Presidency tackles Atiku over claim on NNPC’s $3.3b loan - Newstrends
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Presidency tackles Atiku over claim on NNPC’s $3.3b loan

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Former Vice President Atiku Abubakar
Former Vice President Atiku Abubakar

Presidency tackles Atiku over claim on NNPC’s $3.3b loan

The Presidency yesterday tackled former Vice President Atiku Abubakar over his request for an explanation from the President Bola Ahmed Tinubu Administration on the emergency $3.3 billion loan sourced by the Nigeria National Petroleum Corporation Limited (NNPCL).

In a statement, Atiku had said the administration owed Nigerians an explanation for the emergency crude-for-cash loan arranged by the African Export-Import (AFREXIM) Bank.

But the Special Assistant to the President on Social Media, Segun Dada, said the former Number Two Citizen got the wrong information.

“The Project Gazzelle is such a straight-forward deal that I do not expect Alhaji Atiku, who prides his whole political aspirations on being an economic reformer, to fumble the simple numbers behind it,” the presidential assistant said.

Atiku said the AFREXIM facility was meant to prop up the naira and stabilise the Foreign Exchange (FOREX) market.

He said: “The curious thing about this transaction is that up till now, the Federal Government continues to keep mum about it, and the only information available to the public on the mega deal is coming only through unofficial sources from the NNPCL.

“According to information available, a Special Purpose Vehicle (SPV), called Project Gazelle Funding Limited, is driving the deal, and it was incorporated in the Bahamas.

“The SPV is the borrower while the NNPCL is the sponsor, with an agreement to pay with crude oil to the SPV in order to liquidate the loan at an interest rate that is a little over 12 per cent.

“What is even more confounding about this deal is why the Federal Government would register a company in the Bahamas, knowing full well the recent scandal of the Paradise Papers that involved that country.

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“Curiously also, Nigeria’s current Barrels Produced Daily (BPD) is 1.38 million, and according to the Project Gazelle deal, Nigeria is to supply 90,000 barrels of its daily production, starting from 2024 till it is up to 164.25 million barrels for the repayment of the loan.

“Now, this is where the details get disturbing because Nigeria’s benchmark for the sale of crude per barrel in 2024 is $77.96. A simple multiplication of that figure by 164.25 will give us a whopping $12 billion.”

Among other questions, Atiku asked:

* Has the Federal Government accessed the loan?

* Is the loan in the government’s borrowing plan as approved by the National Assembly?

* Who are the parties to the loan, and what specific roles are they expected to play?

* What are the conditions to the loan, including tenor, repayment terms, the collateral, and the interest rate?

* And, lastly, why register an SPV in the Bahamas, knowing the recent scandal of the country’s notoriety for warehousing unclean assets?

But Dada said the former Vice President missed the point.

He said: “Talking about the Federal Government owing Nigerians an explanation, Alhaji Atiku is late to the party, as usual, as the Presidency had done the needful by explaining the deal to Nigerians few days ago.

“For record purposes and to save Alhaji Atiku from his self-imposed mystery, here are some explanations to his questions about the conditionalities of the loan in a simpler language.”

The presidential aide listed the facts as follows:

* The facility is a forward sales agreement between NNPC Limited and an SPV (the buyer) where a predetermined number of barrels of oil is sold in advance at an agreed price.

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* The sales allow the seller (NNPC Limited in this case) to use the received payment to solve critical and urgent problems with forex scarcity as the problem in Nigeria’s case.

* A lower benchmark is usually adopted as a safe haven for the buyer (the SPV) as oil price tends to remain unstable most times.

* For repayment, an eventual increase in oil prices will result in the SPV returning all excesses to the seller (NNPC Limited) while the risk, which could lead to a rearrangement of the terms, is a significant decrease in the agreed price (this case $65 per barrel)

* Oil has been averaging $70-75 per barrel since the deal was agreed, and if things stay the same way, Nigeria will be getting refunds of excess amounts from the SPV once the payment is concluded.

* There is a very big chance that the repayment will be concluded before the agreed time, if oil prices continue to increase, as NNPCL had penned a 90,000 barrel per day, which will eventually be calculated at the current prices.

* Repayment stops when the agreed amount + interest is fully paid and Nigeria may be liable to refunds, were there to be excesses.

