Category Nigeria News

Wale Edun, the minister of finance and Coordinating Minister of the Economy, will be appearing before the Senate on Tuesday of next week through its adhoc committee to investigate the failure of the Safe School Initiative.

Following the adoption of its work plan at today’s maiden meeting, the ad-hoc committee, led by Senator Orji Uzor Kalu (Abia North), summoned the Minister of Finance for an appearance.

The CDS, the Commandant General of the Nigeria Security and Civil Defense, Dr. Mohammed Abubakar Audi, and representatives of school owners are other important parties involved in the collapsed initiatives that are scheduled for summoning.

READ ALSO: Senate Selects Former CDS Musa as Nominee for Defense Minister

Chairman of the Ad-hoc Committee, who was briefed journalists at the inaugural session on Wednesday, vowed that the Senate would resolve all issues relating to the initiative’s implementation and establish full accountability.

He cited the abduction of over 1, 680 schoolchildren and the attack of 180 educational facilities as unacceptable for a country that is committed to child safety and educational development.

Kalu argued that it is unacceptable that our schools continue to be kidnapped and targeted by terrorists.

We will keep track of every naira and dollar spent on the Safe School Initiative, some of which were funded by the federal government’s most recent N144 billion, aside from the $30 million raised by the initiative between 2014 and 2021.

Nigerians should be aware that our schools remain unsafe despite significant investment and international support. Federal ministries, state governments, security organizations, and civil society partners will be the focus of the committee’s comprehensive financial and operational audit.

He argued that the committee owes Nigerian parents the duty to ensure that their children can pursue education without fear, just as he emphasized that the investigation does not target any one person or institution but rather seeks to improve accountability and transparency.

According to him, areas of investigation include: (i) Using the funds that have been allocated since 2014; (ii) Using and utilizing security personnel; (iii) Using early warning and emergency response systems; (iv) Investing in Infrastructure in Prey Areas; and (v) Working with international donors and private sector contributors.

About N3 was repaid by the government-owned asset management corporation of Nigeria (AMCON), which was established in 2010 to stabilize and resurrect the country’s financial system. Since its founding, the Central Bank of Nigeria (CBN) has received $6 trillion.

At a media conference in Lagos, Gbenga Alade, the corporation’s managing director and CEO, made the disclosure.

Despite having paid N1, Alade claimed that. It has been able to repay about N3 with $7 trillion to buy bank toxic assets. owing about N3 trillion in debt to date, with $6 trillion.

He claimed that AMCON had done so by reorganizing the banks by removing toxic assets from their books and introducing fresh funds in accordance with corporate restructuring principles.

According to him, banks depositors keep their deposits because they believe in the financial system, which guarantees banks’ ability to fulfill their obligations. AMCON then manages the Eligible Bank Assets (EBAs) that have already been acquired in order to put them at risk.

The CEO noted that the law establishing AMCON upsets and reverses the hierarchy of securities and contractual rights by giving AMCON priority over bank debtors in disputes involving collateral and contracts.

Also read: A 60bn lawsuit is brought against former AMCON boss Ahmed Kuru in court.

Additionally, Blade added that, as part of our recovery plan, we have engaged some foreign asset tracers to help us discover the locations where some of these obligors have hid their assets from all over the world. ”

He described the corporation’s financial performance since he became the helmsman, stating that it had received 156 total revenues. total operating costs of N29 billion and 25 billion. Despite claiming a 19% overall operating revenue/revenue ratio, the company generated $ 04 billion.

According to Alade, N215 will be the projected total revenue for 2025. N29 billion will be expected to be the total operating expenses, compared to N15 billion. The expected total operating/revenue ratio is around 13 and the expected total is 06 billion. 5% .

It is crucial to point out that the business has performed exceptionally well, especially in comparison to other well-known government-owned asset management companies worldwide.

Despite the unique difficulties that come with recovering debt in Nigeria, AMCON outperformed other asset management corporations around the world by recording over 87% in recoveries.

The Malaysian Danaharta, which is regarded as one of the best-performing asset management companies, only managed to achieve 58%. Despite its stricter regulations, the Chinese Asset Management Corporation only managed to achieve 33%. With about 100%, only the Korean Asset Management Corporation (KAMCO) in South Korea has recovered more than AMCON. They pursued the obligors with brute force, which contributed to this.

