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SERAP Gives CBN 7 Days to Account for ‘Missing’ N100bn Dirty Notes and Other Public Funds

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The Socio-Economic Rights and Accountability Project (SERAP) has issued a seven-day ultimatum to the Central Bank of Nigeria (CBN) Governor, Olayemi Cardoso, to account for over N100 billion in ‘dirty and bad notes’ and other large sums of cash reportedly kept in various branches of the apex bank.

 

The allegations, documented in a recent annual report by the Auditor-General of the Federation, also include unexplained expenditures such as the N7.2 billion budgeted for the construction of the CBN Dutse branch in 2010 and N4.8 billion for the renovation of the CBN Abeokuta branch in 2009.

 

In a letter released on Saturday, signed by SERAP Deputy Director Kolawole Oluwadare, the organization demands an explanation for the whereabouts of these funds and the names of contractors who failed to complete the projects despite receiving payments.

 

“These grim allegations by the Auditor-General suggest grave violations of public trust, the provisions of the Nigerian Constitution, the CBN Act, and national and international anti-corruption obligations,” the letter states.

 

SERAP has warned that if the CBN does not take the recommended measures within seven days of receipt or publication of the letter, it will pursue all appropriate legal actions to compel compliance in the public interest.

 

According to the 2020 audited report by the Auditor-General, the CBN has been holding over N100 billion in ‘dirty and bad notes’ and other large sums of cash since 2017, awaiting examination in various branches.

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Tinubu Joins World Leaders at Pope Leo XIV’s Inauguration

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By Ade Iyamoye 

President Bola Ahmed Tinubu arrived in Rome on Saturday to attend the inauguration Mass of Pope Leo XIV, the newly elected head of the Roman Catholic Church.

The ceremony, held at St. Peter’s Square, marked the beginning of Pope Leo XIV’s pontificate as the 267th Bishop of Rome.

President Tinubu’s visit was at the invitation of the Vatican, extended through Cardinal Secretary of State Pietro Parolin. The invitation highlighted the significance of Nigeria’s presence at a time of global unrest and spiritual reflection.

In a personal message, Pope Leo XIV expressed his fond memories of Nigeria, recalling his service at the Apostolic Nunciature in Lagos during the 1980s.

Accompanying President Tinubu were high-ranking Nigerian officials, including Minister of State for Foreign Affairs Ambassador Bianca Odumegwu-Ojukwu, Archbishop of Owerri and President of the Catholic Bishops’ Conference of Nigeria Most Rev. Lucius Ugorji, Archbishop Ignatius Kaigama of Abuja, and Archbishop Alfred Adewale Martins of Lagos.

The inaugural Mass was attended by numerous global dignitaries, reflecting the international significance of the event. Pope Leo XIV, born Robert Francis Prevost in Chicago, is the first American and second Latin American to lead the Catholic Church.

His election follows the death of Pope Francis in April.

President Tinubu’s participation underscores Nigeria’s commitment to interfaith dialogue and global peace efforts. In remarks during his visit, he reaffirmed Nigeria’s dedication to promoting tolerance and cooperation in an increasingly polarized world.

The President is expected to return to Nigeria on Tuesday.

 

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APC Gathers Steam as Defections Surge

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By Samuel Adeola

The Speaker of the House of Representatives, Tajudeen Abbas, says the growing number of defections into the All Progressives Congress is a clear sign that Nigerians are regaining trust in President Bola Tinubu’s leadership and the ruling party’s direction.

Speaking at a high-level APC North West stakeholders’ meeting in Kaduna on Saturday, Abbas revealed that no fewer than 25 federal lawmakers from states like Kano, Osun, Kebbi, Delta and Edo have already pitched their tents with the APC.

He also disclosed that Governor Sheriff Oborevwori of Delta State and his predecessor, former Governor Ifeanyi Okowa, have both defected to the APC, a move he described as a pointer to “many more heavyweight crossovers” in the months ahead.

“We are witnessing a wave of political realignments,” Abbas said. “The APC is growing stronger because Nigerians are seeing results. Our recent win in the Edo State governorship poll with Senator Monday Okpebholo is proof.”

The Speaker credited internal reforms in the APC for the current momentum, saying the party has improved its democratic processes, revamped its candidate selection model and deepened its grassroots structures.

According to him, the APC has made strong political inroads in Zamfara, Sokoto, Rivers and Bayelsa States through effective alliances and restructuring.

Highlighting the strategic importance of the North West, Abbas called for increased mobilisation in the zone which boasts over 22 million registered voters.

“This region holds the key to victory in 2027,” he noted, while calling on party members to remain united and focused.

The Speaker concluded with a charge to deepen youth and women engagement, pointing out that a vibrant grassroots strategy remains the backbone of the party’s electoral success.

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CNG Push Gains Speed as FG Targets 1,000 Vehicle Conversion Centres 

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By Ade Iyamoye 

The Federal Government has unveiled a bold plan to establish 1,000 Compressed Natural Gas (CNG) conversion centres nationwide by 2027, in a sweeping move to shift Nigeria’s transport sector away from petrol to cleaner, cheaper energy.

Engr. Michael Oluwagbemi, the Chief Executive Officer of the Presidential CNG Initiative (PCNGI), disclosed the ambitious rollout during an interview, stating that the initiative is well on track.

“We delivered 250 centres in our first year. By the end of 2025, we aim to hit 500, and scale to 1,000 by 2027,” he said.

The project began full swing in October 2024 and has already transformed Nigeria’s CNG landscape.

From a modest seven conversion centres and 11 fuelling stations at inception, the country now boasts over 242 centres, 60 operational stations, and 50,000 CNG vehicles, mostly privately financed.

Oluwagbemi confirmed that over $500 million in private sector investment has been attracted, creating about 10,000 direct jobs.

Despite this progress, he admitted infrastructure remains uneven, with northern states underserved due to limited pipeline coverage.

To bridge the gap, the government is deploying mini-LNG systems to deliver gas to remote regions.

“Our first CNG station in the Northeast launches in Yola in two weeks, with more coming to Kano, Katsina, Sokoto, Dutse, and Lafia,” he added.

Addressing concerns about the mismatch between CNG vehicles and fuelling points, Oluwagbemi pointed to strategic partnerships. “NNPC is building 20 stations and has approval for 40 more. Private players like NIPCO, Bovas, FEMADEC, and Matrix are also key.”

He noted that a new Domestic Gas Market Framework will soon ensure gas is priced fairly for consumers and transporters. “In the next few months, with improved supply, we’ll enforce fair pricing to boost affordability.”

On accountability, he dismissed corruption claims as political distractions. “We sanctioned C&L Smart Technologies for kit diversion. We take compliance seriously. If you have proof, report to the authorities, not the press.”

With eyes set on nationwide coverage, the PCNGI boss assured Nigerians that CNG remains the long-term solution to high transport costs in a post-subsidy era.

“We’ve built the awareness. Now, we’re building the access,” Oluwagbemi said.

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