Connect with us

News

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

Published

on

332 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

BREAKING: FG to Restore Cross River Littoral Status, Allocates 119 New Oil Wells Post-Bakassi

Published

on

14 Views

Similarly, it recommends 119 wells for Akwa Ibom State, 22 wells for Anambra State (to be shared among relevant parties), and 92 wells for Delta and Bayelsa States combined.

he Federal Government is preparing to restore Cross River State to its status as a littoral (coastal) state, more than two decades after the International Court of Justice (ICJ) ruled in 2002 in favor of Cameroon in the dispute over the Bakassi Peninsula.

The ruling and the subsequent Green Tree Agreement in 2006 led to the cession of Bakassi to Cameroon, resulting in Cross River losing its direct access to the open sea and its classification as a littoral state, along with associated oil derivation benefits.

A recent report from the Inter-Agency Technical Committee (IATC)—comprising representatives from the Revenue Mobilisation Allocation and Fiscal Commission (RMAFC), National Boundary Commission (NBC), Office of the Surveyor-General of the Federation (OSGoF), and Nigerian Upstream Petroleum Regulatory Commission (NUPRC)—has recommended reverting to the pre-cession status quo for Cross River.

The committee, tasked with verifying coordinates of disputed oil and gas wells as well as newly drilled ones from 2017 through December 2025, conducted extensive fieldwork from September 2025 to January 2026 across affected states and offshore areas.

According to details exclusively obtained by ARISE News Channel, the IATC report not only advocates for Cross River’s restoration as a littoral state but also proposes allocating 119 new oil wells to the state. Similarly, it recommends 119 wells for Akwa Ibom State, 22 wells for Anambra State (to be shared among relevant parties), and 92 wells for Delta and Bayelsa States combined.

The committee has urged President to direct the RMAFC and other relevant agencies to implement these recommendations promptly. This follows petitions from several oil-producing states seeking clarity on ownership and revenue derivation from disputed and new wells, amid ongoing debates over maritime boundaries and the impact of the ICJ ruling on internal state entitlements.

The move could significantly boost revenue allocation for Cross River through the 13% derivation formula for oil-producing states, though it has sparked discussions and counter-claims, particularly from Akwa Ibom, which has historically maintained that Cross River lacks littoral status post-Bakassi cession. The plotting of verified coordinates is seen as a key step toward resolving these long-standing disputes transparently.

Continue Reading

News

Fubara Sacks Commissioners , Special Advisers

In a statement last night, signed by Onwuka Nzeshi, Chief Press Secretary to the Governor of Rivers State, the Governor therefore directed all Commissioners and Special Advisers to hand over to the Permanent Secretaries or the most Senior officers in their Ministries with immediate effect.

Published

on

By

15 Views

Sir Siminalayi Fubara, Governor of Rivers State, has dissolved the State’s Executive Council.

In a statement last night, signed by Onwuka Nzeshi, Chief Press Secretary to the Governor of Rivers State, the Governor therefore directed all Commissioners and Special Advisers to hand over to the Permanent Secretaries or the most Senior officers in their Ministries with immediate effect.

Fubara further expresses his deepest appreciation to the outgoing members of the Executive Council wishing them the best in their future endeavours.

Continue Reading

News

El-Rufai speaks on Abuja airport arrest attempts by security operatives

El -Rufai wrote.“Our country must outgrow executive overreach particularly involving opposition figures and former public office holders, and deliberate disregard for the rule of law

Published

on

By

24 Views

A former Kaduna State Governor, Nasir El-Rufai, has condemned what he described as an illegal attempt by security operatives to arrest him at the Nnamdi Azikiwe International Airport, Abuja, following his arrival from Cairo, Egypt.

El-Rufai made this known in a post on his verified X (formerly Twitter) handle on Thursday, where he accused authorities of executive overreach and disregard for the rule of law.

“My lawyers have issued a statement that condemns the illegal attempt to arrest me today at the Abuja airport upon my arrival from Cairo,” El-Rufai wrote.“Our country must outgrow executive overreach particularly involving opposition figures and former public office holders, and deliberate disregard for the rule of law,” he added.

Continue Reading

Trending