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SERAP gives CBN seven days to explain missing $6.2m election fund

*** Another N1.63 trillion missing public funds
*** Says magnitude of findings requires urgent, independent, transparent action
By Chidera Orji
The Socio-Economic Rights and Accountability Project, SERAP, has given the Central Bank of Nigeria, CBN, seven days to account for $6.23 million election money and over N1.63 trillion missing public funds.
SERAP made the demand in a letter dated September 26, 2026, signed by its Deputy Director, Kolawole Oluwadare.
According to SERAP, the Auditor-General’s 2023 report published on August 7, 2026, exposed the missing funds.
SERAP listed the funds as N1.25 trillion unrecovered intervention loans given to state governments; N116.18 billion loans to distressed and liquidated banks; N262.86 billion shared under Anchor Borrowers Programme; and $6.23 million payment linked to alleged election funding request said to be made by former President Muhammadu Buhari.
SERAP asked the CBN governor, Olayemi Cardoso, and the apex bank to explain how over N1.25 trillion intervention loans given to states and N116.18 billion loans to distressed banks disappeared, and to publish names of those who collected the money and how they plan to recover it.
The group also told CBN to give full details of the N262.86 billion shared under Anchor Borrowers Programme, including names of beneficiaries, how much each person got, how the money was used and how CBN wants to recover it.
On the $6.23 million election money, SERAP asked Cardoso and CBN to explain how the money was spent after an alleged request by former President Buhari, and to publish a report of internal investigation, who is responsible and how the money will be recovered.
“The accountability of public institutions, including the CBN, is a crucial pillar of Nigeria’s constitutional democracy.
“The magnitude and nature of these findings require urgent, independent and transparent action, as they raise fundamental questions about the custody, expenditure, accounting, safeguarding and recovery of public resources,” parts of the letter read.
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2027: Atiku desperate to rule Nigeria– Presidency

*** As Fani-Kayode mocks him over repeated attempts at Presidency
*** Money won’t be Tinubu’s problem, says Umahi
President Bola Tinubu’s Political Adviser, Ibrahim Kabiru Masari, has advised that former Vice President Atiku Abubakar’s political ambition would not be achieved through desperation, adding that African Democratic Congress, ADC, candidate, is joking about his 2027 presidential ambition.
Addressing members of the Jigawa State Academics Forum, Masari said: “Even Atiku himself knows he is just joking and kidding.”
This is as Nigerian High Commissioner to South Africa, Femi Fani-Kayode, has mocked former Vice President Atiku Abubakar over his long quest to become Nigerian President.
Masari claimed that the All Progressives Congress, APC, is Nigeria’s dominant political party, adding that the 2027 election is a choice between continuing the Tinubu administration’s programmes and returning to the opposition.
He cited infrastructure development, economic diversification, security and poverty reduction as areas the administration was prioritising.
Masari also commended the Jigawa State Academics Forum for endorsing President Tinubu and Governor Umar Namadi for another term.
Fani-Kayode shaded Atiku in a piece titled, ‘The Seventh Bid of Waziri’.
According to him, Atiku has spent 33 years trying to become Nigeria’s President.
The ex-Minister of Aviation equally highlighted Atiku’s political journey as well as his fight with former President Olusegun Obasanjo.
Fani-Kayode noted that Atiku began his quest in 1993 when he contested the Social Democratic Party, SDP, presidential primary.
According to him, Atiku later contested the 2007 election under the Action Congress, took part in the PDP primary in 2011, contested the APC primary in 2015, and was PDP’s candidate in 2019 and 2023.
The Nigerian ambassador to South Africa added that Atiku’s repeated attempts to become President are surprising given how long he has remained in the race.
“Waziri Atiku Abubakar, the former Vice President of Nigeria, has attempted to become President of our nation no less than six times and his latest attempt is the 7th.
“In a country of 230 million people one man has been trying to be President for 33 years, has failed each time, and is now attempting it again for the 7th time,” Fani-Kayode wrote.
Meanwhile, the Minister of Works, Senator David Umahi, has said lack of funds will not be a challenge in the 2027 election campaigns for President Bola Tinubu, Ebonyi State Governor Francis Nwifuru and other candidates of the All Progressives Congress, APC.
Umahi made the declaration at the grand finale of the Ohanivo New Yam Festival held at Oshiri Primary School, Oshiri Development Centre, Onicha Local Government Area of Ebonyi State.
At the event, traditional rulers and other stakeholders from Onicha, Ohaozara and Ivo local government areas endorsed Tinubu for another term as President and Nwifuru for a second term as governor.
The endorsement followed a motion moved by a member of the Federal Civil Service Commission, Chief Ifesinachi Odii, and supported by Ogbuefi Enekwachi Akpa.
The community said the two leaders deserved another term based on what it described as their infrastructural projects and other achievements.
The people of Ohanivo also urged Nwifuru not to be distracted by the activities of what they described as “political merchants”, assuring him of their support ahead of the 2027 election.
