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SERAP Urges FG To Probe ‘Missing’$12.4bn Oil Windfall

The Socio-Economic Rights and Accountability Project (SERAP), has sent an open letter to the Attorney-General of the Federation and Minister of Justice, Abubakar Malami (SAN), asking him to “use your good offices as a defender of public interest, and exercise your powers under Section 174(1) of the Constitution of Nigeria, 1999, and Sections 104–106 of the Administration of Criminal Justice Act, to re-open the unresolved case of the ‘missing’ $12.4billion oil windfall.”
The organisation asked Malami to “establish the truth about what exactly happened to the public funds reportedly spent between 1988 and 1993 by the government of former military President, Gen. Ibrahim Badamasi Babangida.”
The letter, dated August 19, 2016, and signed by SERAP Executive Director, Adetokunbo Mumuni, urged Malami to “work diligently and effectively to find and publish widely the Pius Okigbo panel report, as well as bring to justice anyone suspected of corruption and mismanagement of the colossal public funds.”
The letter reads in part: “SERAP has for many years sought explanations and official release of the Pius Okigbo panel report, which the government voluntarily established but successive governments have blocked every chance to make this happen, even claiming that the report of the panel could not be found. SERAP’s request is entirely consistent with established legal principle that in matters relating to crimes, including corruption, time does not run against the state.
“Reopening the case would also send a clear message that cases of high-level official corruption would not go unpunished, no matter how long it takes, and that suspected perpetrators would be held to account, no matter who is involved.
“SERAP also believes that re-opening the unresolved case of the ‘missing’ $12.4billion oil windfall would serve as a litmus test for the government of President Muhammadu Buhari oft-repeated commitment to transparency, accountability and the fight against corruption in the country.
“Full accountability for the missing public funds would contribute to ending impunity of high-ranking public officials for large scale corruption and provide effective remedies to victims of corruption.
“SERAP believes that Nigerians have the right to their natural resources and wealth and to economic development, as guaranteed by Articles 21 and 22 of the African Charter on Human and Peoples’ Rights (Ratification and Enforcement) Act), the rights that are being denied by the failure of successive governments to resolve the case of the ‘missing’ $12.4billion oil windfall. “The government of President Buhari has the duty to find the Okigbo panel report, and to pursue accountability on the spending of the accrued revenue. Such duty exists on the basis of Article 9 of the African Charter on Human and Peoples’ Rights, which has become part of our national laws, as well as the provisions of the Freedom of Information Act.
“Reopening the case would help to provide adequate reparation, which may take the form of restitution, compensation, satisfaction or guarantees of non-repetition to millions of Nigerians that have been denied their human rights as a result of the failure by successive governments to ensure transparency and accountability in the spending of $12.4billion oil windfall.
“We hope that you would act swiftly in this case and do justice by reopening the case, publishing the Okigbo panel report and holding to account anyone suspected to be responsible for the missing public funds.
“SERAP notes that the Federal Government in 1994 set up the Pius Okigbo Panel to investigate the activities of the Central Bank of Nigeria (CBN) and recommend measures for the re-organization of the bank. In the course of its assignment, the Okigbo panel found that the $12.5 billion in the Dedicated and Special Accounts had been depleted to $100 million.
“The panel recommended that the Dedicated and Special Accounts be discontinued. The panel also recommended the immediate re-organization of the Central Bank of Nigeria. In line with the said recommendations, the Dedicated and Special Accounts were discontinued while the Central Bank of Nigeria was re-organized. But the truth about what exactly happened to the ‘missing’ $12.4 billion oil windfall is yet to be known,” SERAP emphasised.
News
May Day: Labour Seeks Inclusiveness In Policy-making

The Organised Labour yesterday, called on the Federal Government to ensure inclusiveness in policy making and guide against erosion of rights, such as free speech and association.
The President, Nigeria Labour Congress (NLC), Mr Joe Ajaero made the call at the 2025 Workers’ Day celebration held at the Eagle’s Square, Abuja.
The Tide source reports Ajaero and the President, Trade Union Congress, Mr Festus Osifo delivered a joint statement on behalf of the organised labour at the event.
Ajaero described May Day as, not only a moment to honour workers’ sacrifices, but also a platform to demand justice and accountability from those in public office.
He frowned at the alleged suppression of protests, and the erosion of rights of workers by some agents
According to him, workers have a duty to resist economic injustice, insecurity, and policies that undermine their dignity.
Speaking on the theme of the day, the NLC President underscored the need for Nigerian workers to reclaim the civic space and resist policies that contribute to worsening economic conditions.
“Our theme this year – “Reclaiming the Civic Space in the midst of Economic Hardship – reflects the urgent need for citizens to protect democracy and push back against repression.
“The civic space, where Nigerians express their concerns and challenge injustices is shrinking.
“If we fail to reclaim this space, the foundation of our democracy risks collapse,” he said
Ajaero, therefore, urged workers to unite and resist division, fear, and despair.
He also urged them to mobilise and organise for change, declaring that the right to demand better conditions is non-negotiable.
“Without workers, there is no society; without labour, there is no development. We must take our place in the fight for economic justice and democratic governance.”
Speaking in the same veins, Osifo said workers are the backbone of the nation—the educators, healthcare providers, builders, farmers, and innovators who sustain its economy -.
He stressed the need for the labour to reclaim the civic space even in the midst of economic hardship.
News
2025 UTME: JAMB Disowns Site Requesting Payment From Candidates

