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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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TikTok Returns on Apple, Google US App Stores as Trump Delays Ban

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TikTok returned to the U.S. app stores of Apple and Google on Thursday as President Donald Trump delayed a ban on the Chinese-owned social media app and assured the tech giants they would not be fined for distributing or maintaining it.

The popular short video app used by nearly half of all Americans went dark briefly last month, before a law took effect on January 19 that requires its Chinese owner ByteDance either to sell it on national security grounds or face a ban.

The following day, Trump signed an executive order seeking to delay the enforcement of the ban by 75 days, allowing TikTok to continue its operations in the U.S. temporarily.

Although TikTok resumed service after Trump’s assurances, Google and Apple kept the app removed from their U.S. app stores.

TikTok, the second-most downloaded app in the U.S. last year, said on Thursday that its latest app was now available for download.

The delay could have been because Google and Apple were awaiting assurances that they would not be prosecuted for hosting or distributing the app, according to analysts.

Trump’s directive said the companies, which run mobile application stores or digital marketplaces where users can browse, download and update apps, would not face penalties for keeping the TikTok app up and running.

TikTok had more than 52 million downloads in 2024, according to market intelligence firm Sensor Tower.

About 52% of its total downloads were from Apple App Store, while 48% were from Google Play in the U.S. last year, Sensor Tower said.

The law that requires ByteDance to sell TikTok’s U.S. assets or ultimately face a ban was signed by then President Joe Biden last April, triggered by national security concerns and fears that China could use the video-sharing app to spy on American users.

The U.S. has never banned a major social media platform and the law that passed last year gives the government sweeping authority to ban or seek the sale of other Chinese-owned apps. Trump said on Thursday that his 75-day deadline on TikTok could be extended.

The turmoil at TikTok attracted several potential buyers, including former Los Angeles Dodgers owner Frank McCourt, who have expressed interest in the fast-growing business that analysts estimate could be worth as much as $50 billion.

Trump has said that he was in talks with multiple people over TikTok’s purchase and would likely have a decision on the app’s future in February.


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FG Order MDAs to Close Commercial Banks’ Accounts, Enforce TSA Policy

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Federal government has directed all Ministries, Departments, and Agencies (MDAs) operating in states to close their accounts with commercial banks and fully comply with the Treasury Single Account (TSA) policy.

FG Order MDAs to Close Commercial Banks’ Accounts, Enforce TSA Policy

Dr. Oluwatoyin Madein, accountant-general of the Federation,

The directive was issued by Dr. Oluwatoyin Madein, accountant-general of the Federation, during a working visit to the Federal Pay Office in Benin, Edo State.

This was disclosed in a statement released on Thursday by Bawa Mokwa, director of Press and Public Relations at the Office of the Accountant-General of the Federation.

Reaffirming the government’s commitment to the TSA policy, Madein warned that no MDA should operate accounts with commercial banks unless expressly approved by the President and officially communicated by her office.

The statement reads:

“While reiterating the Federal Government’s commitment to the Treasury Single Account policy, the Accountant-General of the Federation urged the Federal Pay Officers to monitor and ensure that Ministries, Departments, and Agencies in the States do not operate any account with the commercial banks or circumvent any provision of the TSA policy.”

She further stressed that any exceptions must follow strict guidelines, requiring presidential approval and formal communication from the Office of the Accountant-General.

Madein also tasked Federal Pay Officers (FPOs) with ensuring compliance, upholding transparency, and maintaining professionalism in their financial operations.

She warned against actions that could undermine the integrity of the Federal Treasury and emphasized the need for accurate financial record-keeping.

As part of ongoing reforms, she revealed that the Federal Government is constructing new Federal Pay Offices in some states to address infrastructure and operational challenges.

She assured that her office remains committed to the welfare of its personnel while enforcing compliance with financial regulations, including the Public Procurement Act and the Constitution.

Her visit to the Benin Federal Pay Office was part of a nationwide tour to assess the operations and challenges of Federal Pay Offices across the country.


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NBRDA Investigates Biocatalysts for Bioethanol Production

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National Biotechnology Research and Development Agency (NBRDA) is investigating the development of biocatalysts from underutilised bioresources through its Young Researchers Forum (YRF) research group for bioethanol production.

NBRDA Investigates Biocatalysts for Bioethanol Production

Prof. Abdullahi Mustapha, director general, NBRDA sated this in an interview conducted in Abuja on Wednesday

Biocatalysts, which can be either bacteria or enzymes, are biological entities that accelerate chemical reactions.

An alcohol-based fuel derived from renewable resources such as plants and algae is called bioethanol. It can be blended with petrol or used in place of it to cut down on petroleum use.

He asserted that bioethanol is crucial and that Nigeria has the means to fully investigate its possibilities, noting that the production of bioethanol will be helpful in setting up bioethanol plants.

“However, the catalyst for the fermentation of sugar to produce ethanol is what we are after, and we have it locally.

“When we isolate the biocatalyst, it is going to be useful in helping to establish a bioethanol factory, which will function very well due to our varying weather conditions,’’ he said.

Bioethanol has similar uses to fuels used to generate other classes of energy like heat, motor power, transportation, and electricity, the NBRDA chief added.

According to him, bioethanol is the most widely used biofuel in modern civilisation, and the process of turning biomass into bioethanol is receiving a lot of attention.

“Biological energies are renewable fuels with minimal pollution and play an important role in reducing greenhouse gas pollution, and one of them is bioethanol, which is obtained from fermentation operations.

“The world’s attention to the use of bioethanol as an energy source is focused on reducing the cost of production and increasing the efficiency of the ethanol industry.

“By consuming ethanol fuel instead of fossil fuels, the amount of greenhouse gas emissions known to be the cause of global warming will be somehow reduced,’’ Mustapha said.

According to the D-G, the creation of the Young Researchers Forum (YRF) demonstrates the agency’s efforts to support nation-building.

He added that young biotech innovators chosen from across the agency’s departments will use the conference as a training ground and launching pad.

The YRF, according to Mustapha, was a manifestation of his wish to establish an institutional framework for mentoring that would close generational divides.

He stated that one of the projects the YRF would concentrate on was the development of biocatalysts for the manufacture of bioethanol.


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