General
Budget Padding: Senate Recalls Abdul Ningi
By Adedapo Adesanya
The Senate has recalled Mr Abdul Ningi, a Bauchi State Senator, who was suspended for three months over budget padding remarks.
His recall followed the adoption of a motion by the Senate Minority Leader, Mr Abba Moro, and co-sponsored by the Senate Deputy Minority Leader, Mr Olalere Oyewumi, and the Senate Minority Whip, Mr Osita Ngwu, at Tuesday’s plenary, titled The unconditional recall of Senator Abdul Ningi.
Moving the motion, Mr Moro said that Mr Ningi, the former Chairman of the Northern Senators’ Forum was suspended for three months following a media interview he granted the British Broadcasting Corporation (BBC) Hausa Service on March 9.
He alleged that about N3.7 trillion representing over 10 per cent of the 2024 budget was illegally inserted into the 2024 National Budget.
“Ningi was asked to address his allegation of budget padding against the National Assembly, following a motion of urgent national importance moved by Mr Solomon Adeola, the Chairman of the Senate Committee on Appropriations.
“And failing to address the allegation, the Senate resolved to suspend Ningi for three months for violating legislative rules, misconduct and unethical behaviour for the interview he granted on BBC Media.
“The said Ninigi, being under suspension, has spent over two months outside the precincts of the National Assembly Complex and needs to return to continue with his legislative activities as the senator representing Bauchi Central senatorial district.
“Flowing from the above, the Senate Minority Leadership takes full responsibility for the actions of our colleague Ningi and apologizes on his behalf,” he said.
Seconding the motion, Deputy Senate President, Mr Jibrin Barau said “This Senate is the highest assembly in our sovereign land of Nigeria. A Senate that is composed of men and women of wisdom.
“I commend the minority leader and his team, the entire minority caucus and the entire leadership of the minority caucus.
“This is because I know they acted based on the prompting of the members of the caucus for going in-between and for making sure they got to where we are now
and by bringing forth this motion in a way that the resolution of the issue of Ningi’s suspension is resolved finally.
“It is something they need to be commended for because they have gone to meditate and they are apologising on his behalf.
“I urge the senate, the leadership having apologised on behalf of Ningi, we should accept this apology so as to strengthen our spirit of brothers that we are known for.”
In his remarks, the Senate President, Mr Godswill Akpabio supported the claim.
“Let me thank the majority leadership for this initiative.
“And also note that it was this same Senate that set up a committee for you to mediate and then you were the chairman and then of course, this decision by the Minority leaders and the entirety of the Minority in the Senate seems to have superseded the area and decision of the Senate.
“So, I agree with you. He is a very resourceful senator and one of our own and the Senate is a family irrespective of the political divide, irrespective of the religious divide and irrespective of languages.
“This happening today is in tandem with the spirit of what the national assembly, both the Senate and the House of Representatives have done by bringing back our national anthem which simply says that though tribes and tongues may differ, in brotherhood we stand,” he said.
“The decision of the Senate today is clear evidence that this is one family and though we may come from different constituencies and different states, in brotherhood we stand.
“I congratulate the senate for this decision and I agree that to err is human and to forgive is divine. Our distinguished brother, Sen. Abdul Ningi is hereby recalled to the senate to participate in all activities,” he added.
By Adedapo Adesanya
The federal government has issued a data protection compliance circular to all Ministries, Departments and Agencies (MDAs) to promote public trust through data-driven governance.
The compliance directive is contained in Circular No. 59805/S.I/74, dated 27 July 2026, and signed by the Secretary to the Government of the Federation, Mr George Akume, according to a statement by the Head, Legal, Enforcement & Regulations, Mr Babatunde Bamigboye.
The initiative forms part of a continuum of regulatory measures that will be vigorously pursued as Nigeria advances towards the decisive frontiers of the Fourth Industrial Revolution.
The circular drew the attention of MDAs to a statement of President Bola Tinubu, where he said: “Data is the new oil”.
Mr Akume then directed all Ministries, Extra-Ministerial Departments and Agencies to capture the information rigorously and safeguard it under the Nigeria Data Protection Act, 2023 (NDP Act).
The circular also directed MDAs to ensure full compliance with the NDP Act, Regulations, Guidelines, and Directives issued by the Nigeria Data Protection Commission (NDPC) in relation to the processing of personal data.
To this end, the Circular directs MDAs to, designate suitably qualified officers as Data Protection Officers (DPOs) to oversee data protection compliance and advise management on all matters relating to the lawful processing of personal data, ensure that the names and contact details of their designated DPOs are communicated to the NDPC for registration and official records; engage licensed Data Protection Compliance Organisations (DPCOs), where required, to facilitate compliance with the NDP Act and support the conduct of statutory compliance audits.
It also directed them to provide adequate budgetary allocation for data protection compliance activities, including capacity building, awareness programmes, deployment of appropriate technical safeguards, and periodic compliance audits; and submit all mandatory Data Protection Compliance Audit Returns and other statutory returns to the NDPC within the timelines prescribed by law.
