Ghana, other African countries lobbying companies to leave Nigeria —Adebayo, Industry Minister - Newstrends
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Ghana, other African countries lobbying companies to leave Nigeria —Adebayo, Industry Minister

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Minister of Industry, Trade and Investment, Niyi Adebayo

The Minister of Industry, Trade and Investment, Niyi Adebayo, revealed yesterday that many African countries were lobbying companies operating in Nigeria to leave and come to them.

Appearing before the House of Representatives Committee on Public Accounts, the minister, who led other agencies under the Ministry to the committee to respond to queries from the Auditor General for the Federation, said one of such countries was Ghana.

He said those countries had raised the capital allowances of the companies, stressing that those  still left behind were attracted by Nigeria’s huge population.

He, however, said the federal government was making efforts to support investments.

“Our duty is to support investment growth in Nigeria. It is public knowledge that getting these investments is increasingly becoming difficult today,” he said.

In his remarks, Chairman of the House Committee on Public Account, Wole Oke, said the country is bleeding economically, decrying that several companies are evading taxes.

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“Nigeria is bleeding. We are borrowing daily to finance our budget and the Minister of Finance has said the reason we are borrowing is the fact that we are not collecting the revenue we are supposed to collect.

“The Ministry of Industry, Trade and Investment has issued some instruments which earned companies tax breaks and tax holiday. But this scheme has been abused by the companies.

“When some of these companies appeared before this committee, we noticed from their presentation elements of tax invasion. For example, China Habour got a waiver of N5 billion to import nails and wire nets.

”In my village, we have a company that manufactures nails, but cost of manufacturing nails locally is higher than those imported. So, how do we encourage local production?

“The same company evaded some of the schemes of government and they are seeking to have pioneer status. We also have a company that has been existing in Nigeria since 1979 and has never paid one Kobo to the government. ALSCON has been in operation and has not paid a single Kobo to government’s coffers.

“There is a company that put up a show and usurped the function of NEPZA who are supposed to remit it’s operating surplus. But it’s licensees have undermined the agency.

“Millions of dollars that are supposed to go into NEPZA’a coffees are going into private pockets. That is why we are trying to find out if there is need to review existing laws because the Parliament will not allow the country to continue to bleed.

“MTN gave us certificate of acceptance worth N2.6 trillion and claimed to be the highest tax payers in the country. We are asking them to provide us evidence of how they got those certificates. That is where we are right now.

“Airtel, 9 Mobile are running away. But the law will catch up with them. We are aware that they have spent so much on their investment and so don’t want to be party to dragging their names in the mud. But they must come before parliament to defend the capital allowances they have collected,” he said.

Speaking on the operations of the Oil and Gas Free Zone Authority, Oke said the payments many companies claimed to have made could not be seen.

“Some licensees claimed to have made payment which we cannot see. For example, AGIP claimed it has paid millions of dollars to you. I checked the records of your submission and cannot find even one million dollars tracable to a single company.

“They also filed for capital allowance with FIRS and FIRS has given effect to that without the certificate of acceptance issued by the Ministry of Industry. We have asked for evidence of exception and there is none. We have also asked for a list of the assets they imported that qualified and inspected which the FIRS acted on,” he said.

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Tinubu Suspends Three Permanent Secretaries, Orders Arrest Over Fake Agency in SGF Office

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August 22, 2026

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Tinubu Suspends Three Permanent Secretaries, Orders Arrest Over Fake Agency in SGF Office
President Bola Ahmed Tinubu

Tinubu Suspends Three Permanent Secretaries, Orders Arrest Over Fake Agency in SGF Office

The Independent Corrupt Practices and Other Related Offences Commission (ICPC) uncovered the “National Brands Development and Made-in-Nigeria Special Project Office,” which allegedly operated without presidential approval within the Office of the Secretary to the Government of the Federation. The President has ordered the immediate arrest of the agency’s promoter and the suspension of three top civil servants.

President Bola Tinubu has ordered the immediate suspension of three permanent secretaries and directed the arrest of the promoter of a newly uncovered fake government agency operating within the premises of the Office of the Secretary to the Government of the Federation (OSGF). The discovery was announced on Friday by the Chairman of the Independent Corrupt Practices and Other Related Offences Commission (ICPC), Dr Musa Adamu Aliyu, SAN, during a briefing with State House correspondents at the Presidential Villa, Abuja.

