General
SERAP Wants INEC to Publish Financial Details of Political Parties
By Adedapo Adesanya
In its latest move, the Socio-Economic Rights and Accountability Project (SERAP) has urged the Independent National Electoral Commission (INEC) to publish the reports on the accounts and balance sheets of every political party submitted to the National Assembly since 2015.
The group called on Mr Mahmood Yakubu, the Chairman of the body, to make available the request in a letter dated May 21, 2022, signed by SERAP deputy director, Mr Kolawole Oluwadare.
SERAP urged him to “urgently examine the books and records of financial transactions of political parties, and to make public the outcome of any such examination.”
It also urged him to “provide details of the guidelines, and steps that INEC is taking to prevent vote-buying in the forthcoming elections in Ekiti and Osun states and 2023 general elections, and to prosecute vote buyers and other electoral offenders.”
Recently, the All Progressives Congress (APC) collected N100 million for its presidential form while the opposition Peoples Democratic Party (PDP) collected N40 million for the same purpose for the 2023 elections.
The organisation also alleged that some leading political parties and politicians also spend between N250 to N14,000 to buy votes.
The organisation said: “Nigerians have the right to know about the accounts and financial transactions of their political parties, especially the major parties with a strong possibility to assume government in the future.”
According to SERAP, “transparency and accountability of political parties is important to achieve greater transparency in public life, curb the influence of money in politics, promote a level playing field, and remove the risks to the independence of political actors and would-be public office holders.”
SERAP also said, “It is both immoral and illegal to pay citizens to vote for a particular political party or candidate. Unpunished cases of vote buying and related electoral offences would continue to undermine good governance, the rule of law, moral values, as well as hinder citizens’ participation in elections.”
The letter, read in part: “When a political candidate decides to buy the support of the people rather than contest fairly for their votes, there are possibilities that such candidate will show a disregard for democratic rules and a disposition to adopt illegal means becomes inevitable.
“Vote buying and related electoral offences encourage poor governance and weaken citizens’ capacity to hold their elected officials accountable for their actions.
“SERAP urges you to urgently take measures and to collaborate with appropriate anti-corruption agencies to ensure the effective prosecution of any outstanding cases of vote buying and related electoral offences allegedly committed in the context of the 2019 general elections.
“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 consider appropriate legal actions to compel INEC to comply with our request in the public interest.
“The lack of transparency and accountability in political finance is seriously undermining the legitimacy and credibility of the democratic and electoral processes, and invariably contributing to denying the citizens the right to effective participation in their own government.
“The failure of political parties to comply with transparency and accountability frameworks would undermine citizens’ trust in their political parties and lack of trust will inevitably destroy confidence in the system and decrease citizens’ interest and participation in the democratic process.
“Elections are only one part of the democratic process, and a fair and effective electoral system must be founded in an adequate democratic infrastructure and responsibility of political leaders.
“According to our information, several political parties have for many years failed to submit their annual financial statements to INEC. Many political parties have failed to submit election expenses reports, and to disclose material contributions received from individuals and corporate bodies to the Commission.
“The Commission has also been apparently unable or unwilling to monitor, examine and publish these financial statements.”
“Also, some leading political parties, politicians and other political actors reportedly paid between N250 to N14,000 to buy votes. For many years, allegations of vote buying (the payment of cash or gifts in exchange for voting) and related electoral offences have characterised elections and party primaries in the country.
“SERAP is concerned that despite several provisions of the Electoral Act (as amended), anti-corruption laws, and the country’s international anti-corruption obligations, suspected perpetrators of vote buying and related electoral offences frequently escape justice for their crimes.
“However, INEC has consistently failed to exercise its powers and to provide the leadership that would promote collaboration with appropriate anti-corruption agencies to facilitate and ensure thorough, transparent and effective investigation of cases, and the arrest and prosecution of suspected perpetrators.
“Section 86(1) of the Electoral Act 2022 requires every political party to submit to INEC a detailed annual statement of assets and liabilities and analysis of its sources of funds and other assets and statement of its expenditure. Failure to comply is an offence under Section 86(2), which is punishable by imprisonment for a term of six months or a fine of N1,000,000 or both.
“Under Section 86(3)(4) INEC has the power to examine the records and audited accounts kept by any political party, and to publish the report on such examinations and audit in two national newspapers and Commission’s website within 30 days of receipt of the results.
“Section 226 (1) of the Electoral Act 2022 also requires INEC to prepare and submit a report every year to the National Assembly on the accounts and balance sheet of every political party. Under Section 225(5), INEC has the power to give directions to political parties regarding their books or records of financial transactions.
“The Nigerian Constitution and international standards guarantee and protect the right of all qualified citizens to vote, in state as well as in general elections.
“The right to vote freely for the political party and candidate of one’s choice is of the essence of a democratic society, and any restrictions on that right strike at the heart of representative government.
“The effective exercise of the right of qualified Nigerians to have a voice in the election of those who make and enforce the laws under which, as good citizens, they live can contribute to the enjoyment of other human rights, including to corruption-free public services, freedom of expression and digital and data rights.
