News
SERAP Asks CBN Gov To Account For Missing N100bn Dirty Notes, Others
The Socio-Economic Rights and Accountability Project (SERAP) has urged the Governor of the Central Bank of Nigeria, Mr Olayemi Cardoso, “to account for and explain the whereabouts of the over N100 billion ‘dirty and bad notes’ and ‘other large sum of cash awaiting examination’ which are kept in various branches of the CBN.”
In a letter dated June 29, 2024, and signed by its Deputy Director, Kolawole Oluwadare, SERAP said the allegations are documented in the latest annual report recently published by the Auditor-General of the Federation.
The organisation said these allegations by the Auditor-General suggest grave violations of public trust, the provisions of the Nigerian Constitution, the CBN Act, and national and international anti-corruption obligations.
SERAP also asked Cardoso to “explain the whereabouts of the N7.2 billion budgeted for the construction of the CBN Dutse branch in 2010 and the N4.8 billion budgeted for the renovation of the CBN Abeokuta branch in 2009, and to publish the names of the contractors who collected the money but failed to complete the projects.”
SERAP urged the CBN boss “to explain the whereabouts of the allegedly missing outstanding loan of N1.2 billion granted to the Enugu State Government in 2015 and the outstanding loan of N1.9 billion granted to the Anambra State Government between 2015 and 2016 and to fully recover and remit the public funds to the treasury.”
It also asked him “to refer these grave violations of the Nigerian Constitution 1999 (as amended), the CBN Act and the country’s national and international anti-corruption obligations to appropriate anti-corruption agencies for investigation and prosecution, as appropriate, and the recovery of the public funds.”
The letter read in part, “We would be grateful if the recommended measures are taken within seven days of the receipt and/or publication of this letter. If we have not heard from you by then, SERAP shall take all appropriate legal actions to compel you and the CBN to comply with our request in the public interest.
“Explaining the whereabouts of the missing public funds, publishing the names of those suspected to be responsible and ensuring that they are brought to justice and the full recovery of any missing public funds would serve the public interest and end the impunity of perpetrators.
“According to the recently published 2020 audited report by the Auditor General of the Federation (AGF), the Central Bank of Nigeria (CBN) has since 2017 been keeping over N100 billion ‘dirty and bad notes’, and other large sums of cash awaiting examination in various branches of the CBN.
“The Auditor-General fears that the ‘dirty and bad notes’ initially planned to be destroyed may have been ‘diverted and re-injected into the economy.’
“The CBN in August 2010 also reportedly budgeted N7.2 billion [N7,286,500,476.76] for the construction of the Dutse branch building. The Dutse branch was due to be completed in November 2012 but the contractors have failed to complete the project.
“The Auditor-General is concerned that the project may have been ‘awarded to an incompetent contractor,’ and wants the ‘job completed without further delay.’
“The CBN in 2009 reportedly budgeted N4.8 billion [N4,812,608,028.10] for the renovation of the CBN Abeokuta branch. The Abeokuta branch was due to be completed in 2012 but the contractors have failed to complete the project.
“There is no significant renovation work on the site, several years after the proposed completion date. The Auditor-General is concerned that the project may have been ‘awarded to an incompetent contractor,’ and wants the ‘job completed without further delay.”
SERAP said these violations also reflect a failure of CBN accountability more generally and are directly linked to the institution’s persistent failure to comply with its Act and to uphold the principles of transparency and accountability.
It added, “The CBN also reportedly failed to account for the missing outstanding loan of N1.2 billion granted to the Enugu State Government in 2015 and the outstanding loan of N1.9 billion granted to the Anambra State Government between 2015 and 2016. The Auditor-General fears the public funds may have been diverted. He wants the money fully recovered and remitted to the treasury.
“Paragraph 708 of the Financial Regulations 2009 provides that, ‘on no account should payment be made for services not yet performed or for goods not yet supplied.’
“Section 35(2) of the Public Procurement Act 2007 provides that, ‘once a mobilization fee has been paid to any supplier or contractor, no further payment shall be made to the supplier or contractor without an interim performance certificate.
