COVER
Senate, Reps Investigate N483bn Intervention Loan Disbursements, NIMASA
By Eze Okechukwu & Ubong Ukpong, Abuja
The Senate yesterday revisited an alleged uneven disbursement of intervention loans to the tune of N483 billion by development financial institutions among the six geopolitical zones in the country.
The Senate raised a seven-man an Ad- hoc Committee to carry out a holistic investigation into the matter and report back in four weeks for further legislative action.
Chairman of the Committee is Senator David Umahi.
Other members are senators Babangida Oseni, Ali Ndume, Sani Musa, Tokunbo Abiru, Ipalibo Banigo and Chizoba Chukwu.This followed the debate of a motion by Senator Ali Ndume (Borno South), which was supported by 64 other senators on the need to holistically investigate the disbursement of loans by Development Bank of Nigeria, NIRSAL and related Banks to micro, small and medium scale enterprises (MSMEs) in Nigeria from 2015 to date.
Our Correspondent recalls that the same motion by Ndume and three others was investigated by an ad- hoc committee in the 9th Senate and a report was submitted by the panel headed by Senator Sani Musa (Niger East).
Deliberating on the motion at plenary yesterday, the Senate noted that the huge disparity and uneven distribution of half a billion Naira to states in the six geopolitical zones of Nigeria and the states in the country in 2021 by the Development Bank of Nigeria called for concern.
“Aware that the Bank’s Annual Integrated Statutory Report 2021obtained on 13th July, 2022 from the organisation’s website showed that the Bank disbursed a loan worth Four Hundred and Eighty Three Billion Naira (N483,000,000,000) only out of which only 11 percent went to the 19 states of Northern Nigeria, while 47percent went to Lagos State alone.
“Also aware that the 13 percent of the loan that went to the North totals about about Fifty Three Billion , One Hundred and Thirty Million Naira (N53,130,000,000) while the 47 percent that went to Lagos State alone totals Two Hundred and Twenty Seven Billion and Ten Million Naira (N227,010,000,000) only..”
According to the breakdown of the loan presented by Sen Ndume, “the South West got 57 percent worth N274,740,000,000; South South got 17 percent worth N81,940,000,000; North Central got 11 percent worth N53,020,000,000; South East got 9 percent worth N43,380,000,000; North West got 5 percent worth N24,100,000,000; North West and North East got just One percent worth N4,820,000,000.”
Recall that the Development Bank of Nigeria exists to alleviate financing constraints being faced by Micro, Small and Medium Scale Enterprises (MSMEs) in Nigeria through providing finances, partial credit guarantees and technical assistance to eligible financial intermediaries on a market – conforming and fully financially sustainable basis.
Senator Ndume also noted that the top five sectors considered for the loan were oil and gas (42.0 percent), manufacturing (16.0 percent) , agriculture, forestry and fisheries (7 .2 percent), trade and commerce (6.3 percent), and transportation and storage (3.5 percent),
However, there was mild drama as senators took time to dissect the motion. It started with Seriake Dickson (PDP, Bayelsa). No sooner than he suggested an additional prayer for the Ad- hoc investigation to be extended to look at all intervention loans by the CBN including Covid- 19 palliative, Anchor Borrows loan etc than it was dropped on the pretext that it will make the assignment of the ad- hoc committee unending.
However, in his contribution earlier, Sen. Orji Uzir Kalu (Abia North) said loans are gotten after due application and following the satisfaction of requisite requirements including bank guarantees.
For Olamilekan Adeola (Ogun West), Senator Ndume had the notion that his North East zone was short changed but forgot that the development financial institutions had laid down procedures to disburse loans. He however appealed that the motion be given a second look if Ndume felt bad about the facts.
Sen. Sani Musa (Niger East) who headed the former ad- hoc committee said it should be noted that there is difference between bank loans and palliatives.
While agreeing that development institutions has criteria gor granting loans, he said the institutional framework might not be strictly followed.
