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SERAP Sues NNPCL Over ‘Failure to Account for ₦5.9bn Rebranding Cost’

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The Socio-Economic Rights and Accountability Project (SERAP) has filed a lawsuit against the Nigerian National Petroleum Company Limited (NNPCL) “over its failure to account for approximately ₦5.9 billion reportedly spent on the incorporation, transition, and rebranding of NNPC into NNPCL.”

The NNPC reportedly paid N2.9 billion for incorporation expenses from petroleum product proceeds, while the National Petroleum Investment Management Services (NAPIMS) also charged N2.9 billion to crude oil revenue for the same purpose, bringing the total amount spent on the rebranding of NNPC to NNPCL to ₦5.9 billion.

In the suit number FHC/ABJ/CS/1248/2026, filed last week at the Federal High Court in Abuja, SERAP is seeking “an order of mandamus to direct and compel the NNPCL to account for about ₦5.9 billion allegedly spent on the rebranding of the NNPC to the NNPCL.”

SERAP is asking the court to “direct and compel the NNPCL to provide a comprehensive reconciliation statement detailing the specific financial transactions relating to the ₦5.9 billion expenditure, including the identities of the contractors involved, and how the funds were utilized for the rebranding of NNPC to NNPCL.”

SERAP is also asking the court to “direct and compel the NNPCL to disclose the names and official positions of the government officials who authorized and approved the release and expenditure of the ₦5.9 billion reportedly spent on the rebranding of NNPC to NNPCL, and to clarify whether the expenditure complied with applicable procurement laws and due-process requirements.”

In the suit, SERAP is arguing that: “There is a legitimate public interest in the disclosure of the details sought. The NNPCL has a legal responsibility to explain whether the ₦5.9 billion expenditure represents value for money, constitutes lawful spending of public funds, and complies with applicable due process requirements.”

SERAP is also arguing that, “There ought to be full transparency and accountability regarding the reported ₦5.9 billion spent on rebranding NNPC to NNPCL. Nigerians have the right to know who approved the expenditure, who received the funds, the nature of the services rendered, and whether due process and procurement requirements were strictly followed.”

According to SERAP, “the disclosure of the identities of the officials involved and the processes followed in approving the expenditure would enable the public to assess whether the expenditure was properly authorized, represented value for money, and was undertaken in accordance with due process and procurement requirements.”

“Given the size of the reported expenditure and the importance of transparency in the management of public resources within the petroleum sector, there is an urgent need for a prompt, thorough, and transparent disclosure of the details surrounding the spending of the funds.”

The suit filed on behalf of SERAP by its lawyers, Oluwakemi Agunbiade, Kehinde Oyewumi, and Andrew Nwankwo, read in part: “The alleged spending of the ₦5.9 billion suggests a grave violation of the public trust and the provisions of the Nigerian Constitution 1999 [as amended], national anticorruption laws, and the country’s international anticorruption obligations.”

“The failure to account for the spending of the ₦5.9 billion on rebranding from NNPC to NNPCL reflects a failure of NNPCL accountability more generally and is directly linked to the institution’s continuing failure to uphold transparency and accountability principles.”

“The refusal or failure of the NNPCL to provide a detailed account of the expenditure undermines the right of access to information concerning the management of public resources.”

“Senate Committee on Public Accounts reportedly raised serious concerns regarding the expenditure of the ₦5.9 billion described as incorporation and transition expenses allegedly incurred during the process of transforming the NNPC into the NNPCL.”

“The Committee described the spending of the ₦5.9 billion as excessive, unjustifiable, and deserving of further explanation, investigation, and legislative scrutiny in the public interest.”

“The transformation of the national oil company from the NNPC into the NNPCL occurred following the enactment of the Petroleum Industry Act (PIA) 2021, which required the corporation to become a commercially oriented limited liability company fully owned by the federal government.”

“Section 13 of the Nigerian Constitution 1999 [as amended] requires all public institutions including the NNPCL to conform to and apply the provisions of Chapter II of the Constitution, while Section 15(5) mandates the public institutions to abolish all corrupt practices and abuse of power.”

“Similarly, Section 16 of the Constitution requires the public institutions to ensure that the material resources of the nation are harnessed and distributed as best as possible to serve the common good.”

“Articles 5 and 9 of the UN Convention against Corruption require Nigeria to ensure transparency and proper management of public funds.”

