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SERAP Slams CBN: Demands Answers Over Alleged Missing ₦3 Trillion Public Funds.

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The Socio-Economic Rights and Accountability Project (SERAP) has demanded a public explanation from the Governor of the Central Bank of Nigeria (CBN), Olayemi Cardoso, following alarming claims that about ₦3 trillion in public funds are missing or may have been diverted. According to Nivo News, the concerns stem from findings highlighted in the Auditor-General of the Federation’s 2022 annual report, published in September 2023.....KINDLY READ THE FULL STORY HERE▶

In a statement issued on Saturday, SERAP urged Cardoso to immediately clarify the status of the disputed funds and take urgent steps to ensure transparency. The organisation asked the CBN governor to identify individuals responsible for the missing or diverted monies and hand them over to the Independent Corrupt Practices and Other Related Offences Commission (ICPC) and the Economic and Financial Crimes Commission (EFCC) for investigation and possible prosecution. SERAP also insisted that all unremitted or mismanaged funds be recovered and paid back into the national treasury.

A letter dated November 15, 2025, and signed by SERAP Deputy Director, Kolawole Oluwadare, stated that the claims made by the Auditor-General point to severe breaches of public trust, constitutional mandates, the CBN Act, and national anti-corruption principles. The organisation warned that such violations suggest a broader failure of accountability within the CBN and have eroded public confidence in the institution’s ability to perform its statutory duties effectively.

According to the letter, the Auditor-General revealed that the CBN failed to remit over ₦1.4 trillion in operating surplus due to the Federal Government in 2022, raising fears that the funds may have been diverted. The Auditor-General also noted that the CBN had yet to recover more than ₦629 billion disbursed to unidentified beneficiaries under the Anchor Borrowers’ Programme, despite no clear records of who accessed the loans. He warned that this unaccounted disbursement may have undermined efforts to achieve food security across the country.

Additional findings showed that the Bank failed to recover over ₦784 billion from 32 overdue loans and interventions distributed between 2018 and May 2022, with no evidence of efforts to retrieve the money. The report also questioned over ₦125 billion spent by the CBN on intervention activities allegedly linked to national security and institutional support, noting that the expenditure lacked proper documentation and may not have been approved by the National Assembly.

The Auditor-General further disclosed that the CBN spent over ₦1.7 billion on 43 operational vehicles for the Nigeria Immigration Service (NIS), despite no clear justification under the CBN Act and no proof the vehicles were delivered. Another ₦189 billion was reportedly tied to contracts in which contractors delayed completion and later sought price variations, resulting in additional payments of over ₦9 billion without appropriate procurement records.

The report also highlighted that the CBN’s Katsina branch failed to recover over ₦90 million in loans granted to 33 small and medium-scale enterprises during the COVID-19 pandemic. The Auditor-General expressed concern that these funds may have been diverted or mismanaged.

SERAP stated that if the CBN fails to respond within seven days, it will pursue legal action to compel compliance in the interest of public accountability. The organisation cited constitutional provisions and financial regulations requiring transparency, accountability, and the abolition of corrupt practices, stressing that Nigerians have a right to know how public funds are managed.

According to Nivo News, SERAP maintained that implementing its recommendations would help guarantee restitution, compensation, and institutional reforms needed to prevent a recurrence of such financial irregularities.


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‘I Was Locked Up’ – Governor Zulum Reveals How Police Arrested Him Over Mafa Chairmanship Ambition.

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Borno State Governor, Babagana Zulum, has revealed that he was once detained by the police after declaring his intention to contest for the chairmanship of Mafa Local Government Area of the state.....KINDLY READ THE FULL STORY HERE▶

He disclosed that following the incident, he made a decision never to personally announce his intention to contest for any political office again.

Naija News reports that Zulum made the revelation on Wednesday during the inauguration of the Borno State All Progressives Congress (APC) Campaign Council at the Multipurpose Hall of the Government House in Maiduguri.

Recounting his experience, the governor said he was once involved in drawing water from a well in Mafa, leaving his hands blistered and covered in blood, when he decided to express interest in the chairmanship position.

He explained that his ambition was driven by his desire to provide boreholes for the community, adding that he prayed to Allah to grant him the opportunity to address the water challenges in the area.

However, Zulum said some individuals accused him of belonging to the National Democratic Coalition (NADECO) and attempting to incite residents against local government officials, allegations that reportedly led to his arrest.

He said, “I was in Mafa, drawing water from a well, my hands blistered, soaked with blood. So, I declared interest and prayed to Allah for the position to drill boreholes in Mafa. But some people reported that I joined NADECO or whatever they call it, trying to instigate the public against the local government officials, and I was locked up.”

The governor noted that detention could sometimes be part of the challenges associated with political struggles.

