General
SERAP Sues FG Over $25bn Overdraft From CBN
By Adedapo Adesanya
The federal government has been sued by the Socio-Economic Rights and Accountability Project (SERAP) over the $25 billion overdraft it took from the Central Bank of Nigeria (CBN).
The organisation, in its suit filed last week at the Federal High Court, Abuja, was the FG to disclose spending details of the overdraft and loans obtained from the CBN since the inauguration of President Muhammadu Buhari on May 29, 2015.
In the suit number, FHC/ABJ/CS/559/2021 filed on behalf of SERAP by its lawyers, Mr Kolawole Oluwadare and Ms Adelanke Aremo, they added that the information must include the projects on which the overdraft has been spent and repayments of all overdrafts to date.
SERAP is also seeking an order to compel the president to “explain and clarify whether the $25 billion (N9.7 trillion) overdraft reportedly obtained from the CBN is within the five-per cent limit of the actual revenue of the government for 2020.”
The suit followed SERAP’s Freedom of Information (FoI) request to President Buhari, stating that: “Disclosing details of overdrafts and repayments would enable Nigerians to hold the government to account for its fiscal management and ensure that public funds are not mismanaged or diverted.”
SERAP is also seeking: “an order directing and compelling President Buhari to disclose details of overdrafts taken from the CBN by successive governments between 1999 and 2015.”
In the suit, SERAP is arguing that: “Secrecy and the lack of public scrutiny of the details of CBN overdrafts and repayments are antithetical to the public interest, the common good, the country’s international legal obligations, and a fundamental breach of constitutional oath of office.”
Joined in the suit as respondents are the Attorney General of the Federation and Minister of Justice, Abubakar Malami, SAN; the Minister of Finance, Budget and National Planning, Zainab Ahmed; and the Governor of CBN, Godwin Emefiele.
SERAP is also arguing that: “Ensuring transparency and accountability in the spending of CBN overdrafts and loans would promote prudence in debt management, reduce any risks of corruption and mismanagement, and help the government to avoid the pitfalls of excessive debt.”
According to SERAP: “By the combined reading of the Constitution of Nigeria 1999 (as amended), the Freedom of Information Act, the UN Convention against Corruption, and the African Charter on Human and Peoples’ Rights, there are transparency obligations imposed on the government to disclose information to the public concerning details of CBN overdrafts, loans and repayments to date.”
SERAP is also arguing that: “The Nigerian Constitution, Freedom of Information Act, and these treaties rest on the basic principle that citizens should have access to information regarding their government’s activities.
“Transparency and accountability in the spending of CBN overdrafts would also ensure that public funds are properly spent, reduce the level of public debt, and improve the ability of the government to invest in essential public goods and services, such as quality education, healthcare, and clean water.”
“It is the primary responsibility of the government to ensure public access to these services in order to lift millions of Nigerians out of poverty and to achieve the Sustainable Development Goals by 2030.
“Transparency and accountability in the spending of CBN overdrafts and loans would also improve the ability of the government to effectively respond to the COVID-19 crisis. This means that the government would not have to choose between saving lives or making debt payments.
“The recent overdraft of $25.6 billion (about N9.7 trillion) reportedly obtained from the CBN would appear to be above the five-per cent limit of the actual revenue of the federal government for 2020, that is, N3.9 trillion, prescribed by Section 38(2) of the CBN Act 2007. SERAP notes that five per cent of N3.9 trillion is N197 billion.
“While Section 38(1) of the CBN Act allows the Bank to grant overdrafts to the Federal Government to address any temporary deficiency of budget revenue, sub-section 2 provides that any outstanding overdraft ‘shall not exceed five per cent of the previous year’s actual revenue of the Federal Government.’
“Similarly, Section 38(3) requires all overdrafts to ‘be repaid as soon as possible and by the end of the financial year in which the overdrafts are granted.’
“The CBN is prohibited from granting any further overdrafts until all outstanding overdrafts have been fully repaid. Under the CBN Act, ‘no repayment shall take the form of a promising note or such other promise to pay at a future date, treasury bills, bonds or other forms of security which is required to be underwritten by the bank.’
“Similarly, the Fiscal Responsibility Act provides in section 41 that the government ‘shall only borrow for capital expenditure and human development.’ Under the Act, the government ‘shall ensure that the level of public debt as a proportion of national income is held at a sustainable level.’
“Section 44 of the Fiscal Responsibility Act requires the government to specify the purpose of any borrowing, which must be applied towards capital expenditures, and to carry out a cost-benefit analysis, including the economic and social benefits of any borrowing. Any borrowing should serve the public good, and be guided by human rights principles.
