The Nation Newspaper

Category: Featured

  • BREAKING: Dangote Refinery slashes petrol price to N835 per litre

    BREAKING: Dangote Refinery slashes petrol price to N835 per litre

    Dangote Petroleum Refinery and Petrochemicals has announced another review of its ex-depot (gantry) loading price for Premium Motor Spirit (PMS), popularly known as petrol.

    The new price is now set at N835 per litre, down from N865 per litre, which had been in effect for the past six days, representing a 3.5 per cent reduction.

    The company communicated the price adjustment to its customers through an official notice on Wednesday.

    Read Also: Dangote Refinery slashes ex-depot price of petrol

    This latest price cut marks the third downward revision by Dangote Refinery in less than six weeks.

    Earlier, the refinery had reduced the gantry price from N880 to N865 per litre, although the benefit of the price drop was not reflected at the pump, as oil marketers failed to pass the savings on to consumers.

  • BREAKING: Court declares Obasa’s removal as Lagos Assembly Speaker unlawful

    BREAKING: Court declares Obasa’s removal as Lagos Assembly Speaker unlawful

    The Lagos State High Court in Ikeja has ruled that the removal of Mudashiru Obasa as the speaker of the Lagos State House of Assembly was unlawful and unconstitutional.

    Delivering judgment on Wednesday, Justice Yetunde Pinheiro voided the House’s January proceedings and resolutions that led to Obasa’s ouster.

    Obasa had taken legal action against the Lagos Assembly and Mojisola Meranda, who was named the new Speaker, challenging the legitimacy of the process that led to his removal.

    Read Also: Obasa consoles APC chairman over wife’s death

    Through his lawyer, Chief Afolabi Fashanu, Obasa argued that 36 lawmakers carried out the decision during the Assembly’s recess while he was outside the country.

    He contended that the session was improperly held, as it lacked his authorisation or a formal delegation of power, contravening the Assembly’s established rules.

    His suit was anchored on nine points, citing sections of the amended 1999 Constitution and the Standing Orders of the Lagos State House of Assembly.

  • Global hunt begins as Interpol backs EFCC probe into CBEX scam

    Global hunt begins as Interpol backs EFCC probe into CBEX scam

    The Economic and Financial Crimes Commission (EFCC) has launched a comprehensive investigation into an alleged N1.3 trillion cryptocurrency fraud connected to the now-defunct digital investment platform, CryptoBank Exchange (CBEX).

    According to the EFCC, the commission is collaborating with the International Criminal Police Organisation (INTERPOL) to trace local and international suspects involved in the massive scam.

    CBEX, said to have been run by a group of foreign nationals in collaboration with Nigerian partners, abruptly shut down operations on Monday.

    The sudden collapse left thousands of investors locked out of their accounts. Many reported waking up to find their account balances wiped, with the platform demanding further deposits before access could be regained.

    EFCC spokesperson, Dele Oyewale, revealed that the commission had already begun investigating the platform prior to its collapse, based on credible intelligence reports.

     “We had our intelligence before the incident. We were already working on it, but now that the scheme has collapsed, the major actors and their collaborators will be brought in,” he said on Tuesday.

     He assured Nigerians that the EFCC is committed to exposing and dismantling Ponzi schemes like CBEX, highlighting that several similar operations are also under active investigation. “Additionally, there are similar frauds across the country that people are unaware of, and we are working to uncover them. We are on the local collaborators while we are partnering INTERPOL to trace the foreign operators,” Oyewale added.

    Although the exact scale of losses is yet to be officially verified, unconfirmed reports estimate the stolen funds at over $847 million (about N1.3 trillion), with both Nigerian and foreign investors affected. CBEX, which promised 100% returns within 30 days through online trading, began restricting withdrawals on April 9, 2025.

    In a move widely seen as a red flag, the platform began demanding deposits of $100 to $200 from users to “verify” accounts before allowing withdrawals — a tactic that lured even more unsuspecting victims before the final crash.

    Read Also: CBEX: Key things to know about collapsed online trading platform

    The Securities and Exchange Commission (SEC) recently warned against unregistered trading platforms, emphasizing that the new Investment and Securities Act, 2025 makes it illegal to operate such platforms without proper licensing. SEC Director-General Dr. Emomotimi Agama urged prospective operators to seek registration to avoid sanctions.

    Rhe collapse of CBEX has triggered widespread public outrage. In Ibadan, Oyo State, furious investors stormed the company’s office in the Oke Ado area, vandalising the premises and making away with furniture in protest. 

