NEWS
CBN Announces Revised Documentation Requirements for PAPSS Transactions

By Tony Obiechina, Abuja
The Central Bank of Nigeria (CBN) has announced a significant review of the documentation requirements for transactions conducted through the Pan-African Payment &Settlement System (PAPSS) in Nigeria.In a statement by the Acting Director of Corporate Communications, Hakama Sidi-Ali yesterday said that the initiative is part of CBN’s ongoing commitment to foster seamless intra-African trade, financial inclusion, and operational efficiency for Nigerians engaging in cross-border payments within Africa.
Launched by Afreximbank in partnership with the African Union and the African Continental Free Trade Area (AfCFTA) Secretariat in January 2022, PAPSS serves as a centralized payment and settlement platform that enables instant, secure, and efficient cross-border transactions throughout Africa.By facilitating payments in local currencies, PAPSS minimizes reliance on third-party currencies, reduces transaction costs, and supports the rapid expansion of trade under the AfCFTA.In a recent circular referenced TED/FEM/PUB/FPC/001/006 issued on April 28, 2025, CBNoutlined the key changes to the documentation requirements associated with PAPSStransactions.According to the statement the key changes which will take immediate effect include, simplified Documentation for Low-Value Transactions: Customers may now use basic KYC and AML documents provided to their Authorized Dealer Banks (ADBs) for low-valuetransactions (USD2,000 and USD 5,000 equivalent in Naira for Individuals and corporate, respectively).Similarly, for transactions above the thresholds, all documentation as stipulated in the CBN Foreign Exchange Manual and related circulars remain mandatory.”Applicants are responsible for ensuring all regulatory documents are available to facilitate the clearance of goods, as required by relevant government agencies”, the statement added.NEWS
LGAs Are Corrupt, says ICPC Chair

By Andrew Oota,Abuja
The Chairman of the Independent Corrupt Practices and Other Related Offences Commission, Musa Aliyu, has said that the insidious roots of corruption often find fertile ground at the local government level.Aliyu, a Senior Advocate of Nigeria, said this at the National Anti-Corruption Coalition members hybrid engagement on local government accountability initiative on Wednesday in Abuja in Abuja on Wednesday.
The ICPC boss, who spoke on “Accountability and Corruption Prevention in Local Government Administration,” called for collective efforts to tackle noxious corruption at the grassrootsAccording to him, local government administration, often described as the closest tier of government to the people, is undeniably the bedrock of our democratic governance. I’m Shocked, Oyo’s Viral ‘Radio Boy’ Reacts to Sudden Fame | Punch0:01 / 1:01I’m Shocked, Oyo’s Viral ‘Radio Boy’ Reacts to Sudden Fame | Punch0:00 / 0:00“It is at this level that the daily realities of our citizens are shaped, where essential services are meant to be delivered, and where development initiatives should directly impact lives.“From primary healthcare and basic education to sanitation and rural infrastructure, the effectiveness of local government is directly proportional to the well-being of our communities.“However, it is also at this level that the insidious tentacles of corruption often find fertile ground.“The diversion of funds meant for local projects, ghost worker syndicates, inflated contracts, and the misappropriation of internally generated revenues are but a few examples of the corrupt practices that undermine the very essence of local governance,” he said.He said that when corruption thrived at the local level, it directly impeded development, eroded public trust, and ultimately stunted the progress of the nation.Aliyu described it as a betrayal of the trust reposed in public officials by the very people they were meant to serve.He said that the ICPC fully recognised “the critical role that a robust and accountable local government system plays in national development.”Aliyu urged Civil Society Organisations and other stakeholders to join hands in the fight against corruption at the local government level. “Members of the National Anti-Corruption Coalition, your tireless efforts in advocating for good governance, raising public awareness, and holding power to account are highly commendable. “You are the eyes and ears of the people, and a vital partner in this ongoing fight. We at the ICPC value your insights, your experiences, and your commitment to this cause,” he said.The ICPC boss called for pragmatic approaches on how to enhance financial transparency and accountability in local government finances.He said that there was a need to put in place measures to ensure judicious utilization of allocations from the Federation Account and internally generated revenues.According to him,there is also a need to strengthen internal control systems and audit processes at the local government level.“We must explore innovative ways to empower citizens to demand accountability from their local government officials. “Citizen’s participation in budget monitoring, project oversight, and reporting of corrupt practices is paramount. We need to sensitize our communities on their rights and responsibilities, fostering a culture where corruption is not tolerated but actively resisted.“We must also acknowledge the challenges faced by local government officials, including capacity gaps and, sometimes, undue external pressures.“While we will not condone corruption, we must also work towards building a system that is resilient and equips officials with the necessary tools and training to resist temptation and uphold ethical conduct,” he said.NEWS
RMAFC Inaugurates Anti-Corruption & Transparency Unit

