Connect with us

General

Reps Summon CBN Governor, COAS Over $1bn for Arms

Published

on

Summon CBN Governor

By Modupe Gbadeyanka

The Governor of the Central Bank of Nigeria (CBN), Mr Godwin Emefiele, has been summoned by the House of Representatives.

The country’s chief banker was summoned by the lower chamber of the National Assembly to answer questions in connection with the $1 billion approved by the federal government a few years ago for the procurement of arms to fight insurgency.

The House of Representatives Ad Hoc Committee on the Need to Review the Purchase, Use and Control of Arms, Ammunition and Related Hardware by Military, Paramilitary and Other Law Enforcement Agencies in Nigeria, wants the CBN chief to appear before it alongside the Chief of Army Staff, Lt.-Gen. Ibrahim Attahiru, for grilling.

Yesterday, the duo was supposed to be before the committee with others to explain what happened with the money but they were absent.

This made the panel ask them to specifically appear to state what they know about the funds unfailingly on Wednesday, April 7, 2021.

How FG approved $1bn for arms purchase

In April 2018, the federal government, worried that the military was complaining of inability to fight Boko Haram insurgents in the northeast of Nigeria, approved the withdrawal of $1.0 billion from the Excess Crude Account (ECA) to procure arms.

The country’s main opposition party, the Peoples Democratic Party (PDP) kicked against this because it claimed the money would be embezzled.

Another reason for the opposition was because it was just less than a year to the 2019 general elections and it was speculated that the ruling party would use the funds mainly to campaign for re-election.

NSA latest comments

About two weeks ago, the National Security Adviser (NSA), Mr Babagana Monguno, insinuated in an interview with the Hausa Service of the British Broadcasting Corporation (BBC) that the money was squandered.

He claimed in the interview that the immediate past service chiefs could not account for the funds as there were no arms to show for the $1.0 billion approved by the government for the purchase of the military equipment.

However, he later recanted, claiming that the media quoted him out-of-context.

Reps wade in

In view of the reactions that trailed the NSA’s comments, the green chamber of the parliament mandated its ad-hoc committee to investigate how the funds were used.

This made the House of Reps summon the CBN Governor and the head of the army in Nigeria for explanations on what the money was used for. They were invited along with several other security agency heads and ministries.

Modupe Gbadeyanka is a fast-rising journalist with Business Post Nigeria. Her passion for journalism is amazing. She is willing to learn more with a view to becoming one of the best pen-pushers in Nigeria. Her role models are the duo of CNN's Richard Quest and Christiane Amanpour.

Advertisement
Click to comment

Leave a Reply

Your email address will not be published. Required fields are marked *

General

ANLCA Airport Chapter Scores Salamatu High on Stakeholder Engagement, Trade Facilitation

Published

on

ANLCA Airport Chapter

By Bon Peters

The Airport Chapter of the Association of Nigerian Licensed Customs Agents (ANLCA) at Omagwa Rivers State has praised the Customs Area Controller for Customs Area 1 Command, Comptroller Salamatu Atuluku.

At the end-of-the-year party attended by stakeholders, including the leader of the association’s chapter, Mr Charles Onyema, said the customs officer has done well in stakeholder engagement and trade facilitation.

At the event held last Friday, he said his association has been enjoying a very cordial relationship with other organisation in the ecosystem.

“You can see what is happening today, everybody is working together and our operations here are seamless,” he noted.

He stated that apart from creating a very robust business environment for his members and other stakeholders to operate, he has taken a decision to build and commission a befitting ANLCA Secretariat which would be completed soon and be commissioned by the ANLCA national president, Mr Emenike Nwokeoji.

The ANLCA chapter chief said since “Comptroller Salamatu Atuluku assumed office at Customs Area 1, Port Harcourt Command, it has been a different ball game, facilitating  trade and increasing Revenue generation.”

“I remember I told her she was a mother during her maiden visit to the airport.

“You know when you have a woman in charge of an affair, food will not lack, compassion will not lack and motherly love will not lack.

“She is very wonderful in stakeholder engagement, revenue generation and trade facilitation,” Mr Onyema enthused.

