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NGF denies $100m claim by Ned Nwoko

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Nigeria Governors Forum, NGF has denied claims that their members collected $100m for state elections. Reacting to the claim by Ned Nwoko that the federal government owes states only $68 million from Paris and London clubs debt refunds the forum said that the Governors were not  involved in or been in receipt of $100m or any other funds from NED Nwoko to finance elections in any State. In a statement in Abuja, the NGF Director  of Media and Public Affairs, Abdulrazaque Bello-Barkindo said that facts on the alleged  fraud associated with the Paris Club refunds can never be changed by a thousand Press Statements by the Minister of Justice and Attorney – General of the Federation, Abubakar Malami, SAN  or any of the Consultants. The NGF has urged  NED Nwoke and the other Consultants to end the media war and direct all energies towards defending the appeals, adding that as a body, it will not waste its valuable time to defend what it described as  unsubstantiated allegations against individuals or persons who are in a position to defend themselves.

Lead Consultant for the recovery of over deductions from Paris and London clubs debt buy back funds Ned Nwoko, had said that his firm was being owed only $68 million not $418 million. Nwoko was reacting to the flurry of allegations and claims trailing his company’s demand for the payment of fees from the state governments and local government councils in the country, on Saturday in Abuja. The Lead Consultant of Linas International, frowned at the recent outbursts of the Chairman of the Nigeria Governors Forum (NGF), Gov. Kayode Fayemi of Ekiti, regarding the Paris Club refund. The Minister of Justice and Attorney General of the Federation, Abubakar Malami, had featured at the weekly briefings coordinated by the Presidential Media Team, on Aug. 11, where he spoke extensively on issues surrounding the refund, He said that there was no basis for agitation by the NGF concerning deductions from the Paris Club refund paid to the consultants they hired. Malami had also described the governors’ action as akin to crying over spilled milk. The governors after their deliberations at the Presidential Villa Abuja on Wednesday, allegedly accused the Minister of orchestrating the deductions from their funds to settle the consultancy fees.

Barkindo said, “Not surprisingly, the desperate, spurious and futile advocacy mounted and coordinated by the AGF on behalf of the so-called Paris Club Consultants to justify the plundering of the humongous sum of $418.9m from the public treasury of the States and Local Governments continued on Saturday 20th August 2022, when Ned Nwoko, in a press statement, attempted to blur and obfuscate the real facts and legal issues in controversy by dishing out blatant lies and half-truths. The facts are and will always remain: whether the claims of the consultants are lawful and justified under our Constitution and whether any Judgment which is a subject of a pending appeal can be enforced or executed as the consultants now attempt to do? If both questions are answered in the negative, it does not matter if the contracts leading to the claims were entered into by any public official, past or present. No person or persons can agree to blatantly circumvent our Constitution and get away with it. Neither is the period when Judgments were obtained of consequence in this case.

“Undoubtedly, the salient facts on the fraud associated with the Paris Club refunds can never be changed by a thousand Press Statements by the AGF or any of the Consultants. As the Judgments of the appellate courts, particularly that of the Supreme Court have begun to expose the creepiness and unlawful nature of the consultants claims; it is not surprising that they are now afflicted by dizzy spells, seriously discomforted and are now driven by desperation to ensure that the plundering and fleecing of the State is quickly completed before the determination of the pending proceedings in the appellate and other courts in order to foist a situation of frustration and helplessness on the States. This is obvious as the consultants are not in a position to restore the funds to the States if they lose on appeal; as it is becoming apparent. It is therefore needless joining issues with NED NWOKO or indeed any of the consultants. However, it is imperative to debunk patent lies dished out in order to disabuse the minds of the undiscerning public. While Mr. Ned Nwoko strenuously tried to single out and justify his own bogus claim of $68 million; the total amount which all the consultants working in concert, collectively seek and claim from the States and Local Governments, albeit unlawfully is $418,953,690.59 broken down as follows: i. NED MUNIR NWOKO ($68,658,192.83); DR. TED ISIGHOHI EDWARDS ($159,000,000); PANIC ALERT SECURITY SYSTEMS LTD ($47,831,920) iv. RIOK NIG. Ltd (USD142,028,941.95); PRINCE ORJI ORIZU (USD1,219,440.45); BARRISTER OLAITAN BELLO (USD215,195.36) TOTAL – USD$418,953,690.59 “It is instructive to note that all the claims by the consultants are rooted in Suit No FHC/ABJ/CS/130/13 BETWEEN: LINAS INTERNATIONAL LTD & 35 ORS VS FEDERAL GOVERNMENT OF NIGERIA & 3 ORS in which NED NWOKO instituted, and was awarded a bogus 20% of the sum of $3,188,078,505.96 from the States and Local Governments Paris Club refunds. The Judgment has been challenged on appeal by the States and NGF in Suit No CA/ABJ/PRE/ROEA/CV/327M1/2022: ATTORNEY GENERAL OF ABIA STATE & 35 ORS VS LINAS INTERNATIONAL LTD & 239 ORS.

