General
Presidency Denies George Akume’s Replacement as SGF
By Adedapo Adesanya
The presidency has reacted to information circulating about the purported replacement of Mr George Akume as the Secretary to the Government of the Federation (SGF), saying this is not true.
A statement issued by the Special Adviser to the President on Information and Strategy, Mr Mr Bayo Onanuga, said, “There has been no change in the status of Senator George Akume as Secretary to the Government of the Federation.”
Mr Onanuga noted that President Bola Tinubu, who is currently in Saint Lucia, has not made any new appointments.
“The information circulating about Akume’s replacement is untrue. Agents of mischief fabricated it,” Mr stressed, advising “Nigerians to disregard the fake news.”
In another statement, the spokesperson said President Tinubu arrived in Vieux Fort, Saint Lucia, on Saturday at 5.30 pm local time, marking the first leg of his two-nation trip to the Caribbean and South America.
“Upon arrival at Hewanorra International Airport, President Tinubu was accorded full military honours and received by the Governor-General of Saint Lucia, His Excellency Cyril Errol Melchiades Charles, and Prime Minister Philip J. Pierre,” the statement said.
“President Tinubu will kick off the state visit on Sunday by paying courtesy calls on the Governor-General and Prime Minister Philip Pierre.
“The President will address a special joint session of the Senate and the House of Assembly of Saint Lucia on Monday.
“The event will take place at the William Jefferson Clinton Ballroom, Sandals Grande, Gros Islet.
“Guests include the Heads of Government of the Organisation of Eastern Caribbean States (OECS), senior Saint Lucian government officials, members of the diplomatic corps, the Nigerian community in Saint Lucia, and the Director-General of the OECS, Dr Didacus Jules.
“President Tinubu will hold a high-level working luncheon with the Heads of Government of OECS after the joint session of the Parliament of Saint Lucia.
“Discussions will centre on deepening cooperation between Nigeria and the OECS, focusing on economic partnerships and cultural solidarity for shared prosperity.
“According to the President’s itinerary, he will visit the Sir Arthur Lewis Community College in Castries to strengthen educational ties and promote academic exchange.
“President Tinubu’s visit underscores Nigeria’s commitment to strengthening diplomatic and economic relations with Caribbean states, particularly within the African Union’s Sixth Region framework, which recognises the African diaspora as a vital partner in the continent’s development.
“Following his engagements in Saint Lucia, the President will proceed to Brazil to participate in the 2025 BRICS Summit in Rio de Janeiro from July 6 to 7, 2025.
“President Tinubu is attending the BRICS summit at the invitation of President Luiz Inácio Lula da Silva of Brazil, based on Nigeria’s status as a ‘partner country’ — a membership category short of full membership.
“The Partner status is higher than that of a guest country, as has been the case in the past. South Africa, Egypt and Ethiopia are African members of BRICS.
“The 17th BRICS Summit will focus on “Strengthening Global South Cooperation for More Inclusive and Sustainable Governance”. Discussions will prioritise two key areas: Global South Cooperation and BRICS Partnerships for Social, Economic, and Environmental Development.”
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.”