Addressing the gathering, Umahi said his kinsmen were mobilising support for Tinubu, Nwifuru and other APC candidates.
He said he had more than 5,000 billionaire friends whose financial support, according to him, would be available during the election campaigns.
“We have nothing to worry about. Nothing. If it comes to money, I have over 5,000 billionaires who are my friends. Money will not be a problem.
“This election will be a movement. It will be a movement. The movement of our peace in Ebonyi State. The movement of our peace in Southeast,” Umahi said.
The former Ebonyi governor said the APC would embark on grassroots mobilisation across the state, urging residents to vote for Tinubu, Nwifuru, Senator Anthony Ani and other APC candidates.
“We go from house to house to educate our people. All our votes will be for President Bola Ahmed Tinubu, all our votes will be for Governor Francis Ogbonna Nwifuru, and all our votes will be for Senator Anthony Ani and other APC candidates. This is the movement,” he said.
Umahi, however, urged APC supporters not to destroy campaign posters or disrupt the activities of opposition parties.
“You are free to campaign… But don’t cause trouble,” he said.
He added that he would continue to work with Nwifuru to secure what he described as “eight years” for the governor.
“We cannot be deceived. Southeast will support President Bola Ahmed Tinubu and make it a move,” Umahi said, adding that there was “no vacancy” in Ebonyi State ahead of the 2027 elections.
Nwifuru, who also spoke at the event, recalled the political developments that preceded his emergence as governor in 2023, saying the support he received from Ohanivo and other communities had strengthened his confidence to seek a second term.
“Today, this is my first time receiving a blessing personally for my second time in office. I tell you this for free. A lot of clans and tribes have been inviting me to attend their functions, and I deserve to take a blessing from them, and I had a chance.
“Because I waited for that of Ohanivo first. I say, ‘Four plus four,’” Nwifuru said.
The governor also commended Umahi for his role at the federal level, describing his representation of Ebonyi and the Southeast in the Federal Executive Council as effective.
He acknowledged the contributions of Ebonyi indigenes serving in the National Assembly and urged residents to assess lawmakers based on the development they attract to their constituencies.
Chairman of the occasion, Chief Enekwachi Akpa, said the New Yam Festival was a celebration of thanksgiving, culture, hard work, unity and prosperity.
He urged youths and indigenes in the diaspora to remain connected to their roots and contribute to the development of the community.
Earlier, President General of the Ohanivo Development Association, Hon. Darlington Okereke, said the festival had contributed to peace and unity in the area.
He said the gathering was also an opportunity for the people to thank God for a bountiful harvest and strengthen their bonds as brothers and sisters, while stressing the need to preserve the culture and traditions of the people.
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High cost of living: New minimum wage now inevitable, says Keyamo

***Says N70,000 minimum wage no longer adequate
*** Admits high cost of living has eroded workers’ purchasing power
*** Calls for FG, Labour meeting over new wages
By Sam Otuonye
Minister of Aviation and Aerospace Development, Festus Keyamo, SAN, has called on the federal government to interface with the Nigeria Labour Congress (NLC) and Trade Union Congress (TUC) to agree on a new minimum wage to confront the lingering hardship in the country.
Keyamo, a former minister of state for Labour and Employment said the current N70,000 national minimum wage is no longer inadequate to meet the economic pressures confronting Nigerian workers.
The minister,who made the declaration when he spoke at the 2026 National Pre-Retirement Summit organised by XEM Consultants Limited, said the rising cost of living had eroded the purchasing power of workers, adding that there is an urgent need for an upward review of wages in the country.
Keyamo also accused some state governments and other agencies of treating their workers poorly, alleging that they ignore priorities like workers welfare, while senior officials approve large sums for international trips.
He said, “I will have none of it. Without these workers, we will not have a country,” he said.
“It’s not the machines or everything that you [have]; it’s the human factor. Without that, no machine will move.”
The minister stressed that national development depended on prioritising the welfare of workers, describing the human factor as central to productivity and effective public service.
He argued that issues affecting workers’ welfare and productivity should receive priority over bureaucratic considerations, urging ministers and heads of government agencies to make workers’ interests a priority.
Earlier in his remarks, President of the Nigeria Labour Congress (NLC), Comrade Joe Ajaero, called on the Federal Government to use increased oil revenues to cushion workers and other Nigerians from the impact of rising fuel prices.
Ajaero noted that the recent increase in international oil prices had created additional revenue for oil-producing countries and urged the government to deploy part of the gains to support citizens facing higher transportation and food costs.
“As one of the oil-producing countries, they are making trillions because of the problem in the Strait of Hormuz. You can see that oil was pegged at maybe $70 or whatever dollars. It’s $100, so they are making an extra $30 or $40.
“Now, can’t you use this money to embark on some interventionary measures like other countries where this is affected, so that we’ll now be alive till the time when they will say minimum wage?”
The NLC president emphasised that minimum wage negotiations should focus on workers’ real purchasing power rather than nominal figures, taking into account inflation, fuel prices, food costs and other economic factors, saying that a nominally high wage could lose its value if the prices of basic commodities rose sharply.