“The attempt by NED therefore to separate his own claim of $68 million as if it is not related to the claims of other consultants is being clever by half. All the consultants claim to have rendered the same or similar service of helping the States and Local Governments to recover over-deducted Paris Club refunds by the Federal Government. Their cases therefore rise or fall together. A poison of the part is a poison of the whole. What is unlawful remains unlawful. Its origin is immaterial and the part or role played by all parties separately or collectively at all times is unlawful and cannot be remedied. As it is common with all unholy alliances, it does appear that the romance between the consultants and their determination to fight together under the AGF’s tacit coordination to pull out of the States the sum of USD$418,953,690.59 may have suffered a crack. This must have led NED to address the press alone and single out his unmerited claim of $68 million as justifiable. This is also coming just on the heel of a similar press briefing by the AGF, a few days ago during which he stoutly defended all the consultants and berated the States for opposing or delaying the prompt payment of the sum claimed. It was thought that the AGF had done a good job of defense for all of them; but NED’s decision to go solo to make his own case without reference to others suggest that the union of consultants is gradually falling apart. What however NED did not tell the public is: If all the Local Governments engaged him directly as claimed and if he acted for the States through his lawyers and the NGF requested that he extends the services to all the States as also claimed, what different service did TED ISEGHOHI-EDWARDS, his collaborator and conspirator (indicted by the EFCC) render for which he is being paid the whooping sum of $159,000,000 also from the Paris Club refund? In his desperation to justify his claim, NED peddled untruths that his team was a member of the Federal Government Committee constituted to reconcile figures under the Paris Club refunds to the States and Local Governments. That is patently false.

“The report of that committee dated May, 2007 shows that only the FMF, OAGF, CBN, DMO and RMFC (secretariat) were members. Private persons who were not privy could not have been included in a committee that was meant to examine purely public financial records. It was this Committee that did all the work now claimed by NED and the other consultants. While it is possible that the unlawful scheme hatched by the consultants to feast on public funds may have over the years been executed with the cooperation of enemies of the State without anyone raising an eye brow; the bubble has now burst and the time to account has come. It is an irony that NED and other consultants who flaunt Judgments of courts as justification for payment are now uncomfortable and jittery when the same Judgments are tested on appeal. An appeal is not a circumvention of a Judgment as NED may want the public to believe. It is a constitutional right. The consultants have no choice but to pursue the various appeals. While NED has vowed to fully enforce the Judgment in FHC/ABJ/CS/130/2013; may we remind him that the law does not permit the enforcement of a Judgment that is on appeal. Let him reserve all his vituperations against the NGF Chairman and canvass them on appeal as the law may permit him.

“Understandably, the Supreme Court (SC) has in its Judgment dated 3rd June, 2022 sent a clear signal in SUIT NO 337/2018: RIOK NIG LIMITED VS NGF 7 ORS that the claims of the consultants are unequivocally unconstitutional as funds of States and Local Governments cannot be attached in the Federation account in the manner approved and pushed by the AGF. Let the consultants therefore have their day in court with the NGF and upon victory; they can seek to be paid. It is absurd to pursue payment in the face of all pending cases. While the consultants are strangely emboldened by those who should ordinarily oppose the payment and protect public trust; the law is not silent. It upholds the truth at all times no matter how long it takes. “No professional advocacy or media campaign to hoodwink the public can change the law. We are not unmindful of the ridiculous claim by one of consultants that it was his media campaign that swayed a Federal High Court Judgment in favour of the NGF. Interestingly, the public which is the greatest victim in the mismanagement of scare public resources has since been well informed and is on red alert to avert and stop what is apparently an attempt by some ravenous rent seekers masquerading as consultants to further exacerbate the economic woes of citizens under the prevailing dire economic situation. The use of libelous language on the person of the Chairman of NGF, who has refused to be compromised and has firmly stood his ground on the unconstitutional and unlawful nature of the consultants’ claims, is not helpful to their case either. 

