All Posts in "Month: February 2026"

Court Fixes April 30 For Ruling On Final Forfeiture Of Property Owned By Former Acting AGF

Justice Mohammed Umar of the Federal High Court, sitting in Maitama, Abuja has fixed April 30, 2026 for ruling on the application filed by the Economic and Financial Crimes Commission, EFCC, for final forfeiture of a property owned by the former Acting Accountant General of the Federation, Chukwunyere Anamekwe Nwabuoku.

 

At Tuesday’s proceedings, defence counsel, N.I Quakers, SAN, informed the court of an application seeking the setting aside of the interim forfeiture order which the court granted on January 27, 2025, and another a notice of preliminary objection, dated August 15, 2025 bordering on the jurisdiction of the court.

He prayed the court to discountenance the prosecution’s final forfeiture application on the ground that the said property is also part of the reason for which he is facing criminal trial in another court. He questioned the jurisdiction of the court to entertain the matter and prayed the court to set aside EFCC’s application.

In response, prosecution counsel, Ekele Iheanacho, SAN, made reference to a motion dated May 6, 2024, and filed on the same date, that sought the final forfeiture order. He stated that the said property was reasonably suspected to have been acquired with proceeds of crimes. The application, the prosecution noted, is supported by an eight paragraph affidavit, written by Chinyelu Vivian Okpara, an operative of EFCC with attachments marked Exhibit EFCC 1 to EFCC 7. Relying on all the paragraphs in the affidavit, the prosecuting counsel urged the court to grant the application for the final forfeiture of the property.

Explaining further, the prosecution counsel said, “My lord, the respondent at the material time of these transactions was the Director of Finance in the Ministry of Defence. Funds were released strictly for military operations in fighting Boko haram, of which part of it was sent to the Ministry of Defence. Part of the funds were diverted using fictitious accounts up to the tune of N900 million.”

“My lord, from that funds, about N355 million went to the respondent and it was sent through an account he nominated, belonging to his friend, M Davies Enterprises Ltd and it was from that account that the property in question was purchased and it is that property the defendant is currently living in. It was in the course of the investigation that the defendant on his own handed over the keys of the house to be forfeited, as well as refunded some of the funds. Surprisingly, when this proceedings commenced, he turned around to challenge the forfeiture of the property. We urge the court to grant the application,” he said.

Further in his argument, the prosecution counsel stated that, “We also filed another affidavit on May 16, 2024. Again, we urge your lordship to grant this application,” he said.

Justice Umar adjourned the matter till April 30, 2026 for ruling on the applications and judgment.

The anti-graft agency is also prosecuting Nwabuoku on amended nine-count charge of money laundering to the tune of N868, 465,000 (Eight Hundred and Sixty-eight Million, Four Hundred and Sixty-five Thousand Naira) before Justice James Omotosho of the Federal High Court, Abuja.

admin by — February 4, 2026 in News 0
“NiMet Condemns False Claims: Rejoinder to “Farmers Lost N5 Trillion to Poor Weather Forecasts”

The Nigerian Meteorological Agency, NiMet, has described as Campaign of Calumny, deliberate falsehood, unsubstantiated and economically irresponsible publications with headline “Farmers lost N5trillion to weather forecasts” and “Farmers lose N5trillion in 24 months”, by two media outlets.

The Agency said the bogus and alarmist claim attributed to The Foundation for Peace Professionals that Nigerian Farmers have lost “nearly N5trillion” in productive capital due largely to NiMet weather forecast is not supported by any verifiable data, transparent methodology or independent assessment.

The Nigerian Meteorological Agency, NiMet, has for over 140 years being providing credible and accurate climate weather forecasts, which has aided in policy planning for different sectors of the economy for 2024 and 2025 different development partners, world Meteorological Organization, WMO, stakeholders and indeed Farmers from the different geo political zones have all adjudged NiMet forecast to have eclipsed the 60 per cent threshold to over 90 per cent.

NiMet’s Seasonal Climate Predictions (SCPs), Early Warning Alerts, and localized agro-advisories have consistently empowered farmers across the country to make informed decisions on planting dates, crop selection, irrigation planning, and risk mitigation.

