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Nigeria Loses $400bn To Capital Flight -Ibn Chambas

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The Secretary of African Carribean and Pacific (ACP) group of countries, Dr Mohammed Ibn Chambas says $400billion of Nigeria’s oil revenue, has been lost to capital flight within the last decade.

Dr Chambas who spoke at the second Prof Claude Ake’s memorial lecture in Port Harcourt, also urged the authroties to end the culture of impunity in Nigeria.

The former ECOWAS Commission President, said that most African leaders feel disappointed that Nigeria despite her massive natural and human rsources, was  yet to take its rightful position among the comity of nations.

He said that Nigerian leaders must tackle the incidence of corruption, weak legal system, poor power supply, politics of competitive ethnicity, while efforts should be made to check the  rising tide of ethno-religious cleavages.

Meanwhile, the Rivers State Government says the memory of late Prof Claude Ake must not be allowed to die.

The state Governor , Rt Hon Chibuike Amaechi who said this during the memorial lecture added that Prof Ake was a social crusader in which the state was proud of.

The governor also directed the organising committee to ensure the revival of the Centre for Advance Social Science (CASS), while also ensuring that it reached out to the family of the deceased.

The chairman of the occasion, Ambassador Prof George Obiozor described the late professor as a combination of idealism and realism, stressing that his work had made great impact on  African administration.

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Troops Rescue 12 Abducted Teenage Girls In Borno 

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Troops of Operation Hadin Kai have rescued 12 teenage girls abducted by Boko Haram/ISWAP terrorists in Mussa District of Askira/Uba Local Government Area of Borno State.

In a statement posted on its official Facebook page, yesterday, the Nigerian Army said the victims who were rescued on Saturday, had been evacuated to a secure facility where they are receiving comprehensive medical care, psychological support and debriefing.

“Upon completion of these processes, they will be formally reunited with their families. Their recovery has brought immense relief to the community, which had been gripped by fear following the abduction,” it added.

The statement read, “The Nigerian Army has successfully rescued 12 teenage girls abducted by Boko Haram/ISWAP terrorists in Mussa District of Askira/Uba Local Government Area, Borno State.”

According to the statement, the victims, aged between 15 and 20, were kidnapped on 23 November while harvesting crops on their family farmlands.

They were freed on Saturday, 29 November, following a swift, intelligence-led operation by troops of Operation HADIN KAI in the southern Borno axis, it noted.

The statement listed the rescued victims as: Fatima Shaibu (17), Fatima Umaru (15), Hauwa Abubakar (18), Saliha Muhammed (15), Sadiya Umaru (17), Amira Babel (15), Zara Adamu (17), Nana Shaibu (15), Zainab Musa (18), Zainab Muhammed (17), Jamila Saidu (15) and Hauwa Hamidu (17).

It further stated that the military high command commended the doggedness of the troops for their swift response, and acknowledged the crucial support of security stakeholders and local informants whose timely intelligence enabled the successful rescue.

“Troops continue to pursue ISWAP remnants across southern Borno to prevent further attacks and safeguard civilians.”

“The Nigerian Army calls on communities to continue supporting ongoing operations by providing credible and timely information, emphasising that collaborative efforts are essential to defeating terrorism and ensuring lasting security,” the statement concluded.

 

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NELFUND Disburses N140bn Loan To 788,947 Students

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The Nigerian Education Loan Fund (NELFUND) said it has disbursed N140.9 billion in student loans to beneficiaries since the scheme’s portal was launched on May 24, 2024.

According to the Daily Status Report released yesterday via its official X handle, NELFUND has received 1,193,228 applications, of which 788,947 students have benefited from the programme.

As of November 12, 2025, the report shows 35,773 new successful applications for the week and 3,367 on that day, representing a 0.3% increase in new applications from the previous day.

NELFUND said it has paid N140,884,471,740 to 262 institutions as tuition fees, including N88,947,000 as institutional fees and N53,776,000,000 in upkeep allowances.

The fund plans to extend its student loan scheme to cover vocational and skills acquisition programmes.

