Connect with us

News

Release $717.4m trapped funds to foreign airlines, Senate Urges CBN

Published

on

456 Views

The central Bank of Nigeria on Wednesday has been asked to release trapped $717,478,606 airlines funds in the country.

The Senate made the call to CBN while also allocating the sum of $25 million to airlines operating in Nigeria at its fourth-nightly dollar auction.

These resolutions were reached sequel to the consideration of a motion titled, ‘Current Issues on airlines blocked funds in Nigeria’, sponsored by Sen. Biodun Olujimi (PDP-Ekiti) at the plenary in Abuja and chaired by the Senate Committee on Aviation.

The vice chairman of the committee, Sen. Bala Na’Allah (APC-Kebbi) presented the motion on behalf of Olujimi.

The upper chamber of the National Assembly also called on the Federal Government to urgently reverse the current trend of increasing airlines blocked funds in Nigeria.

It called on President Muhammadu Buhari to direct the CBN Governor, Godwin Emefiele, to pay up the blocked funds to the affected airlines.

The Senate further appealed to the airlines operating in the country not to withdraw their services, saying efforts were ongoing to resolve the issue.

Moving the motion, Na’Allah said since January 2021, Nigeria has been the most challenging country in the world for the airlines to repatriate their funds to support their operation.

In February, Nigeria alone accounted for 44 per cent of total airlines blocked funds in the entire world.

The total airlines blocked funds in Nigeria as of March amounted to $717.4 million comprising matured bids that the CBN was yet to deliver, bids yet to mature, and cash balances in airlines’ accounts for repatriation.

News

Adelabu Submits Resignation Letter to SGF, Recommends Creation of Coordinating Minister for Energy

In a resignation letter dated April 22, 2026, and addressed to President Bola Ahmed Tinubu, Adelabu stated that his resignation will take effect on April 30, 2026, to enable him to focus on his governorship ambition in Oyo State.

Published

on

By

2 Views

Photo: Chief Bayo Adelabu, and SGF George Akume

The Minister of Power, Chief Adebayo Adelabu, has formally tendered his resignation and proposed the establishment of a Coordinating Minister for Energy to drive integrated reforms across Nigeria’s power, gas, and related sectors.

In a resignation letter dated April 22, 2026, and addressed to President Bola Ahmed Tinubu, Adelabu stated that his resignation will take effect on April 30, 2026, to enable him to focus on his governorship ambition in Oyo State.

He, however, emphasised that sustaining and consolidating the gains recorded in the power sector requires stronger coordination at the highest level, including the appointment of a central authority to harmonise policy direction and execution.

Confirming the development, the Special Adviser to the Minister on Strategic Communications and Media Relations, Bolaji Tunji, said the Minister expressed deep appreciation to the President for the opportunity to serve, describing his tenure as a privilege to contribute to national development.

Adelabu noted that his decision aligns with the provisions of the Amended Electoral Act 2026, which precludes serving political office holders from contesting elections.

He further disclosed that his gubernatorial aspiration dates back to 2016 during his tenure as Deputy Governor of the Central Bank of Nigeria.

In his three-page letter, the Minister outlined key achievements recorded during his tenure, including the implementation of the Electricity Act 2023, which decentralised the electricity market and improved the investment climate.

He highlighted that peak power generation rose to over 6,000 megawatts, driven by the integration of the Zungeru Hydropower Plant and the rehabilitation of thermal power plants. Transmission capacity was also strengthened through grid upgrades under the Presidential Power Initiative.

He further cited notable improvements in the distribution segment, including enhanced regulatory oversight, improved revenue collection, and progress in reducing Aggregate Technical, Commercial and Collection (ATC&C) losses.

Efforts to close the metering gap, he added, gained momentum through the Presidential Metering Initiative and the World Bank-supported Distribution Sector Recovery Programme (DISREP).

On the financial front, Adelabu stated that tariff reforms and a ₦4 trillion debt restructuring programme increased market revenues from ₦1 trillion in 2023 to ₦2.3 trillion in 2025, restoring investor confidence and placing the sector on a path to sustainability.

Despite these gains, the Minister acknowledged persistent challenges, including gas supply constraints, infrastructure vandalism, and the need for full commercialisation of the electricity value chain.

He therefore proposed key measures to sustain progress, including the implementation of cost-reflective tariffs with targeted subsidies, recapitalisation of distribution companies, accelerated nationwide metering, sustained transmission investments, and strengthened regulatory enforcement.