These services are disseminated through multiple platforms, including state governments, extension services, media outlets, and digital channels.

According to the executive summary from the 2025 Wet season Agricultural performance in Nigeria – collaboration of important stakeholders in the Agricultural value – chain like IAR, NBS, FDA, FDAE, P&PCD, FDF&A, NASC, IAR&T, NRCRI, NCRI, LCRI, NIFOR, NAPRI, DAC-ABU, NIFFR, ADPS, FMLD and State ministries of Agriculture, State ministries of Livestock Development, commodity based Associations, the Agricultural sector witnessed an increase in crop yields as well as livestock production.

The survey also revealed that Nigerian agriculture remains a vital source of stability and opportunity, contributing to food security and economic growth. Production of rice, maize, cowpea, yam, cassava, and groundnut increased over 2024 levels, while food prices fell across all zones, reflecting improved supply and the effectiveness of ongoing interventions.

The NiMet, said it remains committed to supporting national food security, climate resilience, and sustainable agricultural development. The Agency will not be deterred by sensational narratives and urges stakeholders, civil society organizations, and the media to engage responsibly, constructively, and factually on matters of national importance.

admin by — February 4, 2026 in News 0
Ibadan: NRC accuses Oyo govt of destroying federal rail assets ​

The Nigerian Railway Corporation, NRC, has claimed that the government of Oyo State has damaged its railway assets in Ibadan, the state capital, which are valued in millions of Naira.

The NRC also stated that one of the local government chairmen in the state was present on the ground during the destruction.

The NRC described as worrisome the removal of railway fixed assets worth several millions of Naira along its right-of-way in Ibadan South-West Local Government Area of Oyo State.

It stated that the destruction took place on Monday, 2nd February, 2026, and was carried out by the Chairman of the Ibadan South-West Local Government Council, Hon. Kehinde Adeyemi Amanda.

Amanda was alleged to have led a group made up of hoodlums, individuals wearing Nigerian Army uniforms, and operatives of Amotekun to vandalize NRC properties along the Mile One-Ten axis.

“The Council Chairman claimed to be working on the instructions of the state Governor,” the statement added.

Rail assets such as rails, sleepers, signal poles, billboards, and fences owned by NRC tenants along the corridor were reportedly damaged and removed.

The Corporation mentioned that the affected area is a clearly defined and legally protected railway right-of-way.

“The NRC Police Command’s attempts to counter the action were reportedly met with resistance, leading the officers to withdraw from the scene,” it added.

The statement signed by Callistus Unyimadu, Chief Public Relations Officer, NRC, described the incident as a serious violation of federal railway assets and stated that it is documenting the matter comprehensively.

The Corporation also mentioned that it will take suitable security, administrative, and legal steps to protect its assets and stop any future unauthorized use of railway right-of-way across the country, particularly in response to this act of vandalism.

The Managing Director, Dr Kayode Opeifa pledged the continued maintenance of law and order in the face of provocation.

admin by — February 4, 2026 in News 0
World Cancer Day: NOA urges early action awareness

The State Director of the National Orientation Agency, NOA, Osun Directorate, Adebiyi, Adefarasin Stephen, has called on the Osun populace to intensify efforts toward cancer prevention, early detection, and equitable access to care.

The plea formed part of a statement released on Wednesday as part of activities in the state to mark the world marks World Cancer Day 2026, observed annually on February 4.

In the statement issued by the Public Relations Officer of the agency, Bunmi Olaseinde, Adebiyi noted that “cancer remained a major public health challenge in Nigeria, with many cases diagnosed at advanced stages due to low awareness, stigma, myths, and limited access to screening services.”

He stressed that these factors significantly contribute to the high rate of cancer-related deaths in the country.

He also said the annual observance provided an opportunity to “draw attention to the persistent cancer care gap and the urgent need for early action.”

He explained that cancer continued to pose a significant public health burden in Nigeria, where many patients seek medical help only at advanced stages of the disease, largely due to limited awareness and access to screening services.

