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Atiku Suggests Obasanjo’s Image on New Naira Notes

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Olusegun Obasanjo Africa

By Aduragbemi Omiyale

Presidential candidate of the Peoples Democratic Party (PDP) in the 2023 general elections, Mr Atiku Abubakar, has praised his former boss, Mr Olusegun Obasanjo, for his role in the peace deal signed between the warring Ethiopia and Tigray this week in South Africa.

Mr Obasanjo was elected President of Nigeria in 1999 and ended his two terms of eight years in 2007. Mr Atiku was his vice in the period.

The former Nigerian leader was in South Africa as a delegate of the African Union to broker peace between the two parties in Pretoria, and Mr Atiku heaped praises on the Ota-farmer.

In a series of tweets on Saturday, the former Vice President said the former military Head of State deserves to be on one of the redesigned Naira notes to inspire future generations.

“Africa is blessed to have a statesman of such impeccable democratic credentials as Chief Obasanjo. A man whose image ought to be in the redesigned Naira note to inspire future generations of Nigerians to sacrifice for their nation and continent,” Mr Atiku said in one of the tweets posted via his verified Twitter handle.

Last Wednesday, the Central Bank of Nigeria (CBN) announced its intention to introduce new N200, N500, and N1,000 banknotes into circulation to curb inflation and counterfeiting.

The Governor of the CBN, Mr Godwin Emefiele, said this was necessary because 80 per cent of the printed notes were not in the vaults of commercial banks, a development he said was not good for the economy.

It meant that most of the Naira notes were with corrupt persons and criminals, including kidnappers, who stashed money outside the banking system.

Since the announcement of the new design of the Naira denominations, there have been speculations that President Muhammadu Buhari’s image may be included in one. But Mr Atiku wants Mr Obasanjo to among Nigerians to be on the notes.

Currently, the image of the late Sir Ahmadu Bello is on the N200 note, the late Nnamdi Azikwe is on the N500 note, while the late Aliyu Mai-Bornu and Clement Isong are on the N1,000 note.

In his tweets today, Mr Atiku also promised to nominate Mr Obasanjo for a Nobel Peace Prize “when entries are open for nominations.”

He said he was not surprised by the action of the Nigerian leader, saying, “he did the same thing in Liberia and São Tomé and Príncipe during our time in office.”

“On behalf of my family, I congratulate you, President Olusegun Obasanjo, GCFR, for successfully ending the Ethiopia-Tigray conflict. And I thank God for the gift of wisdom and foresight He gave you, which you have used creditably to steer Nigeria and Africa on the right path,” he said.

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Court Orders SERAP to Pay DSS Operatives N100m For Defamation

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By Adedapo Adesanya

Justice Halilu Yusuf of the Federal Capital Territory High Court, Abuja, has awarded N100 million in damages against the Incorporated Trustees of the Socio-Economic Rights and Accountability Project (SERAP).

In his judgment, Justice Yusuf held that two operatives of the Department of State Services (DSS) were right to institute a defamation suit against SERAP.

In the suit, filed in the names of the two DSS officials, Ms Sarah John and Mr Gabriel Ogundele, the claimants accused SERAP of making a false allegation that they invaded its office in Abuja on September 9, 2024.

The court also ordered the organisation to tender a public apology to the two operatives, to be published in two national newspapers and broadcast on two television stations.

In addition, the court awarded N1 million against SERAP as the cost of litigation.

The judgment further stipulated a 10 per cent interest on the damages until the sum is fully paid.

The case follows a dispute that began in September 2024 when SERAP alleged that DSS officers “unlawfully invaded” its Abuja office.

In a post on its X account, the group said, “Officers from Nigeria’s State Security Service are presently unlawfully occupying SERAP’s office in Abuja, asking to see our directors.”

It added, “President Bola Tinubu must immediately direct the SSS to end the harassment, intimidation, and attack on the rights of Nigerians.”

The DSS, however, denied the claims.

It said the visit by its officers was routine and meant to engage the organisation’s new leadership.

The officers later sued, insisting that “no invasion occurred” and that the claims damaged their reputation and led to disciplinary action.

However, SERAP maintained its position.

In a later statement, it said, “We stand by our statements of defence and statements on oath,” insisting that DSS officers “unlawfully invaded our Abuja office.”

During court proceedings, witnesses reportedly said no physical assault took place.

SERAP’s Deputy Director, Mr Kolawole Oluwadare, told the court the claims were based on information from a staff member.

Counsel to the DSS officers, Mr Oluwagbemileke Kehinde, urged the court to grant all reliefs, arguing that the claimants had “substantially proved their case.”

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UK Court Freezes Nigerian Oil Trader’s Global Assets Over $40m Debt

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Abdulrahman Musa Bashar

By Adedapo Adesanya

A court in the United Kingdom has taken sweeping action against a Nigerian oil trader, Mr Abdulrahman Musa Bashar, freezing his assets worldwide in a bid to secure repayment of a long-running debt dispute tied to failed fuel transactions.

