The Nation Newspaper

Category: Featured

  • Federal Govt, Siemens scale up 2.3b Euro power project

    Federal Govt, Siemens scale up 2.3b Euro power project

    • Project generates $2.2b investment

    President Bola Ahmed Tinubu yesterday directed that major transformer substations under the Presidential Power Initiative (PPI) be expanded from two to three phases to boost national transmission capacity.

    The President gave the directive yesterday during a strategic meeting with a visiting delegation from Siemens Energy at the State House, Abuja.

    Siemens Energy is the technical partner to the three-phased PPI, which is being implemented under FGN Power Company (FGNPC) as the special purpose vehicle (SPV). The first phase of the project was estimated at Euro 2.3 billion.

    The government yesterday confirmed that more than $2.2 billion in new investments had been made in the power sector as a result of the PPI, with activation of 15 state electricity markets.

    President Tinubu, who met with Siemens Energy’s Managing Director for the Middle East and Africa, Dietmar Siersdorfer, pledged that the Federal Government would continue to provide the resources required to accelerate the PPI.

    He said the expansion of the capacity was in recognition of the catalytic role of electricity as a key driver of economic growth and social development.

    “We want everyone to see the glory of our economic recovery and banishment of poverty,” Tinubu said.

    He reaffirmed that his administration is taking the task of improving power supply “very seriously,” stressing that Nigeria’s economic growth, social development, and national competitiveness all hinge on a reliable electricity system.

    According to him, steady power supply remains a priority because without steady power, the country cannot achieve its industrial, educational, healthcare, and transportation goals.

    “Our education, our healthcare, and our transportation all depend on energy, and without power, it is an impossible objective. We are taking it very seriously,” President Tinubu said, while assuring Siemens of the government’s full commitment to the project.

    He emphasised that the phased completion of the project would position Nigeria as a continental leader, unlocking hidden potential across sectors.

    “There is no industrial growth or economic development without power. I believe that power is the most significant discovery of humanity in the last 1,000 years,” Tinubu said.

    Vice President Kashim Shettima, Minister of Finance and Coordinating Minister of the Economy, Wale Edun, Minister of Power Adebayo Adelabu, and Special Adviser on Energy Olu Verheijen were present at the meeting.

    In his briefing to the President, Adelabu outlined progress made under the PPI, noting that the power sector had recorded critical milestones, including decentralisation, liberalisation, and the development of a National Integrated Electricity Policy— the first in 24 years.

     He affirmed that more than $2.2 billion in new investments had flowed into the sector as a result, activating 15 state electricity markets.

    He pointed out that since the Accelerated Agreement was signed at COP28 in Dubai in December 2023, Siemens Energy had delivered and commissioned 10 units of 132/33kV mobile substations, three units of 75/100MVA transformers, and seven units of 60/66MVA transformers nationwide.

    He added that these installations have added 984MW of transmission capacity to the national grid, resulting in improved stability and reliability.

    Read Also: Police, DSS, others begin patrol operations around churches in Abuja

    Adelabu recalled that the Federal Executive Council had approved the Engineering, Procurement, and Construction (EPC) contract for the first batch of Phase One of the PPI, which covers the upgrade and commissioning of substations in Abeokuta, Offa, Ayede-Ibadan, Sokoto, and Onitsha.

    He said civil works mobilisation and equipment manufacturing were underway, with two of the five substations targeted for completion by the end of 2026.

    He said that preparations were ongoing for Phase One–Batch Two, involving six brownfield and ten greenfield substations designed to deliver a cumulative impact of 4,104MW.

    Edun underscored that a fully implemented PPI would improve the ease of doing business, create jobs for young Nigerians, and help reduce poverty.

    Siersdorfer, who led the Siemens delegation, confirmed that two substations under construction would be completed by December 2026.

    He said a training centre was being built to expand local capacity in electrical engineering, create jobs, enhance local content, and deepen technology transfer.

    “The PPI is not just a project but a platform for long-term development and prosperity,” he said, adding that the initiative would help transform Nigeria into a regional power hub and demonstrate the strength of German-Nigerian relations.

    He also noted that thousands of local jobs would be created through procurement, services, accommodation, and transportation linked to the ongoing works.

    A representative of the German Ambassador, Johannes Lehne, assured President Tinubu of continued support and partnership from the German government.

  • PDP faction asks  NJC to sanction Ibadan judge

    PDP faction asks  NJC to sanction Ibadan judge

    • Court to hear case on convention tomorrow

    Members of the Wike/Anyanwu faction of the crisis-ridden Peoples Democratic Party (PDP) yesterday urged the National Judicial Council (NJC) to sanction Justice Ladiran Akintola of the  Ibadan High Court for issuing an exparte order that gave the Umar Damagum-led faction the nod to proceed with the proposed National Convention.

