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Stop distracting Tinubu, NNPCL, groups warn politicians

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Nigerian politicians have been warned to desist from heating up the system through frivolous and unsubstantiated allegations and criticisms aimed at distracting President Bola Tinubu from his focus on reforming Nigeria for the good of the citizens.

At a joint press conference held at Barcelona Hotel Abuja on Saturday themed “Separating Politics from Governance” the two groups, First Green White Resources (FGWR) and Strategic Communication Centre for Defence and Security (SCCDS), also raised concern over media attacks on the Group Chief Executive Officer of NNPCL, Bashir Bayo Ojulari, who is barely three months in office, describing those sponsoring the attacks as economic terrorists.

Bonaventure Phillips Melah, Founder of FGWR, said well-meaning Nigerians are aware that President Tinubu’s reforms are yielding positive reforms and require the support of patriotic citizens to see the positive outcomes of the agenda go full bloom, adding regrettably that politicians, especially those who have fallen out of favour with the establishment are making statements that are targeted at casting the government in bad light. He warned that casting unnecessary aspersions on NNPCL when there was no reason to do so, was deliberate moves to de-market the nation’s oil industry and therefore meant to destroy the economy.

He said even though rebuilding the economy of Nigeria is a work in process, much has been achieved and mentioned reduction in the price of some essential commodities like rice and petrol as well as establishment of Nigerian Students’ Loan Scheme and others as practical testimonies that the government was moving in the right direction.

He said- “Let me quickly talk about just a few of the numerous areas the reforms are performing well:

1. In this country, we bought one bag of rice at N110,000 about two years ago. Today, one bag of the same 50kg is selling at between N63,000 and N67,000.

2. Following the removal of oil subsidy by President Bola Tinubu, GCFR on the first day of his inauguration, prices of petroleum products rose astronomically up to N1,500 per litre of premium motor spirit which we also call petrol. But as the president promised, through reforms in the petroleum industry and the support by government to indigenous players, there is now a healthy competition among investors to the extent that currently, prices of petrol are hovering around N900 and N840 per litre, depending on where you bought from.

3. The removal of subsidy has helped the government to save money which is being invested in massive legacy projects like the rapid transformation of FCT, the 770-kilometer Lagos-Calabar Coastal Highway running from Lagos and across 13 states to Cross River State. That project may end up as Nigeria’s most ambitious infrastructure investment in history when completed. States are currently receiving more than three times their previous statutory allocations while there is enough money to pay workers, university teachers as well as pay other bills.

4. The Nigerian Students Loan Scheme established by the present administration commenced operations just may last year and has so far disbursed ₦73.2billion to 396,252 students from 206 tertiary institutions across the 36 states and the Federal Capital Territory (FCT); just to mention a few.”

He said rather than applaud the government for the milestones recorded, detractors and others motivated by political inclinations are making frantic efforts, including inserting toxic media contents to pour tar on the achievements, aimed at diminishing the gains being recorded. “This is not only unpatriotic, but meant to mislead the public, especially citizens of the country, that nothing is working, when they know it is deliberate falsehood.”

Melah said the two groups decided to organize the press conference, majorly, to address the ongoing media war against the management of Nigerian National Petroleum Company Limited (NNPCL), especially personal attacks on its Group Chief Executive Officer, Bashir Bayo Ojulari.

“I want to quickly remind us that someone was NNPCL CEO for many years until recently and the roof was not brought down as it has been plotted today. The current CEO assumed office less than four months ago, in fact, he clocked 100 days in office on Tuesday this week. Even though he has neither awarded contracts nor leased oil blocks, the barrage of attacks on him and how the attacks are being celebrated in the media should be a matter of concern to well-meaning citizens.

“President Tinubu, while announcing Bayo Olujiri’s appointment, made it clear that he is to carry out a comprehensive overhaul of the company, inject reform policies necessary for NNPCL to operate with global best practices and therefore profitable to the country and our people. It is not surprising or rather expected that some interests would try to resist the change, no matter how necessary. The unthinkable however is when the resistance comes within the system which can be seen as a coup d’etat.