He disclosed that 65 percent of loans disbursed by DBN has been repaid.
Musa also said interest of northerners in applying for the loan may be restricted by religious belief that no interest should be paid on.loans while financial institutions take 17 percent on loan.
But Ndume interjected him saying he perfectly understood the workings of development institutions and their requirements. He claimed he got information presented from the website of the DBN and microfinance institutions involved.
A financial expert and retired banker, Sen. Isah Jibril advised that the DBN among other institutions is not wholly Nigerian but has foreign bodies like the World Bank and International Monetary Fund (IMF) as investment partners and they have their criteria which cannot be compromised by the Nigerian system.
He advised that Nigerians that failed to meet such requirement should approach other less cumbersome institutions such as the Bank of Industry and Bank of Agriculture.
Reps Investigate NIMASA over Fictitious Contracts, Funds Mismanagement
The House of Representative has set up an Ad-hoc Committee to investigate the allegations of Fictitious Contract award, gross mismanagement of Funds, as well as lopsided placement of Directors by the Nigerian Maritime Administration and Safety Agency, NIMASA.
This was sequel to a motion of urgent national importance brought before it at plenary yesterday, by Hon. Kingsley Chinda, Hon. Victor Ogbuzor, Hon. Cyril Hart Hon. Manu Soro and Hon. Manuchim Onwuzuirike.
The lawmakers observed in the motion, that the recent developments in the award of questionable and phoney contracts, fraudulent forex transactions, lopsided placement of Directors and other unwholesome and corrupt practices in the Nigerian Maritime Administration and Safety Agency (NIMASA).
They further noted that there have been several allegations of questionable, inflated and fictitious contract awards particularly for non-operational speed boats, security surveillance contracts and Deep Blue
Water Contract, revenue leakages as well as in the award of contracts to cronies of the Director-General and other top management staff of the agency
The legislators equally raised concerns about alleged under-remittance of debts owed the country by Shipping firms, with the consent and connivance of the agency.
They informed the House that the agency was alleged to have entered into a very dubious contract with a firm known as XPO Marine Limited’ for the lease of six speed boats, each at the rate of $173,930.00 monthly, without a Need Assessment for such facility being carried out by the relevant departments of the agency adding that the said XPO Marine Limited had earlier been indicted for defrauding the agency to the tune of $80,000 in revenue.
They said that they were aware of the security surveillance contract called Deep Blue Water Contract’ suspected to be conduit pipe by the management of the agency to pilfer funds.
They equally explained that the security contract tagged National Integrated Surveillance and Waterways Protection’ was also said to have been awarded to an Israeli firm HSLI Systems and Technologies Limited at the cost of $195,300,000.00, despite an existing facility which was a simple internet subscription via Lloyds Intelligence Platform for such operations.
The lawmakers said they were also cognizant of the fact that the agency was also said to have an existing surveillance system, called Lloyd’s List Intelligence, meant for tracking the movement of vessels on Nigeria’s Exclusive Economic Zone, EEZ.
They said there was evidence that the agency’s legal department had counseled against the consummation of the contract on grounds of some fraudulent claims in the agreement, but same was not heeded by the management.
The lawmakers also kicked as they expressed worry over other allegations such as abuse of office and lopsided appointment and placement of Directors of the Agency in favour of some interests to the detriment of others and in breach of S. 14(3) of the Constitution of the Federal Republic of Nigeria, 1999, as amended, as well as other unwholesome practices within the Agency.
“We are aware of allegations of high level corruption against the DG and top management of the agency in the form of withholding of remittable revenue by Gas Shipping Nigeria Limited, Daddo Marine Limited, Blue Seas Marine Services, Transocean Support Services Limited, leading to loss of huge revenue to the Federal government. Others are the award of contracts to the DG’s cronies and other top management staff of the agency in clear violation of the Procurement Act and other Financial Regulations. Such companies include COT Engineering Limited, Well Mann Construction Company
Limited, Retin Technical and Commercial Service Limited, Messrs. De-PK Ventures Limited, amongst others,” they said.
