NEWS
Reps Summon ITF Boss over Four-year Unapproved Spending

By Joseph Amah, Abuja
The House of Representatives’ Committee on Public Accounts has summoned the Acting Director-General of the Industrial Training Fund, Mrs Adesola Taiwo, over the operation of the agency’s budgets between 2018 and 2021 without the approval of the National Assembly.
At its investigative hearing on Wednesday, the committee vowed to probe into how the ITF operated over the years without a budget appropriated by the National Assembly, contrary to Section 81 of the 1999 Constitution.
The Chairman of the committee, Oluwole Oke, ordered an immediate probe, directing the panel’s clerk to write and request evidence of how the ITF conveyed its annual budgets for the years under review, from the Clerk to the National Assembly and the Clerk to the House of Representatives.
The ITF, in its written submission to the committee, said it spent N37,592,730,753 in 2018; N43,133,753,661 in 2019; N43,468,030,400 in 2020; and N43,947,801,437 in 2021.
The committee discovered the extra-budgetary spending while grilling the management of the ITF, which was placed on status inquiry by the committee.
The lawmakers also expressed their displeasure with the non-appearance of the acting DG, who was represented by Director of Finance and Administration, Yusuf Abdulmajid.
Oke had asked the leader of the ITF team of the whereabouts of Taiwo, who was supposed to appear before the committee to speak on various infractions levelled against Fund.
The DFA replied that she was on annual leave, which prompted him to represent her.
The committee, however, insisted that the acting DG must appear in person unfailingly on Tuesday along with a copy of letter showing approval of the leave.
Oke also ruled that the ITF should show evidence that the budget of the Fund was actually conveyed to the National Assembly by the President and was thereafter considered and approved.
Furthermore, the chairman ordered ITF to also present the reports of its budget performance from January 2020 to date, records of donations, grants, and other interventions, a detailed breakdown of the amount disbursed, and a comprehensive list of beneficiaries.
The Acting DG is also to come along with the Director of Human Resources, Director of Finance, and Director of Procurement.
US Appeal Court Permits Nigeria to Request Documents from P&ID Stakeholders
By Joseph Amah, Abuja
A US court of appeals for the second circuit has overturned orders which blocked Nigeria from obtaining documents to support its appeal against a $10 billion judgement awarded against it in a case against Process and Industrial Developments (P&ID).
In 2019, a British court gave P&ID the go-ahead to seize Nigerian assets worth $9 billion over a 2010 contract.
The company claimed it agreed with Nigeria to build a gas processing plant in Calabar, Cross River State, but that the deal collapsed because the Nigerian government did not fulfill its end of the bargain.
The award, which has been accruing interest since 2013, is now worth $10 billion.
Nigeria had alleged that the gas deal was a scam designed to defraud the country.
Lawyers representing the federal government told the court that P&ID officials paid bribes to get the contract.
But P&ID denied the allegation and accused the Nigerian government of “false allegations and wild conspiracy theories”.
In a move to overturn the judgement, Nigeria got court clearance to request documents from P&ID stakeholders. The stakeholders include VR Capital, four subsidiaries and three of its directors — and review bank statements of ex-President Goodluck Jonathan, Diezani Alison-Madueke and Rilwanu Lukman, former ministers of petroleum.
However, the New York district court vacated its order in November 2020, on the grounds that Nigeria had not “provided a good reason” for bypassing the procedures set out in a mutual legal assistance treaty (MLAT) between the US and Nigeria.
Foreign News
Israel Vows to Build Jewish Settlements, Rejects Macron’s Call for Palestinian State

“Do not threaten Israel with sanctions” as it will continue to build a “Jewish state” on the ground,” Israeli Defense Minister, Israel Katz, warned on Friday.He also rebuffed a call by French President Emmanuel Macron for establishing a Palestinian State.In open defiance of international law, Katz claimed that world powers may recognize a Palestinian state “on paper.
”Katz made the remarks during a visit to Sa-Nur, an illegal outpost in the northern West Bank that the Tel Aviv government recently decided to officially designate as a settlement for illegal Israeli settlers. In a direct message, Defense Minister Israel Katz targets French President Macron and European allies.He also dismissed the potential international consequences.He said: “They will recognise a Palestinian state on paper, while we will build the Jewish Israeli state on the ground.“Don’t threaten us with sanctions. You will not make us bow.“The State of Israel will not kneel before threats.”His comments came hours after President Macron stated that recognising the State of Palestine was a “moral duty”.Macron also reiterated that France may move toward official recognition during an upcoming international conference focused on the two-state solution.Earlier this week, Israeli newspaper Yedioth Ahronoth reported that the Israeli Security Cabinet had secretly approved the establishment of 22 new illegal settlements in the occupied West Bank.In response, the Israeli anti-settlement group Peace Now issued a statement Thursday, revealing that 12 of the newly approved settlements were previously unauthorised outposts and farming sites established in recent years.According to Peace Now, there are currently 156 illegal settlements and 224 outposts across the occupied West Bank, including East Jerusalem, with over 736,000 illegal Israeli settlers living on occupied Palestinian land.The international community, including the UN, considers the Israeli settlements illegal under international law.The UN has repeatedly warned that continued settlement expansion threatens the viability of a two-state solution, a framework seen as key to resolving the decades-long Palestinian-Israeli conflict.In July 2024, the International Court of Justice declared Israel’s decades-long occupation of Palestinian land illegal and demanded the evacuation of all existing settlements in the West Bank and East Jerusalem.(AA/NAN)NEWS
Stock Market Sheds N48bn Amid Sell-offs