Dada added: “I hope Alhaji Atiku, being an elder statesman, will allow the financial expert in charge of the country to continue devising innovative ways of funding our expenditures while he surfs his archives for more promising economists who will advise him duly before rushing to make public comments going forward.”

Presidency tackles Atiku over claim on NNPC’s $3.3b loan

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House of Reps Passes State Police Bill with 311 Votes, Moves Nigeria to Decentralised Policing

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House of Reps Passes State Police Bill with 311 Votes, Moves Nigeria to Decentralised Policing

House of Reps Passes State Police Bill with 311 Votes, Moves Nigeria to Decentralised Policing

  • The landmark constitutional amendment bill, transmitted by President Bola Tinubu, seeks to establish state-controlled police services alongside the existing Nigeria Police Force amid minority walkout protest.

In a historic move to restructure Nigeria’s security architecture, the House of Representatives on Thursday overwhelmingly passed the executive bill seeking to establish state police across the federation. No fewer than 311 lawmakers voted in support of the constitutional amendment bill, with Speaker Tajudeen Abbas confirming that 35 members participated virtually while 276 voted physically in the chamber. The legislation, titled “A Bill for an Act to Alter the Constitution of the Federal Republic of Nigeria, 1999 to Provide for the Establishment of State Police Services and for Related Matters (HB. 2797),” was approved following the consideration and adoption of the report of the House Committee on the Review of the 1999 Constitution, chaired by Deputy Speaker Benjamin Kalu. The decision followed the Nigerian Senate’s earlier passage of its version of the legislation, bringing the proposed reform closer to becoming law. This comes weeks after the House had separately passed a constitutional amendment bill on state police, during which about 288 lawmakers supported the proposal.

President Bola Tinubu transmitted the Constitution of the Federal Republic of Nigeria (Alteration) (State Police) Bill, 2026 to the House of Representatives last week, describing it as a “critical component” of his administration’s strategy to reorganise Nigeria’s security architecture. In his letter to the House, the President stated that the bill builds on the significant work already done by the National Assembly and incorporates additional safeguards to ensure the effective implementation of a dual policing structure. Upon receiving the executive proposal, the House rescinded its earlier resolution of June 11, 2026, on the establishment of state police and dissolved the 12-member Conference Committee it had constituted on July 9, 2026. The decision allowed lawmakers to proceed with the executive-backed version of the constitutional amendment.

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The proposed legislation seeks to amend Section 214 of the 1999 Constitution to formally establish both Federal Police and State Police formations across the country. Under the proposal, the National Assembly will determine the structure, organisation, administration, and powers of the Federal Police, while also providing the legal framework and national standards for establishing state police services. The bill provides that no state police force can begin operations unless it is established through a law passed by the relevant State House of Assembly and certified as meeting the minimum national standards prescribed by an Act of the National Assembly. Until then, the Federal Police will continue to perform policing duties in any state without an operational state police service. The legislation also limits the circumstances under which the Federal Police can intervene in a state’s internal security matters. Such intervention would only be permitted in cases of a complete breakdown of law and order, at the request of a state governor, or where a state police force becomes unable to function because of administrative, financial, or other challenges.

The bill proposes significant changes to the appointment and command structure of the police. Under the amendment, the Inspector-General of Police would be appointed by the President on the advice of the Nigeria Police Council from among serving members of the Federal Police, subject to confirmation by the National Assembly. State Commissioners of Police would be appointed by governors on the advice of the National Police Council from among serving members of the State Police, subject to confirmation by their respective State Houses of Assembly. The proposal also empowers governors to issue lawful directives to State Commissioners of Police on matters relating to public safety and maintaining law and order. However, where a commissioner believes such directives are unlawful or inconsistent with accepted policing standards, the matter may be referred to the National Police Council, whose decision would be final. To address concerns over possible abuse of state police by political authorities, lawmakers incorporated safeguards to protect civil liberties and political freedoms. One provision states that a state Commissioner of Police shall not arrest, detain, investigate, or deploy force against any individual, political party, or group merely for criticising a government, except in accordance with the law.