“SERAP has consistently recommended to the Federal Government to reduce its level of borrowing and to look at other options of how to finance its budget, such as reducing the costs of governance and addressing systemic and widespread corruption in ministries, departments and agencies (MDAs) that have been documented by the Office of the Auditor-General of the Federation.
“Our requests are brought in the public interest, and in keeping with the requirements of the Nigerian Constitution; the Freedom of Information Act; the Fiscal Responsibility Act; the Central Bank Act; the Debt Management Office Act; and the country’s international legal obligations.
“There is a statutory obligation on the respondents, being public officers in their respective public offices, to proactively keep, organize and maintain all information or records about CBN overdrafts, loans, and repayments in a manner that facilitates public access to such information or records.
“Mandamus lies to secure the performance of a public duty in the performance in which the applicant has a sufficient legal interest.
“Unless the reliefs sought by SERAP are granted, the respondents will not provide SERAP with the information requested and will continue to be in breach of their constitutional responsibilities and the country’s international legal obligations and commitments.”
General
QNET’s Global Reach in 100+ Countries: What International Access Means for Local Distributors
Global scale means market access and international supply chains. For individual distributors in direct selling, it can shape everything from product availability to income stability and long-term opportunity.
QNET, the multinational wellness and lifestyle direct selling company, positions its business model around that idea: connecting locally based independent distributors to an international operating platform. With activity spanning more than 100 countries, the company sits within a direct selling industry that, according to the World Federation of Direct Selling Associations (WFDSA), has stabilized after several relatively volatile post-pandemic years.
Global Reach Within a Stabilizing Industry
The WFDSA’s latest global report estimates worldwide direct selling retail sales at roughly $163.9 billion in 2024, essentially flat year over year. That flat performance, however, masks gradual improvement beneath the surface. Nearly half of reporting markets showed growth in 2024, and average market growth rates rebounded to positive territory.
The report estimates more than 104 million independent sales representatives globally in 2024, a figure that has remained largely stable year over year.
This stabilization sets a backdrop for companies like QNET. A global footprint is no longer about rapid expansion alone; it is increasingly tied to resilience: operating across regions with different economic cycles, consumer behaviors, and growth trajectories.
For distributors, this matters because opportunities extend beyond individual effort. They are often shaped by the health of the company’s broader channel and product reach.
A Platform Designed for Distributed Entrepreneurship
QNET’s model centers on local execution supported by centralized infrastructure. Products—ranging from nutritional supplements and wellness devices to home and lifestyle solutions—are sold through the company’s proprietary e-commerce platform. Independent distributors do not manage warehouses, shipment logistics, or customer service systems.
As Ramya Chandrasekaran, who heads communications at QNET, explained in a recent interview, the company views direct selling as a form of accessible “micro-entrepreneurship.” The idea is to reduce the operational burden typically associated with starting a business, allowing distributors to focus on product education, customer relationships, and market development.
Why Global Scale Changes the Distributor Equation
One practical benefit of international reach is product continuity. WFDSA data shows that wellness products account for roughly 29% of global direct selling sales, making it the largest category worldwide. In the Asia-Pacific region, the largest direct selling region by sales, wellness represents more than 40% of total category share.
QNET’s emphasis on wellness and lifestyle products places distributors in line with the strongest demand segments globally. Instead of relying on narrow local trends, distributors operate within product categories that have shown consistent global interest.
International scale also supports consistency in training, compensation structures, and digital tools. Distributors in different countries access identical back-end systems, tracking referrals, commissions, and orders through the same platform. This standardization reduces friction and uncertainty, particularly for individuals operating in markets where informal commerce is common.
Workforce Shifts
The WFDSA’s report highlights notable shifts in the global direct selling workforce. Women continue to make up more than 70% of participants worldwide, and representation among individuals aged 35 to 54 remains the largest cohort.
Independent Distributors increasingly value flexibility, long-term viability, and support systems that allow them to operate sustainably rather than aggressively scale. QNET’s emphasis on digital access, centralized operations, and gradual business building reflects those priorities.
For many participants, especially those balancing work with caregiving or other responsibilities, direct selling infrastructure offers a way to stay engaged at their own pace.
Training, Exposure, and Cross-Market Learning
QNET’s international conventions and training programs connect distributors across regions, creating informal networks for peer learning. Events that draw participants from dozens of countries expose distributors to varied approaches to sales, customer engagement, and market adaptation.
This mirrors one of WFDSA’s broader conclusions: direct selling increasingly functions as a global learning ecosystem, with companies providing tools and education that help individuals navigate uncertain economic conditions.
For distributors, exposure to cross-border experiences can recalibrate expectations, reinforcing that success often comes from steady engagement rather than rapid recruitment or short-term activity.
