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BOMBSHELL: COMMITTEE UNCOVERS BILLIONS LOOTED BY YUGUDA/ABUBAKAR, BAUCHI GOVS
It is with great pleasure that the Bauchi State Government’s Assets and Funds Recovery Committee welcomes you to its press conference. The Committee is very grateful to you for responding to its invitation, and for the fact that you will help us share this news, which is a mixture of sweet and bitter, with members of the public.
You may recall that His Excellency the Executive Governor of Bauchi State Senator Bala Abdulkadir Mohammed, CON (Kauran Bauchi) has during the electioneering campaigns, promised that if elected, he would recover all stolen funds and assets belonging to the good people of Bauchi State. The constitution and subsequent inauguration of the Committee on the 12th day of July, 2019 is therefore a promise kept. The Committee, immediately after its inauguration, sat for a maiden meeting during which it came up with a well thought out work plan. Most importantly, the Committee took a firm decision to operate within the boundaries of laws of the Federation and other enabling laws enacted by the Bauchi State House of Assembly, in the discharge of its assignment.
The Committee has received a total of 279 petitions, complaints and whistle blower exposés. In addition to these, the Committee also received information about Federal Allocations, local and international loans, aids, grants, donations and other interventions, from primary and secondary sources.
The primary sources include Federal Government MDAs such as the Office of the Accountant General of the Federation, Debt Management Office (DMO), Federal Ministry of Finance, Ecological Funds Office, Universal Basic Education Commission (UBEC) etcetera. Other primary sources include World Bank, World Health Organisation (WHO), United Nations Children’s Fund (UNICEF), United Nations Industrial Development Organization (UNIDO), Dangote Foundation and United Nations Educational, Scientific and Cultural Organization (UNESCO).
The secondary sources are the Ministries, Departments and Agencies (MDAs) in Bauchi State, to enable the Committee make comparisons and reach conclusions as to the judicious application, utilisation and management of the resources belonging to the good people of Bauchi State.
All these information were painstakingly looked into, which led to the discovery of massive fraud – outright stealing of public funds, wanton mismanagement of resources, deliberate skewing of contracts, breach of trust, reckless abuse of office and other shoddy deals perpetrated against the good people of Bauchi State by the administrations under review, with the connivance of some criminally inclined civil servants.
The following are some of the heart-wrenching discoveries made by the Committee:
FUNDS ACCRUED TO BAUCHI STATE BETWEEN MAY 2007 AND MAY 2015 (EIGHT YEARS ADMINISTRATION OF FORMER GOVERNOR ISAH YUGUDA)
STATUTORY ALLOCATION (2007 – 2015)
According to the submission by Office of the Accountant General of the Federation (OAGF), Bauchi State received a total of N393,867,570,547.75 as Statutory Allocation between May 2007 and May 2015.
Conversely, this Committee was able to trace a total of N386,500,736,402.86, from relevant Bank Statements of Accounts at the Bauchi State Treasury. A discrepancy of N6,611,420,477.79, representing Unaccounted Statutory Revenue due to Bauchi State.
SURE-P INTERVENTION PROGRAMME (2007 – 2015)
The Committee discovered that between May 2012 and December 2014, the sum of N8,338,485,091.46 as Federal Government’s SURE-P Intervention. Investigation is still going on to confirm the actual utilization of this amount and you will be duly informed of further discovery in due course.
BANK LOANS TO BAUCHI STATE (2007 – 2015)
The Committee has discovered that a total of N135,145,096,050.84 commercial loans were taken. Out of this amount, N100,961,539,849.33 were loans taken without the authorisation of Bauchi State House of Assembly as required by the extant law. The balance of N34,183,556,201.51 represents the loans which followed due process of law.
Similarly, the Committee discovered that a total of N881,464,360.73 was interest charge on the unauthorised loans.
TEN BILLION NAIRA (N10,000,000,000.00) LOAN FROM FINBANK (NOW FCMB) – BASG MAIN ACCOUNT NO. 2134384701
The Committee also discovered a commercial loan to the tune of N10,000,000,000.00 taken from the then FINBANK (now FCMB), through a credit entry in the former Main Account of the State Government No. 2134384701, which was apparently “an unsolicited” loan. There were no documents, whatsoever from the Office of the Accountant General of Bauchi State in respect of this loan. The Committee’s search is ongoing to confirm how the funds were utilised.
FIFTEEN BILLION NAIRA (N15,000,000,000.00) BOND
At the beginning of the year 2014, Bauchi State Government initiated a process for raising funds from the Capital Market through the issuance of N15,000,000,000.00 Series 1 Fixed Bond under the Bauchi State Medium Term Loan Programme.
The objective of raising these funds as stated in the issue documents were the completion of Bauchi International Airport; New Bauchi Specialist Hospital and; refinancing of existing bank loans in Fidelity Bank and FCMB.