“Article 21 of the African Charter on Human and Peoples’ Rights recognizes the right of peoples to freely dispose of their natural resources and provides that the misappropriation of such resources shall give rise to the right of the people to recovery and compensation.”

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Anthony Joshua Makes Historic Comeback, Beats Prenga via TKO

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Two-time heavyweight world champion Anthony Joshua survived two early knockdowns on the way to a second-round knockout of Kristian Prenga on Sunday, his triumphant ring return paving the way for a blockbuster all-British bout with Tyson Fury.

The fight at the Jeddah Superdome was Joshua’s first since he was involved in a car crash in Nigeria in December that killed two of his close friends, Sina Ghami and Latif Ayodele.

The 36-year-old choked up when asked in the ring about his friends and the emotions of the past seven months, but said his second-round revival was down to more than pure punching power.

“That was spirit, that was Latz, that was Sina. That was family,” he said.

The devastating accident occurred little more than a week after Joshua demolished YouTuber-turned-boxer Jake Paul in a controversial Netflix-backed bout in December.

Joshua’s last prior competitive appearance in the ring was his fifth-round knockout loss to IBF world champion Daniel Dubois at Wembley Stadium in September 2024.

He improved to 30-4, with 27 wins by knockout, but not without drama.

Albania’s Prenga, a knockout artist who had 20 wins inside the distance in 21 prior fights, sent Joshua to the canvas with a right uppercut just 20 seconds into the bout.

He had Joshua on the ropes again, his legs shaky, before sending him down a second time late in the first round.

But Joshua steadied in the second, backing Prenga into the corner behind his jab, shrugging off more heavy blows from the Albanian before inflicting damage of his own with his left hand.

A brutal combination capped by a big right finally sent Prenga crashing through the ropes to end it at 2:43 of the second round.

Joshua and Fury now appear set for their “Battle of Britain” in November, at a venue still to be announced.

Fury, like Joshua a former two-time heavyweight world champion, did his part to make the long-anticipated fight happen, stopping Mariusz Wach in a low-key bout in Pattaya, Thailand, on Friday.

Fury, 37, outclassed Wach in front in the Thai resort city, chipping away relentlessly at the 46-year-old until he was pulled out by his corner in the seventh round.

It was Fury’s second win in as many contests this year in his return from a 16-month layoff.

– ‘We’re here now’ –

Fury wasn’t ringside in Jeddah as many had anticipated, but Joshua had a message for him even so.

“I’m gonna rip his heart out! I’m the meanest, most vicious champion that has ever been. Nobody can stop me,” he said.

“All jokes aside, there’s two sides of this thing,” Joshua added. “One is fire. You have to have that vim, that (roar). But also, there’s respect.

“I respect everything he has done and everything that he has achieved.

“But as a fighting person and someone who has been calling for this fight for a long time, we’re here now.”

Promoter Eddie Hearn, also speaking inside the ring in the wake of the bout streamed on DAZN, said the contract to fight Fury was signed.

“Everything’s done,” Hearn said. “But to be honest with you, tonight is all about the strength that (Joshua) showed to even be here tonight, and the strength that he had to show in that fight.”

Hearn said that as the first round unfolded, he feared Joshua had come back too soon after the traumatic loss of his friends.

But a beaming Joshua was bullish on the future.

“I can’t be stopped,” he said. “I’m not going to be stopped. I’m not going to be denied.”

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Atiku Tackles Obasanjo over Impeachment Sponsorship Claims Involving Na’Abba

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Former Vice President Atiku Abubakar has questioned why former President Olusegun Obasanjo waited until after Ghali Umar Na’Abba’s death to allege that he paid the former House of Representatives Speaker N5 million to initiate impeachment proceedings against him.

Atiku said raising the allegation when Na’Abba could no longer respond denied Nigerians the opportunity to hear the other side, describing it as a politically motivated attempt to damage his reputation and boost the electoral fortunes of Obasanjo’s unnamed kinsman ahead of the 2027 presidential election.

Obasanjo alleged in a letter to former Governor of Ogun State, Olusegun Osoba that Atiku invited Na’Abba to the Presidential Villa while he was away and convinced the former speaker that he should serve only one term.

The former president claimed the alleged payment formed part of Atiku’s attempt to seize power by “hook or by crook”.