    Security personnel, including operatives from the Nigeria Police and Operation Amotekun, were swiftly deployed to bring the situation under control.

    CBEX heavily marketed itself through social media and peer-to-peer networks, attracting thousands of investors with promises of exceptionally high returns. 

    Investigations have revealed that the platform changed its domain name multiple times between January 2024 and February 2025 — a move now believed to have been a calculated strategy to evade regulatory oversight.

  • Ibas tackles NBA over N300m hosting grant

    Ibas tackles NBA over N300m hosting grant

    • Sole Administrator threatens lawsuit
    • IYC, MOSIEND, others: refund Rivers cash

    Rivers State Government yesterday insisted that the Nigerian Bar Association (NBA) must refund the N300 million it received or face a lawsuit.

    It countered the NBA’s claims that the money was “an unconditional gift” and not tied to the hosting of its Annual General Conference (AGC) in the state.

    The AGC, to be held from August 22 to 28, was originally billed for Port Harcourt, the Rivers capital.

    The association later chose Enugu as the host city in protest against the declaration of emergency in the oil-rich state.

    The state government vowed to deploy all legal processes to retrieve the state’s resources if the NBA failed to willingly refund the money.

    A statement by the Senior Special Assistant on Media to the Sole Administrator, Hector Igbikiowubo, insisted that the records of the government showed that the N300 million was tied to the hosting of the AGC in the state.

    The statement said: “The government rejects the NBA’s allegation that the N300million payment made by the state was a ‘gift’ unrelated to hosting rights for the NBA AGC 2025.

    “For clarity, the Rivers State Government’s records show that the payment of N300 million to the NBA was made with the mutual understanding that Rivers State would host the 2025 edition of the NBA AGC.

    “The Rivers State Government entered into this arrangement with the NBA in good faith, with the understanding that hosting the conference in the state would attract significant economic benefits to our state, positively and directly impact the businesses of our people.

    “The NBA’s unilateral decision to relocate the AGC 2025 against our mutual understanding and subsequent decision to withhold the N300 million paid for the purpose of hosting the NBA AGC 2025 in Rivers State is unethical and amounts to a breach of trust.

    “Failure of the NBA to immediately refund the N300 million to the Rivers State Government will compel the implementation of all legal means to recover the property of the good people of Rivers State.

    “We reaffirm our willingness to engage in partnerships with all professional bodies, including the NBA, but we will not accommodate exploitation of our people and the Rivers State Government.”

    Also, stakeholders faulted the NBA for relocating its annual conference from Port Harcourt after collecting N300m from the state government.

    They called on the leadership of the legal body to immediately redeem the association’s image by refunding the money.

    The commentators described the position of the NBA that the money was an unconditional gift as odious and irresponsible, insisting that the government paid the money to attract some economic and social benefits to Rivers people.

    A former President of the Ijaw Youths Council (IYC) Worldwide, Udengs Eradiri, said the NBA missed the point and squandered a platform it would have used to speak to power on its position concerning Rivers.

    Eradiri advised the body to return the money to Rivers warning that failure to do so would bring an integrity crisis to the association.

    He said: “The NBA should return the money since they have relocated the conference.

    “I don’t think the management of the NBA was right to have moved that conference.

    Read Also: Ibas denies reported recruitment of 10,000 workers

    “It would have been a landmark opportunity to express their grievances over it. But the NBA seems to be blowing hot and cold.

    “The honourable thing is to return the money. This money is not (suspended Governor Siminalayi) Fubara’s money, it is Rivers State money.

    “If you collected money for a purpose and you are no longer going to carry out that purpose, you should honourably return the money. The NBA is losing its integrity.”

    A former Chairman of Emohua Local Government Area, Dr. Chidi Lloyd, a lawyer, called for the immediate resignation of the NBA President, Afam Osigwe (SAN).

    He was of the opinion that Osigwe had brought the legal profession to disrepute.

    He insisted that the money should be refunded because it was not even budgeted for by virtue of the Supreme Court’s judgment.

    He said: “How many other states contributed to the hosting of an NBA conference? Where was the NBA when a governor of a state recklessly demolished an arm of government?

    “Afam Osigwe didn’t make any statement. Where was the NBA when a governor of a state presented a budget to three members of a state Assembly? The NBA didn’t say anything.

