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Tinubu, Others Sued over Bid to Securitise N23Trillion Ways and Means Loan

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President Bola Tinubu, the Central Bank of Nigeria (CBN), the Debt Management Office (DMO) and four others have been dragged before a Federal High Court in Abuja, over bid to securitise the sum of N22.7 trillion Ways and Means loan support the federal government got from the apex bank.

Tinubu, Others Sued over Bid to Securitise N23Trillion Ways and Means Loan

Besides, Justice James Omotosho of the Federal High Court on Friday, adjourned to December 4, for hearing in a motion seeking for an interlocutory injunction restraining the DMO from carrying on or taking any further steps on securitising the said loan.

Justice Omotosho adjourned hearing in the motion on notice and other related motions, following request by the plaintiffs’ lawyer, Mr. Victor Opatola, to put his house in order.

Others in the suit marked: FHC/ABJ/CS/1286/2023, are the federal government of Nigeria, the Ministry of Finance, National Assembly and the Attorney General of the Federation and Minister of Justice.

The plaintiffs, Justin Edim and Akinfewa Akinwunmi, who initiated the legal action on behalf of themselves and other Nigerian citizens, specifically asked the court to stop the conversion of the debt to a promissory note or any other promise to pay at a future date or securitisation by ways of issuance of treasury bills, bonds or other forms of security.

In December 2022, the federal government had requested the 9th National Assembly for permission to securitise the debts they had incurred from the CBN over the years.

Plaintiffs claimed that the series of loans secured from the CBN had amounted to N23.7 trillion, and that the federal government was planning to restructure the loans to something that could be traded.

Plaintiffs further stated that the federal government had over the years secured various loans from the CBN under the Ways and Means provision of Section 38 of the CBN Act in contravention of relevant laws which stipulated that the total amount the federal government could borrow shall not at any time exceed five per cent of the previous year’s revenue of the federal government.

They averred that recently, the Ways and Means debt of N22.7 trillion was decided to be converted into bond (promissory note) contrary to Section 38(3)(b) of the CBN Act.

Plaintiffs accordingly want the court to declare that the effect of securitising the Ways and Means debt would adversely affect the plaintiffs and millions of Nigerians, as well as rob them of the true worth of their savings and further drive Nigerians below poverty line.

“That by securing the Ways and Means Debt, the government will be putting too much money in the money market which naturally increases liquidity in the Nigerian economy which pen-ultimately skyrocket inflation in Nigeria.

“That unless the respondents are compelled by an injunction of this honourable Court, it will continue to take steps in variance with the law and continue in its efforts to securitise the Ways and Means loan; which if completed and bought by Nigerians and investors might become irreversible,” Opatola stated.

However, following a hint from the court, Opatola, requested for a short adjournment to enable him make necessary adjustment in his court documents.

The request was not opposed by other parties in court and Justice Omotosho subsequently adjourned till December 4, for hearing in the motion on notice as well as the main suit.


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FG Invests N2.5Bn in Satellite Surveillance System to Revolutionise Mining Sector

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Federal government has unveiled N2.5 billion Satellite Surveillance System aimed at revolutionising the mining sector by boosting efficiency, improving safety measures, and fostering economic growth.

FG Invests N2.5Bn in Satellite Surveillance System to Revolutionise Mining Sector

Dr. Olugbenga Oyewole, managing director, MikyWay Visuals Limited, detailed how the satellite technology will transform Nigeria’s mining landscape in an interview with Voice of Nigeria,

Oyewole, who represents the commercial wing of the National Space Research and Development Agency (NASRDA), the body responsible for implementing the satellite infrastructure, described MikyWay Visuals Limited as a “pseudo-government company,” highlighting its ties with the government through NASRDA.

“By using satellite data, we are able to monitor, assess, and provide actionable insights to help improve Nigeria’s mining sector,” he noted.

He said the key component of the satellite monitoring system is the creation of a comprehensive mineral map of Nigeria, which will outline the locations of various mineral deposits across the country, “by integrating satellite data with mining licenses issued by the Ministry of Solid Minerals, inspectors can easily identify illegal mining activities and ensure compliance with regulations.”

The Managing Director further explained that miners will be equipped with Radio Frequency Identification (RFID), tagged ID cards, which will enable authorities to verify the legitimacy of mining operations.

He noted that the satellite surveillance also serves a crucial safety function by assessing the integrity of mining sites.