By mid-December 2014, the process was completed and the proceeds of the Bonds Issue were disbursed through the lead bank – United Bank for Africa (UBA) Plc.
Full investigation on the utilisation and management of the funds is still in progress and details will be announced as soon as investigation is completed.
ECOLOGICAL FUNDS
According to the Office of the Accountant General of the Federation (OAGF), the sum of N2,000,000,000.00 was paid to the Bauchi State Government as it share of the Ecological Fund for the year 2013. Similarly, the Ecological Fund Office has through a letter with reference no. EF/ACCT/019/1/14 dated 18th September, 2019 confirmed that in 2014, another N500,000,000.00 was paid into the Bauchi State Government Account No. 0998552029 domiciled with FCMB, as Grant for Displaced Persons in the State.
What is outstanding is how this amount totaling N2,500,000,000.00 were expended.
A total of N564,851,151,690.05 had accrued to Bauchi State between May 2007 and May 2015. Over N200,000,000,000.00 of this funds, this Committee discovered, was mismanaged or outrightly stolen under the administration of former Governor Isah Yuguda.
In line with the Terms of Reference of the Committee, “To consider and appraise the report of various enquiry commissions or committees set-up by the previous administrations from May, 2007 to May 2019 with the view of effecting full implantation of all the recommendations requiring recovery of Government’s properties and funds,” the Committee is going to implement all the recommendations contained in the HIGH POWERED COMMITTEE report that investigated all major contracts awarded between May 2007 and May 2015.
FUNDS ACCRUED TO BAUCHI STATE BETWEEN MAY 2015 AND MAY 2019 (FOUR YEARS ADMINISTRATION OF FORMER GOVERNOR MOHAMMED ABDULLAHI ABUBAKAR, ESQ)
GOVERNMENT FINANCES:
STATUTORY ALLOCATION (2015 – 2019)
According to the submission by Office of the Accountant General of the Federation (OAGF), Bauchi State received a total of N321,460,759,830.34 as Statutory Allocation between May 2015 and May 2019.
BANK LOANS (2015 – 2019)
The Committee discovered that a total of N58,602,385,544.00 loans were taken between May 2015 and May 2019.
BAILOUT LOAN FACILITY
According to the submission by the Office of the Accountant General of Bauchi State, a bailout facility of N8,609,100,000.00; N5,968,400,090.00; N700,000,000.00 in 2016, 2017 and 2018 respectively, totalling N15,282,400,000.00 were released to the Bauchi State Government.
PARIS CLUB REFUNDS
Similarly, the total sum of N47,314,330,501.72 in 2016, 2017 and 2018 was received by the last administration of Governor Mohammed Abdullahi Abubakar, according to submission by the Office Accountant General of Bauchi State.
BUDGET SUPPORT LOAN FACILITY
The Committee discovered that the sum of N17,569,000,000.00 was received by the State as Budget Support Facility from the Federal Government of Nigeria
EXCESS CRUDE ACCOUNT (ECA) LOAN FACILITY
The sum of N10,000,000,000.00 was also received by the State as Excess Crude Account (ECA) loan facility.
However, the Committee has observed a discrepancy in the figures supplied by Office of the Accountant General of the Federation (OAGF), Debt Management Agency (Bauchi State) and Office of the Accountant General of Bauchi State on Budget Support Facility provided by the Central Bank of Nigeria (CBN). The figures under the Budget Support Facility was given as N17,569,000,000.00 and N12,125,000,000.00 by the OAGF and Office of the Accountant General of Bauchi State/Debt Management Agency (Bauchi State), respectively.
Similarly, a loan of N850,000,000.00 being counterpart funding paid Bauchi State by for the Rural Access and Agriculture Mobility Project (RAAMP) has not been captured in the debt portfolio of the State by both the Office of the Accountant General of Bauchi State and Debt Management Agency (Bauchi State).
ASSETS TAKEN AWAY/REFUSED TO BE RETURNED
The Committee discovered that the former Governor Mohammed Abdullahi Abubakar has sold to himself, seven (7) posh vehicles belonging to Bauchi State Government in violation of provisions of BAUCHI STATE BUDGET MONITORING, PRICE INTELLIGENCE AND PUBLIC PROCUREMENT LAW (BMPIPP 2008), for the disposal of government assets and/or properties. The vehicles are as follows;
Land Cruiser Armoured Jeep, with Chassis No. JTMHX09J9F4089580 auctioned at the cost of N7,800,000.00.
Land Cruiser V8, with Chassis No. JTMHX09J8D4050814 sold at the cost N2,800,000.00.
Toyota Hilux, with Chassis No. MROFX22G2F1436641sold at the cost of N1,050,000.00.
Toyota Hilux, with Chassis No. MROFX22G701415100 sold at the cost of N1,050,000.00.
Range Rover (Jeep), with Chassis No. SALWA2VF3EA366819 sold at the cost of N2,947,875.00.