Mr Adebiyi stated that early detection improves survival outcomes, stressing that “cancer is not a death sentence when identified early and managed promptly through proper medical care.”

He added that several cancers commonly recorded in Nigeria include “breast, cervical, prostate, liver and colorectal cancers, which can be managed more effectively when diagnosed in their early stages.”

The agency also drew attention to symptoms that require prompt medical attention, such as unusual lumps, persistent pain, unexplained weight loss, abnormal bleeding, breast changes, prolonged cough and sores that do not heal.

As part of preventive measures, the NOA advised Nigerians to “avoid tobacco use and excessive alcohol intake, while maintaining a healthy diet, regular physical activity and appropriate body weight.”

Adebiyi urged citizens to protect themselves from prolonged sun exposure and to take advantage of available vaccinations against Hepatitis B and Human Papillomavirus, which are linked to certain cancers.

He described cancer control as a collective task, saying, “Closing the care gap begins with awareness, compassion and timely action from individuals, families and institutions.”

The NOA called on residents of Osun State and Nigerians generally to prioritise routine screening, seek credible health information and encourage open discussions about cancer within their communities.

The agency also reaffirmed its commitment to public enlightenment, noting that informed and healthy citizens remain essential to national development.

admin by — February 4, 2026 in News 0
FBNQuest Merchant Bank renamed Quest Merchant Bank

Afolabi OlorodeFBNQuest Merchant Bank Limited has announced the completion of its change of name and will now operate as Quest Merchant Bank Limited, following the receipt of all required corporate and regulatory approvals.

This was disclosed in a statement released by the firm on Monday.

The PUNCH reports that FBN Holdings Plc announced the sale of its 100 per cent equity stake in FBNQuest Merchant Bank Limited to EverQuest Acquisition LLP in 2024.

With the receipt of regulatory approval for the name change, the company said that the development does not affect the bank’s legal or going-concern status, management, or the nature of its business.

“Quest Merchant Bank Limited remains a duly licensed merchant bank, regulated by the Central Bank of Nigeria and the Securities and Exchange Commission, and continues to deliver its full suite of merchant banking, advisory, and capital markets services to clients,” read part of the statement.

Commenting on the development, the Acting Managing Director/Chief Executive Officer, Afolabi Olorode, said, “This name change represents a pivotal milestone in the rich history of the bank and a deliberate strategic repositioning that reflects our resilience, strong track record, and long-term growth ambitions. While our name has evolved, our commitment to our clients, stakeholders, and regulators remains unwavering.”

As part of the transition, the bank is updating its branding, communications, and digital platforms to reflect the new name. During this period, some legacy references may remain visible across select touchpoints as updates are progressively completed. All existing contracts, client relationships, and obligations of the bank remain valid, binding, and fully enforceable following the name change.

admin by — February 4, 2026 in Business 0
Standard Chartered outlines 2026 investment outlook for Nigeria

Standard_Chartered_Bank_254c8b7e2aStandard Chartered Bank Nigeria Limited hosted its clients at the 2026 Global Market Outlook event, bringing together industry experts to examine the evolving global financial landscape and its implications for Nigeria in 2026, where it revealed that the country’s growth outlook is optimistic.

A statement from the bank on Tuesday stated that the well-attended event featured presentations from speakers drawn from Standard Chartered, including Manpreet Gill, Chief Investment Officer, Africa, Middle East and Europe; Lanre Olajide, Head of Wealth and Retail Banking, Nigeria; Ernest Adejumo, Head of Wealth Solutions; Uche Ugboh, Head of Treasury Markets; and Chima Eboh, Head of Affluent Banking and Branches.

The speakers delivered insights on current market trends, economic shifts, and wealth-building strategies, followed by a question-and-answer panel session that offered attendees practical perspectives on navigating opportunities and challenges in the year ahead.

Speaking on the impact of the global outlook on Nigeria and the investment opportunities available to stakeholders, Gill said, “Clients took away three key messages from the 2026 global market outlook: (i) Stay overweight equities, (ii) continue to generate attractive yields through diversified bonds, but most importantly (iii) diversify, both within equities and across asset classes given valuations and continued uncertainty.”

