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SERAP Sues Tinubu Over Failure to Probe Missing N57bn

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Tinubu address nation

By Adedapo Adesanya

The Socio-Economic Rights and Accountability Project (SERAP) has filed a lawsuit against President Bola Tinubu for not probing allegations of N57 billion of public funds said to be missing, diverted or stolen from the Federal Ministry of Humanitarian Affairs and Poverty Alleviation in 2021.

The allegations were documented in the 2021 audited report released last month by the Office of the Auditor-General of the Federation.

Joined in the suit as respondent is the Attorney General of the Federation and Minister of Justice, Mr Lateef Fagbemi (SAN).

In the suit number FHC/L/MISC/876/2024 filed last Friday at the Federal High Court, Lagos, SERAP is asking the court “to compel President Tinubu to direct Mr Fagbemi to work with appropriate anti-corruption agencies to promptly probe allegations that over N57 billion of public funds are missing, diverted or stolen from the Federal Ministry of Humanitarian Affairs and Poverty Alleviation in 2021.”

It also asked the court “to compel President Tinubu to direct Mr Fagbemi to work with appropriate anticorruption agencies to prosecute anyone suspected to be responsible for the missing N57 billion, if there is sufficient admissible evidence, and to recover any missing public funds.”

In the suit, the group argued that, “Investigating the allegations and prosecuting those suspected to be responsible for the missing N57 billion and recovering the missing funds would end the impunity of perpetrators.”

“The allegations amount to stealing from the poor. There is a legitimate public interest in ensuring justice and accountability for these grave allegations.

“Poor Nigerians have continued to pay the price for the widespread and grand corruption in the Federal Ministry of Humanitarian Affairs and Poverty Alleviations and other ministries, departments and agencies [MDAs].”

“The consequences of corruption are felt by citizens on a daily basis. Corruption exposes them to additional costs to pay for health, education and administrative services.”

“The allegations also suggest a grave violation of the public trust, the Nigerian Constitution 1999 (as amended), the country’s anticorruption legislation and international anticorruption obligations,” the statement said in parts.

The suit filed on behalf of SERAP by its lawyers, Kolawole Oluwadare and Oluwakemi Agunbiade, noted that, “Granting the reliefs sought would go a long way in addressing corruption in ministries, departments and agencies [MDAs] and the country’s budget deficit and debt problems.”

“According to the 2021 annual audited report by the Office of the Auditor-General of the Federation, the Federal Ministry of Humanitarian Affairs and Poverty Alleviation, [the Ministry] in 2021 failed to account for over N54 billion [N54,630,000,000.00] meant to pay monthly stipends to Batch C1 N-Power volunteers and non-graduate trainees between August and December 2021,” the organisation said.

Adedapo Adesanya is a journalist, polymath, and connoisseur of everything art. When he is not writing, he has his nose buried in one of the many books or articles he has bookmarked or simply listening to good music with a bottle of beer or wine. He supports the greatest club in the world, Manchester United F.C.

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Egbin Power Commissions 80 New Staff Housing Units

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Egbin Power 80 New Staff Housing Units

By Modupe Gbadeyanka

In further demonstration of its unwavering commitment to its workforce, Nigeria’s foremost power generation company, Egbin Power Plc, has unveiled 80 new residential housing units for employees within its plant premises in Egbin, Lagos State.

This comprises 40 fully furnished three-bedroom apartments and 40 furnished studio apartments, all designed to contemporary standards.

The units feature modern infrastructure and thoughtfully planned utilities, creating a safe, comfortable, and conducive living environment that supports both employee productivity and family well-being.

This strategic investment underscores the company’s philosophy that a well-supported workforce is fundamental to sustained operational excellence.

The new housing units are part of a holistic strategy to cultivate a stable, motivated, and future-ready workforce.

This strategy extends beyond infrastructure to encompass robust career development and recognition. Over the past three years, Egbin Power has promoted 112 employees across various cadres, reinforcing a culture that rewards merit, performance, and long-term dedication

“At Egbin Power, our people are our most valuable asset. Even amidst the prevailing liquidity and operational realities within the broader power sector, our focus on employee welfare has remained deliberate and consistent.

“This significant expansion of our residential estate is a tangible expression of that commitment.

