News
Osinbajo Flags Off N120bn Bonny-Bodo Road …Denies NNPC Contract Approval Report
The Federal Government says it is a firm believer of the potentials of the private sector to deliver the infrastructure Nigeria requires.
Vice President Yemi Osibanjo stated this during the flag-off ceremony of the Bonny-Bodo Road project in Grand Bonny.
According to him, Government alone cannot plug the infrastructural deficit of the country, that is why the Federal Government welcomes the private sector to take the lead.
“We give them the assurance that we will be with them every step of the way as enablers,” he said.
According to him, the Bonny- Bodo Road project is a Public Private Partnership between the Federal Government of Nigeria and the Nigeria Liquefied Natural Gas Company (NLNG) where the Federal Government is to bear 50% of the cost and the NLNG bears the rest.
He said the road will provide direct jobs for engineers, artisans, and labourers and indirect jobs for food vendors, suppliers, transporters, quarry operators and others in the construction value chain.
In his remarks, the state Chief Executive, Chief Nyesom Wike who spoke through his Deputy, Dr. (Mrs.) Ipalibo Harry Banigo said over the years, the people of Rivers State, other Nigerians and foreign nationals have continued to yearn for a road to lead to Bonny, a coastal city that hosts the NLNG which he described as a critical national asset.
While expressing the state government’s readiness to partner with the Federal Government, the NLNG and other developmental partners to carry out programmes, policies and projects that positively impact on the lives of the citizenry, Governor Wike said “We would like to use this opportunity to urge the NLNG to set up the necessary machinery in motion to kick off the NLNG Train 7 and also ensure that the dry dock that was taken to Badagry is brought back to Bonny to provide employment for our people and help curb youth restiveness”.
Governor Wike also expressed the need for the Federal Government to urgently complete the East-West Road which connects several states of the federation and also serves the Port Harcourt Refinery, the Petro Chemical Industry as well as the Onne Oil and Gas Free Zone.
Also speaking, the Minister of Power, Works and Housing, Babatunde Fashola said the road will be beneficial not only to the Bonny people but also the Bodo people in Gokana Local Government Area. According to him, the construction of the road will also reduce the cost of basic commodities in the area.
In his remarks, the Amanyanabo of Grand Bonny, King Edward Asimini William Dappa Pepple, Perekule XI said access to Bonny Kingdom has been a challenge over the years because of the terrain, stressing that with the flag-off of the road project, the NLNG has demonstrated its commitment to the development of the Kingdom and thanked the Federal Government and the company for this initiative.
Meanwhile, there is confusion in the Presidency over the alleged approval of $25 billion contract by the Nigerian National Petroleum Corporation, NNPC, as the Vice President, Prof. Yemi Osinbajo has denied the report that he approved the contract.
The Senior Special Assistant to the President, Office of the Vice President, Laolu Akande, had earlier in his tweets yesterday claimed that Prof. Osinbajo confirmed approving the contracts. But the Vice President has denied confirming or approving any such NNPC contacts, rather he clarified that what he approved was loans.
His aide, Akande had in a series of tweets on his twitter handle @akandeoj, yesterday claimed that Prof. Osinbajo confirmed approving the contracts after due diligence when he acted as President recently.
He said Osinbajo approved the recommendations for the contracts as part of necessary actions to deal with backlog of unpaid cash calls and incentivize investments.
The presidential aide had said that the clarification became necessary in view of media enquiries that followed NNPC’s claim that the contracts were indeed approved by Osinbajo.
The tweets stated: “In response to media inquiries on NNPC joint venture financing, VP Osinbajo, as Acting President approved recommendations after due diligence and adherence to established procedure.
Action necessary to deal with huge backlog of unpaid cash calls which the Buhari administration inherited and also to incentivise the much-needed fresh investments in the oil and gas sector.” However, the Vice President has denied approving any contract, rather he said what he approved was two loans for NNPC.
In what appeared to be a u-turn, Akande in a statement said Prof. Osinbajo made the clarification in view of media enquiries that followed NNPC’s claim that the contracts were indeed approved by him (Osinbajo).
