General
$9.6bn Debt: Nigeria to Deposit $200m in 60 Days
By Adedapo Adesanya
On Thursday, a British Court sitting in London said Nigeria can challenge the $9.6 billion fine awarded in the legal battle with Process & Industrial Development (P&ID) if it deposits $200 million within the next two months.
Christopher Butcher, a justice of the Commercial Court in London, also ruled that Nigeria must pay $250,000 to the Irish engineering company as its running costs within 14 days.
Nigeria was however granted a stay of execution of the arbitral award on the condition that $200 million be deposited within 60 days.
If Nigeria fails to deposit the amount in the court’s account within the stipulated period, Butcher said the court will have no option than to lift the stay of execution order.
The judge said he based his decision on the “real risk that Nigeria’s assets will not be returned in the event that the appeal is successful and would be lost to the government and to the people of Nigeria”.
Nigeria had asked for permission to appeal against the enforcement of the judgement which has been granted.
Butcher then said that there was a risk of irreparable damage if the Irish company decided to use third-party agents to monetise and stash away the assets seized pending an appeal.
However, Nigeria’s legal team led by Attorney-General and Minister of Justice, Abubakar Malami, argued that the August 16 ruling was flawed as the damages awarded P&ID was “clearly unreasonable and manifestly excessive and exorbitant.”
The Nigerian government welcomed the court’s decision on Thursday, according to a statement from the presidency.
It described the development as a positive resolution which was an important step in government’s efforts to have the matter resolved in its favour.
Speaking after the court rose, Mr Malami said, “I am pleased with today’s development in the court and see this as a positive resolution that constitutes an important step in the government’s efforts to defend itself in a fair and just process.
“We will study the court rulings, exercise the right of appeal and consider the legal options available at our disposal as it relates to the payment of $200 million in view of the 60 days window stipulated by the court.”
“We look forward to challenging the UK Commercial Court’s recognition of the tribunal’s decision in the UK Court of Appeals, uncovering P&lD’s outrageous approach for what it is: a sham based on fraudulent and criminal activity developed to profit from a developing country,” he added.
By Adedapo Adesanya
The Independent National Electoral Commission (INEC) on Sunday, August 16, 2026, declared the incumbent Governor of Osun State, Mr Ademola Adeleke, winner of the 2026 governorship election held a day earlier.
Mr Adeleke, who contested under the Accord Party, defeated his closest challenger, the All Progressives Congress (APC) candidate, Mr Bola Oyebamiji, to secure a second term in office.
The governor polled 511,067 votes, while Mr Oyebamiji scored 444,815 votes, giving Mr Adeleke a winning margin of 66,252 votes.
The African Democratic Congress (ADC) candidate, Mr Najeem Folasayo Salaam, came a distant third with 17,180 votes.
Mr Salaam had entered the election as one of the candidates expected to potentially emerge as a third force, particularly following the backing he received from former Osun Governor and former Minister of Interior, Mr Rauf Aregbesola.
However, that expectation did not translate into the numbers needed to seriously challenge the two leading candidates.
Mr Adeleke’s victory means he becomes only the third governor in Osun State’s history to win a second term through an election.
He joins Mr Olagunsoye Oyinlola and Mr Aregbesola in the state’s political history, although Mr Oyinlola’s tenure was later cut short following a court decision that nullified his election over irregularities.
Mr Aregbesola subsequently succeeded Oyinlola and went on to secure a second term, completing eight years in office.
Mr Adeleke’s re-election comes after a fiercely contested campaign marked by intense competition and reported violence from competing parties.
Despite those challenges, the governor consolidated his support across the state and secured a decisive victory over the APC candidate, extending his administration for another four years in the southwest states.
By Modupe Gbadeyanka
The Transmission Company of Nigeria (TCN) has confirmed the collapse of five transmission towers along the Ikot Abasi–Eket 132kV Double Circuit Transmission Line.
This was attributed to severe acts of vandalism, as TCN disclosed that the structure collapsed after vandals removed critical structural bracing members.
The affected towers were N9, J4, N10, N11 and N12, the organisation said in a statement on Friday.
It explained that the extensive damage was discovered during a routine joint line patrol conducted on August 9, 2026, by TCN linesmen.
Further inspection revealed that structural members from seven additional towers along the same transmission corridor had also been removed and stolen. The towers, J3, N8, N13, N14, N15, N18 and N19, are now structurally compromised and pose a risk of further collapse.
TCN condemned this act of sabotage and reiterated its commitment to working hard to maintain a robust and reliable national grid.
The statement said that to mitigate the impact on electricity supply, the network has been reconfigured to prioritise supply to Ekim transmission station, leaving Ibom Power as the only station without supply.
TCN said it is mobilising an urgent intervention to complete the reconstruction of the affected sections of the line, with security agencies also notified to aid investigations and prevent further acts of vandalism along the line route.
By Adedapo Adesanya
The Speaker of the House of Representatives, Mr Tajudeen Abbas, has urged all relevant government agencies to promptly initiate actions for the full implementation of the Nigerian Ports Economic Regulatory Agency Act, 2026, following its signing into law by President Bola Tinubu.
The bill, sponsored by Speaker Abbas, was aimed at repealing the Nigerian Shippers’ Council Act, Cap. N133, Laws of the Federation of Nigeria, 2004, and establish the Nigerian Ports Economic Regulatory Agency to ensure effective economic regulation of Nigerian ports while safeguarding the interests of shippers, service providers, and users of regulated port services. With the President’s assent, it has now been enacted as an Act of Parliament.
The legislation represents one of the landmark achievements of the 10th National Assembly. It reflects the Speaker’s commitment to legislative excellence, institutional reform, and sustainable economic growth, according to a press statement by the Special Adviser on Media and Publicity to the Speaker, Mr Musa Krishi.
The bill underwent a rigorous and inclusive legislative process, including extensive stakeholder consultations and a public hearing. It was passed by both Chambers of the National Assembly and subsequently assented to by the President.
The Act provides a robust legal and institutional framework to ensure effective economic regulation of Nigerian ports by fostering transparency, competitiveness, and efficiency in port operations; protecting the rights and interests of shippers, service providers, and other port users; and aligning Nigeria’s port regulatory system with global best practices, thereby enhancing the ease and cost-effectiveness of doing business.
Despite receiving presidential assent, the Act has yet to be fully operationalised.
He warned that any further delay would undermine the legislative intent of the reform, prolong the exposure of port users to arbitrary charges and operational inefficiencies, and deny the nation the anticipated benefits of increased revenue, improved trade facilitation, and stronger investor confidence in the marine and blue economy sector.
The Speaker urged the Federal Ministry of Marine and Blue Economy, in collaboration with all relevant Ministries, Departments and Agencies (MDAs) of the federal government, to take the necessary administrative, institutional, and financial measures for the prompt implementation of the Act.
He said this should include the formal transition to, as well as operational empowerment of, the Nigerian Ports Economic Regulatory Agency to discharge its statutory mandate effectively.
The full implementation of the Act is critical to unlocking the economic potential of Nigeria’s ports, reducing the cost of doing business, strengthening trade competitiveness, and positioning Nigeria as the leading maritime and logistics hub in West and Central Africa.
The statement noted that the Speaker reaffirmed the 10th House’s commitment to exercising the necessary legislative oversight to ensure this landmark legislation, along with others assented to by the President, is fully implemented and achieves its intended goals for the benefit of the Nigerian people.
