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Nigeria News (Standard)

Lagos Court Declares National Assembly’s ₦110bn Vehicle and Allowance Spending Unlawful

Justice Bogoro orders Senate President Akpabio, Speaker Abbas to ensure future expenditures comply with due process, transparency

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Justice Bogoro orders Senate President Akpabio, Speaker Abbas to ensure future expenditures comply with due process, transparency

A Federal High Court in Lagos has ruled that the National Assembly’s expenditure of ₦110 billion on vehicles and allowances for lawmakers is unlawful, citing breaches of procurement laws and constitutional obligations. The judgement, delivered by Justice Yellim Bogoro on Wednesday, May 6, 2026, followed a suit filed by the Socio-Economic Rights and Accountability Project (SERAP) against the legislative leadership.

The court found that the allocation of ₦40 billion for the purchase of 465 vehicles and ₦70 billion in support allowances for newly elected members did not meet statutory standards for transparency or value for money. Justice Bogoro stated that these expenditures were arbitrary and constituted self-dealing, as the beneficiaries were also responsible for approving the funds.

This decision comes amid growing public scrutiny over government spending during a period of economic hardship across Nigeria. SERAP’s case highlighted concerns about the prioritisation of lawmakers’ benefits at a time when many Nigerians are experiencing widespread financial difficulty. The court noted that such spending demonstrated a failure to place national interest above personal gain.

In her ruling, Justice Bogoro ordered Senate President Godswill Akpabio and Speaker of the House of Representatives Tajudeen Abbas to ensure all future procurements or expenditures by the National Assembly comply strictly with due process requirements and uphold principles of accountability. She further rejected arguments from the defendants regarding legislative autonomy, affirming that separation of powers does not shield public officials from judicial oversight when public funds are involved.

Following the judgement, SERAP deputy director Kolawole Oluwadare described it as a significant step towards enforcing fiscal discipline within Nigeria’s federal legislature. The National Assembly leadership has yet to issue an official response as at press time.

Source: https://punchng.com/court-declares-national-assemblys-n110bn-suv-allowance-spending-unlawful/

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Nigeria News (Standard)

CBN to Revise Guidelines for Financial Holding Companies in Abuja

Central Bank moves to update regulatory framework, aiming to strengthen oversight of Nigeria’s financial conglomerates

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2 minutes ago

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June 11, 2026

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Central Bank moves to update regulatory framework, aiming to strengthen oversight of Nigeria’s financial conglomerates

The Central Bank of Nigeria (CBN) has announced plans to review the rules governing financial holding companies, signalling a fresh move to strengthen oversight of the country’s financial sector. The development was made public in Abuja on Thursday, 11 June 2026, as part of ongoing efforts by the apex bank to align regulations with evolving industry realities.

According to the CBN, the review will focus on updating existing guidelines that oversee how financial holding companies operate within Nigeria’s banking ecosystem. These companies typically control multiple subsidiaries across banking, insurance, asset management and other financial services. The new rules are expected to address operational risks and ensure that holding structures do not undermine the stability of individual subsidiaries or the wider financial system.

The move comes amid growing concerns over compliance gaps and risk management practices among some holding companies. In recent years, stakeholders have called for clearer boundaries and stricter supervisory mechanisms to prevent abuses such as regulatory arbitrage or concentration of risk. The CBN’s planned revision is seen as an attempt to address these issues before they escalate.

While specific details of the proposed changes have not yet been disclosed, industry experts expect tighter reporting requirements and improved corporate governance standards. The apex bank said it will engage with relevant stakeholders—including commercial banks and non-bank subsidiaries—before finalising the revised framework.

The CBN is expected to release a draft guideline for public input in the coming weeks. Observers say the updated rules could have significant implications for conglomerates operating under holding structures, as well as for investors seeking clarity on sector stability.

Source: https://www.premiumtimesng.com/business/business-news/887029-cbn-to-revise-rules-governing-financial-holding-companies.html

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Nigeria News (Standard)

NCAA Launches Probe Into Asaba Aircraft Roadway Landing Incident

Aviation authority begins investigation after plane lands on public road in Delta State, raises safety concerns

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11 minutes ago

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June 11, 2026

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Aviation authority begins investigation after plane lands on public road in Delta State, raises safety concerns

The Nigerian Civil Aviation Authority (NCAA) has commenced an official investigation into the unusual landing of an aircraft on a public roadway in Asaba, Delta State, on Thursday. The incident, which occurred in the early hours of the day, has sparked concern among stakeholders about air safety protocols and enforcement in the country.

According to initial reports, the aircraft made an unscheduled landing on a major road within Asaba metropolis. Eyewitnesses described seeing the plane come to a halt amid surprised motorists and pedestrians, but there were no reported injuries or casualties as at press time. NCAA officials arrived at the scene shortly after to secure the area and begin preliminary inquiries.

This incident has drawn attention to Nigeria’s aviation safety standards, particularly regarding flight operations near populated urban areas. Airspace regulation is a recurring issue in Nigeria’s aviation sector, especially given previous incidents involving runway incursions and emergency landings. The NCAA’s response is being closely watched by both industry professionals and residents who expressed concern over possible lapses that could endanger lives.

An NCAA spokesperson confirmed that a comprehensive probe is underway to determine the circumstances leading to the event. “We are treating this as a serious safety matter and will examine all relevant factors before releasing our findings,” the spokesperson said in a written statement. No opposition or external aviation experts have issued formal comments as at Thursday evening.

The outcome of this investigation is expected to inform future policy measures aimed at preventing similar occurrences. The NCAA said its final report would be made public and promised that any parties found culpable would face appropriate sanctions under Nigerian civil aviation regulations.

Source: https://www.premiumtimesng.com/business/business-news/887026-air-safety-agency-begins-probe-of-asaba-roadway-landing.html

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Nigeria News (Standard)

Tinubu to Address Nigerians Nationwide on Democracy Day, Presidency Confirms

President’s live broadcast scheduled for Friday amid public calls for reforms and remembrance of June 12 significance

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16 minutes ago

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June 11, 2026

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President’s live broadcast scheduled for Friday amid public calls for reforms and remembrance of June 12 significance

President Bola Tinubu will address the nation in a live broadcast on Friday, marking this year’s Democracy Day celebrations across Nigeria. The announcement comes as the country prepares to commemorate June 12, a day recognised for its pivotal role in Nigeria’s democratic history and a public holiday nationwide.

According to the presidency, the address will be broadcast from Abuja and is expected to focus on the state of the nation, ongoing reforms, and government’s commitment to strengthening democratic institutions. This yearly presidential speech has become tradition since June 12 was officially designated as Democracy Day in honour of the annulled 1993 elections widely considered Nigeria’s freest poll.

Democracy Day serves as a reminder of the struggles that led to civilian rule after years of military dictatorship. Many Nigerians are looking forward to President Tinubu’s message against a backdrop of economic hardship, security challenges and heightened expectations for reforms promised by his administration. Civil society groups and opposition parties have already called on government to use the occasion to recommit to electoral transparency, justice sector improvements and policies addressing poverty and youth unemployment.

While details of Tinubu’s planned remarks have not been released as at Thursday evening, sources within Aso Rock say the speech will touch on national unity and highlight progress achieved since his assumption of office. The main opposition parties—PDP and LP—have urged government to back up rhetoric with concrete actions that improve livelihoods and protect civil liberties.

The president’s speech will be aired on national television and radio stations from 7:00 am. Nigerians are expected to participate in various commemorative activities across states as part of the Democracy Day programme.

Source: https://www.premiumtimesng.com/news/more-news/887025-democracy-day-tinubu-to-address-nigerians-friday.html

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