General
China to Refinance Abuja-Kano, PH-Maiduguri Rail Projects
By Adedapo Adesanya
China has indicated its readiness to refinance and complete the Abuja-Kano, and Port-Harcourt-Maiduguri railway projects following a request by President Bola Tinubu.
This is according to a statement by the Senior Special Assistant to the President on Media and Communications, Mr Stanley Nkwocha, recalling that since the launch of the projects, China has yet to release funds for the two major railway projects in Nigeria largely due to cutbacks and commitments.
Mr Kashim Shettima, who represented Mr Tinubu in a bilateral meeting on the sidelines of the ongoing Third Belt and Road Forum, said, “China had agreed to provide 85 per cent financing for the construction of the Abuja-Kano and Port-Harcourt-Maiduguri railway projects, while Nigeria which had the duty of paying the balance 15 per cent paid its part of the funding from the inception of the project through appropriations.”
“The crucial infrastructure also termed a legacy project has the China Civil Engineering Construction Corporation as the contractor named to execute the project,” the VP stated when he met China’s President, Mr Xi Jinping on Wednesday in Beijing.
Mr Shettima, who delivered Tinubu’s well-wishes, described the rail projects as vital to Nigeria, saying it remained a legacy project that would further open up the nation’s economy, create jobs and boost trade and investments across the country.
He said President Tinubu remains committed to a stronger Nigeria – China tie, adding that it was laden with respect, non-political interference and mutual international cooperation.
“Our relationship commenced about 50 years ago, precisely in 1971 and it has been upgraded to a comprehensive partnership, but we crave your indulgence, Your Excellency, to further upgrade this relationship to a comprehensive strategic partnership because of the importance we attach to our relationship with China,” Mr Shettima was quoted as saying.
“When we met in South Africa at the China Plus 1 summit, I was very honest and upright with you. Beyond the infrastructural support we are getting; why we love, cherish and respect China is that you treat us with respect and dignity.
“You don’t dictate to us who our friends are. We don’t forget our friends. China stood by us through thick and thin from the post-colonial struggles for independence in Zimbabwe, Angola, and Mozambique, to the struggle for the emancipation of our people in Southern Africa; China stood shoulder to shoulder with the African continent, and we thus appreciate your friendship.”
In the area of security, President Jinping promised a continued crackdown on terrorists, assuring categorically that China is committed to peace in the Sahel region, more so that its long-standing military training and MoUs on joint exercises remain sacrosanct.
Responding, President Jinping said China is committed to peace.
“As President Bola Ahmed Tinubu stated recently at the last United Nations General Assembly, Africa does not need to run away. Africa holds the key to the World. We support Nigeria to play key roles in international relations and uphold allies’ commitments,” he said.
“Mr Vice President, you spoke about upscaling and further upgrading of our strategic relationship, and I totally agree with you. Nigeria is developing with big potential. I totally agree with you. Our foreign Ambassadors can stay and work out this upgrading.”
By Modupe Gbadeyanka
The Economic and Financial Crimes Commission (EFCC) has explained why it initiated a move to freeze the bank account of the Osun State government.
Earlier on Wednesday, the Governor of Osun State, Mr Ademola Adeleke, claimed that the anti-money laundering agency asked one of its bankers, First Bank, not to release funds to the state government.
According to the Governor, this was part of the strategies to frustrate his administration ahead of the August 15, 2026, governorship election in the state.
Reacting to the issue on Wednesday night, the EFCC, in a statement, said it has been investigating the state government since March 2026 over an alleged “fraudulent handling of Ecology Funds, Intervention Funds and Federal Account Allocation Committee (FAAC) account to the tune of N11.0 billion.
The organisation noted that some officials of the state government, especially the Accountant General of the State, have had interview sessions with investigators of the EFCC.
“These ongoing investigations of the state government would not have warranted any placement of Post No Debit order on its account but for the precipitate and unwarranted movement of funds from the accounts to different suspicious accounts since August 2, 2026.
“The commission noticed huge transfers of funds into different corporate entities and had to swiftly halt the trend by freezing the accounts from which such heavy funds are being moved,” parts of the statement said.
In the disclosure, the agency noted that its preventive mandate is a public-inclined framework of safeguarding public funds, assets and resources, stressing that it cannot “watch idly while a state government’s account is being pillaged.”