Projecting into the future, Mr. Onyema said the year 2026 would be better for his members, adding that he has advised them on financial discipline which he said would help them during the trying period.

Continue Reading

General

FG Declares Holidays for Christmas, New Year Celebrations

Published

on

as public holidays

By Adedapo Adesanya

The federal government has declared Thursday, December 25, and Friday, December 26, 2025, as public holidays to mark Christmas and Boxing Day respectively.

The government also declared Thursday, January 1, 2026, for the New Year celebration.

The declaration was contained in a statement issued on Monday by the Permanent Secretary of the Ministry of Interior, Mrs Magdalene Ajani, on behalf of the Minister of Interior, Mr Olubunmi Tunji-Ojo.

According to the statement, the Minister urged Nigerians to reflect on the values of love, peace, humility and sacrifice associated with the birth of Jesus Christ.

Mr Tunji-Ojo also called on citizens, irrespective of faith or ethnicity, to use the festive season to pray for peace, improved security and national progress.

He further advised Nigerians to remain law-abiding and security-conscious during the celebrations, while wishing them a Merry Christmas and a prosperous New Year.

Business Post reports that on these public holidays – the foreign exchange market, the Nigerian Exchange (NGX), as well as the NASD Over-the-Counter (OTC) Securities Exchange will not open to trade.

Continue Reading

General

Dangote Refinery Warns Against Artificial Petrol Scarcity

Published

on

petrol scarcity

By Modupe Gbadeyanka

Local crude oil refiner, Dangote Petroleum Refinery, has kicked against attempts to put consumers of premium motor spirit (PMS), otherwise known as petrol, under untold hardship in the country.

The company, which commenced nationwide sales of the product at a pump price of N739 per litre across all MRS Oil Nigeria Plc filling stations, appealed to Nigerians to report any of its marketers who sell above this price.

“Any attempt to create artificial scarcity or manipulate supply to frustrate recent price reductions is unpatriotic and unacceptable.

“We urge regulatory authorities to remain vigilant and take firm action against such practices, especially during this critical festive period,” the Lagos-based refinery said in a statement.

It noted that the significant price reduction was part of its mission to deliver affordable fuel to consumers and stabilize the downstream petroleum market.

With over 2,000 MRS stations nationwide, the new pricing is expected to be implemented across all outlets, ensuring that the benefits of this reduction reach consumers nationwide.

Dangote Refinery applauded marketers who have embraced the new pricing regime and urged others to follow suit in the interest of national economic recovery.

“We commend MRS and other marketers who have demonstrated patriotism by reflecting the reduced price at the pump. We call on others to join this effort as a show of support for Nigeria’s economic recovery,” the refinery stated.

Historically, the festive season has been associated with fuel scarcity and sharp price hikes. However, Dangote Refinery has delivered a decisive market intervention—crashing pump prices at a time when Nigerians typically brace for hardship. Backed by a guaranteed daily supply of 50 million litres, this initiative fundamentally alters the supply dynamics during the holiday period.

By refining locally at scale, the refinery is reducing Nigeria’s exposure to volatile global markets, conserving foreign exchange, stabilizing the Naira, and strengthening energy security. This sustained price cut and steady supply are providing relief to households, businesses, and transport operators nationwide.

Consumers were advised to resist purchasing fuel at inflated prices when cheaper, high-quality alternatives are readily available.

“We encourage Nigerians to avoid buying PMS at excessively high prices when they can access locally refined fuel at N739 per litre from over 2,000 MRS stations nationwide. Report any MRS station selling above N739 per litre by calling 0800 123 5264,” the refinery said.

“We also call on other petrol station operators to patronize our products so that the benefits of this price reduction can be passed on to Nigerians across all outlets, ensuring broad-based relief and a more stable downstream market,” it added, reaffirming its commitment to steady supply, price moderation, and energy security, emphasizing that its operations are anchored on long-term national interest rather than short-term market pressures.

“Our objective remains clear: to ensure consistent supply of high-quality petroleum products at affordable prices for Nigerians, while supporting economic stability and reducing dependence on imports,” the refinery concluded.

Continue Reading

Trending