    The convention is slated for Saturday and Sunday in Ibadan.

    Justice Akintola yesterday asked the parties in the case at the Ibadan High Court to return to court tomorrow for hearing.

    The Chairman of Imo State chapter, Austine Nwachukwu, who along with two others, secured the judgment of the Abuja Federal High Court stopping the convention, said Justice Akintola’s action was a violation of established judicial processes.

    Justice James Omotosho, who presided over the Abuja court, had ruled that the convention should not hold, and if the exercise is organise, the Independent National Electoral Commission (INEC) should not recognise the outcome.

    But the Ibadan court granted the exparte order in the case filed by a party chieftain, Folahan Malomo Adelabi, restraining the  National Chairman, Damagun, from suspending the convention.

    When the motion on notice came up for hearing at the Ibadan court yesterday, Justice Akintola adjourned till today to enable the parties file all the processses for effective takeoff.

    He explained that the adjournment would also  enable the court take the pending applications.

    Read Also: Tinubu has what it takes to secure Nigeria, says Information Minister

    Why we petitioned CJN, by party chieftains

    Accompanied by his two colleagues – Amah Abraham Nnanna and Turnah Alabh George, the Imo PDP Chairman said they have submitted a petition to the Chief Justice of Nigeria, Kudirat Kekere-Ekun,  who is the NJC Chairman.

    He said: “We want to draw the attention of members of the Peoples Democratic Party and the Nigerian public to a petition before the Chief Justice of Nigeria and Chairman of the National Judicial Council (NJC) against Honourable Justice A.L Akintola of the Oyo State High Court.

    “The petition, dated November 5, 2025, and duly received by the Office of the Chief Justice of Nigeria on November 6, 2025, was submitted by Hon. Austine Nwachukwu, Hon. Amah Abraham Nnanna, and Turnah Alabh George on behalf of the themselves as critical stakeholders of PDP.

    “The petition raises serious concerns over what is described as acts of judicial recklessness, impunity, and flagrant violation of established legal processes by Justice Akintola, particularly in his decision to issue an ex parte order on November 4th, permitting the conduct of the PDP National Convention in Ibadan on November 15 and 16, 2025.

    “This order, according to the petitioners, directly contradicts a valid and subsisting judgment of the Federal High Court, Abuja delivered on 31st of October 2025 (Suit No. FHC/ABJ/CS/2120/2025), which had expressly restrained the PDP from holding its convention on the same dates.

    “The petitioners rightly contend that Justice Akintola’s action amounts to sitting on appeal over a judgment of a court of coordinate jurisdiction-an act that undermines judicial hierarchy and the sanctity of the rule of law.

    “This disturbing development not only threatens the integrity of the Nigerian judiciary, but also risks setting a dangerous precedent capable of eroding public confidence in the justice system.

    “We therefore, call on the National Judicial Council (NJC) to urgently investigate this matter and take decisive action, just as it had done in similar cases involving judicial misconduct in Rivers State, Imo State, and other jurisdictions, where they were seen to have acted promptly as soon as the petitions were received by them.

    “The NJC must reaffirm its commitment to discipline, impartiality, and the preservation of judicial integrity by ensuring that errant judicial officers are held accountable without delay.

    “The Nigerian judiciary must remain the last hope of the common man and not a tool in the hands of those seeking to subvert justice for political expediency. The NJC’s prompt and transparent action on this petition will go a long way in restoring faith in the judiciary and reinforcing the principle that no one-no matter how highly placed is above the law”.

  • Okpebholo revokes MOWAA’s Certificate of Occupancy

    Okpebholo revokes MOWAA’s Certificate of Occupancy

    Edo Governor, Monday Okpebholo, has revoked the Certificate of Occupancy granted to the Museum of West African (MOWAA) by the administration of Godwin Obaseki.

    In the revocation order dated October 21, 2025, Okpebholo said he revoked MOWAA’s C of O in ‘overriding public interest’.

    He cited the authority vested in him by Sections 28 and 38 of the Land Use Decree No. 6 of 1978 (now the Land Use Act).

    Okpebholo said the land previously allocated to the Edo Museum of West African Art Trust (EMOWAA) Ltd/GTE has been reclaimed by the state and would be restored to its original use as the Benin Central Hospital.

