COVER
FRC Indicts 32 MDAs over N1.2trn Surplus fund

…How FG Overvalues Telco Security Network by $490m
By Joseph Chibueze and Torkwase Nyiekaa, Abuja
The Fiscal Responsibility Commission (FRC) has accused 32 government agencies of failing to remit their 80 per cent operating surplus to the Consolidated Revenue Fund (CRF).
The revelation came on heels of the House of Representatives recovery that a Federal Government investment to improve security, built with a loan of $490million was valued at just $17 million after an audit by KPMG.
These and other irregularities, according to FRC, have hindered accurate determination of operating surplus liabilities and diminishing accountability and transparency in handling government revenue.
FRC said over N1.2 trillion in revenue was still being withheld by the defaulting agencies, keeping money away from government’s reach for funding of its budget.
The Chairman of the Commission, Victor Muruako, who spoke while briefing National Assembly correspondents yesterday, said the agencies failed to submit their audited account to the commission to enable it calculate their operating surplus which is supposed to be paid into the Consolidated Revenue Fund of the Federation.
Murako said over 60 per cent of the agencies have always failed to associate their annual budget with the Medium Term Expenditure Framework, the template for which annual federal government budgets is prepared.
The agencies are ”the National Drug Law Enforcement Agency (NDLEA),
Nigeria Security and Civil Defence Corps (NSCDC), Bank of Agriculture,
Bank of Industry (BoI), Federal Radio Corporation of Nigeria (FRCN),
National Broadcasting Commission (NBC), Standard Organisation of
Nigeria (SON), Nigeria Immigration Service (NIS), Nigeria Content
Development and Monitoring Board (NCDMB), National Integrated Water
Resources Management Commission, National Sports Commission (NSC),
Administrative Staff College of Nigeria and National Business and
Technical Examination Board (NBTEB).”
Others are ”Cement Technology Institute of Nig, Centre for Black
African Arts & Civilization, Chad Basin National Park, Gashaka Gumti
National Park, Gurara Water Management Authority, Hadejia-Jamaare
River Basin Development Authority, Kainji Lake National Park, National
Food Reserve Agency, National Lottery Trust Fund, National Theatre
Iganmu Lagos, National Troupe Iganmu Lagos, Nigeria Agricultural
Quarantine Service (NAQS), Nigerian Copyright Commission, Nigerian
Railway Corporation and Small & Medium Enterprises Development Agency
of Nigeria.”
Muruako explained that by the provisions of the Fiscal Responsibility
Act 2007, government-owned enterprises and corporations are supposed
to remit 80 per cent of their operating surplus to the CRF at the end
of every year to make money available for government to fund the
annual budget.
He said that some of the agencies have also developed the habit of
writing to withdraw their audited account after the commission must
have calculated their operating surplus which is done after the
agencies has submitted such audited account.
He said while the Fiscal Responsibility Act provide for offences, it
however failed to make provision for sanction and punishment, thereby
making implementation difficult.
According to him, ”From our records, the total figure paid as
Operating Surplus since the establishment of the PRC to date is beyond
N2.15 trillion, which by the way, could not have been possible without
the Act and the commission, given that there would have been no law,
rule, regulation or institution requiring such returns. These figures
are confirmed from our analysis of the annual audited financial
reports submitted to our commission by the concerned agencies.
”Much more is yet out there in the hands of MDAs that either have
failed to dutifully audit their accounts or that have done so but
choose not to forward copies of their audited financial reports to the
commission as required by law.”
The chairman further said that from the agency’s verification of
government capital projects, it was discovered that 60 per cent of
government agencies often undertake more projects than they can handle
because they fail to abide by the approved MTEF.
He added that the penchant of approving new contracts by government to
the detriment of existing contracts, as well as inadequate funding has
led to several abandoned projects across the country.
How FG Overvalues Telco Security Network by $490m
The House of Representatives learnt this on the second day of a two-day investigative hearing by the House ad-hoc committee to investigate the governing lease of Federal Government owned assets.
The investment, which is network of about 700 base stations is called the National Public Securities Communications Systems (NPSCS) and was started around 2008 and commissioned in 2012.
Its objective was said to be make provide advanced communications capabilities for the police and other security agencies.
Members of the committee led by Daniel Asuquo could not hold their shock as Director for Projects of MTS Technologies, who are to run the project through a concession agreement, Mathew Udanogh, disclosed this during the investigative hearing.
Udanogh said by the agreement they are to manage the network for 33 years of which the first three years would be to get it up and running before operating for profit.
The concession agreement calls for is a minimum investment of $100 million towards a rehabilitation of the network, he added
It is a security network, a telecommunications network that was built and commissioned approximately 2012. It was built with a technology called CDMA. The sponsoring Ministry is the Ministry of Police Affairs. It is a network of about 700 base stations and towers built around the country,He said
He also said the original intention was that the network would be operated using government subventions and allocations from the National Assembly, but the government decided that was not going to be feasible and decided to concession it.
