Buhari returns to Nigeria after testifying in $2.3bn corruption case  

Former President Muhammadu Buhari is back in Nigeria following his testimony in a $2.3 billion arbitration case involving Sunrise Power.  The case, heard at the International Chamber of Commerce (ICC) Court of Arbitration in Paris, France, centers on a dispute over the 2003 Mambilla power plant contract. A video shared on social media confirmed Buhari’s return, showing him stepping off an aircraft.  READ ALSO: Why Nigerians should not pay tax The presidency clarified that Buhari voluntarily testified to defend Nigeria in the ongoing case, dismissing claims of coercion. The dispute began in 2017 when Sunrise Power sought damages over alleged breaches of the 2003 agreement to construct the 3,050MW power plant in Taraba State.  The project, valued at $6 billion, faced setbacks, with the company also claiming the government failed to uphold a 2020 settlement agreement.   READ ALSO: Akwa Ibom fights hunger, malnutrition Former President Olusegun Obasanjo has also been involved, testifying in the same case.  Both leaders have denied authorizing any controversial agreements linked to the project.

Buhari Not Linked to FCT Land Revocation  – Garba Shehu

Spokesperson, Garba Shehu has denied recent reports linking some of the lands seized by the Ministry of the Federal Capital Management to former President Muhammadu Buhari. He clarified that the affected property does not belong to former President Muhammadu Buhari but assigned to the “Muhammadu Buhari Foundation,” an organization established by supporters of the former leader.   Mr. Shehu said that during his presidency, Buhari declined a personal land allocation in the FCT, citing ownership of an existing plot. READ ALSO: Shiroro – Katampe Power Line Attacked Again He explained that the land in question was allocated to the foundation but faced challenges when the authorities imposed unusually high fees for the certificate of occupancy, unlike fees issued to similar groups.  This situation eventually led to the land revocation.   Garba Shehu expressed the hope that his clarification addresses widespread speculation and urged the public to avoid misinformation linking the former president directly to the seized property.

Former President Buhari’s Daughter Bags Ambassadorial Appointment

Fatima Buhari has been appointed as the first ambassador for the Association of National Accountants of Nigeria (ANAN). Miss Buhari is the daughter of Nigeria’s immediate past President, Muhammadu Buhari, Fatima’s appointment comes shortly after she was inaugurated as the Coordinator for the Katsina State chapter of the Professional Women Accountants in Nigeria (PROWAN). The announcement was made during a dinner organized to honour the new leaders of the organisation, where its National President, James Neminebor, officially confirmed Fatima Buhari’s ambassadorial role. Neminebor urged the new executives to dedicate themselves to serving ANAN and encouraged them to uphold high standards of professionalism and commitment within their states. He emphasized that their leadership would strengthen the influence of ANAN across the country. Speaking, Neminebor acknowledged the Katsina State Government for its ongoing support of ANAN’s mission. He noted that adopting professional accounting services is essential for good financial management and transparency in both the public and private sectors. He called on other state governments to support ANAN’s efforts to improve financial accountability throughout Nigeria. Commenting on the appointment, Fatima Buhari expressed pride in her role as the first ANAN ambassador, describing it as a groundbreaking achievement for women accountants in Northern Nigeria. “This milestone is not just a celebration of achievements, but a testament to the resilience, dedication, and professionalism of women accountants across this region and the nation at large,” she said.

Peter Obi Slams Tinubu For Blaming Buhari For Nigeria’s Bankruptcy

Peter Obi Slams Tinubu For Blaming Buhari For Nigeria's Bankruptcy

*Charges APC On Transparency, Accountability To Nigerians The Labour Party’s presidential candidate for the 2023 election, Peter Obi, has strongly criticized Nuhu Ribadu’s claims of inheriting a financially bankrupt nation from the past administration of President Muhammadu Buhari. During an address on Monday, the National Security Adviser, Nuhu Ribadu said the incumbent government, under President Bola Tinubu, inherited a “bankrupt country”. He conveyed that they are encountering significant budgetary limitations, affirming that “I’m comfortable sharing this information with you. It’s important for you to understand. Our current situation is highly critical. “We’ve taken on an immensely challenging nation, one in financial disarray to the extent that we’re repaying debts accumulated in the past. The severity of this matter cannot be overstated. “Nevertheless, our administration is making every effort to fulfill our obligations, notably those concerning the armed forces, amid these challenging circumstances.” However, in response to Ribadu’s statements, Peter Obi faulted the All Progressives Congress (APC) government for its lack of transparency regarding the extent of the financial deficit inherited.  Obi emphasized the need for clear disclosure to inform the public about the nation’s current standing and future trajectory. Drawing parallels to the past, Obi recalled how the APC administration previously blamed the Peoples Democratic Party (PDP) in 2015 for inheriting financial challenges and subsequently escalating the country’s debt profile. Expressing concern over the escalating debt from N12.6 trillion in 2015 to N87 trillion in 2023 during the APC’s tenure, Obi highlighted the nation’s deteriorating state across various developmental indices, including education, healthcare, poverty alleviation, and security. Obi stressed the urgency of implementing measures to reduce the high cost of governance, redirecting resources towards critical sectors such as security, healthcare, education, and poverty eradication. The statement by Peter Obi on X formerly Twitter further questioned the rationale behind certain expenditures in the recently approved supplementary budget, emphasizing the necessity of allocating resources prudently to address the nation’s pressing needs. Obi called for concrete and measurable steps aimed at improving Nigeria’s current economic situation rather than allocating funds to non-essential areas.