“Assuming one naira is equal to $1, I would advise Nigerian workers to remain at ₦70,000 because that would be big money for them, but you can see that you can equally get one million naira and a bag of rice is ₦500,000, so what of that? What happens?
“Unless you index it either based on cost of living index or inflation, immediately inflation goes like this, automatically it will adjust to this, as it is affecting pension, so it affects salaries; and those are some of the things that will enable us to agree on something.”
On minimum pension, the NLC president said it should be negotiated alongside the minimum wage because workers and pensioners were both affected by prevailing economic conditions.
He explained that the next minimum-wage review was expected around March or April, stressing the need for an urgent government discussion with Labour over a new minimum wage
According to him, labour’s immediate concern was how workers could cope with the current economic pressures before the next review.
“This minimum wage is supposed to expire March–April, so the conversation ought to start early. That’s a three-year cycle,” he said.
“But now we are more concerned on ‘give us this day’ — how to survive today before that time. Because these policies of the fuel going up, jumping up, and the Nigerian government is making a whole lot of money from it.”
Ajaero also questioned the effectiveness of government measures designed to reduce transportation and energy costs, including the Compressed Natural Gas (CNG) programme.
“Are we even producing enough in terms of food, reliance on food? Now, between that time and now, the most troublesome problem for a worker, which happened to be transportation — the CNG policy, did it work? Where and where can you refill your tank? How many vehicles have been converted to CNG? How many electric vehicles are on the road?” he queried
He advised further that controlling factors such as inflation, transportation costs, food prices and currency pressures would make it easier for workers to cope with prevailing economic conditions.
The Chief Executive Officer of XEM Consultants Ltd. and convener of the summit, Dr. Eugenia Ndukwe, said the event was designed to equip senior professionals with strategies and skills for a productive and fulfilling retirement.
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Stop granting loans to Nigerian govts, CSOs, ActionAid, others tell World Bank, IMF, others

*** Stage protest at Finance Ministry
***Say FG loans increasing burden on Nigerians
***As Soludo releases fresh document linking Obi to ₦127bn loan as governor
By Sam Otuonye
As Nigerians groan under hardship and continuous foreign loans servicing by both the federal and state governments, a group of Civil Society Organisations (CSOs), the ActionAid Nigeria, as well as market women, university students took to the streets in Abuja, on Thursday to protest the continued granting of killer loans to the federal and state governments by both the World bank and the International Monetary Fund (IMF).
Nigeria’s total public external debt is currently put at approximately $51.9 billion as of the first quarter of 2026, amid mounting economic pressures and rising public concern.
A large portion of Nigeria’s external loans comes from institutions like the World Bank (through the International Development Association) and the International Monetary Fund (IMF).
The National Assembly approved major external borrowing plans exceeding $21 billion for 2025–2026, alongside additional multi-billion dollar credit facilities aimed at infrastructure and port rehabilitation.
The protesters who blocked the gate of the Federal Ministry of Finance in their numbers , displaying sbanners and placards with several anti government and international financial agencies inscriptions decried what it described as Nigeria’s rising debt stock and the Federal Government’s continued borrowing.
They called on the Federal Government to reconsider further borrowing, while urging the World Bank and International Monetary Fund, IMF, to stop extending additional loans to Nigeria.
They regretted that continued borrowing was placing a growing burden on Nigerians and called on the international financial institutions to “let Nigeria breathe,” expressing concerns over the country’s debt accumulation and its implications for citizens and the economy.
This is as the Anambra state government has released fresh document linking the state’s former governor and presidential candidate of the Nigeria Democratic Congress (NDC), Peter Obi to external loans to the tune of $125.77billion obtained during his administration
The government, in a post on its media handle on X on Thursday, shared a graphic listing eight external loan facilities for projects covering malaria control, healthcare, education, erosion management, agriculture and community development.
Governor Chukwuma Soludo had on Tuesday, sparked controversy and debate, when he alleged that Obi left the huge amount in debt as governor, adding that his administration is still servicing the loans obtained by the former governor
The fresh document noted that about eight facilities had a combined original value of $123.77 million, while $92.35 million was listed as outstanding as of June 30, 2026.
The government valued the outstanding amount at about ₦127.37 billion. The figures correspond with those contained in the state government’s earlier statement citing Debt Management Office records.
According to the document, “As of when Obi left office on 17th March 2014, there were 8 different external borrowings for malaria, erosion control, education, healthcare etc (see attached poster) which the present administration services with hundreds of millions of naira monthly,”
Obi has however rejected the claims, insisting that he left unpaid financial obligations, which were also admitted by the successive administration of former governor Willy Obiano, before Soludos allegations
Obi in a statement issued on Wednesday by the national coordinator of Obedient Movement, Tanko Yinusa, challenged the state government to provide evidence.
The Obidient Movement, also circulated Obi’s 2014 handover document as part of its response to the allegations.
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