International Access, Interpreted Locally
Despite its global scale, QNET’s business ultimately plays out in local communities. Distributors adapt messaging around wellness, home quality, and lifestyle enhancement to cultural norms and household priorities. The international platform provides reach and structure, but relevance is built locally.
That balance, global systems supporting local relationships, defines much of modern direct selling. The WFDSA describes the industry not as a single growth story, but as a framework that can scale proportionally with economic conditions across regions.
For QNET distributors, international presence does not guarantee income or uniform outcomes. What it offers is access: to resilient product categories, standardized systems, training resources, and a global marketplace that extends beyond any single region. For local distributors navigating today’s uncertain global economic environment, that is an important foundation to maintain.
General
FCCPC Unseals Ikeja Electric Headquarters
By Adedapo Adesanya
The Federal Competition and Consumer Protection Commission (FCCPC) has unsealed the headquarters of Ikeja Electric Plc in the Lagos State capital after a week under lock and key.
According to a statement on Friday, the electricity distribution company committed to a binding undertaking to comply with the remedial process following consumer rights violations.
The statement signed by Mr Ondaje Ijagwu, Director of Corporate Affairs at the commission, Ikeja Electric undertook to resolve all consumer complaints referred to it by the FCCPC within agreed timelines
The headquarters was earlier sealed on December 11, 2025, because Ikeja Electric allegedly failed to comply with a directive by the Nigerian Electricity Regulatory Commission (NERC) to unbundle a Maximum Demand account into 20 individual accounts for a customer who had been without power for over two and half years.
The FCCPC noted that following the resolution, any breach of the undertaking would expose it to renewed and escalated enforcement action under the Federal Competition and Consumer Protection Act.
Reacting, the Executive Vice Chairman and Chief Executive Officer of the FCCPC, Mr Tunji Bello, said the Commission’s intervention was necessary to enforce the provisions of the FCCPA (2018).
“Our responsibility is to ensure that consumers are treated fairly and that service providers comply with lawful decisions and directives. Enforcement is not an end in itself. Where compliance is achieved and credible commitments are made, the Commission will respond appropriately,” he said.
Clarifying further, Mr Bello said the outcome reflects the commission’s balanced approach to regulation.
“We intervene decisively where consumer harm persists, and we de-escalate where enforceable compliance is secured. What remains constant is our duty to protect consumers and uphold regulatory accountability,” he said.
General
All On’s Clean Energy Access Transforms Over One Million Lives
By Modupe Gbadeyanka
The decision by a leading impact investment company focused on expanding clean energy access, All On, to support over 50 clean energy businesses and provide grants and technical assistance to more than 80 enterprises in Nigeria is already yielding positive results.
This is because the organisation’s Impact Evaluation Report indicated that more than one million lives have been transformed through clean energy access.
The report covered from 2018 t0 2024 and it was discovered that the interventions of All On enabled the connection of over 230,000 households, businesses, and public facilities to reliable energy solutions, while strengthening the operational capacity of energy providers and improving affordability and service reliability for end users.
Prior to the commencement of All On’s operations in 2016, nearly half of Nigeria’s population lacked access to electricity, and the sector faced an estimated 92 per cent annual funding gap.
In response, the group adopted a bold, risk-tolerant strategy—deploying catalytic capital, innovative financing instruments, and ecosystem-building initiatives to unlock private sector participation and drive progress toward universal energy access.
Central to these achievements is All On’s holistic support model, which combines rigorous, tailored due diligence, deep sector expertise, and active ecosystem engagement.
This approach has positioned All On as a trusted partner capable of delivering both commercial viability and systemic impact.
Flagship initiatives such as the Demand Aggregation for Renewable Technology (DART) programme have further amplified results by reducing procurement costs for supported businesses by up to 50 per cent, enabling developers to scale faster and pass cost savings on to consumers due to access to reliable, affordable, and sustainable energy solutions.
In the report, it was revealed that half of supported households reported improved air quality, enhanced safety, and reduced noise pollution, contributing to better health outcomes and improved quality of life, alongside measurable environmental benefits.
“This report confirms that our approach is delivering real results. By combining patient capital, technical assistance, and ecosystem support, we are enabling scalable and sustainable energy solutions for Nigeria’s unserved and underserved communities,” the chief executive of All On, Ms Caroline Eboumbou.
The company plans plans to scale proven models, strengthen local capacity, and expand its reach—particularly in underserved regions such as the Niger Delta.
“While the progress to date is encouraging, our work is far from done. As we look toward 2030, we remain committed to deepening our impact and creating even more meaningful connections across Nigeria,” Ms Eboumbou added.
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