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Abuja, Niger Delta Road Projects to Benefit from N250bn Sukuk – DMO

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Abuja, Niger Delta Road Projects to Benefit from N250bn Sukuk - DMO

 

 

By Edozie Obasi-Eze

The proposed N250bn sukuk would go for financing key economic road projects identified by the Federal Ministry of Works and Housing, Federal Capital Territory Administration, and the Ministry of Niger Delta Affairs.

The Director-General, Debt Management Office, Patience Oniha, disclosed this on Monday in Abuja, during a media sensitisation programme on the debt issuance, where she extended invitation to investors within and outside Nigeria to participate in the sovereign sukuk.

It was gathered that the Ijarah sukus being offered at 12.8 per cent, 10-year and would be due in 2031, which opened on December 16 and would close on December 22, 2022.

According to Oniha the government was working to enhance revenue so that spending on other capital projects could be sourced locally instead of through loans.

In her words, “Sukuk is one of the instruments we use for borrowing. This is tied to some specific projects. The exchange rate has been relatively stable. Monetary policies affect lending rates. The sukuk we are looking to issue today is for roads and bridges. This time round, we are working with the FCT and Niger Delta Ministry — they have road projects.

“That is why the sukuk we are issuing is bigger. In terms of policy, the government is working to improve infrastructure and the borrowing is going into infrastructure. We are also focused on revenue so that the government can spend from there.”

Painting a clear picture of the specific roads to benefit from the sukuk, she added, “In Abuja, the route leading to the Apo roundabout from the Aso Rock Villa area is one of the roads to be funded by the bond.

Also, from Apo roundabout to the mechanic village is another stretch of road to be covered by funds raised from issuing the sukuk. In the Niger Delta area, the Federal Government plans to complete sections of the East-West Road, which stretches from parts of Delta to Oron in Akwa Ibom State.”

International News

Andy Burnham Sworn In as UK Prime Minister After King Charles Meeting Writing

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Andy Burnham has officially been sworn in as the Prime Minister of the United Kingdom after meeting King Charles III at Buckingham Palace, marking the beginning of a new chapter in British politics.

Burnham assumed office on Monday after outgoing Prime Minister Keir Starmer formally resigned during an audience with the King. Following Starmer’s departure, King Charles III invited Burnham to form a new government, which he accepted.

SEE MORE: UK PM Keir Starmer Resigns

The 56-year-old becomes Britain’s sixth prime minister in the past 10 years, taking office amid mounting economic pressures, political uncertainty and a lingering cost-of-living crisis.

In his farewell speech outside 10 Downing Street, Starmer reflected on his two years in office, insisting his government had left Britain in a stronger position.

“I am confident that Britain is now stronger and fairer than it was two years ago,” Starmer said.

“I go with good grace, I go with a smile, and I go proud of everything that we have achieved,” he added.

Burnham is expected to use his first address as prime minister to outline his vision for restoring public confidence in government while prioritising economic growth, easing the cost-of-living crisis and devolving more powers to regional communities.

Speaking in an interview with The Times before taking office, Burnham signalled a break from recent policies.

“What we’ve been doing hasn’t been working. That’s the way I see it,” he said.
“I am going to try and do things in a different way.”

The new prime minister inherits a series of pressing challenges, including slow economic growth, rising government borrowing costs, a growing welfare bill and continued irregular migration across the English Channel.

He has also pledged a different approach to public spending, promising greater investment in prevention and long-term economic development.

“A different approach to public spending and to running the economy — more focused on early investment, early intervention, setting people up for success and much less paying for failure,” Burnham said.

As one of his first policy decisions, Burnham scrapped the nationwide digital ID scheme introduced under Starmer’s administration, saying the estimated £1.8 billion earmarked for the project would instead be redirected toward helping families cope with the rising cost of living.

A former Greater Manchester mayor, Burnham previously served as a Member of Parliament from 2001 to 2017 and held ministerial roles under former prime ministers Tony Blair and Gordon Brown.

He returned to Parliament only weeks ago before emerging as Labour’s new leader following Starmer’s resignation.

Burnham now has less than three years to deliver on his promises before the next general election, expected in 2029, as Labour seeks to fend off growing support for Nigel Farage’s Reform UK party.

Addressing supporters after securing the Labour leadership, Burnham described the moment as Labour’s “last chance” to regain the confidence of British voters, insisting that his government has a clear plan to steer the country in a new direction.

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Fake Agency DG Adeniyi Reveals How ₦1.3bn Found Its Way Into 2026 Budget

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The embattled Director-General of the alleged Presidential Foreign Intervention Promotion Council, Prince Adeyemi Matthew Adeniyi, has claimed that he personally lobbied officials at the Budget Office, leading to the inclusion of the controversial agency in the 2026 Federal Government budget.

Adeniyi made the claims during an interview with social media influencer Martins Vincent Otse, popularly known as VeryDarkMan, following his arrest over allegations of operating a fictitious government agency.

ALSO READ: Oduah’s PhD certificate is fake –U.S. Education Agency

The agency, which the Federal Government has repeatedly described as non-existent, was allocated about ₦1.3 billion in the 2026 Appropriation Act, sparking public outrage and calls for a thorough investigation into Nigeria’s budget process.

During the interview, Adeniyi absolved the Chief of Staff to the President, Femi Gbajabiamila, of any involvement, insisting he had never met him physically.

According to him, he first approached the Budget Office in December 2024 to seek the agency’s inclusion in the 2025 budget but was informed that the appropriation process had already closed.