He added, “So, I will not be surprised if police arrest someone during a political struggle.”

Speaking with journalists, Zulum also reflected on the demands of leadership, stressing that governing a state requires considerable sacrifice, patience and commitment.

He disclosed that he often leaves his office between 11:30 p.m. and 1:30 a.m. because of his busy schedule and the volume of official engagements.

The governor also addressed criticisms directed at his administration, including allegations surrounding the recent arrest of protesters who reportedly chanted “Tinubu Must Go.”

Maintaining that he had no involvement in the incident, Zulum said he only learnt about what happened at the mosque the following morning.

He stated, “God knows, I only got to know about what happened in the mosque the following morning. But I have to absorb it because they voted for me.”

Zulum further recalled a spiritual experience at the holy Kaaba alongside President Bola Tinubu, where he said he prayed and forgave everyone who had wronged him. He added that he also publicly sought forgiveness from anyone he might have offended.

The governor urged aspirants who lost in the APC primary elections to set aside their differences and support the party ahead of the 2027 general elections.

He said, “It’s only God that gives power to whom He wishes, and if you take it in good faith, He will replace it with something better.”

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Omah Lay Reveals What He Turns To When Life Gets Tough, Says It’s Not Alcohol Or Cigarettes.

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Nigerian singer Stanley Omah Didia, popularly known as Omah Lay, has opened up about the difficulties young people face in Nigeria and their struggles to cope with the country’s system.....KINDLY READ THE FULL STORY HERE▶

The singer made this known during an interview on the Ionwanna Talk podcast, where he discussed the challenges of navigating life in Nigeria and the various ways young people try to deal with the pressure.

According to Omah Lay, many young Nigerians find it difficult to cope with the country’s harsh realities, prompting them to seek different ways of escaping the stress and pressure.

Naija News reports that the singer explained that while some people rely on alcohol and cigarettes to cope, he considers cannabis the cleanest substance available to him.

The Afrobeats star said, “Every young person in Nigeria find it hard to cope with the systems, so we find something to escape. The cleanest substance I can find, is not alcohol or cigarettes, it is cannabis.”

In a related development, Omah Lay has revealed that he is no longer putting pressure on himself to quit smoking after making several unsuccessful attempts to break the habit.

The singer disclosed this during a podcast conversation with DJ Dan, where he spoke about his experience with smoking and the difficulties he has encountered in trying to stop.

Omah Lay explained that despite making repeated efforts to quit, he had struggled to stay away from smoking.

He added that following those unsuccessful attempts, he had decided to accept smoking as part of his current lifestyle rather than continue putting pressure on himself to quit.

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2027: ‘I Will Resign If We Fail To Perform’ – Amaechi Makes Bold Declaration To Atiku

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The African Democratic Congress (ADC) vice-presidential candidate, Rotimi Amaechi, has declared that he is prepared to resign from government if the party wins the 2027 presidential election but fails to deliver on its promises to Nigerians.....KINDLY READ THE FULL STORY HERE▶

News reports that Amaechi made the declaration during an interview with News Central TV, where he discussed the ADC’s plans and the performance Nigerians should expect if the party takes over power.

The former Rivers State governor said the party’s presidential candidate, Atiku Abubakar, was familiar with his character and would understand his decision to leave office if the administration failed to meet expectations.

According to Amaechi, Nigerians would regard Atiku as a hero within the first year of an ADC-led government if the party wins the forthcoming election.

He said, “I’m sure the presidential candidate (of the ADC) knows my character, that if we’re not performing, I may likely leave government if we’re not performing.

“Yes, I’m not joking. But the way the situation is, and the way I know Atiku, our first year in office, he will be hailed as a hero.”

Amaechi further expressed confidence in Atiku’s ability to lead the country, arguing that Nigerians would regret not electing the former Vice President earlier if he emerges victorious in 2027.

He also challenged anyone who claimed he had made a promise and failed to fulfil it to come forward with evidence.

The ADC running mate urged Nigerians to scrutinise his record in previous public positions, including his tenure as governor of Rivers State, Minister of Transportation and Speaker of the Rivers State House of Assembly.

He maintained that voters should assess his achievements against their expectations and reject the ADC if his record failed to convince them.

Amaechi stated, “Atiku will be hailed as a hero. Nigerians will regret not voting for him earlier before this time.

“Let any Nigerian who said I made a promise to him and I refuse to fulfil come forward. Any Nigerian, that’s one. Two, let this be a referendum on all of us, not just the current administration. Yes, all of us. Let it be a referendum. Go back and say Amaechi was once a governor. Amaechi was once a minister. Amaechi was once a speaker.

“Judge, assess all that I have done in this office. If I don’t meet your criteria, if I don’t meet what can convince you to vote for us, don’t vote for us.”

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