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Fed Govt to stop $418m Paris Club refund payment
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.
Financial services firm, United Capital Plc, has confirmed the death of six of its employees in the tragic fire that engulfed Afriland Towers on Broad Street, Lagos Island, on Tuesday, September 16, 2025.
This announcement brings the official death toll to ten, following an earlier confirmation by the Federal Inland Revenue Service (FIRS) that four of its staff also died in the incident.
The fire, which broke out just before 1:00 p.m. on Tuesday, tore through the six-storey commercial building, housing several offices and businesses, leaving widespread devastation and loss in its wake.
In an official statement released on Thursday, United Capital expressed deep sorrow over the loss of its staff.
“It is with profound grief that the Management and Staff of United Capital Plc announce the passing of six of our dear colleagues, following the tragic fire at Afriland Towers,” the statement read.
“Our departed colleagues were an integral part of our company and family. Their painful loss leaves an immeasurable void.”
The company extended its heartfelt condolences to the families, friends, and loved ones of the deceased, assuring them of continued support during this difficult time. Plans are underway for a memorial service to honour the victims.
United Capital also expressed appreciation to emergency responders for their swift intervention during the incident.
“In this moment of untold grief, we stand together in solidarity, drawing strength from one another as we navigate this period. May the souls of the departed rest in peace.”
Authorities are continuing investigations to determine the cause of the fire.
News
NNPC Trading Limited MD appointed as Nigeria’s OPEC representative
We congratulate Maryamu Idris, Managing Director of NNPC Trading Limited, on her appointment as the National Representative for Nigeria at the Organisation of the Petroleum Exporting Countries (OPEC).
The Nigerian National Petroleum Corporation Trading Limited says that its Managing Director, Maryamu Idris , has been appointed as Nigeria’s National Representative to the Organisation of the Petroleum Exporting Countries.
NNPCL announced the development on its X handle on Wednesday, and said Idris’s new role marks a pivotal step in representing Nigeria’s interests within the influential cartel of oil-producing nations.
“We congratulate Maryamu Idris, Managing Director of NNPC Trading Limited, on her appointment as the National Representative for Nigeria at the Organisation of the Petroleum Exporting Countries (OPEC),” the statement read.
The corporation hailed her achievements in many capacities in the oil sector.
Maryamu’s extensive experience in the energy sector includes leading Pricing and Valuation efforts within NNPC’s Crude Oil Marketing Division and serving as a Technical Advisor to Nigeria’s OPEC Delegation.
She also played a foundational role in Nigeria’s engagement with the Extractive Industries Transparency Initiative (EITI) and contributed to oil sector reforms through her work with the Bureau of Public Enterprises and the Oil and Gas Implementation Committee (OGIC).
News
FIRS loses 4 senior staff in Lagos Afriland Towers Fire
The deceased staff were identified as Mrs. Ekelikhostse George, Assistant Director; Mr David Sunday-Jatto, Assistant Director; Mrs. Nkem Onyemelukwe, Senior Manager; and Mr. Peter Ifaranmaye, Manager.
The Federal Inland Revenue Service, (FIRS) has confirmed the death of four of its senior staff members in the fire incident that gutted Afriland Towers on Broad Street, Lagos, on Tuesday.
The deceased staff were identified as Mrs. Ekelikhostse George, Assistant Director; Mr David Sunday-Jatto, Assistant Director; Mrs. Nkem Onyemelukwe, Senior Manager; and Mr. Peter Ifaranmaye, Manager.
In a statement confirming the incident, Mr Dare Adekanmbi, Special Adviser on Media to the FIRS chairman, said that the victims were trapped while on duty at the two FIRS offices located on the sixth and seventh floors of the building when the inferno broke out.
“Our Security and Safety officials quickly mobilized and contacted the fire service as soon as they were alerted. On getting to the scene, thick dark smoke was already billowing out of the building.
“The Management and entire staff are in deep shock and sorrow over the development,” he said.
Afriland Fire: United Capital Confirms Death of Six Staff, Death Toll Rises to 10
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