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Reps Discover $996m Hidden by Agencies in Banks

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By Dipo Olowookere

Some ministries, departments and agencies (MDAs) of federal government have been accused of operating accounts different from the authorised Treasury Single Account (TSA), with the sole aim of short-changing the country of generated revenues.

An Ad Hoc Committee on the Need to Ascertain the Proceeds of the TSA to Enhance Transparency, Accountability and Good Governance set up by the House of Representatives claimed it had uncovered about $995.7 million not remitted to the coffers of government by these MDAs.

According to the committee, these MDAs have failed to follow the TSA policy, leading to revenue leakages.

It accused the Nigerian National Petroleum Corporation, the Nigerian Ports Authority, the Federal Inland Revenue Service, the Nigeria Customs Service as well as other ministries and banks of various infractions.

The House asked the Ministry of Finance, the Office of the Accountant-General of the Federation and the Central Bank of Nigeria should intensify efforts to enforce full implementation and compliance with the TSA policy by all the MDAs.

It also wants the MDAs who had violated the TSA policy to be sanctioned accordingly.

Quoting from the report on Friday, online news platform, Premium Times said the lawmakers ordered that the Ministry of Finance and OAGF “should be directed to publish, sanction/prosecute with immediate effect all MDAs, private persons, private organisations as well as banks, where FGN funds are hidden based on the discoveries made in the report of the consultants engaged by the OAGF and review the compliance with the TSA.”

The lawmakers said applications for exemptions/waivers must follow the guidelines on TSA implementation and duly approved and signed by the president only. Presenting the report, the chairman of the committee, Danduram Abubakar, said during the investigations, overwhelming discoveries were made.

According to him, it was observed that funds belonging to the federal government to the tune of billions of naira and hundreds of millions of dollars were operated outside the TSA by the MDAs in collaboration with the banks.

“After the meeting with Deposit Money Banks, the Central Bank of Nigeria, the Office of the Accountant-General of the Federation, the Office of the Auditor-General of the Federation and the Nigerian National Petroleum Corporation on August 15, 2017, the committee discovered that over $900 million is still being held outside the TSA.

“While some banks fully complied with the directive of the ad hoc committee by remitting these funds into the TSA, it is worthy of note that the sum of about $995.71 million was still held outside the TSA by some other banks. This sum of $995.71 million includes the principal deposit and the accrued interest on the deposit. Also discovered was an amount of N1.207 billion and €23,704.01,” he explained.

The lawmakers agreed that “the issues bordering on the Nigerian Ports Authority fund totalling €6,626,429.59 seized by the Economic and Financial Crimes Commission should be resolved immediately and the funds released to the appropriate owner. The EFCC should be informed in writing to immediately refund the same amount into the TSA account with the CBN.”

The NNPC was also asked to make full disclosures on the nature and status of the fund held in the NNPC Pension Fund Limited domiciled in Aso Savings and Loans Plc and Unity Bank.

Dipo Olowookere is a journalist based in Nigeria that has passion for reporting business news stories. At his leisure time, he watches football and supports 3SC of Ibadan. Mr Olowookere can be reached via [email protected]

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Nigeria Signs Defence Joint Venture with Terra Industries

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By Adedapo Adesanya

Nigeria has signed a joint venture with defence technology company, Terra Industries Limited, as part of efforts to boost the country’s defence industrial capacity and advance indigenous high-technology development.

The Defence Industries Corporation of Nigeria (DICON) and Terra signed a Memorandum of Understanding (MoU) for the establishment of the Joint Venture Company (JVC), both parties announced on Monday.

The partnership provides a robust framework for the local production, assembly, research and development (R&D), and training in high-technology systems, including drones, cybersecurity solutions, robotics, and other ancillary software and hardware platforms.

The MoU, executed pursuant to the DICON Act 2023, underscores DICON’s statutory mandate to collaborate with indigenous and foreign defence-related industries through Public-Private Partnerships. Under the agreement, the Joint Venture Company will operate as a subsidiary of DICON, jointly promoted and owned by DICON and Terra Industries, and duly incorporated in Nigeria.

This marks the latest move by Terra, which recently became a $100 million company, following recent raises from investors including Flutterwave CEO, Mr Gbenga Agboola, American actor Jared Leto as well as 8VC founded by the co-founder of Palantir Technologies Inc., Mr Joe Lonsdale. Other investors included Valor Equity Partners, Lux Capital, SV Angel, Leblon Capital GmbH, Silent Ventures LLC, Nova Global.

Terrahaptix, founded by Mr Nathan Nwachukwu and Mr Maxwell Maduka, are using the new funding to expand Terra’s manufacturing capacity as it expands into cross-border security and counter-terrorism.

The latest agreement with DICON is designed to establish advanced production and assembly lines for high-tech equipment within Nigeria, while promoting meaningful technology transfer, skills development, and specialised training for Nigerian personnel.

It also aims to strengthen local sourcing of raw materials, reduce dependence on imports, and enhance domestic industrial capacity and strategic autonomy. Additionally, the partnership will support the supply of security equipment to the wider Nigerian security agencies, other security agencies, positioning Nigeria as a competitive player in the global defence manufacturing sector.

Under the agreement, Terra Industries will provide technical expertise, professional services, and training, and will attract both local and foreign investment to strengthen the defence industrial ecosystem.

