General
Nigeria Recovers $312m Abacha Loot from US
By Adedapo Adesanya
The Nigerian government has announced the recovery of $312 million repatriated from the United States and the Bailiwick of Jersey.
According to the Attorney-General of the Federation and Minister of Justice, Mr Abubakar Malami, a total of $311,797,866.11 was received.
Announcing receipt of this ‘Abacha Loot’ through his Special Assistant on Media and Public Relations, Mr Umar Gwandu, on Monday, Mr Malami said the amount increased significantly from over $308 million in February to over $311 million as a result of the interest that accrued from February 3 to April 28, when the fund was transferred to the Central Bank of Nigeria (CBN)
He noted that the litigation process for the return of the funds titled ‘Abacha III’ commenced in 2014 while the diplomatic process that culminated in the signing of the Asset Return Agreement commenced in 2018.
Business Post had reported that an agreement was signed on February 3, 2020 by the governments of Nigeria, the United States, and the Bailiwick of Jersey.
“This Agreement is based on international law and cooperation measures, that sets out the procedures for the repatriation, transfer, disposition, and management of the assets,” he said.
According to the statement, the recovery effort consolidates on the record of the Muhammadu Buhari administration which has a history of recovery of $322 million from Switzerland in 2018.
It added that the recovered loots were transparently and judiciously deployed in supporting indigent Nigerians as specified in the agreement signed with Switzerland and the World Bank.
The Attorney-General, who led the negotiation team, noted that the tripartite agreement and the process towards the implementation represented a major watershed in International Asset Recovery and Repatriation as it sought to provide benefit to the victims of corruption.
He said, “In line with the 2020 Asset Return Agreement, the fund has been transferred to a Central Bank of Nigeria Asset Recovery designated account and would be paid to the National Sovereign Investment Authority (NSIA) within the next fourteen days.
“The NSIA is responsible for the management and execution of the projects to which the funds will be applied.”
The minister insisted that the latest recovery would support and assist in expediting the construction of three major infrastructure projects across Nigeria – Lagos – Ibadan Expressway, Abuja – Kano Road, and the Second Niger Bridge.
He revealed that the government was in the process of establishing a Project Monitoring Team to oversee the implementation of the projects and report regularly on progress made to the public.
In order to ensure transparent management of the returned assets, Mr Malami said the government would engage a Civil Society Organisation (CSO) who has combined expertise in substantial infrastructure projects, civil engineering, anti-corruption compliance, anti-human trafficking compliance, and procurement to provide additional monitoring and oversight.
He also noted that the process for the engagement of the CSO monitor has already commenced with the adverts placed in two local newspapers.
The recovered funds, according to the minister, were laundered through the US banking system and then held in bank accounts in the Bailiwick of Jersey.
General
FG Insists Prepaid Meter is Free, Warns Nigerians Against Payment
By Adedapo Adesanya
The federal government has reaffirmed that electricity meters being deployed under the Distribution Sector Recovery Programme (DISREP) are free for customers, warning Nigerians not to pay any money for meter supply or installation.
The Director General of the Bureau of Public Enterprises (BPE), Mr Ayodeji Ariyo Gbeleyi, stated this in Abuja at a joint media briefing on DISREP with the managing directors of Nigeria’s 11 Electricity Distribution Companies (DisCos). DISREP is financed through a $500 million World Bank facility.
The DG said the concessional nature of the funding, which comes at single-digit interest rates, makes it more sustainable than commercial borrowing and supports long-term stability in the power sector.
Under the DISREP IPF, 3.2 million smart meters are being procured and installed nationwide over four years through competitive international and local bidding. According to him, close to 700,000 meters have already been delivered, while about 200,000 have been installed across different DisCos.
The DG said, “With DISREP and other Federal Government interventions, the journey to power sector reliability is underway. DISREP is not just a short-term intervention, but part of a broader and coordinated plan of the Renewed Hope Agenda of President Bola Ahmed Tinubu, GCFR, towards building a financially viable and service-oriented electricity market
“Nigerians deserve a power sector that works, one that delivers reliable electricity, protects consumers, ensures value for money, and supports economic growth.
“Together, we shall achieve that! The supply and installation of these meters for customers is free.
It was also disclosed that the government had already paid the contractors to supply and install the meters. DISREP is integrated with other metering initiatives, including the Presidential Metering Initiative and the Meter Acquisition Fund, to accelerate the closing of Nigeria’s metering gap.
On his part, the Managing Director of Abuja Electricity Distribution Company, Mr Chijioke Okwuokenye, warned customers not to pay for meters.
“These meters are to be deployed and installed freely. Anybody asking you to bring money should be reported,” he said.
MD of Eko Electricity Distribution Company (Eko Disco), Mrs Wola Joseph-Condotti, said the company is working closely with the authorities to weed out bad eggs who extort money from customers for meter procurement and installation.
The programme offers significant benefits to consumers, including the removal of upfront meter purchase and installation costs, accurate billing, the elimination of arbitrary estimated billing, improved service accountability by DisCos, better transparency and dispute resolution, and long-term improvements in supply reliability as the sector becomes more financially viable.