Adejumo said the key takeaways from the bank’s 2026 Global Market Outlook highlighted the importance of discipline and diversification in an increasingly complex global environment.

“While short-term volatility may persist, investors who concentrate on long-term fundamentals, quality assets, and informed, advisory-led portfolio construction are best positioned to navigate uncertainty and seize emerging opportunities.

“Our GMO reinforced a clear message for investors: clarity comes from context, not noise. By understanding the global themes influencing growth, inflation, and interest rates, clients are better equipped to make confident and well-timed investment decisions. This approach focuses not on predicting markets but on preparing portfolios through diversification and discipline, aligned with their long-term financial goals,” he said.

The event hosted over 1,200 clients across Lagos, Abuja, and Port Harcourt and concluded with a networking lunch with the bank’s management team.

Nigeria’s economic outlook for 2026 remains cautiously optimistic, with GDP growth projections of 4.3 to 4.4 per cent, driven largely by the services sector, particularly ICT and finance, as well as a potential recovery in the oil sector. Efforts to diversify revenue sources beyond oil are ongoing.

However, challenges, including high inflation and fiscal pressures, persist, while poverty is expected to remain an issue despite reforms aimed at promoting inclusive growth.

Key focus areas include stabilising the naira, controlling inflation through effective monetary policy, improving infrastructure, and ensuring that government policies translate into tangible benefits for citizens. Achieving these goals will require strong fiscal discipline and comprehensive structural reforms.

Standard Chartered said it remains optimistic about Nigeria’s long-term economic potential, emphasising the importance of sustainable reforms, infrastructure development, and regional cooperation in driving growth in Nigeria and across Africa. The bank noted that by aligning global trends with regional strengths, it is well-positioned to support clients and communities in achieving their goals in 2026 and beyond.

admin by — February 4, 2026 in Business 0
Africa Losing $15 Billion Annually From Export Of Crude Oil And Gas

By exporting about 70 per cent of its crude oil and 45 per cent of natural gas, Africa annually loses $15 billion, says the Association of Petroleum Producers’ Organisation (APPO).

The APPO Secretary-General, Farid Ghezali, disclosed this on Tuesday in his remarks at the official opening of the 2026 edition of the Nigeria International Energy Summit (NIES), in Abuja.

Ghezali said in spite of the continent’s immense potential, Africa was facing a paradoxical and frustrating reality of making such significant export of its natural resources.

However, Ghezali, forecasts a turn around of the situation, with the operations of the African Energy Bank (AEB) which is being positioned to raise about $15 billion to finance oil and gas projects in the continent of Africa by 2030.

APPO said the bank, which would begin operation fully by June in Abuja was expected to create over 500,000 direct jobs in the local midstream.

African Energy Bank is a joint initiative of APPO member states and the African Export-Import Bank (Afreximbank), established with an initial capital of Five billion dollars.

Its core mandate is to mobilise domestic and regional capital for energy infrastructure, reduce Africa’s reliance on external financing, and align energy investments with the continent’s long-term development and industrialisation goals.

“The AEB will unify intra-African pricing for gas and oil, allowing our member countries to achieve savings of up to 30 per cent on their energy imports, a potential gain of 1.4 billion dollars for Africa,” he said.

He said financing remained the main bottleneck hindering the development of the continent’s strategic projects, adding that over 150 essential projects, from refineries to pipelines, such as the Ajeokuta-Kaduna-Kano (AKK) pipeline, to gas infrastructure remained blocked.

To address this anomaly, the APPO scribe, said the African Energy Bank was designed to unlock the 200 billion needed for the continent’s midstream-downstream projects by 2030.

Ghezali disclosed that the African Energy Bank would allow the listing of shares of the national oil companies in the continent and flagship projects, such as the Dangote Refinery or the AKK Gas Pipeline.

He explained that it would also connect Africa’s certified projects to the world’s largest sovereign wealth as well as to capital markets with structured equipment and public-private partnerships.