The illegal entity, identified as the National Brands Development and Made-in-Nigeria Special Project Office, was found to have been allocated office space within the OSGF complex without presidential authorisation and in violation of existing regulations. The ICPC chairman explained that the discovery was made during the commission’s broader investigation into the earlier uncovered fake Presidential Foreign Intervention Promotion Council (PFIPC) and other procedural weaknesses in the public service.

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According to Aliyu, the fake agency was promoted by Prince George Buchi Nwabueze, who was found to have allegedly operated under several variations of his name, including George Nathan, George Nathan Nwabueze, Honourable George Buchi Nwabueze, and George Nwabueze. The investigation also uncovered the alleged involvement of suspected collaborators within the OSGF who may have facilitated the agency’s operations.

Following the ICPC’s briefing, President Tinubu directed the immediate arrest of Nwabueze and the suspension of three permanent secretaries: M.S. Danjuma, Engineer Nadungu Gagare, and Richard P. Pheelangwah. The ICPC has engaged with officials of the OSGF to gather vital information regarding the unauthorised office, and the investigation remains active.

The latest discovery comes barely weeks after the exposure of the fictitious Presidential Foreign Intervention Promotion Council (PFIPC), whose self-styled Director-General, Adeniyi Adeyemi Matthew, is currently facing prosecution over allegations of forgery and impersonation. An interim ICPC report submitted to President Tinubu on August 6 had also identified two other fictitious bodies: the FCT Investment Promotion Agency and the Foreign Investment Promotion Agency and Public-Private Partnership. With Friday’s announcement, the National Brands Development and Made-in-Nigeria Special Project Office becomes the fourth fake agency uncovered by the anti-corruption commission in connection with the scandal since early April.

The ICPC chairman commended President Tinubu for directing a forensic audit of government processes and a wider policy audit of federal ministries, departments, and agencies, describing the move as a proactive step towards strengthening governance and closing loopholes that could facilitate abuse within the public service. The investigation is expected to focus not only on the individuals behind the purported agency but also on the institutional weaknesses that allowed an unauthorised entity to gain access to federal government premises.

Tinubu Suspends Three Permanent Secretaries, Orders Arrest Over Fake Agency in SGF Office

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N3.14 Trillion Spent on Electricity Subsidy in 31 Months – FG

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August 22, 2026

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N3.14 Trillion Spent on Electricity Subsidy in 31 Months – FG

N3.14 Trillion Spent on Electricity Subsidy in 31 Months – FG

The Federal Government says the massive spending shielded consumers from the full impact of tariff hikes, but critics question the value amid persistent blackouts and plans to phase out subsidies by 2027.

The President Bola Tinubu-led Federal Government has disclosed that it spent N3.14 trillion on electricity subsidies between June 2023 and December 2025, according to figures contained in its latest economic reform scorecard. The government said the intervention was designed to protect electricity consumers from the full effect of tariff increases as reforms in the power sector continued.

The electricity subsidy was among N30.64 trillion in additional spending pressures incurred by the Federal Government during the 31-month period. The figures were released by the Ministry of Finance following a presentation by Taiwo Oyedele, Minister of Finance and Coordinating Minister of the Economy.

According to the ministry, electricity subsidy payments rose sharply from N177 billion in 2023 to N1.48 trillion in 2024, representing an increase of more than 740 per cent. By December 2025, the subsidy bill stood at N1.47 trillion, indicating a marginal 1.14 per cent decline compared with the previous year.

Other major spending pressures recorded during the period included N9.39 trillion for wage adjustments and minimum-wage increases, N9.37 trillion arising from the impact of exchange-rate movements on external debt servicing, and N6.47 trillion for strategic infrastructure projects.

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The government said it mobilised N20.4 trillion in additional resources to partly finance the increased expenditure. The funds comprised N5.43 trillion from the Federal Government’s share of estimated petrol subsidy savings, N3.12 trillion in additional revenues, and N11.85 trillion raised through incremental borrowing. Despite these resources, the government said there was still a funding shortfall of N10.24 trillion, which had to be accommodated within the existing revenue base.

