General
SERAP Tackles World Bank over $500m for Electricity in Nigeria
By Adedapo Adesanya
In its latest round of seeking accountability, the Socio-Economic Rights and Accountability Project (SERAP) has urged the World Bank President, Mr David Malpass, to publish details of electricity projects funded by the lender in Nigeria since 1999.
According to an application dated February 6, 2021, and signed by SERAP Deputy Director, Mr Kolawole Oluwadare, the organisation called for the release of archival records and documents relating to spending on all approved funds to improve access to electricity in Nigeria between 1999 and 2020.
It demanded to know the bank’s role in the implementation of any funded electricity projects and to identify and name any executed projects, and Nigerian officials, ministries, departments and agencies involved in the execution of such projects.
This is coming after the World Bank board of directors last week approved $500 million to help boost access to electricity in Nigeria and improve the performance of the electricity distribution companies in the country.
SERAP urged the bank to “explain the rationale for the approval of $500 million to implement electricity projects in the country, despite reports of widespread and systemic corruption in the sector, and the failure of the authorities to enforce a court judgment ordering the release of details of payments to allegedly corrupt electricity contractors who failed to execute any projects.”
SERAP said: “This application is brought pursuant to the World Bank’s Access to Information Policy, which aims to maximize access to information and promote the public good.
“There is a public interest in Nigerians knowing about the bank’s supervisory role and specifically its involvement in the implementation of electricity projects, which it has so far funded.”
According to SERAP, the $500 million is part of the over $1 billion available to Nigeria under the project titled Nigeria Distribution Sector Recovery Program.
“We would be grateful for details of any transparency and accountability mechanisms under the agreement for the release of funds, including whether there is any provision that would allow Nigerians and civil society to monitor the spending of the money by the government, its agencies, and electricity distribution companies,” it said.
SERAP noted that should the Bretton Wood Institution fail and/or refuse to release the information and documents as requested, it would file an appeal to the Secretariat of the Bank’s Access to Information Committee to challenge any such decision, and if it becomes necessary, to the Access to Information Appeals Board.
SERAP added that it may also consider other legal options outside the bank’s Access to Information framework.
The letter copied to Mr Shubham Chaudhuri, World Bank Country Director for Nigeria, read in part: “SERAP believes that releasing the information and documents would enable Nigerians and civil society to meaningfully engage in the implementation of electricity projects funded by the Bank, contribute to the greater public good, and enhance the Bank’s oft-stated commitment to transparency and accountability.
“The World Bank has been and continues to be involved in overseeing the transfer, disbursement, spending of funds on electricity projects in Nigeria. The Bank also reportedly approved a $750 million loan for Nigeria’s electricity sector in June 2020 to cut tariff shortfalls, protect the poor from price adjustments, and increase power supply to the grid. As such, the World Bank is not a neutral party in this matter.
“SERAP is seriously concerned that the funds approved by the Bank are vulnerable to corruption and mismanagement. The World Bank has a responsibility to ensure that the Nigerian authorities and their agencies are transparent and accountable to Nigerians in how they spend the approved funds for electricity projects in the country, and to reduce vulnerability to corruption and mismanagement.
“SERAP also believes that the release of the requested information and documents is of paramount importance to the public interest in preserving the legitimacy, credibility, and relevance of the Bank as a leading international development institution. The Bank ought to lead by example in issues such as transparency and public disclosure raised in this request.
“It would also demonstrate that the Bank is willing to put people first in the implementation of its development and governance policies and mandates, as well as remove any suspicion of the Bank’s complicity in the alleged mismanagement of electricity projects-related funds.
“The information is also being sought to improve the ongoing fight against corruption in the country and the provision of regular and uninterrupted electricity supply to Nigerians as a fundamental human right.
“The information requested is not affected by the “deliberative” “corporate administrative matters” or “security and safety” exceptions under the Policy. The information requested is crucially required for Nigerians to know how the funds released to the authorities to improve electricity supply in the country have been spent, and monitor how the funds are being used.
It contended that it was necessary to do this as the country had not benefit as it should from the financing, it cited its report titled: From Darkness to Darkness: How Nigerians are paying the price for Corruption in the Electricity Sector which documents widespread and systemic corruption in the electricity sector, and reveals how about N11 trillion electricity fund was squandered by successive administrations in Nigeria since the return of democracy in 1999.
“This report raises specific questions of public interest, and the World Bank ought to be concerned about how Nigerian authorities are addressing reports of widespread and systemic corruption in the electricity sector, and to seek some answers from the authorities on the problems.
“However, as the report shows, the Bank’s funding of the electricity sector has not resulted in corresponding access of Nigerians to the regular and uninterrupted electricity supply. Successive governments have failed to provide access to regular and reliable electricity supply to millions of the citizens despite budgeting trillions of naira for the power sector.
“Millions of Nigerians still lack access to free pre-paid meters. Authorities continue to use patently illegal and inordinate estimated billing across the country, increasing consumer costs, and marginalizing Nigerians living in extreme poverty, disproportionately affecting women, children and the elderly.”
It reiterated that the World Bank leadership has to disclose information on agreements and the mechanisms the bank is putting in place to ensure transparency and accountability in the spending of all funds on electricity projects in Nigeria.
By Dipo Olowookere
Eight persons, comprising four Nigerians and four foreigners, believed to have promoted the failed Ponzi scheme, Crypto Bridge Exchange (CBEX), in Nigeria have been declared wanted by the Nigeria Police Force (NPF).
Recall that a few weeks ago, several investors lost their hard-earned funds in the investment scheme, which the Securities and Exchange Commission (SEC) said it did not authorise.