Range Rover (Jeep), with Chassis No. SALLSAAD4DA800170 sold at the cost of N2,114,700.00.
Range Rover (Jeep), with Chassis No. SALLSAAD4DA81373 sold at the cost of N2,114,700.00.
Similarly, thirty (30) exotic vehicles allocated to his political appointees and public office holders that have left office were found to have not been returned. The Committee has already recovered fifteen (15) of such vehicles and, is on the trail of the remaining fifteen (15) with a view to recovering and returning them to government pool. In the same vein, the Committee has taken steps to recover the vehicles that the former governor arbitrarily sold to himself.
It was also discovered that in violation of his Oath of Office, the former Governor Mohammed Abdullahi Abubakar initiated a transaction and sold to himself a house with Certificate of Occupancy No. BA/40245 located adjacent to Wikki Hotel, belonging to Bauchi State Government, at a highly subsidised rate. This also, in gross violation of the BAUCHI STATE BUDGET MONITORING, PRICE INTELLIGENCE AND PUBLIC PROCUREMENT LAW (BMPIPP 2008), for the disposal of government assets and/or properties. Section 55, Subsection 4 & 5 states inter alia; “All procuring entities shall distribute responsibilities for the disposal of public property between procurement units and Tenders Board;” and, “A report of the findings… shall be forwarded to the Executive Council for appropriate directive.” Similarly, PART XI – Section 56, Subsection 6(f) stipulates, “Avoiding all situations likely to render an officer vulnerable to embarrassment or undue influence.” All these provisions were found to have been violated. Above all, the disposing entity, Bauchi Geographic Information Service (BAGIS) is not backed by any law, as the Bill that established the Agency in 2017 is yet to be signed into law. It follows therefore that, whatever business the Agency transacted, and with whomsoever – individuals or organisations, is illegal, null and void, and of no effect whatsoever. The Committee considers as morally reprehensible for a sitting governor to apply for the purchase of a government property and approved same for himself, placing his individual interest above public interest.
The Committee was also able to trace about fifteen (15) properties in Kaduna State, which belong to Bauchi State Government, with their Certificates of Occupancy and ground rents paid up to year 2017. However, the Committee noticed a lot of trespass and encroachment on the properties due to neglect, but legal machineries have been set to evict the trespassers.
ILLEGAL DEDUCTIONS UNDER SECURITY VOTE
WITHOUT APPROVAL
Between October 2016 and May 2018 alone, nearly N1.4 billion was outrightly stolen. In 2017 and 2018, unremitted taxes amounting to over N705 Million was uncovered to have been carted away by some greedy officers at the State Treasury.
Furthermore, there were deductions in the name of civil servants in Bauchi State, for National Housing Fund supposed to be paid to the Federal Mortgage Bank but diverted to private pockets, amounting to nearly N350 Million. Under these direct withdrawals and theft we have a total of about N2.5 Billion. The culprits have been identified and efforts have reached advanced stage to retrieve the amount, and appropriately prosecuted.
FRAUDULENT/QUESTIONABLE CONTRACTS
The Committee uncovered multi-billion naira fraudulent and questionable contracts, some of them fully paid for according to documents showing capital releases, but were either abandoned or completely not executed. While the Committee is still uncovering such contracts, a few examples of them that were established to be bogus are as follows:
CONSULTANCY CONTRACT ON PARIS CLUB REFUND
The Committee identified a highly suspicious contract on Paris Club recovery, awarded to a consultant, Mauritz Walton. What makes this contract even more suspicious was the claim by the consultant to have received N5 Billion being part payment from Bauchi State Government, waiting for a balance of N3 Billion. However, according to payment voucher from the State Treasury and a Bank Statement of Account of Bauchi State showed a figure much less than what he claimed to have received. Apparently, the Consultant has no idea on how much he has actually been paid. This underscores the shoddy nature of the contract. It is shocking that from our preliminary findings, there was no such consultancy work performed by the presumed consultant to warrant payment of such whooping amount of money. It is on record that Nigeria Governors Forum had hired a Consultant on behalf of all the States of the Federation on the same issue. The Committee is about to conclude its investigation, and certainly recover the amount fraudulently paid to the so called consultant.
FICTITIOUS CONTRACT FOR THE SUPPLY OF CHEMICALS FOR A PURPORTED FUMIGATION
The Committee uncovered a N418,425,000.00 fictitious contract awarded at the eve of the 2019 election on 31st December, 2018 by the Bauchi State Ministry for Local Government and Chieftaincy Affairs, for the supply of Agro-Allied Chemicals for fumigation in primary schools in the 20 Local Government Areas of the State. The supply of this chemicals was never done, but the contractor, one Wuro Soyo Investment Nigeria Limited has been fully paid. It is instructive to know that, chemicals of this amount when diluted, can spray a farmland equal to the entire land area of Bauchi State, which is 49,119 km2.
