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Falana To Buhari: Recover $200bn Loot, Forget $29.6bn Loan
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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Tinubu Hails NGX N100trn Milestones, Urges Nigerians To Invest Locally
President Bola Tinubu yesterday celebrated the Nigerian Exchange Group’s breakthrough into the N100tn market capitalisation threshold, saying Nigeria has moved from an ignored frontier market to a compelling investment destination.
Tinubu, in a statement signed by his Special Adviser on Information and Strategy, Bayo Onanuga, urged Nigerians to increase their investments in the domestic economy, expressing confidence that 2026 would deliver stronger returns as ongoing reforms take firmer root.
He noted that the NGX closed 2025 with a 51.19 per cent return, outperforming global indices such as the S&P 500 and FTSE 100, as well as several BRICS+ emerging markets, after recording 37.65 per cent in 2024.
“With the Nigerian Exchange crossing the historic N100tn market capitalisation mark, the country is witnessing the birth of a new economic reality and rejuvenation,” Tinubu said.
He attributed the stellar performance to Nigerian companies proving they can deliver strong investment returns across all sectors, from blue-chip industrials localising supply chains to banks demonstrating technological innovation.
The President added, “Year-to-date returns have significantly outpaced the S&P 500, the FTSE 100, and even many of our emerging-market peers in the BRICS+ group. Nigeria is no longer a frontier market to be ignored—it is now a compelling destination where value is being discovered.”
Tinubu disclosed that more indigenous energy firms, technology companies, telecoms operators and infrastructure firms are preparing to list on the exchange, a move he said would deepen market capitalisation and broaden economic participation.
He also cited what he described as a sustained decline in inflation over eight months—from 34.8 per cent in December 2024 to 14.45 per cent in November 2025—projecting that the rate would fall below 10 per cent before the end of 2026.
“Indeed, inflation is likely to fall below 10 per cent before the end of this year, leading to improved living standards and accelerated GDP growth. The year 2026 promises to be an epochal year for delivering prosperity to all Nigerians,” he said.
The President attributed the trend to monetary tightening, elimination of Ways and Means financing, and agricultural investments, which he said helped stabilise the naira and ease post-reform pressures.
Nigeria’s current account surplus reached $16bn in 2024, with the Central Bank projecting $18.81bn in 2026, reflecting a trade pattern shift toward exporting more and importing less locally-producible goods.
Non-oil exports jumped 48 per cent to N9.2tn by the third quarter of 2025, with African exports nearly doubling to N4.9tn. Manufacturing exports grew 67 per cent year-on-year in the second quarter.
Foreign reserves have crossed $45bn and are expected to breach $50 billion in the first quarter, giving the CBN ammunition to maintain currency stability and end the volatility that previously fuelled speculation, according to the President.
Tinubu also highlighted infrastructure expansion in rail networks, arterial roads, port revitalisation, and the Lagos-Calabar and Sokoto-Badagry superhighways, alongside improvements in healthcare facilities that are reducing medical tourism costs, and increased university research grants funded through the Nigeria Education Loan Fund.
“Our medicare facilities are improving, and medical tourism costs are declining. Our students benefit from the Nigeria Education Loan Fund, and universities are receiving increased research grants,” he said.
He described nation-building as a process requiring hard work, sacrifices, and citizen focus, pledging to continue working to build an egalitarian, transparent, and high-growth economy catalysed by historic tax and fiscal reforms that came into full implementation from January 1.
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RSG Kicks Off Armed Forces Remembrance Day ‘Morrow …Restates Commitment Towards Veterans’ Welfare
The Rivers State Government has reiterated its commitment towards the welfare of veterans, serving officers and widows of fallen officers in the State.
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?The Secretary to the Rivers State Government, Dr. Benibo Anabraba, in a statement by ?Head, Information and Public Relations Unit, SSG’s ?Office, ?Juliana Masi, stated this during the Central Planning meeting of the 2026 Armed Forces Remembrance Day in Port Harcourt, yesterday.
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?Anabraba thanked the Committee for their contributions to the success of the Emblem Appeal Fund Ceremony recently held in the State and called on them to double their efforts so that the State can record resounding success in the remaining activities.
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?According to him, the remembrance day events will begin with Jumaàt Prayers on Friday, 9th January at the Rivers State Central Mosque, Port Harcourt Township, while a Humanitarian Outreach/Family and Community Day will be hosted on Saturday, 10th January, by the wife of the governor, Lady Valerie Siminalayi Fubara, for widows and veterans.
?”On Sunday, 11th January, an Interdenominational Church Thanksgiving Service will hold at St. Cyprian Anglican Church, Port Harcourt Township while the Grand-finale Wreath- Laying Ceremony will hold on Thursday, 15th January at the Isaac Boro Park Cenotaph, Port Harcourt”, he said.
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?The SSG noted that one of the highlights of the events is the laying of wreaths by Governor Siminalayi Fubara and Heads of the Security Agencies.
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Fubara Redeploys Green As Commissioner For Justice
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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