They further said these allegations were of grave nature that should not be swept under the carpet or dismissed with a wave of the hand, particularly as it relates to economic losses on the part of the government.
Consequently, the Ad-hoc Committee was mandated to thoroughly investigate all the allegations and report back within three months for further legislative actions.
By Laide Akinboade, Abuja
As part of efforts to reposition the newspaper for optimum corporate performance, the management of Asset Newspapers Limited, Publishers of DAILY ASSET, has announced the appointment of David Torough as the Editor of the Abuja-based national daily.
A statement by the management said the appointments were part of the company’s new strategy to further penetrate the various states in the country and raise its readership and patronage.
“DAILY ASSET is widely acceptable across the country and to maintain our leadership position, we need to increase management presence, hence the need to create new Bureau offices in some locations outside Abuja and Lagos,” the statement quoted the Publisher/ Editor-in-Chief, Dr Cletus Akwaya to have said.
In a statement yesterday, Publisher and Editor-in-Chief of the fast-growing daily, Dr. Cletus Akwaya said the appointment was part of the new strategy to properly situate the paper for better productivity.
“DAILY ASSET has a commitment with the Nigerian people. We are determined to weather the storm and give Nigerian readers a Newspaper that satisfies their yearnings and reading pleasure and we can only do that with the right set of professionals,” the statement said.
Akwaya, a former Commissioner of Information from Benue State said the difficult times being faced by Nigerians posed a great challenge to the media as the people deserved credible information with which to make choices.
“We have a bond with the people, to offer credible information at all times in the best tradition of the Nigerian Press and on this scale of objectivity, truth and fairness, we pledge to remain steadfast no matter the challenges,” Akwaya was quoted to have said.
He said the newspaper will maiantin its daily print run and circulation to all states of the federation and urged advertisers to take advantage of the deep penetration of the Daily Asset brand to send their messages.
Torough, the new Editor has had a steady rise in the Newspaper in the last five years.
A graduate of Mass communication of the Benue State University, Makurdi, Torough joined the company in 2022 as Benue State Correspondent. He was spotted for his brilliance and redeployed to Abuja the following year and promoted to Deputy News Editor. He was subswuently named Deputy Editor of the paper, a position he held until the recent appointment.
Torough has attended several journalistic workshops and trainings to properly equip himself for the task ahead.
The statement also said the Management named Eze Okechukwu as Deputy Editor.
Before his elevation as Deputy Editor, Eze has been Deputy Politics Editor and DAILY ASSET Newspaper correspondent covering the Senate, having joined the organization in 2021.
Born on March 10, 1975, Eze holds a Masters Degree in Mass Communication from the Enugu State University of Science and Technology.
Eze began his journalism career with Daily Star, Enugu and later worked with Daily Trust Newspaper, Abuja as sports reporter.
Aside from his journalistic excellence, he has a great deal of passion for sports.
From Ngutor Dekera, Kaduna and Aliyu Askira, Kano
Northern governors and traditional rulers yesterday called for the suspension of mining activities across the region for six months, blaming illegal mining for worsening insecurity in many states.The resolution was contained in a communiqué issued after a joint meeting of the Northern States Governors’ Forum and the Northern Traditional Rulers’ Council held at the Sir Kashim Ibrahim House, Kaduna.
