Former Minister Uche Nnaji Arrested Over Alleged Certificate Forgery

Former Minister of Innovation, Science and Technology, Uche Nnaji has been arrested in connection with an ongoing investigation into alleged certificate forgery.

The former minister was reportedly apprehended on Wednesday at the Akanu Ibiam International Airport while preparing to board a chartered flight to Abuja. However, some reports indicate he was arrested shortly after arriving at the Nnamdi Azikiwe International Airport from Enugu.

Security sources said Nnaji was taken into custody by operatives and is expected to be handed over to the Independent Corrupt Practices and Other Related Offences Commission (ICPC) for interrogation.

The arrest marks a significant development in the long-running investigation into allegations that the former minister submitted forged academic credentials during his appointment into the Federal Executive Council.

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The ICPC has been investigating claims that Nnaji falsified his academic records, including his university degree and National Youth Service Corps (NYSC) discharge certificate. Investigators allege that the disputed documents were submitted to key government institutions, including the office of Bola Ahmed Tinubu, the Nigerian Senate, the Office of the Secretary to the Government of the Federation and security agencies during the ministerial screening and confirmation process.

The anti-graft agency had earlier accused the former minister of repeatedly ignoring invitations to appear before investigators. Following his alleged refusal to honour the invitations, the commission approached the court for enforcement measures.

In June, the Federal High Court granted the ICPC permission to arrest Nnaji and authorised the commission to declare him wanted through newspapers, social media platforms and other channels if necessary.

The forgery allegations centre on claims that Nnaji presented documents indicating he graduated from the University of Nigeria, Nsukka and successfully completed the mandatory NYSC programme. Investigations, however, reportedly raised questions over the authenticity of both certificates.

Nnaji has consistently denied wrongdoing, describing the allegations as politically motivated and a coordinated media campaign against him. He also challenged the arrest order at the Court of Appeal in Abuja in an effort to stop its enforcement.

As of the time of filing this report, the ICPC had not issued an official statement on the arrest.

Former Minister Uche Nnaji Arrested Over Alleged Certificate Forgery

World Bank Approves $1.25bn Loan for Nigeria to Boost Jobs, Private Investment

The World Bank has approved a fresh $1.25 billion loan for Nigeria under the Nigeria Actions for Investment and Jobs Acceleration (NAIJA) programme, providing significant financial support for President Bola Tinubu’s economic reform agenda despite growing public concerns over the country’s rising external debt.

The approval was announced on Wednesday alongside the launch of the World Bank’s Country Partnership Framework (CPF) for Nigeria (2026–2032), a six-year strategy that will guide the institution’s engagement with Africa’s largest economy.

According to the World Bank, the new framework is designed to help Nigeria create more and better jobs by unlocking private sector-led growth, improving infrastructure, strengthening institutions and expanding opportunities for millions of Nigerians.

In a statement announcing the approval, the World Bank said the new Country Partnership Framework builds on Nigeria’s recent macroeconomic reforms and seeks to convert economic gains into improved living standards.

“The World Bank Group has endorsed a new Country Partnership Framework for Nigeria spanning 2026–2032, setting out a strategy to create more and better jobs at scale by unlocking private sector-led growth,” the institution stated.

The bank also confirmed the approval of the $1.25 billion Development Policy Financing (DPF) operation under the NAIJA programme, describing it as a key initiative to strengthen Nigeria’s competitiveness and lay the foundation for sustainable economic growth.

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According to the World Bank, the financing will support a broad package of reforms aimed at improving Nigeria’s business environment and attracting greater private investment.

The programme includes strengthening capital markets to improve access to finance, modernising regulations governing the digital economy and e-governance, accelerating reforms in the power sector to expand electricity access, reducing trade barriers in line with Nigeria’s commitments under ECOWAS and the African Continental Free Trade Area (AfCFTA), improving access to quality agricultural seeds to boost food production, and strengthening domestic revenue mobilisation and public financial management.

The World Bank believes these reforms will help increase productivity, stimulate investment and create employment opportunities across critical sectors of the Nigerian economy.

As part of the 2026–2032 Country Partnership Framework, the World Bank aims to support projects expected to expand electricity access to approximately 32 million Nigerians, deliver internet connectivity to about 58 million people, improve health and nutrition services for nearly 40 million Nigerians, and support around 9.5 million farmers through increased agricultural productivity and improved access to quality inputs.

The institution also plans to prioritise investments in human capital development, agriculture, digital infrastructure and climate resilience while supporting policies that encourage inclusive economic growth.

The World Bank’s Country Director for Nigeria, Mathew Verghis, said the institution’s priority is to help Nigeria translate recent macroeconomic improvements into tangible benefits for citizens.

According to him, while recent reforms have strengthened economic stability, addressing structural barriers to investment remains essential for creating jobs and reducing poverty.

Similarly, International Finance Corporation (IFC) Divisional Director for Nigeria, Dahlia Khalifa, said Nigeria’s reform agenda has created fresh opportunities for private investment, while Multilateral Investment Guarantee Agency (MIGA) Vice President Ed Mountfield noted that political risk guarantees would encourage more investors to participate in Nigeria’s economy.

The approval has renewed public debate over Nigeria’s growing dependence on external borrowing.