    “More worrisome is that the N300 million they gave to the NBA was not appropriated. And as lawyers, we ought to know that.

    “The best thing for Afam to do is to refund that money. Let’s assume the Sole Administrator hired him as a lawyer to get this money from the NBA, what will be his defence?

    “I am asking him to step down. He has made the NBA a beggarly organisation. But we are not. Lawyers are aristocrats. Let them refund the money to Rivers government because it was not appropriated and he should resign.

    “Agreement is agreement. How many millions did the Enugu State Government give to them to take the conference to Enugu?

    “I am a member of the NBA and I pay my dues and this is how lawyers all over the federation pay their dues. We also pay conference dues. So, Afam has no reason to be going around to be begging for money.”

    The President of the Movement for Izon Ethnic Nationalities in the Niger Delta (MOSIEND), Amb. Kennedy Tonjo-West said the defence of the NBA did not hold any water.

    “The claim that a whole N300 million is an unconditional gift doesn’t hold any water. If they felt that democratic governance is lacking in Rivers, the best is to still hold the programme. If you feel you want to relocate it, you must let go of the cash.”

    A former Publicity Secretary, Ijaw Youths Council (IYC) Worldwide, Ebilade Ekerefe, said the primary reason the money was given to NBA was to enable Rivers to host the conference.

    He said: “If for whatever reason they are relocating the conference to Enugu, the honourable thing is to refund the money. There is no better way to put it.

    “It is Rivers State money and the reason it was given to them was for the NBA to invest the money in Rivers so that Rivers people can benefit.

    “If they are moving the programme to Enugu and you are taking the money along, it is capital flight. NBA is an honourable organisation and has a reputation it built over the years. The society is watching.

    “If you collect that money without organising the programme in Rivers it will look like the Rivers government is being swindled. It is not Sim Fubara’s money. The money belongs to Rivers.

    “It is not the first time Rivers has hosted the conference. They had done it before and we saw the impact.

    “Nobody is saying that you should not pull out of Rivers. If you are doing so, return the money because the money belongs to Rivers people. It doesn’t belong to the sole Administrator or to Fubara.”

    NBA’s position

    NBA declined comments yesterday on Rivers government’s threat to sue.

    In a statement by its AGC 2025 Planning Committee Chair Emeka Obegolu (SAN) on Monday, it clarified the decision to host the 2025 AGC in Port Harcourt was taken in August 2024 and was not subject to any bidding process or payment of any hosting rights.

    NBA said: “The host city has no hosting right and there is no representation by the NBA that the Conference must be held in a chosen city.

    “Traditionally, because of the enormous cost involved in hosting the AGC, NBA Conference Planning Committee approaches organisations, agencies of government and state governments for support and the support requested is unconditional and not tied to hosting rights or any rights whatsoever.

    “Recent NBA conferences have been supported by different state governments, corporate organisations, ministries, departments and agencies whose budgets accommodate corporate social responsibilities and share the same vision with NBA.

    “Such financial support is in the form of gifts, partnerships or sponsorships. The money from Rivers State was a gift and was not tied to any purported hosting right for the NBA AGC.

    “We are committed to delivering a world-class conference to members of the Bar and will not be drawn into any unnecessary controversy over this issue.”

  • Atiku’s coalition motive unknown to PDP, says Makinde

    Atiku’s coalition motive unknown to PDP, says Makinde

    • Party organs with PDP governors
    • Anyanwu kicks

    Oyo State Governor Seyi Makinde yesterday shed light on the rejection of coalition, alliance and merger proposed by former Vice President Atiku Abubakar.

    He said the merger or coalition talks are unknown to the main opposition party.

    The Oyo State governor said: “We didn’t just wake up and say me as xyz in the party just draw the party into any arrangements when the party organs do not have clue on what you are doing.

    “They have no clue of what is in this coalition. They also have no clue whether this is personal or whether you are doing this in best interest of the party and the people of Nigeria. Those are critical.”

    He spoke on a television programme.

    The former vice president on March 20 at the Yar’Adua Centre in Abuja, along with some others, including Malam Nasir EL-Rufai, declared the formation of a coalition against the ruling All Progressives Congress (APC) ahead of the 2027 election.

    The governor reiterated the resolution of the PDP Governors’ Forum, which distanced itself from the coalition.

    Defending the communique of the meeting, Makinde said the resolutions reflected the wide consultations with party stakeholders.