“If a mine is at risk of collapse, the technology will trigger early warnings, allowing authorities to evacuate workers and prevent disasters.

“Satellite data gives us an overview of the entire country, and it doesn’t forget anything,” he said.

Oyewole stated that the system will track the movement of mined materials, process taxes and royalties, and generate QR codes that will facilitate the traceability of minerals as they are transported across the country.

“When customs or law enforcement encounter a truck carrying minerals, they can scan the QR code to verify the authenticity and trace the mineral back to its source,” he explained.

The first phase of the project will include the implementation of these technologies, while the second phase will focus on deploying the electronic reporting platform.

“The goal is to optimise revenue, enhance safety, and ensure that Nigeria’s mining industry operates responsibly and sustainably.”

Oyewole emphasised the principle of “working smart” in operations, noting that targeted strategies can significantly enhance efficiency.

For instance, rather than monitoring every border for illegal exports, customs officials can focus on specific routes, optimising resources.

This smart approach also extends to the mining sector, where inspectors can be directed to high-activity areas, minimising unnecessary manpower.

Oyewole explained that in cases where real-time data is needed, “drones connected to satellite communication are employed for live monitoring.”

Citing the ability to provide live footage of mining operations and share it instantly with government officials, allowing them to direct their teams efficiently.

He also touched on the security of satellite surveillance data, emphasising that access would be restricted on a “need-to-know” basis.

Mining inspectors would only have access to information relevant to their operations, while sensitive data would be available to select agencies like the Ministry of Mines and Steel Development, National Security Adviser (NSA), and the Department of State Services (DSS).

In addition, the technology allows for the review of historical data, which can be crucial for tracking unpaid revenues or past illegal activities.

On the topic of satellite and security data, Oyewole mentioned that the technology being used is beyond reproach.

“You can’t deceive anyone,” he said, referring to spectrophotometers and RFID chips that ensure the authenticity of materials being transported.

“If you are carrying in a truck, maybe you are carrying maybe some gold sand or something, and you get to the customs or anybody, or you meet the mining marshal, and you tell them that this is a bentonite, I’m going to just apply for them to drill pretending as if it’s ordinary sand.

“The spectrophotometer, once you point it at it, it will tell you exactly what and what are in that thing that you are carrying.”

In addressing concerns about the potential for corruption or compromise, Oyewole was confident that the transparency of the technology would eliminate such risks.

“Even if I, as the managing director, were to compromise, the ministry, NSA, or DSS would have access to the same data, making any attempts at deceit impossible.”

Oyewole also advocated for the establishment of refineries in Nigeria to further process minerals, such as gold, to international standards.

By doing so, he suggested, Nigeria could ensure the traceability of its minerals and maximise their economic value.

The government’s proactive approach to creating a traceable and responsible mining industry, he added, will be a key factor in boosting Nigeria’s global competitiveness in the sector.

He believes Nigeria embracing geospatial technology, is essential to effective national governance.

“The difference between Nigeria and America, lies in the use of technology and data agency collaboration. If we leverage these properly, Nigeria can emerge as a global leader, just as America has and we are excited, and this will not be another abandoned project,” he concluded.

 

 

 

 

 

 

 


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AfDB Provides €5m Grant to IITA to Advance Agricultural Transformation in Africa

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The African Development Bank has provided a €5 million grant in supplementary financing to the International Institute of Tropical Agriculture (IITA) to advance food security and climate-resilient agriculture across Africa.

Dr. Abdul Kamara, the Bank’s Director General for Nigeria, and Dr. Simeon Ehui, IITA’s Director General, signed the grant agreement in Abuja on March 13, marking a key milestone in the second phase of the Technologies for African Agricultural Transformation (TAAT-II) program.

Funded by the Federal Republic of Germany through the Bank’s Transition Support Facility Donor Contributions Window, this grant will support high-impact agricultural activities under TAAT-II. Previously, on July 15, 2022, the Bank Group’s Board of Directors approved $27 million to kickstart this crucial second phase, reinforcing efforts to transform agriculture across the continent.

TAAT is a flagship program under the Bank’s Feed Africa Strategy, executed by IITA in partnership with CCGIAR -the world’s largest global agricultural innovation network, National Agricultural Research and Extension Systems, and key private sector partners.

