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Reps Ask CBN To Explain Transactions On Excess Crude Account
The House of Representatives has urged the Central Bank of Nigeria (CBN) to reveal without delay, all the interests and principal sums on the investments in the Excess Crude Account (ECA) Petroleum Profits (PTT) and Royalty Account to the Auditor-General for the Federation’s Office.
The call was sequel to a unanimous adoption of a motion by Rep. Esosa Iyawe (LP-Edo) at plenary, yesterday.
Moving the motion earlier, Iyawe said that the CBN is the banker to the Federal Government’s Banker and custodian of investment vehicles, including the PPT and the ECA among others.
He said that the 2015 Annual Report of the Auditor-General for the Federation showed that an interest of One hundre and $1.82 million dollars was deposited in the ECA as interest on Investments.
According to the lawmaker, there were no details as regards the principal sums deposited, the tenor and the interest rate.
“The CBN has flagrantly and consistently refused the requests by the Auditor- General for the Federation to disclose the details regarding the management of interests accruing from the PPT/ Royalty and Foreign Excess Crude Account;
“Reports which revealed unapproved and indiscriminate withdrawals from the ECA, including current year expenditures, fuel subsidies, debt financing and power projects, all of which are outside the fund’s mandate.
“Disturbed that the 2016 audit report revealed the disappearance of over $9.5 million interest accrued from the PPT investment,” he said.
Iyawe said that obscurity has consistently characteried the management of interests accruing on Federal Government investments, which is in contravention of the accountability principle, and points to misuse of much-needed government funds.
The rep said that the ECA has been riddled with controversy, allegations of corruption, and uncertain performance.
According to him, its absence of rules governing deposits, withdrawals and investments led to the Natural Resource Governance Institute ranking Nigeria as the second-most poorly governed fund among 34 resource-rich nations.
He said that over the years, the ECA has consistently borne allegations of mismanagement along with a barrage of lawsuits challenging its legality as there is no law backing it.
Iyawe said that experts have raised concerns several times over ECA’s balances which seem to change at will without any corresponding evidence of withdrawals or approvals of such withdrawals.
He said that the lack of transparency from the CBN has significantly affected the revenue accruable to the Federation Account, as well as undermines the Federal Government’s efforts to plug leakages, reduce corruption, and improve revenue for the Federation.
The house resolved to set up an Ad-hoc Committee to determine the legality of ECA and investigate the status and management of all the principal sums deposited, tenor, and interest rate of the PPT/Royalty and ECA from 2015 to date.
In his ruling, Deputy Speaker Benjamin Kalu, mandated the committee, when constituted to ensure compliance.
The Rivers State chapter of the All Progressives Congress Christian Leaders Forum has expressed strong confidence in the capacity of All Progressives Congress (All Progressives Congress) candidates in the state to deliver effective governance if elected into office in the coming elections.
The State Coordinator of the forum, Archbishop Lucky Aroh, made this known during a breakfast and thanksgiving meeting held in Port Harcourt, where leaders gathered to pray for the stability of the party and the safety of its candidates ahead of the 2027 general elections.According to him, the meeting was convened to seek divine intervention for peace, unity, and security among APC candidates across Rivers State.
“Today we are praying for APC stability in Rivers State and the security of our candidates that have been elected to contest the 2027 elections. It is a breakfast meeting,” Aroh said.
He further expressed optimism that the party’s candidates would not disappoint the people if entrusted with leadership responsibilities.
“They will not fail when elected into office. We are here as fathers of the land to let them know, and I must tell you the truth that these are the authentic people that will do well in Rivers State,” he added.
Speaking earlier, the National Chairman of the forum, Professor Olanrewaju Abraham, commended the Rivers State chapter for organizing the programme, noting that the national body of the forum believes strongly in the power of prayer.
He stated that political leadership provides an opportunity to influence society positively, including advancing moral and spiritual values, while expressing confidence that APC candidates at all levels would emerge victorious in the upcoming elections.
Also speaking, the Rivers State Women Leader of the APC, Hon. Darling Amadi, praised the forum for its commitment to prayers for peace, stability, and the protection of party candidates.