“While the commission is fully aware of the impending governorship election in Osun State, it has a responsibility to act in defence of the sanctity of the funds of the state. It will be uncharitable for the commission to allow an excuse of an upcoming election to fold its arms to perform its legally-assigned functions,” it pointed out.
The EFCC disclosed that it is “keeping watch over the finances of other states like Osun State. Many of these states are on the investigative radar of the commission to ensure accountability and probity. The commission has always pointed out that it is non-partisan and non-sectarian but always working in the overall interests of Nigerians. The Osun State government account was frozen to save public funds from being looted.”
The organisation urged the public “to ignore false narratives and deliberate demonisation of the works of the EFCC. The interests of all Nigerians are greater and will always be protected by the commission.”
By Adedapo Adesanya
The Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA) has launched a mobile application designed to monitor fuel consumption patterns in real time across retail outlets nationwide.
The NMDPRA, established under the Petroleum Industry Act (PIA) 2021, is responsible for the technical and commercial regulation of Nigeria’s midstream and downstream petroleum operations. The deployment of the mobile application aligns with the authority’s broader efforts to leverage technology to improve regulatory compliance and strengthen accountability.
The pilot phase of the project began on August 1 in Abuja and its six Area Councils, the authority said in a statement published on X.
As part of the rollout, the Executive Director for Distribution Systems, Storage and Retailing Infrastructure (DSSRI), Mr Ogbugo Ukoha, led a team alongside officials from the Abuja Regional Office to assess the readiness and operational performance of the digital platform at participating retail outlets.
According to the NMDPRA, the application captures inventory and compliance data in real time, enabling regulators to monitor fuel distribution more effectively while improving operational efficiency across the sector.
The authority said the platform would generate reliable, data-driven insights to support evidence-based decision-making, strengthen national energy security planning and enhance transparency in the downstream petroleum industry.
It added that the initiative is expected to provide significant value to government, investors, operators and other stakeholders by improving access to accurate fuel consumption and compliance data.
Nigeria’s downstream petroleum sector has undergone significant changes since the deregulation of the petrol market and the removal of fuel subsidies, with regulators placing greater emphasis on data-driven supervision to ensure product availability, prevent supply disruptions and discourage sharp regional disparities in distribution.
By Modupe Gbadeyanka
No doubt, moving money among African markets remains a slow, fragmented process that relies on multiple intermediaries and prolonged settlement cycles.
To solve this issue and drive the development of stablecoin-enabled payment services for businesses across the continent, Onafriq has joined forces with a leading stablecoin infrastructure provider, Privy.
The collaboration will enable Onafriq to create and manage embedded digital asset solutions for its partners and, in time, institutional clients where regulation allows. The initial phase focuses on cross-chain stablecoin transfers and treasury and settlement workflows, creating the foundation for future cross-border payment and liquidity solutions.
Integrating Privy’s secure infrastructure enables Onafriq to build the capabilities required to support a new generation of efficient digital payment services for banks, fintechs, and mobile money operators.
This partnership is a key component of Onafriq’s broader strategy to modernise pan-African payment infrastructure, enabling secure multi-modal wallets and more efficient movement of value across the continent.
The outcome will support a range of future institutional use cases, including stablecoin-enabled settlement, treasury management and liquidity services, as it reflects Onafriq’s commitment to driving Africa’s digital transformation agenda by investing in technologies that make financial services more efficient, connected and accessible.
It was gathered that Onafriq selected Privy for its enterprise-grade infrastructure to enable the seamless integration of digital asset wallet capabilities into its products, subject to regulatory approval, and deliver a simple user experience while abstracting the complexity of blockchain technology.
“At Onafriq, we keep investing in technology that makes payments faster and more accessible. Privy gives us a building block for faster settlement and better liquidity management. As demand for digital asset services grows, our goal is to ensure Africa’s payment ecosystem benefits securely and in line with regulatory frameworks,” the Group Chief Product and Innovation Officer at Onafriq,” Mr Luke Kyohere, said.
The chief executive of Privy, Mr Henri Stern, said, “Stablecoins will play an increasingly important role in the future of global payments, but real-world adoption depends on infrastructure that is secure, scalable and simple to implement. Working with Onafriq allows us to help build that foundation across Africa and beyond.”