The Vice President who was in Bonny Island where he flagged off the Bonny-Bodo Road project in Rivers State yesterday said he only granted loans and not contracts. In a statement with the title, “NNPC: Acting Presidential Approvals Were for Financing Arrangements not Contracts”, Akande said the clarification was to correct his earlier tweet.
He said, “Approached by reporters after the ground-breaking multi-billion Naira historic Bonny-Bodo road project, in Bonny, Rivers State, Vice President Yemi Osinbajo, SAN, explained specifically that the approvals he granted to the NNPC while he was Acting President were for financing arrangements for the Joint Ventures between the corporation and IOCs, and not approvals for contracts.
“These were financing loans. Of course, you know what the Joint Ventures are, with the lOCs, like Chevron, that had to procure. In some cases, NNPC and their Joint Venture partners have to secure loans and they need authorisation to secure those loans while the President was away.
“The law actually provides for those authorisations. So I did grant two of them and those were presidential approvals, but they are specifically for financing joint ventures and they are loans not contracts.
“Earlier today, I had tweeted on the same matter thus: In response to media inquiries on the NNPC Joint Venture financing arrangements, VP Osinbajo, as Acting President, approved the recommendations after due diligence and adherence to established procedures. This was, of course, necessary to deal with huge backlog of unpaid cash calls which the Buhari administration inherited, and to incentivize much needed fresh investments in the oil and gas sector.”
Recall that the Minister of State for Petroleum Resources, Dr. Ibe Kachikwu had recently in a leaked letter he addressed to President Muhammadu Buhari, accused the Group Managing Director, GMD of the Nigerian National Petroleum Corporation, NNPC, Maikanti Baru of gross insubordination and taking unilateral decisions on award of contracts without recourse to the NNPC board.
The Minister accused the GMD of approving a contract of $25 billion without following due process. But Baru in his response denied allegation of not following due process in awarding contracts and even stated that he had not contravened any known law, describing the minister’s allegations as baseless.
On the allegations by the minister that major contracts were never reviewed or discussed by the NNPC Board, Baru said that the law and the rules do not require a review or discussion with the Minister of State or the NNPC Board on contractual matters.
He said, “What is required is the processing and approval of contracts by the NNPC Tenders Board, the President in his executive capacity or as Minister of Petroleum, or the Federal Executive Council (FEC), as the case may be.
“There are therefore situations where all that is required is the approval of the NNPC Tenders Board while, in other cases, based on the threshold, the award must be submitted for presidential approval. Likewise, in some instances, it is FEC approval that is required.”
The GMD’s reaction to the allegations which was signed by the NNPC’s spokesperson, Ndu Ughamadu stated further: “It should be noted that for both the Crude Term Contract and the Direct Sale and Direct Purchase (DSDP) agreements, there are no specific values attached to each transaction to warrant the values of $10 billion and $5 billion respectively placed on them in the claim of Dr. Kachikwu. “It is therefore inappropriate to attach arbitrary values to the shortlists with the aim of classifying the transactions as contracts above NNPC Tenders Board limit.
They are merely the short-listing of prospective off-takers of crude oil and suppliers of petroleum products under agreed terms. “These transactions were not required to be presented as contracts to the Board of NNPC and, of course, the monetary value of any crude oil eventually lifted by any of the companies goes straight into the federation account and not to the company.”
The statement said that Dr. Kachikwu was expressly consulted by the GMD and his recommendations were taken contrary to the assertion that he was never involved in the 2017/2018 contracting process for the crude oil.
Featured
2027: Be Politically Neutral, Fubara Tasks Traditional Rulers
Rivers State Governor, Sir Siminalayi Fubara, has charged traditional rulers in the State to maintain neutrality, ensure fairness and uphold peace in their domains as the country prepares for the 2027 general elections.
Fubara gave the charge on Wednesday while declaring open the 126th, 127th and 128th Combined Quarterly Meeting of the Rivers State Traditional Rulers Council, in Port Harcourt.
