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Okonjo Kidnap: $1 billion Ransom Demand Dismissed by Law Enforcement
According to Mr Ikechukwu Aduba, the Commissioner of Police, these demands were not to the knowledge of the police.
Foreign news agency, reported that someone, possibly one of the kidnappers, had made the demand in a phone call on Monday. However, there was no way of confirming the genuineness of the phone call.
“We have to identify the source of the call. Anybody can make spurious calls and demands,” said Delta State Police spokesman, Sergie Ezegam, without giving details of who was contacted or what was demanded.
“We still don’t know the reason for her abduction. What we know is that this is a crime, the woman’s life is in danger and we are making frantic efforts to rescue her.”
The mother of the Finance Minister was kidnapped on Sunday afternoon from her home in Ogwashi-Uku by eight men who invaded her husband’s palace.
Not long after their arrest, the police disclosed that they had already obtained valuable information about the kidnappers and were hot on their heels.
“We have been able to rescue about 40 victims before,” Aduba said.
Also, the Chief Superintendent Frank Mba, the Deputy Force Public Relations Officer, said that detectives were working on certain clues and was secure in the knowledge that there will soon be a breakthrough in the investigation.
He also said that the Inspector-General of Police, Mohammed Abubakar, had directed Aduba to do everything possible to make sure that the wife of the traditional ruler of Ogwashi-Uku was released soon.
The police spokesperson also appealed to the people of Ogwashi-Uku to provide information to the police to assist them in the investigation, while assuring them that their queen would soon be released.
Meanwhile, there was anxiety at the Ministry of Finance over the abduction with mixed feelings observed among the workers. While lower cadre staff discussed the abduction in gatherings in hushed tones, the senior workers went around their normal activities.
The development did not also stop normal work from being carried out in the seven-storey complex of the ministry, which also houses the Budget Office of the Federation, as people with business transactions completed them in good time.
The Minister of Finance was said to have reported briefly to work early in the morning. However, she was in a pensive mood.
Her spokesperson, Paul Nwabiakwu, could not give any comments as calls placed to his phone went unanswered.
Also, the Delta State Governor, Emmanuel Uduaghan, has enjoined the people of Ogwashi-Uku and the Okonjo royal family not to take the law into their hands.
He stated this on Monday when he visited the family, saying that law enforcement agencies were already gathering information which will enable them track down the criminals and ensure her safe return.
He charged the community leaders, vigilance groups to remain calm and not to take any action that may prompt the kidnappers to act in rash manner.
“Please do not get involved in rumours mongering and trading stories that will not help law-enforcement agents. Only information that will help in her rescue is needed now,” he stated.
Meanwhile, a stakeholders group in the state, The People’s Movement, has condemned the kidnap, calling it barbaric and unreasonable.
The leaders in a statement signed by the Director of Communications of the People’s Movement, Mrs. Ibifuro Tatua, said they were disgusted at the “Gestapo” like manner in which the kidnappers we
President Bola Ahmed Tinubu has said Nigeria must reduce losses between farms and markets as part of efforts to bring down food prices and ease the cost of living.
Tinubu made this known in his Independence Day address to Nigerians on Thursday, as the country marked its 66th anniversary.
The President said reducing the cost of producing and transporting food would be critical to making essential goods more affordable for Nigerians.
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According to him, the government is expanding mechanised irrigation and dry-season farming while improving access to seeds, fertiliser, storage and transportation.
He said the government was also building and completing roads, railways and ports to improve the movement of agricultural produce and connect farms and factories to markets.
Tinubu explained that when farmers produce at lower costs and fewer crops are lost before reaching the market, the savings can ultimately be reflected in the prices paid by consumers.
“Our logic is simple. When a farmer produces more cheaply, when fewer crops are lost between the farm and the market, when a manufacturer spends less on electricity, when a truck reaches its destination faster, and when the business environment fosters fair competition, all those savings will ultimately find their way into the price of goods in the market,” he said.
The President said the measures form part of his administration’s broader plan to lower the cost of living and move the country towards what he described as an era of shared prosperity.
Under-dispensing of petroleum products at retail outlets across Nigeria would no longer be tolerated and identified violations could lead to the revocation of the culprits’ licences.
The Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA) handed down the caution in an industry circular, in which it directed all retail outlet operators to immediately calibrate and verify their dispensing pumps and totalisers to ensure accurate measurement to be certain that consumers receive the full quantity of products for which they pay.
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The NMDPRA said it had observed incidents of under-dispensing at retail outlets nationwide, describing the practice as a serious breach of consumer trust.
It stated that it had intensified inspections and enforcement activities across the country and would take action against outlets found to be under-dispensing, operating with improperly calibrated equipment or otherwise compromising dispensing accuracy.
“Persistent or serious violations will be subject to appropriate sanctions, up to and including revocation of the outlet’s licence, in line with NMDPRA’s regulations,” the authority stated.
The regulator urged operators to take immediate corrective measures where discrepancies are identified, stressing the need to maintain the integrity and accuracy of petroleum product transactions.
The NMDPRA also directed the Major Energy Marketers Association of Nigeria (MEMAN), the Depot and Petroleum Products Marketers Association of Nigeria (DAPPMAN), the Independent Petroleum Marketers Association of Nigeria (IPMAN) and the Petroleum Products Retail Outlets Owners Association of Nigeria (PETROAN) to promptly communicate the directive to their members and support compliance across the industry.
The House of Representatives has extended the implementation period of the capital component of Nigeria’s 2025 budget from September 30 to December 31, 2026, citing economic difficulties and challenges affecting the execution of capital projects.
The decision was taken on Tuesday during plenary after Majority Leader Julius Ihonvbere moved a motion seeking an amendment to the Appropriation (Repeal and Enactment) Act, 2025.
Ihonvbere told lawmakers that several factors affecting the Nigerian economy had made it difficult to conclude the implementation of the capital component before the existing September 30 deadline.
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He said the extension was necessary to ensure that incomplete implementation would not be attributed simply to the expiration of the deadline previously approved by the National Assembly.
The House subsequently fast-tracked the bill through first, second and third readings before approving the extension.
The Senate also passed the measure, allowing Ministries, Departments and Agencies (MDAs) additional time to complete capital projects for which funds had already been appropriated and released.
Why the projects remain unfinished
Senate Leader Opeyemi Bamidele gave further details on the factors affecting implementation, pointing to procurement, contract execution, mobilisation, certification of completed works and payment processes.
According to Bamidele, these stages can affect the ability of MDAs to complete projects within the existing budget implementation timeframe.
He said the extension was intended to protect ongoing public investments, facilitate the completion of critical projects and prevent the waste of public resources already appropriated and released.
The latest decision therefore gives government agencies another three months to complete eligible projects and utilise funds already provided for the 2025 capital programme.
Fourth extension of 2025 capital budget
Tuesday’s decision marks the fourth extension of the implementation deadline for the 2025 capital budget.
The National Assembly first moved the deadline from December 31, 2025, to March 31, 2026.
It subsequently extended the deadline to June 30 and later to September 30.
The latest extension now moves the deadline to December 31, 2026.
The repeated extensions have kept portions of previous capital allocations in the implementation cycle while the government works through outstanding projects and obligations.
Earlier in June, lawmakers had cited procurement timelines, project implementation challenges and administrative processes as reasons for extending the capital budget deadline to September.
Previous budget pressures
The issue has also been linked to the backlog of capital projects from previous budget years.
A recent analysis reported that about ₦16.8 trillion in capital expenditure from the 2024 and 2025 budgets had been rolled into the 2026 fiscal year, with funding constraints and delays in releases contributing to the backlog.
The report said the 2026 capital budget was partly structured to address outstanding obligations from previous years.
President Bola Tinubu had also acknowledged in his 2026 budget speech that the implementation of the 2025 budget faced competing execution demands and the transition between budget years.
He disclosed that only ₦3.10 trillion, representing about 17.7 per cent of the 2025 capital budget, had been released as of the third quarter of 2025, while priority was given to completing 2024 capital projects.
The new December 31 deadline is therefore expected to provide additional time for MDAs to complete projects already at various stages of execution.
The House adjourned plenary until October 13, 2026, after considering the budget extension.
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