The order, issued by the High Court in London, prevents Mr Bashar and his firm, Ultimate Oil and Gas FZCO, from selling, transferring, or otherwise dealing with assets across multiple jurisdictions, including Nigeria, the United Arab Emirates, the United Kingdom, and France. The restriction applies up to the value of the outstanding liability, with disclosed holdings estimated at nearly $170 million.

According to Business Day, the dispute traces back to oil trading agreements between 2022 and 2023, when Dubai-based Petrichor Energy supplied gasoil and Jet-A1 aviation fuel to Ultimate.

Court filings indicate that while deliveries were completed, payments were inconsistent and ultimately fell short, leaving the supplier to pursue legal and arbitration routes to recover its funds.

In an attempt to resolve the matter, Mr Bashar entered a personal repayment agreement in early 2024, backing the company’s obligations with his own guarantee.

He also issued a series of signed cheques as security. However, these measures failed to yield results, as the debt remained unsettled and the cheques were rejected upon presentation.

The court’s decision to impose a global freeze was influenced by what it described as troubling conduct during the dispute. Evidence suggested that assets were being sold without proceeds going toward the debt, alongside concerns that not all holdings had been fully disclosed.

The newspaper reported that testimony also pointed to an alleged warning from Mr Bashar that he might move assets out of reach if negotiations broke down, an assertion the court treated as a credible risk of asset dissipation.

The ruling adds to a growing list of legal challenges facing the businessman. He has previously been sanctioned by English courts for failing to comply with orders in a separate commercial dispute, and was also convicted in Dubai, the UAE, in a different cheque-related case.

With the freezing order now active, Petrichor has expanded its recovery efforts beyond the UK, initiating enforcement actions in both the UAE and Nigeria.

The move aims to block any pathways through which assets could be shielded, while also enabling seizure or control where legally permitted.

In a further escalation, the English court has directed two Nigerian-linked companies associated with Mr Bashar to grant access to a Delta State storage facility, allowing the creditor to recover fuel cargoes tied to the unpaid transactions. Failure to comply could trigger additional legal consequences, including contempt proceedings.

Despite ongoing attempts by Mr Bashar and his company to overturn the freezing order, the court has so far declined to lift the restrictions, leaving the enforcement process firmly in motion.

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IFC, Norfund Back Nigeria’s Mini-Grid Expansion with $83.2m Funding

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Mini Grids Programme

By Adedapo Adesanya

The World Bank’s financing arm, the International Finance Corporation (IFC), and the Norwegian investment fund (Norfund) have committed up to $83.2 million to expand solar hybrid mini-grids across Nigeria, in a move expected to connect nearly half a million new users to electricity.

The funding will support five renewable energy companies, Darway Coast Nigeria Limited, GVE Projects Limited, Prado Power Limited, PriVida Power Limited and StarTimes Energy, to build 315 mini-grid sites across underserved communities.

The projects are projected to deliver about 494,189 new electricity connections. Renewable energy solutions

IFC says the intervention is aimed at closing Nigeria’s massive electricity gap, noting that more than 85 million people in the country still live without access to power.

The institution said expanding distributed renewable energy will not only improve electricity access but also cut energy costs and support small businesses in rural areas.

According to IFC, “By supporting distributed renewable energy solutions, this initiative will help expand access to reliable electricity while reducing energy costs, strengthening local economies, and enabling income-generating activities.”

For operators already working in the sector, the new funding is expected to speed up expansion plans.

The chief executive of Darway Coast Nigeria Limited, Mr Henry Ureh, said the support will allow companies to scale faster and reach more communities that have remained off the national grid for years.

“Access to reliable electricity allows us to expand our operations, support local businesses, and create jobs in the communities we serve,” he said.

Nigeria’s off-grid power space has been growing steadily, but access remains uneven. Data from the Africa Solar Industry Association shows that the country currently has over 4.8 gigawatts of installed solar capacity, but only about 115 megawatts come from mini-grids serving rural communities.

The IFC has been one of the biggest institutional backers of this segment. Last year, it announced a separate $16 million financing package for Nigerian developer Virtuitis to build 97 mini-grids expected to serve over 140,000 off-grid consumers by 2027, showing a steady increase in international interest in decentralised power solutions.

With grid supply still unreliable in many parts of the country, mini-grids are increasingly becoming the most practical solution for rural electrification as they supply adequate but limited power for limited power consumption.

For many communities, the impact goes beyond electricity. Reliable power is expected to support trading activities, agro-processing, small manufacturing and education, all of which have struggled under years of unstable supply. But operators also warn that sustained policy support and stable regulation will be key to scaling beyond pilot-level projects.

As deployment begins across the 315 sites, observers are keen on understanding how quickly these projects can move from funding to actual connections to where they are needed.

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