“We have heard that the lead master-minder of the attacks, is a top management staff who recently tendered his resignation through a WhatsApp message but is now running from pillar to pole, in desperate efforts to return to the system, which makes it look like infighting. We have also been reliably informed that the attackers’ audacity is being prodded and nudged-on, by vested interests in Nigeria’s oil money, especially politically exposed persons, some of whom are being investigated for some financial infractions committed in the recent past.

“The issue at stake here is not only the unwarranted attacks through meaningless and unsubstantiated allegations against the new CEO of NNPCL, what is at stake mostly, is that these attacks have the potency to de-market Nigeria’s oil industry and scare investors away. Being the major cash cow of the nation, if the oil industry is being attacked needlessly as is the case currently through reckless allegations, it should be seen and taken as economic terrorism.

“We have all come to the consensus that opposition is a necessary force to strengthen democratic governance. But that is when opposition is done with the intent to bring out the best out of those in government for the good of a greater majority. A situation where the government sets up a students’ loan scheme to help expand academic space and empower children of less privileged members of the society as a jamboree is not patriotic opposition. It is also a pitiable vomit to say that rewarding victorious Falcons with cash, houses and national honour is eye-service on the part of the government. When adults embark on these lines of thinking, they are no longer opposition but should not be taken seriously by serious minded people.

He therefore called on the federal government to take decisive action against those attempting to destroy the nation’s economy through a reckless campaign of calumny against the NNPCL and its management.

“As a way of summary therefore, we hereby call on politicians to separate politics from governance. There is a time for politics and a time for nation-building. The idea of attacking strategic institutions of government as a way of getting to the President because of 2027 is a great de-service to the nation and a direct attack on the wellbeing of our people,” he stated.

On his part, Yashim Luka, Director of Publicity, Strategic Communications Centre for Defence and Security, called on politicians to stop overheating the system and allow the government to function while also praising President Tinubu for the achievements recorded so far.

He said it was too early in the day for politicians to overshadow the focus of Nigerians to the 2027 election rather than suggesting ways to better the economy through constructive criticisms.

“We all are witnesses to the fact that politicians have hijacked the nation’s airwaves, including television and radio stations, newspapers, online and social media platforms. And most times, they are passing messages of doom, rather than uplift the peoples’ morale through messages of hope.

“It is unfortunate, to put mildly, for someone who has served the nation as governor, senator, minister, whatever, to come to the public and say that Nigeria would collapse soon; or that there is no hope for the people, just to undermine the system and heat up the system unnecessarily in order to advance personal interest and in the process, gain political milage at the detriment of Nigerian people.

“For us, the convergence for 2027 is rather too early and therefore becoming a source of serious distraction.”

“We also support the idea that the new management of NNPCL is just 100 days in office and should be allowed to work. The federal government should therefore take decisive action to stop the shenanigans against such a strategic institution like NNPCL as any threat on the nation’s oil industry is a threat against national security, since the sector is currently the mainstay of our economy,” he concluded.

 

 

 

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Lady identifies bandits that abducted her, leading to their arrested wth N11m recovered

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Three bandits have been arrested in Benue state after a lady who they had kidnapped and released, identified them at a motor park and raised alarm.

The k!kidnappers came to Ihotu park to board a vehicle to Makurdi and were met by the lady they had earlier kidnapped and released after collecting ransom from her relatives.

They were even using a bag they collected from the girl. The girl raised the alarm, held one inside the vehicle, and two took to their heels, but were caught.

They had a ghana-must-go bag at the back of the vehicle. N11m was found inside the bag.

Following the confirmation of their identity by another lady who was also their victim, mob gathered around with the intent to beat them up and possibly set them ablaze.

But the park manager decided to invite the police and soldiers who rescued them and took them to their station.

It was later gathered that the Benue state Governor, Rev. Father Hyacinth Alia called and said he was interested in the case which made the police to take the apprehended bandits to Makurdi, the state capital.