    Read Also: Tinubu has what it takes to secure Nigeria, says Information Minister

    “Notice is hereby given that in exercise of the power conferred upon me by Section (28) 1 and 38 of the Land Use Decree No. 6 of 1978 and by virtue of all other laws enabling me on that behalf, I, Sen. Monday Okpebholo, Executive Governor of Edo State of Nigeria, hereby revoke the Statutory Rights of Occupancy granted to Edo Museum Of West African Art Trust (EMOWAA) Ltd/GTE for overriding public interest.

    “The land in question, known as Digital Plot No. 61977, Zone HI/A12/Ogboka, Benin City, in Oredo Local Government Area, measures approximately 6.210 hectares and was the site of the demolished Central Hospital.”

  • UPDATED: Why EFCC declared ex-Bayelsa governor Timipre Sylva wanted

    UPDATED: Why EFCC declared ex-Bayelsa governor Timipre Sylva wanted

    The Economic and Financial Crimes Commission (EFCC) has declared Timipre Sylva, the former Bayelsa state governor, wanted.

    Sylva, aged 61, is from Brass Local Government Area of Bayelsa State.

    The commission said Sylva, who also served as minister of state for petroleum resources, is wanted in connection with an alleged case of conspiracy and dishonest conversion of $14,859,257.

    EFCC announced the development on X formerly (Twitter), Monday, sharing Sylva’s photograph.

    According to the EFCC, Sylva is implicated in a case of conspiracy and dishonest conversion of funds provided by the Nigerian Content Development and Monitoring Board (NCDMB) for the construction of Atlantic International Refinery and Petrochemical Limited.

    READ ALSO; Progressive governors laud Tinubu’s security overhaul

    The notice follows a 6 November warrant issued by the Lagos State High Court, the EFCC said.

    It reads, “The public is hereby notified that TIMIPRE SYLVA, a former Minister of State, Petroleum Resources, and former Governor of Bayelsa State, whose photograph appears above is wanted by the Economic and Financial Crimes Commission (EFCC) in an alleged case of Conspiracy and Dishonest Conversion of $14,859,257 part of funds injected by the Nigerian Content Development and Monitoring Board (NCDMB) into Atlantic International Refinery and Petrochemical Limited for the construction of a Refinery.

    Sylva, 61, is from Brass Local Government Area of Bayelsa State. This notice is pursuant to a November 6, 2025, warrant of the Lagos State High Court.

    “Anybody with useful information as to his whereabouts should please contact the Commission in its Ibadan, Uyo, Sokoto, Maiduguri, Benin, Makurdi, Kaduna, Ilorin, Enugu, Kano, Lagos, Gombe, Port Harcourt, or Abuja offices or through 08093322644; its e-mail address: info@efcc.gov.ng or the nearest Police Station and other security agencies.”

  • BREAKING: EFCC declares ex-minister Timipre Sylva wanted

    BREAKING: EFCC declares ex-minister Timipre Sylva wanted

    The Economic and Financial Crimes Commission (EFCC) has declared the former Minister of State for Petroleum Resources, Timipre Sylva, wanted over an alleged case of conspiracy and dishonest conversion of funds amounting to $14.8 million.

    In a public notice issued on Monday, the anti-graft agency said the case relates to funds reportedly injected by the Nigerian Content Development and Monitoring Board (NCDMB) into Atlantic International Refinery and Petrochemical Limited for the construction of a refinery.

    According to the EFCC, the notice follows a warrant of arrest issued by the Lagos State High Court on November 6, 2025.

    READ ALSO; Progressive governors laud Tinubu’s security overhaul

    “The public is hereby notified that Timipre Sylva, a former Minister of State, Petroleum Resources, and former Governor of Bayelsa State, is wanted by the EFCC in connection with an alleged case of conspiracy and dishonest conversion of $14,859,257,” the notice, signed by EFCC spokesperson Dele Oyewale, said.

    The Commission urged anyone with useful information about Sylva’s whereabouts to contact any of its offices nationwide or report to the nearest police station or security agency.

    It listed the agency’s offices in several cities, including Lagos, Abuja, Kano, Port Harcourt, and Kaduna, as contact points. It also provided a hotline and email address for information sharing.

    “Anybody with useful information as to his whereabouts should please contact the Commission in its Ibadan, Uyo, Sokoto, Maiduguri, Benin, Makurdi, Kaduna, florin, Enugu, Kano, Lagos, Gombe, Port Harcourt or Abuja offices or through 08093322644; its e-mail address: info@efcc.gov.ng or the nearest Police Station and other security agencies.”

  • BREAKING: NAHCON announces reduction in Hajj fare

    BREAKING: NAHCON announces reduction in Hajj fare

    Following the directive of President Bola Ahmed Tinubu on hajj fare, the National Hajj Commission of Nigeria (NAHCON) has announced a substantial downward review of the Hajj fare for the 2026 pilgrimage, offering significant financial relief to prospective Nigerian pilgrims across all operational zones.

