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‘Amaechi Lied, I Remitted All Surplus Funds’ – Hadiza Usman Reacts To Fraud Allegations
The suspended Managing Director of the Nigerian Ports Authority (NPA), Hadiza Bala Usman has again refuted allegations of failing to remit the operating surplus of the agency to the Consolidated Revenue Fund (CFR).
In a letter dated May 5, 2021, Usman told the Chief of Staff to the President, Ibrahim Gambari, that the purported failure of the NPA to remit an outstanding balance of N165.32 billion from 2017 to 2018 was a misrepresentation of facts.
She said that contrary to the figures given by the budget office as outstanding operating surplus, the NPA had remitted all that was due to the CFR — as stipulated in the fiscal responsibility act of 2007.
Usman also denied allegations made by the Minister of Transportation, Rotimi Amaechi, that the NPA had not remitted an “operating surplus of N165 billion to the CFR from 2016 till date.
Acting on the letter and subsequent correspondences, Gambari asked the suspended NPA MD to forward records of the agency’s remittance of operating surplus.
By then, Amaechi had furnished the presidency with financial records provided by the budget office, in which NPA’s net profit was listed as N133.08 billion (2017), N88.79 billion (2018), N73.92 billion (2019), and N71.59 billion (Q1 – Q3 of 2020).
In her response to Gambari, Usman faulted the net profit as listed by the budget office, saying it was in excess of the actual amounts and that it was contrary to the template provided by the fiscal responsibility act.
In a March 2 letter to the ministry of transportation, the budget office had said that the NPA’s operating surpluses were N133.084 billion and N88.79 billion for 2017 and 2018 respectively.
But on the contrary, Usman informed the presidency that the NPA had N76.782 as operating surplus for 2017 and N71.48 billion for 2018 in its financial statement prepared in line with the fiscal responsibility act.
She said: “Accordingly, the figures so provided by the Budget Office of the Federation as the Operating Surplus for the respective years on which basis they arrived at the shortfall are derived from submission of budgetary provision not the actual amounts derived following the statutory audit of the Authorities financial statements.
“The Authority’s (NPA) computation of its remittances to the CFR are concluded arising from numbers from Audited Financial Statements using the template forwarded to the Authority from the Fiscal Responsibility Commission as herewith attached and not budgetary provision.
“The authority has remitted the full amount due to it to CFR for the periods of 2017 and 2018 arising from the Operating Surplus derived from the Audited Financial Statement for the period totalling N76.384 billion as evidenced in attached treasury receipts.
“The Authority has remitted a total of N82.687 billion for the period 2019 and 2020 pending the audit of the financial statement at which point the amount so computed arising from the value of the Operating Surplus in the audited financial statement will be remitted to the CFR.”
However, by the time the presidency could consider her letter, Amaechi was already meeting with Buhari to make a final case for her suspension.
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Zenith Bank Deepens UK Presence With Strategic Manchester Branch Opening
Zenith Bank Plc has announced the opening of a new branch in Manchester, United Kingdom, marking another significant milestone in the bank’s international growth and its commitment to strengthening financial connections between Africa and global markets.
The official opening ceremony, scheduled to hold on Tuesday, March 17, 2026, is expected to attract government officials from Nigeria and the United Kingdom, regulators, investors, customers, and business leaders from both countries, underscoring the growing economic ties and investment opportunities between the two markets.
The new Manchester branch will complement Zenith Bank’s existing operations in the United Kingdom and serve as a strategic hub for supporting businesses engaged in international trade and investment. Through the branch, the bank will provide corporate banking, trade finance, treasury and related financial services to clients operating across the United Kingdom, Europe and Africa.
Speaking ahead of the launch, the Group Managing Director/Chief Executive Officer of Zenith Bank Plc, Dame Dr. Adaora Umeoji, OON, said: “The opening of our Manchester branch represents another important step in Zenith Bank’s growth as a leading African financial institution connecting businesses and markets across continents. Manchester is one of the United Kingdom’s most dynamic commercial centres, and our presence here will further strengthen financial connections between businesses in the UK and opportunities across Africa’s rapidly expanding markets.”
