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Tinubu Declares End To Domestic Borrowing After Nigeria Hits Revenue Target Early

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President Bola Tinubu on Tuesday bragged that his administration has met its revenue target for the year, primarily from the non-oil sector.

The President also stated that the country is stabilized and the government no longer borrows money from domestic banks, adding that what the administration needs is to create jobs for the people.

Speaking when he hosted The Buhari Organization, TBO, made up of the defunct Congress for Progress Change, CPC, led by the former governor of Nasarawa State, Senator Umaru Tanks Al-Makura, who was on a solidarity visit to the seat of power, President Tinubu told his supporters not to allow anybody to threaten them over the 2027 elections.

He said that the economy is stabilized, and nobody trades a piece of paper for the exchange rate anymore.

President Tinubu said the visit brought back the memory of the beginning of the alliance of the legacy political parties when they sat down to fashion out the way to follow, adding, “We disagreed to agree. We even argued on a symbol. When I see people like you, my determination is to work harder.”

He said he was building on the legacies of the late President Muhammadu Buhari and promised to do more through hard work and thoughtful consideration.

He commended members of the defunct CPC, who were not given any political appointment but still remained with the APC, and promised to accommodate them with an ambassadorial position.

He said, “I couldn’t appoint everybody at once, and thank you for your patience. I still have some slots available for ambassadorial positions that many people are craving for.

“First of all, we are fixing the economy. Bringing hope to the people. That is what we are looking for. And that is who is here. Thank you for believing in me. The economy is stabilised; nobody is trading a piece of paper for an exchange rate anymore

“What we need now is building the ship, bedrooms for export and import to buy goods and create jobs for the people.

“There is a guarantee that I know, many of you have to suffer the initial abuse and the fear, where are we going? We know the direction we are heading, and we are moving upward.

“Those who may not know, now know, as I am standing before you, I can brag that Nigeria is no longer borrowing a dime from local banks.

“We have met our targets of revenue for the whole year, and we met it in August. I received it this morning. If non-oil revenue is doing well, then I have no fear of whatever Trump is doing on the other side.

“I have just signed up for a huge mechanization program that every region will have a mechanized center for agricultural mechanization and have trainees and all of that. I believe that is our path to food sovereignty and food security.

“If we remove hunger, we have defeated poverty. All I can promise you is where we started and where we are going. The path to Nigeria’s recovery, we are on it. Don’t let anybody threaten you with any uncertainty. We are confident that we will succeed. Part of what we inherited from Buhari was his honesty, transparency, and justice; that’s all.

“You won’t have anything less than that. You will have joy at the end of this journey and we will definitely put something together to build a Buhari House that house will be a house of joy and prosperity.”

Speaking earlier, the leader of the delegation and former governor of Nasarawa State, Senator Tanko Al-Makura, assured the President that the CPC bloc within the APC remained firmly behind his administration and would mobilise nationwide to ensure the party’s victory in the next election.

Al-Makura, speaking for the delegation, also assured Tinubu of unwavering loyalty: “We are with you in loyalty, in person, and in purpose.

While commending Tinubu for steering the country through challenging economic times and for sustaining peace and stability, the former Nasarawa state Governor also lauded the President for honouring the memory of their late leader and mentor, former President Muhammadu Buhari.

Recalling the CPC years preceding the historic merger that gave birth to the APC in 2013, Al-Makura described Tinubu and Buhari as two visionaries whose political partnership laid the foundation for justice, equity, and national renewal.

“Mr. President, you and President Muhammadu Buhari shared more than a political alliance; you shared a vision of a Nigeria built on justice, economic sovereignty, and good governance. Together, you conceptualised and built a platform that remains our pride and our cause,” Al-Makura said.

He pledged that the CPC family, comprising former governors, ministers, lawmakers, women leaders, and party executives, would work tirelessly to consolidate Tinubu’s reforms and sustain the APC legacy ahead of the 2027 elections.

Additionally, Speaker of the House of Representatives, Tajudeen Abbas, stated that the CPC bloc remains intact and is solidly behind the President.

