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Nigeria to lose N16billion World Bank credit over faulty audit palaver

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In a tragic turn of events, the Federal Government is set to forfeit a whopping $10 million about N16billion, from part of the $103 million fiscal governance and institutions project (FGIP), reports emerged on Tuesday.

The loss of the huge amount, which is a World Bank credit facility is due to audit shortcomings, delays in launching a national budget portal, and slow implementation of a revenue assurance system.

Details of the borrowing of the fund – a public financial management initiative financed through a credit facility from the International Development Association, a lending arm of the global institution are contained in the World Bank’s June 2025 restructuring paper addressed to the federal ministry of finance (FMF), which also informed that the fund is scheduled to close on June 30.

“The FMF has requested cancellation of $0.9 million of unused funds for Technical Assistance (TA) and $9.5 million, which is the amount allocated to 10 performance-based conditions (PBCs) which will not be achieved by the close of the project on June 30, 2025,” the document reads.

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Among the cancelled items is a $4 million audit of key revenue-generating agencies — the Federal Inland Revenue Service (FIRS) and the Nigeria Customs Service (NCS) — which was deemed substandard by the global bank.

It further stated: “These intermediate results (IRs) to be implemented by the OAuGF were assessed as not achieved by the independent verification agent (IVA) because the reports submitted for verification did not meet the requisite international auditing standards.

“Deployment of a National Budget Portal to publish the capital budgets of the FGN and at least 20 states by the BOF, with an allocation of $1 million. The BOF did not submit evidence of achievement for the IR.

“Implementation of the Revenue Assurance and Billing System (RABS), with an allocation of $4.5 million. Two IRs – 2.5 and 2.6 – were submitted for verification but were assessed in IVA report 6 as not achieved.

“This was because there was evidence for only 27 out of the 55 FGOEs setting up a Treasury Single Account (TSA) sub-account for foreign earned revenues, and there was no automatic split and transfer of foreign earned revenues to the Consolidated Revenue Fund (CRF) as required.

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“The remaining IRs 2.7-2.9 will not be achieved before the Project closes because of delays due to: (i) Contract management issues: the FMF is in the process of expanding the RABS implementation consortium to include another vendor, (ii) pending finalization of the indemnity letter requested by the Central Bank of Nigeria (CBN) from the FMF to ensure that the CBN is not liable for any potential errors arising from the automatic transfers of funds from the TSA sub-accounts of FGOEs to the CRF.

“Given these delays, RABS implementation is expected to be completed in August 2025, which will be after FGIP closes.”

However, regardless the missed opportunity, the document stated, the FGIP recorded progress in other areas, including revenue performance, adding that non-oil revenue outturn was 153 percent of the budgeted target in 2024, up from a baseline of 64.9 percent in 2018.

The bank, which attributed the increase to Nigeria’s exchange rate unification policy, improved tax administration via the TaxProMax system, and reforms that automated revenue remittances from ministries and agencies, said the capital expenditure execution remains below expectations at 50 percent, short of the 65 percent target.

The World Bank said the country exceeded expectations in publishing reconciled economic and fiscal datasets, achieving 10 publications against the project target of six, but stressed that project monitoring and evaluation were rated as “moderately unsatisfactory” by the global bank.

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Other areas of progress include the launch of the electronic register of beneficial owners by the Corporate Affairs Commission (CAC), which now covers about 40 percent of registered businesses, the publication of a national asset registry, and financial reports by the Ministry of Finance Incorporated (MOFI).

The World Bank said the final disbursement on the project is estimated at $96.04 million, which represents 93 percent of the pre-cancellation total of $103 million.

 

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Jandor: Tinubu didn’t endorses Hamzat *I’ve briefed President on my ambition

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It is not true that President Bola Tinubu has settled for Obafemi Hamzat, currently Deputy Governor, as his choice to replace Babajide Sanwo-Olu, his boss in next year’s governorship election in Lagos.

This angle came from Abdulazeez Adediran, who is also eying the number one job in the state after missing it in 2023, when he contested for it on the platform of the Peoples Democratic Party (PDP), coming third behind Sanwo-Olu the winner and Gbadebo Rhodes Vivour of the Labour Party (LP).

Against the backdrop of emerging stories in recent days that both the President and the powerbrokers in Lagos, had settled for the Hamzat, Adediran, popularly known as “Jandor,” told his host while appearing on Politics Today, a public affairs programme on Channels Television he would be one of the first to know about such a development, being very much keen for the job.

His words: “He (Hamzat) hasn’t even said to us himself that he is running. He is the deputy governor of Lagos, qualified, with over 20 years of experience in that space. As we speak, the party says it’s going to be direct primaries. If tomorrow it says this is what we are doing, we will fall in line. The party is supreme.

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“No, the President hasn’t endorsed anyone. I am an aspirant, and we are a few people also gunning for this. We will be the first set of people to know if there is anything like that because communication will come.”