Despite KAMCO’s recovery records, the organization is still in operation with only minor changes to its scope. China Asset Management Company, Federal Deposit Insurance Corporation (FDIC) USA, and KFW Germany are some of the well-known asset management corporations that have changed into perpetual institutions among the various governments. So AMCON has done well, ladies, and we won’t relinquish until all outstanding debts are paid off, according to Alade, without coming off as immodest.

He claimed that the corporation’s current EXCO has engaged seasoned consultants to conduct a thorough audit of all AMCON cases heard before us at the Federal High Court (FHC), which is our Supreme Court of First Instance, Court of Appeal, and Supreme Court.

He claimed that AMCON is deeply affected by the leadership of the judiciary at the three levels of courts and that it is fully aware of the difficulties that the obligors face.

In consequence, all courts have approved AMCON’s debt recovery New Practice Direction. In an effort to speed up the adjudication of all AMCON cases that are pending in various courts, the FHC has also established the Insolvency Units.

The CEO also noted that President Bola Ahmed Tinubu-GCFR, the judiciary, the Central Bank of Nigeria, the Federal Ministry of Finance, the Attorney General of the Federation, the minister of justice, AMCON’s board of directors, the police, the ICPC, the media, and a number of other sister government organizations have all vehemently supported the organization’s recovery efforts.

He declared that the company would carry out its recovery mission with complete adherence to the rule of law, love for the country, and fear of God. Let me also warn you that the majority of the debtors would want to slander the public as we are closing the noose through the courts on the obligors and using our strategies.

“Please take note that the majority of them took out the loans without even trying to pay it back. So I ask that regardless of the skewed narration they offer in the newsrooms, kindly take it all seriously and approach us because we have reliable records, as evidenced by the landmark cases we have won against many of the negligibles.

To promote socio-economic growth, improve security, and ease traffic congestion, the state’s governor, Dikko Radda, has inaugurated the 14.3-kilometer Daura Western Bypass Road.

The state’s urban renewal initiative is marked by this significant milestone.

The governor gave a brief speech on Wednesday during which the Emir of Daura, traditional rulers, federal and state legislators, and community members gave the project their start.

The Governor, who was present at the event, praised Daura as a town with a history and a reputation for promoting socio-economic growth, enhancing security, and reducing traffic congestion.

READ MORE: &nbsp, Dozens Defects In Katsina From PDP To APC

“This project demonstrates our commitment to promoting equitable development throughout Katsina State. The governor remarked that Dacia deserves modern infrastructure that is comparable to its historical significance.

Sani Ingawa, the commissioner for works, housing, and transportation, announced earlier that the project includes a 11.3-kilometer road that runs from Dunu Village to Ganga and ends in Dimurkol Village.

Despite being categorized as a federal government road, he added that the project also includes a three-kilometer dual carriageway along Katsina Road from Ganga to the Emir’s Palace.

According to Ingawa, “the goal is to improve infrastructure development in Daura and Katsina.”

Hon. the Speaker of the Katsina State Assembly, took his place. The road’s name was requested by Nasir Yahaya Daura, a representative of the Daura stakeholders.

Governor Radda deserves our sincere gratitude for choosing Daura for this significant development. Yahaya stated that this project will transform our community.

The governor was praised by HRH Umar Faruq Umar, the governor’s representative, for his honesty, commitment to the people’s welfare, and fair project distribution between Katsina and the Daura Emirates.

In honor of the governor, the Emir announced the names of the newly constructed roads as “Malam Dikko Umaru Radda Road.”

However, he expressed concern about the ongoing construction of Kano to Kongolam Road, claiming that the Emirate’s Main Gate needed to be destroyed without reconstruction.

Governor Radda assured that all plots and farms infringed on in accordance with the law.

Therefore, he ordered the Construction Company to work with another Construction Company to create a gate replica of the Emirate Palace.

Godswill Akpabio, the president of the Senate, on Wednesday rejected the possibility for Christopher Musa, the nominee for the Defense Minister, to “take a bow and go” during his screening at the upper chamber.

He acknowledged that the president of the United States, Donald Trump, is pressuring the country to address the country’s numerous security issues.

In a time of increased insecurity, Akpabio, the screening exercise’s lead, stated that the session’s goal was to pose questions that would reassure Nigerians.