    The revised figures, released by the commission which operates under the Presidency, show a reduction of up to N792,943.83 from the initial 2025 Hajj fare, depending on the pilgrim’s departure zone.

    The largest reduction was recorded for pilgrims in the Southern Zone, where the fare has been reduced by N792,943.83. The revised cost for the Southern Zone now stands at N7,991,141.76, down from the previous N8,784,085.59.

    Read Also: Hajj: NAHCON concludes inspection of hotels, kitchens in Saudi Arabia

    Pilgrims departing from the Northern Zone will see a reduction of N760,915.83, bringing the revised fare to N7,696,769.76. 

    Meanwhile, the Borno and Adamawa Zone—which has the lowest fare nationally—has a new rate of N7,579,020.96, reflecting a saving of N748,104.63.

    The commission also announced December 5 as the payment deadline.

  • My victory means elections getting better, says Soludo

    My victory means elections getting better, says Soludo

    • Tinubu: his re-election testament to visionary leadership
    • Governors hail ‘deserved victory’

    Following his overwhelming success in Saturday’s election, Anambra State Governor Chukwuma Soludo declared that the manner of his victory means that elections are getting better in the country.

    He alluded to the peaceful and credible poll, his massive win and the improved turnout as evidence of the improvement in the electoral process and the outcome.

    He described President Bola Ahmed Tinubu as a true democrat for providing a level playing field in the contest.

    He dedicated himself to service delivery, saying he would move from gear three to four in his second term performance.

    Soludo spoke in his hometown Isuofia, Aguata Local Government Area, shortly after he was declared the winner by the Returning Officer (RO) and Vice Chancellor of the University of Benin, Prof Edoba Omoregie.

    Jubilant residents and people from other parts of the state thronged his home to celebrate the result in which he swept into a landslide win across all 21 local government areas.

    He won in 320 out of the 326 electoral wards in the state, scoring 72 per cent and amassing 422,662 votes.

    All Progressives Congress (APC) candidate Prince Nicholas Ukachukwu came a distant second with 99,445 votes.

    Young Progressives Party (YPP) candidate Paul Chukwuma garnered   37,753 votes to secure third position.

    His Labour Party (LP) counterpart, George Moghalu, scored 10,576 votes as the fourth, and John Nwosu of the African Democratic Congress (ADC) secured 8,208 votes.

    The remaining eleven candidates performed abysmally.

    Soludo said: “This is a moment to say congratulations to the Anambra People. Four years ago, we were elected with 112,000 votes, but this time you spoke loudly with your votes. This is a show of solidarity and a very emphatic statement.

    “Out of 326 wards, we lost only six wards, and we won the entire 21 local governments, and that is a very emphatic statement.

    “We are in partnership with people at all levels in the state, and we are matching on to gear four. We are in gear three as it were, and we are moving to gear four. Thanks to the  Anambra people for renewing our employment.

    “We thank Mr President, he has proven to be a very good democrat. I thank the new INEC chairman (Joash Amupitan).

    “It was his first outing, and as the saying goes, you don’t get a second chance to make a first impression, and you have proven that with this election. Every election year is getting better and better in Anambra.

    “Except for a few cases, I think the election was very fair and credible. I thank the ICT (Information Communication Technology) section of INEC, as of Saturday night, they had uploaded up to 99 per cent of the results, and we already knew where the election was going.

    “To my brothers (other contestants), I say, we were 16, and obviously, only one person will win.

    “We have had fun, we have fought, but we will still meet at functions at weekends and share drinks the Anambra way.

    “I extend a hand of fellowship to you, and we will work together to make Anambra better.

    “For me, we will work for the Anambra people, and no minute is lost. Ours is an assignment with a deadline.” 

    Soludo expressed regret that, despite the heavy security witnessed during the election, some miscreants killed an APGA councillor in Owerre-Ezukala, Orumba South Local Government Area.

    After speaking, Soludo hit the floor dancing with his family members, APGA chiefs and supporters.

    Tinubu hails Soludo

    President Tinubu and the Nigerian Governors Forum (NGF) congratulated Soludo on his victory.

    The President, in a statement he personally signed, said Soludo’s overwhelming victory has made him the third governor in the state’s political history to win a second term.

    He hailed the governor for bringing discipline, grace, brilliance, and a fresh perspective to governance in Anambra.

    He urged him to be magnanimous in victory and seek the cooperation of his opponents.