    Emphasising that the Ibadan meeting was validated by the leadership of his party, he pointed out that the governors did not only meet as PDP Governors’ Forum, but they also invited the managers of the party.

    He added: “The acting National Chairman, National Legal Adviser and the National Organizing Secretary were there with us. Other members of the NWC were waiting around the venue of the meeting, just in case there would be any need for them.

    “We decided to tackle headlong the challenges within our party, and I’m quite glad we were able to make those decisions.”

    Makinde added: “There must be a process. If the managers of the party, the organs of the party are going into a merger or coalition, there’s need for the managers of the party to know.

    “But, if you have individuals, it is still within their right to associate with whoever they want to associate with. However, as a party, we haven’t gotten there. Our first assignment is to put the party on a sound pedestal.

    “Politics is a game of interest. You must be interested, you must have alignment with the wider organs of your party before you go out to meet other people.”

    The governors also rejected the claims by Senator Samuel Anyanwu and Monday Ude-Okoye to the position of the National Secretary.

    But rejecting the Forum’s directive that the Deputy National Secretary, Setonji Koshoedo, should act as secretary in the interim, Anyanwu said it contradicted the judgment of the Supreme Court on the party’s leadership crisis.

    I remain PDP national secretary, says Anyanwu

    Anyanwu said the position of the National Secretary is not vacant, adding that he cannot be supplanted.

    He said: “I remain the National Secretary of the PDP; this is not the first time that some people are trying a shortcut that falls short of the PDP constitution and contradicts the orders of the court.”

    Anyanwu said those influencing the governors to remove him from office are not helping the party.

    Read Also: Olunloyo will get state burial, says Makinde

    He said the Supreme Court judgment of March explicitly invalidated two previous judgments that those involved in the proxy war against him had relied upon.

    He also pointed out that a subsisting Federal High Court order of January clearly restrains the PDP, its leaders, Deputy National Secretary, Koshoedo, or any other person from acting as the National Secretary.

    Anyanwu said he would resume fully at the PDP National Secretariat in Abuja, insisting that there is no vacancy.

    He added: “It seems that they deliberately want to kill the PDP today and tomorrow and blame Wike for it.

    At the governors’ meeting, the party’s National Legal Adviser  told them that such decision on the position of PDP National Secretary is wrong, that the Supreme Court had spoken on the matter.”

    Anyanwu said the copy of the Supreme Court judgment affirming his position as National Secretary has been submitted to the Independent National Electoral Commission (INEC) by his lawyer.

    Group to governors: leave Anyanwu alone

    A group, ‘PDP Youth Group in the Southsouth,’ warned the governors against troubling Anyanwu, saying that they are creating tension in the party.

    It accused the governors of hypocrisy, adding that five of them are supporting President Tinubu for a second term.

    The group said in a statement: “Senator Samuel Anyanwu’s reinstatement by the Supreme Court in March 2025 confirms his position as the authentic National Secretary of the party, but some governors who are reportedly upset over his ties or friendship with the FCT Minister, Nyesom Wike, are pushing for his ouster, even in ways contrary to the party’s constitution.”

    I won’t be distracted, says Makinde

    Speaking further on the programme, Makinde said he would not be distracted by the clamour in some quarters for him to run for President in 2027.

    The governor said he would not allow anyone to set an agenda for him, adding that as of now, he remained committed to delivering infrastructure, policies and programmes that will make lives more meaningful for the people, which is the mandate given to him.

    He maintained that though he has the capacity to occupy the highest position in the land, he would put into consideration what the Nigerian people want, what his political party wants and what would be in the best interest of the people.

    He added that if his political journey ends with being governor of Oyo State, he would cherish the opportunity given to him by the people.

    The governor maintained that his administration has been able to build road infrastructure and put in place adequate security across the state, noting that these are the enablers for the agribusiness success and economic expansion being witnessed.

    He made a reference to his recent trip to France, saying that it was to finalise the deal to have a Food Wholesale Market established in Ijaiye by the Rungis International. He described the project and the Special Agro-Processing Zones springing up in Eruwa and Ijaiye as some of the gains of the agribusiness policy of the administration.

  • Natasha rejects Agbakoba’s call for out-of-court deal with Akpabio

    Natasha rejects Agbakoba’s call for out-of-court deal with Akpabio

    Senator Natasha Akpoti-Uduaghan yesterday rejected an out-of-court settlement proposed by legal luminary Dr Olisa Agbakoba (SAN), counsel for Senate President Godswill Akpabio.