The program takes a regional approach to agricultural productivity by rapidly delivering proven technologies to millions of farmers across the continent. The Bank previously financed the first phase (TAAT-I) with $40 million, which successfully delivered transformative crop, livestock, and fish production technologies to over 20 million farmers in more than 31 African countries. These efforts have enhanced food security, increased farmer incomes, and strengthened agricultural resilience.

Building on the achievements of the TAAT-I program, TAAT-II aims to scale up agricultural innovations across the continent, equipping countries with the tools needed to increase productivity and drive economic growth.

This €5 million grant will support target transformative activities under the TAAT-II program, including scaling farmer training programs to enhance productivity, strengthening the technical capacity of national agricultural institutions, and promoting sustainable farming practices that build resilience against climate change.

The grant will directly benefit Nigeria, Tanzania, Mozambique, Malawi, Uganda, and Rwanda by facilitating knowledge transfer, equipping smallholder farmers with advanced agricultural techniques, and establishing a more resilient and self-sufficient agricultural sector across these countries.

At the signing ceremony, Dr. Kamara reaffirmed the Bank’s commitment to Africa’s agricultural transformation: “TAAT is not just an agricultural program; it is a revolutionary initiative that continues to harness cutting-edge technologies, supporting Africa’s food sufficiency.

This funding is another decisive step in securing Africa’s food future, as investment in technology, capacity building, and financing solutions are integral to the program’s success.

TAAT-II is even more critical, as it builds on past successes to scale impact, and the African Development Bank is confident that the program will push Africa’s productivity boundary, strengthen food security, and create economic opportunities for millions.”

Dr. Ehui emphasized that the grant will drive real impact where needed most, highlighting IITA’s role as a key executing partner, ensuring that African farmers gain direct access to the best agricultural innovations.

“This investment will help CGIAR bring proven technologies to scale, strengthen seed systems, and empower farmers with climate-resilient solutions. We are committed to working with the African Development Bank and other partners to ensure that smallholder farmers, who are at the heart of Africa’s food system, benefit from these advancements,” Ehui said.


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Tinubu Appoints Olukayode Gregory Pioneer Registrar of New Federal University

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L-R: Dr. Gregory Olukayo, Pioneer Registrar of the newly established Federal University of Medicine and Medical Sciences in Abeokuta, Ogun States and Dr. Maruf Tunji Alausa, Honourable Minister of Education
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President Bola Ahmed Tinubu has appointed Dr. Obayomi Olukayode Gregory as the Pioneer Registrar of the newly established Federal University of Medicine and Medical Sciences in Abeokuta, Ogun State.

L-R: Dr. Gregory Olukayo, Pioneer Registrar of the newly established Federal University of Medicine and Medical Sciences in Abeokuta, Ogun States and Dr. Maruf Tunji Alausa, Honourable Minister of Education

This appointment marks a significant milestone in the development of the university, which was established in 2023.

As the Pioneer Registrar, Dr. Gregory will play a crucial role in setting up the university’s administrative structures, policies, and governance frameworks.

His extensive experience in university administration, security, and public relations makes him well-suited for this critical national assignment.

Dr. Gregory holds a PhD in Political Science from Nile University, Abuja, and has completed various academic programs in international relations, peace and conflict studies, and journalism.

His academic background has equipped him with expertise in governance, institutional strategy, public relations, and conflict resolution.

Throughout his career, Dr. Gregory has demonstrated a deep commitment to excellence in public service, national security, and university administration.

He has held key positions in university administration, government agencies, and security services, including Deputy Registrar at the National Mathematical Centre, Abuja, and Senior Security Officer at the Nigerian State Security Service (SSS).

In addition to his administrative and security expertise, Dr. Gregory has made significant contributions to academic publishing and media.

He has served as Editor-in-Chief of The Mathematician Magazine and is a member of several prestigious professional organizations.

As the Pioneer Registrar, Dr. Gregory is tasked with laying the groundwork for a world-class institution dedicated to medical education and research.

His leadership is expected to drive the institution toward excellence, and his appointment marks a significant step in the federal government’s commitment to strengthening Nigeria’s medical education sector.

In a related development, President Tinubu has also appointed Professor Fatiu Abiola Arogundade as the Vice Chancellor of the Federal University of Medicine and Medical Sciences, Abeokuta.

Other appointments include Mrs. Adedokun Omolola Olufunso as Bursar and Dr. Idiat Odunola Agboola as University Librarian.


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