News
Oil sector probe investigation: Lawyers demand suspension of NNPC head, Kyari, others

No fewer than 20 constitutional lawyers have called on the House of Representatives’ Joint Committee on Petroleum (Downstream and Midstream), to recommend the suspension of the Group Chief Executive Officer (GCEO) of the Nigerian National Petroleum Company (NNPC), Mele Kyari.
This call also includes the suspension of Lawal Sade, Managing Director of NNPC Trading Company, and Bala Wunti, Chief Upstream Investment Officer of NNPC Upstream Investment Management Services (NUIMS), pending the conclusion of a forensic investigation into the company’s operations.
The lawyers, led by constitutional activist, Tijani Usman, issued a press statement on Thursday, insisting that suspending these executives was crucial to ensuring an uninterrupted investigation. They argued that allowing these officials to remain in their positions would enable them to access sensitive information and documents, potentially derailing the investigation.
The legal practitioners criticised Kyari and his team for allegedly sabotaging President Tinubu’s efforts to salvage the nation’s economy. They asserted that the executives’ incompetence has hindered legislative intentions aimed at improving the petroleum sector.
The lawyers equally urged the Hon. Ikenga Imo Ugochinyere (Downstream) and Hon. Henry Okojie (Midstream)-led probe panel not to sweep the OVH Acquisition and other related deals under the carpet as they are the larger issues the joint committee should look into beyond those raised in the motion that prompted the forensic investigation.
“It is quite fascinating that the House of Representatives has resolved to carry out a forensic investigation into the presence of middlemen in trading, the indiscriminate issuance of licenses, the unavailability of laboratories to check adulterated products, the influx of adulterated products into the country, the allegation of non-domestication of profits realised from crude marketing sales in local banks, and other anomalies.
“Interestingly too, the forensic investigation also cover the importation of substandard products and high-sulphur diesel into Nigeria, the sale of petroleum products below fair market value, and the impact on downstream and local refineries and as the source of funds for such interventions, amongst other things, and report back to the House within four weeks for further legislative action.
“However, this would be efforts in futility if the Group Chief Executive Officer of the Nigerian National Petroleum Company Limited, Mele Kyari and his cohorts, especially Lawal Sade, the Managing Director of NNPC Trading Company and Bala Wunti, the Chief Upstream Investment Officer of NNPC Upstream Investment Management Services (NUIMS) are allowed to remain in office why the investigation is being conducted.
“Thus, we urge the House of Representatives’ Joint Committee on Petroleum (Downstream and Midstream) conducting forensic investigation into the state of the Nigerian National Petroleum Company Limited (NNPCL) and downstream sector generally to recommend their suspension to President Bola Ahmed Tinubu or else they will use their tremendous influence to sabotage this timely intervention.
“When that is done, President Tinubu who should by now realised that the Kyari- led NNPCL was sabotaging his efforts to fix the economy due to their crass incompetent and mischief should suspend the management of the company to give the lawmakers unfettered access to do their job.
“Beyond those rots spelt out in the motion which necessitated the probe, the Hon. Ikenga Imo Ugochinyere (Downstream) and Hon. Henry Okojie (Midstream)-led probe panel should make sure the OVH Acquisition and other sleeze are not swept under the carpet.
“Nigerians are well aware how after N140 billion purchase, NNPCL was unable to complete the acquisition of OVH Energy Marketing Limited‘s downstream assets. So, the panel will be daring the people who are already fed up with the kleptomania in the company.”
News
CBN announces revised documentation requirements for PAPSS transactions

The Central Bank of Nigeria (CBN) has announced a revised documentation requirement for transactions conducted through the Pan-African Payment and Settlement System (PAPSS) in Nigeria.
This was disclosed in a statement issued by the apex bank’s acting Director, Corporate Communications, Mrs. Hakama Sidi Ali
The CBN said the new initiative is part of its ongoing commitment to foster seamless intra-African trade, financial inclusion, and operational efficiency for Nigerians engaging in cross-border payments within Africa.
Launched by Afreximbank in partnership with the African Union and the African Continental Free Trade Area (AfCFTA) secretariat in January 2022, PAPSS serves as a centralized payment and settlement platform that enables instant, secure, and efficient cross-border transactions throughout Africa.
By facilitating payments in local currencies, PAPSS minimizes reliance on third-party currencies, reduces transaction costs, and supports the rapid expansion of trade under the AfCFTA.
In a recent circular referenced TED/FEM/PUB/FPC/001/006 issued on April 28, 2025, CBN outlined the key changes to the documentation requirements associated with PAPSS transactions.
The key changes it added take effect immediately and include simplified documentation for low-value transactions, which allows customers to now use basic KYC and AML documents provided to their authorized dealer banks for low-value transactions of up to $2,000 and $5,000 equivalent in naira for individuals and corporate bodies, respectively.
“For transactions above the thresholds, all documentation as stipulated in the CBN foreign exchange manual and related circulars remains mandatory,” the bank said.
Also, the CBN added that applicants are responsible for ensuring all regulatory documents are available to facilitate the clearance of goods, as required by relevant government agencies.
“Authorized dealer banks may now source foreign exchange for PAPSS settlements through the Nigerian foreign exchange market, without recourse to the CBN.
“All export proceeds repatriated via PAPSS shall be certified by the relevant processing banks.
“The Central Bank of Nigeria urges all banks to adopt PAPSS and commence originating transactions in line with this new policy.
“In addition, CBN encourages exporters, importers, and individuals to familiarize themselves with the new requirements and leverage PAPSS for cross-border transactions within Africa,” the statement said.
News
Reps Set Stage for Nigeria’s First Legislative Conference on Renewable Energy

