SERAP Sues Tinubu Over Failure to Investigate Missing Oil Revenue Funds

The Socio-Economic Rights and Accountability Project (SERAP) has filed a lawsuit against President Bola Tinubu over “the failure to probe the grim allegations that over US$15 billion oil revenues, and N200 billion budgeted to repair the refineries in Nigeria are missing and unaccounted for between 2020 and 2021. These are contained in the 2021 report by the Nigeria Extractive Industries Transparency Initiative (NEITI). In the suit number FHC/L/CS/2334/2023 filed last Friday at the Federal High Court in Lagos, SERAP is seeking: “an order of mandamus to direct and compel President Tinubu to probe the allegations that US$15bn of oil revenue, and N200bn budgeted to repair and maintain the refineries in Nigeria are missing and unaccounted for.”

Senate to Summon NNPCL Over 60% Fund for Frontier Acreages

The Chairman of the Senate Committee on Gas, Jarigbe Jarigbe, has revealed the plan of the committee to summon officials of the Nigerian National Petroleum Corporation Limited over no funding for the exploration and development of new frontier acreages. This was revealed during a meeting with the Chief Executive Officer of the Nigerian Upstream Petroleum Regulatory Commission and his team. Recall that the Petroleum Industry Act, PIA, 2021, introduced the Frontier Exploration Fund to support exploration and development in Nigeria’s frontier acreages. Some of these acreages are situated in areas/ regions like Anambra, Benue, Dahomey, Bida, Sokoto, Chad, and other areas where hydrocarbon exploration is yet to take place.

CBN Commences Clearing Forex Backlog

The Central Bank of Nigeria (CBN) has commenced clearing the foreign exchange (FX) forwards backlog in banks. This development was revealed by the spokesperson of the apex bank, Isha Abdulmumin stating that an initial payment of $ 1 billion has been made “The CBN has started paying the FX backlogs to banks. So far, 14 banks have been paid,” Isah Abdulmumin told Reuters but declined to give the amount or name of the banks. Four banking sources said the banks were paid varying amounts totalling about $1 billion and that the payments would continue in the next few weeks. While a few of the lenders were paid the entire amount owed, others got as much as 80% of the backlog, the sources said.

President Tinubu Appoints DG ECN

President Bola Ahmed Tinubu on Monday has appointed Dr. Abdullahi Mustapha as the Director-General (DG) and Chief Executive Officer (CEO) of the Energy Commission of Nigeria (ECN). This was made known on Monday in a statement issued by the Special Adviser to the President on Media and Publicity, Ajuri Ngelale.

NLTF Proposes Gaming Industry Tax Scheme

The Executive Secretary of the National Lottery Trust Fund (NLTF), Bello Maigari proposed that the Federal Government (FG) create a framework to tax the gaming and betting industry. He made this proposal known on Tuesday during the 2nd edition of the Biennial National Gaming Conference organized by the National Lottery Regulatory Commission (NLRC), where he stated that revenue from Nigeria’s online betting sector alone is projected to reach above $266 million in the year 2023.

President Tinubu Promises To Tackle Challenges In Foreign Exchange Market

President Bola Tinubu has assured Nigerians and investors that there is an ongoing plan to boost the country’s foreign exchange liquidity. This was as the Minister of Finance and Coordinating Minister of Economy, Wale Edun, revealed that the country was expecting about $10bn inflows in the nearest term, which would help to clear foreign exchange backlog and stabilize the naira. Mr Edun disclosed this while speaking during a panel session at the ongoing Nigeria Economic Summit (NES) in Abuja on Monday.

CBN Debunks Rumour Of Naira Redenomination 

The Central Bank of Nigeria (CBN) has said that it has no plan to redenominate or restructure the naira notes in 2024. The apex bank said this on Tuesday in a statement signed by its Director, Corporate Communications, Isa AbdulMumin, and shared on its X handle. There had been a rumour circulating especially on social media that the apex bank was planning to redenominate the nation’s currency.

FCTA Lifts Embargo on Satellite Town Building Approvals

The Federal Capital Territory Administration (FCTA) has lifted the embargo on building plan approvals at satellite towns cut across six Area Councils of the nation's capital. This is to generate an efficient database for sustainable city development Making this disclosure, the Director of the FCT Department of Development Control (DDC), Mukhtar Galadima noted that the Administration suspended granting building plans approvals at the satellite towns, due to the absence of engineering design in the area. More so, stating that the process is aimed at enabling the department to access and grant building approval to those who had built without approval, also property owners in satellite towns are expected to submit the requisite information for necessary action within 21 days.

Lagos Government Reopens Alaba Market, Trade Fair Complex

The Lagos State Government has reopened Alaba International Market and some other markets at the Trade Fair Complex, Ojo, on Saturday. The state government shut the markets earlier because of improper waste management and other environmental infractions. Commissioner for the Environment and Water Resources, Mr Tokunbo Wahab, who confirmed the development in a statement on Saturday said the markets were reopened after the environmental issues had been addressed. The statement quoted Wahab emphasizing that the decision to reopen the markets was not politically motivated but aimed at promoting a clean and healthy business environment.

N35,000 Wage Award: Labour Gives Govs Ultimatum

Organised Labour has issued a two-week deadline to States governors to initiate negotiations on the N35,000 wage award for workers in their states following the Memorandum of Understanding signed by the Federal Government, the Nigeria Labour Congress and the Trade Union Congress on the economic reality in the country.