General
SERAP Asks Buhari to Suspend $6.18bn Loan Request
By Adedapo Adesanya
The Socio-Economic Rights and Accountability Project (SERAP) has asked President Muhammadu Buhari to suspend his plans to borrow a $6.18 billion loan from external sources, advising him to instead disclose spending details of the $700 million looted funds reportedly recovered in the past four years.
In a letter, the body called on Mr Buhari to reveal the location of projects completed with the money, as well as details of the contractors that executed the projects.
SERAP further wants details of how the “government plans to spend the returned £4.2 million [Mr James] Ibori loot, including details of planned capital expenditure and whether there is any plan to ensure that the money and any future returned Ibori loot would be spent to achieve justice and effective remedies for victims of corruption in Delta State.”
The Attorney General of the Federation and Minister of Justice, Mr Abubakar Malami had last week stated that the federal government has received £4.2 million linked to former Delta State Governor, Mr James Ibori, and the plan to repatriate more than £80 million of Ibori loot.
In the Freedom of Information request dated May 22, 2021, and signed by SERAP deputy director, Mr Kolawole Oluwadare, the organization said: “Disclosing spending details of the recovered $700 million loot, and spending plans for the £4.2 million Ibori loot would promote transparency, accountability, and be entirely consistent with your constitutional oath of office to ensure the well-being of Nigerians.”
“Rather than borrowing another N2.3 trillion ($6.18 billion) external loan, SERAP urges you to ensure transparent and accountable use of recovered loot to fund the 2021 budget, improve the country’s economy, and address widespread poverty. This would promote a just and honest government, and ensure that recovered loot is not re-stolen at the expense of the poor.
SERAP asked Mr Buhari “to withdraw your latest request seeking the approval of the National Assembly to borrow another $6.18 billion in the public interests and to ensure accountable fiscal stewardship of Nigeria’s money for both current and future generations.”
“Providing the information and widely publishing the details would also enhance your government’s authority and credibility to demand the return of more looted public funds from abroad, as well as facilitate the repatriation of potentially billions of dollars still stashed in rich countries.
“Your government has a legal obligation under the UN Convention against Corruption to ensure that recovered stolen public money is not embezzled again and that any returned loot is spent for the benefit of the real victims of corruption—the ordinary Nigerians whose commonwealth has been stolen, and who continue to suffer the consequences of grand corruption.
“SERAP notes that the consequences of corruption are felt by poor citizens on a daily basis. Corruption exposes them to additional costs to pay for health, water, education and administrative services. Another consequence of corruption is the growing inequality in the country, where the privileged few have access to all public resources, while the vast majority of citizens are deprived of access to public services.
“Our requests are brought in the public interest, and in keeping with the requirements of the Nigerian Constitution 1999 [as amended]; the Freedom of Information Act, and the country’s international obligations including under the UN Convention against Corruption and the African Charter on Human and Peoples’ Rights to which Nigeria is a state party.
“Our requests are also entirely in line with the judgment by Justice Mohammed Idris ordering your government to widely publish up-to-date information on recovered stolen funds since the return of civilian rule in 1999. Your government has refused to obey the judgment, despite publicly promising to do so.
“We would be grateful if the recommended measures are taken within 14 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.
“As a signatory to the UN Convention against Corruption and the African Charter on Human and Peoples’ Rights, Nigeria has committed to ensuring transparent and accountable management of public resources, and unhindered access to public information. These commitments ought to be fully upheld and respected.
“According to our information, Mr Malami recently reportedly disclosed that your government has recovered over $700 million looted funds from the United States, the United Kingdom, Bailiwick of Jersey, Switzerland, and Ireland in the past four years,” the group further said.
General
NUPRC Probes Gas Bubbling in Bille Community in Rivers
By Aduragbemi Omiyale
The Nigerian Upstream Petroleum Regulatory Commission (NUPRC) has commenced an investigation into a gas bubbling incident in Bille community in Rivers State, but preliminary “deductions and field observations indicate that the gas bubbling may be associated with a subsurface phenomenon that could be linked to a variety of triggers.”
In a statement signed by its chief executive, Mrs Oritsemeyiwa Eyesan, on Thursday, the agency said it was worried about the unfortunate incident, assuring residents that efforts are being made to address the issue.
The commission acknowledged the concerns the “unsavoury development has raised in relation to public safety, the environment, and the health of the populace,” stressing that, “The overall well-being of our communities and the protection of the environment remain paramount to the commission, as they are to government.”
It stated that, “Upon notification of the incident, the commission activated a coordinated technical investigation process in line with established regulatory protocols to assess the nature and extent of the gas seepage, identify source(s) and potential cause(s), and propose immediate and long-term mitigation measures.”
“The investigative study is being conducted in collaboration with stakeholders to ensure comprehensive, fact- based outcomes for long-term sustainability,” it added.
“Detailed geotechnical and geological analyses are ongoing to determine the contributing factor(s) and possible remedies for prompt implementation,” the statement further said.
“The commission assures the Bille community of its resolve to ensure that necessary actions required to address the situation are taken in line with applicable regulations, industry standards and global best practices.