“Section 16(6) of the Public Procurement Act states that ‘all bidders shall possess the necessary professional and technical qualifications to carry out particular procurements; the financial capacity and adequate personnel to perform the obligations of the procurement contracts.”
SERAP asserted that these alleged violations have seriously undermined the ability of the CBN to effectively discharge its statutory functions and the public trust and confidence in the bank.
According to the organisation, the apex bank ought to be committed to transparency and accountability in its operations.
It added, “SERAP notes that Section 15(5) of the Nigerian Constitution requires public institutions to abolish all corrupt practices and abuse of power.” Section 13 of the Constitution imposes a clear responsibility on the CBN to conform to, observe and apply the provisions of Chapter 2 of the Constitution.
“Paragraph 3112(ii) of the Financial Regulations 2009 provides that, “Where a public officer fails to account for government revenue, such officer shall be surcharged for the full amount involved and such officer shall be handed over to either the Economic and Financial Crimes Commission (EFCC) or the Independent Corrupt Practices and Other Related Offences Commission (ICPC).
“Nigeria has made legally binding commitments under the UN Convention against Corruption to ensure accountability in the management of public resources. Articles 5 and 9 of the UN Convention against Corruption also impose legal obligations on the CBN to ensure proper management of public affairs and public funds.
“Nigerians have the right to know the whereabouts of the public funds. Taking the recommended measures would advance the right of Nigerians to restitution, compensation and guarantee of non-repetition.
“The Nigerian Constitution, Freedom of Information Act, and the country’s anti-corruption and human rights obligations rest on the principle that citizens should have access to information regarding their public institutions’ activities.”
News
Drug Party: NDLEA Arrests Over 100 Suspects At Lagos Night Club
Operatives of the National Drug Law Enforcement Agency (NDLEA) yesterday arrested over 100 suspects at Proxy Night club located at No. 7, Akin Adesola Street, Victoria Island, where a drug party was going on.
Spokesman of the Agency, Femi Babafemi, who disclosed this yesterday, said the suspects arrested include the owner of the club, Mike EzeNwalieNwogu, alias Pretty Mike, who was taken into custody for screening.
“Cartons of illicit substances, including Loud and laughing gas, were recovered from suspects at the party and the club’s store,” Babafemi said.
The raid followed intelligence about the drug party. NDLEA operatives who were embedded in the party between 11 pm on Saturday, 25th October, however, disrupted the gathering at 3 am on Sunday, 26th October, in line with Standard Operating Procedures (SOPs).
Similarly, NDLEA said a total of 70 parcels of cocaine factory packed in walls of cocoa butter formula body cream containers heading to London, United Kingdom, were uncovered at the export shed of the MurtalaMuhammed International Airport (MMIA), Ikeja, Lagos, with three suspects arrested in a series of follow-up operations across Lagos.
According to the statement, “The cocaine consignments weighing 3.60 kilograms were discovered on 14th October 2025 during examination of cargoes packaged as personal effects going to London, UK on an Air Peace flight.
“A cargo agent, Lawal Mustapha Olakunle, who presented the consignment for airfreight, was promptly arrested while investigations stretching into two weeks led to the arrest of two principal suspects linked to the attempt to export the concealed Class A drug to the UK.
“In a follow up operation on 18th October, a female healthcare worker OgunmuyideTaiwo Deborah was arrested following which Mutiu Adebayo Adebiyi, the Chief Executive Officer of a travel agency, MutiuAdebiyi& Co, was arrested at his 23 LadokeAkintola Street, Ikeja GRA Lagos office on Monday 20 th October”.
In a similar development, an attempt by a 35-year-old Lesotho national, Lemena Mark, to export 103.59 grams of methamphetamine concealed in a diabeta herbs coffee tea pack to the Philippines on an Ethiopian Airlines flight from the AkanuIbiam International Airport (AIIA) Enugu on Wednesday, 22nd October, was thwarted by NDLEA officers who arrested him and recovered the illicit drug.
No fewer than 21,950 capsules of tramadol 250mg concealed inside a 100-litre water heater were recovered from a suspect, Umar Abubakar, 40, who was arrested by NDLEA operatives at Bode Saadu, Morro local government area of Kwara state, following credible intelligence on Tuesday, 21st October.
