News
NEC Meets, Demands Excess Crude Account Details
Six months after the last one was held, a meeting of the National Economic Council consisting of the 36 state governors and some ministers was held yesterday at the Presidential Villa, Abuja.
Surprisingly however, no mention was made of the money due to the Federation Account which the Nigerian National Petroleum Corporation allegedly failed to account for during the meeting presided over by Vice President Namadi Sambo.
The missing fund has remained one of the reasons why the meeting which holds monthly had not been convened for the past six months because of the report that members of the Governor Rotimi Amaechi-led faction of the Nigeria Governors Forum were planning to confront Sambo on the matter and other economic issues.
A source at the meeting told our correspondent that the issue of the missing fund was not included on the meeting’s agenda.
“That item was not on the agenda and nobody raised the issue when the agenda was read for amendment in case members have additions to make. You also know that the acting CBN governor was not at the meeting because they are all appearing before the Financial Reporting Council of Nigeria. Minister of Finance briefed the meeting but no mention was made of the missing fund,” the source said.
Briefing State House correspondents of the meeting’s outcome, Governor Godswill Akpabio, quoted the National Security Adviser, Col. Sambo Dasuki (retd.), as saying that 17 states have been identified as flashpoint of current clashes between herdsmen and farmers which have left many people dead.
Akpabio further quoted the NSA as saying that his office was working round the clock to stem the tide of the violence.
He said, “Council also discussed the issues pertaining to the current conflicts between the farmers and the pastoralists across the entire country. We received presentations from the NSA on the incessant conflicts being experienced across Nigeria, especially the one of sacking so many villages by criminals in Benue State and other adjoining states in the North.
“According to the NSA presentation, 17 states have been identified as flash points. Of course such states include Benue, Plateau, Adamawa, Bauchi, Niger, Nasarawa, Kwara, Kaduna and Oyo. We also reported issues bordering on the conflicts in southern parts of the country like Edo, Akwa Ibom, and Cross Rivers, particularly in the Ogoja area.
“The NSA reported to Council the efforts being made by his office to involve international agencies on the issues, one of which is that it will invite all stakeholders to an international conference to deliberate, adding that the agency based in Geneva, Switzerland is working out the modalities to involve communities in the affected states to find means of settling the conflicts in Plateau and that will now be used as a pilot programme across the entire country.”
He said the council also resolved that Governor Gabriel Suswan of Benue State should join Governor Murtala Nyako of Adamawa State as co-chair of a committee on grazing reserves earlier set up.
The governor added that the council further resolved that a technical committee be set up to come up with recommendations that can resolve the conflict between the farmers and the pastoralists.
The committee, he said, was directed to meet with all stakeholders within two weeks.
However, the National Economic Council (NEC) in Abuja yesterday requested the Federal Government to give the details of the spending on Excess Crude Account (ECA) to the states.
Akwa Ibom State Governor, Godswill Akpabio made this known after the NEC meeting presided over by the Vice President Namadi Sambo at the State House.
NEC is the highest economic decision making body statutorily presided over by the vice president with all state governors, FCT Minister, Attorney-General of the Federation and some ministers as members.
Akpabio said the Minister of Finance, Dr Ngozi Okonjo-Iweala, told council that the fund in the ECA had risen to about $3.5 billion after payments of fuel subsidy and SURE-P.
“The NEC meeting holds today, the first in 2014. During the meeting the Minister of Finance, our lady Okonjo-Iweala reported to council the progress in the ECA.
“She informed council that as at today, the ECA has risen to about $3.5 billion after payment for fuel subsidy and SURE-P.
“The council deliberated on it and resolved that there was need for expeditious action to be taken to resolve all the legalities surrounding the issues of ECA, particularly the issue of expedition action on the cases pending in court.
“It was also further suggested that at least two separate accounts should be maintained, one for excess crude and the other for SURE-P,’’ he said.
The ECA is an account maintained by the Federal Government to save oil revenues above a base amount derived from a defined benchmark price.