The meeting, chaired by the Gombe State Governor and NSGF Chairman, Muhammadu Yahaya, had in attendance the 19 northern governors and chairmen of the 19 states’ traditional councils. The Forum expressed concern over the escalating violence in parts of the North, including the killings and abductions recently recorded in Kebbi, Kwara, Kogi, Niger, Sokoto, Jigawa and Kano states, as well as renewed Boko Haram attacks in Borno and Yobe.“The Forum extends its deepest condolences and solidarity to the governments and good people of the affected states,” the communiqué said, noting that the attacks on schoolchildren and other citizens had become “unacceptable tragedies” that required urgent collective action.It commended President Bola Tinubu for what it described as the Federal Government’s “firm response” to recent abductions and insurgency threats, especially the rescue of some abducted pupils.The governors also saluted security agencies for their sacrifices on the frontlines.“We resolved to renew our support for every step taken by the President and Commander-in-Chief to take the fight to insurgents’ enclaves in order to end the criminality,” the Forum stated.A major highlight of the meeting was the North’s renewed push for the establishment of state police, with governors and traditional rulers insisting that decentralised policing had become inevitable.“The Forum reaffirms its wholehearted support and commitment to the establishment of state police,” the communiqué added, urging federal and state lawmakers from the region to “expedite action for its actualisation.”On illegal mining, the governors said criminal mining networks were fuelling violence and providing resources for armed groups.As a corrective measure, they asked Tinubu to direct the Minister of Solid Minerals to impose a six-month suspension of mining activities in order to allow for a full audit and revalidation of licences.“The Forum observed that illegal mining has become a major contributory factor to the security crises in Northern Nigeria. “We strongly recommend a suspension of mining exploration for six months to allow proper audit and to arrest the menace of artisanal illegal mining,” it said.To strengthen the fight against insecurity, the governors also announced the creation of a regional Security Trust Fund.Under the proposed arrangement, each state and its local governments will contribute ₦1bn monthly, to be deducted at source under an agreed framework.They said the fund would help provide sustainable financing for joint operations, intelligence-driven interventions and coordinated security responses across the region.At the end of the meeting, the Forum reaffirmed its commitment to unity and collective responsibility.“Only through unity, peer review and cooperation can we overcome the pressing challenges before us,” it declared.The Forum agreed to reconvene on a date to be announced.Meanwhile, Nigeria’s worsening security crisis took a grim turn on Monday as bandits launched fresh attacks in Kano State, abducting 25 villagers, even as the Federal Government raced to secure the release of more than 300 Catholic school children kidnapped in Niger State.In the early hours of Monday, armed bandits invaded Unguwar Tsamiya—popularly called Dabawa—in Shanono Local Government Area of Kano State, whisking away nine men and two women after shooting into the air and assaulting residents. The attackers also rustled two cows.A resident lamented the community’s helplessness: “We cannot do otherwise; most of us cannot leave because we have nowhere to go. This is our place, our land and everything is here.”The assault came less than 24 hours after a similar attack on Yan Kamaye in Tsanyawa LGA, a community along the volatile Katsina border.In Niger State, National Security Adviser Nuhu Ribadu has assured distraught families of St. Mary’s Co-Education School, Kontagora that the more than 300 students and staff abducted on November 21 will return home “soon.” Ribadu, who led a high-level federal delegation to the school on Monday, said the abductees are safe, though he offered no specifics on their location or the status of rescue operations.According to Daniel Atori, spokesman for the Catholic bishop overseeing the school, the NSA reassured officials: “The children are where they are and will come back safely.”The St. Mary’s attack is part of a worrying resurgence of mass kidnappings reminiscent of the 2014 Chibok schoolgirls’ abduction. Security analysts warn that banditry has evolved into a “structured, profit-seeking industry,” with hundreds of Nigerians abducted in November alone.The Kontagora school abduction occurred the same week 25 girls were kidnapped in Kebbi State—victims who authorities say have since been rescued through “non-kinetic” means. About 50 of the St. Mary’s hostages have also managed to escape.Ribadu’s delegation, which included the Minister of Humanitarian Affairs and the Director-General of the Department of State Services (DSS), reaffirmed the government’s commitment to securing the freedom of all abducted citizens.As communities from Kano to Niger continue to bear the brunt of these violent incursions, the escalating spate of kidnappings underscores the urgent national demand for a more decisive and coordinated security response.