 

 

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Tinubu’s govt ignores IMF, draws additional loan of $2.5b from UAE

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President Bola Tinubu Federal Government has drawn down $1.5bn from a $5bn financing facility arranged with the United Arab Emirates’ largest lender, First Abu Dhabi Bank, despite growing concerns from global financial institutions over the increasing use of complex derivative financing by African sovereigns.

Bloomberg reported on Friday that the latest drawdown represents the first tranche of a $5bn Total Return Swap facility approved by the National Assembly on March 31, 2026, and is expected to support the 2026 budget, finance infrastructure projects, and refinance existing debt obligations.

The report quoted people familiar with the transaction, who asked not to be identified because they were not authorised to speak to the media.

The report read, “Nigeria has accessed the first tranche of a $5bn derivatives deal with the United Arab Emirates’ largest lender, pressing ahead with a transaction that has been scrutinised for being opaque.

“The West African nation drew about $1.5bn in the last couple of weeks from a total return swap transaction with First Abu Dhabi Bank PJSC, according to people familiar with the transaction, who asked not to be identified because they were not authorised to speak to the media.”

The transaction comes at a time when Nigeria is facing higher borrowing costs in international capital markets, forcing the government to seek alternative financing arrangements to shore up its fiscal position and improve access to foreign exchange liquidity.

Under the arrangement, Nigeria is required to pledge Federal Government securities worth about 133 per cent of any amount drawn under the facility. This means that for the full $5bn facility, the government would have to post approximately $6.65bn worth of naira-denominated bonds as collateral.

In return, the Abu Dhabi-based lender provides dollar liquidity to the Nigerian government. The Federal Government will pay a floating interest rate benchmark plus about four percentage points, while the lender receives the returns generated by the underlying government securities.

The transaction effectively allows Nigeria to unlock immediate dollar funding without issuing new Eurobonds or taking on traditional external loans at prevailing market rates, which have become increasingly expensive for frontier economies.

The government has already indicated that the proceeds from the initial $1.5bn drawdown will be deployed to support budget implementation, fund critical infrastructure projects, and refinance costlier domestic and external debts.

However, the financing arrangement has attracted criticism from international financial institutions and market analysts over concerns about transparency and potential hidden liabilities.

In its June 2026 assessment of African sovereign debt markets, the International Monetary Fund warned that derivative financing structures such as total return swaps are often opaque and difficult for investors and creditors to monitor.

The IMF noted that such arrangements are “hard to track, hard to value in real time, and can obscure the true extent of a country’s financial obligations.”

Three days ago, Fitch Ratings warned that Nigeria’s planned $5bn financing arrangement with First Abu Dhabi Bank could increase sovereign debt risks and reduce transparency in public debt reporting.

 

 

 

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700 Nigerians stranded in South Africa as June 30 deadline looms

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At least 700 Nigerians remain stranded in South Africa three days before the June 30 deadline issued by anti-immigration groups.

It was gathered that despite President Bola Tinubu’s approval of funds for their evacuation, bureaucratic delays have prevented the release of the money, leaving hundreds stranded amid escalating xenophobic tensions.

Although the president approved funding for four additional rescue flights after the first evacuation brought home 258 Nigerians, the money had yet to reach the designated carrier, Air Peace.

This delay, according to officials of the Ministry of Foreign Affairs, the Nigerians in Diaspora Commission and the Nigeria High Commission in South Africa, is stalling the evacuation operation and leaving hundreds of Nigerians exposed to attacks.

The delay has heightened fears among the stranded Nigerians as xenophobic tensions continue to escalate across South Africa.

The President of the Nigerian Citizens Association in South Africa, Rev. Frank Onyekwelu has said over 20 Nigerians had died since the renewed wave of anti-foreigner attacks, while many others had been assaulted, displaced or forced to abandon their businesses.

According to the officials, over 1,000 Nigerians registered with the federal government for evacuation. However, only 324 have been successfully brought home so far through a combination of government efforts and private intervention, leaving more than 700 Nigerians at risk of attacks and exposed to the elements.

The first batch of returnees (258) arrived in Lagos on June 11 aboard Air Peace, while the second batch (66) arrived on June 24 aboard ValueJet.

 

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