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

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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.

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Nigeria Police Unveils New IGP Portrait

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The Nigeria Police Force has recently unveiled the official portrait of the new Inspector-General of Police (IGP), Olatunji Rilwan Disu (also referred to as Tunji Disu).

This follows his appointment as Acting IGP on February 24, 2026, after the resignation of the previous IGP, Kayode Egbetokun (who cited family reasons).

The Nigeria Police Council unanimously confirmed and endorsed Disu as the substantive IGP on March 2, 2026, during a meeting chaired by President Bola Tinubu. His formal swearing-in is scheduled for Wednesday, March 4, 2026.

The portrait was released on March 3, 2026, by the Force Public Relations Officer, Benjamin Hundeyin, via official channels (including X/Twitter and the Nigeria Police Force’s social media).

It depicts Disu in full police uniform and is set to be displayed at key police formations nationwide as part of the formal recognition of his leadership role as the 23rd indigenous IGP.

Disu, born April 13, 1966 (age 59), hails from Lagos Island and joined the Nigeria Police Force in 1992. He has a background in public administration, forensic investigation, criminology, security studies, and more.

Prior roles include heading the Special Protection Unit and Force CID Annex in Lagos, and he previously served as Aide-de-Camp to then-Lagos Governor Bola Tinubu (during which time Egbetokun was also in the governor’s security detail).

This marks a leadership transition amid ongoing security challenges in Nigeria, with congratulations and discussions already circulating on social media and news outlets.

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BRT Bursts into Flame on Mile-12 Bridge in Lagos

Passengers quickly evacuated the vehicle and moved to safety following the outbreak of the fire.

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Passengers narrowly escaped death on Tuesday when a moving Bus Rapid Transit (BRT) bus caught fire on the Mile-12 Bridge along Ikorodu Road, Lagos.

Eyewitnesses reported that the high-capacity bus burst into flames mid-morning while in transit.

Passengers quickly evacuated the vehicle and moved to safety following the outbreak of the fire.

The Lagos State Fire and Rescue Service, working alongside other emergency responders, promptly extinguished the blaze.

The burnt bus was later removed from the bridge to prevent disruption to traffic flow.

The burnt bus was later removed from the bridge to prevent disruption to traffic flow.

Fortunately, there were no casualties reported from the incident.

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President Tinubu nominates Oyedele as Minister of State for Finance

Before President Tinubu nominated him as a minister, Oyedele(from Ikaram, Akoko, Ondo State), was the chairman of the Presidential Committee on Fiscal Policy and Tax Reforms, which overhauled Nigeria’s tax system.

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Taiwo Oyedele and President Tinubu. Credit: State House Photo

President Bola Ahmed Tinubu has nominated Mr Taiwo Oyedele as the minister of state for finance, replacing Dr Doris Anite-Uzoka.

Anite-Uzoka will now move to the Ministry of Budget and National Planning, as the Minister of State, her third portfolio in the administration. President Tinubu has today conveyed the nomination of Oyedele to the Senate for confirmation in a letter to the Senate President, Godswill Akpabio.

Before President Tinubu nominated him as a minister, Oyedele(from Ikaram, Akoko, Ondo State), was the chairman of the Presidential Committee on Fiscal Policy and Tax Reforms, which overhauled Nigeria’s tax system.

Oyedele, 50, is an economist, accountant and public policy expert.

He attended Yaba College of Technology, where he obtained a Higher National Diploma (HND) in accountancy and finance.

He attended Oxford Brookes University and earned a BSc in applied accounting.

He also completed executive education programmes at the London School of Economics, Yale University, the Gordon Institute of Business Science, and the Harvard Kennedy School.

Oyedele spent 22 years of his working career at PwC, joined in 2001 and rose to become the Fiscal Policy Partner and Africa Tax Leader.

Oyedele is also a professor at Babcock University in Ogun State and a visiting scholar at the Lagos Business School.

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