The Managing Director of NELFUND, Akintunde Sawyerr, disclosed this in an interview with the News Agency of Nigeria in Abuja, saying the extension aligns with the Federal Government’s broader education and skills development agenda.

He added that the move reflects President Bola Tinubu’s commitment to inclusive human capital development beyond traditional university education.

According to Sawyerr, Nigeria’s next phase of development requires a balance between academic and technical competence.

“At NELFUND, we have a mandate to also support vocational skills.

“We have not started yet, but I know that the President Bola Tinubu administration has ensured that there is full coverage around the skills issue,” he said.

 

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SERAP Sues Akpabio, Abbas Over N18.6bn NASS Funds

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The Socio-Economic Rights and Accountability Project (SERAP) has filed a lawsuit against the Senate President, Godswill Akpabio, and the Speaker of the House of Representatives, Tajudeen Abbas, over their alleged failure to account for ?18.6bn reportedly allocated for the construction of the National Assembly Service Commission office complex.

SERAP filed suit FHC/ABJ/CS/2457/2025 at the Federal High Court in Abuja last week, naming Akpabio and Abbas as defendants on behalf of all members of the National Assembly, and joining the NASC as a respondent.

In a statement signed yesterday by its Deputy Director, Kolawole Oluwadare, SERAP said the suit followed “grave allegations” contained in the 2022 annual report of the Auditor-General of the Federation, published on September 9, 2025.

Citing details from the Auditor-General’s report, SERAP said the NASC “paid over N11.6 billion [N11,647,302,594.00] to ‘an unknown construction company’ for ‘the construction of the Commission’s Complex within 24 months.’

“The payment was reportedly made on 11 August 2020. But ‘the contract was inflated by over N6.9 billion [N6,930,000,000.00]’ and the money was reportedly paid to the construction company on 29 November 2023 ‘for the conversion of the roof garden to office space.’

“The contract was reportedly awarded without a Bill of Quantity (BOQ) for the upward review of the contract, and the ‘BOQ for the contract of N11.6 billion was not priced.’

“Both contracts were reportedly awarded without any needs assessment, newspaper advertisements, bidding process, contract agreement, bidders’ quotations, or any approval by the Federal Executive Council (FEC). There was also no Bureau of Public Procurement Certificate of ‘No Objection’.”

According to SERAP, the Auditor-General fears the N18.6 billion budgeted for the construction of the Commission’s office complex and the conversion of the roof garden to office space “may have been diverted, misappropriated or stolen” and wants the money accounted for.

SERAP, in the suit filed by its lawyers, Kolawole Oluwadare, Kehinde Oyewumi and Andrew Nwankwo, is seeking an order of mandamus compelling Akpabio, Abbas and the NASC to “account for the whereabouts of ?18.6bn meant for the construction of the NASC office complex.”

The organisation is also asking the court to compel the respondents to disclose the name of the “fictitious construction company” that allegedly received the funds, as well as make public the assessment reports, bid advertisements, bid quotations, contract documents, minutes of Tender Board meetings and the Federal Executive Council approval for the project.

SERAP argued that the alleged diversion or misappropriation of the ?18.6bn amounts to a violation of public trust, the 1999 Constitution and international anti-corruption standards.

“Nigerians have the right to know the whereabouts of the ?18.6bn and details of the contractors that collected the money,” it said, noting that granting the orders sought would “serve legitimate public interests” and strengthen democratic institutions.

The suit stated that the National Assembly must “uphold and defend the basic principles of transparency, accountability and the rule of law.”

SERAP argued that granting its reliefs would ensure accountability, enable the recovery of any diverted funds and promote public trust.

The organisation cited various constitutional provisions that require public institutions to prevent corrupt practices, manage national resources responsibly and safeguard the welfare of citizens.

It also referenced Nigeria’s obligations under the UN Convention against Corruption.

No date has been fixed for the hearing of the suit.

The legal action comes after SERAP had earlier, on October 19, urged both Akpabio and Abbas to explain the alleged missing funds.

 

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