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“Strengthening Financial Integrity Is a Moral Responsibility for Nigeria” — NESLAI

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….As Roundtable Reviews Achievements, Challenges and Prospects of Nigeria’s Financial Integrity Framework

Nigeria’s drive toward stronger financial accountability took centre stage as the Financial Reporting Council of Nigeria (FRC) and civil society leaders converged for the 2nd Edition of the Roundtable Engagement on Strengthening Nigeria’s Financial Integrity Framework, a high-level forum focused on the achievements, challenges, and future prospects of the FRC.

The engagement which was organised by the New Era for Sustainable Leadership and Accountability Initiative (NESLAI) on Tuesday in Abuja, brought together regulators, reform advocates, accountability champions, and civil society organisations in what participants described as a timely and strategic convergence aimed at rebuilding trust in Nigeria’s financial system.

At the heart of discussions was the FRC’s evolving regulatory role, particularly the enforcement of FRC Rule 14 on Non-Compliance with Laws and Regulations, which takes effect from January 1, 2025. The rule mandates stricter responsibilities for external auditors, requiring them to actively identify, assess, and respond to both direct and indirect non-compliance with laws and regulations that may affect financial statements. The Council noted that the new framework closes long-standing gaps that previously limited auditors’ obligations and, in doing so, strengthens investor protection and public confidence.

Welcoming participants, Comrade Edwin Olorunfemi, Executive Director of NESLAI, described the roundtable not as a routine policy dialogue, but as a defining moment in Nigeria’s accountability journey.

“This engagement is not merely another meeting; it is a strategic convergence of regulators, reform advocates, and accountability champions, united by a shared resolve to advance transparency, responsibility, and trust in Nigeria’s financial ecosystem,” he said.

Olorunfemi commended the FRC for its consistency in promoting ethical standards and sound financial reporting across both public and private sectors, stressing that Nigeria’s aspiration for sustainable development and global competitiveness rests on the integrity of its financial systems.

The roundtable critically examined persistent challenges undermining financial integrity, including inconsistent compliance across sectors, limited public understanding of financial reporting standards, and the rising complexity of economic crimes and financial misconduct. Participants agreed that these realities reinforce the need for a stronger, more structured partnership between regulators and civil society.

Underscoring the broader implications of financial integrity, Olorunfemi warned that failures in financial systems extend far beyond balance sheets.

“When financial systems fail, lives are affected, trust erodes, institutions collapse, and hope is weakened. But when financial integrity is protected, nations rise,” he stated.

The FRC, through its regulatory instruments and enforcement mechanisms, reiterated that financial statements signed with invalid FRC registration numbers or by entities with unresolved compliance issues would no longer be acceptable. The Council further emphasized that auditors who fail to confirm compliance before signing audit opinions risk sanctions under its inspection and monitoring guidelines.
Observers at the engagement described the collaboration between the FRC and civil society as the defining strength of the roundtable, symbolising two riders moving in the same direction: NESLAI driving civic vigilance and public accountability, and the FRC providing regulatory authority and enforcement, both aligned toward safeguarding Nigeria’s financial future.

In a closing remark, the Program Coordinator Comrade Richard Otitoleke, urged participants to translate dialogue into concrete action. He reaffirmed on behalf of NESLAI and allied civil society organisations, an unwavering commitment to supporting the FRC in fulfilling its mandate and protecting Nigeria’s financial future.

As the roundtable concluded, stakeholders agreed that Nigeria’s journey toward a resilient and transparent economy depends on sustained cooperation between regulators and civil society. two great riders, riding together, determined to place integrity at the centre of national development.

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Dogara Celebrates Former President Ibrahim Babangida at 85, Hails His Enduring Legacy

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Rt. Hon. Yakubu Dogara, former Speaker of Nigeria’s House of Representatives, has joined millions of Nigerians in celebrating the 85th birthday of former military President, General Ibrahim Badamasi Babangida (rtd), fondly known as IBB.

