From Mike Tayese, Yenagoa

The Nigerian Content Development and Monitoring Board (NCDMB) has reaffirmed its strong support to the African Petroleum Producers Organisation (APPO) and its newly established financial institution – the Africa Energy Bank (AEB).

The Executive Secretary of NCDMB, Felix Omatsola Ogbe made the pledge recently when the new Secretary General of APPO, Farid Ghezali paid him a courtesy visit at the Board’s Abuja liaison office, in company with senior officials of APPO, Bakary Traore and Tchananti Sahguir.

The meeting came on the heels of Nigeria’s handing over of the fully set up office of AEB on Monday, paving way for the Bank’s launch by APPO and Afreximbank – owners of the institution.

The Executive Secretary conveyed the agency’s strong support to APPO and the Africa Energy Bank’s success, noting that the future of the African oil and gas industry depended largely on the performance of both institutions.

“The NCDMB stands ready to provide operational support for the bank’s launch, in full alignment with the directives of President Bola Ahmed Tinubu and the Honourable Minister of State for Petroleum Resources (Oil), Senator Heineken Lokpobiri,” he noted.

The APPO Secretary General who assumed office in January 2026 sought the continued support of NCDMB to actualise APPO’s operations, recalling the long standing relationship between the institutions.

While outlining plans for improved transparency in the association’s operations, he advocated for timely financial contributions from member countries, recruitment of new members, and an expected increase in subscriptions.

He announced that Mauritania is anticipated to join APPO soon, further strengthening the organization’s continental reach Farid Ghezali emphasized the critical need for a transparent selection process of the Governing Board of the Africa Energy Bank, as well as structure and governance process, ensuring all APPO member countries remain equally informed of developments in the bank. He underscored the importance of rigorous Know Your Customer (KYC) and credibility requirements to build a credible and inclusive institution.

Discussions at the meeting also explored innovative capacity-building measures. Ghezali proposed developing an interactive platform to showcase African-certified companies in key specialties, while recommending the leveraging of NCDMB’s renowned Nigerian Content Academy for training and skill development across member states.

Both sides agreed on the need for equitable distribution of project benefits, harmonization of codes and regulations, technical assistance, knowledge sharing, honest collaboration, and the promotion of regional markets, particularly in West Africa, under the African Continental Free Trade Area (AfCFTA) framework.

Key decisions included launching the interactive local content platform in the first half of 2026, prioritizing financial discipline, circulating relevant roadmaps to stakeholders, following up on outstanding contributions, and providing operational support for the launch.

Ogbe requested that APPO circulate the detailed roadmap, implementation timeline, and an update on the financial position, while scheduling a follow-up meeting to track progress. The meeting concluded on a positive note, with all parties renewing their commitment to transparency, genuine collaboration.

The engagement underscores NCDMB’s pivotal role in advancing Africa’s energy agenda through strategic partnerships like the AEB, which aims to mobilize significant financing for oil, gas, and energy projects, addressing historical funding gaps and promoting sustainable development across the continent.

By Ubong Ukpong, Abuja

Chief of Defence Staff (CDS), General Olufemi Oluyede, has called for urgent strengthening of the Nigeria Police Force (NPF) and the Nigeria Security and Civil Defence Corps (NSCDC) to consolidate the gains recorded by the Armed Forces in the fight against insurgency and banditry across the country.

Oluyede made the call on Tuesday during the 2025 budget appraisal and defence of the 2026 budget proposal at the National Assembly Complex, Abuja.

He noted that the police and civil defence, which have larger personnel strength and wider community reach than the Armed Forces, must be adequately equipped to take over and secure areas already cleared of criminal elements by the military.

“If these institutions are strengthened, they can effectively hold and secure territories where the Armed Forces have succeeded, ensuring that such areas remain safe,” the CDS said.

Providing an overview of the nation’s security situation, Oluyede disclosed that arrangements had been concluded to deploy Special Forces to Kwara State and parts of Niger State to address the recent surge in insecurity. He stressed, however, that the Armed Forces alone could not resolve the challenges.