Founded in 1990 by its Founder and Chairman, Jim Ovia, CFR, Zenith Bank has grown into one of Africa’s most respected banking institutions, boasting a robust capital base and a remarkable history of year-on-year profitability. Built on a strong foundation of people, technology and service, the Bank has consistently delivered innovative financial solutions while maintaining a disciplined approach to growth and risk management. The impressive performance of the Bank has consistently earned it excellent ratings, recognition and endorsement from local and international agencies and institutions.
Headquartered in Lagos, Nigeria, Zenith Bank operates over 500 branches and business offices across the 36 States of the Federation and the Federal Capital Territory (FCT). The Bank currently operates subsidiaries in several African countries including Ghana, Sierra Leone, Gambia, and Cote d’Ivoire, while maintaining a presence in major international financial centres including the United Kingdom, France, UAE and China. In recent years, Zenith Bank has continued to expand its international network as part of its strategy to support global trade and investment flows involving Africa.
Manchester, widely regarded as one of the United Kingdom’s most vibrant economic centres, hosts a diverse base of businesses across sectors such as manufacturing, engineering, logistics, technology and consumer goods. The city’s strong commercial ecosystem and international outlook align closely with Zenith Bank’s expertise in corporate banking, structured finance and trade finance.
The Manchester branch will work closely with the Bank’s London operations and its broader international network to support clients seeking to expand across markets and unlock new opportunities in both the United Kingdom and Africa.
With the opening of the Manchester branch, Zenith Bank continues to advance its vision of building a truly global African banking institution that connects businesses, facilitates trade and investment, and creates stronger economic bridges between Africa and the world.
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Polaris Bank Chairman, Dr. Gidado Urges Integrity And Professional Excellence At 2026 CIBN Chartered Banker Induction
The Chairman of Polaris Bank, Dr. Kassim Gidado, has called on newly inducted banking professionals to uphold integrity, embrace continuous learning, and demonstrate ethical leadership as they navigate the rapidly evolving financial services landscape.
Dr. Gidado, made the call while delivering his remarks as the Special Guest of Honour at the 2026 Stream 1 Chartered Banker Induction Ceremony organised by the Chartered Institute of Bankers of Nigeria (CIBN).
The ceremony which held in Lagos at the weekend, celebrated the induction of 2,037 professionals into the prestigious Chartered Banker and Microfinance Certified Banker cadre of the Institute, marking a significant milestone in their professional journeys.
According to the Institute, the inductees emerged through various certification routes including 9 candidates through the Chartered Banker/MBA route, 816 through the Chartered Banker Regular Route, 25 through the MSc/Chartered Banker pathway, 262 through the SMP/AMP/Chartered Banker pathway, and 435 Microfinance Certified Professionals.
The candidates comprise executives, senior and middle management staff of Deposit Money Banks, Microfinance Banks and other financial institutions, as well as professionals from the public and private sectors, self-employed members of the Institute, and graduates from linked tertiary institutions.
In his address, Dr. Gidado described the induction ceremony as more than a formal event, noting that it represents a celebration of excellence, perseverance, and professional discipline within the banking industry.
“Banking today is evolving at an unprecedented pace. Digital transformation, financial inclusion, regulatory reforms and emerging technologies are redefining how financial institutions operate and deliver value to society,” he said.
He emphasized that while technology continues to transform the banking sector, trust remains the most valuable currency in banking, stressing that the credibility of the financial system ultimately depends on the integrity and professionalism of banking professionals.
Dr. Gidado commended the Chartered Institute of Bankers of Nigeria for its continued commitment to strengthening professional standards, developing industry capacity, and nurturing the next generation of banking leaders in Nigeria.
He also reiterated the importance of investing in human capital within the financial services industry.
“At Polaris Bank, we firmly believe that human capital is the most strategic asset within financial institutions. The future of banking will not be defined only by technology or capital, but by the quality of professionals who steward these resources responsibly,” he stated. 
Dr. Gidado, an accomplished academic further encouraged the newly inducted Chartered Bankers to be guided by three key principles throughout their careers: upholding integrity, committing to lifelong learning, and leading with purpose.