    Tinubu said: “I must also congratulate the people of Anambra State, the security agencies and the Independent National Electoral Commission (INEC) on the peaceful and successful conduct of the governorship election.

    “Professor Soludo’s re-election is a testament to his visionary leadership and the significant progress the state has made under his guidance.

    “Governor Soludo, the Solution, has demonstrated that indeed knowledge is power and that academic principles can be applied in serving the people, undergirding accountability, transparency and prudent management of people and resources.

    Read Also: Soludo, Speaker, APGA in victory dance

    “I visited Anambra State in May this year, where I inaugurated some projects executed by the Soludo administration.

    “I highlighted the good thinking behind the landmark projects being embarked upon by Mr Solution. That experience is indeed remarkable and will remain indelible in my mind.

    “I commend Governor Soludo for bringing discipline, grace, brilliance, and a fresh perspective to governance in Anambra. Under him,  Anambra is living up to its motto as the Light of the Nation.

    “I urge Governor Soludo to be magnanimous in victory and to seek the cooperation of his opponents in the just-concluded elections.

    “I assure Governor Soludo of my unwavering support, and I look forward to continued collaboration between Anambra and the Federal Government.

    “The victory of the opposition All Grand Progressives Alliance in the election again demonstrates the vitality of our political system and the fact that victory for any progressive and hardworking leader can hardly be encumbered or denied.

    “I must also thank the new INEC Chairman, Prof Joash Amupitan, and his team for conducting what observers have described as a credible election, based on the reports I have received thus far.

    “I charge the commission with maintaining the standards and further improving its performance, so we can continue to strengthen and deepen our electoral system.”

    NGF: Soludo’s re-election deserved

    A statement by the Governors  Forum said: “The clear margin of victory underscores the popularity of the governor and his programmes among Anambrarians.

    “We are confident that this deserving victory will enable His Excellency to consolidate on his great achievements across different sectors.

    “We also congratulate the people of Anambra and all the stakeholders on the orderly and peaceful conduct of the election — another proof that Nigerians have fully embraced democracy and rule of law as a choice form of governance.

    “We also commend the INEC and the security agencies for the orderly electoral process so far,” Chairman of the forum, who doubles as Kwara State Governor AbdulRahman AbdulRazaq, said.

    Opposition parties reject results

    Opposition political parties, including the APC, LP and ADC, rejected the outcome, alleging widespread irregularities, vote buying, intimidation, and violence.

    APC candidate, Nicholas Ukachukwu, said he was still collating information on the conduct of the election.

    He alleged that a building belonging to a female APC supporter in Anambra East Local Government Area was burnt down for her loyalty to the party.

    He also claimed that several vehicles belonging to APC supporters were vandalised during the campaigns.

    “We are still collating data on the election. My major concern is the burning of the house of one of our supporters despite intimidation and harassment,” Ukachukwu said.

    ADC state chairman Patrick Obianyo described the results as “a joke,” while the party’s candidate, Nwosu, called the election “a ruse and total subversion of the people’s will.”

    He alleged massive vote buying, saying voters were openly induced with cash ranging from N3,000 to N20,000.

    “This was not an election but a cash bazaar – a national embarrassment and a loss for democracy,” he said.

    ADC National Publicity Secretary Bolaji Abdullahi said the exercise “undermined the essence of democracy,” accusing the incumbent and his party of engaging in “cash-for-votes” in violation of the Electoral Act.

    The party also faulted security agencies and electoral officials for their “visible inaction” during the poll.

    LP candidate Valentine Moghalu decried the alleged absence of the party’s logo on the ballot paper and reported cases of intimidation and violence.

    “There were cases of vote buying and missing result sheets. One of my key supporters was beaten in Idemili North. INEC failed, and security agencies did not live up to their assurances,” he said.

    Anambra State Resident Electoral Commissioner Queen Agwu dismissed the allegations of vote buying as “mere rumours,” urging those making the claims to produce evidence.

    The Economic and Financial Crimes Commission (EFCC) said three people were arrested for vote buying.

    It said the suspects were arrested in Njikoka, Awkuzu and Dukonukofia.

    “They will be charged as soon as investigations are concluded,” the commission stated.

    The Police Service Commission (PSC) commended the Police for what it described as an “above-average” performance during the election.

    PSC monitoring teams reported professional and orderly conduct by officers across the state, noting peaceful voting in areas visited.