“I went to that Budget Office for the 2025 budget. I submitted the letter and everything that I wanted, but I was told it was already late,” he said.

He explained that officials later advised him to pursue the proposal for the 2026 budget.

“When the 2025 budget came out and I didn’t see this budget, those people that I went to then said it would now be for the 2026 budget. We kept in touch because they said it would be considered later,” he said.

Adeniyi further alleged that a female official helped him gain access to the Director-General of the Budget Office, who later referred him to another senior official.

“She helped me to see the oga. Oga now said, ‘Where is my shini?’ I said I don’t have any shini. He later asked me to meet one director,” he claimed.

According to him, the director informed him that although the proposal could not be accommodated in the 2025 budget, efforts would continue ahead of the 2026 appropriation.

When asked whether he paid officials to facilitate the process, Adeniyi denied offering bribes.

“Honestly, I did not pay any money. I didn’t pay anybody. The only thing I promised was that if I started employing people, I could help them with employment opportunities.

“That was the favour I promised them. I did not give anybody money. It was just a promise that if they had people, I could employ them.”

Adeniyi said his arrest brought an end to every effort surrounding the budget proposal and that he was surprised when he later discovered the agency had been included in the 2026 budget.

“Immediately, there was a problem; everything stopped. Even the woman that wanted to help was calling because she couldn’t reach me because she was scared. I told her to let everything stop.

“I didn’t even know until they said it was inside the budget. I had already left the office. Where would I still pursue the budget again when I was already facing court?” he said.

Asked whether Budget Office officials could have inserted the agency into the budget after his arrest, he responded: “I don’t know because once that problem started, everything stopped. Why would I still pursue the budget when I was already in trouble?”

Adeniyi also addressed allegations that he paid ₦400 million to secure his purported appointment, claiming the money was delivered in United States dollars through his late associate, Dolapo Tanimola.

“Dollars,” he replied when asked the currency of the payment.

Asked who received the money, he answered:
“Dolapo.”

He maintained that he never met Gbajabiamila before or after his purported appointment.

“I never met Gbajabiamila physically before and after he was appointed. Dolapo Tanimola handled everything for me.”

Meanwhile, VeryDarkMan, in the caption accompanying the interview, called for a comprehensive investigation into the Budget Office and other government institutions, arguing that Adeniyi should not be the only person held accountable if his allegations are proven true.

However, the allegations made by Adeniyi have not been independently verified, and the officials and institutions mentioned have not publicly responded to the latest claims.

Adeniyi is facing charges including forgery and impersonation after allegedly operating the fictitious Presidential Foreign Intervention Promotion Council from an office within the Federal Secretariat in Abuja using forged government documents.

The Presidency has consistently maintained that the council has no legal existence and has described Adeniyi as an impostor, distancing the Federal Government from the alleged organisation despite its appearance in the 2026 Appropriation Act with a ₦1.3 billion allocation.

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BREAKING: Four Police Officers Arrested for Extorting ICPC Chairman in Abuja

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The Federal Capital Territory (FCT) Police Command has arrested four police officers for allegedly extorting ₦53,000 from the Chairman of the Independent Corrupt Practices and Other Related Offences Commission (ICPC), Dr. Musa Aliyu (SAN), during an illegal stop-and-search operation in Abuja.

The FCT Commissioner of Police, Ahmed Sanusi, disclosed the development on Monday while addressing journalists in Abuja, describing the officers as “thieves” who had no business wearing the police uniform.

SEE MORE: Gun Duel Ends in Victory as Police Rescue Abducted Herdsman, Recover ₦2.2m Ransom

According to Sanusi, the officers abandoned their assigned duty posts, converged around the Banex area of Wuse, and mounted an unauthorized checkpoint where they allegedly extorted motorists, including the ICPC chairman, without knowing his identity.

He revealed that the anti-corruption agency boss was forced to withdraw ₦53,000 through a Point of Sale (POS) operator, pay the transaction charges, after which the officers allegedly shared the money among themselves.

“I must say here too that we have about four policemen in custody as we speak who successfully extorted somebody of high importance, unknown to them that this person is a highly placed person in society. In clear terms, they extorted the Chairman of the ICPC.

“They extorted him of ₦53,000. They took him to a POS, he withdrew the money, paid the charges and they shared the money among themselves,” Sanusi said.

The commissioner said investigations revealed that the officers had left their various divisions to form a criminal gang, operating the illegal checkpoint before fleeing the scene.

“They are a gang of criminals who left various divisions, clustered together, moved to Wuse Banex and created a checkpoint where they perpetrated this act before fleeing,” he said.

Sanusi disclosed that the officers were declared wanted before the command arrested their gang leader, whose confession led to the capture of the remaining suspects.

He vowed that the officers would face severe disciplinary measures, including dismissal where necessary.

“We got all of them. We are going to make sure they are severely punished. Those that are going to be dismissed will definitely be dismissed,” he added.

The police commissioner also reminded the public that the Inspector-General of Police has prohibited officers from indiscriminately searching citizens’ mobile phones during patrols.

He urged residents to reject any unlawful demand to inspect their phones and immediately report such incidents through the police emergency lines.

“You cannot stop anybody on the road and ask the person to bring out his phone for search. If any policeman stops you and asks to search your phone, don’t agree. Call the police emergency lines and we will ask them why,” Sanusi said.

He assured Nigerians that the command would continue to enforce the Inspector-General’s directive and ensure officers involved in extortion and other misconduct are held accountable.

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