The Chairman, Independent Petroleum Producers Group (IPPG), Adegbite Falade, in his remarks said Nigeria must build an energy industry that could sustain itself, deliver lasting value to Nigerians through collaboration and consolidation rather than through fragmentation.

“The future of the industry lies not in the whole model of extraction and exports of the nation’s raw hydrocarbons, but it lies in creating in-country value that fuels the economy and increasingly contributes to Gross Domestic Product (GDP) growth,” he added.

Falade said since 2025 edition of the summit, Nigeria’s oil and gas industry had recorded notable progresses across the entire value chain, adding that the upstream scaled up in terms of liquid production while gas production had grown significantly.

“This growth in liquid has been supported by an increase in export pipeline availability, reduced crude losses, and stronger indigenous contribution to production.

For the first time, indigenous producers and independents now account for more than 50 per cent of national production.

“We continue to see sustained implementation of the PIA and strengthening of sales through the issuance of relevant and appropriate executive orders.

“However, a few things still remain by way of all kinds of process stakeholders if we are to build an energy industry that is truly self-sufficient and that consistently creates value for the nation.,” Falade said.

He,however, urged the Federal Government to continue to create an industry that could allow the driving and the envelope of private capital to build our industry infrastructure.

Falade said, “Without this, we will not be able to reach the massive gap in potential that we have to meet in our contribution to the nation’s GDP.

We must reduce bureaucracy, we must streamline industry fees and related charges, just to make sure that operators remain competitive.

Our industry today operates at a significantly elevated premium in cost relative to other non-share jurisdictions. We must address the issue of access to long-term and affordable capital.

“We must ensure policy stability and adopt competitive fiscal frameworks that support resource monetisation and stimulate interest rate growth.”

admin by — February 4, 2026 in Business 0
Nigeria To Utilise Gas To Power Africa’s Rise — NNPCL

As an emerging global energy powerhouse, Nigeria has the responsibility to utilise its abundant gas resources to power Africa’s rise and contribute meaningfully to global stability.

Group Chief Executive Officer of NNPC Ltd, Engr. Bashir Bayo Ojulari, disclosed this during an address at the opening ceremony of the Nigeria International Energy Summit (NIES) 2026 held at the Banquet Hall of the Presidential Villa, Abuja.

“Nigeria’s pathway to a prosperous future lies in our collective ability to leverage our resource abundance, especially as gas sits at the heart of our strategy. It is our bridge to a cleaner future, our engine for industrialization, and our foundation for export-led growth”, Ojulari stated.

Describing what he termed as Africa’s energy trilemma, Ojulari said though the African continent is endowed with vast energy resources, it still grapples with issues of accessibility, affordability, and sustainability, with over 600 million Africans living without access to electricity.

He said that with 37 billion barrels crude oil and 209 trillion cubic feet of gas reserves, Nigeria and the NNPC Ltd are ready to lead the charge in changing the narrative.

“With over 600 million Africans still lacking electricity, the continent’s priority cannot be a copy and paste. Ours must be a just, equitable, people-centered energy additions, one that lifts our people out of poverty, powers industries, supports agriculture, transforms transportation, and unleashes the creativity of Africa’s youth”, he stated.

He said NNPC Ltd was not just a commercial entity but also a peace and prosperity enabler.

On steps being taken to enhance access to gas as the primary fuel for driving industrialization and economic growth, the GCEO said NNPC Ltd has launched a new Gas Masterplan, while aggressively progressing strategic gas infrastructure projects such as the Obiafu-Obrikom-Oben (OB3), Ajaokuta-Kaduna-Kano (AKK) gas pipelines, and the Escravos-Lagos Pipeline System (ELPS) expansion.

“These projects are more than pipelines, they are highways for economic opportunity”, he explained.

admin by — February 4, 2026 in Business 0
Labour Party crisis: Abure faction rejects Otti’s reconciliation move

The internal crisis within the Labour Party, LP, intensified on Monday after the Julius Abure-led National Working Committee, NWC, firmly rejected reconciliation efforts initiated by Abia State Governor, Dr Alex Otti, describing the move as dishonest and ill-timed.

