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Fed Govt to stop $418m Paris Club refund payment

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The Federal Government has made moves to block the redemption of about 62 promissory notes issued to consultants/contractors engaged by the Nigeria Governor’s Forum (NGF) and the Association of Local Governments of Nigeria (ALGON) to retrieve their shares of the Paris Club refunds.

The Federal Government, while faulting the procedure for the issuance of the promissory notes, has prayed a Federal High Court in Abuja to void the notes already issued.

In the suit, now before Justice Inyang Ekwo, the Federal Government and three others, listed as plaintiffs, want the court to, among others, set aside all the promissory notes and issue an order of perpetual injunction restraining the defendants and their agents “from exercising any proprietary rights” over the promissory notes.

Listed as defendants in the suit are: FSDH Merchant Bank Limited, Ned Munir Nwoko, Gregory Nangor Lar, Riok Nigeria Limited, Prince Orji Nwafor Orizu, Olaitan Bello, Dr. Ted Iseghohi Edwards, and Panic Alert Security System Limited.

Other plaintiffs in the suit are: the Attorney General of the Federation, the Minister of Finance, Budget and National Planning, and the Accountant General of the Federation.

The 62 promissory notes, valued at $418,953,668, were issued to the defendants on September 27, 2021 by the Debt Management Office (DMO) following judgments and orders of mandamus obtained against the Federal Government and the Minister of Finance by the defendants, who were said to have been engaged by the Federal Government and ALGON.

The plaintiffs are contending, among others, that the promissory notes are invalid, having been wrongly issued in violation of relevant laws.

They added that although the promissory notes were executed by the then Minister of Finance, Budget and National Planning and the Director General of the DMO, the notes were not signed as required.

The plaintiffs argued that “the promissory notes in issue were wrongly and unlawfully changed on the assets and revenues of the federation instead of the assets and revenues of the states and local governments, who incurred the applicable loans/debts”. 

A Principal State Counsel in the Federal Ministry of Justice, Mr. Oyinlade Koleosho, stated in a supporting affidavit that the promissory notes were wrongly and invalidly issued against the assets of the federation. 

The lawyer averred that sections 314 and 317 of the Constitution have separated the assets of a state or local government from the assets of the federation or the Federal Government of Nigeria.

Koleosho added that the 62 promissory notes issued to the defendants are invalid because they were charged on the assets of the Fed Govt, who is not indebted to any of the defendants (contractors/consultants).

The plaintiffs also claimed that the Federal Government of Nigeria did not engage any of the defendants, saying there is no valid consideration for the promissory notes issued to them (defendants). 

According to court documents, FSDH Merchant Bank Limited was issued 10 promissory notes for the total value of $67,925,661.00, at the rate of $6,499,561.00 per note (allegedly for the benefit of Nwoko).

Gregory Nangor Lar, who is described as Nwoko’s agent, was issued two promissory notes “for the account/benefit of the second defendant (Nwoko) for the total value of $732,511.00 at the rate of $366,256.00 per note”.

Riok Nigeria Limited was issued 10 Federal Government of Nigeria promissory notes issued for the total value of $142,028, 941.00, at the rate of $14,202,895.00 per note.

Prince Orji Nwafor Orizu was issued 10 promissory notes for the total value of $1,219,440.00 at the rate of $121,944.00 per promissory note.

Olaitan Bello is said to have been issued eight promissory notes for the total value of $215,195.00 at the rate of $21,524.00 per promissory note.

Dr. Ted Iseghohi Edwards is said to have got 10 promissory notes for the value of $159,000,000.00, at the rate of $15,900,000.00 per note.

Panic Alert Security System Limited was also issued 10 promissory notes for the value of $47,831,920.00 being the total value of the 10 notes, with a value of $4,783,192.00 per note.

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Boko Haram Denies Ceasefire with FG, Vows Continued Attacks

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Boko Haram has strongly denied reports of a ceasefire agreement with the Federal Government and insisted that it will continue its campaign of attacks.

In a statement released by the group, the militants dismissed claims of any truce or negotiated pause in hostilities, describing such reports as false and misleading.

The group reaffirmed its commitment to ongoing operations against government forces and other targets, vowing that its attacks will persist without interruption.

The denial comes against the backdrop of persistent insecurity in the northeast and other affected regions, where the group has maintained a long-standing insurgency.

Security sources note that the latest statement appears aimed at clarifying the group’s position and rejecting any suggestion of dialogue or de-escalation with the authorities.

Military and government officials have not issued an immediate detailed response to the claim, though security operations against the militants remain active. Authorities continue to urge vigilance as the group signals its intention to sustain violence.

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Police Raise Alarm Over Terrorists and Informants Spying on Schools, Other Targets

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Police authorities have raised a serious alarm over intelligence indicating that terrorists and their informants are actively spying on schools and other sensitive targets across the country.

According to security sources, the surveillance activities form part of a broader effort by extremist groups to gather information on soft targets, with educational institutions identified as particularly vulnerable. Officials warn that such reconnaissance could be a precursor to planned attacks and have called for immediate heightened vigilance by school administrators, security personnel, and the general public.

The police statement urges institutions to strengthen access controls, report suspicious individuals or activities promptly, and cooperate fully with security agencies. “We are treating these reports with the utmost seriousness,” a senior police official said, noting that the involvement of local informants makes the threat more difficult to detect.

The military has responded by confirming that it is closely monitoring the situation. In a brief statement, military authorities said relevant formations have been placed on alert and are working in coordination with the police and other security agencies to track and disrupt any potential threats.

Security experts note that schools and public gathering places have increasingly featured in the operational planning of terrorist groups in recent years, making continuous intelligence sharing and community awareness critical to prevention. Authorities continue to appeal for calm while stressing that proactive measures are already underway.

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Dangote Refinery IPO: SEC Warns Investors, ‘Don’t Pay Into Wrong Hands’

The warning effectively places investors on notice that interest in the IPO should not override basic due diligence, particularly in verifying where subscription applications are submitted and where payments are made.

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Aliko Dangote , flanks by her daughters and capital market regulators, during the gong opening ceremony on the NGX, Monday September 14,2026

The Securities and Exchange Commission (SEC) has warned prospective investors in the Dangote Petroleum Refinery and Petrochemicals Initial Public Offering (IPO) against fraudsters and unauthorised platforms seeking to divert subscription funds.

The warning came as the refinery’s was quoted on the Nigerian Exchange Limited (NGX) on Monday, September 14, 2026, marking a major milestone in the company’s planned public offer.

With strong public interest expected around one of Nigeria’s largest capital-market offerings, the SEC urged investors to deal only with officially designated and approved receiving agents, subscription channels and platforms.

“The public is hereby advised to exercise caution and ensure that all applications and payments relating to the IPO are made only through the officially designated and approved receiving agents/subscription channels and platforms,” the Commission said.

The regulator’s alert highlights growing concerns over the possibility of fake investment websites, cloned platforms, fraudulent payment channels and individuals posing as authorised agents to exploit the huge interest generated by the Dangote Refinery offer.

The SEC therefore advised prospective investors to obtain information about the IPO only through the Commission’s official channels, the issuer’s official channels and other channels specifically established and approved for the offer.

The warning effectively places investors on notice that interest in the IPO should not override basic due diligence, particularly in verifying where subscription applications are submitted and where payments are made.

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