  • Plot to take over Nestoil/Neconde’s interest in OML 42 unravels

    Plot to take over Nestoil/Neconde’s interest in OML 42 unravels

    • Foreign lenders, major banks join fight to overturn sweeping court orders
    • Court halts proceedings amid NJC, Chief Judge petitions

    Fresh controversy has erupted over the far-reaching orders granted by Justice Dehinde Dipeolu of the Federal High Court, Lagos, which froze the bank accounts, shares, and assets of Nestoil Limited and its affiliates in a high-stakes debt recovery suit involving unverified claims exceeding $1.01 billion and N430 billion.

    In a ruling on an ex parte motion dated October 15, 2025, and filed on October 20, Justice Dipeolu issued sweeping orders restraining Nestoil Limited, Neconde Energy Limited, and other Nestoil affiliates from operating their bank accounts or dealing with funds, shares, or assets held in any Nigerian financial institution.

    At the centre of the storm is Neconde Energy Limited, which has faulted its inclusion in the Mareva and receivership orders obtained by FBNQuest Merchant Bank Limited and First Trustees Limited, describing the orders as wrongful, oppressive, and a clear case of judicial overreach.

    Meanwhile, Glencore Energy UK Limited, Fidelity Bank Plc, Mauritius Commercial Bank Limited, and the Africa Finance Corporation (AFC) — collectively described as Senior Lenders – have filed motions seeking to be joined as defendants to overturn the sweeping ex parte court orders.

    Through their counsel, Olufemi Oyewole (SAN), the Senior Lenders asked the Court to set aside or vary the ex parte orders of October 22, 2025, which they said threaten their security interests in Neconde’s assets and operations.

    They argued that the plaintiffs failed to disclose in their affidavit the existence of the Senior Secured Medium-Term Facility Agreement dated April 27, 2016, under which Neconde obtained a $640 million syndicated loan.

    They added that the Deed of Charge dated December 8, 2022, relied upon by the plaintiffs in obtaining the ex parte orders, was registered against Nestoil Limited only and not against Neconde Energy Limited, rendering it defective and unenforceable against Neconde.

    Citing Clause 3.4 of the Deed of Charge, they noted that FBNQuest’s charge “shall rank in all aspects subordinate and subject to the charges and assignments constituted by the Neconde Senior Security Documents.”

    They therefore urged the Court to vacate or vary the interim orders or restrain further interference with Neconde’s assets pending determination of the substantive suit.

    They asserted that the interim orders have made it impossible for Neconde to service its obligations to the Senior Lenders, potentially triggering events of default that could lead to insolvency actions with highly disruptive consequences.

    When the case came up on Friday November 7, 2025, Justice Dipeolu revealed that he had received the petition sent to the Chief Judge of the Federal High Court concerning his handling of the case and related cases.

    He subsequently suspended further proceedings pending the Chief Judge’s directive on whether he should continue or recuse himself.

    The petitions accused the judge of judicial misconduct and reckless issuance of sweeping ex parte Mareva orders in two related cases — FBNQuest Merchant Bank & Anor v. Nestoil Ltd & Ors (FHC/L/CS/2127/2025); Aries Energy v. Neconde Energy & Ors (FHC/L/CP/1439/2025).

    The petitioners alleged that Justice Dipeolu granted freezing and receivership orders without verifying ownership of several properties, including Nestoil Tower, which allegedly belong to third parties not indebted to the plaintiffs.

    They also accused him of granting freezing and receivership orders against Neconde without any basis and authorising the Nigerian Navy and Department of State Services (DSS) to assist a receiver in enforcing civil orders and selling crude oil from OML 42 — actions they said contravened the preservative nature of interim injunctions.

    They urged the National Judicial Council to investigate the matter and the Chief Judge of the Federal High Court to reassign all related cases to another judge to preserve public confidence in judicial impartiality.

    Neconde has also filed processes in court praying the Court to discharge the ex parte orders.

    It argued that the instant suit is jurisdictionally incompetent, having been commenced against it despite being under winding-up proceedings before the Federal High Court, Lagos, in Suit No. FHC/CP/1439/2025: Aries Energy & Petroleum Company Limited v. Neconde Energy Limited, Gobowen Exploration and Production Limited, Dr. Ernest Azudialu, and Bridge H&T Limited.

    The firm submitted that by the provisions of the Companies and Allied Matters Act (CAMA) 2020, once a company is being wound up by the Court, any disposition of its property, including things in action, transfer of shares, or alteration of members’ status after the commencement of the winding-up, shall be void unless otherwise ordered by the Court.

    They further contended that any attachment, sequestration, distress, or execution enforced against the estate of a company in liquidation shall equally be null and void except by the Court’s order.

    Neconde, a major independent oil producer in OML 42, maintained that it is neither indebted to the plaintiffs nor privy to the syndicated loan transaction forming the basis of the suit.