He also assured Nigerians that renewed efforts were underway to tackle lingering security threats in the Middle Belt, particularly in Benue and Plateau states, by taking the fight directly to insurgents’ hideouts.

 “We are doing everything within our capacity to ensure that Nigeria becomes safer,” Oluyede said. “As we speak, the situation has improved significantly in the North-East. In the North-West, we still face serious challenges, and the same applies to parts of the North-Central, including Benue, Plateau and even Kwara. But we are evolving modalities to address these challenges within the resources available to us.”

He revealed that new Special Forces had been deployed to Benue and Plateau, while a new Joint Task Force, code-named Operation Savannah Shield, would soon be inaugurated to specifically cover Kwara State and parts of Niger State.

 “We are pulling resources from other theatres to strengthen this operation and ensure improved security in the area,” he added.

The CDS further disclosed that Nigeria was partnering with some allied countries to bridge gaps in intelligence gathering, stressing that such partnerships were being streamlined to safeguard the country’s sovereignty.

“Our partners have been quite helpful, particularly in intelligence. But we are careful to streamline these collaborations in line with the guidelines of Mr President, to ensure that Nigeria’s sovereignty is not compromised,” he said.

Oluyede emphasised that the Armed Forces lacked the manpower to be deployed everywhere at once, noting that continuous movement of troops from one theatre to another had placed enormous strain on personnel.

 “The soldiers hardly have rest because we don’t have the numbers. Recruiting more personnel comes with other challenges—housing, logistics and welfare. That is why strengthening the police and civil defence is critical. They have more men and better reach to fill the gaps after military operations,” he said.

Chairman of the House Committee on Defence, Rep. Babajimi Benson (APC, Lagos) said Nigeria’s contemporary security challenges could not be addressed through kinetic approaches alone.

While acknowledging the gains made by the Armed Forces and other security agencies, Benson stressed that sustainable peace required complementary non-kinetic strategies.

 “The defence and security sector occupies a central place in Nigeria’s development discourse. No nation can make sustainable progress without guaranteeing the safety of lives, property and critical national assets,” he said.

He noted that persistent security threats underscored the need for deeper institutional reforms, improved inter-agency coordination and smarter deployment of scarce resources.

By David Torough, Abuja

Fresh allegations of large-scale financial irregularities, abuse of office and governance breakdown have rocked the Nigeria Social Insurance Trust Fund (NSITF), following petitions by the Arewa Revival Project calling for urgent investigations into the activities of the Managing Director/Chief Executive Officer, Mr.

The civic accountability and good-governance advocacy group has formally petitioned the Economic and Financial Crimes Commission (EFCC), the Independent Corrupt Practices and Other Related Offences Commission (ICPC), the Office of the Auditor-General of the Federation, the Federal Ministry of Finance under the Whistleblower Policy, the Federal Ministry of Labour and Employment, the NSITF Management Board, as well as organised labour bodies including the Nigeria Labour Congress (NLC) and the Trade Union Congress (TUC).

At the centre of the controversy is the management of ₦297,019,145,288.60 reportedly collected between January 2 and October 9, 2025, under the Employees’ Compensation Act (ECA).

The Employees’ Compensation Scheme is funded through compulsory employer contributions amounting to one per cent of payroll, designed to compensate Nigerian workers who suffer injury, disability or death in the course of employment.

Senior NSITF officials cited in investigative reports stressed that the funds administered by the agency are trust funds belonging exclusively to workers, not government revenue.
“This is not government money. This is workers’ money, contributed mandatorily under the law,” one senior official was quoted as saying. “Every kobo is supposed to be protected by layers of checks and balances.”

Documents reviewed by investigators reportedly show that out of the total inflow of ₦297.02 billion, expenditures of ₦243,203,518,621.17 were recorded within the same period.

Multiple sources allege that a significant portion of the expenditure was made without the approval of the NSITF Management Board, in violation of the NSITF Act and federal financial regulations. Insiders described the development as a “complete collapse of safeguards” meant to protect workers’ funds.

‘No Approval Limit’ Resolution Raises Questions
Central to the allegations is an internal document dated March 4, 2025, said to have been extracted from the minutes of the 46th Executive Committee (EXCO) meeting chaired by Mr. Faleye.