CONTRACT FOR THE REHABILITATION OF MURTALA MOHAMMED WAY (CBN ROUNDABOUT-FEDERAL LOW COST-RAILWAY ROUNDABOUT)
This contract is the most controversial of all the contacts awarded under the administration of former Governor Mohammed Abdullahi Abubakar. The 4.5km road contract was originally awarded at the cost N2,328,679,294.33 on 3rd November, 2015. The Committee observed that this contract has been reviewed two times, in the sum of N1,744,338,324.33 and N2,428,995,536.88 respectively. As at today, the contractor has been paid a total sum of N2,786,321,283.45. The Committee’s valuation of work done to date is only N1,318,692,684.54, implying that an overpayment to the tune of N1,467,628,598.91 has been made to the contractor, Messrs QUMECS NIG. LTD.
It is disheartening that after all these payments, work was abandoned and the contractor is not on site. The upward review of this contract, the Committee observed, was done illegally which led to the overpayment as mentioned above. It was also observed that some Certificates of Valuation (CV) raised were not forwarded to Due Process Office Certification for Payments. These Certificates are those that contained the illegally reviewed rates. There seems to be a collusion between some unpatriotic Government Officials and the contractor to review the contracts upward. These officials would be sanctioned according to the Civil Service Rules and Regulations, and the amount overpaid would be recovered.
CONTRACT OF 1.3KM LINK ROAD WITH STREET LIGHT AT FADAMAN MADA, BAUCHI
This contract was awarded to Messrs KANNOU PROJECT NIG. LTD. at original cost of N298,596,929.00 in November 2015. The contract was later reviewed upward to N463,817,177.75. The total amount paid to the contractor as at today is N412,771,115.00, and the actual value of work done is worth N298,715,521.21. The illegal review of the original contract rate led to the overpayment of N414,055,593.79. There is an established collusion between some Government Officials and the contractor, which resulted in the overpayment. The officials would be treated appropriately while recovery of overpayment is being handled.
CONTRACT FOR THE DESIGN AND CONSTRUCTION OF ITAS-ATAFOWA-MAGARYA ROAD
This contract was awarded to Messrs KANNOU PROJECT NIG. LTD. at the original cost of N1,455,001,214.90 on 7th October, 2016. It was later reviewed upward to N2,979,340,218.25. A total of N553,978,770.00 has been paid to the contractor, while value of work done is only N151,122,021.00. The project has been abandoned and the contractor has left the project site. It clearly appears that the contractor is incompetent to handle project of such magnitude and complexity, that is why for nearly four years on site, and with the amount paid, only 5% work is achieved. This contract is recommended to be determined and the amount of N402,856,749.64 being overpayment to the contractor be recovered.
CONTRACT FOR THE SUPPLY OF 500 UNITS OF TRACTORS INCLUDING COMPLETE IMPLEMENTS
This contract was awarded at the cost of N7,925,000,000.00. This contract was a Public Private Partnership contract, with State and LGs to pay N3,170,000,000.00 (being 40% of the contract sum) and the contractor and Bank to pay N4,755,000,000.00 (being 60% of the contract sum). As at September 2018, a total payment of N2,068,958,350.00 has been made to the contractor.
However, as at today only 40 Units of tractors valued at N554,829,280.00 were supplied by the contractor, leaving a balance of N1,514,129,070.00 with the contractor to date. The contractor’s ground for non-completion of the contract was that the Client could not pay up the “agreed” Advance Payment of 40% balance of N600,000,000.00. The Committee is making appropriate recommendation to the Government on the best option to tackle this matter.
CONTRACT FOR THE SUPPLY OF MAHOGANY AND SHRUOD TO CEMETERIES
This contract was awarded between 2016 and January 2019, to an array of companies including one that is an Engineering and Design Company. The supplies were to be made to Bauchi Central Cemetery, Azare, Misau, Ningi, Jama’are, Dass, Toro, Gamawa, Darazo, Alkaleri Cemeteries, and other “various locations” not properly defined. The total number of mahogany to be supplied is 573,000 (2”x12”x12”) at the cost of N1,568,033,810.00. While the total number of shroud to be supplied is 66,000 bundles at the cost of N820,423,360.00. The total cost of the contract therefore, is N2,388,457,170.00.
The above outrageous contract implied that at the worst case scenario, at least 573,000 people must have died within this period for the mahogany to be exhausted. While a total number of 198,000 people must have died within the period for 66,000 bundles of shroud to be exhausted.
In the meantime, the relevant Ministry handling the two related matters has already approached the current Governor for approval to supply more of such materials at over N155 Million Naira, but investigation would be concluded when the Committee confirm death figures from various locations to assess the true position of whether or not the materials could truly be said to have been exhausted.