The Joint Admissions and Matriculation Board (JAMB) has disassociated itself from a fraudulent site requesting payments from candidates who missed the ongoing 2025 Unified Tertiary Matriculation Examination (UTME).
The board said that the site, “Copyrightwriter Personal J Rescheduling Flw” and account number 8520641017 at Sterling Bank, associated with it, are scam.
The disclaimer is contained in a statement made available to newsmen in Abuja on Thursday by the Board’s Public Communication Advisor, Dr Fabian Benjamin.
Benjamin said the account is being exploited to defraud unsuspecting candidates who missed their UTME.
“We issue this urgent notice to inform the public about this nefarious scheme targeting candidates who were unable to participate in the UTME.
“Some unscrupulous individuals are deceitfully soliciting payments of N15,700 under the false pretence of offering rescheduling services for the examination.
“Let us be unequivocal: this, it is a blatant scam, and we are confident that the public will not fall prey to such cheap and regressive tactics.
” The individuals behind this scam have no affiliation with JAMB or any legitimate government agency.
“The account details provided in these communications are entirely fictitious and bear no connection to any official processes; they exist solely for the purpose of perpetrating fraud,” he said.
Benjamin called on Sterling bank to take immediate and decisive action against this criminal activity.
According to him, JAMB has reported the matter to the relevant security agencies and actively pursuing those responsible for this deceitful act.
He further said that “JAMB does not reschedule examinations for candidates who miss their scheduled tests due to reasons unrelated to the Board’s actions”.
He, however, said that the Board is conducting a thorough investigation for candidates whose biometrics failed during verification and were thus unable to sit for the examination.
He said those without discrepancies would be invited to retake the examination at no cost , stressing that “no cost is required”
“It is imperative to understand that JAMB does not charge any fees for examinations after a candidate has completed their registration.
“We strongly urge all candidates to remain vigilant and not to succumb to these fraudulent schemes.
“Protect yourselves and report any suspicious activity immediately,” he explained.
News
NDDC Seeks UN’s Support To Accelerate Niger Delta Development

The Niger Delta Development Commission (NDDC) has expressed its willingness to partner with the United Nations (UN) to accelerate the development of the Niger Delta region.
Dr Samual Ogbuku, Managing Director of the NDDC, made the appeal in a statement issued by the commission’s Director of Corporate Affairs, Mrs Seledi Thompson-Wakama, in Port Harcourt on yesterday.
According to the statement, Ogbuku sought the UN’s support during his visit to the UN Resident and Humanitarian Coordinator (UNRHC), Mr Mohammed Fall, at the UN regional office in Abuja.
He called on the global body to provide the NDDC with technical assistance and expert services to support the region’s development.
“We are eager to collaborate with the UN, recognising that the state governments in the region and the NDDC alone cannot achieve the level of regional development required,” he said.
Ogbuku identified key areas where support would be needed, including the provision of portable and affordable drinking water powered by high-tech solar energy sources.
He also highlighted the importance of reforesting the mangrove swamps, which have been severely damaged by decades of environmental degradation caused by oil exploration in the Niger Delta.
“Although the NDDC has made progress in providing solar-powered streetlights across the region, we still require UN support in delivering solar energy solutions for residential buildings.
“We also wish to explore the possibility of installing solar mini-grids in homes across communities, which would boost local commerce and trade,” he added.
The NDDC managing director further appealed for increased UN involvement in areas such as healthcare, education, youth training, gender development, and food security.
Ogunku stated that such interventions would significantly enhance the standard of living in the region.
In response, Fall affirmed the UN’s readiness to collaborate with the NDDC to fast track development in the Niger Delta.
He assured that the UN would support initiatives in food security, job creation, education, and renewable energy, among other areas.
“We aim to approach development in the Niger Delta holistically, rather than focusing solely on environmental pollution.
“This is merely an entry point; however, the UN’s development vision aligns with the Sustainable Development Goals (SDGs), which are designed to positively impact various aspects of people’s lives,” Fall stated.
He assured the NDDC of continued and fruitful engagements to drive the region’s development.
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