The platform crashed and went away with investors’ money after it made it impossible for them to withdraw their funds. It later asked them to pay an activation fee of $100 and $200, depending on what was in their wallets.
The crashing of CBEX triggered attacks on its offices, especially in Ibadan, Oyo State, by aggrieved investors, whose funds’ were trapped in CBEX.
Already, the EFCC has swung into action, arraigning the promoters of the investment scheme in court, though four of them are at large.
In a notice on Friday night, the agency said it was looking for the fugitive, asking members of the public with information about their whereabouts to come forward to aid their arrest.
The anti-money laundering organisation listed the wanted persons as Seyi Oloyede, Emmanuel Uko, Adefowowa Oluwanisola, and Adefowora Abiodun Olaonipekun, and listed Johnson Okiroh Otieno, Israel Mbaluka, Joseph Michiro Kabera, and Serah Michiro as the foreign accomplices.
“The public is hereby notified that the persons whose photographs appear above are suspected foreign accomplices wanted by the Economic and Financial Crimes Commission (EFCC) for fraud allegedly perpetrated on an online trading platform called Crypto Bridge Exchange (CBEX)
“Anybody with useful information as to their whereabouts should please contact the Commission in its Ibadan, Uyo, Sokoto, Maiduguri, Benin, Makurdi, Kaduna, llorin, Enugu, Kano, Lagos, Gombe, Port Harcourt or Abuja offices or through 08093322644; its e-mail address: info@efcc.gov.ng or the nearest Police Station and other security agencies,” the notice signed by its spokesman, Mr Dele Oyewale, stated.
By Adedapo Adesanya
Nigeria’s National Economic Council (NEC) has approved the establishment of Cotton, Textile and Garment Development Board as part of efforts to drive non-oil revenues.
This was disclosed by the Governor of Imo State, Mr Hope Uzodinma, while briefing State House Correspondents at the end of the 149th NEC meeting chaired by the Vice-President, Mr Kashim Shettima, on Thursday at Presidential Villa, Abuja.
He explained that in order to make the board function effectively, the council approved a proposal for Public-Private Partnership (PPP).
Mr Uzodinma stated that the chairman of the board would be selected from the private sector, adding that the body would be funded from import levies on textiles.
“The National Economic Council, among others things, received a representation from the members and leadership of Cotton, Textile and Garment Development Forum.
“These are private sector operatives who are into the cotton business, garment and textiles and the presentation highlighted their proposal on how to revitalise the cotton industry in Nigeria.
“The council endorsed the presentation and approved the establishment of a National and regional Offices for the board in each of the six geopolitical zones for proper coordination,” said Mr Uzodinma.
On his part, Governor Douye Diri of Bayelsa said the council also received proposal from the Minister of Livestock Development on acceleration strategy for the livestock industry.
He said the presentation was on on a plan to transformation the livestock industry between 2025 and 2030, stating that the strategy was built on the national livestock growth acceleration plan, which is expected to transform the sector to create jobs, export products and serve as an engine room for internally generated revenue.
“The projection is that the strategy will generate between $74 billion down and $90 billion in that sector by the year 2035.
“It will be a direct partnership with the state governors, the private sector and foreign investors under a very sound federal regulatory umbrella,” said Mr Diri.
He added that the investment would be prioritised into five key pillars between 2025 and 2026, saying the pillars are: animal health and zones control, feed and further development, water resources management, statistics and information and livestock value chain development.
By Adedapo Adesanya
The Nigerian Maritime Administration and Safety Agency (NIMASA) has announced plans to commence the disbursement of the $700 million Cabotage Vessel Financing Fund (CVFF) within the next four months.
Last week, the Minister of Marine and Blue Economy, Mr Adegboyega Oyetola, instructed the maritime regulator to initiate the long-awaited disbursement process for the fund.
This directive marked a significant shift from over two decades of administrative stagnation and ushers in a new era of strategic repositioning of Nigeria’s indigenous shipping.
Speaking on Wednesday, NIMASA’s Director General, Mr Dayo Mobereola, providing a timeline for the disbursement said this will happen within the next four months, which by calculation, is August 2025.
He made the announcement during an oversight visit by the House of Representatives Committee on Maritime Safety, Education, and Administration in Abuja, according to the News Agency of Nigeria (NAN).
“We are acting in accordance with the directive of the Minister to ensure indigenous shipowners finally have access to this critical funding. The guidelines have been streamlined based on the Minister’s approval, so beneficiaries can access the funds within three to four months,” he said.
“To effectively manage the $700 million intervention fund, the number of Primary Lending Institutions (PLIs) has been expanded from five to twelve.”
The CVFF, established under the Coastal and Inland Shipping (Cabotage) Act of 2003, was designed to empower Nigerian shipping companies through access to structured financing for vessel acquisition. However, successive administrations failed to operationalize the fund—until now.
According to Minister Oyetola, the disbursement of the CVFF will represent not just the release of funds, but a profound commitment to empowering Nigerian maritime operators, bolstering national competitiveness, and fostering sustainable economic development.
“This is not just about disbursing funds. It’s about rewriting a chapter in our maritime history. For over 20 years, the CVFF remained a dormant promise. Today, we are bringing it to life—deliberately, transparently, and strategically,” he stated.
NIMASA, in alignment with the Minister’s directive, has already issued a Marine Notice inviting eligible Nigerian shipping companies to apply.
Qualified applicants can access up to $25 million each at competitive interest rates to acquire vessels that meet international safety and performance standards.
The fund will be administered in partnership with carefully selected and approved Primary Lending Institutions (PLIs), ensuring professional and efficient disbursement.
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