CONTRACT FOR THE REHABILITATION AND CONSTRUCTION OF SOME ROADS IN BAUCHI
This contract was awarded to Messrs QUMECS NIG. LTD. at the initial cost of N1,957,519,297.53. It was later reviewed downward twice in the sum of N1,103,734,742.13 and N1,237,202,468.13 respectively. Similarly, the sum of N133,467,726.00 was found to have been added to the contract sum as “Loss of Profit” to compensate for the omission of Asphalt Work. This, the Committee believes is too much a compensation. The percentage of work done to date is 21.6% and, the contract has been abandoned and the contractor has left site. The Committee has established an overpayment of N537,117,385.86, which is going to be recovered. In the same vein, the appropriate compensation for “Loss of Profit” would be determined, and any such amount overcharged would be recovered.
….ADC presidential candidate position unrealistic •Leaders okay security rejig
Lagos State Governor Babajide Sanwo-Olu has said those campaigning for the return of fuel subsidy are resorting to populist politics that will ultimately fail.
The governor criticised politicians promising to restore petrol subsidy, arguing that any candidate assuring Nigerians of its return was simply building a campaign on empty promises that would end up deceiving voters.
He warned Nigerians against believing pledges that could not be sustained by the nation’s finances. NigerianPartnership Consulting
Former Vice President Atiku Abubakar reignited the debate over subsidy restoration when he commenced his campaign for the January 16, 2027 presidential election.
He is the presidential candidate of the African Democratic Congress (ADC).
Atiku said proceeds from subsidy removal had been mismanaged. But his roadmap for restoring the subsidy regime has been unclear and inconsistent. HireGrant Writers
Atiku has also said that, if elected, he would throw open Nigeria’s borders to allow cross-border businesses.
His claim that the borders are shut was faulted by Minister of Interior Olubunmi Tunji-Ojo, who said the borders are not closed.
Sanwo-Olu spoke yesterday when he delivered the seventh Freedom Online Newspaper Lecture in Lagos.
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The theme was: “2027 elections, economy, security and Nigeria’s future.” NigerianPartnership Consulting
The lecture was chaired by former Minister of Information and Culture, Alhaji Lai Mohammed, and attracted media personalities and political leaders who brainstormed on the state of the nation.
Former Ogun State Governor and Ogun East Senator, Gbenga Daniel, was the Special Guest of Honour.
Sanwo-Olu delved into the ongoing economic reforms, security matters and electoral reconfiguration being undertaken by the Federal Government, highlighting the gains and prospects for future growth. E-paperAccess
The Lagos governor observed that the fuel subsidy removal policy, which was introduced to tackle the shortcomings of local oil supplies stemming from inefficiencies at state-owned refineries, was not intended as a permanent intervention.
Sanwo-Olu said the subsidy policy had become a burden on the nation’s finances, draining the treasury and diverting funds that could have been invested in building roads, schools, hospitals and other infrastructure relevant to the wellbeing of the nation.
By taking the courage to end the corruption-ridden subsidy programme, the governor said President Bola Ahmed Tinubu made the sacrifice that previous leaders had avoided, despite the potential impact the action could have on his electoral fortunes.
Sanwo-Olu said: “The oil subsidy was not removed because anybody enjoyed removing it. It was removed because it had become a hole in the national purse through which the money for roads, schools and hospitals was draining away.
“The intervention was never reaching the ordinary motorist it was supposed to help. In the build-up to the 2023 elections, every major candidate promised to remove it.
“Only one of them was in a position to do it, and he did it on his first day in office.
“I will not stand here and tell you that oil subsidy removal has been painless. It has not.
“Lagosians particularly have felt it at the pump, at the market, and in the price of a bag of rice.
“Any governor who tells you otherwise has not been listening to his own people.
“But the measure of a reform is not whether it hurts. It is whether it heals. And the evidence that this one is healing is now arriving, quarter by quarter.
“Under President Tinubu, the states have had it very good. Since the subsidy was removed, the monthly allocations to states and local governments have more than doubled in naira terms.
“The President has done his part; the money is arriving. Barely two weeks into the season of presidential election campaign, opposition politicians have reached for the fuel subsidy as their instrument of choice.
“We will see more of this. We will see promises that no treasury on earth could honour.”
Sanwo-Olu said he strongly believed in the direction of the reforms initiated by the President to reset the economy and the socio-political system, pointing out that the reforms were already yielding positive outcomes in the areas where they were being implemented.
The governor said he remained convinced about the direction of the Federal Government’s economic reforms, citing improvements in economic growth, agriculture, services, external reserves, inflation and remittances.
Sanwo-Olu said President Bola Ahmed Tinubu’s economic and security reforms had set Nigeria on the path to recovery. NigerianPartnership Consulting
He urged voters to give the administration another term to consolidate the gains.
Sanwo-Olu said the economy and security would be the defining issues of the 2027 presidential election, arguing that neither economic growth nor national development could be sustained without security.
