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Publish Nigeria’s Loan Details Since 1999—SERAP Tells Tinubu
By Adedapo Adesanya
The Socio-Economic Rights and Accountability Project (SERAP) has urged President Bola Tinubu to publish copies of loan agreements obtained by the federal government since 1999.
The group in a statement issued on Sunday asked President Tinubu “to direct appropriate ministries, departments and agencies (MDAs) to provide our organization with copies of the loan agreements obtained by the governments of former presidents Olusegun Obasanjo, Umaru Musa Yar’Adua, Goodluck Jonathan and Muhammadu Buhari.”
According to the statement issued by its Deputy Director, Mr Kolawole Oluwadare, the details must include how the loans were spent and the interest and other payments made on the credit facilities so far, which should be made public after an “independent audit.”
SERAP said it is demanding the details under the Freedom of Information request dated April 13, 2024, stressing that “No one should be able to pull curtains of secrecy around decisions on the spending of public funds which can be revealed without injury to the public interest. Democracy requires accountability and accountability requires transparency.”
It argued that, “Publishing copies of the agreements would prevent and combat waste, corruption, mismanagement, and abuse in the spending of public funds,” noting that, “Nigerians are entitled to information about what their government is doing in their name. This is part of their right to information.”
“Your government should make it possible for citizens to have access to the agreements and spending details to judge whether their government is working for them or not.”
“Publishing the agreements would demonstrate your oft-expressed commitment to openness in government and to promote accountability. It would also improve public accountability in ministries, departments and agencies (MDAs).
“Publishing the agreements and spending details would allow the public to see how and on what these governments spent the loans and foster transparency and accountability.”
“The information may help to explain why, despite several billions of dollars in loans obtained by successive governments, millions of Nigerians continue to face extreme poverty and lack access to basic public goods and services,” it stated.
It noted that according to the Debt Management Office (DMO), the total public domestic debt portfolio for the country is N97.3 trillion ($108 billion). The Federal Government’s debt is N87.3 trillion ($97 billion).
“Nigeria paid $6.2 billion in 2019 as interest on loans while the country paid $6.5 as interest in 2018. Nigeria also paid $5 billion as interest on loans in 2017 while the country paid $4.4 billion as interest in 2016. For 2015, the interest paid on loans was $5.5 billion.”
“SERAP is seriously concerned that substantial parts of the loans obtained by successive governments since the return of democracy in 1999 may have been mismanaged, diverted or stolen, and in any case remain unaccounted for,” it said.
“We would therefore be grateful if the recommended measures are taken within seven days of the receipt and/or publication of this letter.
“If we have not heard from you by then, SERAP shall take all appropriate legal actions to compel your government to comply with our request in the public interest,” it warned.
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.”