    The company’s lawyers argued that its inclusion amounted to wrongful interference with third-party rights and had effectively halted its daily crude oil production of over 40,000 barrels.

    They contended that the ex parte orders were excessively broad and issued without jurisdiction, particularly since Neconde is already the subject of ongoing winding-up proceedings before the same Federal High Court.

    Read Also: Nestoil and the future of Nigeria’s indigenous oil players

    The other defendants, Nestoil and its affiliates, have also filed a motion seeking to vacate the orders, describing them as unconstitutional and obtained through suppression of material facts.

    They accused the plaintiffs of failing to make full and frank disclosure before securing the ex parte orders, thereby misleading the court into granting extraordinary far-reaching orders without hearing from the affected parties.

    According to their counsel, the plaintiffs’ actions were “profoundly hasty and desperate,” contrary to established legal principles governing ex parte reliefs, which are intended to be temporary and preservative.

    They argued that no urgency existed to justify freezing accounts or seizing assets, especially since the alleged loans had been restructured under a Common Terms Agreement (CTA) executed in December 2022.

    The CTA, they said, rescheduled repayments over ten years from December 2021, making the present suit premature and in breach of its reconciliation clause.

    The defendants further accused FBNQuest of failing to provide statements of account for over three years despite repeated written requests, insisting that only a forensic reconciliation could determine the true financial position.

    They alleged that the plaintiffs’ claims were inflated with illegal and excessive charges and argued that Nestoil Towers, a major landmark on Akin Adesola Street, Victoria Island, is an immovable and secure property, making the drastic order unnecessary.

    They also challenged the appointment of a receiver/manager by the plaintiffs, claiming the appointee was not registered with the Corporate Affairs Commission (CAC) as required under CAMA 2020.

    The companies warned that maintaining the orders would paralyse operations, freeze directors’ personal accounts, and inflict devastating losses on Neconde’s oil production — losses that would also affect the Federal Government’s revenue from crude oil exports.

    Meanwhile, industry sources warned that the continuing legal tussle, if not promptly resolved, could disrupt oil production in OML 42 — once producing over 250,000 barrels per day in the 1970s — and further erode investor confidence in Nigeria’s indigenous oil sector.

  • Fed Govt to list N1tr real estate funding on NGX

    Fed Govt to list N1tr real estate funding on NGX

    • Single digit mortgage to close housing gap coming

    The Federal Government has initiated a direct retail investors’ participation in its N1 trillion housing funding scheme.

    The initiative is a move to bridge the housing deficit and develop domestic mortgage market.

    Minister of Finance and Coordinating Minister of the Economy, Mr. Olawale Edun will tomorrow lead the listing of the Ministry of Finance Incorporated (MOFI) Real Estate Investment Fund (MREIF) at the Nigerian Exchange (NGX).

    The MREIF, which targets N1 trillion, has already successfully launched two tranches of N250 billion. The listing on the NGX will allow existing and new investors to trade on the units of the real estate investment trust (reit), while affording the fund opportunity to scale up its size through additional issuances.

    MREIF is designed to offer affordable mortgage financing with repayment terms of up to 25 years, featuring substantially lower interest rates than standard commercial rates.

    The MREIF is structured to unlock value from Nigeria’s public real estate assets by creating a transparent and market-driven investment platform.

    Through its listing on NGX, the fund will expand access to real estate investments, drive sector growth, and contribute to national development objectives while offering investors competitive long-term returns

    The Federal Government provided the seed funding, while the private sector has been incentivized to drive the subsequent phases of the project.

    Beyond its immediate impact on the housing sector, the listing of the MoFI Real Estate Fund on the NGX carries wider economic implications. It represents a strategic policy shift by the federal government from direct public spending to market-based social investment, where both government and private investors collaborate to finance affordable housing sustainably.

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    By bringing MREIF into the capital market, the government is providing an avenue for private and institutional investors to participate directly in the real estate financing process. This will mobilize long-term capital, deepen Nigeria’s capital market, and improve liquidity within the housing finance ecosystem.

    The listing also enhances transparency and accountability, as MREIF will now be subject to NGX disclosure requirements, including periodic financial reporting and investor oversight. This level of openness is expected to strengthen investor confidence and ensure that funds are efficiently utilized for their intended purpose.

    Under the scheme, Nigerian civil servants and other eligible citizens will be able to access mortgage loans with only 10 per cent equity contribution, enjoying single-digit interest rates- a notable shift from the prevailing double-digit rates that have long constrained housing affordability.

    The initiative is being executed through a collaborative arrangement involving MoFI, Family Homes Funds Limited (FHFL), and ARM Investment Managers, who serve as the fund managers of the MREIF.