The nominee was therefore urged by the Senate President to look into the circumstances surrounding the alleged troop withdrawal from the Kebbi school, where schoolgirls were recently abducted.

READ ALSO: Senate Selects Former CDS Musa as Nominee for Defense Minister

This is not the time for “bow and go” politics. Even Donald Trump is a neck-and-neck. He claimed that we haven’t inquired about his response to Donald Trump.

With so many questions on the minds of Nigerians and more than 200 children still being tortured and in the bush, you have to say he should take a bow and leave. Let’s give the man a chance to inspire hope in Nigeria.

Community tenacity

The former CDS stressed the value of adopting a whole-of-society approach that incorporates technology, community involvement, and coordinated security operations while strengthening the capacity of local communities.

He believes that these measures are necessary to stop and effectively address the ongoing kidnappings.

The nominee also urged full cooperation and coordination between Ministries, Departments, and Agencies (MDAs), citing the need to improve accountability within the armed forces.

Given the transnational nature of terrorism, he said, many organizations needed to harmonise their functions with one another and with neighboring nations.

He argued that if security organizations didn’t work together, that Nigeria had more to lose, noting that terrorists frequently saw the country as wealthy and therefore a prime target.

Since security is based within local communities, he reiterated the need for a zero-tolerance policy against terrorism and banditry.

The nominee added that numerous current laws still need to be reviewed urgently.

He cited unregulated mining activities as a major source of funding for criminal organizations and stressed the need for more stringent monitoring supported by cutting-edge technology.

Mohammed Badaru, a former defense minister, resigned due to ill health, and General Musa was nominated.

Musa was anticipated to succeed Badaru, according to reports.

In a letter that was sent to Akpabio on Tuesday, President Tinubu formally addressed Musa’s name to the Senate.

In response to the abduction of 303 students and staff from St. Mary’s Private Catholic Primary and Secondary Schools in Papiri, Niger State, security issues are escalating. Apparently, fifty of the kidnapped pupils escaped and reunited with their families.

Most Rev. As much as we are relieved that these 50 children have returned, I ask that you all continue to pray for the safe return of the remaining victims, according to Bulus Dauwa Yohanna, president of the Christian Association of Nigeria (CAN), Niger State chapter.

A speeding driver in the Lagos Island area of Ilubirin, inward Simpson, crushed a police officer and a scavenger to death. &nbsp,

Adebayo Taofiq, the director of the Lagos State Traffic Management Authority’s (LASTMA) public affairs and enlightenment department, claimed the Toyota Camry’s driver was moving at a dangerously fast speed. &nbsp,

The driver then “lost control and veered off his lane, forcefully striking both a scavenger and a motorcycle driver,” according to Taofiq. &nbsp,

He said, “The impact caused their immediate and irreversible loss of life.” &nbsp,

LASTMA agents who were present in the area quickly intervened, cordoning off the accident scene to protect the victims from further harm. “&nbsp,

Also read: Ododo consoles families after a Kogi Road crash, while others are killed, and six die.

The Adeniji Adele Police Division security officials were immediately handed over the driver after they made their arrest and were later detained, the statement read.

LASTMA claims that the accidented vehicle was professionally evacuated by LASTMA employees to prevent further accidents and restore normal traffic flow in the corridor.

Olalekan Bakare-Oki, LASTMA’s general manager, visited the location shortly after the incident.

The tragic incident’s victims’ families, coworkers, and communities all shared a heartfelt condolence.

The LASTMA DG lamented the needless loss of lives and compared it to a painful reminder of reckless driving’s consequences.

He urged drivers to follow the strictest rules of road discipline and to abide by the government’s approved speed limits.

One of the main causes of avoidable road fatalities is still the speed violation, according to Bakare-Oki.

 ; Read the entire statement below.

PRESS ELEASE

LASTMA MOURNS AT ILUBIRIN INWARD SIMPSON, LAGOS ISLAND, AS A ANOTHER FATAL ACCIDENT MAKES SUCH LOSS OF THE LIVES OF A POLICE OFFICER AND A SCAVENGER.

A police officer and a scavenger were unfortunate victims of another tragic road traffic incident that occurred at Ilubirin inward Simpson, Lagos Island, and the Lagos State Traffic Management Authority expresses its deep regret.

