Reps Summon Cardoso As Cbn Faces Explosive Revenue Scandal

(DDM) – The House of Representatives has summoned the Governor of the Central Bank of Nigeria (CBN), Olayemi Cardoso, over what lawmakers describe as more than ₦16 trillion in alleged unremitted revenues, sparking one of the most politically sensitive financial investigations of the year.

DDM gathered that the decision followed intense debate on Wednesday, after lawmakers questioned the apex bank’s failure to remit over ₦5 trillion in operating surplus and ₦11 trillion in revenue into the federal treasury.

The summons stemmed from a motion moved by the Chairman of the Public Accounts Committee, Bamidele Salam, who referenced long-standing concerns about charges collected through the Remita Revenue Collection System between March 2015 and April 2016.

Lawmakers argued that funds linked to the system were collected by the CBN but never transferred to government accounts, forming a key part of the financial violations highlighted in the 2022 Auditor-General’s Report.

The report, released earlier this year, indicted multiple government agencies and listed the CBN among institutions with serious questions to answer about missing or diverted public funds.

Before the final decision was reached, the House chamber witnessed a mild confrontation as members disagreed over whether to assign the case to an ad-hoc committee or leave it with the Public Accounts Committee.

The disagreement underscored growing political tension around compelling the CBN Governor to publicly defend the bank’s financial records.

After deliberations, lawmakers resolved that the Public Accounts Committee would continue the investigation, clearing the path for Cardoso to appear before the committee in the coming days.

The controversy intensified last month when the Socio-Economic Rights and Accountability Project (SERAP) issued a formal demand insisting that the CBN explain what it described as ₦3 trillion in missing or diverted funds flagged by the Auditor-General.

In a letter dated November 15, 2025, and signed by Deputy Director Kolawole Oluwadare, SERAP described the unremitted revenues as “grave violations of public trust, the Nigerian Constitution, the CBN Act, and international anti-corruption standards.”

The organisation urged the CBN to ensure the “full recovery” of all missing revenues, remit them immediately to the federal treasury, and identify officers responsible for any mismanagement for onward referral to the ICPC and EFCC for criminal investigation.

With the House now escalating the probe, pressure is mounting on the CBN Governor to provide detailed explanations and financial evidence to counter allegations that billions, possibly trillions, of public funds were mishandled under the bank’s watch.

Cardoso’s expected appearance before the Public Accounts Committee is likely to shape upcoming national discourse on transparency, central banking accountability, and Nigeria’s worsening public finance crisis.

The Governor of Anambra State, Chukwuma Charles Soludo, has reaffirmed his administration’s commitment to improving aviation infrastructure across the state.

The Governor, who spoke at the commissioning of a new Protocol Lounge at Chinụa Achebe International Airport in Umueri, said that it is part of a multi-phased plan to upgrade facilities, streamline passenger experience, and attract both regional and international air traffic.

Governor Soludo reiterated that modernizing aviation infrastructure is a critical pillar of his administration’s development agenda, emphasizing job creation, skills development, and increased air connectivity as core benefits.

He said: “by upgrading our airport infrastructure and delivering a world-class Protocol Lounge, we are not only improving passenger experience but also signaling to investors that Anambra is open for business. This is about jobs, growth, and sustainable development for our people.”

He also stressed the importance of collaboration with federal authorities and international aviation partners to ensure compliance with global standards and best practices.

The newly commissioned Protocol Lounge at Chinụa Achebe International Airport is intended to provide a secure, comfortable, and efficient space for visiting dignitaries, government officials, and high-profile travelers. The facility features dedicated check-ins, executive seating, exclusive waiting areas, and improved security protocols.

Local officials and stakeholders, including the Commissioner for Transportation, Barr. Patricia Igwebuike said the upgraded airport facilities are expected to boost commerce, tourism, and investment in Umueri and the broader Anambra State.

Chinụa Achebe International Airport, located in Umueri, has long been a focal point for the region’s aviation ambitions. The new Protocol Lounge adds to a set of modernization efforts aimed at aligning Anambra State with contemporary international aviation standards.

By Agency Report

The NNPC E&P Limited, NEPL, the flagship upstream subsidiary of NNPC Ltd., has on Dec. 1, 2025 achieved a record production level of 355,000 barrels of oil per day (bpd).

According to the company, the production was the highest daily output since 1989.

The milestone marked a significant step forward for Nigeria’s upstream sector and reflected the company’s ongoing transformation anchored on efficiency and discipline.