The Abure faction maintained that the leadership dispute remains unresolved, stressing that ongoing legal proceedings have not been exhausted.

It also accused Governor Otti of playing a central role in triggering the crisis currently engulfing the party.

The party’s National Publicity Secretary, Mr Obiora Ifoh, dismissed Otti’s reconciliation proposal, questioning both its sincerity and timing.

“We are not interested in any reconciliation move being proposed by Governor Alex Otti because he is largely responsible for the crisis facing the party today,” Ifoh said.

He added that the reconciliation call was premature, noting that the court ruling being celebrated by the opposing faction was only a judgment of a lower court.

“What we witnessed was a decision of a court of first instance. Why can’t he wait for the outcome of the appeal before talking about reconciliation?” He asked.

Ifoh accused Otti of acting in haste, insisting that the Abure-led leadership would eventually prevail.

“Why is he suddenly in a rush? As far as we are concerned, their celebration is a pyrrhic victory. It will fade away, and Nigerians will soon see the authentic leadership of the Labour Party. The battle is far from over,” he stated.

The strong rejection emphasises the deepening divisions within the party, despite recent court rulings and the Independent National Electoral Commission’s, INEC, decision to recognise the Nenadi Usman-led National Caretaker Committee.

The Abure camp’s response came hours after Governor Otti publicly lamented the exit of the party’s former presidential candidate, Mr Peter Obi, describing his departure as a significant blow to the Labour Party.

Otti made the remarks in Abuja during a meeting involving members of the party’s Board of Trustees, leaders of the National Caretaker Committee, and representatives of the Nigeria Labour Congress, NLC, and the Trade Union Congress, TUC.

The meeting followed INEC’s recognition of the Nenadi Usman-led caretaker committee, a move earlier criticised by the Abure faction as rushed and prejudicial.

Addressing stakeholders, Otti said the party’s new leadership was committed to healing internal divisions and restoring unity after its court victory.

“We have agreed that there is a need to establish a reconciliation committee. The interim National Working Committee will advise on the appropriate time to set it up. The goal is to reconcile all members who are willing to return,” he said.

He appealed directly to the Abure-led faction to reconsider its position.

“We call on Julius Abure and his team to sheathe their swords and return to the party. As long as they are willing to abide by the party’s rules, we will gladly welcome them back,” Otti added.

The Abia governor also disclosed that the Labour Party would not participate in the forthcoming Federal Capital Territory, FCT, council elections and ruled out any plan to join a broader opposition coalition ahead of the 2027 general elections.

“Labour Party is already a coalition, a coalition of Nigerian workers and progressive-minded citizens. We have no intention of joining any other coalition,” he said.

Otti also commended INEC for complying with the Federal High Court judgment by replacing the Abure-led executive committee with the Nenadi Usman-led National Caretaker Committee on its official portal.

admin by — February 3, 2026 in News 0
2027: APC constitutes central coordination committee ahead national convention

The All Progressives Congress (APC) has constituted a central coordination committee for its 2026 National Convention, in a move aimed at ensuring a smooth and well-organised party congress.

The committee was announced in a statement signed by the APC National Secretary, Senator Surajudeen Ajibola Basiru.

Imo State Governor, Hope Uzodimma was appointed Chairman of the committee, while Kwara State Governor, AbdulRahman AbdulRazaq will serve as Vice Chairman. Governor Mai Mala Buni of Yobe State was named Secretary of the committee.

The committee is made up of 73 members drawn from across the country, including serving governors, senators and other key party stakeholders. The list include governors from Kano, Kaduna, Borno, Lagos, Ogun, Rivers, Plateau, Katsina, Sokoto, Gombe, Jigawa, Yobe, Benue, Cross River, Ebonyi, and Nasarawa states, among others.

Prominent members include Senate President Godswill Akpabio, Speaker of the House of Representatives Tajudeen Abbas, Deputy Senate President Barau Jibrin, and several others.

The party noted that details regarding the inauguration of the Central Coordination Committee, as well as other activities leading up to the 2026 National Convention, would be announced in due course.

admin by — February 3, 2026 in News 0