Several economists and civil society organisations have questioned whether successive multilateral loans have translated into meaningful improvements in infrastructure, employment and living standards, particularly as many Nigerians continue to face high inflation, rising food prices and increased living costs.

According to figures from the Debt Management Office (DMO), Nigeria’s debt to the World Bank rose from $17.81 billion at the end of 2024 to $19.89 billion by December 31, 2025, representing an increase of $2.08 billion, or 11.7 per cent.

The DMO also reported that the World Bank accounted for 38.36 per cent of Nigeria’s $51.86 billion external debt stock as of the end of 2025, making it the country’s largest multilateral creditor.

Despite the concerns, the World Bank maintains that continued structural reforms, stronger institutions and increased private sector participation remain essential to achieving sustainable economic growth, reducing poverty and creating long-term employment opportunities.

For the Tinubu administration, the latest financing represents another significant vote of confidence from one of Nigeria’s largest development partners. However, analysts say the success of the programme will ultimately depend on transparent implementation, fiscal discipline and whether the reforms deliver measurable improvements in the lives of ordinary Nigerians.

World Bank Approves $1.25bn Loan for Nigeria to Boost Jobs, Private Investment

Fuel Marketers Reject Petrol Price Controls, Threaten Nationwide Shutdown 

Fuel marketers have warned that filling stations across Nigeria could shut down if the Federal Government attempts to enforce price controls on Premium Motor Spirit (PMS), popularly known as petrol, saying such a move would undermine the country’s deregulated downstream petroleum sector.

The warning follows recent comments by the Minister of State for Petroleum Resources (Oil), Heineken Lokpobiri, who said the government would not tolerate profiteering or practices that exploit consumers, even though petrol pricing has been deregulated under the Petroleum Industry Act (PIA).

Speaking at the 2026 General Counsel and Legal Advisers Forum organised by the Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA) in Abuja, the minister stressed that while market forces should determine fuel prices, regulators still have a legal responsibility to protect Nigerians from unfair pricing and anti-consumer practices.

Lokpobiri explained that deregulation does not mean the government has relinquished its oversight role, noting that the PIA empowers institutions such as the NMDPRA to ensure product availability, market stability and consumer protection.

His remarks came amid growing public concern over the slow decline in petrol prices despite a significant drop in global crude oil prices. International crude prices recently fell from about $120 per barrel during the Middle East conflict to around $72 per barrel, prompting calls for corresponding reductions in domestic fuel prices.

Earlier, the Federal Competition and Consumer Protection Commission (FCCPC) also raised concerns over what it described as possible consumer exploitation in the downstream petroleum sector, questioning why pump prices had not fallen substantially despite lower crude oil prices.

Reacting to the government’s position, the National Publicity Secretary of the Independent Petroleum Marketers Association of Nigeria (IPMAN), Chinedu Ukadike, rejected suggestions that marketers were profiteering, insisting that many operators are instead battling mounting financial losses.

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According to him, frequent price reductions by the Dangote Refinery have forced marketers who purchased fuel at higher prices to sell at slimmer margins—or even at a loss—in order to remain competitive.

“Marketers will shut down if they try somehow to enforce price control. We are going to shut down our stations nationwide. You can’t be regulating a deregulated market. You can’t tell me how much to sell my product without trying to know how much I bought it,” Ukadike said.

He explained that many independent marketers rely on bank loans to finance fuel purchases, making sudden price adjustments particularly challenging because loan obligations remain unchanged regardless of market fluctuations.

Ukadike argued that rather than introducing price controls, the Federal Government should address the underlying causes of high fuel prices by encouraging greater competition within the downstream sector.

He urged authorities to accelerate the rehabilitation of government-owned refineries, support the operations of private refineries and facilitate increased fuel imports where necessary to create a more competitive market capable of naturally lowering pump prices.

“The primary cause of this is that there is no competition. If there should be competition, the refineries will be working. The PIA must be followed to the letter. If they try to enforce price control, we will shut down,” he added.

Offering a more conciliatory approach, the National President of the Petroleum Products Retail Outlet Owners Association of Nigeria (PETROAN), Billy Gillis-Harry, said the minister has the legal authority to intervene in consumer protection matters but advised that any action should follow broad consultations with industry stakeholders.

He called on the Minister of Petroleum Resources to convene an urgent meeting involving marketers, refiners, regulators and other stakeholders to examine the issues surrounding fuel pricing and agree on measures that would protect consumers without undermining investor confidence in the deregulated market.

Meanwhile, the spokesman for the NMDPRA, George Ene-Ita, said he had not been briefed on any proposed regulatory action concerning petrol pricing and therefore could not comment on the authority’s next steps.

Petrol currently sells for between ₦1,140 and ₦1,210 per litre, depending on location, reflecting regional differences in transportation costs, supply chains and competition among marketers.

The latest disagreement highlights the delicate balance between protecting consumers from unfair pricing and preserving the principles of deregulation introduced under the Petroleum Industry Act. While the government insists it will act against profiteering, marketers argue that sustained competition—not price controls—is the most effective way to deliver lower fuel prices to Nigerians.

Fuel Marketers Reject Petrol Price Controls, Threaten Nationwide Shutdown