He said Tinubu’s reforms were necessary to rescue public finances and redirect resources to development.
Sanwo-Olu said recent economic indicators suggested that the reforms were beginning to deliver results.
He cited National Bureau of Statistics figures showing that the economy grew by 4.43 per cent in the second quarter of 2026, compared with 3.89 per cent in the first quarter.
He also said Nigeria’s foreign reserves had risen to $53 billion, while inflation had fallen to 15.9 per cent in June from almost 35 per cent in late 2024. NigerianPartnership Consulting
Sanwo-Olu added that formal remittances from Nigerians abroad reached $947 million in July, describing it as the highest monthly figure recorded.
He added: “These are not my numbers. They belong to the Nigerian Bureau of Statistics and the Central Bank of Nigeria, and every journalist in this hall can check them.”
The governor said the APC would campaign on the need to sustain the reforms and ensure that their benefits reached Nigerians more quickly. NigerianPartnership Consulting
Sanwo-Olu said: “For us in the All Progressives Congress, the position that follows is a simple one.
“We intend to stay the course, to deepen the reforms, and to make sure that the benefits reach, quickly and visibly, the people who bore the cost.”
Sanwo-Olu argued that the economic and security crises confronting the country could not be treated separately.
He lauded the proposed establishment of state police, saying bringing security closer to communities would make policing more effective.
The governor urged the National Assembly and state Houses of Assembly to complete the constitutional process for state policing.
His position was supported by Senator Daniel and Alhaji Mohammed, who both stressed the importance of security to economic development.
Ogun State Peoples Democratic Party governorship candidate, Ladi Adebutu, called for transparent elections, adding that there could not be economic growth without adequate security.
Sanwo-Olu, who will not contest the 2027 governorship election because he is completing his second term, made clear his preference in the presidential contest.
He said: “I will not disguise my hope for the outcome. I expect my party to win, and I expect a second term for President Tinubu to consolidate the Renewed Hope Agenda.”
Senator Daniel said: “Nigeria cannot have a strong economy without security, and it cannot have lasting security without a strong economy.”
Daniel, who acknowledged that the nation was going through challenges, said they were not enough to define the country.
He added: “But Nigeria must not be defined only by its challenges. We possess enormous potential: a young population, a dynamic entrepreneurial culture, a growing technology sector, strong financial institutions, a vibrant creative economy and businesses succeeding across Africa. NigerianPartnership Consulting
“Our challenge is to create the conditions in which Nigerian ability can flourish at scale. Those conditions include security, infrastructure and opportunity.”
Akinadewo, Editor-in-Chief of Freedom Online newspaper, said reforms should address insecurity and development challenges.
He said Nigeria must separate politics from governance and development, noting that “we have a four-year cycle of elections but pitiably, there is no four-year cycle of development.” NigerianPartnership Consulting
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He said the country needed to modernise its laws and security architecture to reflect contemporary realities, stressing that “we can’t continue to use the system adopted in the ’60s to govern Nigeria of 2026 and beyond.”
Akinadewo advocated state police and restructuring, arguing that decentralising security would improve understanding of local security challenges.
…….GDP rose 4.43 per cent in Q2
President Bola Ahmed Tinubu yesterday assured Nigerians that his administration would intensify efforts to translate improving economic indicators into better living conditions. NigerianBusiness Directory
He declared that the economy is now on an “irreversible path” towards growth that households will feel at their dining tables and in their pockets.
The President said the Federal Government would, within the next few weeks, introduce measures targeted at vulnerable Nigerians, including cheaper means of transportation, increased food production and relief programmes designed to directly reach people at the grassroots.
Tinubu gave the assurances in his reaction to the latest Gross Domestic Product (GDP) figures released yesterday by the National Bureau of Statistics (NBS).
The report shows that the Nigerian economy grew by 4.43 per cent in the second quarter of 2026, compared with 4.23 per cent recorded in the corresponding quarter of 2025. NigerianBusiness Directory
The President welcomed the figures as further evidence that the economic reforms undertaken by his administration since May 2023 were yielding results, according to a statement by his spokesman, Bayo Onanuga.
Applying For Government Grants
“Under our watch, the economy is on the irreversible path to experience even more growth that all homes will feel at the dining table and in their pockets. We are not resting on our oars.
“We are fully committed to translating consistent, stronger economic performance into better microeconomic outcomes for our citizens. We must stay vigilant by ensuring the sustainable progress we are recording remains irreversible,” Tinubu said.
According to the NBS report, growth was recorded across agriculture, manufacturing, oil and gas, and services, with the services sector maintaining its position as the largest contributor to aggregate GDP.
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Nigerian Partnership Consulting
Nigeria Investment Guide
In nominal terms, Nigeria’s aggregate GDP rose to N119.27 trillion in the second quarter, representing an 18.43 per cent increase from the N100.7 trillion recorded in the corresponding period of 2025.