The governor said the primary function of traditional rulers is to administer justice and ensure fairness, saying their conduct must not lead to division and unmanageable crises.
“Let me therefore, request, if that is the right word to use, that please, as we are entering into this political season actively, everyone should ensure that your conduct promoted peace in your place. Your actions should not be what would lead to the division and multiple crisis that we cannot manage as a government.
“I think with that, we can all live as one and we can also continue to make this progress that we are trying with all our mind, our body and our soul, to ensure that we deliver to our dear State,” he said.
Fubara urged the royal fathers to abide by the oath and constitution they swore to before ascending their respective stools, in the interest of stability and progress of the State.
He also enjoined them to set aside individual sentiments and place the interest of Rivers State above personal considerations, noting that this principle has guided his own day-to-day governance of the State.
“I want to enjoin everyone to keep aside issues of individual sentiments and ensure that the interest of our state supersedes whatever thing that we have in our mind. This is not just what I’m saying here, it is what I’ve also practiced and displayed in my day-to-day life in the governance of our dear State,” he said.
On the appeal for improved welfare for traditional rulers, the governor clarified that the delay in actualising some of the requests they made in the past was not from the government but from the inability of the Council to put its house in order.
Fubara explained that the issue of stipends paid to the traditional rulers by the local government councils, was a statutory benefit provided for in the constitution and not what a state governor can change by mere verbal pronouncements.
He assured that he remains a man of his word and will fulfill his promises to the traditional rulers before leaving office, next year.
He reaffirmed his respect for the traditional institution as custodians of culture and the closest link to the people, thanking them for their prayers and support.
The governor urged the royal fathers to ensure that the combined quarterly meeting featured fruitful deliberations that will strengthen peace and development in the State.
Earlier, the Chairman of the Rivers State Council of Traditional Rulers and Paramount Ruler of Apara Kingdom, His Royal Majesty, Eze Chike Amadi Worlu Wodo, expressed profound gratitude to the State Government for its efforts in maintaining a cordial relationship with the traditional institution.
Wodo highlighted the importance of traditional rulers in conflict resolution, noting that their closeness to the people places them in a strategic position to mediate in disputes involving chieftaincy matters, family disputes and land ownership in their respective communities.
The royal father drew the attention of the State Government to some challenges affecting the performance of the traditional institution, particularly the lack of official utility vehicles and logistical support needed to discharge its responsibilities effectively.
He also appealed for improved monthly stipends and better welfare provisions to reflect prevailing economic realities.
Featured
Tinubu Jets To S’Arabia For Lesser Hajj …Unveils Free Healthcare For Pensioners
President Bola Tinubu yesterday departed Abuja for Makkah in Saudi Arabia, to perform Umrah (lesser Hajj), an Islamic spiritual exercise involving a pilgrimage to the holy city.
The Airbus A330-200 carrying the president took off at 2:20 pm local time, yesterday.
Tinubu was seen off at the airport by the Governors of Kwara, AbdulRahman AbdulRazaq; Borno, Babagana Zulum; Kaduna, Uba Sani; Sokoto, Ahmad Aliyu; Jigawa, Umar Namadi; and Yobe, Mai Mala Buni.
Also present were the Secretary to the Government of the Federation, George Akume; the Attorney-General of the Federation and Minister of Justice, Lateef Fagbemi; and Nigeria’s Ambassador to Mexico, Reno Omokri, alongside other government officials.
Special Adviser to the President on Information and Strategy, Bayo Onanuga, had revealed this in a statement signed Wednesday titled ‘President Tinubu departs Abuja for Makkah to pray for the nation.’
According to the statement, the visit will afford the President an opportunity for spiritual reflection, devotion, and prayers for Nigeria’s peace, unity, stability, and continued progress.
“While in Makkah, President Tinubu will perform the religious rites associated with Umrah, seeking Allah’s guidance and blessings for Nigeria and its people,” the statement said.