    Funding for the programme is structured to ensure both affordability and sustainability. A major component is a credit line secured by FHFL from the African Development Bank (AfDB), which will lower the overall cost of financing and make it possible for mortgage loans to be issued at reduced rates.

    Managing Director, Ministry of Finance Incorporated (MOFI), Dr. Armstrong Takang, described the project as a milestone in the government’s drive to promote affordable homeownership.

    He said: “This is about ensuring that Nigerians can own homes at interest rates that make sense. From the beginning, we set a ceiling of 12 per cent on mortgage rates under this fund and we’re committed to pushing that number lower. Today’s agreement with Family Homes Funds allows us to offer mortgages at single-digit rates — below 10 per cent.”

    He noted that the strategic focus of the initiative is to continually source cheaper financing from both local and international markets, thereby allowing the benefits of lower-cost funds to be passed on to citizens through reduced mortgage rates.

    “The savings from these lower-cost funds are now being passed on to Nigerians through reduced interest rates on mortgages,” Takang said.

    The MREIF mortgage facility will be available through a network of selected commercial and mortgage banks licensed by the Central Bank of Nigeria (CBN). These financial institutions will disburse loans in compliance with the underwriting standards of the Nigeria Mortgage Refinance Company (NMRC), ensuring proper risk management and oversight across the system.

    Speaking on the broader vision of the initiative, National Coordinator of MREIF, Sani Yakubu, said the programme was designed to deepen mortgage penetration and make homeownership attainable for more Nigerians.

    He said: “We are increasing the number of platforms through which Nigerians can access mortgage financing. This programme is designed to reach as many Nigerians as possible, and the private sector is playing a lead role. The fund managers are working closely with eligible financial institutions, including commercial and mortgage banks, that have experience and regulatory backing to provide mortgage services.”

    Yakubu said that more than 10 financial institutions have already been on-boarded for the initial phase of the project, with additional partners expected to join soon.

  • Presidency defends counter-terrorism record amid US genocide allegation, CPC designation

    Presidency defends counter-terrorism record amid US genocide allegation, CPC designation

    The Presidency on Sunday issued an abridged update on Nigeria’s counter-terrorism operations, detailing arrests, convictions and significant declines in terror-related deaths since 2023. 

    The update, posted on its verified X handle, @NGRPresident, came against the backdrop of renewed diplomatic tension following allegations by United States President Donald Trump alleging a genocide against Christians in Nigeria and designating the country a “Country of Particular Concern” (CPC). 

    Washington has also threatened sanctions and hinted at possible military action.

    The Federal Government has repeatedly rejected the allegation, insisting the country faces a complex, decade-long security challenge driven by terrorism, banditry, and communal violence, not religious persecution. 

    The government maintains that the security crisis has claimed lives across all faiths and regions and continues to appeal to global partners, including the U.S., for support in its ongoing operations aimed at defeating the debilitating challenge.

    In the update, the Presidency reaffirmed President Bola Ahmed Tinubu’s stance that “the security of Nigeria is non-negotiable,” stressing that enhanced inter-agency cooperation has led to stringent action against terrorists and insurgents since 2023. 

    According to the figures released, security agencies have “vigorously pursued, arrested, eliminated or successfully convicted” extremists linked to some of the country’s deadliest attacks.

    The update disclosed that since 2024, over 124 terrorists and insurgents have been convicted by Nigerian courts, while several high-profile suspects, including leaders of Ansaru, those implicated in the 2022 Owo Church massacre, and those involved in the Yelwata reprisal killings in Benue, are currently undergoing trial.

    The government highlighted a suite of counterterrorism measures, including strengthened joint security task forces, enhanced border patrols with regional allies, permanent joint operations in vulnerable corridors, increased compensation for victims of attacks, and deeper intelligence collaboration with international partners.

    Citing measurable results, the Presidency reported that as of 2025, terror-related deaths in Nigeria have declined by 81% compared with 2015, attributing the improvement to intensified counter-insurgency operations and stronger engagement with affected communities. 

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    It also revealed that over 13,000 terrorists were neutralised in the past year alone, while more than 124,000 fighters and their dependents surrendered to authorities.

    The post added that more than 2.1 million internally displaced persons (IDPs) have returned to their communities, with many areas experiencing reconstruction and renewed stability. 

    Additionally, the Federal Government has instituted a Resettlement Scheme for Persons Impacted by Conflict to facilitate rehabilitation, rebuild destroyed settlements, and support reintegration efforts.

    Despite these gains, the federal government continues to call for international partnership, insisting that global support remains crucial in dismantling terror networks operating across borders.