Engr. Farouk Ahmed, Chief Executive of the Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA), has issued a disclaimer distancing himself from a purported response circulating online regarding recent corruption allegations levelled against him by billionaire businessman Aliko Dangote.

In a statement titled “DISCLAIMER/CLARIFICATION” personally signed by Ahmed, he categorically denied authoring or authorising any prior public response to the claims.

He said: “My attention has been drawn to a purported response I was said to have made on the recent allegations against my person,” the statement read.

“I hereby state categorically that the so-called statement did not emanate from me.

“Ahmed acknowledged awareness of what he described as “wild and spurious allegations” targeting him and his family, which have sparked significant public attention. However, citing his role as regulator of a sensitive industry, he said he has deliberately avoided engaging in public exchanges or “brickbats.”

“Thankfully, the person behind the allegations has taken it to a formal investigative institution,” Ahmed noted. “I believe that would provide an opportunity to dispassionately distill the issues and to clear my name.

“The disclaimer comes amid escalating tensions in Nigeria’s petroleum sector. Dangote, president of Dangote Industries Limited, recently petitioned the Independent Corrupt Practices and Other Related Offences Commission (ICPC) to investigate Ahmed over claims of living beyond legitimate means, including alleged multi-million-dollar expenditures on his children’s education abroad.

The ICPC has confirmed receipt of the petition and stated it will be duly investigated.Ahmed’s statement signals his preference for the matter to be resolved through official channels rather than media debates.

The Senate has approved the sum of N54.46trillion as the federal government’s aggregate expenditure for the 2026 fiscal year.

This followed the passage of the 2026–2028 Medium Term Expenditure Framework and Fiscal Strategy Paper (MTEF/FSP) during plenary yesterday.

The Senate also approved the sum of US$64.85 per barrel as the oil benchmark, projected aggregate revenue of N34.33 trillion, Fiscal Deficit of N20.13 trillion, borrowings of N17.88 trillion, Debt Service of N15.52 trillion, and Pensions, gratuities, and retirees’ benefits of N1.376 trillion.

The approval of the fiscal document followed the presentation and consideration of the report of the Senate Committees on Finance during plenary.

The report was presented by the Chairman of the Committee, Senator Mohammed Sani Musa (APC – Niger East).

The Central Bank of Nigeria (CBN) has revoked the operating licences of two primary mortgage institutions, Aso Savings and Loans Plc and Union Homes Savings and Loans Plc, citing persistent regulatory violations and severe financial weaknesses.In a statement released on Tuesday by the Acting Director of Corporate Communications, Hakama Sidi Ali, the apex bank said the revocation was carried out under powers conferred by Section 12 of the Banks and Other Financial Institutions Act (BOFIA) 2020 and Section 7.3 of the Revised Guidelines for Mortgage Banks in Nigeria.

The CBN stated that the affected institutions breached multiple provisions, including failure to meet the minimum paid-up share capital requirements for their licence categories, having insufficient assets to cover liabilities, critical undercapitalisation with capital adequacy ratios below prudential minima, and non-compliance with several regulatory directives.

“This action is part of ongoing efforts to reposition the mortgage sub-sector, promote a culture of compliance with relevant laws and regulations, and ensure the stability of Nigeria’s financial system,” the statement read.

The revocation comes amid long-standing challenges for both institutions, which were delisted from the Nigerian Exchange (NGX) in 2024 for failing to submit audited financial statements for over six years.

Reports have also highlighted customer complaints over trapped deposits and governance issues.

Following the licence revocation, the institutions are no longer authorised to operate as licensed financial entities.

The Nigeria Deposit Insurance Corporation (NDIC) has commenced the liquidation process and begun payments of insured deposits up to ₦2 million per depositor.

The CBN reaffirmed its commitment to safeguarding depositors’ interests and maintaining financial system stability, adding that it will continue enforcing strict regulatory standards across the sector.

Depositors have been urged to await further guidance from the NDIC on claim settlements.