Revealing his own encounter with the President over the matter, the former PDP candidate, who defected to the All Progressives Congress (APC), last year, admitted that Tinubu neither discouraged him from contesting nor promised him the party’s ticket.

He said his earlier attempt to poach for the job was based on his belief that he could deliver adding that even Tinubu made his own ambition to run for offices open before going for them.

Jandor, who spoke on the political profile in the state, also announced the death of any opposition to the ruling APC structure, adding that though he trusted in his own ability to take over from Sanwo-Olu, he would support any candidate the party produced if he was not favoured.

Hear him: “Absolutely, because if you don’t believe in yourself, nobody will believe in you. When the President was running for the ticket, he came out to say he wanted to run. Lagos politics is increasingly consolidating. There is nothing like opposition again in the state. I will support the party if I fail to secure its ticket.

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With Governor Babajide Sanwo-Olu serving his final term, the race for the 2027 Lagos governorship is gathering pace within the APC.

Prominent figures who have been rumoured to be intersted in the seat include Hamzat, former governor Akinwunmi Ambode, Tokunbo Abiru, an aide to the President, Hakeem Muri-Okunola; Chief of Staff to the President, Femi Gbajabiamila, and Minister of Education, Tunji Alausa.

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NCDMB hosts Q1, 2026 Book Reading Series *Underlines value of reading, creativity

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The Nigerian Content Development and Monitoring Board (NCDMB) on Wednesday at its Conference Centre (Rose 1101) hosted the first quarter 2026 edition of its Book Reading Series, with a one-time Director-General of the Nigerian Maritime and Safety Administration (NIMASA), Dr. Dakuku Peterside, as Guest Author.

The event, which focused on the 2025, 204-page publication of the author, Leading in a Storm: Practical Leadership Strategiesin Crisis Situations, had a capacity audience drawn from higher institutions, the mass media, Association of Nigerian Authors (ANA), and Nigerian Institute of Public Relations (NIPR), with several others participating virtually.

In a welcome address, the Executive Secretary of the NCDMB, Engr. Felix Omatsola Ogbe, represented by the General Manager, Corporate Communications Division (CCD), Dr. Obinna Ezeobi, said the book reading programme, which he described as “a signature event” of the Board, speaks to creativity, which is one of the core values of the Board.

He explained that the event is part of the Board’s strategy infostering intellectual activity and sophistication amongstakeholders as well as building the abilities of Nigerians to operate productively in the oil and gas industry and linkage sectors, which is one of its core mandates.

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The Executive Secretary enumerated several initiatives of the Board geared towards advancement of research and technology, notably, six Centres of Excellence in the nation’s six geopolitical zones, each of which has a unique theme. These are Niger Delta University, Amassoma, with Marine and Petrochemical Technologies as theme; Federal University of Technology, Minna (Engineering Design), and Federal University of Technology, Owerri (Local Raw Materials Substitution).

Others are Modibbo Adama University of Technology (MAUTECH), Yola (Safety and Environment Studies); Usman Dan Fodio University (UDUS), Sokoto (Renewable Energy), and Federal University of Technology, Akure (Geology and Geophysical Studies). Additional research centres established by the Board include Geosciences Research Centre at the University of Lagos and Marine and Offshore Training Centre at Rivers State University, Port Harcourt. The latest is the Centre of Excellence in Gas Development at Delta State University, Abraka, being developed in partnership with Seplat Energy Plc.

According to Engr. Ogbe, the NCDMB is collaborating with Renaissance Africa Energy Company Limited (RAEC), First Exploration and Petroleum Development Company Limited, and the Nigerian Society of Engineers (NSE), to organise the first Nigerian Engineering Olympiad (NEO), which was launched on November 20, 2025 in Abuja. The Olympiad, slated to end in April, 2026, is to encourage final-year and postgraduate students to be innovative in applying engineering principles to real-world operational challenges in and out of oil and gas industry.

In the book conversation segment, moderated by Mr. Victor Binawari, Dr. Peterside explained the inspiration behind Leading in a Storm…, copies of which had been distributed gratis to attendees. “My own lived experience,” he declared, informed the contents and thrusts of the work. He pointed out that “Every single day, Nigerians face one crisis or another,” and that the experiences posit weakness of leadership.

He recalled his time at the National Assembly, when he served as Chairman of the House of Representatives Committee on the Downstream Petroleum sector, with the unremitting crises in fuel supply. As NIMASA Director General he had to contend with recurring incidences of piracy within Nigeria’s territorial waters. Then the COVID-19 pandemic, which saw many world leaders fumbling, unable to determine how best to safeguard the health of citizens. Yet another inspiration was from an uncomplimentary remark by a professor at America’s Kellog School of Management, to the effect that “Africa is in a near-permanent state of crises.”