While speaking on the development, Bashir Ojulari, the Group CEO of NNPC Limited, in a statement on Tuesday, said the milestone was a proof that Nigeria’s energy revival was not a dream, but a reality.

Ojulari said the figures showed genuine transformation, adding that average daily production surged by 52 per cent, rising from 203,000 bpd in 2023 to 312,000bpd in 2025.

“This record growth is no coincidence; it stems from a clear strategy anchored on operational excellence, strong asset management, and structured field development.

“NEPLs performance demonstrates that with the right leadership, strengthened systems, and a committed workforce, Nigeria’s upstream sector can overcome years of instability.

“The achievement converts national ambition into measurable momentum.

“The presidential targets of two million bpd by 2027 and three million by 2030 have often appeared aspirational. NEPLs delivery brings them closer to reality.

“By showing its ability to exceed its own production benchmarks, NEPL confirms that the essential building blocks for scaling national output are being firmly established,” he said.

The GCEO said the achievement signalled that the machinery of production equipment, processes, capabilities, and partnership could be driven with commercial discipline to produce real and positive outcomes.

He said that the achievement reinforced confidence nationally and across the global energy landscape, assuring partners and investors that Nigeria was committed to reaffirming its role as a dependable energy supplier.

Also speaking, Udy Ntia, the Executive Vice President, Upstream, observed that the milestone goes beyond the 355,000 bpd figure.

“In a sector where shortcuts can yield short-term wins but long-term damage, NEPL is making a different point: sustainable progress must rest on responsible operations.

“This ensures that scaling production does not compromise worker safety, community wellbeing, or environmental protection,” Ntia added.

Nicolas Foucart, Managing Director, NEPL also said that NEPL’s record-setting performance showed the broader transformation unfolding across NNPC Limited.

“This is a story shaped by leadership that charts a clear course; by partnerships built on alignment and accountability; and by a workforce whose hard work is turning goals into measurable progress.

“Our people, our processes, and principles are the real engines behind this success. We are building for tomorrow, not just celebrating today,” Foucart said.

NNPC E&P Limited is a wholly-owned subsidiary of the Nigerian National Petroleum Company, NNPC, Limited involved in the exploration and production of oil and gas resources.

NAN

The Federal Capital Territory (FCT) Police Command has arrested 32-year-old Ahmed Abubakar for allegedly trying to procure 1,000 rounds of ammunition for bandits in Zamfara State.

Abubakar, who lives in Anguwan Dodo, Gwagwalada, was picked up on December 7 by Mabushi Division operatives following credible intelligence.

He reportedly contacted a serving soldier, Corporal Yusuf Mohammed, for help sourcing the ammunition in exchange for cash.

During interrogation, Abubakar confessed he was acting on his uncle Ahmed Yakubu’s instructions—Yakubu is now on the run.

The police recovered ₦170,100, believed to be part of the funds for the illegal purchase.

The suspect is in custody, with investigations ongoing and efforts to track down Yakubu.

This arrest comes amid recurring bandit attacks and kidnappings in Zamfara.

The FCT Police Command spokesperson, Josephine Adeh, was unavailable for comment.

By Agency Report

The Federal Government on Wednesday arraigned a former Minister of Aviation, Stella Oduah, in an Abuja High Court over alleged fraud of N2.4 billion.

She is arraigned alongside Gloria Odita, on a five-count charge bordering on alleged fraud, obtaining by false pretence, and criminal breach of trust.

The prosecution alleged that the defendants were conspired in January 2014 to obtain a total of N2,469,030,738.90 from the Federal Ministry of Aviation through Broad Waters Resources Nigeria Ltd and Global Offshore Marine Ltd under alleged fraudulent claims.

The offence violates Sections 8(a) and 1(1)(a) of the Advance Fee Fraud Act and is punishable under Section 1(3).

The government alleged that on January 13, 2014, the defendants “obtained the sum of Eight Hundred and Thirty-Nine Million, Seven Hundred and Eighty Thousand, Seven Hundred and Thirty-Eight Naira, Nine Kobo (₦839,780,738.90) by falsely pretending that the said sum represented ‘Cost of Technical Supervision’.”

In count three alleged that on February 12, 2014, the defendants obtained ₦1,629,250,000 from the ministry through Global Offshore Marine Ltd, claiming it was for “Security Integrated and Logistics Support Services,” a representation the prosecution says was false.