Represented by the Deputy Women Leader of the party in the state, she described the initiative as commendable and urged other political and support groups within the party to emulate the gesture in promoting unity and stability.
By: John Bibor, Menebe Emmanuel & Fortune Paibi
Prominent businessman and philanthropist, Elder Anthony Osagwe-Ogo, was celebrated in grand style as he marked his 70th birthday anniversary, with distinguished Nigerians, business leaders, and golf enthusiasts gathering to honour his remarkable contributions to society.
The colourful celebration took place at the Port Harcourt Golf Club, where friends, associates, and well-wishers converged to pay tribute to the revered elder statesman.
Chairman of the occasion, High Chief (Dr.) Ikenna Okafor, described the celebrant as a detribalised Nigerian whose generosity, humility, and commitment to humanity have earned him admiration across different communities and backgrounds.
According to Dr. Okafor, Pa Osagwe-Ogo’s impact on society and the development of his community remains unparalleled. He noted that members of the golfing community are proud to be associated with a father figure who consistently promotes the welfare and well-being of those around him.
He further stated that the history and growth of the Port Harcourt Golf Club cannot be told without acknowledging the significant role played by the celebrant, whose wisdom, encouragement, and leadership have helped sustain the club over the years.
“We are here to celebrate a man who has impacted humanity positively, a peace-loving individual and an epitome of hope for the younger generation. We pray to emulate his virtues. Today, we celebrate a bridge-builder, a trailblazer, and an iconic leader whose life continues to inspire many,” Dr. Okafor said.
He expressed delight at the large turnout of guests from various walks of life, describing it as a testament to the respect and affection Pa Osagwe-Ogo commands within and beyond Rivers State.
In his response, the celebrant, Pa Anthony Osagwe-Ogo, expressed profound gratitude to God for preserving his life and granting him the privilege of attaining the milestone age of 70.
He also thanked members of the Port Harcourt Golf Club, family members, friends, and associates for identifying with him during the celebration and for their unwavering support over the years.
The event featured the cutting of the birthday cake, presentation of awards to deserving members of the club, goodwill messages, and moments of celebration among guests.
The ceremony was attended by notable personalities from the business community, the golfing fraternity, and other sectors, all of whom joined in celebrating the life and legacy of the respected elder statesman.
Rivers State Governor, Sir Siminalayi Fubara, and the Permanent Secretary of the Rivers State Ministry of Information and Communications, Dr. Honour Kuru Sirawoo, have been honoured with awards of recognition in connection with the 2026 Democracy Day celebrations held in Port Harcourt.
The awards, which formed part of activities marking Nigeria’s Democracy Day on June 12, were formally presented on Tuesday at the Ministry of Information and Communications in Port Harcourt.
Presenting the awards was Hon. Abdul Hameed Oladipupo Alli, popularly known as “Mr. Nigeria,” Publisher of Asiwaju Trumpet Magazine and Achievers World International Magazine.
Governor Fubara was recognised for his efforts in sustaining peace, stability, and a conducive political atmospherJohn Bibor / Menebe Emmanuel / Fortune Paibie in Rivers State. The organisers noted that his administration has fostered harmony and strengthened civic participation across the state.
Dr. Sirawoo, on the other hand, was honoured for his exemplary administrative leadership and significant contributions to effective information management within the Ministry of Information and Communications.
Representing Dr. Sirawoo at the presentation ceremony, Dr. Christian Davies received the award on his behalf and expressed gratitude for the recognition. He described the honour as a reflection of Dr. Sirawoo’s unwavering commitment to professionalism, excellence, and dedicated public service.
Dr. Davies assured the organisers that the award would be formally conveyed to the Permanent Secretary.
The event also featured the presentation of commemorative publications highlighting major governance and civic milestones in Rivers State, including Easter celebrations, Workers’ Day activities, the Governor’s third anniversary in office, and Democracy Day programmes.
Organisers of the awards commended the Rivers State administration for what they described as sustained peace, political stability, and improved civic engagement, noting that these achievements have contributed significantly to the state’s continued development.
By: Jessica Sambol