The ECA was established in 2004 and its objective is primarily to protect planned budgets against shortfalls due to volatile crude oil prices.
It will be recalled that in 2010, the NEC approved the plan to replace the ECA with a National Sovereign Wealth Fund.
Following controversies over the sharing formula and spending procedure of the ECA, the 36 state governors under the aegis of the Nigeria Governors Forum, had dragged the Federal Government to the Supreme Court.
Specifically, the governors are seeking the judicial interpretation of the management of the ECA.
News
Ibas Inaugurates RSIEC, Service Commissions, Healthcare Board In Rivers …Charges Appointees To Embrace Principles Of Service

The Administrator of Rivers State, Vice Admiral (Rtd) Ibok-Ete Ibas, has charged newly appointed Board members to uphold the highest standards of discipline, competence, integrity, and unwavering dedication in their service to the State.
He emphasized that such commitment is critical to stabilizing governance, restoring democratic institutions, and advancing the principles of good governance in the State.
This was contained in a statement by the Administrator’s Senior Special Adviser on Media, Hector Igbikiowubo on Monday.
Ibas issued the charge on Monday while inaugurating the reconstituted Rivers State Independent Electoral Commission (RSIEC), Rivers State Civil Service Commission, Rivers State Local Government Service Commission, and the Rivers State Primary Health Care Management Board at Government House, Port Harcourt.
The Administrator urged the new appointees to embrace their roles with diligence, patriotism, and a commitment to transforming Rivers State through excellent service.
Addressing the Chairman and members of RSIEC, Ibas underscored their pivotal role in ensuring credible local government elections that reflect the will of the people.
“Your task is clear but demanding: to conduct free, fair, transparent, and credible elections at the grassroots level. You must resist bias, favoritism, and external interference while restoring public confidence in the electoral process,” he stated.
“The independence of your actions is crucial to sustaining peace, stability, and grassroots governance. I urge you to act with fairness, impartiality, and professionalism—even in the face of difficult choices,” Ibas added.
The Sole Administrator also charged the Rivers State Civil Service Commission on the need to eliminate mediocrity and foster a culture of excellence through merit-based recruitment, training, and promotions.
“The civil service must transition from favoritism to competence, integrity, and accountability. Your commission will lead reforms, including digital transformation and standardized practices across ministries, departments, and agencies,” he said.
He disclosed that extensive training programmes are underway, with a committee set up to overhaul the public service framework for greater efficiency.
Meanwhile, Ibas urged the Rivers State Local Government Service Commission to ensure professionalism and discipline in local government administration.
“As the closest tier of government to the people, you must drive reforms that insulate the system from politics and mediocrity. Your mandate includes merit-based recruitment, training, and enforcing standards for effective service delivery,” he stated.
In the same vein, the Administrator charged the Rivers State Primary Health Care Management Board with revitalizing healthcare delivery across the state’s 23 local government areas.
“Primary healthcare is the foundation of a sustainable health system. Your board must ensure facilities are adequately staffed, equipped, and operational focusing on maternal health, immunization, malaria control, and community health services,” he said.
He emphasized data-driven operations, incentives for rural health workers, and restoring the referral system to improve healthcare access.
He also assured the Board of sustained government support, including funding, for the effective discharge of their mandates but warned that board members would be held accountable for their performance.
The newly inaugurated members include: RSIEC: Dr. Michael Ekpai Odey (Chairman) with Prof. Arthur Nwafor, Prof. Joyce Akaninwor, and others as members.
Civil Service Commission: Dr. Livinus Bariki (Chairman), Amb. Lot Egopija, Mrs. Maeve Bestman, and others.
Local Govt. Service Commission: Mr. Isreal Amadi (Chairman), Rear Adm. Emmanuel Ofik (Rtd), Dr. Tonye Pepple, and others.
Primary Health Care Board: Dr. Dawari George (Chairman), Dr. Chituru Adiele (Executive Director), Prof. Kaladada Korubo, and representatives from key ministries.
