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Finance ministry amendment bill scales second reading

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The House of Representatives on Tuesday approved for second reading a bill to repeal the Ministry of Finance Incorporated Act, 1959, and any amendments thereto, and to enact the Ministry of Finance Incorporated (Establishment) Act, 2023, along with related matters.

The bill, sponsored by Ademorin Kuye, the member representing Shomolu Federal Constituency, Lagos State, aims to ensure effective ownership, accountability, and management of federal government assets.

MOFI, established in 1959 by an Act of Parliament, serves as the sole custodian of Federal Government assets across the country.

Kuye noted that since its establishment, the agency has failed to meet public expectations, citing widespread “pillage, brigandage, abandonment, diversion, misappropriation, and abuse of federal assets throughout the country.”

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The Lagos lawmaker argued for new legislation, stating that the 1959 Act, with only six sections, lacks the capacity to enable the corporation to fulfil its modern mandate.

“The new Act introduces a comprehensive framework of 49 sections to govern the conduct, management, and use of Federal Government assets,” Kuye said.

Presenting the general principles of the bill, Kuye explained that once passed into law, the proposed legislation would revitalise MOFI by establishing a robust institutional framework to enhance its corporate governance and organisational structure.

“This bill will provide a strong legal foundation for the emergence of a truly national corporation capable of managing, accounting for, and optimising over N300 trillion worth of Federal Government assets. It will grant MOFI certain powers and ensure that the board is properly incentivised,” he added.

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The bill’s objectives, outlined in Section 3, include empowering MOFI to identify and enumerate all Federal Government assets and investments, ensure their productivity and sustainability, develop and implement a national asset management strategy, act as the investment vehicle for government assets, and advise the Federal Government on asset and investment matters.

Additionally, the bill proposes the creation of a national asset register for MOFI, which will provide an accurate record of government assets and liabilities, their value, depreciation, location, and components.

Kuye stressed that the bill would ensure efficient control, management, utilisation, and disposal of government assets, as directed by the council.

In its miscellaneous provisions, the bill grants the Minister of Finance powers to issue guidelines and policies for implementing MOFI’s investment objectives. It also specifies actions for legal proceedings, Federal High Court jurisdiction, and MOFI’s authority to set regulations for managing government assets.

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The lawmaker highlighted the benefits of the bill, including increased revenue generation, reduced financial leakages, and enhanced value of the national asset portfolio.

“Currently, MOFI has only N18 trillion registered as the value of assets in its portfolio. With the proposed national asset register, a comprehensive census of Federal Government assets, including holdings in multilateral agencies, could raise this figure to an estimated N350 trillion, significantly bolstering the economy,” Kuye said.

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Naira Nosedives Against Dollar

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By Kayode Sanni-Arewa

On Monday The Naira depreciated to N1,629 per dollar in the Nigerian Foreign Exchange Market (NFEM). Data published by the Central Bank of Nigeria, CBN, showed that the indicative exchange rate for the naira rose to N1,629 per dollar from N1,600 per dollar last week Friday, indicating N29 depreciation for the naira.

Likewise, the naira depreciated to N1, 570 per dollar in the parallel market from N1,565 per dollar last weekend. Consequently, the margin between the parallel market and NFEM rate widened to N59 per dollar from N35 per dollar last weekend.

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2Baba’s Lover Natasha Osawaru Fired As Edo Assembly Minority Leader

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By Kayode Sanni-Arewa

Natasha Osawaru, the lover of singer 2Face Idibia, has been removed as the minority leader of the Edo state house of assembly.

Osawaru is a member of the Peoples Democratic Party (PDP) and was a lawmaker representing the Egor constituency.

Her removal follows a shift in the party’s majority status after four PDP lawmakers defected to the All Progressives Congress (APC), giving the latter majority control.

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The lawmaker was removed alongside Charity Aiguobarueghian, the former majority leader and Yekini Idaiye, who served as chief whip of the house.

Blessing Agbebaku and Maria Edeko, who are also members of the PDP, however, retained their positions as the speaker and the deputy speaker respectively

The development followed a letter from Jarret Tenebe, acting chairman of the APC in Edo state, notifying the assembly of the party’s new majority status.

In response, the speaker announced the appointment of APC members, including Ibhamawu Aigbokhan from Esan west as majority leader, Addeh Isibor from Esan north-east I as deputy leader and Lecky Hussein Mustapha from Etsako west I as chief whip.

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Agbebaku said PDP leadership in the state would submit a list of nominees for the remaining principal offices. He added that his position as speaker and that of the deputy speaker may be reviewed.

Natasha has been in the spotlight since 2Baba announced his split from Annie Idibia in January and confirmed his relationship with her a few days later.They are both engaged at the moment.

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DHQ: Military operation rescued ex-NYSC DG, no ransom paid

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The Defence Headquarters has dismissed claims that senior military officers contributed money to secure the release of a former Director General of the National Youth Service Corps, Brigadier General Maharazu Tsiga (retd).