The 2026 Stream 1 Chartered Banker Induction Ceremony brought together industry leaders, regulators, banking professionals, and stakeholders to celebrate professional excellence and reinforce the role of certification in strengthening Nigeria’s financial system.
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FG Reveals Alleged Blackmail Attempt By Foreign Companies Amid Tinubu’s UK Trip
The Federal Government has uncovered a plot by a foreign mining firm, Jupiter Ltd, to orchestrate a “campaign of calumny” and blackmail during President Bola Ahmed Tinubu’s state visit to the United Kingdom, scheduled for March 18–19, 2026.
According to the Ministry of Solid Minerals Development, Jupiter Ltd allegedly intends to sponsor protests and media campaigns to discredit Nigeria’s mining reforms, driven by a dispute over the revocation of mineral titles formerly held by Basin Mining Ltd due to ₦2.49 billion in unpaid fees.
The ministry alleged that the company was orchestrating the “campaign of calumny” to embarrass the President during the historic two day state visit in the company of his wife, First Lady Oluremi.
King Charles III and Queen Camilla will host the president and the First Lady at Windsor Castle On Wednesday and Thursday.
The visit is Nigeria’s first state visit in 37 years to Windsor Castle.
But in a statement by the Special Assistant on Media to the Minister of Solid Minerals Development, Mr. Segun Tomori, the ministry alleged that the company planed to sponsor a protest and media campaign targeted at discrediting the government over the enforcement of mining regulations.
Tomori described the firm’s claims as a “tissue of falsehoods” designed to distract from the government’s efforts to sanitize the mining sector.
According to the statement, the controversy stems from the revocation of mineral titles previously held by Basin Mining Ltd, a Nigerian company reportedly fronted by Australian national Steve Davis.
The ministry said the licenses were revoked after the company failed to pay statutory annual service fees totaling N2,494,000,000 for mineral titles 45454ML, 45117ML, 45118ML, 40532ML, and 40533ML for the 2024 and 2025 fiscal years.
The statement noted that the government has no direct legal relationship with “Jupiter Lithium,” as Nigerian law prohibits granting mining licenses directly to foreign entities.
The statement said: “The Federal Government, through the Ministry and the Nigeria Mining Cadastral Office (NMCO), has no legal or contractual relationship with any company known as Jupiter Lithium. The Nigerian Minerals and Mining Act (NMMA 2007) expressly prohibits the granting of mining licenses to foreign companies.”
The ministry further accused Mr. Davis of being a “mining speculator who manages a web of six different companies to acquire titles without conducting actual operations.
“This practice, the government argues, prevents genuine investors from entering the market and contributes to the rise of illegal mining.
On the rumor that the titles were seized to favor a Chinese firm, the ministry dismissed the claim as a “complete fabrication.”
Tomori further said: “Instead of adhering to Nigerian mining laws, Davis would rather operate surreptitiously as a mining speculator who sets up companies to acquire mineral titles and shortchange the nation.
“Unfortunately for him, the government’s strict application of the regulations caught up with him.”
Insisting that the ongoing reforms are intended to transform the mining sector into a major contributor to Nigeria’s Gross Domestic Product (GDP), the ministry maintained that federal government would not be intimidated by international pressure or “shows of shame” organised abroad.
“The Federal Government of Nigeria cannot and will not be intimidated or blackmailed into abandoning reforms by the antics of any individual or company.
“The nefarious activities of the past that stunted the growth of the mining sector will no longer be tolerated,” the statement warned.
Despite the crackdown, the ministry reiterated that Nigeria remains open for business, highlighting incentives such as tax waivers on imported equipment and the full repatriation of profits for those who follow the law.
The government urged the international community to disregard the planned protests in the UK, characterising the move as a desperate attempt by discredited individuals to circumvent transparency.
At the weekend, Special Adviser to the Minister of Solid Minerals Development, Kehinde Bamigbetan, reacted to the falsehoods sponsored by Jupiter Ltd in a publication titled “Nigeria seizes British Lithium project under armed guard.”
In his response titled: “In Nigeria’s mining sector, the law is no respecter of persons”, Bamgbetan exposed the antics of one Steve Davis and Hamish MacDonald, whose deceitful enterprise in the mining sector eventually met the full weight of the law.
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