, July 29, 2026, and will end tomorrow, Thursday, July 30, 2026.
It is taking place at the headquarters of the Central Bank of Nigeria (CBN) in Abuja.
The hybrid forum is themed Building Resilience Amidst Geoeconomic Uncertainties. It brings together distinguished policymakers, economists and development leaders to explore practical solutions for strengthening Africa’s resilience in an increasingly complex global economy.
Speaking at the conference are the CBN Governor, Mr Olayemi Cardoso; the Director-General of the World Trade Organisation (WTO), Mrs Ngozi Okonjo-Iweala; Nigeria’s Minister of Finance and Coordinating Minister of the Economy, Mr Taiwo Oyedele; and the chief executive of Emerging Markets Forum, Mr Harinder S. Kohli.
The organisers have provided an avenue for those unable to attend the programme physically to catch up with it via their social media platforms, including on the YouTube channel of the central bank.
By Adedapo Adesanya
President Bola Tinubu says ongoing reforms by his administration have led to the stability of the country and delivered the economy from bankruptcy.
He spoke on Tuesday in Abuja while receiving the leadership of the Catholic Bishops’ Conference of Nigeria (CBCN), led by its President, Most Rev. Matthew Ndagoso, at the State House.
The president said that the government will sustain interventions that directly improve the livelihoods of families and citizens, such as the Nigerian Education Loan Fund (NELFUND).
“I have listened to you carefully, and most importantly, your key areas are security and education. I can tell you categorically with sincerity that the country has been placed on a sound footing. The economy has recovered. The alarm for bankruptcy and dark tunnel of uncertainty that we had when I came in has been changed,” he said.
“The spirit of the people is lifting, and the economic turmoil that we feared is cleared. The economy has been delivered from bankruptcy.
Mr Tinubu said restructuring of security operations and institutions will deliver victory over terrorism, banditry and kidnappings across the country.
He stated that the security challenges are being confronted through enhanced intelligence gathering, restructuring and repositioning of security institutions, improved logistical support, and prioritisation of frontline personnel welfare.
“We don’t have another country but here – this Nigeria. And I will refer to the national anthem that in our complexity and diversity, we shall thrive, live, rejoice and be good to all, and humanity,” he said, according to a statement from presidential spokesman, Mr Bayo Onanuga.
“I have just approved the expansion of the armed forces. We are getting more equipment and building new barracks. We will defeat terrorism. It should be part of your sermons. I won’t deviate from our national anthem,’’ the President added.
He urged citizens to explore available opportunities for engagement provided by the government and private institutions and embrace education, entrepreneurship and skills acquisition.
“We have no control over the population growth and trajectory. That is why you have membership in your various faiths and churches, to give hope to people and give commitment to humanity in the true sense of it. Our founding fathers did their best. They left us a nation, and we owe it to generations yet unborn to sustain it,’’ Mr Tinubu added.
The president said the unity, stability and prosperity of the country must be held sacrosanct by all stakeholders, noting that the outlook on the country must remain positive. His comment comes months before the general elections, where he is seeking a second term. Opposition parties have alleged that the government is intimidating opponents.
He told the CBCN leaders that the Independent National Electoral Commission (INEC) is neutral and that his government will give equal opportunities to every party.
President Tinubu further informed his guests that state governors, based on the constitution, have the authority to decide the return of mission schools, but affirmed that more universities had been approved to meet the growing demand for higher education, and the statistics by the NUC will help in the budgeting of NELFUND.
“I believe in what you believe; we should embrace education to get out of poverty,’’ he said.
In his remarks, the President of the CBCN appreciated the President for the warm reception extended to the Holy See’s Secretary for Relations with States and International Organisations, Archbishop Paul Gallagher, on the occasion of the 50th anniversary of relations between Nigeria and the Vatican.
The cleric outlined areas of concern in the country, which include security, quality tertiary education and limited spaces, sustaining gains of democracy, credible elections and poverty, urging his host to consider the return of mission schools and fair treatment for all worshippers, including the provision of worship places in all parts of the country, without bias.
The Archbishop of Kaduna called for free and fair elections in 2027, saying, “As a man who risked so much in the struggle for the return of democratic rule in the dark days of the military dictatorship, your greatest legacy would be the strengthening of our democratic institutions.”
By Adedapo Adesanya
Dimension Data Limited, a Nigerian technology infrastructure provider, has raised N4.05 billion in its Series 1 bond, the first tranche of a wider N20 billion bond programme aimed at expanding its fibre-optic network across Nigeria.
Pathway Advisors Limited, a returning investor, acted as lead issuing house and bookrunner on the deal. The transaction closed after clearance from the Securities and Exchange Commission (SEC).
More issuances are expected as the project continues.
The bond proceeds will fund fibre network expansion, capacity upgrades and service quality improvements, the company said.
It comes as a technology boom continues across the country, with infrastructure needs helping to drive investment and local businesses and reduce dependence on foreign firms.
Recently, the Central Bank of Nigeria (CBN) mandated financial institutions to rely more on Nigerian data centres and local fibre providers rather than offshore cloud infrastructure, adding to demand for the kind of capacity Dimension Data is building.
Incorporated in 2003, Dimension Data runs a data centre with 47-rack capacity and serves about 8,000 customers in 47 countries. Its clientele includes 70 per cent of the Fortune 100 and sports organisations like the Amaury Sport Organisation (Tour de France).
In June, the firm opened subscriptions for the Series 1 Corporate Bond issuance of up to N5 billion under a N20 billion bond programme, with proceeds earmarked for expanding Nigeria’s digital infrastructure.
The offer, led by Pathway Advisors Limited as the Lead Issuing House and Bookrunner, was executed through a book-building process and closed on June 29, 2026.
According to transaction details, the three-year bond is being offered at a book-build price range of 18.50 per cent to 20.00 per cent per annum, with coupon payments to be made semi-annually. The final coupon rate will be determined at the conclusion of the book-building exercise. The minimum subscription has been set at N10 million.
Dimension Data SPV Funding Plc said the funds raised from the issuance would be deployed towards strategic investments in fibre network expansion, capacity enhancement and service quality improvements.