“Once again, the commission commiserates with the Bille community as we work assiduously with all stakeholders to unravel the incident, and enjoins members of the community to maintain the commendable level of responsibility whilst adhering to all safety measures and public health advisories issued by the relevant authorities,” the statement disclosed.
General
Akwa Ibom Denies Plan to Sell Ibom Power Company
By Adedapo Adesanya
The Akwa Ibom State Government has dismissed claims that it plans to sell Ibom Power Company, describing the allegation as false and reaffirming its commitment to reviving the state-owned electricity asset through debt repayment and structural reforms.
In a statement issued on March 18, the Commissioner for Information, Mr Aniekan Umanah, said a report by a Uyo-based tabloid alleging plans to dispose of the company was “a wicked fabrication” that should be disregarded.
“At no time has the government approved the sale of Ibom Power Company as scrap or otherwise,” the statement said, adding that such claims exist only in the “imagination of mischief-makers intent on misleading the public.”
Instead, the government said it is focused on stabilising the company’s operations by clearing legacy debts, including a $9 million facility obtained from Afreximbank several years ago.
According to the statement, Governor Umo Eno approved a structured quarterly repayment plan of $560,000 beginning March 15, 2025, aimed at gradually liquidating the loan.
The government described the move as part of broader efforts to “rescue and reposition Ibom Power Company for sustainable operations,” stressing that the approach reflects a commitment to “revival, stability, and long-term value preservation, not liquidation.”
Beyond debt repayment, the state also outlined ongoing electricity sector reforms anchored on a Private Sector Participation (PSP) framework designed to attract investment while retaining public ownership of assets.
Under the initiative, the government said it has established key institutions, including the Akwa Ibom State Electricity Regulatory Commission and Ibom Electricity Holdings Limited, to strengthen oversight and coordinate state-owned electricity assets. Shares of the holding company have also been vested in the Akwa Ibom Investment Corporation.
The concession model being introduced will allow qualified private operators to rehabilitate, finance, and manage electricity infrastructure over a defined period, with strict performance benchmarks and regulatory supervision.
The government said the framework is structured to ensure that “the State will retain ownership and strategic control of all electricity assets,” while transferring operational and commercial risks to private sector participants.
It added that the reform programme is expected to improve reliability, resolve longstanding challenges, and promote a more efficient electricity market without placing additional fiscal pressure on the state.
On recent power outages across parts of Akwa Ibom, the government noted that electricity transmission and distribution currently fall outside its direct control. However, it said efforts are ongoing to engage relevant authorities to address the disruptions and improve supply.
The statement also criticised the publication that carried the initial report, accusing it of spreading misinformation and warning that “government’s measured silence should not be mistaken for weakness,” citing existing laws on libel and defamation.
General
Eid-el-Fitr: Gaya Urges Prayers Against National Challenges
By Modupe Gbadeyanka
Nigerians have been urged to use the occasion of Eid-el-Fitr to intensify prayers against the challenges confronting the nation.
This appeal was made by the independent non-executive director of the Nigeria Sovereign Investment Authority (NSIA), Mr Abdullahi Mahmud Gaya.
Mr Gaya described the current situation in the country as a test of citizens’ spiritual resolve and faith, tasking Muslims to reflect on the deeper significance of Eid-el-Fitr, noting that the festival symbolises sacrifice, obedience to Allah, and compassion for the less privileged.
“Every Muslim finds joy in observing the Ramadan fast, a fundamental obligation in Islam. We should not lose sight of the lessons it teaches: obedience to Allah, sharing our blessings with the needy, and being our brother’s keeper,” he said in a statement issued by his media assistant in Kano.
Speaking on the forthcoming general elections, Mr Gaya advised the electorate to vote for selfless leaders committed to national service and the welfare of Nigerians, describing the polls as a choice between progress and regression, stressing the need for voters to support candidates with verifiable achievements rather than empty promises.
He also urged Nigerians to remain mindful of their civic responsibilities by choosing leaders who demonstrate integrity, sincerity, and dedication.
According to him, the country’s future depends on the electorate exercising their voting rights wisely to elect leaders who understand the responsibilities of public office and approach them with humility, competence, and genuine commitment to service.
Mr Gaya expressed gratitude to Almighty Allah for His mercies and felicitated with the people of Ajingi, Gaya, and Albasu Local Government Areas, as well as Governor Abba Kabir Yusuf and Nigerians at large, on the successful completion of the Ramadan fast.
-
Feature/OPED6 years agoDavos was Different this year
-
Travel/Tourism10 years ago
Lagos Seals Western Lodge Hotel In Ikorodu
-
Showbiz3 years agoEstranged Lover Releases Videos of Empress Njamah Bathing
-
Banking8 years agoSort Codes of GTBank Branches in Nigeria
-
Economy3 years agoSubsidy Removal: CNG at N130 Per Litre Cheaper Than Petrol—IPMAN
-
Banking3 years agoSort Codes of UBA Branches in Nigeria
-
Banking3 years agoFirst Bank Announces Planned Downtime
-
Sports3 years agoHighest Paid Nigerian Footballer – How Much Do Nigerian Footballers Earn