Tinubu said his administration had spent the past three years taking difficult decisions necessary to stabilise the economy.
“In the past three years, we tried to do the hard part by implementing the necessary reforms to stabilise the economy.
“Now the economy is stabilised, and we have laid the foundation for a prosperous nation. We didn’t do the reforms to create challenges, but to ensure prosperity reaches all our people,” he said.
The President said the latest growth figures were among a series of indicators showing that his Renewed Hope Agenda was working, pointing to improvements in the country’s external reserves, trade position, credit ratings, infrastructure development and oil and gas production.
“The results of the efforts are becoming very clear to all: The Renewed Hope Agenda is working. Because of those tough decisions, today Nigeria has trade surpluses. Our foreign reserves are at their highest in 17 years. Our credit rating has moved up several notches.
“We are building roads, railways and superhighways that will last for a long time. Investors who left are returning. Oil and gas production is increasing,” Tinubu said.
He also cited developments in the education sector as evidence of progress, saying Nigerian universities had enjoyed stability while the Nigerian Education Loan Fund (NELFUND) was expanding access to tertiary education.
“And in our universities, for the first time in a long time, there are no strikes. Our children are in class. And through NELFUND, student loans are putting education within reach, and affordable credit is going to our civil servants through Creditcorp,” he said.
The President said the next phase of the administration’s intervention would place greater emphasis on alleviating pressures confronting vulnerable Nigerians and ensuring that improving macroeconomic indicators translate into tangible benefits. NigerianBusiness Directory
“In the next few weeks, we are addressing some of the challenges being faced by our vulnerable population by providing cheaper means of transport, ramping up food production and implementing various relief programmes that will touch lives at the grassroots,” he said.
Tinubu also took a swipe at the opposition, saying the latest economic figures had come at a time when opposition elements were attempting to diminish the achievements of his administration and promising to reverse some of its reforms if elected.
He maintained that the policies undertaken since the beginning of his administration were not intended to impose hardship on Nigerians, but to correct structural weaknesses and create the foundation for sustainable prosperity. NigerianBusiness Directory
The President pledged that his administration would remain focused on consolidating the gains recorded so far.
Economy expands further on broad-based growth across sectors
The NBS report, which shows 4.43 per cent growth in the second quarter, indicates that the growth outperformed both the first quarter of 2026 and the corresponding second quarter of 2025.
The report highlighted a broad-based economic expansion driven by significant improvements in the agricultural segment, non-oil sector, services and sustained growth in the oil sector.
The agricultural sector almost doubled its performance, with a growth of 4.39 per cent in the second quarter of 2026 compared with 2.82 per cent in the corresponding period of 2025.
The non-oil sector, which accounted for about 96 per cent of the economy, grew by 67 basis points to 4.31 per cent in the second quarter of 2026, compared with 3.64 per cent recorded in the second quarter of 2025. Non-oil sector growth was 3.94 per cent in the first quarter of 2026.
Non-oil sector performance was driven by growth across various segments, including crop production, telecommunications, real estate, trade, financial institutions, cement manufacturing and construction, among others.
The oil sector grew by 7.31 per cent in the second quarter of 2026, higher than the 2.57 per cent recorded in the first quarter of 2026, but lower than the 20.46 per cent recorded in the second quarter of 2025.
The industrial sector also grew by 3.96 per cent in the second quarter of 2026, as against 7.46 per cent recorded in the comparative period of 2025.
Average daily crude oil production rose to 1.72 million barrels per day (mbpd) in the second quarter of 2026, outperforming both the preceding quarter and the comparable period of 2025.
Crude production in the second quarter of 2026 was the highest since 2022. Oil production stood at 1.68 mbpd in the second quarter of 2025 and 1.55 mbpd in the first quarter of 2026.
The oil sector thus contributed 4.16 per cent to total real GDP in the second quarter of 2026, a sustained improvement on the 4.05 per cent recorded in the corresponding period of 2025 and 3.92 per cent recorded in the first quarter of 2026.
In nominal terms, total GDP rose by 18.43 per cent from N100.73 trillion in the second quarter of 2025 to N119.29 trillion in the second quarter of 2026.
In terms of GDP share, the services sector remained the dominant driver, contributing 56.62 per cent to aggregate GDP in the second quarter of 2026, as against 56.53 per cent recorded in the comparable period of 2025.
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The non-oil sector contributed 95.84 per cent to aggregate real GDP in the second quarter of 2026, as against 95.95 per cent in the second quarter of 2025 and 96.08 per cent in the first quarter of 2026.
Experts were unanimous that the latest GDP report showed a positive outlook for the economy.
Analysts at SCM Capital stated that the second-quarter 2026 GDP report underlined improved macroeconomic conditions and broad-based policy support, which have continued to anchor economic performance.
