General
Fubara Lauds Army’s Anti-Oil Theft Operations
By Adedapo Adesanya
The Governor of Rivers State, Mr Siminalayi Fubara, has commended the Nigerian Army for intensifying its fight against pipeline vandalism and illegal oil bunkering, saying the security operations are yielding positive results by boosting crude oil production and improving national revenue.
Mr Fubara made the remarks while receiving the Chief of Army Staff, Lieutenant General Waidi Shaibu, who paid him a courtesy visit at the Government House, Port Harcourt, ahead of the 163rd Nigerian Army Day Celebration scheduled to hold in Rivers State.
The Army Chief was accompanied by the General Officer Commanding 6 Division, Major General Emmanuel Emekah, and other senior military officers.
Speaking during the visit, Mr Fubara said the military’s sustained operations against oil theft and pipeline sabotage have significantly reduced disruptions to oil production.
“In the face of everything, I can conveniently say that there are a lot of positive things that our state has recorded in terms of security,” the governor said.
He noted that the Army’s efforts in curbing pipeline vandalism and illegal bunkering had translated into increased crude oil production and higher revenue for the country.
According to him, the operations of the 6 Division Nigerian Army have also strengthened the security of lives and property across Rivers State.
Governor Fubara congratulated Mr Shaibu on his appointment as Chief of Army Staff and expressed confidence that his tenure would deliver even greater improvements in national security.
“I’m commending you because within the short period that you’ve been appointed, I can conveniently say that there are a lot of positive things that our state has recorded in terms of security. I wish that your tenure will record a lot more positive improvements for the Nigerian Army,” he said.
The governor also welcomed the decision to host this year’s Nigerian Army Day celebration in Rivers State, describing it as a vote of confidence in the state’s security situation.
“We are really happy that, in the face of everything, you chose Rivers State for this very wonderful celebration. This is significant for us. It speaks to two things: that Rivers State is peaceful and Rivers State is worth securing.”
Mr Fubara pledged continued support for the Nigerian Army, assuring the military of the state’s cooperation in ensuring the success of its operations.
“You’re doing this work and every one of us is enjoying the positive effects. We owe you our support. We are not going to rest on our oars in ensuring that we do whatever we need to do to make you succeed,” he added.
Earlier, the Chief of Army Staff said he was in Rivers State to participate in activities marking the 163rd Anniversary of the Nigerian Army and thanked the state government for its support.
“I want to specifically thank you for the support you have rendered us, especially the infrastructure, the stadium that you have put at our disposal for hosting the event and other things that you have done at the Divisional Headquarters as part of your own contributions to ensure the success of the celebration,” Mr Shaibu said.
The Army Chief explained that the anniversary would feature a week-long programme of activities, including civil-military engagements aimed at strengthening relationships between the Army and host communities.
By Adedapo Adesanya
The presidential candidate of the Nigeria Democratic Congress (NDC), Mr Peter Obi, has pledged to reduce interest rates if elected.
Mr Obi made the remarks during an appearance on Sunday Politics on Channels Television late on Sunday, where he outlined plans to revive the economy through cheaper credit for businesses and increased investment in agriculture and manufacturing.
He said Nigeria’s current borrowing costs are crippling small businesses, and this could be tied to the current interest rate level.
Last week, the Monetary Policy Committee (MPC) of the Central Bank of Nigeria (CBN) retained the Monetary Policy Rate (MPR), the country’s benchmark interest rate, at 26.5 per cent.
Mr Obi argued that government should focus on creating an enabling environment for entrepreneurs rather than directly engaging in production, stressing that small businesses remain the largest employers of labour in successful economies.
Drawing comparisons with countries such as Indonesia, he said governments that prioritise small businesses provide affordable financing, training and other forms of support that enable enterprises to thrive.
“The government supports them with training and loans at less than 10 per cent, actually about 5 per cent. How can you do small business in Nigeria with no support, no training, and interest rates at 35 per cent? It is impossible.”
According to Mr Obi, supporting manufacturers and visiting factories to understand their challenges is central to building a productive economy rather than one driven by consumption.
“I know the biggest problem for manufacturers today in Nigeria is interest rate,” he said.
The show’s host, Mr Seun Okinbaloye, then asked whether he would reduce interest rates if elected president.
“Of course, yes,” he answered, adding that his background in building businesses and in the corporate world qualifies him to know exactly what to do to drive the interest rate down.
Although the Nigerian president does not directly determine the MPR, presidential economic policies and appointments to the CBN leadership can influence the broader environment in which those decisions are made.
Following the conclusion of the 306th Monetary Policy Committee meeting held in Abuja on July 20 and 21, 2026, the Governor of the CBN, Mr Yemi Cardoso, who heads the MPC, said the decision to hold rates steady is intended to sustain the moderation in inflation, preserve stability in the foreign exchange market and consolidate recent macroeconomic gains.