“Indeed, today is the very first time that former members of the CPC have gathered in such large numbers to visit our President, to show support and appreciation for what he has been doing. I want to seize this opportunity, Mr. President, to assure you of the unconditional support of all former members of the CPC,” Abbas said.

Dismissing suggestions that the bloc was fragmented or estranged, the Speaker insisted that over 90 percent of CPC’s pioneer leaders remained active and loyal.

He also praised President Tinubu’s partnership with Buhari in 2010, which eventually paved the way for Buhari’s presidency.

Abbas further commended Tinubu for the unprecedented respect shown to Buhari during his passing, noting the state support accorded his family and the President’s personal involvement.

“CPC in every state will go back home and mobilise support for Asiwaju. That movement will cascade down to local government areas, wards, and units. Insha Allah, CPC members will be at the forefront of ensuring your re-election in 2027 so you can continue the good work you are doing,” Abbas assured.

The high-powered delegation included: Barr. Abdulraheem Adebayo Shittu, former Minister of Communications, Architect Waziri Bulama, former APC National Secretary, Prof. Haruna Hima, former House of Representatives member, Hon. Garba Datti Mohammed, former Deputy Minority Whip, House of Representatives, Ibrahim Baba, former CPC governorship candidate and Federal Commissioner, RMAFC,and Mary Ekere, former CPC governorship candidate.

Others were Okoi Obono-Obla, Secretary of CPC merger committee, Osita Okechukwu, Chris Bukuma, Adamawa politician and CPC stalwart, Farouk Adamu Aliyu, former governorship candidate, Comrade Richard, pioneer CPC National Organising Secretary, Raza Zakari, former CPC National Vice Chairman, Lucy Ibe, former CPC National Organising Committee member, Oyama, former Deputy National Secretary and APC merger negotiator, Ayuba Baba, former CPC protocol officer (2003-2015), Edwemba, CPC leader from Edo State, and Hon. Jawa, former House of Representatives member.

They were joined by other former commissioners, advisers, national officers, and women leaders of the Buhari Support Organisation, as well as ex-members of the CPC National Executive Council.

 

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I Delivered $15m Agency Cash To Ex-NIMASA DG Akpobolokemi, EFCC Witness Tells Court

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A prosecution witness, Captain Ezekiel Bala-Agaba, testified in a Lagos Federal High Court on Thursday, that he personally delivered $15 million in cash to former NIMASA DG, Patrick Akpobolokemi.

The witness, Bala-Agaba, a former Executive Director of Maritime Safety, Shipping Development and Marine Operations at NIMASA, made the disclosure while testifying before Justice Ayokunle Faji of the Federal High Court in Lagos.

Captain Agaba, who appeared as the 15th prosecution witness, told the court that funds meant for pipeline surveillance were withdrawn from NIMASA’s accounts, converted into dollars, and handed over to Dr Akpobolokemi.

According to him, the money was taken to a Bureau de Change, which converted it into $15 million before the cash was delivered to the NIMASA office on Burma Road, Apapa, Lagos.

He said he subsequently took the money to the office of the then Director-General.

“The money was sent to a Bureau de Change, which later brought the dollar equivalent to our office at Burma Road, Apapa, Lagos. I asked my Personal Assistant, Ekene Nwakuche, to carry the bag and follow me to the Director-General’s office,” he told the court.

The witness explained that he collected the bag from his aide before entering the office.

“When we got to the door of the Director-General’s office, I collected the bag from him and asked him to wait outside. I then personally delivered the sum of $15 million to the Director-General.”

The witness was initially a defendant in the case but later opted to testify for the prosecution.

While being led in evidence by prosecuting counsel, Suleiman Suleiman, he explained the chain of command within NIMASA and how financial approvals were processed in the agency.

According to him, the Director-General is the overall head of the agency and issues instructions to directors, who then implement policies in line with the NIMASA Act.

He told the court that he chaired the agency’s Intelligence Committee, which was responsible for certain security-related operations.