In Taraba, the duo of Auwal Musa, 26, and SalihuBala, 22, were arrested on Tuesday, 21st October, with 450,000 pills of tramadol and Exol-5 at Dan-anacha checkpoint while conveying the consignment in a truck loaded with building materials from Onitsha, Anambra state, to Mubi, Adamawa state.
Also, NDLEA officers on patrol along the Okene/Lokoja highway, Kogi state, seized 162.200kg skunk, a strain of cannabis, from a truck on Friday, 24th October. Operatives in Nasarawa state on Wednesday, 22nd October, recovered 128kg of the same psychoactive substance from a suspect, Abubakar Muhammad, 55, in the Keffi area of the state.
A mother of two, Oyonumoh Glory Effiong, who is a major distributor of Canadian and California Loud, both strong strains of cannabis, in Lekki, Ajah, Ikoyi, Victoria Island and VGC areas of Lagos, has been arrested by NDLEA operatives on Friday, 17th October, during a raid at her Lekki home, where 500 grams of the illicit substances were recovered.
In the Ikorodu area of Lagos, NDLEA officers on Thursday, 23rd October, raided the home of a suspect, OgunyaboAdenigbigbe, at Solomade estate, where 275 litres of skuchies, a new psychoactive substance produced with black currant drink, cannabis and opioids, were recovered.
A 75-year-old grandpa, EchenduOnuoka, was arrested on Wednesday, 22nd October, at Ovum village, Obingwa LGA, Abia state, with 4.7kg skunk seized from him, while a 60-year-old grandma, Aukana John, was nabbed with 225 grams of the same substance at Apanta village, in the same LGA.
While a 150kg skunk was recovered during a raid operation at Lot camp, IkunAkoko, Ondo state, two suspects: Bashir Mohammad, 50, and Samini Ahmed Tijjani, 35, were nabbed with 234.5kg of the same substance at Yan aya ,Saminaka in Lere LGA, Kaduna on Friday, 24th October, just as another set of suspects: IsahUsman, 50, and Salvation Okoler, 18, were arrested with 8,600 pills of tramadol 225mg and rohypnol along Abuja/Kaduna highway.
At the Seme border area of Lagos, NDLEA operatives on Wednesday, 22nd October nabbed Jacob Ojugbele with 55kg skunk at Ashipa area of Badagry, while AmusaOluwabukola was arrested with 121.3 litres of skuchies at ItogaBadagry.
In Zamfara state, NDLEA operatives on patrol along Gummi-Anka road on Monday, 20th October arrested a suspect, Abubakar Ibrahim, 30, in possession of an AK-47 rifle and 1,746 assorted calibres of ammunition, for AK-47 and GPMG rifles while moving them from Sokoto to Bagega forest, Anka LGA, Zamfara. Both the suspect and the exhibits have since been handed over to the appropriate security agency for further investigation.
With the same vigour, Commands and formations of the Agency across the country continued their War Against Drug Abuse (WADA) sensitization activities in schools, worship centres, workplaces, and communities, among others, in the past week.
These include: WADA sensitization lecture to students and staff of Asabari Grammar School, IluwaIsaleOke, Saki West LGA, Oyo; Government Day Girls Secondary School, BirninKebbi, Kebbi; St. Mark’s College, Nsude, Enugu; Kusaki Secondary School, Gboko North, Benue; Government Day Secondary School, Serti- Baruwa, Gashaka LGA, Taraba; Police Children School 2, Port Harcourt, Rivers and Hajara Ahmad International School, Tudun Wada, Kano state, among others.
While commending the officers and men of MMIA, AIIA, Lagos, Kwara, Abia, Nasarawa, Kogi, Ondo, Anambra, Taraba, Kaduna, Seme and Zamfara Commands for the arrests and seizures, Chairman/Chief Executive Officer of NDLEA, Brig. Gen. Mohamed BubaMarwa (Rtd) urged them and their colleagues across the country to continue the Agency’s balanced approach to drug control efforts.