He said the the concession process started in 2014 which they won and got the necesary approvals.
He said the Federal Executive Council gave approval to the concession in 2019 with the condition that an audit needed to be performed on the network first to ascertain a fair value which would be used as a input for the concession agreement.
He said, “So thereafter they appointed a committee to select one of the top four accounting companies, KPMG, to do a nationwide audit of all the assets associated with this NPSCS. They conducted that audit and the conclusion of that audit, that led us to a full business case using the ICIC process and all of that information was resubmitted to the FEC and gave its approval for it to be entered to. This was in December 2020. In January 2021, the concession agreement was signed.
“And our job is to rehabilitate a network with this investment and make services available to the police and other security agencies so they can have advanced communications capabilities. We provide the services to the police but also provide it in a more limited way to commercial customers.
“There would be a three year rehabilitation period to bring up the network. All the equipment have to be replaced as it is an older technology. Network technologies have advanced since that time. So in fact we want to implement the latest technologies available. We would be launching with an advanced technology. After the three years, we engage fully in commercial services.
“An audit was performed on that network to bring up what is its current value today and it came to approximately $17 million. This network was not used so all the base stations have to be totally replaced and it cannot be used for any other thing.
COVER
Turkish Embassy Pledges Partnership with Asset Media Group

By Donald Andoor, Abuja
The Turkish Embassy in Nigeria has pledged a working relationship with the Asset Media Group and Nigeria’s media in general to further boost long lasting diplomatic and trade relations existing between the two countries.Head of Political Office, Embassy of the Republic of Turkiye, Muzaiffer Hakan Tok who was exchanging views with the management team of Asset Media Group in Abuja, yesterday recalled the robust diplomatic, trade and cultural relationship between Nigeria and Turkiye.
While stressing the cordial relationship existing between the two nations over time, he said there was need for media practitioners to be further enlightened about those things that were common and binding between the two nations.He applauded the people of Nigeria and the government for the hospitality accorded Turkish nationals in the country.Earlier, Dr. Cletus Akwaya, Proprietor of Asset Media Group, owners of the Daily Asset Newspaper and Asset Television, said the visit was to explore ways of media partnership with the embassy.He appealed to the Turkish Embassy in Nigeria to initiate avenues for exchange of visits between journalists of the two countries to enable them to enlighten and educate the public about opportunities that abound in the country.The diplomatic relations between the two nations started when Turkey opened an embassy in Lagos in 1962. The embassy was moved to Abuja in 2001 after Nigeria’s proclamation of Abuja as the new capital.On the other hand, Nigeria has an embassy in Ankara, the capital of Turkey and the two countries are members of a group of eight developing nations, code named D-8.The delegation of the Daily Asset Group included Donald Andoor, Chairman Editorial Board and General Manager of Asset Television, Ayami Sunny Ayami.COVER
Ango Abdullahi Tasks FG over Out-of-school Children in Northern States

By Divine Ndukwe, Abuja
Chairman of the Northern Elders’ Forum, Prof. Ango Abdullahi, has raised the alarm over the growing marginalisation of Northern Nigeria, warning that the continued sidelining of the region in federal budgeting and infrastructure development poses grave dangers to national unity and progress.
The elder statesman, who spoke at the ongoing Government-Citizens Engagement Forum organised by the Sir Ahmadu Bello Memorial Foundation in Kaduna on Tuesday, described the region’s situation as nothing short of a national emergency, particularly in the areas of education, infrastructure and economic inclusion. Abdullahi, a former vice chancellor of Ahmadu Bello University, Zaria, lamented the failure of successive administrations to address the North’s growing population of out-of-school children.He blamed the crisis on inadequate funding and misplaced national priorities“We have 20 million out-of-school children in Nigeria—80 percent of them are from Northern Nigeria.“If just half of the N15 trillion national budget were allocated to education, we would have no child out of school.“That money would provide schools, teachers, and equipment,” he said.He said, despite the magnitude of the crisis, the North continues to receive a disproportionately low share of education funding.“This is not just a Northern problem. It is a national disaster. An uneducated population is a threat to all,” he warned.The NEF chairman, who recently toured parts of the Northeast, also described the region’s road infrastructure as “the worst in the country.”“Some of the roads are not just bad—they don’t even exist. You can’t talk about national development when a whole region remains disconnected.“There must be an intentional drive to fix our roads if we are serious about equity,” he said.He proposed a simple yet bold solution, stating, “Let’s be serious. If we use N7.5 trillion for education and N7.5 trillion for roads in the North, we’d solve two of our biggest problems.”Abdullahi also expressed strong reservations about the recent relocation of key departments of the Central Bank of Nigeria from Abuja to Lagos, describing the move as suspicious and divisive.