“As chairman of the committee, I oversaw its activities and reported directly to the Director-General, Dr. Patrick Akpobolokemi,” he said.

During the proceedings, the witness was also shown a document containing a letter from Access Bank to the Economic and Financial Crimes Commission (EFCC) detailing transactions in NIMASA’s accounts between 2013 and 2015.

When asked how much money he took to the former Director-General, Agaba replied: “$15 million.”

After listening to the testimony, Justice Faji adjourned the matter until April 22 and 23 for cross-examination of the witness.

The EFCC had in December 2015 arraigned Dr. Akpobolokemi and seven others before the court on a 30-count charge bordering on conspiracy, fraudulent conversion of funds and money laundering.

Those charged alongside the former NIMASA boss include, Warredi Enisuoh, Governor Juan, Ugo Frederick, Timi Alari, as well as Alkenzo Limited and Penniel Engineering Services Limited.

They pleaded not guilty to the offences.

The anti-graft agency alleged that the defendants conspired to divert funds running into over N1.15 billion under the guise of providing security intelligence in Nigeria’s maritime domain.

According to the EFCC, the NIMASA Intelligence Committee allegedly received N1,153,000,000 between December 2013 and July 2015.

Investigations further revealed that several companies contracted to execute the intelligence operations were either unregistered or lacked the capacity to perform the services, while some were allegedly linked to the defendants.

The prosecution also alleged that the defendants nominated or owned many of the companies used to execute the contracts.

One of the charges stated that the defendants conspired to commit offences punishable under the Money Laundering (Prohibition) Act, 2012.

 

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CBN Bars Chronic Loan Defaulters from Accessing New Banking Services

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The Central Bank of Nigeria (CBN) has issued a directive to all financial institutions to immediately restrict certain banking services for large-ticket borrowers with non-performing loans (NPLs).

This move is aimed at strengthening credit discipline and protecting the stability of the Nigerian financial system following a rise in the industry’s NPL ratio to approximately 7%, exceeding the regulatory 5% threshold.

This order is specifically targeted at large-ticket obligors.

The CBN issued the directive in a circular to banks on Monday.

The latest instruction comes almost a week after the CBN asked financial institutions to stress test.

It is uncertain if the two directives are connected or what may have triggered the loan-related instruction, but the apex bank said it furthers its mandate to protect Nigeria’s financial system.

“In furtherance of its mandate to promote a sound financial system, protect depositors, and enhance prudential compliance within the banking sector, the Central Bank of Nigeria (CBN) hereby directs all banks to restrict non-performing large ticket obligors, whose activities pose systemic risk to the financial system, from accessing specified banking services,” the circular reads in part.

“Any large-ticket obligor with a non-performing facility recorded in the CRMS and/or any licensed private credit bureau shall not be granted additional credit facilities. For the purpose of this restriction, credit facilities include loans and other forms of direct credit.

“In addition, such obligors shall not be granted banking facilities or contingent liabilities such as bankers’ confirmations, letters of credit, performance bonds, or advance payment guarantees.”

 

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Makinde Only In PDP Because He’s Not Seeking Re-election – Otitoju

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Babajide Kolade-Otitoju, the Director of News at TVC News, recently stated that Oyo State Governor Seyi Makinde would likely have defected from the People’s Democratic Party (PDP) if he was still serving his first term.

Otitoju stated this on Friday on TVC’s ‘Breakfast Show’.

He described the National Convention of the Peoples Democratic Party, PDP, in Ibadan last November as a mere waste of time.

“People must show good judgment at a critical phase. What was the point of having that convention? Two courts told you not to go ahead but you went ahead.

“I may not be a fan of former Senate President Bukola Saraki but if he says something that makes sense, I will be the first to admit it. He made sense when he said let’s go for caretaker. What’s the point of not listening to him?

“Later you will be shouting that the ruling party is behind your crisis, meanwhile you are the architect of your own misfortunes. You created this problem.

“If Makinde were in his first term, he would have fled like the dancing governor because his second term would have been in danger,” Otitoju said.

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