In Counts Four and Five, the FG accused Oduah, as minister at the time, of dishonestly misappropriating the same sums earmarked for a contract awarded to 1-Sec Security Nigeria Ltd.

The charge states that she “dishonestly misappropriated the sum by authorising the transfer of the said sum, which act is a breach of your official trust,” contrary to Section 311 and punishable under Section 315 of the Penal Code.

The defendants, however, pleaded not guilty to the charges preferred against them.

The defendants’ lawyers, Onyechi Ikpeazu SAN for Oduah and Wale Balogun SAN for Odita, subsequently moved their applications for bail.

Ikpeazu urged the court to grant his client bail on self-recognition, noting that the first defendant has been a Minister of the federal Republic of Nigeria .

He added and has voluntarily flown in from the United States to honour a court summons and has been on administrative bail by the EFCC.

The Attorney-General of the Federation, Lateef Fagbemi, SAN, appeared personally for the prosecution.

Fagbemi said the government was not opposed to bail.

However, he insisted that the court should give a firm date for the hearing.

He added that the defendants were served with the proof of evidence as far back as Nov. 27, and are fully aware of the steps they ought to have taken.

Balogun, counsel to Odita, however, made a plea for her travel documents.

Justice Hamza Muazu noted that the court would be willing to consider, “If you make a case for permission to travel, when you are able to satisfy the court.”

Justice Muazu then admitted Oduah and Odita to bail on self-recognition

He ordered the defendants to deposit travel documents and get the court’s permission before travelling.

Justice Mauzu adjourned the matter until Feb 12 commencement.

NAN

By Agency Report

The Economic and Financial Crimes Commission (EFCC) has detained a former Attorney-General of the Federation and Minister of Justice, Abubakar Malami, SAN, following his failure to meet the bail conditions granted to him.

A source from the commission who confirmed the development said that Malami was still in the custody till 10pm on Tuesday for failing to meet the bail requirement.

The News Agency of Nigeria reports that the anti-graft agency has asked the former minister to clear himself of issues relating to money laundering, especially the operation of suspicious accounts.

”We have detained him over terrorism financing, and the whereabouts of the Abacha loot of $346.2 million recovered from Switzerland and funds from the Island of Jersey.

”He would remain in custody until he fulfils the requirements.

“We arrested him for not meeting his bail conditions, and he will remain in our custody until he meets those conditions.

The commission had asked the former minister to be appearing daily for interrogation through December.

”Presently, we are investigating him for 18 different offences. Some of them are money laundering, abuse of office and terrorism financing.

”We cannot put a figure to the amount involved now because we keep uncovering some of the deals as we investigate,” the source disclosed.

Malami had insisted that allegations against him were “fabricated.”

”For the avoidance of doubt, my public record in office stands in direct contradiction to any insinuation of complicity in terrorism financing.

”During my tenure as Attorney-General of the Federation and Minister of Justice, I worked with other arms of government and relevant institutions to strengthen—not weaken—Nigeria’s legal and institutional framework against money laundering and the financing of terrorism,” he said.

NAN

A tragic road accident on Wednesday claimed the lives of a father, mother and their young child along the Lagos–Ibadan Expressway, inward Otedola Bridge, near the Secretariat bus stop in Lagos.

The Lagos State Traffic Management Authority (LASTMA) confirmed the incident in a statement issued by its Director of Public Affairs and Enlightenment, Adebayo Taofiq.

According to LASTMA, the fatal crash occurred during a multi-vehicle collision involving three cars an Audi, Toyota Camry and Toyota Corolla after a speeding, heavily loaded truck rammed into one of the vehicles from the rear.

The impact caused a chain reaction, forcing the hit vehicle into two others and instantly killing the family of three.

Two other occupants from the affected vehicles sustained critical injuries.

Taofiq revealed that the truck driver fled the scene with his vehicle, abandoning the victims and evading arrest.

Emergency responders from LASTMA, LASEMA, LASAMBUS, SEHMU, FRSC and the Lagos Fire & Rescue Service arrived promptly to rescue survivors and recover the bodies.

Two critically injured victims were extricated from the wrecked vehicles and taken to the Lagos State Emergency and Trauma Centre at the Toll Gate.

The remains of the deceased family were handed over to officials of the Lagos State Environmental Health Monitoring Unit (SEHMU).

LASTMA General Manager, Olalekan Bakare-Oki, described the deaths as an “unbearable and irreplaceable loss,” offering condolences to the grieving family and praying for the swift recovery of the injured.