Despite the substantial subsidy spending, electricity supply deteriorated during the same period. According to the Nigerian Electricity Regulatory Commission (NERC), the Federal Government incurred an electricity tariff subsidy of N358.32 billion in the first quarter of 2026 alone. The subsidy bill averaged more than N119 billion per month as the government maintained its freeze on end-user electricity tariffs at July 2024 rates.

NERC explained that because electricity tariffs remain below cost-reflective levels, the government continues to subsidise the difference between the actual cost of power generation and the approved tariffs charged to consumers. Under the current Distribution Companies’ Remittance Obligation (DRO) framework, electricity generation companies invoiced the 11 DisCos a total of N689.72 billion during the quarter. However, only N331.40 billion was billed to the DisCos, leaving the government to cover the remaining N358.32 billion. The subsidy accounted for 51.95 per cent of the total generation invoice during the period.

The commission clarified that the lower subsidy payment in Q1 2026 did not result from the introduction of cost-reflective tariffs but rather from a decline in electricity purchased by the distribution companies during the quarter. According to the report, average available generation capacity fell by 17.45 per cent, dropping from 5,400.38MW in the fourth quarter of 2025 to 4,457.96MW in the first quarter of 2026. Total electricity generation also declined by 9.64 per cent to 8,883.47GWh.

The subsidy disclosure has drawn criticism from organised private sector groups. The Lagos Chamber of Commerce and Industry (LCCI) questioned the impact of the N15.8 trillion in petrol subsidy savings and criticised the N3.14 trillion electricity subsidy, saying it appeared to contradict the logic behind electricity tariff reforms and highlighted the high power costs that continue to burden businesses.

NERC has warned that the current subsidy regime leaves the Federal Government exposed to uncertain and potentially rising financial obligations. “The open-ended nature of the subsidy exposes the FGN to indeterminate subsidy obligations due to volumetric risk and changes in generation costs arising from changes in the generation mix, particularly with an increase in thermal generation,” the commission stated.

The disclosure comes against the backdrop of the Federal Government’s plan to gradually withdraw electricity subsidies from 2027. In July, Joseph Tegbe, Minister of Power, said the government had no immediate plan to increase electricity tariffs, explaining that subsidy payments would be gradually phased out from next year while ensuring that Nigerians continued to benefit from existing arrangements. “I promise you, next year, by God’s grace, we will put a stop to this so-called subsidy in the power sector,” Tegbe said.

The government has also proposed establishing a Power Consumer Assistance Fund (PCAF) , established under the Electricity Act 2023, as the preferred mechanism for delivering targeted subsidies directly to vulnerable electricity users. The initiative is designed to channel financial support through consumers’ electricity accounts or other verified identity-linked platforms, improving transparency in subsidy administration while boosting investor confidence in the sector.

However, analysts note that ending the subsidy without imposing another sharp tariff increase will require widespread metering, lower transmission and distribution losses, improved collections, reliable supply, and targeted protection for poorer households. The government is also working to clear debts owed to power generation companies, with GenCos reportedly owed about N6.5 trillion and receiving only about 35 per cent of their monthly invoices.

In April 2024, NERC raised electricity tariffs for Band A customers from N66 to N225 per kilowatt-hour. The affected consumers were expected to receive at least 20 hours of electricity daily, while the adjustment was projected to reduce the government’s subsidy burden by about N1.14 trillion in 2024. Despite this adjustment, the subsidy bill for 2024 and 2025 combined still reached nearly N3 trillion.

N3.14 Trillion Spent on Electricity Subsidy in 31 Months – FG

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100 Days in Captivity: Borno Families Beg Tinubu, Zulum to Rescue 78 Abducted Students

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August 22, 2026

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100 Days in Captivity: Borno Families Beg Tinubu, Zulum to Rescue 78 Abducted Students
President Bola Ahmed Tinubu

100 Days in Captivity: Borno Families Beg Tinubu, Zulum to Rescue 78 Abducted Students

Parents and community leaders say the children were taken from their schools while writing exams and deserve to come home alive—warning that Nigeria cannot allow mass kidnappings to become “normalized.”