In a heartfelt tribute, Dogara described General Babangida as “a statesman of uncommon vision whose leadership helped shape the destiny of Nigeria.” He emphasized that Babangida’s years in power were marked by bold reforms, infrastructural expansion, and the creation of new states that gave voice and identity to millions of Nigerians.

Born on August 17, 1941, General Babangida rose through the ranks of the Nigerian Army to become Head of State in 1985. His eight-year tenure remains one of the most defining eras in Nigeria’s political and economic journey. During his administration, Babangida introduced far-reaching economic reforms, strengthened Nigeria’s federal structure through state creation, and invested in infrastructure projects that continue to serve the nation decades later.

Dogara noted that Babangida’s foresight in establishing institutions and agencies has left an enduring legacy. He highlighted the former president’s role in expanding Nigeria’s federation, ensuring equity and representation across diverse regions, and laying foundations that successive governments have built upon.

Beyond his years in office, Dogara commended Babangida’s enduring role as an elder statesman. Even in retirement at his Minna Hilltop residence, Babangida continues to provide wise counsel to successive governments and inspire younger generations with his humility, patriotism, and resilience.

He prayed for Babangida’s continued health, strength, and grace, adding that his life is a testimony of service to God and country.

As Nigerians reflect on his 85 years, Babangida’s story is not only one of military distinction and political leadership but also of enduring influence in shaping Nigeria’s path toward unity and progress. His legacy continues to resonate, reminding the nation of the importance of vision, courage, and commitment to the common good.

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Group Threatens Legal Action Against Akutah Over Alleged Breach of Presidential Directive

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An advocacy group, the Centre for Democracy (CDD), has given the Executive Secretary of the Nigerian Shippers Council, Pius Akutah, five days to explain why he allegedly failed to resign from his position after obtaining the All Progressives Congress (APC) governorship nomination form.

In a statement signed by its Director of Operations, Barrister Jude Oseni, and made available to journalists, the group alleged that Akutah ought to have resigned immediately after obtaining the nomination form.

The group said his alleged failure to resign breached a presidential directive requiring federal appointees seeking elective positions in the 2027 general elections to relinquish their appointments by March 31, 2026.

According to the CDD, failure to comply with the directive amounts to insubordination to President Bola Tinubu and raises questions about Akutah’s relationship with the office of the Secretary to the Government of the Federation and the Minister of Transportation.

The group threatened to institute legal action against Akutah if he failed to publicly clarify that the APC governorship nomination forms were purchased by another person without his knowledge.

The CDD further alleged that Section 88(3) of the Electoral Act would prevent Akutah from participating in the election if he is presented as the APC governorship candidate, claiming that his alleged failure to resign from public office made him ineligible to contest.

The group also claimed that the APC, or any other political party that fields Akutah as its governorship candidate, could face legal consequences over his alleged non-compliance with the resignation requirement.

“His failure to resign on May 31, 2026 has made him ineligible to contest for the 2027 governorship election in the All Progressives Congress and also in any other political party,” the statement said.

The CDD argued that presidential directives constitute orders or policy guidelines issued by the President to the executive branch of government, provided such directives do not conflict with the Constitution or laws enacted by the National Assembly.

It cited Section 5 of the 1999 Constitution, which vests executive powers of the Federation in the President, and Section 130(2), which provides that the President is the Head of State, Chief Executive of the Federation and Commander-in-Chief of the Armed Forces.

The group argued that these constitutional provisions empower the President to issue directives to officials under his authority, including heads of ministries, departments and agencies.

It also cited Section 171 of the Constitution in arguing that the President’s authority over the appointment and removal of certain public officers reinforces his power to issue administrative directives to officials under his control.

The CDD alleged that President Tinubu’s directive requiring political appointees seeking elective office to resign by March 31, 2026 was issued to ensure compliance with electoral guidelines and promote fairness ahead of the 2027 general elections.

The group further referenced Section 88(1) of what it described as the Electoral Act, 2026, which it said provides that a political appointee at any level shall not serve as a voting delegate or be voted for at the convention, congress or primary of a political party for the purpose of nominating candidates for an election.