Headline inflation eased marginally to 15.91 per cent in June 2026, from 15.93 per cent in May, although food inflation accelerated on a monthly basis to 3.75 per cent from 2.98 per cent.
By Adedapo Adesanya
The Socio-Economic Rights and Accountability Project (SERAP) has dragged the Nigerian National Petroleum Company (NNPC) Limited before a Federal High Court in Abuja over what it described as the company’s failure to adequately explain and account for more than ₦211 trillion recorded in its 2023 audited financial statements.
According to SERAP, the sum of N211.015 trillion was listed under “Sundry Receivables” and “Accrued Expenses” in NNPC’s audited accounts without sufficient details to enable public scrutiny of the transactions.
In the suit marked FHC/ABJ/CS/1427/2026 and filed last week, the advocacy group is seeking an order compelling the state oil company to account for the funds and disclose all documents relating to the entries contained in its 2023 financial statements.
SERAP is asking the court to direct the oil company to provide a detailed explanation and reconciliation of the N107.6 trillion recorded as “Sundry Receivables,” including the identities of the debtors, amounts owed, legal basis for the receivables and the status of efforts to recover the funds.
The organisation is also requesting the disclosure of documents relating to the N103.4 trillion listed as “Accrued Expenses,” including the identities of creditors and beneficiaries, the nature of the liabilities, their legal basis and supporting records establishing their legitimacy.
In addition, SERAP wants the court to compel NNPC to release all records used in preparing and approving the N211 trillion entries in the audited accounts.
The group argued that there is an overriding public interest in making the information available, maintaining that NNPC Limited has a legal obligation to explain the transactions and demonstrate that the figures are accurate, lawful and backed by credible documentation.
SERAP further contended that the Freedom of Information Act and the African Charter on Human and Peoples’ Rights guarantee citizens access to information held by public institutions, including NNPC Limited, to facilitate oversight of public resources.
According to the organisation, disclosure of the information would promote transparency, strengthen fiscal accountability, prevent corruption and enable Nigerians to assess how the country’s oil wealth is being managed.
The suit stated that Nigerians have a right to know who owes the N107.6 trillion, who is entitled to the N103.4 trillion in accrued expenses, the legal basis for the transactions and whether the entries comply with relevant laws and accountability standards.
Filed by SERAP’s legal team comprising Miss Oluwakemi Agunbiade, Miss Kehinde Oyewumi, Mr Andrew Nwankwo and Miss Maryam Mumuni, the suit explained that “Sundry Receivables” represent funds NNPCL claims are owed to it by individuals, companies or government entities but have not yet been received.
It also described “Accrued Expenses” as liabilities NNPCL says it owes for goods, services or other obligations already incurred but not yet paid.
SERAP argued that together, the two entries account for more than N211 trillion in NNPC’s 2023 audited financial statements, yet the accounts do not sufficiently identify the parties involved, explain the legal basis of the transactions or provide supporting documentation for independent verification.
The organisation maintained that NNPCL remains subject to the Freedom of Information Act because it is wholly owned by the Federal Government and manages petroleum resources and oil revenues on behalf of the federation.
According to SERAP, the Petroleum Industry Act does not exempt the company from its obligations to operate transparently and accountably.
The organisation added that secrecy surrounding oil revenue management undermines public trust, weakens the rule of law and runs contrary to Nigeria’s constitutional provisions, financial regulations and international anti-corruption commitments.
No date has been fixed for hearing the suit.
By Modupe Gbadeyanka
The Lagos State Commissioner for the Environment and Water Resources, Mr Tokunbo Wahab, has disclosed that the state government has not restricted the movement of people during the re-introduced monthly environmental sanitation exercise.
Responding to an enquiry by an X user, Faveo Autos, on Saturday, he said the exercise was not brought back to restrict the movement of residents, noting that arresting anyone during the sanitation was unlawful and not backed by law.
However, he encouraged Lagosians to use the period to keep their surroundings clean.
“What is the fine for movement during environmental [sanitation]?” Mr Wahab was asked by Faveo Autos today.
In his response, the Commissioner said, “For clarity, there is no restriction on movement during the monthly environmental sanitation exercise. Consequently, arresting anyone on the basis of movement during the exercise is unlawful and does not represent the position or policy of the Lagos State Government.
“The monthly environmental sanitation exercise was reintroduced primarily to restore and strengthen the culture of environmental cleanliness across the state.
“The initiative is backed by the Lagos State Environmental Management and Protection Law, 2017. However, the law does not provide for any restriction on movement during the exercise.
“Our focus is on encouraging Lagosians to embrace environmental sanitation as a civic responsibility and a shared commitment to maintaining a cleaner, healthier, and more sustainable Lagos, rather than relying on enforcement measures.”