“Why the sudden relocation of CBN departments? Why the mass retirements? And why were 15 new directors recently employed—with only four from Northern Nigeria?” he asked.He said the decision sends a troubling message to Northern Nigerians, many of whom already feel marginalised under the current administration.“These are not coincidences. They are decisions with consequences, and the North is watching,” he said.According to him, the Northern Elders’ Forum will be formally writing to President Bola Tinubu to demand clarification on the recent appointments and policy decisions, which, he said, appear designed to weaken Northern participation in the federal structure.Abdullahi did not stop at criticism. He also laid out a roadmap for equitable development, starting with the decentralisation of industrial growth.“If we truly want to develop Nigeria, then Northern Nigeria must be industrialised in line with its natural strengths—agriculture being one,” he said.He urged the Federal Government to set up agro-allied processing zones across Northern states, arguing that industrialisation anchored on agriculture would lift millions out of poverty and stabilise the region’s economy.“It is time to spread development. Northern Nigeria cannot continue to serve only as a food basket without also being a value-adding zone,” he declared.The NEF chairman ended on a strong note of civic engagement, urging Northerners to move from silence to active demand for their rights.“We must be proactive. We will be asking questions. And this time, we expect answers,” he said.He called on political leaders, community organisations, and civil society groups to join in demanding accountability from federal policymakers.“We can no longer afford to be passive. If we do not speak up and insist on fairness, the marginalisation will continue, and our children will inherit a more broken and divided nation,” he added.Katsina Approves Promotion of 3147 Teachers, OthersThe Katsina State Government has approved the promotion of no fewer than 3,147 teachers and other staff members of the state’s Ministry of Basic and Secondary Education.This was made known by the Permanent Secretary in the Ministry, Hajiya Ummukhair Ahmed-Bawa, during a senior management meeting on Tuesday in Katsina.She was represented by the Director, Administration and Supply in the ministry, Salisbury Yakubu, who also said that the development was announced by Hajiya Zainab Musa-Musawa the state’s Commissioner for Basic and Secondary Education.She noted that the landmark approval underscored the state government’s commitment to enhancing the welfare and motivation of education personnel.According to her, “The commissioner directed the convening of the meeting to kick-start the promotion process in line with the approval of Governor Dikko Radda.”The permanent secretary further assured that the exercise would be completed within the stipulated time frame.“The promotion exercise reflected the ministry’s commitment to rewarding hard work, fostering career growth, and improving service delivery in the education sector.“About 78 staff would be promoted from level 07-08, 560 from 08-09, 484 from 09-10, 587 from grade level 10-12, 627 from 12-13, 436 from 13-14, 276 from 14-15, while 98 would move from 15-16”, Ahmed-Bawa concluded.COVER
Oluremi Tinubu in Makurdi, Seeks End to Benue Killings

From Attah Ede, Makurdi
First Lady of Nigeria, Sen. Oluremi Tinubu yesterday visited Benue State, with a call to put an end to the insecurity and incessant killings of innocent citizens especially women and children in the State.Mrs Tinubu, who spoke during her visit to the State, where she met with state officials, traditional rulers, and internally displaced persons as part of her humanitarian and peace-building engagements, called for unity and solidarity among the people of the State to combat the senseless killings that have continued despite spirited and concerted efforts.
She said it was most worrisome to find displaced persons living in dehumanising conditions, describing it as hellish.According to her, when faith is lost, family bonds are broken, life no longer carries the hope it once did, everything changes, stressing that every society must decide what it would serve, adding however, “No nation can serve two masters”.”There must be a choice between what builds and what destroys, between people and the structures that either uplift or oppress them.”We speak of teaching lessons about peace, love, and how to live with one another. These are not abstract ideals. They are necessities. Dialogue and patience remain the best solutions wherever conflict exists. But often, we hesitate, we ask ourselves: Why do I need to act? Why do I need to speak?, And so the doors remain closed. Teachers go unheard. People are left without guidance on how to move forward and how to heal.”Today, I decided to come because I feel that much of the light has dimmed. The weight of silence is heavy, but conversations like this bring hope. Nigeria is a nation of deep complexity. Ethnicity, religion, and culture all have their place, but they must not become walls between us. They should instead be bridges of understanding.”And now, we are in a time in a world where we must decide what we are preparing for. Will it be a future shaped by division, or one built on compassion, dialogue, and shared humanity?”, Tinubu stated.The Nigeria first lady, who also donated one billion Naira to the victims of the displaced communities in the state and provided relief materials to help alleviate their suffering, promised to continue supporting those in need, particularly children, girls, and individuals with disabilities.On his part, the Paramount ruler of the Tiv nation, Tor Tiv, Prof. James Ayatse, called on the Federal Government to take decisive action against networks of terrorists operating in Benue and Nasarawa States and stressed the need for reconstruction of destroyed communities and compensation for victims of the attacks.He intimated that the violent attackers responsible for the frequent killings and displacements in Tiv land usually came from neighboring Nasarawa State and returned there after carrying out their assaults.