They said the report showed broad-based resilience, with an uptick in oil output reflecting gradual operational improvements and sustained field activity across major production basins, alongside a non-oil sector gaining stronger momentum.
Analysts at Coronation Group and Cordros Capital Group stated that the GDP performance outpaced their expectations, noting that the economy had shown resilience and steady growth.
sustained economic resilience, with growth anchored by the services sector alongside gradual improvement across non-oil activities.
“The outturn affirms our broader expectation of a steady, non-oil-led growth trajectory through the rest of the year,” Coronation Group stated.
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Update : NRC Releases Preliminary Report on Warri-Itakpe Train Crash, Says Wheel Defect May Have Triggered Derailment
……NRC Suspects Wheel Defect, Rules Out Track Vandalism
The Nigerian Railway Corporation (NRC) has released its preliminary report on the June 8, 2026 derailment involving the Warri–Itakpe Train Service (WITS), revealing that a possible sudden bogie or wheel defect may have triggered the accident.
The incident occurred at about 4:17pm near the Outer Home signal of the Goodluck Jonathan Railway Station at kilometre 177, Owa-Oyibu, Agbor, Delta State.
According to the NRC, the train had departed Itakpe at 12 noon with 482 people on board, comprising 442 passengers and 40 operational personnel, when the derailment occurred.
Five coaches, one locomotive and a power car were affected, with three coaches and the power car overturning.
The Corporation said emergency response operations were immediately activated with support from the Delta State Government, the Nigeria Police Force, Federal Road Safety Corps (FRSC), National Emergency Management Agency (NEMA), local authorities and medical teams.
All passengers were evacuated within two hours of the incident.
However, the accident resulted in four confirmed deaths — three adults and one child — while 64 people sustained various injuries.
The NRC said 28 injured passengers were treated and discharged at the Railway Hospital, Owa-Oyibu, while another 36 were transferred to hospitals in Owa-Oyibu, Owa-Alero and Agbor.
Most of those admitted were discharged within 72 hours, while three people, including an NRC employee who required surgery, remained under specialist medical care. Two of the affected persons subsequently underwent surgical procedures.
The Corporation also clarified that its initial report of five fatalities was later revised to four following verification with the Delta State medical team responsible for the deceased.
Possible wheel defect identified
The NRC said its internal investigation involved site inspections, evidence gathering, examination of operational records and communication data, technical assessments of the locomotive and rolling stock, as well as interviews with train crew, operations and maintenance personnel, witnesses and emergency responders.
The investigation also examined the track infrastructure, turnout arrangements, communication systems and the effectiveness of the emergency response and evacuation operations.
Based on the preliminary findings, the NRC said investigators identified the possible sudden development of a bogie/wheel defect while the train was in motion as a potential primary factor in the derailment.
According to the Corporation, such a defect could have resulted in abnormal wheel-rail interaction, excessive impact loading and loss of running stability.
The investigators also identified the possible manner in which the train’s brakes were applied as a factor that may have contributed to the severity of the accident.
However, the NRC stressed that both issues remain working hypotheses and that the definitive cause of the derailment would only be established after further technical analysis.
No evidence of track vandalism
The Corporation said its inquiry team found that the railway points at the accident location were intact and that there was no evidence of track vandalism.
This finding distinguishes the June 8 incident from two previous accidents involving the same Warri–Itakpe service on November 1 and November 8, 2025, which the NRC said were attributed to track vandalism.
The independent Nigerian Safety Investigation Bureau (NSIB) has also commenced its statutory investigation into the accident.
The NRC said it was cooperating fully with the NSIB and would be guided by the findings and recommendations contained in its final report.
NRC announces safety measures
Following the preliminary findings, the Corporation recommended comprehensive safety inspections and audits of rolling stock, railway tracks and infrastructure before equipment is returned to service.
It also called for stronger maintenance and condition-monitoring programmes, timely replacement of defective components and improved availability of critical spare parts.
The NRC further recommended a review of operational safety procedures, improved emergency preparedness and rescue capabilities, enhanced staff training and competency assessments, as well as sustainable funding for railway modernisation.
The Corporation also proposed improvements to its insurance and compensation framework to ensure adequate protection for passengers and staff in cases involving medical treatment, disability and fatalities.
WITS service yet to resume
The NRC said the affected track has been fully recovered and restored, while the locomotives involved have also been recovered and are currently undergoing reconditioning.
However, the Corporation said the Warri–Itakpe service would not resume until a detailed safety audit of the track and equipment has been completed.
The NRC expressed condolences to the families of those who lost their lives in the incident and apologised for the delay in releasing the preliminary report, explaining that additional time was required to properly verify the casualties and notify the affected families.
The Corporation said it remained committed to implementing recommendations arising from both its internal accident inquiry and the independent NSIB investigation, with the aim of strengthening railway safety and restoring public confidence in train transportation.
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