Politics
Assets Forfeiture: Presidential Panel Seals Sen Nwaoboshi’s Properties
The Special Presidential Investigation Panel for Recovery of Public Property has sealed up suspicious assets and properties of Senator Peter Nwaoboshi.
According to Chief Okoi Obono-Obla, Head of the Panel the panel in a statement issued in Lagos last Sunday, the panel has written to four banks to block the embattled senator’s accounts.
The seized assets are located in Warri, Asaba in Delta, Abuja and Lagos States.
Obono-Obla said that the presidential panel carried out the action on the premise of the ruling of a Federal High Court sitting in Abuja.
The Court had ordered an interim forfeiture of properties belonging to Nwaoboshi, who represents Delta North Senatorial District.
Ruling in suit no FHC/ABJ/CS/1127/18 filed by the Special Presidential Investigation Panel for the Recovery of Public Property on behalf of the Federal Government, Justice Taiwo O. Taiwo, also placed a post-no-debit order on 22 bank accounts linked to Nwaoboshi.
The embattled lawmaker was recently referred to the Office of the Department of Public Prosecutions, Federal Ministry of Justice by the special presidential investigation panel for allegedly making false assets declaration in his Form CCB1 submitted to the Code of Conduct Bureau.
According to the ruling, 14 properties and 22 bank accounts linked to the senator are to be temporarily forfeited to the federal government.
Aside from sealing up the properties, the Panel also wrote to several banks including Zenith International Bank Plc, United Bank for Africa, Sterling Bank Plc and Access Bank Plc to block Nwaoboshi from operating multiple accounts maintained by him in these banks pursuant to the Order of the Interim forfeiture given by the Court.
“Some of the properties sealed by the presidential panel include Summing Electrical Company located at Asagba, along Asaba Airport Road, PON filling station along Asaba Airport Road and a Multibillion Naira Estate under construction at Maryam Babangida Road, all in Asaba, Delta State.
The Senate yesterday received the 2026-2028 Medium Term Expenditure Framework and Fiscal Strategy Paper from President Bola Tinubu, marking the formal launch of the 2026 federal budget cycle.
In a letter addressed to the upper chamber, Tinubu said the submission complies with statutory requirements and sets out the fiscal parameters that will guide the preparation of the 2026 Appropriation Bill.
He explained that the MTEF/FSP outlines the macroeconomic assumptions, revenue projections, and spending priorities that will shape Nigeria’s fiscal direction over the next three years.
The letter was read during plenary by the Deputy President of the Senate, Senator Barau Jibrin (APC, Kano North), who urged lawmakers to expedite consideration of the document.
“It is with pleasure that I forward the 2026 to 2028 Medium-Term Expenditure Framework and Fiscal Strategy Paper for the kind consideration and approval of the Senate.
“The 2026 to 2028 MTEF and FSP were approved during the Federal Executive Council meeting of December 3, 2025, and the 2026 budget of the Federal Government will be prepared based on the parameters and fiscal assumptions therein,” the President stated.
Last week, the Federal Executive Council approved the fiscal projections, pegging the oil benchmark price at $64.85 per barrel and adopting a budget exchange rate of ?1,512/$1 for 2026—figures expected to significantly shape revenue forecasts and expenditure planning.
After reading the President’s letter, Jibrin referred the document to the Senate Committee on Finance, chaired by Senator Sani Musa (APC, Niger East), with a directive to submit its report by Wednesday, December 17.
The Senate adjourned shortly after to allow committees to commence scrutiny of the fiscal framework and continue the ongoing screening of ambassadorial nominees.
Tinubu’s communication to the Senate came less than 24 hours after he transmitted the same MTEF/FSP documents to the leadership of the House of Representatives.
The letter was read on the House floor by the Deputy Speaker, House of Representatives, Benjamin Kalu, who also urged timely legislative action as required by law.
The MTEF and FSP are statutory instruments mandated by the Fiscal Responsibility Act and serve as the blueprint for Nigeria’s annual budgets.
They outline the government’s fiscal stance, macroeconomic assumptions, revenue frameworks, projected deficits, and sectoral priorities over a three-year period.
The Tide reports that approval by the National Assembly is a prerequisite for the executive to present the Appropriation Bill for the next fiscal year.
In a statement on Saturday, the former Senate Leader stated that the allocation of nominees across states and geopolitical zones falls short of the constitutional requirement for fair representation in the composition of the Federal Government.
The ex-Senate Whip warned that allowing the list to pass could deepen ethnic suspicion at a time when the administration should be consolidating national unity.
He highlighted disparities in the spread of nominees, noting that while some states have three or four slots, others have none. He also cited the inclusion of Senator Adamu Garba Talba from Yobe, who reportedly died in July.
“The entire North-East states have seven nominees in the list. Further checks revealed that the South-West geo-political zone has 15 nominees, while North-West and South-East have 13 and 9, respectively.
“North-Central region has 10 nominees in the list of career and non-career ambassadorial nominee while South-South parades 12 nominees,” Senator Ndume said.
According to him, such imbalances could heighten tensions and undermine Section 14(3) of the Constitution.
“My sincere appeal to President Tinubu is to withdraw this list. At this critical juncture in his administration, he should avoid missteps that could undermine national unity and foster ethnic distrust.
“I know him to be a cosmopolitan leader who is at home with every segment and stakeholder in the country. He should withdraw that list and present a fresh set of nominees that will align with the spirit of the Constitution on the Federal Character Principle,” Senator Ndume added.
He accused the legislators of undermining the sanctity of the legislature and acting as instruments of destabilization.
“The members of the Rivers State House of Assembly have, by their actions since they assumed office, shown that they are political puppets and a clog in the wheels of democratic progress,” Comrade Ememobong stated, adding that “They will go down in history as enemies of democracy and those who made mockery of the legislature.”
“So the easiest way to describe their action is a defection from APC to APC,” he said.
Comrade Ememobong announced that the party would deploy constitutional provisions to reclaim its mandate from those who have “ignobly and surreptitiously” abandoned the platform on which they were elected.
“Consequently, the PDP will take legal steps to activate the provision of the Constitution of the Federal Republic of Nigeria (1999 as amended) to recover the mandate gained under the banner of our party which these people have now switched to another platform,” he said.
He urged party members in Rivers State to remain calm and steadfast.
“We urge all party members in Rivers State to remain faithful and resolute, as efforts are underway to rebuild the party along the path of inclusiveness, fairness and equity,” Comrade Ememobong assured.
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