Despite the overwhelming support for the bill, the Minority Caucus in the House of Representatives staged a walkout from the chamber in protest, accusing the House leadership of violating constitutional provisions and the chamber’s Standing Orders during the passage. Addressing journalists shortly after leaving the chamber, the Minority Leader, Fredrick Agbedi, insisted that their action was not borne out of opposition to state police but against what they described as the abuse of parliamentary procedures. The caucus argued that the Speaker, while presiding as Chairman of the Committee of the Whole, ignored clear constitutional requirements governing the alteration of the Constitution. “Constitutional amendment bills must be considered clause by clause, with each provision supported by a two-thirds majority of members as stipulated in both the Constitution and the House Standing Orders,” Agbedi said. He faulted the decision to merely read the long title of the bill and determine its passage through a voice vote without detailed consideration of each clause. Defending his handling of the proceedings, Speaker Abbas said the constitutional threshold required for the amendment had already been met, noting that 276 members signed the attendance register in support while 35 more voted online, bringing the total to 311 lawmakers in support—well above the two-thirds requirement of 240 members.

Following the House’s passage, the bill will now require concurrence with the Senate, which had already passed its own version earlier. Both chambers of the National Assembly are working in close collaboration to fast-track the constitutional amendment process. The harmonised bill must then secure the endorsement of at least two-thirds of the State Houses of Assembly (24 out of 36 states) before it can be transmitted to the President for assent to become part of the Constitution of the Federal Republic of Nigeria.

The push for state police has continued to receive support from several state governments. On Wednesday, Kano State Governor Abba Yusuf declared that Kano was ready for the establishment of state police, describing the initiative as critical to improving security and protecting lives and property. “The proposed State Police will complement, not compete with, the Nigeria Police Force. Both institutions share the responsibility of protecting lives and property and maintaining law and order,” Yusuf said. He added, “Kano State has the institutional capacity, human resources, and political will to establish and sustain State Police when the necessary constitutional frameworks are in place.” The governor also pledged his administration’s support for efforts to strengthen Nigeria’s security system, saying, “We will support every legitimate initiative that strengthens Nigeria’s security architecture and creates a safer environment for citizens.”

House of Reps Passes State Police Bill with 311 Votes, Moves Nigeria to Decentralised Policing

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Nigerian researcher develops AI system to transform marine conservation, fisheries management

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Nigerian researcher develops AI system to transform marine conservation, fisheries management

Nigerian researcher develops AI system to transform marine conservation, fisheries management

A Nigerian researcher, Dolapo Salim Olatoye, is attracting international attention with his groundbreaking work that combines Artificial Intelligence (AI) and ecology to develop smart monitoring systems capable of transforming marine conservation, fisheries management and biodiversity protection in Nigeria and across West Africa.

Olatoye, currently pursuing a fully funded PhD at the University of Pisa, Italy, said his research focused on developing computer vision and remote-sensing technologies that could enable scientists to automatically monitor marine ecosystems using underwater cameras, satellite imagery and sensor data.

His research, which forms part of two European Union Horizon-funded projects, comes at a time when governments and technology companies worldwide are increasingly deploying AI to tackle environmental degradation and biodiversity loss.

According to him, the systems he is developing use advanced object-detection and ensemble computer vision models to identify marine species automatically, making ecological monitoring faster, more accurate and scalable than traditional manual survey methods.

He noted that while many ecological AI tools are designed by computer scientists with little biological field experience, his approach bridges both disciplines through years of practical fisheries and marine fieldwork in Nigeria and Italy, alongside hands-on expertise in deep-learning engineering.

“I build the detection models myself and deploy them as working software rather than research demonstrations,” Olatoye explained, adding that the goal is to create practical tools that close the gap between field science and engineering.

The researcher began his academic journey at the Federal University Oye-Ekiti, where he studied Fisheries and Aquaculture and graduated as the best student in his department during the 2018/2019 academic session.

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His outstanding academic performance earned him a fully funded Master’s scholarship at the University of Salento, Italy, where he graduated with a perfect score before securing another fully funded doctoral scholarship at the University of Pisa, one of Italy’s leading research institutions.

Beyond Europe, Olatoye believes his work holds enormous promise for Nigeria.

With an 853-kilometre coastline along the Gulf of Guinea and some of West Africa’s richest marine resources, Nigeria still meets only about 30 per cent of its annual fish demand through local production.

Experts believe improved scientific monitoring of marine ecosystems could significantly strengthen fisheries management, support conservation efforts and enhance food security.