“Your Excellency Ma, our attackers come from Nasarawa State. After attacking us, they withdraw and go back to Nasarawa State.””I appeal to you to convey the people’s anguish and plead for justice to President Bola Tinubu. Peace in Benue cannot be achieved until the sources of these attacks are addressed through decisive federal intervention.”Thank you for your patience and resilience. Families have been torn apart, ancestral homes abandoned but there is hope. With a guarantee of restored peace, our people will be able to return to their ancestral communities, resume their lives, and rebuild what was lost.”It looks like we will achieve our goals and with that, we will see the gains we have long hoped for.”The barriers we once faced are giving way. We are determined not to let terrorists define our destiny. We have confronted major enemies and made progress, though the scars and memories of destruction remain with us.“Still, everything we are doing now is to bring lasting peace and we believe peace will come soon.”To the communities that have suffered attacks: you do not need to remind us of what has happened. We know. We have seen the devastation. We share the pain.”Nigeria has been plagued by discontent for many years. I have lived here all my life, and I know this much: if we keep playing with this weakness, it will grow and if it grows unchecked, it will destroy us.”If our leaders do not decisively confront terrorism and malice, and instead keep playing politics with it trying to be “politically correct” for the sake of convenience, Nigeria will be in grave danger. The time to act is now”, Ayatse alluded.He maintained that the government is already beginning to respond, securing vulnerable areas and strengthening borders, noting that the visit today has given Benue citizens encouragement and has further reassured them that they are not forgotten.The Benue State Governor, Rev. Fr. Hyacinth Alia reiterated his call for the establishment of a state police and a national policy on ranching to address the insecurity caused by herders.He applauded Mrs Tinubu for her visit and commitment to national solidarity in the face of the ongoing crisis bedeviling over 1.5million displaced individuals in the State.”This visit comes after the massacre of over 200 of our people on the night of Saturday, the 13th, and the morning of Sunday, the 14th of June, 2025. Your visit follows closely after your husband, the Commander-in-Chief of the Armed Forces, His Excellency President Bola Ahmed Tinubu, altered his itinerary to send us a message of comfort shortly after June 18, 2025.”We have over 3,500 new IDPs in Gwer-West local government. It is my prayer that this land becomes one of reunions and grace. I would like to express our deep gratitude to you for making time to visit us.”Following the President’s directive, the Chief of Defence Staff ordered the deployment of security personnel to our communities. While the attacks by militias and bandits have not completely stopped, we can report that there has been some noticeable improvement in security.”Your presence here today reflects not only your strategic support as a former Senator of the Federal Republic but also your motherly and compassionate response to moments of distress in our nation. Your initiatives in health, social investment, agriculture, care for orphans, IDPs, persons living with disabilities, and the elderly have not gone unnoticed.”We are aware of the over 70,000 posts you facilitated through the Ministry of Education for distribution to primary schools. We are equally aware of over 270 support programs for economic empowerment. You have already done so much for us in this state, and we believe your presence today will not only inspire you to do more but also create a deeper connection to our plight as you hear the stories of consistent and protracted attacks on our people by terrorists and armed groups.”We are grateful for the goodness you have shared with us at this very difficult time and for the honor and support you have continually extended to our grassroots”, Alia stated.The governor lamented that the persistent attacks by militias on Benue farms have been sustained for years, leading to the loss of lives and property. Farmers have been driven away from their lands because so many have been killed, leaving us in pain and despair.”Some of our people are displaced and living in camps, while many more are staying with friends and relatives across different parts of the state under harsh conditions. Hunger is widespread, and food is scarce in a state once celebrated as the “Food basket of the nation.””In all of this, we have not received adequate compensation or meaningful support. Instead, what has been offered to our grieving people feels like salt added to their wounds, token gestures that do not meet the needs of mothers, who have lost children or families who have been destroyed”, he said.Gunmen Invade Benue Community, kill One Farmer Suspected armed herdsmen, on Tuesday launched fresh attack on Tse-Kalema in Mbazun, Atogbenda, Ukum Local Government Area of Benue State, killing one farmer identified as Lucky Tsetim. A source from the area told DAILY ASSET that the victim was attacked while working on his farm on Tuesday.The killing has sparked fresh fears among residents, who say Fulani attacks in Tse-Kalema are becoming frequent.They called on security agencies to urgently intervene and restore peace in the area.As of press time, no official response has been issued by the authorities.Efforts to speak with the Benue State Police Command Public Relations Officer, DSP Udeme Edet failed as she did not respond to calls or texts.