Before departing Abuja, Tinubu commissioned some equipment acquired by the Nigerian Air Force for its operations at the Presidential Wing of the Nnamdi Azikiwe International Airport.
The President is expected to return to the country next week after completing the spiritual exercise.
Thursday’s visit to Makkah marks the second time Tinubu is performing Umrah since assuming office.
The President had previously visited the holy city in November 2023, shortly after the Saudi-African Summit held in Riyadh, where he also prayed for divine guidance in leading Nigeria.
The trip to Saudi Arabia is the latest in a series of foreign engagements by the President since he was sworn in on May 29, 2023.
Tinubu has visited more than 30 countries in over 50 unique and recurrent trips.
They include countries across Africa, Europe, Asia, the Americas, and the Middle East, including France, the United Kingdom, the United States, China, India, Germany, the United Arab Emirates, Qatar, South Africa, Kenya, Ghana, Ethiopia, Tanzania, Senegal, and several others, on a combination of bilateral, multilateral, and diplomatic assignments.
Meanwhile, Tinubu has unveiled PenCare, a national healthcare initiative designed to provide free medical services to pensioners, beginning with low-income retirees.
Tinubu, who was represented by the Secretary to the Government of the Federation, Senator George Akume, at the opening of the National Pension Week in Abuja, yesterday, said the initiative formed part of his administration’s welfare package for senior citizens.
PenCare is designed as a national retiree well-being programme aimed at improving access to essential healthcare, particularly for pensioners with limited financial resources.
In his address, themed “Pensions for All: Building a Secure Future Together,” the President said a strong pension system was both a social protection necessity and a pillar of economic transformation under the Renewed Hope Agenda.
He said the pension system could also mobilise long-term domestic savings, deepen financial markets and support productive investments.
Tinubu described pensions as an obligation to workers who had served the country, rather than a favour from the government.
“A pension is not a favour granted by Government. It is a wage earned, deferred and held in trust. It is a promise. And this Administration has resolved that the promise will be kept,” he said.
He added that the success of the pension system should be measured by the security and dignity it provided retirees, rather than the volume of funds accumulated.
“Above all, no Nigerian who has served this nation will be forgotten in retirement. Nigeria will keep faith with those who kept faith with Nigeria,” he said.
The President said his administration had taken steps to restore dignity, security and value to the Contributory Pension Scheme.
He also said he had approved a N758 billion Federal Government Pension Bond to settle accrued pension rights and strengthen the Pension Protection Fund.
“That was not an accounting exercise. It was an act of restitution to Nigerians who served their country and were made to wait for what they had earned,” Tinubu said.
Meanwhile, the Director-General of the National Pension Commission (PenCom), Omolola Oloworaran, has insisted that the June 30, 2027 deadline for pension fund administrators and custodians to complete their recapitalisation remains unchanged.
Oloworaran said the exercise was necessary to strengthen institutions responsible for safeguarding the retirement savings of millions of Nigerian workers.
“We are not changing our minds. The industry must move beyond the growth in pension assets to building institutions strong enough to safeguard the savings of millions of Nigerian workers.
“Size is what we have achieved. Strength is what we now demand,” she said.
News
FG Must Address Nigerians’ Concerns On Reforms -Shettima …Warns Against Misuse of AI, Social Media
Vice President Kashim Shettima has urged the Federal Government to pay greater attention to Nigerians’ concerns about ongoing economic reforms, insisting that public confidence must be built through transparent communication, credible evidence of progress and responsiveness to citizens’ experiences.
Shettima made the call yesterday at The Duke’s Masterclass 2026, held at Transcorp Hilton, Abuja, where he was represented by his Special Adviser on Economic Affairs, Dr Tope Fasua.
The Vice President said the success of the administration’s economic policies would depend not only on their implementation but also on the government’s ability to demonstrate tangible results and address the challenges confronting citizens.
“Government must continue to communicate, however, its policies clearly, demonstrate progress with credible evidence, and listen attentively to the experiences of citizens,” he said.
