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$418m Paris Club Loan: Don’t Tamper With Our Money, States Warn FG

The 36 states of the federation have warned the Federal Government not to tamper with funds accruing to them and the 774 local government councils in the guise of satisfying alleged $418million London/Paris Club Loan refund-related judgement debts.
Speaking through the Body of Attorneys-General of the Federation, the states said should the Federal Government proceed to make any deduction, it would be acting illegally and in contempt of their appeal challenging the judgement.
The states said they were not party to any suit on the London/Paris Club refund, and thus were not liable to any person or entity in any judgement debt being relied on by the Federal Government.
They gave the warning in an April 4 letter as part of their response to a November 11, 2021 letter from the Minister of Finance, Budget and National Planning, advertising the commencement of the deduction for the liquidation of the alleged judgement debts.
The 36 states’ reply was signed by the Body of Attorneys-General of the Federation Interim Chairman, Mr Moyosore Onigbanjo of Lagos State; and Interim Secretary, Dr.Abdulkarim Abubakar Kana of Nasarawa State; as well as the Attorneys-Generals of Rivers, Abia, Taraba, Benue and Zamfara states, for and on behalf of all the state Attorneys-General.
It read in part: “Their Excellencies have drawn our attention to your letter referenced above, which the various states of the federation received at about the end of March, 2022. The letter notifies the states of your intention to commence deduction from allocations due to the states from the federation account for the liquidation of London/Paris Club Loan refund-related judgement debts on behalf of the 36 states of the federation and the 774 local government councils.
“Please note that the states of the federation were not parties to any contract or suits concerning the London/Paris Club refund, from which the said judgement debts arose.
“Consequently, the 36 states of the federation are not liable to any person or entity in any judgement debt.”
The letter noted that the deduction of the allocations due to the 36 states from the federation account to liquidate the London/Paris Club Loan refund-related judgement debts is the subject of an appeal filed by the 36 states at the Court of Appeal, Abuja.
It explained that: “The appeal challenges the Federal High Court’s (per Honourable Justice I.E. Ekwo) judgement delivered on March 25, 2022 in Suit No: FHC/ABJ/CS/1313/2021 between A.G Abia State v. President, Federal Republic of Nigeria & 42 Ors. Therefore, the issue is subjudice.”
In addition, it noted that the states have also filed a Motion on Notice for an Order of Injunction pending appeal.
The letter added that the Body’s legal representatives had published a public caveat in national dailies notifying the public of the pending appeal, which also advised concerned parties “to desist from dealing with the subject matter thereof pending the hearing and determination of the appeal and the application for injunction pending appeal.”
It said that given the above, “the law requires you to restrain from taking any step whatsoever that is capable of interfering with the rest of the suit, which is now a subject of an appeal.
“Accordingly, Nigerian case law enjoins you to refrain from effecting any deduction whatsoever from the allocations due to the 36 states from the federation account for the liquidation of the London/Paris Club Loan refund-related judgement debts purportedly on behalf of the 36 states of the federation and the 774 local government councils, pending the hearing and determination of the appeal by the states of the federation. Doing otherwise in the face of the pending appeal and Motion on Notice for Injunction pending appeal shall be at your peril.”
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Tribunal Verdicts, Affirmation Of People’s Trust In Us – Fubara

Rivers State Governor, Sir Siminalayi Fubara, has described the judgment of the Governorship Election Tribunal that upheld his election victory as a confirmation of the trust expressed in him by Rivers people.
This was contained in a statement signed by the Senior Special Assistant on Media to the Governor, Boniface Onyedi, in Government House, Port Harcourt.
At a brief thanksgiving service held at the Chapel of Everlasting Grace, Government House, Port Harcourt on Monday night, which was attended by some members of the State Executive Council and political leaders, Fubara restated his commitment not to betray the expectations of Rivers people on his administration.
He explained that the place of God in his administration would not be compromised, which is why they had gathered to thank Him for His unceasing direction and guidance.
He added that his emergence as governor was made possible at the polls by God, insisting that His favour has now been affirmed by the tribunal.
Fubara particularly thanked the immediate past Governor of Rivers State and Minister of Federal Capital Territory (FCT), Chief Nyesom Wike, for his immense support to his governorship bid, following through the stages of the legal contest.
He also thanked the Rivers people for rallying behind him to allow the will of God to prevail for the State.
The governor, who solicited for more support, enjoined Rivers people to be patient with his administration, promising to deliver good governance that will make their lives better.
In his exhortation, the Chaplain of the Chapel of Everlasting Grace, Government House, Port Harcourt, Rev. Barasin Ogan, said it is good to give God thanks, which is what the governor has done.
Ogan declared that the hand of God is upon Fubara and will strengthen him to work in mercy, delivering justice without bias and showing mercy without ceasing.
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Senate Warns Tinubu Against Extra-Budgetary Spending

The Senate Committee on Gas has urged President Bola Tinubu to present a 2023 Supplementary Budget to the National Assembly to commence his Compressed Natural Gas (CNG) project.
Chairman of the Committee, Senator Jarigbe Jarigbe made this known in a statement in Abuja, yesterday, barely 48 hours after Tinubu announced measures to mitigate the effect of fuel subsidy removal on Nigerians.
The chairman, who lauded Tinubu for the CNG initiative, however, warned that it would be illegal to spend taxpayers’ money or money without approval by the National Assembly and other projects in the gas value chain, which is cheaper than the use of fossil fuel.
The federal lawmakers also advised against extra-budgetary expenditure through ‘Ways and Means,’ saying the legislature is ready to support and bring succour to Nigerian people.
“The noble initiative will ameliorate the hardship of the citizens. Also, the President needs to come up with a supplementary budget to enable the government to fund the gas value chain, including the provision for CNG infrastructure and CNG vehicles, and the workshops and training would need to be funded,” the senator said.
“The President should not embark on extra-budgetary expenditure because it will be inconsistent with the provisions of the law”, he cautioned.
Jarigbe noted that the National Assembly, under the leadership of Senator Godswill Akpabio, was poised to support the great programmes of Tinubu’s administration, adding that a 2023 supplementary budget would be most appropriate, instead of the ‘Ways and Means’ approach of the previous administration, which is currently a major issue of contention in the Central Bank of Nigeria.
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NDIC Begins Payment Of N16bn To 20 Defunct Banks’ Shareholders

The Nigeria Deposit Insurance Corporation (NDIC) has announced the declaration of N16.18 billion in liquidation dividends to depositors, creditors, and shareholders of 20 banks in liquidation.
The announcement comes after impressive recoveries from debtors and realisation of assets of banks in liquidation.
The corporation’s Director, Communication and Public Affairs, Bashir Nuhu, made this known in a statement on Monday.
The NDIC said it had commenced verification and payment of stakeholders covered by the declarations within 30 days, starting from September 28.
The statement reads partly, “It is instructive to note that the ongoing payment is sequel to earlier payment of various sums which cumulatively amounted to N45.45bn as liquidation dividends in respect of the 20 banks as at July 2023.”
The closed banks covered by the exercise include Liberty Bank, City Express Bank, Assurance Bank, Century Bank, Allied Bank, Financial Merchant Bank, Icon Merchant Bank, Progress Bank, Merchant Bank of Africa (MBA), and Premier Commercial Bank.
Others are North South Bank, Prime Merchant Bank, Commercial Trust Bank, Cooperative and Commerce Bank, Rims Merchant Bank, Pan African Bank, Fortune Bank, All States Trust Bank, Nigeria Merchant Bank, and Amicable Bank in-liquidation.
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