“The NGF is an apolitical organisation that operates under defined principles targeted at good governance. Its role in the whole of this Paris Club refund debacle to consultants is to ensure that Nigeria citizens are not unlawfully deprived of resources meant for their development. NGF will not therefore waste its valuable time to defend unsubstantiated allegations against individuals or persons who are in a position to defend themselves. If NED is sure of his facts, he is at liberty to approach the necessary authorities to bring to justice on any person or persons and all conspirators (including himself) who were allegedly involved in misappropriating public resources for campaign financing. The NGF hereby states unequivocally that it has not at any time been involved in or been in receipt of USD$100m or any other funds from NED Nwoko to finance elections in any State. Perhaps, confirming our fears and that of the public that the AGF has abdicated his role as public defender and trustee and become the strongest advocate to the consultants is now evident in NED NWOKO’s press statement wherein he praised the role played by the AGF describing it as inevitable. NED cannot say that the consultants have no official Platform to canvass their case, when the AGF has, in spite of public protestation, provided the strongest and most virulent platform to campaign for the expeditious payment of the sums claimed. The AGF has addressed and issued over half a dozen press statements justifying why the consultants should be immediately paid. Not even NED’S solicitors could have done any better.

“The NGF and its leadership remain focused and determined to diligently pursue all appeals on the Judgments on the Paris Club refunds. All that it requests of the AGF and the consultants is to allow the appeal processes to run and be exhausted. It may be that the consultants will successfully defend the appeals after which they will be paid. However, if they lose as RIOK NIGERIA LTD has lost; which is the most likely verdict that shall befall all the other consultants; let the public funds in issue remain protected. We urge NED and the other consultants to end the media war and direct all energies towards defending the appeals.”

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Nigeria champions African-Arab trade to boost agribusiness, industrial growth

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The Arab Africa Trade Bridges (AATB) Program and the Federal Republic of Nigeria formalized a partnership with the signing of the AATB Membership Agreement, officially welcoming Nigeria as the Program’s newest member country. The signing ceremony took place in Abuja on the sidelines of the 5th AATB Board of Governors Meeting, hosted by the Federal Government of Nigeria.

The Membership Agreement was signed by Eng. Adeeb Y. Al Aama, the CEO of the International Islamic Trade Finance Corporation (ITFC) and AATB Program Secretary General, and H.E. Mr. Wale Edun, Minister of Finance and Coordinating Minister of the Economy, Federal Republic of Nigeria. The Agreement will provide a strategic and operational framework to support Nigeria’s efforts in trade competitiveness, promote export diversification, strengthen priority value chains, and advance capacity-building efforts in line with national development priorities. Areas of collaboration will include trade promotion, agribusiness modernization, SME development, businessmen missions, trade facilitation, logistics efficiency, and digital trade readiness.

The Honourable Minister of Finance and Coordinating Minister of the Economy, Mr. Wale Edun, called for deeper trade collaboration between African and Arab nations, stressing the importance of value-added Agribusiness and industrial partnerships for regional growth. Speaking in Abuja at the Agribusiness Matchmaking Forum ahead of the AATB Board of Governors Meeting, the Minister said the shifting global economy makes it essential for African and Arab nations to rely more on regional cooperation, investment and shared markets.

He highlighted projections showing Arab-Africa trade could grow by more than US$37 billion in the next three years and urged partners to prioritize value addition rather than raw commodity exports. He noted that Nigeria’s growing industrial base and upcoming National Single Window reforms will support efficiency, investment and private-sector expansion.

“This is a moment to turn opportunity into action”, he said. “By working together, we can build stronger value chains, create jobs and support prosperity across our regions”, Edun emphasized. “As African and Arab nations embark on this journey of deeper trade collaboration, the potential for growth and development is vast. With a shared vision and commitment to value-added partnerships, we can unlock new opportunities, drive economic growth, and create a brighter future for our people.”