By Gloria Ikibah
The House of Representatives is set to host the country’s first National Legislative Conference on Renewable Energy, aimed at driving new laws, attracting investment, and pushing Nigeria further along its energy transition journey.
This was revealed during a press briefing by the Chairman, House Committee on Renewable Energy, Rep. Afam Victor Ogene, who described the event as a turning point for energy legislation in Nigeria.
He said: “The conference aims at bringing together key stakeholders and industry players to discuss renewable energy legislations, energy transition, renewable energy financing, investment opportunities and related matters.
“It’s about developing a national legislative framework on renewable energy”.
The conference, which is being organised by the House Committee on Renewable Energy in partnership with the Office of the Speaker of the House of Representatives, and the United Nations Development Programme (UNDP), will take place under the UNDP Parliamentary Development Program.
Rep. Ogene noted that recent legal reforms have created space for state governments to play a more active role in Nigeria’s power sector. He pointed to the Fifth Alteration Bill 2022 (No.33), now signed into law, which allows states to legislate on electricity matters within the national grid. Before now, states could only act on off-grid power.
In addition, he highlighted the Electricity Act of 2023, which came into effect in February 2024.
“It permits states to issue licenses for all electricity activities – generation, transmission and distribution across the entire power sector value chain,” he said.
The Committee Chairman further stated that the new National Integrated Electricity Policy, expected in 2025, will guide states in forming new electricity markets, where solar power and other renewable sources will be key to reaching underserved communities.
Ogene explained, “The conference has three clear objectives:
“To promote dialogue among legislators, experts and stakeholders on critical legislative priorities.
“To establish a coordinated platform for federal and state lawmakers, and to produce a clear, time-bound legislative action plan.
“International partners are also on board. The Inter-Parliamentary Union (IPU) will participate, and parliaments from South Africa, Ghana and Gambia have confirmed attendance. Ghana is sending a three-man delegation led by the Deputy Speaker, Rt. Hon. Alban Kingsford Bagbin”.
In another major highlight, the Netherlands-based platform INCLUDE will host a Pan-African Legislative Dialogue session on renewable energy, to be chaired by the Hon. Speaker, Rt. Hon. Abbas Tajudeen.
“The session will focus on how to establish a unified legislative framework on renewable energy development, investment and financing.
“The time has come for us to act. This is not just another conference – it is the foundation of Nigeria’s renewable energy future”, Ogene added.
Expected outcomes from the conference include new policy and legislative reform proposals to boost renewable energy use, as well as draft laws that will encourage public and private sector investment.
Other goals are to enhance collaboration between federal and state lawmakers, raise public awareness, and roll out a practical roadmap for implementation and progress tracking.
The event will also feature a technology showcase of renewable energy innovations and business opportunities.
News
Alleged money laundering: EFCC produces Aisha Achimugu in court

By Francesca Hangeior
The operatives of the Economic and Financial Crimes Commission (EFCC), on Wednesday, arrived at the Federal High Court in Abuja with the businesswoman, Aisha Achimugu, as ordered by the court.
Achimugu, who was sandwiched by two female EFCC officers, arrived in court at about 11:35 am.
It could be recalled that Justice Inyang Ekwo had, on Monday, ordered the industrialist, alleged to have fled the country, to honour the invitation by the anti-graft agency on Tuesday at noon.
Justice Ekwo, who gave the order in a short ruling, also ordered the EFCC, upon the appearance of Achimugu at its office, to return with her to court on Wednesday for a report.
Achimugu was, however, said to have been arrested by the EFCC’s operatives on her arrival abroad at about 5 am and kept in custody.
-
Metro9 hours ago
Gunmen storm University of Benin teaching hospital, kill doctor
-
Politics21 hours ago
Just in: Ex- Gov Okowa accepts betraying Southern Nigeria, laments running with Atiku
-
Metro10 hours ago
FCTA destroys 601 motorbikes over violations
-
News9 hours ago
Just in: FG declares tomorrow public holiday
-
News21 hours ago
Boko Haram Kill Mourners, Kidnap Others In Borno
-
News52 minutes ago
Alleged money laundering: EFCC produces Aisha Achimugu in court
-
News21 hours ago
Deputy Speaker Leads Defection of PDP Stalwart Chris Igwe, 13,000 Followers to APC In Abia
-
News3 hours ago
JUST IN: Major General Paul Ufuoma Omu Rtd, dies at 84