News
Rivers PDP Debunks Sale Of LGA Election Forms

The Publicity Secretary of the Peoples Democratic Party (PDP) in Rivers State, Dr. Kenneth Yowika, has debunked claims that the party has commenced sale of forms for chairmanship and councillorship elections across the 23 local government areas of the state.
Yowika made the rebuttal in a statement made available to newsmen on Wednesday, describing the publication on the social media as baseless and untrue.
He urged members of the PDP to disregard the claim, saying that official communication regarding the sale of forms would be disclosed through the appropriate channels.
“With reference to information trending on social media, it has been falsely claimed that the sale of forms for Chairmanship and Councillorship elections in the 23 Local Government Areas (LGAs) of Rivers State will begin soon.
“However, the party has firmly denied these rumours, stating that they are baseless and untrue.
“The party has its own established methods of reaching out to its numerous supporters.
“The People’s Democratic Party, a law-abiding organisation, will patiently await the release of guidelines from the recently inaugurated Rivers State Independent Electoral Commission (RSIEC) before considering any sale of election forms.
“The PDP is urging its members to remain calm as official communication regarding the sale of forms will be disclosed through appropriate channels,” the statement read.
Enoch Epelle
News
South-South contributes N34trn to Nigeria’s economy in 2024 – Institute
Prof. Pius Olanrewaju, President of the Chartered Institute of Bankers of Nigeria (CIBN), has stated that the South-South region contributes N34 trillion to country’s economy in 2024.
He made the remark at the South-South Zonal Banking and Finance Conference in Calabar, yesterday.
He spoke on the theme, ‘’Building An Inclusive South-South: Economic Diversification as a Catalyst For Development.’’
Olanrewaju, who quoted the data from the Cable Data Index, said the feat was more than 21 per cent of Nigeria’s real Gross Domestic Product (GDP).
The president described the growth as ‘’ impressive,’’ saying that it was not driven by oil alone but significant expansions in trade, services, and the creative industries.
According to him, to fully harness this potential, coordinated financial, technological, and policy support is essential.
“As we work to reposition the South-South for broad-based prosperity, the financial system must play a central role, not merely as a source of capital, but as a catalyst for innovation, ideas incubation, and inclusive economic growth.
“This conference, therefore, provides a strategic opportunity for stakeholders to reimagine the South-South economy, not merely as a resource belt, but as a region of diverse capabilities and resilient enterprises.”
Olanrewaju added that Nigeria must move beyond old models and chart a new course for the development of the South-South region, where financial institutions and stakeholder collaborate to diversify the economy for shared prosperity.
He, however, commended Gov. Bassey Otu for his pledge of land for CIBN Secretariat in Cross River and being the first sitting governor to willingly undergo and complete the Chartered Bankers Programme.
On his part, Gov. Otu said that the conference discussion on the economic diversification in South-South region was timely against the backdrop of global trade and economic volatility that was affecting the nation’s economy.
Represented by his deputy, Mr Peter Odey, Otu said the South-South region must now act with urgency to diversify its economy while leveraging its shared natural endowment in agriculture and extractive resources.
“This conference must help develop tailored financial solutions that reflect the unique strengths and realities of states like Cross River in the south-south.
“Diversification should be evidence-based and must be backed not just by financial advice but project focused financing and real investment support,” he noted.
He said that Cross River had taken the bold step to invest in its agricultural sector by launching an Agro processing hub.
Otu further said that the state had invested in aviation by acquiring more aircrafts for Cally Air, construction of the Bakassi Deep Seaport and injecting N18 billion in its tourism sector.
Similarly, Mr Tolefe Jibunoh, Cross River Branch Controller of the Central Bank of Nigeria (CBN) said that the region was blessed with natural resources, cultural diversities and immense human potentials.
Jibunoh, who was represented by Mr Segun Shittu, Head, Currency Control Office, CBN, Calabar, noted that strategic diversification could unlock unprecedented opportunities for growth in the region.
He added that the CBN remained steadfast to maintain monetary possibilities and promote a sound financial system as a catalyst for sustainable economic development for the benefit of all.
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