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Falana To Buhari: Recover $200bn Loot, Forget $29.6bn Loan

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President Muhammadu Buhari has been challenged to recover Nigeria’s alleged $200billion looted funds now trapped in foreign banks to fund his programmes instead of pursuing a foreign loan of $29.6billion that may throw the country into many years of debt repayment, and unending poverty.

Lagos-based human rights lawyer and Senior Advocate of Nigeria, Femi Falana, who gave the advise, also charged the Federal Government to deploy the recovered looted funds into concerted efforts to ameliorate the present economic recession, and restore confidence in the country.

Falana said he had written a letter to that effect to the Minister of Finance, Mrs Kemi Adeosun, urging her to focus attention more on strategies to recover the looted funds, and plough back such recovered funds into economic and infrastructure programmes and projects to rejig the nation.

The senior advocate of Nigeria, who spoke while delivering the 4th convocation lecture of Oduduwa University, Ipetumodu, Ile-Ife, titled, “The blessings of natural resource endowments and the curse of corrupt leadership: Critical perspectives on Nigeria’s state of the Federal Government’s move toward underdevelopment”, vehemently opposed the efforts to obtain the loan.

He stressed that at the end of the day, only 50 per cent of the amount will arrive Nigeria while generations yet unborn will suffer the repayment.

Falana also urged Federal Government to recover the looted wealth of the nation and prosecute the culprits notwithstanding their political affiliation, stressing that the payment and servicing of debts should be investigated, as the loans that gave rise to the debt were substantially diverted by public officers.

Speaking on the alleged trapped $200billion, he said: “Curiously, the Buhari administration has failed to address capital flight and round tripping by financial institutions, otherwise why has the government been reluctant to ask the Economic and Financial Crimes Commission (EFCC) to recover and sanction the oil and shipping companies which under-declared crude oil worth billion of dollars shipped from Nigeria, under the previous administration?

“Why has the Federal Government failed to recover the $20.2billion withheld from the Federation Account by the Nigerian National Petroleum Corporation (NNPC) and some oil companies from 1999-2012?

“Why has the Federal Government not inquired into the allegation that the sum of $25.4billion was laundered and illegally taken out of Nigeria by a telecommunications company?

“Why has the government failed to recover the looted wealth of the nation which has been traced to financial institutions in the West and the United Arab Emirates?

“Why has the Central Bank of Nigeria (CBN) failed to recover the $7billion deposited and N600billion bailout given to the commercial banks in 2006 and 2008, respectively?

“Instead of intensifying efforts to recover such huge funds among several others, the government is determined to take a loan of $29.6billion”, Falana queried.

He noted that there was enough money in Nigeria to make the people live happily forever, if not for the poverty of ideas of the leadership which has impoverished the generality of Nigerians.

 

 

 

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Fubara Redeploys Green As Commissioner For Justice

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The Governor of Rivers State, Sir Siminalayi Fubara, has approved a minor cabinet reshuffle in the State Executive Council.

Under the new disposition, Barrister Christopher Green, who until now served as Commissioner for Sports, has been redeployed to the Ministry of Justice as the Honourable Attorney General and Commissioner for Justice.

This is contained in an official statement signed by Dr. Honour Sirawoo, Permanent Secretary, Ministry of Information and Communications.

According to the statement, Barrister Green will also continue to coordinate the activities of the Ministry of Sports pending the appointment of a substantive Commissioner to oversee the ministry.

The redeployment, which takes immediate effect, was approved at the last State Executive Council meeting for the year 2025, underscoring the Governor’s commitment to strengthening governance, ensuring continuity in service delivery, and optimising the performance of key ministries within the state.

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Fubara Restates Commitment To Peace, Development …Commissions 10.7km Egbeda–Omerelu Road

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Rivers State Governor, Sir Siminalayi Fubara, has declared that his administration will ensure the delivery of developmental projects and the prevalence of peace in all parts of Rivers State.

The Governor emphasized that the achievement of these lofty ideals can only occur through the unwavering contributions of all Rivers stakeholders.

Speaking during the commissioning of the 10.7-kilometre Egbeda–Omerelu Road constructed by his administration, the governor said Rivers State can only move forward when its people choose unity over division.

He assured Rivers people that development projects would reach every part of the State but cautioned that progress cannot thrive where conflict persists.

Reflecting on the project, Governor Fubara recalled that the road was a promise he made during the inauguration of the first phase about a year ago.