    Agbakoba had suggested a resolution in the case by Mrs Akpoti-Uduaghan against Akpabio.

    He also urged her to substantiate her allegations.

    But the Kogi Central Senator rejected the idea, insisting that Akpabio should subject himself to an investigation.

    Asked if she would accept to settle with Akpabio, Senator Akpoti-Uduaghan told The Nation: “Out-of-court settlement? To settle how? Who? What about how I felt? I don’t know how to explain it.

    “To me, am not looking for an out-of-court settlement. I don’t think I’m looking for an out-of-court settlement for today. As of now, an out-of-court settlement is out of it.

    “I am not considering an out-of-court settlement because nobody has to suffer this amount of intimidation just because she is speaking out her truth.

    “They should have investigated it. It is not about settlement, it is about justice. It is very painful that you subject somebody to so much.

    “I am not looking forward to an out-of-court settlement. He should subject himself to an investigation.

    “Besides, Akpabio is denting the image of the President. Akpabio’s actions are sending a negative signal on President Tinubu’s government.”

    Read Also: Natasha’s allegation against Akpabio has significant contradictions, falls short proof threshold – Agbakoba

    Agbakoba urged the senator should tender more proof as she had promised to do in her media interviews.

    He reporters in Lagos that the allegations were hanging without substantial evidence.

    He said: “We request Senator Natasha to provide more evidence, particularly in furtherance to the fact that she previously stated she reserves the right to provide further particulars and evidence to support the allegations against the Senate President.

    “We feel like the allegation as it currently stands falls short of the threshold for proving sexual harassment anywhere in the world.”

    Agbakoba, who had written to Mrs. Akpoti-Uduaghan as counsel for Akpabio to supply more proof, said he accepted the brief in a conciliatory manner.

    He also “honestly wishes” that the matter is resolved without going to court, adding that he had requested a meeting with Mrs Akpoti-Uduaghan’s lawyers.

    Agbakoba clarified that at this stage, the Senator is not to be believed or disbelieved, stressing that she would need to clarify the difference between her behaviour between December 8 and 9, 2023.

    The SAN described sexual harassment as a serious matter that deserves careful and fair consideration, adding that the difficulty faced by anyone making the allegation and the importance of treating all parties with dignity should be acknowledged.

    However, the senior lawyer said the review of the available public records revealed significant contradictions that must be considered for a fair evaluation of the situation.

    According to him, proper institutional processes, rather than media forums, should provide an appropriate venue for addressing serious matters.

    Agbakoba insisted that while he supports a society where individuals feel safe to speak up, the principles of justice that require evidence and fairness should be upheld.

    He stressed: “Allegations, however serious, must be scrutinised with diligence and care to avoid situations where they are being weaponised for vendetta.

    “Our legal system is built on the presumption of innocence until proven guilty, and this fundamental principle must be respected, even in sensitive cases.”

    Noting that Mrs. Akpoti-Uduaghan had said she would submit material evidence and present further particulars and facts, he expressed surprise that she had withheld the evidence.

    The former Nigerian Bar Association (NBA) said this is unusual.

    Agbakoba noted that Mrs. Akpoti-Uduaghan’s local and international engagements have highlighted the global attention her allegations have garnered in the past weeks.

    Emphasising the contradictions between her claims and subsequent behaviour, he said Mrs Akpoti-Uduaghan who made a serious allegation turned to her Instagram to also eulogise Akpabio and spoke highly of the birthday event she attended in Uyo, Akwa Ibom State.

    He pointed out that while Mrs Akpoti-Uduaghan claimed that sexual harassment occurred on December 8, which was her birthday and that of Akpabio, she praised the Senate President on December 9.

    The lawyer stressed: “The timeline and dates are so contradictory. On one hand, you complained about sexual harassment on December 8, 2023.

    “Yet, on the other, you praised Senator Akpabio who you allege sexually harassed you on December 9, 2023. 

    “The juxtaposition of these two events, an alleged traumatic harassment followed by voluntary, public expression of admiration requires careful consideration.”

    Agbakoba acknowledged that there is no defined or definite description of harassment, saying that it could be in words or behaviour.

    He doubted any absolute physical act in respect of Mrs. Akpoti-Uduaghan and Akpabio.

    Urging critics to do with unguarded emotion, Akpabio said “98 per cent of what you see on social media is not court-useable.”