Exclusive: ABP Failure: FG, RIFAN Initiate Nationwide Loan Recovery Drive

Exclusive: ABP Failure: FG, RIFAN Initiate Nationwide Loan Recovery Drive

*Orders formation of loan recovery taskforce nationwide In the wake of the Federal Government’s recent threat to recover loans issued to Nigerians during the previous administration, the Rice Farmers Association of Nigeria (RIFAN) has taken swift action by issuing a directive to its members nationwide to reclaim loans disbursed to farmers during the 2018-2021 cropping seasons under the Anchor Borrowers’ Program (ABP). At inception in late 2015, the Central Bank of Nigeria (CBN) had said the programme thrust of the ABP is the provision of farm inputs in kind and cash (for farm labour) to smallholder farmers to boost production of these commodities, stabilise inputs supply to agro-processors and address the country’s negative balance of payments on food. By 2022, at least 4.8 million people had benefitted from the Anchor Borrowers Programme, authorities said at the unveiling of stacked paddy rice pyramids produced by rice farmers under the ABP initiative. While some beneficiaries have cited insecurity, flooding, climate change and crop failure as reasons for their inability to repay the loans, government officials have said that while the farmers’ reasons are somewhat valid, many of the farmers saw the loans as ‘their share of the national cake’ which do not need to be repaid. But the programme has been marred by loan default, even as food prices rose significantly within the years it took effect. There are also reports that several farmers collected the loan to travel to Hajj or married additional wives from the proceeds of the Anchor Borrowers Programme. This, among other reasons, is why authorities resolved to take legal action. “We find it very difficult to recover this loan,” Sahabi Augie, the immediate past Chairman of the Kebbi State chapter of the Rice Farmer Association of Nigeria (RIFAN), had said. In a recent report on Nigeria, the International Monetary Fund (IMF) said that only 24% of loans under the ABP had been repaid. The CBN, however, disagreed with the IMF, saying N503 billion of loans under the ABP had been repaid. This figure represents 52.39% of the total loans collected by farmers under the programme, according to the bank. But a recent statement from CBN’s corporate communications department restated that only 48 per cent of the loan has not been repaid. The CBN said it released N1.079 trillion under the programme, out of which over N500 billion is due for repayment. Interestingly, the All Farmers’ Association of Nigeria (AFAN) seemed to tilt towards the IMF when, in December 2022, it said the CBN was having difficulties recovering the loans because most beneficiaries of the ABP were not Nigerian farmers. Experts believe the failure of farmers who benefitted from the ABP to repay more than N500 billion extended to them by the CBN underscores a weakness in the initiative. However, the critical decision to set up a taskforce and recover the loans by all means is following a high-level executive meeting between RIFAN and the Department of State Security (DSS) on August 29, 2023. During the meeting, the recovery of loans issued to rice farmers between 2018 and 2021 was discussed extensively, leading to the issuance of a directive by RIFAN’s top leadership. In the confidential memo addressed to RIFAN members, which was leaked to the NIGERIAN ANCHOR, Aminu Mohammed Goronyo, the National President of RIFAN, and Chief Livinus Ngwangwa, the National Secretary, provided detailed instructions on how the loan recovery process should proceed: “Immediate Loan Recovery: All loans disbursed to beneficiary farmers from 2018 to the present date must be swiftly and effectively recovered. Farmers are given the flexibility to repay in either cash or paddy. “Loan Repayment Account: Beneficiary farmers are required to channel their loan repayments to the designated loan recovery account: Account Name: RIFAN 2020/2021 Wet Season; Account Number: 0054122612; Bank: Unity Bank PLC. “Documentation: Farmers are mandated to ensure that copies of their loan repayment records are sent promptly to RIFAN Headquarters. This documentation process is essential for maintaining accurate records. “Recovery Task Force: RIFAN state chapters have been instructed to establish a dedicated recovery task force without delay. These task forces will work in close collaboration with law enforcement agencies, including the police, Department of State Security (DSS), Nigerian Civil Defense, and local traditional rulers, to oversee and facilitate the loan recovery process,” the memo instructed. Beneficiary farmers were encouraged to fully cooperate with their respective RIFAN state chapters to facilitate the successful recovery of loans in adherence to the provided directives. For additional information and updates, beneficiaries are advised to contact their local RIFAN chapter or visit the RIFAN website. RIFAN Contact Information: Website: www.rifan.ng, Email: info@rifan.ng. The Rice Farmers Association of Nigeria (RIFAN) is a prominent agricultural organization dedicated to supporting and advancing rice farming in Nigeria. RIFAN plays a pivotal role in facilitating the Anchor Borrowers’ Program (ABP) to empower rice farmers and enhance food security in Nigeria.