“We made a promise that we were going to do this project, and today I am happy that the government has fulfilled that promise made to Emohua people, Egbeda community and Omerelu people,” he said.

He noted that the essence of governance is service to the people, adding that responding to their needs is a core responsibility of any administration.

“We decided to do this because you know where we are coming from, and if we don’t tell our story, many won’t know what we are doing. Even in the face of tribulations, we have remained focused on delivering the dividends of democracy. We will continue to serve our people with respect and honour,” he affirmed.

Governor Fubara also reiterated his support for President Bola Ahmed Tinubu, pledging to back all groups working towards securing the President’s victory in 2027.

Giving technical details of the project, the Permanent Secretary of the Ministry of Works, Dr. Austin Ezekiel-Hart, explained that the contract was awarded on October 27, 2024, to Messrs Johnson Roadworks Limited.

He said the road links communities in Emohua and Ikwerre LGAs and shortens travel time for motorists commuting from Ahoada East, Ahoada West and Omoku through Egbeda to Owerri in Imo State.

He added that the infrastructure features a 12-metre clearing width and an 8-metre asphalt surface, comprising a 50mm binder course and a 40mm wearing course. It is complemented by 24 kilometres of drainage channels with a 1.05m² cross-sectional capacity to ensure durability and efficient water flow.

In his remarks, the Chairman of Emohua Local Government Area, Dr. Chidi Lloyd, described the road as a crucial link for surrounding communities, significantly easing movement for residents.

He praised the governor for demonstrating continuity and consolidation and prayed for God’s strength to enable him to achieve even more for the people.

 

 

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Oil & Gas: Rivers Remains The Best Investment Destination – Fubara

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Governor Siminalayi Fubara says Rivers State remains the best investment destination for investors in the oil and gas sector.

Governor Fubara stated that since the economic development of Rivers State is closely connected to the growth of the oil and gas industry, his administration has continued to collaborate with the Federal Government and host communities to protect natural assets in the sector.

The Governor stated this during the Nigeria and Entrepreneurship Summit and Honours (NESH) Foundation Oil and Gas Roundtable in Port Harcourt.

Represented by the Secretary to the State Government, Dr. Benibo Anabraba, he pointed out that since the economy of Nigeria relies substantially on the oil and gas sector, his administration will continue to collaborate with relevant stakeholders to ramp up production.

“The Nigerian oil and gas sector is the lifeblood of our nation’s economy, contributing over 90% of Federal Government’s foreign exchange earnings. Similarly, Rivers State, home to numerous national and multinational oil and gas companies, is the centre of Nigeria’s hydrocarbon industry, with the State’s oil and gas resources generating over 40% of the country’s revenue.

“?Considering this, the survival and economic development of Rivers State are closely connected to the growth of the oil and gas industry. That is why, since the beginning of this administration, we have focused on safeguarding the national oil and gas assets in collaboration with the Federal Government, security agencies, communities and other stakeholders, and we will maintain this commitment for as long as it is necessary.

“Furthermore, we have established and maintained a conducive, peaceful, and secure environment for companies to open and flourish in the State as part of a strategic plan to stimulate our economy, generate jobs, and enhance the well-being of our citizens.

“We therefore recognise and applaud the vital role that indigenous companies are currently playing in bridging gaps and advancing the development of Nigeria’s oil and gas industry,” he stressed.?

Governor Fubara affirmed that Nigerian-funded companies can only succeed and make meaningful contributions to the nation’s economic prosperity when challenges that limit the nation are effectively tackled, and expressed his administration’s stand to support indigenous organisations such as the Nigeria and Entrepreneurship Summit and Honours (NESH) Foundation.

Declaring the roundtable open, the Governor assured the Nigerian-Owned companies in the oil and gas sector, that “we are ready and willing to respond positively to any administrative, policy, or legislative recommendations within our jurisdiction as a subnational State.”

The Founder of the Nigeria and Entrepreneurship Summit and Honours (NESH) Foundation, Mr Emeka ugwu-Ozu, disclosed that the summit, held only in an oil and gas producing place, is a forum for all in the industry to brainstorm and suggest best practices for local players.

“This roundtable discussion takes place in only oil and gas producing states, and it is intentional. And that is to make sure that sooner, it becomes like what we say is the equivalent of Houston in the United States of America.

“I would say that from what I have seen so far, Rivers State is back and open, safe and good for business. The oil and gas players should come and see what we have seen,” he said.

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