  • FAAC shares N1.578tr March revenue to FG, States, LGAs

    FAAC shares N1.578tr March revenue to FG, States, LGAs

    The Federation Account Allocation Committee (FAAC) has disbursed N1.578 trillion to the Federal, State and local governments as revenue generated in March 2025.

    This was confirmed at the April 2025 FAAC meeting in Abuja.

    This is the second consecutive drop in the allocations to the three tiers of government.

    The total distributable revenue comprised N931.325 billion from statutory sources, N593.750 billion from Value Added Tax (VAT), N24.971 billion from the Electronic Money Transfer Levy (EMTL), and N28.711 billion from Exchange Difference revenue.

    According to the official communique after the meeting on Tuesday, gross revenue available for March stood at N2.411 trillion.

    From this, deductions for cost of collection amounted to N85.376 billion, while transfers, interventions, and refunds consumed N747.180 billion.

    Despite the lower net revenue available for distribution, the March statutory revenue of N1.718 trillion showed an increase of N65.422 billion over the N1.653 trillion received in February.

    However, revenue from VAT dropped to N637.618 billion in March from N654.456 billion in February — a decrease of N16.838 billion.

    From the total distributable sum of N1.578 trillion, the federal government received N528.696 billion. State governments collectively received N530.448 billion, while local governments received N387.002 billion. Additionally, N132.611 billion — representing 13 percent of mineral revenue — was allocated to oil-producing states as derivation revenue.

    Read Also: Fed Govt set to disburse over $400m cabotage fund

    Breakdown of the N931.325 billion statutory revenue shows that the federal government took N422.485 billion, the states N214.290 billion, and local councils N165.209 billion. Oil-producing states received N129.341 billion from this component as derivation revenue.

    From the VAT pool of N593.750 billion, the federal government received N89.063 billion. States got N296.875 billion and local governments received N207.813 billion.

    For the EMTL revenue of N24.971 billion, the federal government received N3.746 billion, states N12.485 billion, and local governments N8.740 billion.

    In the case of Exchange Difference revenue of N28.711 billion, the federal government received N13.402 billion, states N6.798 billion, and local governments N5.241 billion. A further N3.270 billion from this revenue was distributed as 13 percent derivation to oil-producing states.

    A deeper look into the revenue trends shows that while Petroleum Profit Tax (PPT) and Companies Income Tax (CIT) increased significantly during the month under review, several other key sources witnessed declines. These include Oil and Gas Royalty, EMTL, VAT, Excise Duty, Import Duty, and Common External Tariff (CET) Levies.

  • BREAKING: Rivers threatens legal action, vows to recover N300m from NBA 

    BREAKING: Rivers threatens legal action, vows to recover N300m from NBA 

    The Rivers State Government has countered claims of the Nigerian Bar Association (NBA) that the N300m it received from the government was an unconditional gift not tied to the hosting of its Annual General Conference in the State.

    The government further vowed to deploy all legal process to retrieve the resources if NBA fails to willingly refund the money.

    A statement  by the SSA Media to Rivers State Government, Hector Igbikiowubo, insisted that the records of the government showed that the N300m was tied to the hosting of the NBA’s Annual General Conference in the state.

     The statement said: “The government  outrightly rejects the NBA’s recent allegation that the ₦300million payment made by the state was a “gift”, unrelated to hosting rights for the NBA AGC 2025. 

    “For clarity, the Rivers State Government’s records show that the payment of ₦300 million to the NBA was made with the mutual understanding that Rivers State would host the 2025 edition of the NBA AGC.

    Read Also: Speaker Abbas: Rivers Administrator must uphold governance until democracy is restored

    “The Rivers State Government entered into this arrangement with the NBA in good faith, with the understanding that hosting the conference in the state would attract significant economic benefits to our state, positively and directly impact the businesses of our people. 

    “The NBA’s unilateral decision to relocate the AGC 2025 against our mutual understanding and subsequent decision to withhold the ₦300 million paid for the purpose of hosting the NBA AGC 2025 in Rivers State is unethical and amounts to a breach of trust.

    “Failure of the NBA to immediately refund the ₦300million to the Rivers State Government, will compel the implementation of all legal means to recover the property of the good people of Rivers State.

    “We reaffirm our willingness to engage in partnerships with all professional bodies, including the NBA, but we will not accommodate exploitation of our people and the Rivers State Government”

  • Frustrated ‘investors’ loot CBEX office in Ibadan

    Frustrated ‘investors’ loot CBEX office in Ibadan

    A group of angry investors stormed the CBEX office in the Oke Ado area of Ibadan, Oyo State, after the digital trading platform reportedly crashed, leaving many users with zero balances in their accounts.