Nigeria is also among eight Gulf of Guinea nations that signed the Yaoundé Declaration, committing to the sustainable management of ocean resources. The Federal Government has equally identified agriculture as a priority sector under its National Artificial Intelligence Strategy, creating opportunities for AI-driven solutions in fisheries and environmental management.

Olatoye said the technologies being developed for marine ecosystem monitoring align closely with these national priorities and could eventually be adapted for use by Nigerian fisheries and conservation agencies.

His work also reflects a growing global movement where leading technology companies are investing heavily in AI-powered biodiversity monitoring.

Google Research has developed SpeciesNet, an AI platform that has processed more than one billion wildlife images and audio recordings from 11 countries to identify animal species automatically.

Similarly, Microsoft’s AI for Good Lab recently unveiled Project SPARROW, a solar-powered bioacoustic monitoring system designed to track biodiversity in real time.

According to Olatoye, these initiatives demonstrate that AI is no longer being used merely to automate data collection but to revolutionise how scientists understand and protect ecosystems.

As part of his commitment to open science, Olatoye is also developing EcoQuad, a software platform emerging from his research.

The tool has already been adopted as instructional material for teaching at the University of Pisa and is designed to be openly accessible, allowing researchers and institutions to adapt it to local needs.

He expressed the hope that Nigerian and West African scientists would not have to depend entirely on imported technologies but would instead develop and customise world-class AI tools locally.

“My ambition is to build open, reproducible monitoring systems that meet the same standards as those developed by leading research groups in the United States, the United Kingdom and Canada,” he said.

He added that by making such tools accessible, researchers across Africa would be better positioned to participate fully in the global scientific community while addressing local environmental and food security challenges through home-grown innovation.

 

Nigerian researcher develops AI system to transform marine conservation, fisheries management

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Kalu denies ₦1bn church budget claim, says actual allocation is ₦780m

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Kalu denies ₦1bn church budget claim, says actual allocation is ₦780m
Deputy Speaker of the House of Representatives, Benjamin Kalu

Kalu denies ₦1bn church budget claim, says actual allocation is ₦780m

The Deputy Speaker of the House of Representatives, Benjamin Kalu, has dismissed reports that his office allocated N1 billion in the 2026 budget for the procurement of musical instruments for churches in Bende Federal Constituency, Abia State.

In a statement issued on Wednesday by his Chief Press Secretary, Levinus Nwabughiogu, Kalu stated that the actual allocation is N780 million.

According to the deputy speaker, the reports misrepresented both the amount allocated and the purpose of the intervention.

He said that the budget provision, after Value Added Tax and other statutory deductions, stands at N780 million and is intended to support a youth re-orientation and social support programme to be implemented through faith-based organisations.

The Deputy Speaker of the House of Representatives, Benjamin Kalu, has dismissed reports that his office allocated N1 billion in the 2026 budget for the procurement of musical instruments for churches in Bende Federal Constituency, Abia State.

In a statement issued on Wednesday by his Chief Press Secretary, Levinus Nwabughiogu, Kalu stated that the actual allocation is N780 million.

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According to the deputy speaker, the reports misrepresented both the amount allocated and the purpose of the intervention.

He said that the budget provision, after Value Added Tax and other statutory deductions, stands at N780 million and is intended to support a youth re-orientation and social support programme to be implemented through faith-based organisations.

“Bende has 13 federal political/electoral wards and over 200 churches. The first phase of this support targets 130 of these churches, averaging about 10 churches per ward, which amounts to approximately N5 million to N6 million per church,” he said.

The deputy speaker said the intervention was aimed at strengthening existing youth engagement platforms run by churches to promote moral values and discourage social vices.

“This intervention is not about instruments alone. It is about leveraging trusted community value-sustaining structures to reorient our youths, promote unity and sustain moral instruction across the constituency,” he said.

Kalu added that the 2026 budget had not yet been implemented and that beneficiary churches would be notified after the procurement process was completed.

He also disclosed that his office had initiated a corrigendum to correct what it described as a technical error in the procurement description before implementation.

The deputy speaker urged the public and the media to disregard reports suggesting that N1 billion had been allocated solely for musical instruments, saying the intervention was part of a broader effort to promote youth development and community values.

Kalu denies ₦1bn church budget claim, says actual allocation is ₦780m

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