General
SERAP Sues Akpabio, Abbas over Plans to Spend N110bn
By Adedapo Adesanya
Socio-Economic Rights and Accountability Project (SERAP) has filed a lawsuit against the leadership of the National Assembly (Senate President, Mr Godswill Akpabio and Speaker of House of Representatives, Mr Tajudeen Abbas) over plans to spend N110 billion on 465 exotic and bulletproof cars among others.
The suit is coming on the heels of the statement by Mr Akpabio that the Clerk of the National Assembly had sent “holiday allowances” into the “various bank accounts of senators.”
A move it said is coming at a time when some 137 million Nigerians are facing extreme poverty.
In suit number FHC/L/CS/1606/2023 filed last Friday at the Federal High Court in Lagos, SERAP is seeking: “an order of mandamus to direct and compel Mr Akpabio and Mr Abbas to review and reduce the N40 billion budgeted to buy 465 Sports Utility Vehicles (SUVs) and bulletproof cars for members and principal officials.”
SERAP is seeking “an order restraining Mr Akpabio and Mr Abbas from demanding or receiving the N40 billion to buy 465 SUVs and bulletproof cars for members and principal officials until an assessment of the socio-economic impact of the spending on the 137 million poor Nigerians is carried out in the public interest.”
SERAP is also seeking: “an order of mandamus to direct and compel Mr Akpabio and Mr Abbas to repeal the Supplementary Appropriation Act 2022 to reduce the budget for the National Assembly by N110bn to reflect the current economic realities in the country.”
In the suit, SERAP is arguing that: “Nigerians have a right to honest and faithful performance by their public officials, including lawmakers, as public officials owe a fiduciary duty to the general citizenry.”
SERAP is arguing that, “Unless the reliefs sought are granted, the lawmakers will spend the N110bn, and the travesty, and apparent conflicts of interest and self-dealing by members of the National Assembly would continue.”
SERAP is also arguing that, “It a fundamental breach of their fiduciary duties for members of the National Assembly to arbitrarily increase their own budget and to use the budget as a tool to satisfy the lifestyle of lawmakers.”
According to SERAP, “While N70 billion ‘support allowance’ is budgeted for 306 new lawmakers, only N500 billion worth of palliatives is budgeted for 12 million poor Nigerians. N40 billion is also allocated to buy 465 SUVs and bulletproof cars for members and principal officials.”
The suit filed on behalf of SERAP by its lawyers, Mr Kolawole Oluwadare and Ms Blessing Ogwuche, read in part: “The plan to spend N110bn is a fundamental breach of constitutional and international human rights obligations.”
“The planned spending of N110bn is a breach of section 57 (4) of the Public Procurement Act, 2007 which provides that: ‘All persons in whose hands public funds may be entrusted for whatever purpose should bear in mind that its utilization should be judicious.’”
“It is also a grave violation of the public trust and constitutional oath of office for members of the National Assembly to unjustifiably increase their own budget at a time when over 137 million poor Nigerians are living in extreme poverty exacerbated by the removal of fuel subsidy.”
“Rather than exercising their constitutional and oversight functions to pursue the public interest by considering bills to improve the conditions of the over 137 million poor Nigerians who are facing the impact of the removal of fuel subsidy, the lawmakers appear to be looking after themselves.”
“According to reports, no fewer than 107 units of the 2023 model of the Toyota Landcruiser and 358 units of the 2023 model of Toyota Prado would be bought for the use of members of the Senate and the House of Representatives respectively.”
“The planned purchase is different from the official bulletproof vehicles expected to be purchased for the four presiding officers of the National Assembly.”
“The proposed spending of N110 billion by members of the National Assembly is apparently on top of the N281 billion already provided for the lawmakers in the 2023 National Assembly budget. The proposed spending is also different from the N30.17 billion budgeted for the ‘inauguration expenses’ for new members.”
“The budget for the National Assembly may further be increased as members are reportedly demanding an upward review of their salaries and allowances purportedly to offset the impact of the removal of fuel subsidy.”
“Section 14(2)(b) of the Nigerian Constitution of 1999 [as amended] provides that, ‘the security and welfare of the people shall be the primary purpose of government.”
“Under Section 16(1)(a)(b), the National Assembly has the obligations to ‘harness the resources of the nation and promote national prosperity and an efficient, a dynamic and self-reliant economy’, and to ‘secure the maximum welfare, freedom and happiness of every citizen.”
“Cutting the N110 billion from the budget of the National Assembly would be entirely consistent with members’ constitutional oath of office, and the letter and spirit of the Nigerian Constitution, as it would promote efficient, honest, and legal spending of public money.”
By Adedapo Adesanya
Tether, issuer of the world’s most popular stablecoin, USDT, wrapped up 2025 with a net profit of over $10 billion, bolstered by steady growth in its flagship token and growing exposure to US Treasuries and gold.
The fourth-quarter attestation showed Tether holding $6.3 billion in excess reserves, a buffer over its $186.5 billion in liabilities tied to issued tokens. USDT’s circulating supply grew by $50 billion over the year to over $186 billion.