    The mob forcibly entered the premises, looting furniture and office equipment.

    The incident was triggered by widespread frustration and financial losses among users who had invested in the platform.

    Videos circulating online show a large crowd at the office, with individuals removing items from the building.

    Many users shared their experiences on social media, expressing grief and anger over the loss of their investments.

    Read Also: SEC warns public against ponzi schemes

    Authorities were yet to release an official statement or confirm any arrests.

    The situation remains tense as investors demanded answers about the platform’s sudden collapse.

    The CBEX platform’s operational model has raised concerns, with allegations of fraud and deceptive practices coming to light.

    While it was introduced as a secure and transparent digital asset trading platform, the recent collapse and reports of users losing funds have sparked scrutiny. 

  • NBA: N300m collected from Rivers ‘unconditional gift’

    NBA: N300m collected from Rivers ‘unconditional gift’

    The Nigerian Bar Association (NBA) yesterday admitted collecting N300 million from the Rivers State Government while planning its 2025 Annual General Conference (AGC) initially billed for Port Harcourt.

    This followed the demand  by Rivers State Sole Administrator Ibok-Ete Ibas that the money, approved by suspended Governor Siminialayi Fubara, be refunded.

    However, the NBA said the cash was “an unconditional gift”, not payment to facilitate the conference.

    The government in a statement by Hector Igbikiowubo, the media aide to Vice Admiral Ibas faulted the reasons given by the NBA for the relocation of its conference after receiving the money.

    The statement reads: “While we respect the NBA’s right to choose its conference venues, we find it curious that the association – despite its ‘principled position’ – didn’t address the refund of the N300 million already paid by the Rivers State Government for the hosting rights of the 2025 conference.

    “If the NBA truly stands on principle, it should demonstrate the same integrity by promptly returning these funds rather than benefiting from a state it now publicly discredits.

    Read Also: Full list of 24 qualified countries for AFCON 2025

    “President Bola Ahmed Tinubu, in exercising his constitutional authority, acted in the best interest of the state to restore stability.

    “The Sole Administrator’s mandate is clear: to oversee a transitional period that ensures the return of full democratic governance in line with the Constitution. To suggest that this intervention ‘flouts the rule of law’ is not only incorrect but ignores the Supreme Court’s rulings that have validated key decisions made during this period.

    “In the event the NBA was not aware, the association should consult the landmark judgment of the Supreme Court in Suit No. SC/CV/1176/2024 (Rivers State House of Assembly & Others vs. Rivers State Independent Electoral Commission (RSIEC) & Nine Others), where the apex court unequivocally ruled that any local government election conducted in violation of the Electoral Act is unconstitutional, null, and void.

     “The NBA, as a body of legal minds, should know better than to reduce a complex constitutional matter to political sensationalism.

    “Rivers State is passing through a challenging but necessary phase in its democratic journey. Rather than contributing to unnecessary tension, we expect the NBA- as a critical stakeholder in Nigeria’s democracy – to engage constructively, offering solutions instead of amplifying divisive narratives.

    “The Sole Administrator remains focused on his mandate to stabilise the state and facilitate a smooth return to full constitutional governance. We urge the NBA and other well-meaning Nigerians to support this process in the interest of peace and progress.”

    The NBA had moved its forthcoming AGC to Enugu following the declaration of a state of emergency in Rivers, a development that occasioned the refund demand by the Rivers government.

    In a statement by its AGC 2025 Planning Committee Chair Emeka Obegolu (SAN), the NBA said: “We wish to clarify that the decision to host the 2025 AGC in Port Harcourt was taken in August 2024 and was not subject to any bidding process or payment of any hosting rights.

     “Traditionally, because of the enormous cost involved in hosting the AGC, NBA Conference Planning Committee approaches organisations, agencies of government and state governments for support and the support requested is unconditional and not tied to hosting rights or any rights whatsoever.

    “Recent NBA conferences have been supported by different state governments, corporate organizations, ministries, departments and agencies whose budgets accommodate corporate social responsibilities and share the same vision with NBA.

    “Such financial support is in the form of gifts, partnerships or sponsorships. The money from Rivers State was a gift and was not tied to any purported hosting right for the NBA AGC.”