Preliminary investigation revealed that the MUS 885 JA, the driver of the Toyota Camry, lost control and veered off his lane, striking both a scavenger and a motorcycle driver.
Their immediate and irreversible loss of life was caused by the impact.

LASTMA personnel deployed close to the Ilubirin axis quickly intervened, cordoning off the accident scene to protect the victims from further harm and avoid complications. Officers immediately turned over the driver to security personnel from the Adeniji Adele Police Division for further investigation and prosecution after apprehending him during their response.

LASTMA employees professionally evacuated the car involved in the accident to prevent further accidents and restore traffic flow in the corridor.

Mr. Olalekan Bakare-Oki, the general manager of LASTMA, expressed his condolences to the families, coworkers, and communities that had been impacted by the tragic accident in a sober and reflective manner when he visited the accident scene.

He lamented the needless loss of lives and compared the incident to a painful reminder of reckless driving’s consequences.

Additionally, Mr. Bakare-Oki urged drivers to generally follow the government’s recommended speed limits and adhere to the highest standards of road discipline.

He once more stressed that speeding is still one of the main causes of avoidable road accidents.

The General Manager reaffirmed LASTMA’s unwavering commitment to ensuring that all road users, especially drivers, adopt safer driving practices to protect against tragedies in the future.

The Ogun State Governor, Dapo Abiodun, has approved the $1. 7 trillion appropriation bill for the 2026 fiscal year, an increase of 63 percent from the $1. 04 trillion budget from 2025.

The governor explained that the proposed budget includes a total of 624.76 billion (37%) for recurrent expenditure and 1.044 trillion for capital expenditure when he presented the Appropriation Bill, which is titled “Budget of Sustainable Legacy” to members of the State House of Assembly in Oke-Mosan, Abeokuta.

The proposed budget’s main components include: Personnel Costs of 167.92 billion, Consolidated Revenue Charges of 65.80 billion, Public Debt Charges of 99.98 billion, Overhead Costs of 290.06 billion, and Capital Expenditure of 1.044 trillion.

Governor Abiodun provided information on funding sources, stating that the Ogun State Internal Revenue Service, 250 billion, and 259.80 billion are anticipated to generate internal revenue (IGR), and 259.88 billion will be generated by MDAs. Capital receipts of $518.90 billion, including internal and external loans and grants, are anticipated, in addition to the anticipated statutory allocation from the Federal Government, which is anticipated to be $5544.81 billion.

The governor stated that while infrastructure will receive the most money, it will be divided between Health, Health, and Health, with a share of 275.40 billion (17%), Housing and Community Development, Housing and Community Development, and Agriculture and Industry, which will be a share of 210.59 billion (13%), and Infrastructure, which will be a share of 225.15 billion (32%).

Social Protection is provided for at 72.82 billion (4 percent), Recreation, Culture, and Religion is provided for at 42.24 billion (3 percent), General Public Service — Executive Organ at 55.65 billion (3 percent), General Public Service — Financial and Fiscal Affairs at 52.30 billion (3 percent), and Personnel Service at 3.86 billion (0.2%), respectively.

Public Order and Safety will get ₦36 billion (2 percent), Economic Affairs, ₦7.45 billion (0.4 percent), Judiciary, ₦15.70 billion (1 percent), Legislature, ₦33.67 billion (2 percent), while Statewide Expenditure accounts for ₦129.68 billion (8 percent).

Governor Abiodun stated that the 2026 budget would concentrate on completing significant ISEYA development projects.

He declared, “We will concentrate on projects with high revenue-generating potential, projects that increase employment generation, projects that are in line with the State Economic Development Plan and Strategy, projects that are in line with the Medium-Term National Development Plan, and projects that are in line with Mr. President’s Renewed Hope Agenda.”

The governor noted that the state had met its pro-rata expenditure target of 60% and pro-rata revenue performance of 53% as of September 30th, 2025, when it reviewed the implementation of the 2025 Budget of Hope and Prosperity.

He claimed that the 2025 budget was intended to promote equality, combat inequality, and raise overall standards of living.

He added that it was intended to expand opportunities for all, empower citizens in all sectors, and implement specific social interventions to address urgent needs.

Abiodun described the 2026 budget as significant because it was released at a time when key sectors saw renewed investor confidence, improved economic performance, and significant growth.