“Public confidence in voting systems serves as an indispensable feature of a full and healthy democracy.
“Persistent failure to arrest and prosecute suspected perpetrators of vote buying and related electoral offences may ultimately undermine public confidence, the integrity of the country’s elections, and lead to widespread disaffection with the electoral process.”
By Adedapo Adesanya
The Minister of Communications, Innovation and Digital Economy, Mr Bosun Tijani, has announced that Nigeria will launch a new alphanumeric postcode system on October 1, 2026, with every home expected to have a unique postcode.
Mr Tijani disclosed the development in a video post on X, describing the new system as a more precise and digitally oriented approach to addressing locations across the country.
He said the initiative would mark a significant shift in Nigeria’s postal addressing system by assigning unique postcodes to individual homes.
The initiative marks a major step in Nigeria’s digital transformation agenda. By replacing the outdated numeric-only system, the alphanumeric codes provide a more flexible and scalable framework that can accommodate the country’s rapid urban growth and diverse settlement patterns.
For emphasis, an alphanumeric postcode system is a postal indexing system that uses a combination of both letters (alpha) and numbers (numeric), along with spaces or punctuation, to identify specific geographic locations, streets, or individual buildings for mail delivery.
Unlike purely numeric postcode systems (such as the 5-digit US ZIP Code or 5-digit codes used in some European countries), alphanumeric codes offer a much higher number of unique combinations using fewer total characters. This flexibility allows postal authorities to pinpoint locations with incredible precision, often down to a single side of a street or a specific large building.
“On October 1st 2026 Nigeria’s new Alphanumeric Postcode System goes live,” Mr Tijani said.
“For the first time, every home will be assigned a unique postcode that’s simple, precise and built for a digital future,” he added.
The minister urged Nigerians to prepare to generate their individual postcodes ahead of the launch.
The new system is expected to strengthen Nigeria’s digital addressing infrastructure and improve the identification and location of homes and properties for postal and other location-based services.
The initiative is being implemented in collaboration with the Nigerian Postal Service (NIPOST) as part of broader efforts to modernise the country’s addressing and digital infrastructure.
By Modupe Gbadeyanka
The Minister of Finance and Coordinating Minister of the Economy, Mr Taiwo Oyedele, has been directed to give an account to Nigerians on how the current government has fared since its inception on May 29, 2023.
This directive was given by President Bola Tinubu in a message posted on his verified social media handles on Wednesday.
This coincides with the commencement of campaigns for the 2027 presidential election scheduled for January 16.
According to the timetable of the Independent National Electoral Commission (INEC), candidates seeking to become the country’s president are eligible to kick off their campaigns from today, Wednesday, August 19, 2026.
In his message today, Mr Tinubu said, “When we began this journey of reform in 2023, I promised that the difficult decisions we were making would serve the purpose of building an economy that works better for you and a country that is stronger for our children.
“Today, your government presents The Reforms Scorecard. It sets out what our reforms have achieved, what they have cost us, and the greater costs and harms we have prevented by acting when we did.
“I have therefore directed the Minister of Finance and Coordinating Minister of the Economy, Taiwo Oyedele, to give an account to Nigerians, to explain the numbers, the choices we have made, the progress recorded, and the work that remains.
“You deserve to see the numbers. You deserve to know what has changed and what these reforms mean for you, your family, your business and our country.
“This is your government. This is your country. This is our account to you.”
Shortly after he took the oath of office over three years ago, President Tinubu declared that subsidies on petroleum products were gone. He later approved foreign exchange (FX) reforms, which devalued the Nigerian Naira, shooting from about N800 per Dollar to nearly N2,000 per Dollar. However, it is currently slightly above N1,340 per Dollar in the official market.
By Adedapo Adesanya
The Nigerian National Petroleum Company (NNPC) Limited and the Nigerian Agip Exploration (NAE) Limited are advancing discussions on the development of deepwater assets estimated to hold 500 million barrels of oil reserves.
The development followed a meeting between the chief executive of the state oil company, Mr Bayo Ojulari, and Agip’s Vice Chairman and Managing Director, Mr Maurizio Pinna, in Abuja.
The talks focused on ongoing work on deepwater acreage jointly held by NNPC, NAE and Shell Nigeria Exploration and Production Company (SNEPCo) as well as plans to bring the associated resources into production.
According to NNPC, the acreage comprises the Zabazaba and Etan deepwater fields, with estimated reserves of about 500 million barrels.
The fields are located in Nigeria’s deepwater terrain and are considered significant to the country’s efforts to expand its upstream oil production base, particularly as operators seek to advance projects capable of delivering additional barrels over the medium to long term.
While details of the expected production timeline were not disclosed, the meeting underscores renewed industry focus on unlocking Nigeria’s deepwater resources and growing crude oil production.
The acreage comprises licences converted from OPL 245 and is operated by NAE in partnership with NNPC Limited and SNEPCo.
Mr Ojulari and Mr Pinna also reviewed the work currently underway on the assets and the expected production outlook, with the discussions centred on advancing deepwater development.
The engagement comes amid renewed efforts to attract investment into Nigeria’s offshore petroleum resources and increase national oil production.