Abuja, Nigeria — It has been 100 days of “sleepless nights, tears and fear” for the families of 78 students abducted in Borno State. On Friday, parents, community leaders, and concerned citizens gathered at the National Assembly to issue an emotional plea to President Bola Tinubu and Governor Babagana Umara Zulum: bring our children home.

The appeal, made under the theme “Bring Our Children Home: 100 Days of Horror, Pain and Suffering Is Enough,” highlighted two separate mass abductions that have left communities in Askira-Uba, Lassa, Buratai, and along the Chibok route traumatized.

“We stand before you today with broken hearts, but also with determination and an urgent demand: Bring our children home,” the group told journalists.

The 78 students were taken in two coordinated attacks on schools in Borno State—one of the regions hardest hit by Nigeria’s ongoing insurgency and banditry crisis.

On May 15, 2026, 42 pupils and students of Mussa Primary and Junior Day Secondary School in Askira-Uba Local Government Area were abducted. According to Senator Ali Ndume, the abductees included four students of Government Day Secondary School, 28 primary school pupils, and 10 children taken from their homes. The school is located on the fringes of Sambisa Forest, a known stronghold of Islamist militant groups.

Then, on June 29, 2026, tragedy struck again. Thirty-six students of Government Day Secondary School, Lassa, were taken while writing their NECO examinations. The Borno State Police Command confirmed the attackers, suspected to be ISWAP (Islamic State West Africa Province), shot sporadically and abducted students. Reports indicate the gunmen wore military and forest guard uniforms to gain access. One teacher was killed during the attack, and students and women selling food within the school premises were also abducted.

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Beyond the school attacks, the families are also demanding the rescue of 38 persons kidnapped along Buratai Road to Maiduguri, as well as several other residents seized along the Chibok route and other vulnerable roads across the state, underscoring the widespread insecurity plaguing the region.

The families drew attention to a recent success story to bolster their plea: the rescue of abducted schoolchildren in Oyo State, who were taken on May 15 and rescued on July 10—just 56 days later—through an intelligence-led operation. “If it could be done in Oyo, it can be done in Borno,” the group said, adding, “We are not demanding preferential treatment, but equal protection under the law.” They warned that allowing the Borno abductions to drag on unresolved would send a dangerous signal that mass kidnappings are becoming normalized in Nigeria’s security crisis, a fate they are determined to resist.

The group presented a clear list of seven demands to President Tinubu and Governor Zulum. They called for immediate rescue operations for all Mussa and Lassa students, as well as the rescue of the Buratai Road victims and others abducted along the Chibok route. They also demanded regular updates to families on rescue efforts, increased protection for schools and highways, a sustained intelligence-led operation by all security agencies, the deployment of all available security resources to ensure safe return, and full coordination between state and federal security agencies. “We recognise the enormous security challenges confronting our nation. But the continued captivity of innocent children and civilians cannot be allowed to become another unresolved case,” they said.

Governor Babagana Umara Zulum has met with parents of the abducted children and assured them that President Tinubu personally directed security agencies to ensure the safe recovery of the pupils. Zulum conveyed the President’s sympathy to the affected families and said authorities would deploy every necessary effort to bring the children home safely. However, with 100 days already passed, families are growing increasingly desperate. The Borno State Police Command had earlier deployed security operatives to comb the forest for the Lassa students, but no breakthrough has been announced, leaving families in agonizing uncertainty.

The abductions highlight the persistent security challenges facing northern Nigeria, where mass kidnappings for ransom and ideological purposes have become alarmingly frequent. Sambisa Forest remains a refuge for militant groups, schools have become soft targets for attackers, and rural communities feel abandoned by security forces. This sense of abandonment is compounded by the fact that over 100,000 police officers are reportedly assigned to VIP protection, leaving ordinary citizens vulnerable. The families ended their plea with a powerful warning: “We cannot allow the passage of time to reduce the urgency. Their lives matter. Their education matters. Their families matter. Their future matters.”

As the 100-day mark passes, pressure is mounting on both the federal and state governments to act decisively. The families have vowed to continue their advocacy until every child is returned safely. For now, the nation watches—and waits—to see whether Nigeria’s security apparatus can rise to the occasion and bring these children home.

100 Days in Captivity: Borno Families Beg Tinubu, Zulum to Rescue 78 Abducted Students

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