News
Release $717.4m trapped funds to foreign airlines, Senate Urges CBN
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
BREAKING: NMDPRA boss, Farouk Ahmed resigns amid corruption allegations
President Bola Ahmed Tinubu has forwarded to the Nigerian Senate the nominations of two seasoned oil and gas professionals to head the nation’s key petroleum regulatory agencies, following the resignations of the incumbent chief executives.
In a letter to the Senate, the President requested the expeditious confirmation of Engr. Saidu Aliyu Mohammed as the new Authority Chief Executive of the Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA) and Ms. Oritsemeyiwa Amanorisewo Eyesan as Commission Chief Executive of the Nigerian Upstream Petroleum Regulatory Commission (NUPRC).
The nominations come after the resignations of Engr. Farouk Ahmed from the NMDPRA and Engr. Gbenga Komolafe from the NUPRC. Both outgoing CEOs were originally appointed in 2021 by former President Muhammadu Buhari under the framework of the Petroleum Industry Act (PIA), which established the two independent regulatory bodies.
President Tinubu described the nominees as “seasoned professionals in the oil and gas industry” well-equipped to drive reforms and efficiency in the sector.
**Profile of Nominees:**
– **Oritsemeyiwa Amanorisewo Eyesan (NUPRC CEO Nominee):
** A University of Benin Economics graduate, Eyesan brings nearly 33 years of experience from the Nigerian National Petroleum Company (NNPC) and its subsidiaries.
She retired in 2024 as Executive Vice President, Upstream, after serving as Group General Manager, Corporate Planning and Strategy from 2019 to 2023.
– **Engr. Saidu Aliyu Mohammed (NMDPRA CEO Nominee):
** Born in 1957 in Gombe State, Mohammed holds a Bachelor’s degree in Chemical Engineering from Ahmadu Bello University (1981). His extensive career includes roles as Managing Director of Kaduna Refining and Petrochemical Company and Nigerian Gas Company.
He has also chaired boards of the West African Gas Pipeline Company and Nigeria LNG subsidiaries. More recently, he served as Group Executive Director/Chief Operating Officer for Gas & Power at NNPC, leading strategic initiatives such as the Gas Masterplan, Gas Network Code, and key contributions to the PIA.
Mohammed played instrumental roles in major infrastructure projects, including the Escravos–Lagos Pipeline Expansion, Ajaokuta–Kaduna–Kano (AKK) Gas Pipeline, and Nigeria LNG Train expansions. He was recently announced as an independent non-executive director at Seplat Energy.
The reshuffle is seen as part of ongoing efforts to strengthen regulatory oversight and promote investment in Nigeria’s petroleum sector amid evolving industry dynamics.
News
NLC begins nationwide protest over insecurity
“We have had enough of empty promises. Our members and Nigerians are tired of living in fear. The government must act now,” some of the demonstrators chanted.
Members of the Nigeria Labour Congress (NLC) on Wednesday took to the streets in Lagos, Abuja and Enugu to protest worsening insecurity across the country, demanding urgent government action to curb violent crimes and kidnappings.
In Lagos, protesters converged early in the morning at the Ikeja underpass, carrying placards and chanting slogans calling on the Federal Government to end insecurity.
Some of the placards read: “Federal Government, No More Excuses and Rhetoric, End Insecurity Now,” while others demanded better protection for workers and the safety of Nigerians.
The protest in Lagos was joined by several civil society organisations, with participants wearing NLC-branded aprons as they marched under the bridge, drawing the attention of commuters and passersby.
Protesters repeatedly accused the government of failing to match promises with action.
“We have had enough of empty promises. Our members and Nigerians are tired of living in fear. The government must act now,” some of the demonstrators chanted.
The Lagos protest came less than 24 hours after NLC leaders held a late-night meeting with President Bola Tinubu at the Presidential Villa in Abuja to discuss labour-related issues, including insecurity challenges affecting workers.
Business
Dangote, NMDPRA CEO’s Feud: Ahmed disclaims Reaction in the News
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.
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