Shettima defended the economic reforms introduced by President Bola Tinubu, including petrol subsidy removal, foreign exchange market liberalisation, fiscal restructuring and revenue mobilisation, describing them as measures intended to correct longstanding economic distortions and strengthen Nigeria’s productive capacity.
He explained that the policies were designed to attract investment, improve business confidence, enhance the deployment of public resources and establish conditions for sustainable economic growth.
However, he maintained that announcing policies was insufficient without building public understanding and confidence in their implementation.
The Vice President particularly challenged Nigeria’s elite, professionals and middle class to acknowledge the difficulties facing ordinary citizens while explaining the objectives of the reforms.
“Your role is not to defend every government action uncritically, nor to dismiss the concerns of citizens. It is to help create a more informed and constructive national conversation,” he stated.
He urged professionals engaging traders to recognise the pressures confronting businesses and advised those interacting with young graduates to acknowledge employment challenges while encouraging entrepreneurship and innovation.
According to him, constructive criticism and informed public participation are essential to effective governance and the sustainability of economic policies.
“Constructive scrutiny strengthens governance. Informed public participation strengthens democracy,” Shettima said.
He further stressed that leadership required the flexibility to adjust policy implementation in response to evidence and changing economic circumstances without abandoning established objectives.
Turning to the challenges of artificial intelligence and social media, the Vice President warned that technological advances were increasing the speed and sophistication of misinformation, posing risks to public confidence and institutional reputations.
“A photograph can be manipulated, a voice can be cloned, and a video can be fabricated just with a simple prompt on social media to make an individual appear to have said or done something that never happened,” he warned.
Shettima urged public institutions to strengthen information verification, correct false claims transparently and communicate through trusted channels, adding that speed should never take precedence over accuracy.
He also called for improved digital literacy and responsible use of artificial intelligence.
On economic opportunities, Shettima identified banking, financial technology, oil and gas, agriculture, real estate, construction, commodity exports and the creative industry as sectors capable of supporting investment and employment.
He nevertheless acknowledged the need to address unreliable electricity, inefficient transportation, insecurity, limited access to finance and weaknesses in education and public institutions.
He called for stronger domestic production, export expansion and support for small businesses, while urging that economic opportunities be extended to women, young people and rural communities.
In his opening address, the Chairman of Odu’a Investment Company Limited, Bimbo Ashiru, warned that poor leadership decisions and inadequate crisis preparedness could destroy institutional credibility.
“Reputation cannot be manufactured at the point of crisis. It is built over time through our decisions, our conduct, our values and the consistency between what we say and what we do,” he said.
Ashiru noted that geopolitical tensions, technological changes and economic disruptions were making leadership increasingly difficult, requiring organisations to strengthen accountability, transparency and crisis management.
He disclosed plans to extend the masterclass to London in March 2027.
Also speaking, former Commonwealth Secretary-General, Emeka Anyaoku, recounted his involvement in international conflict resolution, particularly negotiations surrounding South Africa’s transition from apartheid and political tensions in Bangladesh.
He stressed that successful mediation required a thorough understanding of the issues dividing opposing parties, the interests of their leaders and the appropriate timing of public communication.
“Because if you communicate the progress prematurely, you might sabotage the whole process,” Anyaoku said.
The Chairman of AXA Mansard and Group Managing Director of Sahara Power Group, Kola Adesina, criticised Nigeria’s persistent electricity challenges, arguing that public institutions and businesses should be judged by service delivery rather than explanations for poor performance.
“Rather than giving people megawatts of electricity, we are giving them excuses,” he said.
Adesina also condemned corruption, inflated public contracts and failures of accountability, warning that such practices weakened infrastructure, damaged public trust and endangered lives.
Meanwhile, the Chairman of the Duke of Shomolu Foundation, Joseph Edgar, explained that the masterclass was designed to equip organisations and individuals with practical strategies for anticipating crises, managing their consequences and protecting institutional reputations.
He said the initiative complemented the foundation’s use of theatre to promote social cohesion and strengthen public engagement.
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