Govs ask FG to postpone $2.1bn support loan repayment - Newstrends
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Govs ask FG to postpone $2.1bn support loan repayment

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State governors have asked the Federal Government to postpone the repayment of the $2.1bn budget support facility given to the states which was scheduled to resume in May.

But the Governor of the Central Bank of Nigeria, Godwin Emefiele, has kicked against the appeal and enumerated the technical challenges involved should there be a further postponement of the deductions.

Senior Special Assistant to the Vice President on Media and Publicity, Laolu Akande, disclosed these in a statement issued at the end of the council’s meeting presided over by Vice-President Yemi Osinbajo on Thursday.

Akande said the Vice President thereafter directed that a meeting be held  where the issue would be properly considered and a decision reached.

Nigerian states have been depending on federal allocations as a result of low Internally Generated Revenues.

The situation had been made worse with crash in revenues realised from the nation’s major export – crude oil.

As a result, most states had resorted to borrowing with a recent report by the Fiscal Responsibility Commission indicating that the subnational governments had overstepped their limits.

The report said, “It can be deduced that all the 36 states and the FCT exceeded the Debt Management Office threshold of 50 per cent.

“Lagos State accounted for the highest Debt-to-Total Net Revenue as at the end of 2019, with 712.94 per cent.  Osun State came second with 650.94 per cent Debt-to-Total Net Revenue; while Cross River and Ogun States were third and fourth with 597.36 per cent and 402.30 per cent respectively.”

The statement read, “On the budget support facility, finance minister observed that the deductions for repayment by states are meant to resume in May.

“The governors however requested for an extension considering the economic challenges in the states.

“The central bank governor explained the technical challenges involved should there be a further postponement of the deductions.

“The Vice President then directed that a meeting be held soon after today’s NEC where the issue would be properly considered and a decision reached.

“The VP will chair the meeting and the governors will be represented by Governor Kayode Fayemi, while the finance minister and the central bank governor both of whom attended the meeting today will also participate.”

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Aviation

Keyamo Orders Probe, Grounds Aircraft After Unauthorized Landing on Asaba Road

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Keyamo Orders Probe, Grounds Aircraft After Unauthorized Landing on Asaba Road
Minister of Aviation and Aerospace Development, Festus Keyamo

Keyamo Orders Probe, Grounds Aircraft After Unauthorized Landing on Asaba Road

The Federal Government has grounded a private aircraft and suspended its operator’s permit following a dramatic incident in which the aircraft made an emergency landing on a road under construction near Asaba and later departed without regulatory clearance.

Minister of Aviation and Aerospace Development, Festus Keyamo, disclosed the development in a statement posted on his X account, describing the incident as a serious breach of aviation regulations and security protocols.

According to Keyamo, the aircraft carried out a missed approach while attempting to land at Asaba Airport at about 7:43 a.m. local time on Wednesday, June 10, 2026, before diverting and landing on a concrete road under construction in the Ogwashi-Uku area of Delta State. He said eyewitness reports confirmed that all four crew members on board safely exited the aircraft and were later transported to Asaba by road, with no injuries recorded. A short video that surfaced online showed the aircraft stationary on the concrete road before taxiing along the road being reconstructed and taking off.

Keyamo expressed concern over the aircraft’s subsequent departure from the scene at about 11:02 GMT (12:02 p.m. local time) without obtaining the required regulatory approval. He said Air Traffic Control was only notified after the aircraft had already taken off, noting that the aircraft had no clearance for departure. “In other words, the aircraft had no clearance to take off again,” he said. The Nigerian Civil Aviation Authority (NCAA) , in a statement signed by its Director of Public Affairs and Consumer Protection, Michael Achimugu, confirmed that the action constituted a violation of the Nigeria Civil Aviation Regulations (Nig. CARs) and is currently under investigation.

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Following the incident, the NCAA immediately grounded the aircraft upon its arrival in Lagos, pending the outcome of investigations. The Authority also placed the flight crew under regulatory review while inquiries continue into both the initial occurrence and the unauthorised departure. As part of enforcement actions, the NCAA suspended the operator’s Permit for Non-Commercial Flight (PNCF) and ordered a comprehensive audit of its operational, maintenance, airworthiness, and flight records. “The NCAA will take further enforcement action in accordance with applicable aviation regulations,” Keyamo stated. The regulator has formally notified the Nigerian Safety Investigation Bureau (NSIB) of the occurrence and is coordinating with relevant aviation stakeholders, including the aircraft operator and the Nigerian Airspace Management Agency (NAMA) , to establish the full circumstances of the incident.

Keyamo confirmed that security agencies had taken custody of the crew members for questioning as part of ongoing investigations. “I have also spoken to relevant security agencies and I have been assured that the crew are in their custody and they are assisting them with their investigation,” the minister said.

