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Lawmakers Move To Arrest CBN Governor Over N5.2trn Unremitted Surplus

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The Nigerian House of Representatives may issue an arrest warrant for the Governor of the Central Bank of Nigeria (CBN), Mr. Olayemi Cardoso, following his continuous refusal to appear before a joint parliamentary panel investigating the non-remittance of N5.2 trillion operating surplus.

The House Joint Committee on Public Accounts and Public Assets, co-chaired by Hon. Bamidele Salam and Hon. Ademorin Kuye, disclosed this in a statement released on Friday.

The committee is probing alleged violations of the Fiscal Responsibility Act 2007 and Finance Act 2020 in relation to unremitted funds, unclaimed dividends, and dormant bank account balances.

READ ALSO: Direct CBN To Suspend ATM Fee Hike Pending Court Verdict, SERAP Tells Tinubu

The lawmakers expressed displeasure at the CBN governor’s repeated failure to honour their invitations, stating that legal measures were now being considered to compel his appearance.

According to them, the Office of the Auditor General for the Federation had informed the House that the apex bank owes the federal government N5.2 trillion in operating surplus accrued between 2016 and 2022 a position that was also supported by a report from the Fiscal Responsibility Commission.

Quoting from their statement, the lawmakers said: “The Finance Act 2020 mandates that dividends of all listed companies in Nigeria which remained unclaimed for six years or more and balances on accounts which have been dormant for six years in Deposit Money Banks shall be transferred into an established fund called Unclaimed Fund Trust Fund which is to be administered by the Governing Council Comprising the Minister of Finance and Debt Management Office among others.”

They also referenced the Attorney General’s legal position affirming that the Finance Act 2020 governs the management of unclaimed and dormant funds directly contradicting the CBN’s claim that it operates under the Financial Institutions Act of 2020.

The committee emphasized its demand for partial remittance of the surplus while reconciliation continues: “The Central Bank of Nigeria should remit the sum of N3.64tn being 70% of undisputed Unpaid Operating Surplus of N5.2tn within 14 days commencing from the date of the receipt of the said letter (June 27, 2025); pending the final reconciliation of disputed figures by all parties.”

In addition, the committee insisted that the CBN must declare the total sum of unclaimed dividends and dormant account balances by June 30, 2025, and transfer all such funds into the Unclaimed Fund Trust Fund within two weeks of receiving the directive.

“The CBN should ensure that all unclaimed dividends and funds in the dormant accounts balances as defined above are transferred to the Unclaimed Fund Trust Fund account as provided by the Finance Act 2020, within 14 days of the receipt of the letter and receipt of the transfer be furnished to the House,” the lawmakers further stated.

The committee criticized the CBN governor’s non-compliance, stating: “Despite the unambiguous resolution, the CBN governor has failed to comply with the resolution and refused to appear before the committee to explain why he failed to do so,” and warned that it would be “compelled to make him appear in line with the powers vested in it by the 1999 Constitution.”

 

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NEWS

Fake Certificates: FG, NYSC Unveil Digital Plan to Block Fraudsters

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The Federal Government and the National Youth Service Corps have intensified efforts to tackle certificate racketeering and strengthen the verification of academic qualifications through digital integration.

The Minister of Education, Dr Tunji Alausa, disclosed this on Tuesday in Abuja when the NYSC Director-General, Brig Gen Olakunle Nafiu, led a delegation to the ministry.

Alausa said the initiative was part of the Federal Government’s ongoing digital transformation of the education sector under President Bola Tinubu’s Renewed Hope Agenda.

SEE MORE: FG, NADDC Empower NYSC Members in South-East with CNG Conversion Skills

According to him, the reforms are designed to close loopholes in the management of academic records, combat certificate fraud and ensure that genuine graduates are not denied opportunities because of verification challenges.

The minister said the Nigerian Education Repository Data Bank was already collecting and verifying university certificates, tracking learners across the education system and supporting tertiary institutions through help-desk officers.

He added that the Nigerian Education Data Infrastructure would link records across different stages of a learner’s educational journey.

Alausa also revealed that discussions were ongoing with the NYSC on an application programming interface that would allow faster verification and seamless exchange of relevant data between the two institutions.

He said the system would help address issues affecting qualified graduates, including discrepancies in names, challenges involving graduates of part-time National Diploma programmes and the admission of National Certificate in Education holders into Higher National Diploma programmes.

The minister said the government would collaborate with the National Board for Technical Education, Joint Admissions and Matriculation Board, National Identity Management Commission and other stakeholders to develop lasting solutions.

Among the proposed measures is the introduction of a national Learner Identification Number and a uniform framework for recording and sequencing names across government education and identity databases.

Alausa said this would ensure that accurate identity records were established from the beginning of a learner’s educational journey, thereby reducing discrepancies that could create problems for graduates later.

The move comes amid increased government efforts to authenticate academic credentials used for employment and NYSC mobilisation.

On his part, the NYSC Director-General, Nafiu, commended the ministry’s digital reforms and pledged the Corps’ continued support.