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“I began to investigate how leaders can perform better in crisis situations,” he explained, adding that calmness, clarity, adaptability, and resilience, are critically important. What kind of choices leaders make when faced with crises would reveal the stuff they are made of.

He outlined eight competencies of crisis leadership, namely, Contextual intelligence (“the ability to read situations accurately and understand the deeper forces at play”); Calm Confidence (which provides emotional stability); Sense-making (which enables a leader to find patterns in chaos and make meaning  from confusion); Strategic Decision-making; Clear Communication; Strategic Flexibility; Coordinating Teamwork, and Facilitating Learning. Every great leader should rank high enough in these.

On his style, which relies heavily on storytelling, he stated that stories are relatable, memorable and engaging, and that “stories teach you principles which you can apply.”

In closing remarks, Mr. Teleola Oyeleke, Supervisor, CCD of NCDMB, thanked Dr. Peterside for readily accepting the invitation and for the wealth experience he shared at the event. He also thanked all participants, while advising them to read and digest the contents of the book. He also echoed the Guest Author in challenging attendees to have personal development programmes.

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INEC to promoters: You risk jail! *Amupitan not owner of controversial X account

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Anyone promoting or linking Joash Amupitan, Chairman of the Independent National Electoral Commission (INEC) to the controversial X account, indicating earlier sympathy for the All Progressives Congress (APC), risks facing the full weight of the law henceforth.

This warning came from Commission on Monday, as it fully exculpated its embattled boss, who has been under intense scrutiny, since a supposed post from him surfaced on April 10, 2026, depicting him as supporter of the ruling party.

Amupitan, Senior Advocate of Nigeria (SAN) and a Professor of Law, was said to have commented “Victory is sure” in response to a supposed APC supporter, reporting success in the 2023 presidential election.

But the commission, in a statement, on Monday, quoted Adedayo Oketola, spokesman of the INEC boss as saying that the purported X (formerly Twitter) account linked to Amupitan, was fake and part of a coordinated disinformation campaign.

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Oketola, who disclosed that a comprehensive, multi-layered forensic investigation conducted by independent cybersecurity experts has conclusively established that the INEC Chairman does not operate any personal X account, added: “The Independent National Electoral Commission (INEC) , committed to a full forensic investigation, commissioned an independent forensic cybersecurity expert, who conducted a multi-layered forensic and digital investigation using X platform data, internet archive records, OSINT tools, identity forensics and cross-platform analysis.”

The statement stressed that all posts, replies, and screenshots linking him to the handle @joashamupitan were fraudulent, forensically unverifiable, and technically impossible, adding that the forensic investigation uncovered clear evidence of fabrication and impersonation, highlighting no digital linkage between the disputed X account and the INEC boss’s verified email addresses or phone numbers, as multiple recovery and verification attempts failed to establish any link.

Other findings, the statement emphasized, indicated that the data used to suggest ownership of the account only confirmed  identity but did not establish control of any social media handle, making such claims a logical fallacy, while the alleged reply “Victory is sure” was posted 13 minutes before the original tweet it responded to—an occurrence that is technically impossible and definitive proof of fabrication.

INEC stated that searches on the Internet Archive’s Wayback Machine showed zero evidence of the account or its alleged activity prior to April 2026 and that live checks confirmed that the alleged reply does not exist and has never existed on the platform.

It said on the same day the screenshots went viral, the account was renamed @sundayvibe00, set to private, and labelled a “parody account,” indicating deliberate impersonation and damage control, while at least seven fake accounts across Facebook and Instagram using the Chairman’s identity were identified, pointing to a sustained disinformation effort.

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Oketola, who was quoted as saying further: “The forensic evidence is comprehensive, multi-sourced, and unambiguous. The posts attributed to Prof. Joash Ojo Amupitan on X are fabricated. The account is a clear case of impersonation,” also described the development as “a coordinated digital impersonation and disinformation campaign,” warning that advances in artificial intelligence had made it easier to fabricate misleading content.

Urging the public to avoid sharing unverified information, he noted the fact that content went viral did not make it authentic, and called on media organisations to prioritise accuracy over speed.

Informing that the independent forensic report had been referred to the law enforcement agencies for necessary action, he appealed to law enforcement agencies to investigate the origin of the fake account and prosecute those responsible under the Cybercrimes (Prohibition, Prevention, etc.) Act.

His words: “Media organisations, in particular, have a duty to apply strict forensic verification standards to social media posts and screenshots before publishing them, especially when such content implicates public officials or carries serious consequences for public trust and institutional credibility. Accuracy, not speed, must guide reporting in matters of this nature.”

He reiterated that all official communications from INEC are disseminated exclusively through its verified platforms, including its website (www.inecnigeria.org), verified X account (@inecnigeria), official Facebook page, online news portal (www.inecnews.com), formal press statements from its headquarters in Abuja, and official media briefings. Any account purporting to represent the INEC Chairman in a personal capacity, he said, should be treated as fraudulent unless formally verified by the Commission.

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