The stock market on Friday closed the week on a bearish note, as key performance indicators dipped by 0.07 per cent.Specifically, the market capitalisation declined by N48 billion, or 0.07 per cent, to N70.462 trillion from N70.510 trillion recorded on Thursday.The All-Share Index also dropped by 0.
07 per cent or 76.07 points to close at 111,742. 01 down from 111,818.08 posted on Thursday. The decline was largely attributed to sell-offs in heavyweight stocks like Beta Glass, NCR Nigeria, Conoil, Legend Internet and 33 others.Also, the market breadth closed negative with 37 stocks declining against 28 gainers.On the flip side, Beta Glass declined by 10 per cent, closing at N232.65 while NCR Nigeria also lost by 10 per cent, finishing at N6.57 per share.Conoil dropped by 9.99 per cent, settling at N298.10 and Legend Internet fell by 9.94 per cent, closing at N6.16 per shareAlso, Industrial Medical Gases shed by 9.91 per cent, ending the session at N33.65 per share.On the gainers’ chart, Omatek grew by 9.86 per cent, settling at 78k while Red Star Express climbed by 9.62 per cent, closing at N8.32 per share.Deap Capital Management rose by 9.38 per cent, finishing at N1.05 and Sovereign Trust Insurance soared by 9.09 per cent, ending the session at N1.08 per share.May and Baker also increased by 8.26 per cent, closing at N11.80 per share.A total of 1.90 billion shares valued at N64.14 billion were traded across 18,653 transactions, in contrast to the 556.45 million shares worth N17.17 billion exchanged across 18,505 deals on Thursday.Transactions in the shares of United Bank for Africa topped the activity chart with 1.41 billion shares worth N49.02 billion.United Capital followed with 66.84 million shares valued at N1.32 billion while Access Corporation sold 53.97 million shares worth N1.19 billion.Fidelity Bank traded 31.38 million shares valued at N606.09 million and Zenith Bank transacted 29.93 million shares worth N1.46 billion. (NAN)NEWS
Customs Intercepts 39,425 Litres of Smuggled Petrol

The Comptroller-General of the Nigeria Customs Service, Bashir Adeniyi, said Operation Whirlwind intercepted 39,425 litres of petrol worth ₦39.4 million within Lagos-Ogun axis. Mr Adeniyi disclosed this on Friday at a news conference in Lagos, organised following recent petroleum product seizures by Operation Whirlwind at the Federal Operations Unit, Ikeja.
Represented by the National Coordinator of Operation Whirlwind, Asst. Comptroller-General Hussein Ejibunu, Adeniyi said it marked another milestone by operatives in the Lagos-Ogun axis. He attributed the success to officers’ dedication, commitment and resilience over the past year within the zone. Adeniyi said the Office of the National Security Adviser, NMDPRA, and Attorney General’s office all commended Customs’ efforts in intercepting smuggled petroleum products. He said, “On May 23, we were in Yola for a similar exercise where over 46,000 litres of seized PMS were auctioned. “Today, we are conducting another auction following seizures made at Laro, Imeko, Badagry, Owode, Ajilete, and other flashpoints.” He added that investigations confirmed the petrol was intended for smuggling into Benin Republic. A total of 1,577 jerrycans of 25 litres each — amounting to 39,425 litres — were seized, along with eight vehicles used for transportation. Adeniyi stated that the seized petrol had a duty paid value of ₦39.4 million, and the vehicles were valued at ₦24 million, totalling ₦63.4 million. He reiterated that there was no safe haven for smugglers, and Customs would continue disrupting illegal activities to the barest minimum. The CGC directed that the seized petrol be auctioned immediately to Nigerians in 25-litre jerrycans at ₦10,000 each. He thanked strategic partners—ONSA, the Attorney General’s office and NMDPRA—for their unwavering support and cooperation. Adeniyi added that the success of Operation Whirlwind was due to strong collaboration with these agencies. “Since Operation Whirlwind began in 2025, Customs officers have not fired a single shot, and four suspects are currently facing trial,” he said. Comptroller Charles Orbih, Zonal Coordinator, Zone ‘A’ of NCS, reaffirmed the service’s commitment to protect Nigeria’s economy and ensure policy benefits reach all citizens. He noted that every litre smuggled across the borders causes revenue loss, scarcity, market instability and weakens energy security. “Operation Whirlwind, launched by the National Security Adviser’s office, proves Nigeria Customs is capable of defending and securing the nation’s borders,” Orbih stated. Comptroller Muhammed Shuaibu, FOU Zone ‘A’, commended Customs Management for the success achieved during Operation Whirlwind. He said the seizure was a joint effort by officers committed to combating smuggling and protecting the nation’s borders. He added that the seizure would help revive the economy, and Customs would maintain its focus on revenue generation and supporting legitimate trade. Mr Patrick Musa, of the NSA’s Lagos Zonal office (NMDPRA), said the operation proved Customs’ competence in border protection. He noted that NMDPRA, mandated with petroleum distribution, would continue collaborating with Customs and other agencies to stop petrol smuggling. Mrs Abidemi Aluko, representing the Attorney General’s office, appreciated the CGC, Customs officers and partner agencies for curbing petrol smuggling. “This is not business as usual. Suspects are currently under investigation for illegal petroleum dealings and will face trial,” she said. Quoting relevant laws, she stated the offence carries a sentence of life imprisonment or a fine, including forfeiture of transport means. “The Federal Government remains committed to prosecuting and bringing to justice those involved in petrol smuggling,” Aluko added. She called on sister agencies and stakeholders to strengthen collaboration to fight economic sabotage. In his closing remarks, ACG Kola Oladeji thanked the CGC for his leadership and enabling environment that contributed to the operation’s success. Oladeji urged officers to stay committed and intensify efforts to enhance national security. (NAN)