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.
By Modupe Gbadeyanka
A leading gas and power company in sub-Saharan Africa, Axxela Limited, has expanded its natural gas pipeline network with new customers.
The new customers include Radisson Blu Anchorage Hotels, Sheraton Hotels, Jawa International Limited, Solem Agro, and Abimbola Agro, among others.
The company’s customer connections span the manufacturing, hospitality, pharmaceutical, and fast-moving consumer goods (FMCG) sectors.
The new clients were facilitated through Gaslink Nigeria Limited (Gaslink), one of Axxela’s subsidiary companies.
“These connections go beyond the expansion of our customer portfolio; they reflect our commitment to broadening energy access for businesses across critical sectors of the economy and supporting Nigeria’s drive towards increased domestic gas utilisation.
“By enabling these businesses to embrace cleaner and more affordable energy solutions, we are helping to improve their operational efficiency while also supporting their environmental sustainability goals,” the Executive Vice President for Axxela Gas Distribution, Mr Kehinde Alabi, said.
“We recognise that collaboration with key players across diverse sectors is essential to powering industries and shaping a more sustainable future for Nigeria and the region.
“These new connections underscore our commitment to expanding domestic gas use, reducing carbon footprints, and providing cost-effective energy alternatives in line with the Federal Government’s energy transition objectives,” he added.
Through its growing infrastructure investment footprint, Axxela continues to play a pivotal role in unlocking the economic potential of natural gas by advancing domestic gas utilisation, enabling industrialisation, and supporting a sustainable energy transition in line with the federal government’s vision of a gas-powered economy.
By Aduragbemi Omiyale
Banks operating in Nigeria have been charged to further deepen and prioritise financial inclusion, women’s empowerment and sustained growth.
This call was made by the Chartered Institute of Bankers of Nigeria (CIBN) and the Association of Corporate Communication and Marketing Professionals in Banks (ACAMB).
They want financial institutions to deploy strategic mandates and frameworks aimed at closing the financial gap and empowering small and medium enterprise (MSME) owners.
At a courtesy visit to congratulate Mr Dele Alabi on his investiture as the 24th head of CIBN on May 16, 2026, the president of ACAMB, Mr Jide Sipe, said his group was ready to work closely with CIBN to achieve these goals.
According to him, closing the imbalances in financial access helps economies grow faster, reduces inequality, and encourages greater civic participation by all.
Mr Sipe also used the occasion to announce ACAMB’s 30th anniversary, marking three decades of excellence, industry collaboration, professional development, and impactful contributions to the Nigerian banking and financial services sector.
“The association is pleased to announce the celebration of its 30th anniversary, marking three decades of excellence, industry collaboration, professional development, and impactful contributions to the Nigerian banking and financial services sector,” he said.
The ACAMB leader also formally invited the CIBN president to chair the anniversary Gala Night slated for Wednesday, September 30, 2026.
“We are inviting industry leaders to this anniversary and recognising many people who have stood by ACAMB over the years,” he stated, soliciting the institute’s support through attendance and the invitation of bank managing directors.
In his remarks, Mr Alabi thanked ACAMB for the visit, promising that the institute will prioritise financial inclusion and women’s empowerment.
He said access to savings, micro-credit, and insurance acts as a safety net during crisis and allows them to significantly improve living conditions.
At his investiture over two months ago, Mr Alabi unveiled his IMPACT Vision, themed Consolidating Our Local Impact, Enhancing Our Global Relevance.
The vision rests on six pillars: Inclusion across geographic, gender, and generational lines; Membership growth and quality; Professionalism and ethics; Accountability; Competencies and skills development; Technology, automation, and innovation. Other areas of shared interest include women empowerment, financial inclusion and literacy, as well as MSME clinics, all of which are top on his agenda.
Mr Alabi added that CIBN would be happy to drive joint knowledge sharing and exchange sessions with CBN and ACAMB across various platforms, saying, “Educating the public through public awareness programmes, with ACAMB as the rallying point, is central to what we do.”
“To this end, we intend to contribute our quota in supporting banks and financial institutions in driving gender-focused financial inclusion to close the 9 per cent gender gap in access to formal financial services,” he added.
By Adedapo Adesanya
The Nigeria Customs Service (NCS) has launched the pilot phase of its Management Information System (MIS) and Electronic Cargo Tracking System (ECTS) at the PTML Area Command, Lagos, as it pushes its modernisation drive aimed at enhancing trade facilitation, operational efficiency and service delivery.
The pilot launch was led by the Deputy Comptroller-General of Customs in charge of ICT/Modernisation, Mrs Oluyomi Adebakin, who represented the Comptroller-General of Customs, Mr Adewale Adeniyi.
She commended the PTML Area Command for its exceptional level of preparedness, describing its readiness as a testament to the collaborative efforts and commitment of officers towards the successful implementation of the initiative.
“Modernisation and digitalisation are no longer optional. As the lead agency in border management, the Nigeria Customs Service cannot afford to lag. If we don’t move with the cloud, we will be left behind. This pilot phase reflects our commitment to building a modern Customs Service that meets global standards,” she said.
In his welcome address, the Acting Customs Area Controller, PTML Area Command, Deputy Comptroller Nura Miko, said the command continues to prioritise trade facilitation while maintaining a balance with revenue generation and national security.
He disclosed that PTML, which currently achieves cargo clearance within two hours, is working towards reducing the clearance time to one hour through digital innovation and improved operational processes.
“At PTML, trade facilitation remains our priority. Having achieved a two-hour cargo clearance time, we are now working towards reducing it to one hour through the deployment of these digital platforms and continuous process improvements,” Mr Miko said.
The event featured a live demonstration of the MIS and ECTS by the Service’s ICT Unit, which explained that the in-house developed applications are highly scalable and designed to support indigenous technology development.
The team showcased key modules, including the Duty Roster, Internal Roster, File Tracker and Posting Management, while disclosing that officer onboarding, user training and deployment of the Electronic Cargo Tracking System are already underway as part of the pilot phase.