However, Atiku rejected the allegation as politically motivated in a statement issued on Friday by his Senior Special Assistant on Public Communication, Phrank Shaibu.

The African Democratic Congress (ADC) presidential candidate aid the timing of Obasanjo’s allegation showed that it was intended to influence the political contest ahead of the 2027 general election.

Atiku accused his former principal of attempting to tarnish his reputation to give an unfair political advantage to an unnamed kinsman.

“Coming at a time when the political landscape ahead of the 2027 general election is taking shape, the obvious objective is to besmirch my person and reputation and confer an undeserved political advantage on the former President’s kinsman,” he said.

Atiku argued that Nigerians were too discerning to be distracted by an allegation revived for political convenience.

He challenged Obasanjo to openly identify and support his preferred presidential candidate instead of attempting to shape public opinion through claims that could no longer be independently tested.

“If former President Obasanjo has chosen to take a political position ahead of 2027, he should simply declare it and allow Nigerians to judge it on its merits,” Atiku said.

The former vice-president questioned why Obasanjo waited until after Na’Abba’s death to repeat the allegation, saying the timing denied Nigerians the opportunity to hear the former speaker’s version of events.

He also maintained that the bribery allegation had no judicial or official backing.

Atiku argued that Obasanjo’s government controlled the full powers of the Nigerian State and could have investigated and prosecuted any criminal conduct if credible evidence existed at the time.

“If there was indeed evidence of any criminal conduct as alleged, Nigerians are entitled to ask why no action was taken at the time by a government that wielded the full powers of the Nigerian state,” he said.

Atiku linked Obasanjo’s continued hostility towards him to their disagreement over the alleged attempt to secure a third presidential term.

He said he opposed the plan because it threatened Nigeria’s constitutional democracy and refused to sacrifice democratic principles for Obasanjo’s personal ambition.

The ADC leader recalled that he successfully challenged actions taken against him by the Obasanjo administration through a series of court cases.

“Rather than surrender democratic principles on the altar of personal ambition, I defended the Constitution and successfully asserted my rights through the courts in a series of landmark legal victories against a sitting President,” he said.

Atiku described those legal battles as an important part of Nigeria’s democratic history, insisting that Obasanjo had not overcome the bitterness created by their confrontation.

He said he would not allow himself to be dragged into a prolonged dispute over past political battles while Nigerians faced worsening economic hardship, hunger, unemployment and insecurity.

Atiku said his attention remained on presenting credible alternatives, protecting democracy, demanding accountability and working with patriotic Nigerians to restore competent and transparent leadership.

“Nigerians deserve solutions to today’s problems, not recycled political tales from yesterday,” he declared.

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UK PM Burnham Unveils 10-Year Plan, Begins Cabinet Overhaul

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The new British Prime Minister, Andy Burnham, on Monday, unveiled a 10-year plan to tackle the country’s economic and social challenges as he began reshaping his government, with Chancellor Rachel Reeves among senior ministers leaving the Cabinet.

In his first speech outside 10 Downing Street, Burnham said his government would introduce measures to ease the cost-of-living crisis, end rough sleeping, build more council homes and devolve more powers away from Westminster.

“This moment will be a circuit breaker for Britain,” Burnham said, adding that details of the government’s cost-of-living package and how it would be funded would be announced from Tuesday.

According to the BBC, Reeves announced on X that she was stepping down as Chancellor of the Exchequer, describing it as “the privilege of my life” to have served in the role. The broadcaster reported that Burnham had offered her another senior cabinet position, but she declined.

The cabinet reshuffle also saw Foreign Secretary, David Lammy, Housing Secretary, Steve Reed and Business Secretary, Peter Kyle leave government as Burnham assembled his own team.

Speaking to reporters after his Downing Street address, Burnham said he would examine the tax-free personal allowance ahead of his first Budget in the autumn but acknowledged that raising the threshold would have significant fiscal implications.

He also pledged to reform England’s social care system, saying he did not want to leave office without fixing a problem that had persisted for decades, while reaffirming his commitment to existing fiscal rules.

The BBC also reported that Burnham held his first conversation with a foreign leader after taking office, speaking with U.S. President Donald Trump.

The resignation of the outgoing Prime Minister Keir Starmer saying he was leaving office “with good grace” and “a smile.”

Burnham is expected to continue announcing appointments to his new Cabinet as his administration takes shape, according to the BBC.

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