The firm continued ramping up its holdings of US Treasuries, reaching $122 billion in direct exposure and $141 billion including overnight reverse repurchase agreements, positioning it among the largest holders of US government debt globally.
Tether also maintained significant allocations to gold and Bitcoin, reporting holdings of $17.4 billion and $8.4 billion, respectively.
Tether’s investment portfolio, which is separated from reserve assets, was valued at $20 billion.
“With USDT issuance at record levels, reserves exceeding liabilities by billions of dollars, Treasury exposure at historic highs, and strong risk management, Tether enters 2026 with one of the strongest balance sheets of any global company,” said the chief executive of Tether, Mr Paolo Ardoino, in a statement shared with Business Post.
“This has been made possible by the trust accrued by our strong risk management setup, unprecedented in the financial sector, and the decisions we make around asset quality, allocation, and liquidity are designed to ensure USD₮ remains reliable and usable at a global scale, even during periods of extreme demand,” he added.
The latest report comes amid rising global demand for stablecoins, with Tether’s USDT remaining the dominant digital dollar in circulation.
By Adedapo Adesanya
The Socio-Economic Rights and Accountability Project (SERAP) has filed a lawsuit against the Nigerian National Petroleum Company (NNPC) Limited over its failure to account for the alleged missing or diverted N22.3 billion, $49.7 million, £14.3 million and €5.2 million oil funds.
Disclosing this in a statement on Sunday, SERAP Deputy Director, Mr Kolawole Oluwadare, said the suit followed the damning allegations documented in the 2022 audited report by the Auditor-General of the Federation, which was published on 9 September 2025.
The suit was filed last Friday at the Federal High Court in Abuja, with the organisation seeking “an order of mandamus to direct and compel the NNPCL to account for the alleged missing or diverted N22.3 billion, $49.7 million, £14.3 million, and €5.2 million oil money.”
It also asked the court to “direct and compel the NNPCL to disclose the specific financial transactions carried out in respect of the alleged missing or diverted N22.3 billion, $49.7 million, £14.3 million and €5.2 million oil money, including details of disbursement, the contractors, and other individuals who collected the money.”
“The diverted or misappropriated oil revenues reflect a failure of NNPCL accountability more generally and are directly linked to the institution’s continuing failure to uphold the principles of transparency and accountability,” SERAP argued, noting that, “Granting the reliefs sought would strike a blow against the impunity of those responsible for the missing or diverted oil money, and ensure that the money is returned for the sake of NNPCL’s victims—Nigerians.”
“The allegations have also undermined the economic development of the country, trapped the majority of Nigerians in poverty and deprived them of opportunities.
“The Auditor-General has for many years documented reports of disappearance of oil money from the NNPCL. Nigerians continue to bear the brunt of these missing oil money meant to provide essential public services for Nigerians,” it added.
SERAP is also arguing that, “Combating the corruption epidemic in the oil sector would alleviate poverty, improve access of Nigerians to basic public goods and services, and enhance the ability of the government to meet its human rights and anti-corruption obligations.”
By Aduragbemi Omiyale
The Minister of Information and National Orientation, Mr Mohammed Idris, has emphasised that unified government messaging remains very critical to restoring public trust, especially in delivering the Renewed Hope Agenda of President Bola Tinubu.
He said this on Thursday in Abuja at an interactive session with Directors of Information and Resident Information Officers (RIOs) on grade level 14-17, deployed across Ministries, Departments and Agencies (MDAs).
The event, according to a statement issued on Friday by the Director Public Relations and Protocol of the ministry, Mr Suleiman Haruna, was themed Aligning Public Information with the Renewed Hope Agenda: Rebuilding Trust Through Effective, Transparent Communication.
The Minister noted that government officials must adopt a unified, coordinated, and trust-driven approach to government communication.
He posited that public trust remains the most valuable asset of government communication, stressing that information officers must be guided by honesty, credibility, and consistency in their work.
“Public trust is our most important capital. Once credibility is lost, no amount of messaging can fix it,” the Minister said, warning that fragmented messaging and parallel communication channels weaken government credibility and confuse citizens, insisting that the government must speak with a single, clear, and consistent voice.
“We are one government serving one national interest, and our communication must reflect that unity,” he said.
Mr Idris urged Resident Information Officers to see themselves as active partners within their host MDAs rather than passive observers, encouraging them to engage proactively with Ministers, Permanent Secretaries, and agency leadership, noting that professionalism, relevance, and initiative are key to earning trust and influence.
Addressing the growing pressure of misinformation and the speed of digital media, the founder of Blueprint Newspaper stressed the importance of timely and accurate communication, noting that delays often create space for false narratives. While reaffirming the federal government’s commitment to freedom of expression, he said such freedom must be exercised responsibly.
The Minister also outlined steps being taken to strengthen professionalism within the information cadre, including mandatory periodic reporting, improved deployment processes, continuous training, and stronger institutional support. He disclosed that the Federal Government has begun restoring the National Institute of Public Information to boost capacity building for public communicators.
He called for teamwork and mutual respect, reminding participants that they are central to the projection of government policies and achievements and that they must align their work with the priorities of the Renewed Hope Agenda.
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