“It is one of several key initiatives aimed at ensuring our employees feel genuinely supported, allowing them to thrive both personally and professionally,” the chief executive of Egbin Power, Mr Mokhtar Bounour, said.

Initiated in 2025 and completed in January 2026, this project is the latest milestone in Egbin Power’s structured and ongoing approach to enhancing employee welfare. It reflects the energy firm’s dedication to fostering a culture where every team member feels valued, secure, and motivated.

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NGX Group, CSCS, WIMBIZ to Ring Bell for Gender Equality

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Ring Bell for Gender Equality

By Aduragbemi Omiyale

On Tuesday, March 10, 2026, at the Nigerian Exchange Group House in Lagos, the role of capital markets in promoting gender equality will be reemphasised through the closing gong ceremony in commemoration of International Women’s Day 2026.

The ceremony is part of the global Ring the Bell for Gender Equality campaign, which mobilises stock exchanges worldwide to expand women’s participation in the economy and advance gender-inclusive practices.

In Nigeria, the NGX Group is partnering with the Central Securities Clearing System (CSCS) Plc and Women in Management, Business and Public Service (WIMBIZ) to make it memorable under the theme Rights. Justice. Action. For ALL Women and Girls.

Dignitaries expected at the ceremony include the Minister of State for Foreign Affairs, Mrs Bianca Odumegwu-Ojukwu; the First Lady of Imo State, Mrs Chioma Uzodimma; the Executive Commissioner for Legal and Enforcement at the Securities and Exchange Commission (SEC), Ms Frana Chukwuogor; foremost actor, Ms Funke Akindele; a Director at the NGX Group, Ms Ojinnika Olaghere; and another staffer of NGX Group, Mrs Fatima Wali-Abdulrahman, alongside board members of NGX Group, regulators, capital market stakeholders, and industry leaders.

NGX Group is joining other exchanges worldwide in sounding the NGX Gong to underscore the importance of inclusive leadership, equal opportunities, and stronger market accountability in advancing gender equality.

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IWD: Dolapo Akanbi-Alade of Pathway Holdings Urges Stronger Inclusion of Women in Finance

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Dolapo Akanbi-Alade Pathway Holdings

By Adedapo Adesanya

The Executive Director/GCOO of Pathway Holdings Limited, Mrs Dolapo Akanbi-Alade, has called for increased inclusion of Nigerian women in finance as the world marks International Women’s Day 2026.

International Women’s Day 2026 is marked every March 8, and this year’s theme is Give To Gain.

In a statement shared with Business Post, Mrs Akanbi-Alade noted that while International Women’s Day highlights the need for gender equality, significant progress requires deliberate policies and systems that expand women’s access to finance and leadership opportunities.

She emphasised that many Nigerian women and women-led businesses still face limited access to finance, highlighting the urgent need for targeted inclusion initiatives.

“At Pathway Holdings, we empower women and give access to investment advisory, asset management, and lending solutions for institutions, high-net-worth individuals, and businesses. Ensuring that women and women-led enterprises can access these opportunities is critical to building a more inclusive financial system,” she added.

Mrs Akanbi-Alade said, “Women’s access to finance is not only a social responsibility but essential for national productivity and economic growth’’. She co-founded the following companies:

Pathway Asset Management Limited is registered and regulated by the Securities and Exchange Commission, Nigeria, as a Fund and Portfolio Manager. The product range includes Pathway Fixed Deposit Notes, Privately Managed Notes, Pathway Private Portfolio Management, Investment Advisory, and Mutual Funds, which will be launched soon.

Pathway Advisors Limited is registered and regulated by the Securities and Exchange Commission (SEC) as an Issuing House and financial adviser. Pathway Advisors’ services cover Mergers and Acquisitions (M&A), Capital-Raising, Financial Advisory, Rating Advisory, and Project and Structure Finance.

Fundbox Financial Services Limited is a wholly owned micro-lending company providing short-term personal and SME finance loans to salaried individuals, self-employed personnel, and small businesses. They offer services which include Cars4Cash, SME Loans, Personal Loans, and Group Employee Loans. Fundbox has successfully disbursed a wide range of loans to both corporate and individual clients, supporting their financial needs and business growth.

Pathway Holdings Limited is a notable investment holding firm focusing on private market investments, including private equity, private credit, and infrastructure. Pathway creates customised investment solutions for institutional investors and individuals, leveraging its extensive experience and local footprint.

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