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Senate Queries CBN, Accountant-General over Failure to Account for ₦596bn Ecological Fund
The Central Bank of Nigeria (CBN) and the Accountant General of the Federation on Thursday when they appeared before the Senate Committee on Public Accounts could not explain how ₦596 billion ecological fund was spent from 1999 to 2015.
While the accountant-general said the fund was domiciled in the apex bank, and that the money has been invested, the CBN pleaded for more time to submit records of the funds.
By asking for the records, the committee had acted upon the report by the Auditor-General of Federation (AuGF), Anthony Ayine, that between 1999 and 2015, a total of ₦596 billion was transferred from the treasury into the ecological fund account without proper accounting.
Mr Ayine had said, contrary to the provision of Section 5(4) of the Revenue Allocation Act which requires that an agency be established to manage the ecological fund, no agency had been established to manage it.
Rather, he added, the National Committee on Ecological Problems (NCEP) is the body responsible for handling ecological problems in the country.
NCEP is domiciled under the Office of the Secretary to the Government of the Federation (SGF) and has its Chairman as the Minister for Environment, Housing and Urban Development.
Thereafter, the Senate committee chairman, Matthew Urhoghide, summoned the Secretary General of the Federation (SGF), Boss Mustapha, while also asking the CBN to submit the statement of ecological fund account to the committee.
“The Central Bank should come and furnish us with the statement of account of the Ecological Fund. The SGF should come and brief us on the statement of account of the Ecological Fund,” Mr Urhoghide said.
Other queries
Meanwhile, the Custom Service and the Federal Inland Revenue Service (FIRS) were also indicted for contravening Pension Reform Act, 2014, which requires them to remit 5 per cent of their contributory pension to the National Pension Commission (PenCom).
The accountant-general, Ahmed Idris, in response, said: “The noncompliance of the remittance of 5 per cent of the contributory pension (by the custom service, for instance) was as a result of insufficient funds. Also, I wish to state, as funding improves, the service will comply accordingly.”
“We always engage the agencies themselves on the basis of issues raised by the auditor-general of the federation. This is the response from the Custom service as documented. We don’t want to start changing their responses.
“It’s like we are answering their own questions. Nigeria Customs, with due respect, stands to explain their responses. We are here on their behalf and we are reading their responses. Their response is a very dishonest one. If you are capable of paying salaries, why should it be difficult for you to pay 5 per cent.”
Displeased about the response of the Customs Service, Chairman Urhoghide said the committee would not take noncompliance to an act of parliament by agencies. However, due to the absence of representatives from the Custom Service, the matter was stood down.
“It’s unfortunate that the Nigerian Customs would tell us this. This is a contributory pension for their own retirees and they say they don’t have the money to contribute,” a dissatisfied Mr Urhoghide said.
“In fact the two of them — Custom Service and FIRS — get 7 per cent and 4 per cent for their own operations and they say they don’t have the money.
“Pay 5 per cent so that you can secure the future of your entire workers and you say you don’t have the money? It’s totally untrue. When other little organizations are making their contributions, you are the ones saying you don’t have the money.”
Premium Times
The Chief Judge of Rivers State, Justice Simeon Amadi, has declined to set up a judicial panel to investigate Governor Siminalayi Fubara, citing a court order.
The Rivers State House of Assembly had requested that Amadi set up a seven-member panel to probe Fubara and his deputy, Ngozi Odu, over allegations of gross misconduct.
However, in a letter dated January 20 and addressed to the Speaker of the House, Martins Amaewhule, the chief judge cited two court orders barring him from receiving, forwarding, or considering any requests to form such a panel.
The judge stated that the orders were served on his office on January 16, 2026 and remain in force.
The chief judge emphasised that constitutionalism and the rule of law require all authorities to obey subsisting court orders, irrespective of their perception of the orders’ validity.
He referenced legal precedents, noting that in a similar case in 2007, the Chief Judge of Kwara State was condemned for ignoring a restraining court order when setting up an investigative panel, a decision later voided by the Court of Appeal.
Justice Amadi further observed that the Speaker has already filed an appeal against the court orders at the Court of Appeal, adding another layer to the ongoing legal proceedings surrounding the allegations.
“By the doctrine of ‘lis pendens’, parties and the court have to await the outcome of the appeal,” he said.
Justice Amadi further stated that the existence of the injunctions and the pending appeal had effectively tied his hands.
“In view of the foregoing, my hand is fettered, as there are subsisting interim orders of injunction and appeal against the said orders. I am therefore legally disabled at this point from exercising my duties under Section 188(5) of the Constitution in the instant,” he said.
The chief judge appealed to the lawmakers to recognise the legal constraints surrounding the matter.
Justice Amadi, therefore, urged the state assembly to be “magnanimous enough to appreciate the legal position of the matter.”
The Federal High Court sitting in Abuja has reportedly affirmed the removal of Julius Abure as the national chairman of the Labour Party, LP.
The Court also ordered the Independent National Electoral Commission, INEC, to recognize the Senator Nenadi Usman-led National Caretaker Committee as the party’s lawful leadership.
The development was disclosed by human rights lawyer, Inibehe Effiong, in a post on X, where he said he was present at the Federal High Court when the judgment was delivered in a related case.
Effiong stated that Justice Lifu delivering judgment on Wednesday, upheld the Nenadi Usman-led committee as the only valid and lawful leadership of the Labour Party, reaffirming that Abure’s tenure had elapsed in line with an earlier Supreme Court judgment.
The court consequently directed INEC to immediately recognize Nenadi Usman as the party’s leader.
He wrote: “I am currently before the Federal High Court in Abuja for a case. I listened to judgement delivered in an another case.
“Honourable Justice Lifu has just upheld Senator Nnadi Esther Usman-led National Caretaker Committee as the only valid and lawful leadership of the Labour Party.
“The Judge reaffirmed that by the Supreme Court’s judgement, Julius Abure’s tenure had since elapsed.
The Super Eagles of Nigeria defeated Egypt 4-2 on penalties to win the Africa Cup of Nations (AFCON) 2025 third-place playoff on Saturday.
Goalkeeper Stanley Nwabali proved the hero of the night with two crucial saves during the shootout, including one from Egyptian star Mohamed Salah.
Ademola Lookman then calmly converted the decisive penalty to secure the bronze medal —Nigeria’s ninth third-place finish in AFCON history.
With neither side able to break the deadlock in a cagey second half, the game ended 0-0, sending the contest directly to penalties.
Despite Fisayo Dele-Bashiru missing Nigeria’s first kick, Nwabali’s immediate saved from Egypt’s first two attempts shifted the momentum.
