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Saudi Arabia to invest in Nigeria’s refineries, support CBN’s FOREX reforms

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Saudi Arabia has pledged to provide financial support to sustain the Central Bank of Nigeria’s foreign exchange reforms in addition to investing in the revamping of Nigeria’s refineries.

The Minister of Information and National Orientation, Mohammad Idris in a statement yesterday said the Saudi Crown Prince, Mohammed bin Salman made the promises to assist Nigeria at a bilateral meeting with President Bola Tinubu on the sidelines of the Saudi-Africa Summit in Riyadh.

Idris who attended the bilateral meeting, explained that as part of the support for the ongoing CBN reforms of the country’s foreign exchange regime, Saudi Arabia, which is the world’s largest producer of crude oil, will also make available a substantial deposit of foreign exchange to boost Nigeria’s forex liquidity.

Prince bin Salman commended the economic reforms being implemented by President Tinubu, and expressed the commitment of the Saudi government to supporting these reforms, and enabling Nigeria to reap the full benefits.

The statement read: “The Crown Prince expressed the eagerness of Saudi Arabia to ensure the economic prosperity of Nigeria under President Bola Tinubu, and realize its full potential as the economic giant of Africa.

“In addition to these, they also highlighted agriculture and renewable energy as major areas of investment interest for Saudi Arabia, in Nigeria, to help the country attain food and energy security, respectively.“

The Saudi authority hinted that the refinery investments in Nigeria will be led by the Saudi state-owned oil company, Saudi Aramco, with the revamp to be completed within a two- to three-year timeframe.

“Prince bin Salman also expressed appreciation to Nigeria for its active participation in and support for the Organization of the Petroleum Exporting Countries (OPEC) of which Nigeria is a key member,” said the minister in the press statement.

In his remarks, President Tinubu thanked the Saudi Prince for the proposed investments, while pledging that Nigeria would ensure judicious management and oversight.

The two leaders expressed commitment to working together over the next six months to develop a comprehensive road-map and blueprint to deliver on the agreed investments and outcomes. In the same vein, both Tinubu and Prince bin Salman expressed the need to strengthen security cooperation to mitigate terrorism, illegal migration and other crises, not just in Nigeria, but across West Africa and the Sahel region. They discussed existing economic and socio-cultural cooperation between Nigeria and Saudi Arabia, and agreed to open new vistas in bilateral relations.

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Supreme Court to rule on ADC, PDP cases Thursday

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The Supreme Court of Nigeria will on Thursday, deliver judgments in two cases involving the leadership crises rocking the African Democratic Congress and the Peoples Democratic Party.

According to information on the official website of the court, the matters, listed under “Political Appeals”, have been added to the cause list for Thursday, April 30, 2026.

While judgment in the ADC matter, marked SC/CV/180/2026, has been fixed for 2 pm, there is no time yet for that if the PDP.

 

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Tinubu to reconstitute NHRC board, retains Ojukwu as ES/CEO

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President Bola Tinubu has written the Senate, seeking the screening and subsequent confirmation of fifteen nominees to the National Human Rights Commission (NHRC).

The letter was read by the President of the Senate, Senator Godswill Akpabio.

The letter seeks the reconstitution of the commission’s board in line with statutory provisions with the list comprising nominees from diverse professional backgrounds, including the media and legal sectors.

Among the nominees are the President, Nigeria Guild of Editors and Editor, Vanguard Newspapers, Mr. Eze Anaba; and Dr. Salamatu Hussaina Suleiman, who has been proposed as chairman of the board.

The Executive Secretary of the Commission, Dr. Anthony Ojukwu (SAN) is to retain his position as the Chief Executive Officer.

Other nominees include Mrs Roseline Tasha, Ambassador Adam Yubak Baku, ACG Felix Lawrence, Mr. Edmund Chinonye, Mr. Chinonye Obiaku (SAN), Oluwakemi Asiwaju Okere-Odo, Professor Adedeji Ogunji, Kingsley Chidozie, Mohammed Adelodu, Maupe Ogun Yusuf, and Otunba Francis Meshioye as members.

Also nominated are Patience Patrick and Hawwa Ibrahim, listed as members.

The President said the nominations were made pursuant to Section 2(3) of the National Human Rights Commission (Establishment) Act, 2010, which empowers him to constitute the board subject to Senate confirmation.

He explained that the reconstitution of the board was necessary to enhance the commission’s institutional capacity and enable it to more effectively discharge its mandate to promote and protect human rights across the country.

If confirmed, the new board is expected to play a critical role in reinforcing the NHRC’s oversight functions, particularly at a time of heightened concerns over rights protection and accountability in Nigeria.

Following the presentation of the request, the Senate referred the nominations to its Committee on Judiciary, Human Rights and Legal Matters for screening and report within two weeks.

 

 

 

 

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Breaking: EFCC investigates Pastor Jerry Eze over alleged money laundering

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The Economic and Financial Crimes Commission, EFCC, has revealed that it investigated the founder of Streams of Joy International, Pastor Jerry Eze, for six months over suspected money laundering before clearing him.

Ola Olukoyede, chairman of the Commission, disclosed this on Wednesday while speaking at the Jerry Eze Foundation Business Grant Award Ceremony in Abuja.

According to him, the probe was triggered by intelligence reports and petitions after the commission observed large inflows of foreign currencies into the cleric’s domiciliary account.

“We work by intelligence, we work by petitions. At some point, I saw there was an account, a domiciliary account. Dollars, pounds were dropping in like raindrops, from Colombia, from America, from Sri Lanka, even from Togo.

“I said who is this man? Yes, I’ve been hearing about his name, I’ve seen his face a couple of times. I never bothered about what he was doing. I knew he was a pastor.

“So they said this one pastor of streams of joy, go and investigate him. So we went to the investigation. We combed the books,” Olukoyede stated.

The EFCC boss said he subsequently invited Eze for questioning after preliminary findings were compiled by investigators.

He added that upon meeting the cleric and reviewing the findings of the investigation, the commission found no wrongdoing.

“So he came to my office. He told me what happens and all of that, and how the money came, what he does, how he has been helping people, and all of that.

“I said, you know what, I didn’t call you here to explain to me. We have already done our work. I called you here to commend you,” he stated.

The remark drew applause from the audience, as Eze, who was present at the event, acknowledged the commendation.

He noted that the commission has a responsibility not only to investigate financial crimes but also to recognise individuals found to have acted with integrity.

The EFCC chairman, however, stated that the agency would continue to monitor financial activities where necessary, stressing that its preventive mandate remains critical in tackling corruption.

 

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