The DHQ insisted that his freedom was achieved through sustained military operations and intelligence efforts.

Tsiga was abducted on February 6, 2025, in Tsiga, the Kafur District of Bakori Local Government Area, Katsina State.

A trending WhatsApp message by Brigadier General Ismaila Abdullahi claimed that some retired and serving military officers contributed money to pay the ransom demanded by Tsiga’s abductors.

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The message further stated that the funds were paid into his account which was provided by Tsiga’s son, Kamal and thanked everyone who contributed.

However, in a statement issued on Monday, the Director of Defence Information, Brigadier General Tukur Gusau, described the claims by Abdullahi as “misleading” and “a calculated attempt to undermine the military’s dedicated efforts” to combat terrorism and rescue abducted citizens.

Gusau said troops of 17 Brigade responded within hours and launched a series of search-and-rescue operations under Operation Fansan Yamma, in conjunction with air components.

According to him, troops combed several hideouts across Katsina and Zamfara states, including Jeka, Areda, Zango, Ruwan Lafiya, Mununu, and Pauwa Hills.

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He added that though no direct contact was made with the abductors initially, the operations led to the abandonment of rustled animals and captives by fleeing terrorists.

Gusau said, “It is important to note that the unfortunate abduction of the former DG of NYSC occurred in the wee hours of 6 February 2025, in Tsiga, Kafur District of Bakori Local Government Area in Katsina State.

” Immediately, troops of 17 Brigade were alerted; they responded to the situation around 0300 hours the same day and, in a commendable show of professionalism, swiftly went on pursuit in conjunction with the Air Component of Operation Fansan Yamma.

“These combined efforts led to troops combing the assailants’/bandits’ hideouts within Jeka, Areda, and Zango, all in Kankara Local Government Area, in search of the former DG. The operation extended to Ruwan Lafiya, Mununu, Matallawa and Bakkai in Faskari Local Government Area.

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“Although no direct contact was made with the abductors, the troops successfully pressured the criminals, who abandoned rustled animals and some captives in their hasty retreat.

“The troops nevertheless sustained the pursuit of the terrorists with unwavering determination, despite facing difficulties due to challenging terrain.”
Gusau said intelligence-led air raids on Dunya Hill—a known stronghold of terrorists—disrupted the kidnappers and enabled the escape of several captives.

He noted that while Tsiga was unable to flee due to health complications, another captive, Barau Garba, a local teacher, was rescued and reunited with his family.

He further disclosed that 84 kidnapped victims were freed in a separate assault on Pauwa Hills and surrounding areas, with several bandits neutralised and three soldiers sustaining injuries.

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He said, “On February 8, leveraging credible intelligence, troops intensified their manhunt for the abductors and conducted dawn attacks at Yankuzo and Gidan Dankaka in Tsafe Local Government Area of Zamfara State where terrorist kingpin Ado Aliero hibernates. More so, intelligence confirmed that he had links with the abductors. Unfortunately, the operations did not result in locating the terrorists.

“However, subsequent air operations at Dunya Hill, a suspected bandit stronghold where General Tsiga was held, disrupted the terrorists, leading to the escape of several captives. Regrettably, the former DG was unable to escape due to health concerns. One of the captives, Barau Garba, a teacher at Government Secondary School in Tsiga and who was with General Tsiga, was rescued by troops, and he shared his experience via the attached video.

“Barau has since been reunited with his family in Tsiga town. In another instance, troops assaulted Pauwa Hills and Matallawa area of Kankara Local Government Area in search of Brigadier General Tsiga.

“However, they were only able to rescue 84 kidnapped victims from the area without locating him. In the process, several terrorists/bandits were neutralised, while three personnel sustained gunshot wounds.

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“Since Brigadier General Tsiga’s abduction on 7 February 2025, troops have remained relentless in their pursuit, conducting both air and ground operations within Danmusa, Kankara and Faskari Local Government Areas, where he was supposedly held captive at different times, and these operations kept pressure on the abductors.

“It is thus only fair to recognise the significant sacrifices made by these troops who have worked day and night, often at great risk to their own lives in their search of the senior officer. The disparaging online is, therefore, nothing but presumably an act of mischief which is calculated at undermining the dedicated efforts of a military effort to eradicate terrorists/bandits and other criminal elements from the North West region.’

DHQ emphasised that a mix of kinetic and non-kinetic strategies facilitated the release of the senior officer, reiterating that no ransom was paid.

He said, “It is noteworthy to add that the military operations comprising both kinetic and non-kinetic strategies facilitated the rescue of General Tsiga as his life is invaluable and anything that needed to be done to ensure he was safe was adopted in ensuring a successful search and rescue effort.

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“Troops will continue to support all efforts in ensuring peace and security across the country. The general public is therefore encouraged to continue supporting troops by providing credible intelligence to assist in this regard.”

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