The company will also facilitate the procurement of production equipment, coordinate local and international training programmes, and provide access to manufacturing know-how, tooling, spare parts, and established defence sector supply chains.

Speaking on this, Mr Nathaniel Nwachukwu, CEO of Terra Industries, noted that the partnership “Demonstrates confidence in indigenous Nigerian engineering capability and creates a platform for sustainable defence technology development, innovation, and export competitiveness.”

On his part, Major General BI Alaya, the Director General of DICON, described the agreement as “A transformational step toward strengthening Nigeria’s defence manufacturing base, reducing import dependence, and positioning Nigeria as a regional hub for advanced innovation.”

The need for security has risen in recent years, as groups such as Islamic State and al-Qaeda are gaining ground in Africa, converging along a swathe of territory that stretches from Mali to Nigeria.

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Deep Blue Project: Mobereola Seeks Air Force Support

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By Adedapo Adesanya

The Director General of the Nigerian Maritime Administration and Safety Agency (NIMASA), Mr Dayo Mobereola, is seeking enhanced cooperation between the agency and the Nigerian Air Force (NAF) with the aim of strengthening tactical air support within the Deep Blue project.

During a courtesy visit last week, Mr Mobereola told the Chief of Air Staff, Air Marshall S. K. Aneke at the NAF Headquarters in Abuja, that the Air Force was a strategic partner in enhancing maritime security in Nigeria and sustaining the momentum of the Deep Blue Project’s success.

According to the DG, “We are here to seek the Air Force’s support, given the importance of tactical air surveillance to the Deep Blue Project. Nigeria is the only African country with a record of zero piracy within the last 4 years. The Deep Blue Project platforms have been used to achieve zero piracy and sea robberies in the Gulf of Guinea, and we need your collaboration to sustain this momentum”.

He further emphasised that international trade depends on security, which is why vessels prefer to go to or transit through countries where they are secured. “With the traffic we have now, we need to show more security might through collaboration to strengthen our trade viability because of the risks attached to our route. We need these collaborations to sustain what we have achieved so far with the Deep Blue Project”.

The NIMASA DG expressed hope that the collaboration with the Nigeria Air Force will reduce response time.

On his part, the Chief of Air Staff, Air Marshall S.K. Aneke, noted that the Air Force desires to be “a very supportive and collaborative partner with NIMASA and is ready to match the Agency step by step and side by side to achieve the desired results.”

He noted that “collaboration between NIMASA and the Nigerian Air Force under the Deep Blue Project can be strengthened through a joint strategic framework, integrated command structures, and a standing steering committee to ensure shared objectives and accountability.

“Establishing a joint maritime domain awareness fusion cell will enable real-time intelligence sharing, synchronised surveillance, and faster response to maritime threats and ensure sustained operational effectiveness across Nigeria’s territorial waters and exclusive economic zone,” he said, according to a statement.

The Air Force Chief added that the Air Force can also support NIMASA outside the Deep Blue Project operations by providing its own ISR platforms, tactical air support, and rapid airborne deployment for interdictions and search and rescue missions.

While thanking the NIMASA DG for the basic trainings the Agency has provided the aircraft pilots under the Deep Blue Project, Air Marshall Aneke also highlighted areas of operational challenges needing NIMASA’s attention to include bridging the communication gap between NAF operators and NIMASA, higher level and in-depth maintenance trainings, readily available fueling of aircrafts to avoid delays on missions, and provision of flying kits among others.

He therefore pledged the Air Force’s collaboration and assured that the request by NIMASA has been noted and that things will begin to move at thrice its speed going forward.

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Nigeria’s Democracy Suffocating Under Tinubu—Atiku

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By Modupe Gbadeyanka

Former Vice President, Mr Atiku Abubakar, has lambasted the administration of President Bola Tinubu for the turnout at the FCT Area Council elections held last Saturday.

In a statement signed by his Media Office, the Adamawa-born politician claimed that the health of Nigeria’s democracy under the current administration was under threat.

According to him, “When citizens lose faith that their votes matter, democracy begins to die. What we are witnessing is not mere voter apathy. It is a direct consequence of an administration that governs with a chokehold on pluralism. Democracy in Nigeria is being suffocated slowly, steadily, and dangerously.”

He warned that the steady erosion of participatory governance, if left unchecked, could inflict irreversible damage on the democratic fabric painstakingly built over decades.

“A democracy without vibrant opposition, without free political competition, and without public confidence is democracy in name only. If this chokehold is not released, history will record this era as the period when our hard-won freedoms were traded for fear and conformity,” he stressed.

Mr Atiku said the turnout for the poll was below 20 per cent, with the Abuja Municipal Area Council (AMAC) recording 7.8 per cent.

He noted that such civic participation in the nation’s capital, the symbolic heartbeat of the federation, is not accidental, as it is the predictable outcome of a political environment poisoned by intolerance, intimidation, and the systematic weakening of opposition voices.

The presidential candidate of the People’s Democratic Party (PDP) in the 2023 general elections stated that the ruling All Progressives Congress (APC) under Mr Tinubu has pursued a deliberate policy of shrinking democratic space, harassing dissenters, coercing defectors, and fostering a climate where alternative political viewpoints are treated as threats rather than contributions to national development.

He called on opposition parties and democratic forces across the country to urgently close ranks and forge a united front, declaring, “This is no longer about party lines; it is about preserving the Republic. The time to stand together to rescue and rebuild Nigeria is now.”

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