News
SERAP Demands NNPCL Account For Oil Revenues, Threatens Legal Action
The Socio-Economic Rights and Accountability Project (SERAP) has urged the Group Chief Executive Officer of the Nigerian National Petroleum Company Limited (NNPCL), BayoOjulari, to provide a detailed account of oil revenues reportedly flagged by the Auditor-General of the Federation in the 2022 annual report.
The report, published on September 9, 2025, raised questions over the management of multi-billion-naira transactions, including over N22 billion, $49 million, £14 million, and €5 million in oil-related revenue, handled by the national oil company.
In a letter dated October 25, 2025, and signed by SERAP’s Deputy Director, KolawoleOluwadare, the organisation called on Ojulari to ensure transparency by identifying those responsible for any unaccounted funds and forwarding the findings to the appropriate anti-corruption agencies.
“These findings raise serious concerns about transparency and accountability in the management of public resources,” SERAP said.
The group urged the NNPCL to recover any unremitted or misapplied funds and return them to the national treasury, stressing that proper management of oil revenues was crucial for national development.
“The allegations, if not promptly and transparently addressed, could undermine public confidence and economic stability,” SERAP stated.
According to the organisation, the Auditor-General’s report drew attention to issues such as irregular payments, uncompleted projects, and documentation lapses relating to oil sector transactions.
SERAP argued that corruption and financial mismanagement in the oil sector had long hindered Nigeria’s ability to channel its vast petroleum wealth into improved public services.
“Despite the country’s enormous oil resources, citizens continue to face hardship due to a lack of accountability and transparency in revenue management,” the statement noted.
The organisation maintained that if the flagged funds were properly accounted for, more resources could be made available for sectors such as education, healthcare, and social welfare.
It added that the NNPCL must take proactive steps to comply with audit recommendations, including closing identified loopholes and enhancing oversight on contract execution.
SERAP also warned that it would take legal action should the NNPCL fail to respond within seven days.
“We would be grateful if the recommended measures are taken within seven days of the receipt and publication of this letter.
“If we have not heard from you by then, SERAP shall consider appropriate legal actions to compel compliance in the public interest,” the organisation said.
The group cited Section 15(5) of the Nigerian Constitution, which mandates public institutions to prevent corrupt practices and abuse of power.
News
N’Assembly Committee Approves New State ForS’East
The Joint Committee of the Senate and House of Representatives on Constitution Review has approved the creation of an additional state in the South-East geo-political zone.
According to a statement by the media unit of the committee, the resolution was reached on Saturday at a two-day retreat in Lagos, where it reviewed 55 proposals for state creation across the country.
The session, chaired by the Deputy Senate President, BarauJibrin, and co-chaired by the Deputy Speaker of the House of Representatives, Benjamin Kalu, resolved that, in the spirit of fairness and equity, the Federal Government should create another state for the region.
Kalu, who joined other lawmakers to champion additional state creation for the region, argued that a new state would give the people a sense of belonging.
When created, the South-East will be at par with the South-South, South-West, North-Central, and North-East zones, each having six states.
The South-East is the only geo-political zone with five states comprising Abia, Anambra, Ebonyi, Enugu, and Imo.
The North-West comprises seven states: Kaduna, Kano, Kebbi, Katsina, Zamfara, Sokoto, and Jigawa.
According to the statement, Senator Abdul Ningi (Bauchi Central) moved a motion for the creation of the new state, which was seconded by Ibrahim Isiaka (Ifo/Ewekoro, Ogun State) at the retreat.
“The motion received the unanimous support of committee members and was adopted,” the statement read in part.
Similarly, the committee also established a sub-committee to consider the creation of additional states and local government areas across all six geo-political zones, noting that a total of 278 proposals were submitted for review.
Speaking at the event, Jibrin urged members to rally support among their colleagues at the National Assembly and state Houses of Assembly to ensure the resolutions sail through during voting.
“We need to strengthen what we have started so that all parts of the country will key into this process.
“By the time we get to the actual voting, we should already have the buy-in of all stakeholders—from both chambers and the state Houses of Assembly,” the Deputy Senate President was quoted as saying.
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