By David Torough, Abuja
The Economic and Financial Crimes Commission (EFCC) said former Attorney‑General of the Federation and Minister of Justice, Abubakar Malami, will face a team of interrogators at its office daily throughout December.A credible source in the EFCC said on Monday that the daily appearance was part of an ongoing investigation into the whereabouts of an alleged 490 million dollars Abacha loot secured through a Mutual Legal Assistance (MLAT) request.
The source said that Malami, who was summoned for interrogation by the EFCC on Saturday, was barred from leaving Nigeria for the next one month.According to the source, one of the conditions for his release on Saturday was that he should report daily to the EFCC Headquarters in Abuja for further interrogation.The source said Malami would have to appear daily at the anti-graft office due to the volume of the investigation and the seriousness of the charges against him.”We seized his passport, it is the normal routine during investigation, but he has to report at the EFCC headquarters in Abuja every day for the next month.”He will be reporting for further investigation throughout December.”He will be reporting every day, starting from Dec. 1st to Dec. 31st.He will appear before the team of investigators for the entire month of December.”He will be reporting to EFCC for investigation for the period because of the volume of the investigation and the seriousness of the charges against him,” the source added.According to the source, a fact sheet on the former minister revealed that Malami had several issues to clarify with the EFCC within the coming weeks.“We have asked him to explain the whereabouts of the $490 million Abacha loot secured through MLAT.“We didn’t say he stole money, but he should account for the loot. This is one of the issues he will clarify to our investigators.”The commission cited the large volume of documents he must review and the need for extensive interviews as reasons for seizing his passport.The source said EFCC would not engage in a war of words but would release its findings after a thorough investigation.Malami, in a statement by his media aide, Mohammed Doka, on Monday in Abuja, however, described the EFCC investigation as a political witch‑hunt.He confirmed he honored an EFCC invitation on Nov. 28, describing the engagement as fruitful and expressing confidence that the probe would vindicate him.Malami described the EFCC’s allegations as baseless, illogical and devoid of substance, insisting they collapse under factual scrutiny.
Thousands of Drivers Wrongly Fined for Speeding Since 2021
ShareThousands of drivers could have speeding fines cancelled after a fault saw some cameras falsely triggered on English A roads...
UK Unemployment Rate Rises to 5.1 Per cent
ShareThe UK unemployment rate in the three months to October has increased to 5.1%, according to official figures. That marked...
French Court Sentences Ex-DR Congo Rebel, Politician to 30 Years in Jail
ShareA French court has sentenced a former rebel leader and politician from the Democratic Republic of Congo to 30 years...
EEDC Explains Recent Decline in Power Supply across South-East
ShareThe Enugu Electricity Distribution Company (EEDC) has attributed the recent decline in power supply across the South-East to low electricity...
DMO Takes Sensitisation on Borrowing Guidelines to Northern States
ShareThe Debt Management Office (DMO) said that its World Bank-assisted workshop on borrowing guidelines was designed to intimate subnational entities...
Oborevwori Signs N1.729trn 2026 Budget, Three Other Bills into Law
ShareFrom Francis Sadhere, Delta Delta State Governor, Sheriff Oborevwori on Tuesday signed the 2026 Appropriation Bill of N1.729 trillion, tagged...
NCDMB Oil, Gas Parks Near Completion, Set for 2026 Inauguration
ShareThe Nigerian Content Development and Monitoring Board said its Nigerian Oil and Gas Parks Scheme, established to boost local manufacturing...
Nigeria Tops W’Africa’s Crude Refining as Other Countries Stages Competition
ShareNigeria is expanding its crude refining footprint in the face of apparent asset acquisition and development by other countries in...
AFCON 2025: Super Eagles Camp Swells to 22 Ahead Egypt Friendly
ShareThe Super Eagles camp in Cairo has grown to 22 players with the arrival of Blackburn Rovers defender Ryan Alebiosu,...
Hamann: Wirtz Made Wrong Choice Joining Liverpool
ShareLiverpool hero Didi Hamann believes Florian Wirtz made the wrong decision joining the Reds this summer. Wirtz, a £100m summer...