Bakare-Oki lamented that the tragedy was preventable, warning once again against reckless speeding, particularly by truck drivers.

He emphasised that excessive speed remains a leading cause of fatal road crashes in Lagos and urged motorists to adopt safer driving habits.

He added that LASTMA would continue to strengthen traffic surveillance and enforce safety regulations to prevent  similar incidents.

Former Kano State Anti-Corruption Chairman, Muhyi Magaji Rimin Gado, has likened fighting corruption in Nigeria to battling armed Colombian drug cartels, emphasizing the dangers involved.

While speaking at the launch of the 19th edition of the Compendium on 100 Profile Corruption Cases in Nigeria in Lagos, he linked the rise in violence and banditry in northern Nigeria to corrupt officials stealing public funds, fueling poverty and misery that recruit criminals.

Gado, who investigated several corruption cases in Kano, revealed suspect companies tied to former Governor Abdullahi Ganduje, now APC National Chairman, were involved in Public-Private Partnerships and fraudulent land deals, siphoning billions from the state’s Internally Generated Revenue.

He called corrupt politicians “cancerous ailments” needing urgent removal for Nigeria to regain its standing.

He urged Nigerians to use their votes to reject corrupt leaders, emphasizing youth involvement in building a corruption-free future.

The event, marking International Anti-Corruption Day, was organized by HEDA Resource Centre with the theme “Uniting with Youth Against Corruption”.

The Nigerian Army’s 8 Division in Sokoto has neutralized a notorious bandit leader, Kachalla Kallamu, in Sabon Birnin Local Government Area.

Kallamu, a close associate of infamous bandit leader Bello Turji, was killed Monday in a joint operation with local vigilantes near Kurawa village.

He was known for terrorizing communities, and had recently returned after fleeing a June 2025 military operation, reportedly seeking refuge in Kogi State.

The operation, part of “Operation Fansan Yamma,” also took out one of Turji’s key logistics suppliers.

Meanwhile, 8 AK-47 rifles and ammunition were recovered, with no army casualties. Residents and the Special Adviser to Governor Ahmad Aliyu on Security Matters, retired Col.

Ahmad Usman, praised the effort, highlighting the importance of local intelligence support.

Nobel laureate Prof. Wole Soyinka has criticised the large number of heavily armed security personnel reportedly assigned to Seyi Tinubu, son of President Bola Tinubu.

Soyinka made the remarks in Lagos while presenting an honorary award to poet and activist Odia Ofeimun at an event organised by the Wole Soyinka Centre for Investigative Journalism.

Speaking humorously but pointedly, Soyinka said President Tinubu should not have deployed the military and Air Force to Benin Republic to foil Sunday’s attempted coup, but could simply have sent his son—given the size of his security detail.

According to Soyinka, during a visit to Lagos two months earlier, he encountered what he initially assumed was a film set outside a hotel in Ikoyi.

Ayoung man stepped forward to greet him, and Soyinka later discovered from his driver that the individual was Seyi Tinubu.

He said he counted about 15 heavily armed security operatives, a number he described as “enough to take over a small country like Benin Republic.”

Soyinka added that he was so alarmed by the extent of the security escort that he contacted the National Security Adviser, Nuhu Ribadu, to express his concerns.

He stressed that while it is normal for the family of a head of state to have security protection, such measures should not be excessive.

US Congressman Riley Moore recently visited Benue State, Nigeria, and shared harrowing accounts of violence against Christian communities.

In a post on X, he recounted meeting dozens of displaced Christians in IDP camps, who described brutal attacks that killed entire families and forced survivors to flee.

One woman recounted watching her husband and five children being killed, barely escaping with her unborn child.

Another man witnessed his family being hacked to death, leaving his arm permanently mangled.

Moore estimates over 600,000 Christians are currently living in these camps, calling for greater international attention to the crisis, which he described as a “genocidal campaign by the Fulani”.

He met with local Tiv and Catholic leaders, emphasizing the US won’t ignore these experiences.

His visit included talks with Nigeria’s National Security Adviser, Nuhu Ribadu, focusing on terrorism in the North-East and Middle Belt killings—priorities for President Donald Trump. While progress was noted, like the rescue of abducted Catholic schoolchildren, Moore stressed that “there’s much work still to be done”.

The visit comes amid diplomatic tensions, with the US redesignating Nigeria as a Country of Particular Concern over alleged religious freedom violations.

Nigeria’s government rejects claims of systemic persecution, saying insecurity affects all faiths.