For DisCos, Mr Gbeleyi said DISREP provides access to concessional World Bank financing for metering and network upgrades, reduces Aggregate Technical, Commercial and Collection (ATC&C) losses, improves liquidity and revenue assurance, and strengthens operational performance for long-term investment.
He disclosed that $250 million of the facility is dedicated to Investment Project Financing, which supports bulk procurement of the 3.2 million smart meters, deployment of Meter Data Management Systems, and provision of technical assistance and capacity-building programmes to strengthen DisCos’ operations and processes.
Describing DISREP as a landmark transaction, Mr Gbeleyi said it is the first initiative of its kind in which the government, beyond investing in distribution network infrastructure, is deploying meters at scale to bridge the country’s metering gap. He cited official figures showing that Nigeria currently has about 5.66 million unmetered electricity customers.
“The plan is to quickly close that gap. These meters are for everybody. They are for Nigerians. Priority is on unmetered customers,” he said.
He clarified that while the policy targets unmetered customers, DisCos have been allowed to deploy up to 20 per cent of the meters to replace faulty or technologically obsolete units, following feedback from the field.
General
NSC Revamps PSSP to Solve Complaints, Boost Ease of Doing Business in Ports
By Adedapo Adesanya
The Nigerian Shippers’ Council (NSC) has successfully concluded the review of the Port Service Support Portal (PSSP) application, which is aimed at ensuring seamless handling and efficient resolution of stakeholders’ commercial disputes across the maritime sector.
The Head of NSC-ICT, Mr Benjamin Ivwigheghweta, and his team; the Head of the Complaints Unit, Mr Bashir Ambi and his team; as well as consultants from BrandOne, all collaborated to complete the platform’s final implementation stage.
Mr Ivwigheghweta expressed satisfaction with the successful integration of the revamped PSSP for streamlined dispute resolution. He encouraged the team to fully engage with the new system and to ask questions where necessary, ensuring that every member is well equipped to meet stakeholder needs with precision and efficiency.
On his part, Mr Ambi applauded the deployment of the PSSP as a tool for accelerating grievance resolution, adding that the platform would significantly strengthen the council’s dispute resolution framework by promoting transparency, boosting stakeholder confidence, and generating reliable, data-driven records to support national economic growth.
He further commended the ICT team for its unwavering support-particularly in ensuring extended network availability to support the Unit’s after-hours operations.
Describing the PSSP as a critical modern upgrade for dispute resolution, Mr Ambi revealed that the Council’s operations are now about 90 percent digital. “We rely heavily on electronic platforms to serve our stakeholders,” he said, adding that the ICT Unit has remained the backbone of these efforts by providing consistent support, even over weekends, to ensure uninterrupted online service delivery.
This digital-first approach, he noted, keeps the NSC at the forefront of maritime efficiency.
Following a productive three-hour technical review and interactive question and answer session, the PSSP is now in its final phase.
The next steps include the configuration of individual user access by the ICT Unit and a live demonstration of the platform to Management. Upon completion of these tasks, the council will be ready to go live-ushering in a new era of digital efficiency in port service delivery.
The Port Service Support Portal was officially launched by the former Vice President, Mr Yemi Osinbajo, in June 2016 in Abuja. The launch was held alongside the unveiling of the Port Harmonized Standard Operating Procedures (SOPs). The portal was designed as an online, real-time platform to enhance service delivery, address stakeholder complaints, and curb corruption at Nigerian ports.
General
Tinubu Deploys Army to Kwara, Condemns Terrorist Attack
By Adedapo Adesanya
President Bola Tinubu has deployed an army battalion to Kaiama district in Kwara State after suspected jihadist fighters killed about 170 people in an overnight attack on Tuesday.
The terrorists stormed Woro and Nuku communities in Kaiama Local Council, according to Kwara State lawmaker, Mr Saidu Ahmed.
The violence highlights fears that jihadist factions prevalent in Northern Nigeria are pushing south along the Niger-Kwara axis toward the Kainji forest.
According to a statement from the Presidency, the new military command will spearhead Operation Savannah Shield to checkmate the barbaric terrorists and protect defenceless communities.
He condemned the attack as “cowardly and barbaric,” saying the gunmen targeted villagers who had rejected attempts to impose extremist rule.
“It is commendable that community members, even though Muslims, refused to be conscripted into a belief that promotes violence over peace,” President Tinubu said in the statement.
The President urged collaboration between federal and state agencies to provide succour to members of the community and ensure that those who committed the atrocities do not go scot-free.
President Tinubu prayed for the repose of the souls of the deceased and condoled with those who lost family members as well as the people and government of Kwara State.
Similarly, suspected bandits stormed Doma community in Tafoki Ward, Katsina State, on Tuesday afternoon, killing several residents, injuring many others and setting vehicles and houses ablaze.
There were conflicting figures over the casualty toll, with police putting the number of deaths at 13, while the executive chairman of Faskari Local Council estimated more than 20.
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