Speaking during the event, Eng. Adeeb Y. Al Aama, Chief Executive Officer of ITFC and Secretary General of the AATB Program, stated: “We are pleased to welcome Nigeria to be part of the AATB Program. Nigeria stands as one of Africa’s most dynamic and resilient economies in Africa, with a rapidly expanding private sector and strong potential across agribusiness, energy, manufacturing, and digital industries. Through this Membership Agreement, we look forward to collaborating closely with Nigerian institutions to strengthen value chains, expand regional market access, enhance trade finance and investment opportunities, and support the country’s development priorities.”

The signing of this Agreement underscores AATB’s continued engagement with African countries and its evolving portfolio of programs supporting trade and investment. In recent years, AATB has worked on initiatives across agribusiness, textiles, logistics, digital trade, export readiness under the AfCFTA framework, and other regional initiatives such as the Common African Agro-Parks (CAAPs) Programme.

With Nigeria’s accession, the AATB Program extends it’s presence in the region and adds a key partner working toward advancing trade-led development and fostering inclusive economic growth.

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FEC approves 2026–2028 MTEF, projects N34.33trn revenue 

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Federal Executive Council (FEC) has approved the 2026–2028 Medium-Term Expenditure Framework (MTEF), a key fiscal document that outlines Nigeria’s revenue expectations, macroeconomic assumptions, and spending priorities for the next three years. The approval followed Wednesday’s FEC meeting presided over by President Bola Tinubu at the State House, Abuja. The Minister of Budget and Economic Planning, Senator Atiku Bagudu made this known after the meeting.

The Minister said the Federal Government is projecting a total revenue inflow of N34.33 trillion in 2026, including N4.98 trillion expected from government-owned enterprises. Bagudu said that the projected revenue is N6.55 trillion lower than earlier estimates, adding that federal allocations are expected to drop by about N9.4 trillion, representing a 16% decline compared to the 2025 budget.

He said that statutory transfers are expected to amount to about N3 trillion within the same fiscal year. On macroeconomic assumptions, FEC adopted an oil production benchmark of 2.6 million barrels per day (mbpd) for 2026, although a more conservative 1.8 mbpd will be used for budgeting purposes. An oil price benchmark of $64 per barrel and an exchange rate of N1,512 per dollar were also approved.

Bagudu said the exchange rate assumption reflects projections tied to economic and political developments ahead of the 2027 general elections. He said the exchange rate assumption took into account the fiscal outlook ahead of the 2027 general elections.

The minister said that all the parameters were based on macroeconomic analysis by the Budget Office and other relevant agencies. Bagudu said FEC also reviewed comments from cabinet members before approving the Medium-Term Fiscal Expenditure Ceiling (MFTEC), which sets expenditure limits. Earlier, the Senate approved the external borrowing plan of $21.5 billion presented by President Tinubu for consideration The loans, according to the Senate, were part of the MTEF and Fiscal Strategy Paper (FSP) for the 2025 budget.

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Economy

CBN hikes interest on treasury Bills above inflation rate

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The spot rate on Nigerian Treasury bills has been increased by 146 basis points by the Central Bank of Nigeria (CBN) following tight subscription levels at the main auction on Wednesday. The spot rate on Treasury bills with one-year maturity has now surpassed Nigeria’s 16.05% inflation by 145 basis points following a recent decision to keep the policy rate at 27%. 

The Apex Bank came to the primary market with N700 billion Treasury bills offer size across standard tenors, including 91-day, 182-day and 364 day maturities. Details from the auction results showed that demand settled slightly above the total offers as investors began to seek higher returns on naira assets despite disinflation.

Total subscription came in at about N775 billion versus N700 billion offers floated at the main auction. The results showed rising appetite for duration as investors parked about 90% of their bids on Nigerian Treasury bills with 364 days maturity. The CBN opened N100 billion worth of 91 days bills for subscription, but the offer received underwhelming bids totalling N44.17 billion.

The CBN allotted N42.80 billion for the short-term instrument at the spot rate of 15.30%, the same as the previous auction. Total demand for 182 days Nigerian Treasury bills settled at N33.38 billion as against N150 billion that the authority pushed out for subscription. The CBN raised N30.36 billion from 182 days bills allotted to investors at the spot rate of 15.50%, the same as the previous auction.

Investors staked N697.29 billion on N450 billion in 364-day Treasury bills that was offered for subscription. The CBN raised N636.46 billion from the longest tenor at the spot rate of 17.50%, up from 16.04% at the previous auction.

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