According to the document, financial approval limits were set at ₦25,000 for other General Managers, ₦50,000 for the General Manager (Finance), ₦750,000 for other Executive Directors, and ₦1 million for the Executive Director (Finance and Investment).

However, under the same resolution, the Managing Director/Chief Executive Officer allegedly approved “no limit” for his own spending authority.

Sources claim this effectively granted him unrestricted powers to approve payments of any amount without recourse to the Board or external oversight.

“He simply wrote and signed a document granting himself ‘No Approval Limit’,” a senior official alleged. “There is absolutely no legal basis for this in the NSITF Act or federal financial regulations.”

Under existing federal thresholds, Managing Directors of government parastatals are reportedly capped at ₦30 million for works and ₦10 million for goods and services, subject to board oversight.

Another major allegation involves the operation of more than 100 bank accounts allegedly linked to a single Bank Verification Number (BVN) said to belong to Mr. Faleye.

Documents reportedly indicate that the BVN, registered on June 10, 2015, with Guaranty Trust Bank, Ajose Adeogun Branch, is associated with numerous accounts, some of which allegedly received funds traceable to NSITF operations.

“The scale is staggering,” an insider said. “You don’t run over 100 accounts accidentally. This points to systematic structuring.”

$7.3 Million and Naira Inflows Traced
Investigators also reportedly traced inflows of more than $7.3 million, alongside hundreds of millions of naira, into accounts linked to Mr. Faleye and entities allegedly associated with him.
Among the transactions listed in documents reviewed are: $336,917.00 and $6,743,421.00 into two separate GTBank USD accounts bearing his name;
₦291,182,605.00 into a GTBank naira account in his name; ₦584,950,000.00 and $626,279.00 into accounts linked to Fides & Fiducia; ₦93,757,500.00 into a Zenith Bank account linked to Fides & Fiducia; $20,000.00 into a Pluschess Limited account; $75,558.00 into another GTBank USD account bearing his name.
“These are not small transfers,” a source familiar with the documents alleged. “The volume, frequency and structuring suggest deliberate efforts to move and possibly conceal funds.”

Further allegations concern commission payments totalling ₦5,533,517,486.90, allegedly approved without the consent of the NSITF Management Board or the supervising ministry.

The payments reportedly include ₦1.38 billion to Assurance Services ST ADBA Ltd; ₦865 million and ₦648.75 million to TAGG Global Resources Ltd; ₦683.78 million and ₦659.30 million to Rate Seal Support & Project Ltd; and ₦648.75 million each to Rate Gold Solution Nig Ltd and Gold Solution Nig Ltd.

Sources allege the commissions ranged between 15 and 20 per cent and were paid without lawful authority.

Faleye was appointed Managing Director in July 2023, while the NSITF Management Board was reportedly not constituted until around January 2025, creating a governance gap of more than one year.

“The Act expressly forbids Executive Management from spending funds without board approval,” a top official said. “If there is no board, spending should not take place.”

Reacting to the allegations, the Arewa Revival Project, led by Hon. Muttakka Ahmed Ibrahim, described the alleged acts as a grave betrayal of public trust if proven.

The group called on President Bola Ahmed Tinubu and relevant anti-corruption agencies to urgently investigate the claims to safeguard workers’ funds and restore confidence in public institutions.

When contacted, Mr. Faleye reportedly said he was not aware of the allegations. However, when questioned about the dollar accounts and alleged inflows, he reportedly ended the call.

The Permanent Secretary of the Ministry of Labour, Mr. Salihu Usman, reportedly denied prior knowledge of the alleged transactions, while the Chairman of the NSITF Board, Mr. Shola Olofin, requested time to verify the claims.

All allegations remain unproven and subject to investigation. Observers say the unfolding developments present a major test of Nigeria’s public finance accountability framework, particularly in institutions entrusted with safeguarding workers’ welfare.

As investigations begin, millions of Nigerian workers await clarity over the safety of funds intended to protect them in times of injury, disability and loss.