He said NYSC had pursued digitalisation since 2014 and developed systems to provide reliable information on Corps members and their deployment.

Nafiu added that the Corps had complied with the Federal Executive Council’s directive on collaboration with the Nigerian Education Repository Data Bank and was ready to deepen its partnership with the ministry.

He further noted that the introduction of QR codes had “virtually eliminated document cloning” within the NYSC.

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NEWS

Petrol Imports Surge 989% to N952bn Amid Dangote, Importers Feud

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Nigeria spent N952.15bn on imported Premium Motor Spirit, popularly known as petrol, in the second quarter of 2026, representing a staggering 989.4 per cent increase from the N87.40bn recorded in the first quarter.

The latest figures contained in the National Bureau of Statistics’ foreign trade report showed that petrol accounted for 6.60 per cent of Nigeria’s total imports of N14.42tn during the quarter, making it the country’s largest imported commodity.

ALSO READ:  ‘Everybody Will Have Stakes’ — Dangote Unveils Refinery IPO

Despite the sharp quarterly increase, the value of petrol imports declined significantly year-on-year, falling from N2.83tn in the second quarter of 2025 to N952.15bn in Q2 2026, representing a 66.4 per cent reduction.

The surge in petrol imports came amid an ongoing dispute between the Dangote Petroleum Refinery and fuel importers and marketers over the continued importation of petrol despite rising domestic production.

The Dangote refinery had reportedly considered stopping petrol sales to major marketers that continue to import the product, citing concerns over the quality of imported petrol and the possibility of imported fuel being blended with its products.

Dangote also raised concerns over the lack of sufficient independent laboratory and quality-control infrastructure to verify the quality of imported petrol.

The refinery said imported petrol accounted for about 43 per cent of fuel supplied into the Nigerian market in July, adding that the issuance of import licences made it difficult to accurately plan production and inventory.

It said excess stock could eventually be exported if the situation continued.

However, fuel importers and marketers rejected the position, describing the move as an attempt to restrict imports. They challenged Dangote to provide evidence that imported petrol failed to meet Nigeria’s required quality standards.

Data from the Nigerian Midstream and Downstream Petroleum Regulatory Authority showed that average daily petrol imports fell from 11.23 million litres in Q1 to 9.23 million litres in Q2, representing a 17.8 per cent decline.

However, imports increased sharply in June, reaching 18.1 million litres per day compared with 3.7 million litres per day in April.

At the same time, domestic petrol supply increased, with domestic refineries supplying 38.23 million litres per day in Q2, up from 34.57 million litres per day in Q1, representing a 10.6 per cent increase.

Consequently, the share of domestic refineries in Nigeria’s petrol supply rose from 75.5 per cent in Q1 to 80.5 per cent in Q2, while the import share dropped from 24.5 per cent to 19.5 per cent.

Industry data also indicated that imported petrol was more expensive than Dangote’s locally refined product.

According to the Major Energy Marketers Association of Nigeria, Dangote’s gantry price stood at N1,265 per litre, compared with an import-parity price of N1,310.64 per litre under the approved pricing benchmark.

This meant imported petrol was about N45.64 per litre more expensive.

The Independent Petroleum Marketers Association of Nigeria subsequently called on the Federal Government to halt petrol imports, arguing that import licences were resulting in higher prices and undermining domestic refineries.

Meanwhile, Nigeria exported N546.02bn worth of petrol in Q2 2026, up 20.67 per cent from N452.48bn in Q1.

Of the Q2 petrol exports, N416.78bn went to African markets, while N376.46bn was exported to West African countries.

Despite the increase in exports, Nigeria remained a net importer of petrol by value during the quarter, importing N952.15bn worth of the product against exports valued at N546.02bn—a difference of N406.12bn.

The higher import bill was also linked partly to international market conditions, as the period coincided with disruptions to global oil supplies and rising international fuel prices.

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Abuja Building Collapses Hours After FCTA Sealing

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A building has collapsed in Wuse Zone 4, Abuja, just hours after the Development Control Department of the Federal Capital Territory Administration (FCTA) sealed the structure and directed occupants to vacate the premises.

The building reportedly collapsed at about 8pm on Monday, September 7, 2026, prompting an emergency response as personnel of the Federal Fire Service and other responders moved to the scene.

ALSO READ: Panic at Oko Polytechnic as Three-Storey Students’ Hostel Collapses

Three ambulances were stationed at the location as rescue teams worked to determine whether anyone was trapped beneath the rubble and to evacuate any possible casualties.

The FCTA’s Development Control Department had earlier sealed the building and ordered occupants to leave the premises before the collapse.

The cause of the collapse remained unclear as of the time of the report, while rescue operations were still ongoing.

The incident has renewed concerns over the safety of ageing and distressed buildings in Abuja, particularly structures that have previously been flagged by regulatory authorities.

Further details on possible casualties and the circumstances surrounding the collapse are expected as emergency operations continue.

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