Central to his recommendations is the creation of a Coordinating Minister for Energy to provide strategic oversight and ensure synergy across power, gas, water resources, and environmental sectors.

According to him, this approach is critical to improving gas supply for thermal generation, optimising hydroelectric resources, and accelerating renewable energy deployment.

Tunji added that Adelabu remains committed to ensuring a smooth and seamless handover process, while expressing gratitude to the President for the confidence and support extended to him throughout his tenure.

Continue Reading

News

Alleged Coup Plotters Plead Not Guilty

Consequently, ‎‎they are remanded in the DSS custody following Justice Joyce Abdulmalik adjournment of the matter till April 27 for commencement of trial and for bail hearing. ‎‎

Published

on

By

25 Views

Six persons linked to an alleged plot to topple the government of President Bola Tinubu have pleaded not guilty to the charges in the case holding at the Federal High Court in Abuja.‎‎

Consequently, ‎‎they are remanded in the DSS custody following Justice Joyce Abdulmalik adjournment of the matter till April 27 for commencement of trial and for bail hearing. ‎‎

Retired Major General Mohammed Ibrahim Gana (brought to the courtroom in a wheelchair), retired Naval Captain Erasmus Victor, Inspector Ahmed Ibrahim, Zekeri Umoru, Bukar Goni, and Abdulkadir Sani are accused of having conspired in 2025 to “levy war against the state” and overthrow the President.‎‎

The Attorney General, Lateef who instituted the lawsuit attended as the lead prosecutor in the matter.‎‎

The defendants face a 13-count charge which includes the allegation that they shared over N71 million for terrorism financing, failed to report prior knowledge of a treasonable plot by one Colonel Mohammed Alhassan Ma’aji and others, and neglected to prevent it.‎‎

Former Minister of State for Petroleum Timipre Sylva is named but remains at large.  ‎‎

Subsequent counts allege that the accused knew of an impending act of treason and terrorism by Colonel Ma’aji and others but failed to disclose it to the relevant authorities, in violation of the Terrorism (Prevention and Prohibition) Act, 2022.‎‎

Abdulkadir Sani, a Zaria-based cleric, is accused of indirectly retaining N2,000,000 in a Jaiz Bank account, while Bukar Kashim Goni allegedly retained N50 million in his First Bank account. ‎‎Zekeri Umoru faces charges of accepting N10 million in cash from Colonel Ma’aji and retaining nearly N8.8 million in a Zenith Bank account — all sums reasonably suspected to be proceeds of terrorism financing.

‎‎After the defendants took their plea, the Attorney General, Lateef Fagbemi prayed the court to remand the defendants in DSS custody.

He urged counsel to all six defendants to follow protocols, assuring that none of them would be barred from accessing their clients if they do so.

‎‎Fagbemi noted this after a number of the defendants’ clients said they had not been allowed access while they were on remand in custody of the Defence Intelligence Agency DIA.

Continue Reading

News

LASG Fixes Last Saturdays Monthly Environmental Sanitation 6:30 am – 8:30 am

In a statement on Wednesday, the Commissioner for Environment and Water Resources, Tokunbo Wahab, confirmed that the exercise is set to resume on Saturday, April 25, 2026, with movement restrictions and enforcement measures in place.

Published

on

By

45 Views

Tokunbo Wahab

The Lagos State government declared that environmental sanitation exercise will hold every last Saturday of the month between the hours of 6:30 am and 8:30 am.

In a statement on Wednesday, the Commissioner for Environment and Water Resources, Tokunbo Wahab, confirmed that the exercise is set to resume on Saturday, April 25, 2026, with movement restrictions and enforcement measures in place.

“During this period, there will be controlled movement across the state to allow residents to carry out thorough cleaning of their homes, surroundings and drainage frontages,” he’s said.

He stated that enforcement teams comprising officials of the ministry, Lagos State Environmental Protection Agency, Kick Against Indiscipline, Lagos Waste Management Authority, and local government sanitation inspectors would “conduct physical inspections during and after the sanitation window to ensure compliance.

“Defaulters will be sanctioned in accordance with the Lagos State Environmental Management and Protection Law of 2017,” he warned.

Wahab added that LAWMA intervention trucks will go around to cart away bagged wastes generated during the exercise,” noting that “there will be rewards for the cleanest Local Government Area, Local Council Development Area, and the cleanest street as part of efforts to encourage healthy competition and community participation.”

Continue Reading

Trending