The circular further states that “Permanent Secretaries, Accounting Officers and Chief Executive Officers of all MDAs shall be personally responsible for ensuring institutional compliance with the Circular and the provisions of the NDP Act.”
The National Commissioner/Chief Executive Officer of the NDPC, Mr Vincent Olatunji, expressed the commission’s commitment to supporting data-driven governance.
Mr Olatunji maintained that data accountability is pivotal to achieving the eight Presidential Priorities. To provide full technical support to MDAs for the purpose of achieving compliance, the commission has constituted a regulatory clinic.
By Adedapo Adesanya
Yellow Card, a global stablecoin infrastructure provider, has raised $40 million in a strategic funding round to accelerate its international expansion and strengthen its digital payment infrastructure.
The funding round attracted investments from SC Ventures, the innovation and investment arm of Standard Chartered, Sony Innovation Fund, Polychain Capital, Blockchain Capital, and other strategic investors. With the latest raise, Yellow Card’s total equity financing has now exceeded $120 million.
The company said the fresh capital will be used to scale its Global US Dollar Accounts, an end-to-end dollar account designed for businesses, while expanding the stablecoin payment rails that connect businesses to markets around the world.
Yellow Card’s chief executive, Mr Chris Maurice, described the investment as a strong endorsement of the company’s long-term vision, noting that the company has spent years building infrastructure that allows businesses to move money globally without relying on traditional correspondent banking systems.
He added that the next phase of growth will focus on helping banks connect directly to stablecoin payment rails, enabling faster and more efficient cross-border transactions while expanding access to US Dollar services for businesses.
SC Ventures chief executive, Mr Alex Manson, said stablecoins are becoming an important part of global payments, but noted that widespread adoption will depend on reliable infrastructure and practical use cases.
He said Yellow Card has built the payment rails businesses across Africa need to move money efficiently across borders and expressed confidence in the company’s ability to expand both within Africa and internationally.
The investment also marks growing interest from global institutions in stablecoin-based payments. Sony Innovation Fund said its backing reflects confidence in Yellow Card’s ability to build digital payment infrastructure for emerging markets.
Mr Austin Noronha, Managing Director at Sony Ventures-US, said the company believes Yellow Card is creating the technology needed to help banks, financial technology firms and enterprises move money faster and more securely.
He added that the company looks forward to supporting Yellow Card as it expands beyond Africa into Latin America, the Middle East, Europe and the Asia-Pacific region.
Yellow Card said the funding will also support the wider rollout of its Global USD Accounts, which allow businesses to hold U.S. dollars, manage treasury operations, swap stablecoins, and collect or make payments in local currencies across more than 50 countries.
The company noted that the platform is already being used by major customers, including Visa and Western Union.
Founded to simplify cross-border payments through digital assets, Yellow Card has processed more than $10 billion in transactions across its network. The company supports over 50 currencies and holds licences, authorisations and registrations in 22 jurisdictions across North America, Europe and Africa.
Yellow Card has also established strategic partnerships with global payment companies including Visa, Mastercard, PayPal and Coinbase as it positions itself as a key infrastructure provider for international digital payments.
By Adedapo Adesanya
The National Economic Council (NEC) has approved a $4.5 billion arrangement for the Nigerian National Petroleum Company (NNPC) Limited aimed at strengthening the country’s external reserves and freeing up funds for infrastructure.
This is part of the refinancing of the $3.3 billion Project Gazelle Pre-Export Finance Facility through a new $4.5 billion facility named “Project Gazelle 2”.
The approval allows NNPC Limited to refinance the outstanding balance of approximately $1.5 billion under the original 2023 facility, while unlocking an additional $3 billion in liquidity to strengthen the country’s external reserves and support ongoing fiscal and infrastructure priorities of the government.
NEC’s approval followed a presentation by the Minister of Finance, Mr Taiwo Oyedele, which was presented by the Chairman of the Council, Vice President Kashim Shettima, underscoring the importance of the project.
NEC observed the significance of unlocking additional liquidity to the federation, among other benefits, pledging its support for the actualisation of the initiative.
The Finance Minister explained that the refinancing has been structured on more favourable terms than the original facility, including a reduction in the volume of pledged crude oil from 90,000 barrels of oil per day to approximately 78,750 barrels of oil per day – a 12.5 per cent reduction.
He noted that under the new arrangement, an additional 11,250 barrels of oil per day for the federation will be released, while there will be a reduction in the pledged crude volumes by the state oil company.
Mr Oyedele added that while accessing additional liquidity on improved terms, the arrangement is freeing up resources for strategic national priorities while strengthening the country’s financing structures.
“The arrangement is freeing up resources for strategic national priorities while strengthening the country’s financing structures,” he said.
VP Shettima called for a responsive, scalable, and data-driven social protection policy to tackle multidimensional poverty in Nigeria.
According to Mr Shettima, government policies are often heard before they are seen, speak through the price of food, condition of hospitals, records in schools, strain on families, the confidence of those who invest their labour in the nation’s future, and, very importantly, the ambitions of state governments.
He implored members of Council to ensure that every decision they make assure the citizens “that their government is paying attention to the pulse of the nation and is resolved to respond with competence, compassion and purpose.”