By Tony Obiechina, Abuja
The Revenue Mobilization Allocation and Fiscal Commission (RMAFC) on Wednesday officially inaugurated the Anti-Corruption and Transparency Unit (ACTU) at the Commission’s Headquarters in Abuja. RMAFC Chairman, Dr. Mohammed Bello Shehu who was represented at the event by the Federal Commissioner representing Kwara State in the Commission Hon.
Ismail Mohammed Agaka urged the newly inaugurated members of ACTU to handle their responsibilities with passion and patriotism. He said, “I urge each of you to approach your responsibilities with commitment to National interest, diligence, due process and vision for prosperity” The Chairman noted that ACTU would support RMAFC’s drive towards entrenching transparency, accountability, and prudence in its activities. He further said, “The inauguration of this Unit will not only complement Management’s internal controls, but also drive home the Commission’s zero tolerance for corruption.” Dr.Shehu urged the newly inducted members to display professionalism, courage, and fairness in the discharge of their duties.” In his goodwill message, the ICPC Chairman Dr Musa Aliyu SAN, who was represented by the Director system study and review department, SSRD Mr. Olusegun Adigun, praised the leadership of RMAFC for their commitment and collaboration with the Commission in establishing ACTU. He emphasized that “ACTUs have now evolved into a government-recognized anti-corruption platform and described the unit as a strategic tool to support management in achieving RMAFC’s mandate. He outlined key responsibilities of ACTUs, including conducting corruption risk assessments, fostering ethical compliance, monitoring budget implementation, and undertaking preliminary investigations into complaints. Dr. Aliyu also called on RMAFC to provide adequate funding, office facilities, and full representation in standing committees to empower the unit. The newly inaugurated ACTU is chaired by Mr. Idris Y. Musa, Director of Audit at the Commission. In his acceptance speech, he pledged on behalf of the members to uphold integrity and the values of the Commission. “We accept this responsibility with full consciousness of the trust placed in us. We shall not betray it,” he affirmed. He pledged the collective readiness of the ACTU members to act as watchful eyes and ethical compass within RMAFC. The oath of allegiance was administered to the newly inaugurated members by Nkem Ezenwa, Esq. of the ICPC. Secretary to the Commission, Engr. Joseph Okechukwu Nweze ,represented by Mrs. Udodirim Okongwu, Director of Inland Revenue Department, appreciated the ICPC and commended all stakeholders for their support. He encouraged the ACTU members to live up to the mandate spelt out by the ICPC and remain unwavering in promoting ethical governance within the Commission.” Other members of the ACTU are: Muhammed Baba Wasagi, Muhammed Lawal Yakubu, Ashiedu Vivian, Mohammed Bashir Umar, Victor Ugwu Monday, Okolo Shelter Simmer, Ramatu Kangiwa Yusuf, Oluwafemi Olubukola Jane, Abdulaziz Usman, and Azumi A. UmoruNEWS
May 29: Tinubu’s Two Years In Office A Disappointment – PDP

By Johnson Eyiangho ,Abuja
The Peoples Democratic Party (PDP) has appraised President Bola Ahmed Tinubu’s two years in office and asserts that his administration is a massive disappointment. In a statement by the PDP’s National Publicity Secretary, Hon. Debo Ologunagba, yesterday the party described the last two years as nightmarish, saying that Nigerians have gone through hell under the insensitive Tinubu-led All Progressives Congress (APC) government which holds no good for the citizens.
“The PDP tasks President Tinubu to urgently address the issue of insecurity, reverse all economically suffocating policies and check the wholesale corruption, greed, unbridled profligacy, reckless misdirection of resources, arrogance in failure and totalitarian tendencies in his administration, which has shown itself as anti-people and impervious to the suffering of Nigerians. “As a Party, we restate our position that any government that cares for the wellbeing of the people and has an idea of macro-economic policy management would have reckoned that an abrupt increase in petrol price and devaluation of the Naira as executed by the Tinubu administration would cripple the productive sector, inflame high costs, crash millions of businesses, trigger mass job loss, escalate poverty, hunger, hardship, insecurity and hopelessness across the country. “With the Naira which exchanged for N167 to a US Dollar under the PDP administration now exchanging for over N1,600; petrol which sold for N87 per liter under the PDP now selling for over N1,000 per liter; with nearly 40% inflation rate, over 42% youth unemployment rate, acute food shortage, frightening rise in criminality and social vices, the situation in Nigeria has become so unbearable that many talented citizens are now fleeing the country with others resorting to suicide to escape the agonies inflicted by the APC government,” the statement said. The PDP said that from May 2023 when President Tinubu took office, more than 600,000 Nigerians have been killed by terrorists and bandits who were emboldened by the APC administration’s apparent negligence and failure to ensure the safety and security of the nation and her citizens. It added, “In the last two years of worsened insecurity, comatose infrastructure and economic uncertainties, multinationals are leaving Nigeria in droves to neighboring countries where governments are alive to their responsibilities. “Unfortunately, instead of listening to our Party and other well-meaning Nigerians, the Tinubu administration resorted to multiple taxes, exploitative charges and reckless foreign borrowing accumulating to N182.91 trillion (with the latest request of a fresh $24.14 billion (N38.24tn) with no corresponding development project or programme that benefits the people. “More distressing is that while Nigerians suffer, the APC is obsessed with turning our country into a one-Party state, while frittering the nation’s scarce resources for acquisition of jets, pricey yacht, luxury mansions, expensive foreign trips and lavish lifestyle to the chagrin of other citizens.” The statement counseled President Tinubu to recognise that Nigerians are seriously hurting and urged him not to resort to rhetoric and false performance claims that are at variance with the realities of life in Nigeria, during his second-year anniversary address. According to the PDP, Mr. President should take advantage of the remaining two years of his administration to redeem his image by addressing the issue of insecurity, review all suffocating policies to bring down the price of petroleum products and shore up the value of the Naira while engaging more skillful hands to manage the nation’s economy.