Authorities say the incident will be thoroughly reviewed to prevent future breaches of aviation safety and regulatory procedures. The NCAA reiterated its commitment to maintaining the highest standards of aviation safety, security, and regulatory compliance within the Nigerian aviation sector. “No individual or operator, irrespective of status, will be permitted to circumvent established aviation procedures designed to safeguard lives and maintain the integrity of Nigeria’s airspace system,” the ministry stated.

Keyamo Orders Probe, Grounds Aircraft After Unauthorized Landing on Asaba Road

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Business

Seplat Picks Elumelu as Chairman, Names Okon New CEO

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Seplat Picks Elumelu as Chairman, Names Okon New CEO

 

Seplat Energy Plc has announced a major leadership transition that will see businessman and investor Tony Elumelu become chairman of the company from January 1, 2027, while industry veteran Effiong Okon takes over as chief executive officer from August 1, 2026.

The appointments are part of a succession plan approved by the board to ensure continuity and support the company’s next phase of growth.

Current Chairman, Senator Udo Udoma, will retire on December 31, 2026, while Chief Executive Officer Roger Brown will step down on July 31, 2026 after more than a decade with the company.

Confirming Elumelu’s appointment, Seplat said he was elected by the board to succeed Udoma. Elumelu, Founder and Chairman of Heirs Holdings, joined Seplat’s board in January 2026. Heirs Holdings holds a 20.07 per cent stake in the energy company.

Reacting to his appointment, Elumelu said he was honoured by the confidence reposed in him by the board.

“I am honoured to succeed Senator Udoma as chairman in January 2027 and to lead the board through Seplat Energy’s next phase of growth,” he said.

Elumelu stressed the importance of indigenous energy companies in driving economic development across the continent, noting that “the critical role indigenous resources play in the economic transformation of Nigeria and Africa” remains central to his vision for the company.

He also commended the outgoing chairman and chief executive for their stewardship, saying he looked forward to working with the incoming CEO to deliver greater value to shareholders.

The board also appointed Okon as CEO and Executive Director. Okon, who has more than 35 years of industry experience, has held several leadership positions within Seplat since joining the company in 2018. Most recently, he served as Managing Director of the ANOH Gas Processing Company, where he led the project to first gas production in January 2026.

Expressing his readiness for the role, Okon said: “My immediate focus will be on ensuring the company executes the 2030 Roadmap, alongside development of the long-term plan to ensure we deliver on the immense potential inherent in our portfolio.”

Seplat said Brown leaves behind a strong legacy, having helped steer the company through significant expansion, including its dual listing in 2014 and major acquisitions such as Eland Oil & Gas in 2019 and Mobil Producing Nigeria Unlimited in 2024.

Brown described his time at the company as a privilege, saying he was proud to have helped build a business known for financial resilience, strong governance and shareholder value.

Udoma, meanwhile, praised Brown for his outstanding contribution to the growth of Seplat into one of Africa’s leading independent energy companies.

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Railway

NRC Confirms Warri–Itakpe Train Accident, Three Passengers Dead

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NRC Confirms Warri–Itakpe Train Accident, Three Passengers Dead

 

Three passengers reportedly died and many others injured on Monday following the derailment of a train operating on the Warri–Itakpe Train Service (WITS), raising fresh concerns about safety and operational challenges on one of Nigeria’s most important standard-gauge railway corridors.

The accident occurred at Agbor, Delta State, along the Warri–Itakpe route, according to the Nigerian Railway Corporation (NRC).

In a statement signed by the Managing Director and Chief Executive Officer of the NRC, Dr. Kayode Opeifa, the corporation disclosed that rescue and emergency operations were ongoing while efforts were being made to determine the full extent of the accident.

“The Nigerian Railway Corporation confirms that an incident involving the Warri–Itakpe Train Service occurred today. Emergency response teams and relevant authorities are currently at the scene attending to the situation and providing necessary assistance,” the statement said.

The NRC said it was closely monitoring developments and promised to provide further details as investigations progress.

Although the corporation did not immediately state the number of casualties or injuries, sources familiar with the incident said three passengers lost their lives in the derailment.

Monday’s accident is the latest setback for the rail corridor, which has experienced a series of operational disruptions in recent years.

In April 2025, the NRC suspended train operations on the Warri–Itakpe route for 72 hours after a major technical failure left hundreds of passengers stranded in a remote forest area in Kogi State for several hours.

The disruption sparked public outrage and renewed scrutiny of the reliability and maintenance of the service.

The corporation attributed the incident to multiple engine failures and subsequently launched investigations while carrying out repairs before resuming operations.

The Warri–Itakpe line has also faced vandalism of railway infrastructure and security concerns along parts of the corridor.

Commissioned as Nigeria’s first standard-gauge rail line dedicated initially to freight movement before passenger services were introduced, the route links Warri in Delta State with Itakpe in Kogi State, serving thousands of passengers and facilitating the movement of goods across several states.

Transportation stakeholders have repeatedly called for stronger safety measures, improved maintenance culture and increased investment in rail infrastructure to prevent recurring incidents and enhance public confidence in the country’s rail transport system.

 

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