On that basis, the CDD argued that any political appointee who failed to resign in accordance with the directive would be ineligible to participate in a party’s nomination process or emerge as its candidate.

The group therefore called on Akutah to clarify his status within five days, warning that failure to do so would prompt it to pursue legal action over what it described as an alleged breach of the presidential directive and electoral law.

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Energy Consultants Retract Call for Ojulari’s Removal, Say Further Investigation Found ‘High Level of Transparency’ at NNPCL

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The Association of Energy Policy and Development Consultants (AEPDC) has retracted its earlier call for the removal of Bayo Ojulari, Group Chief Executive Officer (GCEO) of the Nigerian National Petroleum Company Limited (NNPCL), saying further investigations showed that its initial position was based on incomplete and misleading information.

Dr Ibrahim Danjuma, national president of AEPDC, announced the reversal at a press conference in Kaduna on Friday, where he said the association had conducted further investigations, reviewed relevant documents and consulted industry stakeholders after issuing its initial statement.

Danjuma said the association’s subsequent findings revealed a high level of transparency in the management of NNPCL, particularly regarding the energy security expenditure and other financial obligations that had initially triggered its criticism of Ojulari.

“We have called this press conference today because we owe Nigerians an important explanation. A few days ago, the Association of Energy Policy and Development Consultants (AEPDC) issued a statement expressing serious concerns about the management of the Nigerian National Petroleum Company Limited (NNPCL), particularly the figures relating to energy security expenditure, pipeline protection and other claims contained in the company’s financial records,” he said.

“In that statement, we called for the resignation of Mr Bayo Ojulari, group chief executive officer of NNPCL, arguing that the information available to us at the time suggested a disturbing level of opacity and weak accountability in the management of the nation’s petroleum resources.

“Today, after conducting further investigations, reviewing additional documents and engaging with relevant industry stakeholders, we have come before you to formally retract that position.”

The association said its initial assessment had been influenced by “incomplete information, selective interpretations and narratives” that did not adequately reflect the circumstances surrounding the expenditure under scrutiny.

Danjuma said AEPDC subsequently examined NNPCL’s financial disclosures, the legal framework governing its energy security obligations, under-recovery mechanisms, claims against the federation and the operational circumstances behind the expenditure.

“What emerged from this exercise was substantially different from the picture initially presented to us. Our findings reveal a level of transparency in the current management of NNPCL that we believe deserves recognition rather than condemnation,” he announced.

The group said the energy security figures should not be treated as unexplained expenditure simply because they involved large sums, arguing that they must be assessed within NNPCL’s statutory responsibilities, its role as an energy supplier of last resort, petroleum pricing interventions and exchange-rate movements.

According to Danjuma, the association also found that NNPCL’s financial disclosures contained explanations that could enable the claims to be examined and independently scrutinised.

“On this basis, we believe our earlier characterisation of the NNPCL’s position as one of secrecy was unfair. We therefore apologise to the management of NNPCL, particularly Mr Bayo Ojulari, for the conclusion we reached before completing the level of investigation that this matter deserved,” he said.

He stressed that the retraction did not amount to abandoning the group’s demand for accountability.

“Our decision today is therefore not a retreat from accountability. It is accountability in practice,” Danjuma emphasised.

The consultants maintained that legislative and independent scrutiny of NNPCL’s finances should continue, but urged stakeholders to approach the issue objectively and avoid drawing conclusions from isolated figures.

AEPDC also urged NNPCL to continue publishing comprehensive financial statements and providing clear explanations for major expenditures, while calling for stronger systems for independently verifying and reporting energy security costs.

Danjuma said the association’s revised position was based on its responsibility to correct itself after discovering that its earlier assessment was not sufficiently supported by the full facts.

“We made a judgment. We investigated further. We found that the judgment was not sufficiently supported by the full facts. We are correcting it publicly,” he said.

The association subsequently withdrew its demand for Ojulari’s resignation and reaffirmed confidence in his leadership of NNPCL, while urging him and his management team to sustain transparency, accountability and efficiency in the management of Nigeria’s petroleum resources.

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