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BREAKING NEWS: Atiku on Fire Over Comments on Management of Nigeria’s External Reserves
Forner Vice President Atiku Abubakar has come under fire over his recent criticism of the President Bola Tinubu administration’s management of the country’s external reserves.
In a recent statement, Atiku accused the Federal Government of poor economic management, citing the drop in external reserves despite rising oil earnings.
However, an economic think-tank, Advocates for Economic and Political Advancement, on Tuesday described Atiku’s comments as “cheap politics dressed up as concern” and pure propaganda.
In a statement signed by Dr Opialu Fabian, the economic think-tank said Atiku’s comments were not rooted in genuine economic analysis but driven by bitterness after multiple unsuccessful attempts to lead the country.
The Advocates for Economic and Political Advancement dismissed Atiku’s reference to Nigeria’s external reserves of about $48.45 billion as evidence of failure.
Opialu noted that the same economic framework projects the reserves to rise above $51 billion within the year, describing the situation as a managed adjustment within an ongoing reform cycle rather than a decline.
He argued that reserves are influenced by several factors, including exchange rate management, capital flows, and liquidity interventions by the Central Bank, and should not be viewed in isolation or used for political effect.
“Select a number. Strip it of context. Amplify it for political effect. That is not economic analysis. That is political theatre,” the think-tank said while highlighting what they described as significant macroeconomic improvements under President Tinubu’s Renewed Hope Agenda.
They pointed to projected economic growth of 4.49 percent, a sharp drop in inflation from over 34 percent to about 14.5 percent — with expectations of further decline to around 12.94 percent — as well as a balance of payments surplus and gradual return of investor confidence.
Advocates for Economic and Political Advancement backed the appointment of Taiwo Oyedele as Minister of Finance and Coordinating Minister of the Economy, saying it signals a new era of policy coherence, structured tax reforms, improved revenue generation, and better utilisation of idle funds and public assets.
It noted that over $20 billion currently sits idle in the banking system under reserve requirements, while many public assets worth tens of trillions of naira remain underutilised, adding that addressing these inefficiencies forms a core part of the ongoing reforms.
While acknowledging that Nigeria is still in a transition phase with attendant challenges, the group maintained that the bold decisions taken by the Tinubu administration, particularly the removal of fuel subsidies and unification of the foreign exchange market, were necessary and are beginning to produce positive results, including increased disbursements to states for development projects.
The Advocates urged Nigerians to focus on the broader picture of structural reforms rather than short-term fluctuations, calling on political actors, especially Atiku Abubakar, to engage honestly with facts instead of recycling talking points that ignore visible progress.
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BUNKERING: Troops Uncover Suspected Illegal Refinery In Rivers, Recover Crude Oil Processing Equipment
Troops have uncovered suspected illegal crude oil refining equipment during a patrol operation in the Orashi National Forest, Ahoada West Local Government Area of Rivers State.
The development was disclosed in a report by Zagazola Makama, a counter-insurgency and security expert covering the Lake Chad region.
According to the report, the discovery was made at about 12:00pm on Saturday by troops of the 16 Brigade Garrison at Abissa in collaboration with personnel of the 5 Battalion while carrying out anti-crude oil theft operations.
Makama reported that the troops discovered equipment believed to have been used for suspected illegal crude oil refining activities during the patrol.
Items recovered from the site included one large oven drum, one large coolant, two small oven drums, one small coolant, one long galvanised pipe and two sacks containing crude oil.
Makama said the recovered items were handled in line with the operational procedures guiding the ongoing anti-crude oil theft operations.
“The operation forms part of sustained efforts by security forces to dismantle illegal refining camps, curb crude oil theft and protect critical national assets in the Niger Delta region,” the report stated. …For more, Complete your reading.
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US-Based Nigerian Seek Court To Set Aside Judgment
A Nigerian-American engineer, Anthony Ehiedu Ugbebor, has asked the Court of Appeal to overturn the judgment of the Lagos High Court which declared that his property purchase agreement with a developer, Mr Olukayode Olusanya and Oak Homes Multinational Services Limited had been extinguished by the doctrine of novation.
The Lagos High Court had in the judgment ordered the refund of the N152 million Ugbebor paid for two luxury apartments in Victoria Island, Lagos.
In a Notice of Appeal filed by his counsel, Barrister Nasir Salau of Nasir Salau & Co., challenging the June 15, 2026 judgment delivered by Justice Akingbola George, Ugbebor argued that the trial judge misapplied settled principles of contract law, ignored material evidence, wrongly dismissed his counterclaim, and erroneously refused his claim for specific performance of the property sale agreement.
The appeal arose from Suit No. LD/4471LM/2023, instituted by property developer Olukayode Olusanya and Oak Homes against Ugbebor and the Economic and Financial Crimes Commission, EFCC, over alleged trespass on two second-floor three-bedroom apartments located at 14A Musa Yar’Adua Street, Victoria Island, Lagos.
Although the Lagos High Court dismissed most of the developer’s claims, it held that the parties’ conduct had effectively terminated their original agreement through novation.
The court also ordered Olukayode and Oak Homes to refund the N152 million previously paid by Ugbebor, while dismissing the engineer’s counterclaim seeking completion and delivery of the apartments or, alternatively, damages.
Dissatisfied with those findings, Ugbebor asked the Court of Appeal to overturn the judgment, restore the validity of the original contract and compel Oak Homes to honour its obligations under the agreement
Ugbebor also urged the appellate court to set aside the judgment in its entirety, arguing that the Lagos High Court’s findings were contrary to the evidence and established legal principles governing contracts.
He maintained that the original agreement remained valid and enforceable and asked the Court of Appeal to compel Oak Homes to honour its contractual obligations.
One of his principal complaints is that the trial judge wrongly placed the burden of proving payment on him instead of the claimant.
According to the Notice of Appeal, the judge erred in holding that he failed to make payments within contractual timelines despite evidence that the payment structure under the agreement was tied to construction milestones rather than fixed dates.
The appellant argued that under the payment schedule contained in Exhibit CW1, 35 percent of the purchase price became payable upon completion of the roofing stage, while the final 20 per cent became payable only upon completion of the apartments.
He maintained that the agreement never required payment on fixed calendar dates and that he had already paid about 80 per cent of the agreed purchase price even though the developer allegedly failed to attain the contractual milestones.
According to him, the trial judge misconstrued the payment clauses and ignored the unchallenged testimony of the defence witness that substantial payments had been made despite the developer’s inability to complete the project as agreed.
He further argued that under the Evidence Act, the burden of proving non-payment rested on Oak Homes, which alleged breach of contract, and not on him.
A major plank of the appeal is the trial court’s reliance on the doctrine of novation.
Justice George had held that the conduct of both parties created a new contractual relationship which effectively extinguished the original agreement.
However, Ugbebor argued that the finding was contrary to established principles of Nigerian contract law.
Relying on the Supreme Court’s decision in Heritage Bank Ltd v. Ajugwo, he contended that novation cannot be presumed merely from the conduct of parties.
According to him, for novation to arise there must be a clear agreement by all parties to substitute the original contract with a new one, coupled with an intention to extinguish the previous contractual obligations.
He argued that no witness testified that such a new agreement existed and no documentary evidence established one.
Rather, he maintained that the conduct relied upon by the trial court was consistent only with issues of delayed performance and alleged breach, not the creation of an entirely new contract.
He therefore urged the Court of Appeal to hold that the original agreement remained valid and binding. …For more, Complete your reading.
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