Nigeria

By Salmanu Isah Darazo

Three years after Olayemi Cardoso assumed office as Governor of the Central Bank of Nigeria (CBN), the apex bank has undergone a period of extensive institutional and policy reforms, with the emphasis increasingly placed on financial-system resilience, market transparency, stronger regulation and the modernisation of Nigeria’s financial architecture.

Mr. Cardoso assumed office on September 22, 2023, at a particularly demanding period for Nigeria’s monetary and financial system. His tenure has subsequently been marked by a succession of reforms designed to strengthen the banking sector, deepen the foreign-exchange market, modernise payment infrastructure and reinforce confidence in the financial system. The fact sheet documenting his tenure also notes commendation from President Bola Ahmed Tinubu and international recognition, including the Central Bank of the Year Award by Central Banking, London.

Perhaps the most consequential development has been the completion of the banking-sector recapitalisation exercise. By March 31, 2026, 33 banks had met the revised minimum capital requirements, collectively raising approximately ₦4.65 trillion in fresh capital. About 72.55 per cent of the funds were sourced domestically. Beyond the headline figure, the exercise represents an attempt to create a banking system with greater capacity to withstand shocks and provide stronger support for economic activity.

The reform agenda has also extended into corporate governance and financial inclusion. New succession requirements introduced for Domestic Systemically Important Banks were designed to strengthen leadership continuity and governance, while the CBN’s approval of the Bank of Industry’s Non-Interest Banking Window opened another channel for alternative and potentially more inclusive financing. These measures indicate that the reform programme is not limited to capital adequacy but also addresses institutional continuity and the diversity of financing options available within the economy.

On the foreign-exchange front, the CBN has pursued a more structured and transparent market framework. The fourth edition of the Foreign Exchange Manual, launched in May 2026, was designed to improve transparency, efficiency and credibility in FX operations while reinforcing market-driven principles. At the retail end, licensed Bureau de Change operators were given structured access to foreign exchange through authorised dealer banks, backed by an FX BDC Purchase Tracker intended to strengthen compliance and real-time oversight.

Other FX reforms have targeted the flow and monitoring of foreign exchange from major sources. International oil companies were permitted to repatriate 100 per cent of export proceeds through authorised dealer banks, while new settlement requirements for International Money Transfer Operators were introduced to improve the transparency and traceability of diaspora remittances. Additional crude-oil export terminals were also allocated to strengthen monitoring and compliance across the oil and gas export chain.

The payments ecosystem has equally become a major front in the CBN’s reform programme. The Payments System Vision 2028, launched in June 2026, provides a strategic roadmap built around interoperability, security, inclusion, innovation, trust and collaboration. Alongside this broader strategy, revised agent-banking guidelines, Point-of-Sale geo-fencing and dual-connectivity requirements, as well as enhanced instant-payment security measures, have sought to improve reliability, consumer protection and the security of Nigeria’s rapidly expanding digital-payment environment.

Consumer protection and the fight against financial fraud have also received greater regulatory attention. The revised cash policy introduced new withdrawal thresholds while removing restrictions and charges on cash deposits. Financial institutions were directed to withdraw misleading advertisements, while banks were required to strengthen rapid-response mechanisms against electronic fraud. The strengthened BVN and watch-list framework, the Cybersecurity Self-Assessment Tool and automated standards for monitoring money laundering, terrorist financing and proliferation financing further demonstrate the Bank’s attempt to move financial-system supervision toward more proactive and technology-driven enforcement.

Another important dimension is the modernisation of Nigeria’s financial markets. The introduction of the Nigerian Overnight Financing Rate in April 2026 created a transaction-based overnight benchmark intended to improve price discovery, market transparency, monetary-policy transmission and risk management. Reforms to fixed-income trading and settlement infrastructure, alongside changes to discount-window and liquidity-market arrangements, have similarly sought to make financial markets more efficient and strengthen the transmission of monetary policy.

The reserve position provides another significant marker in the reform story. In 2026, locally sourced gold refined to international LBMA Good Delivery standards was added to Nigeria’s external reserve assets, providing another layer of diversification. More significantly, external reserves crossed the US$50 billion threshold — described in the fact sheet as the highest level in approximately 17 years. The development represents a stronger external buffer and is presented as part of the broader improvement in foreign-exchange-market conditions.

Taken together, the reforms suggest that the Cardoso era at the CBN has been defined less by a single headline intervention than by an attempt to rebuild several interconnected parts of Nigeria’s financial architecture. Banking recapitalisation addresses institutional resilience; FX reforms target market transparency; payments reforms respond to digitalisation; cybersecurity and consumer-protection measures address emerging risks; while financial-market reforms seek to improve the machinery through which monetary policy operates.

The significance of the three-year milestone, therefore, lies not simply in the number of policies introduced but in whether these reforms can be sustained and translated into durable economic outcomes. A stronger banking system, deeper financial markets, more transparent FX operations, safer digital payments and larger external buffers provide important foundations. The next phase will ultimately be judged by how effectively those foundations support investment, credit, financial inclusion and broader economic stability.

Three years into Cardoso’s tenure, the reform agenda has clearly moved beyond crisis management toward institutional rebuilding. Its enduring test will be implementation: whether the new rules, systems and capital buffers become embedded strongly enough to make Nigeria’s financial system more resilient, transparent and capable of supporting long-term economic growth.

Salmanu Isah Darazo is a publisher, analyst and editor. He writes from Bauchi, and can be reached via Salmanudrz@gmail.com

By Sabiu Abdullahi

Gunmen have killed and beheaded the village head of Lafagu community in Bagudo Local Government Area of Kebbi State.

The Kebbi State Police Public Relations Officer, SP Bashir Usman, confirmed the incident, which occurred on Sunday.

Usman said the identity of the traditional ruler had not been disclosed, adding that some suspects had been arrested in connection with the killing.

“Yes, it is true the village head was killed in Lafagu under Bagudo Local Government. We have made some arrests in respect of the incident and will provide details later,” the PPRO said.

However, preliminary findings cited by PUNCH suggested that the attack may have been carried out by an armed ethnic militia rather than bandits or Lakurawa insurgents.

A source, Tukur Kaoje, said Fulani, Kambarawa and Bargawa communities had lived together in the area for decades before the recent escalation of insecurity linked to allegations of cattle rustling and kidnapping.

Kaoje alleged that the reported infiltration of some communities by Lakurawa fighters led some residents of Bargawa and Kambarawa communities to accuse Fulani residents of involvement in the attacks.

He said armed groups were subsequently formed to confront the alleged threats.

Kaoje further alleged that the militia recently attacked Boya village, where he claimed scores of Fulani residents were killed.

“Yes, the village head was beheaded in Lafagu, but we are not sure whether the killers were bandits or Lakurawa. There are allegations that it was carried out by an armed ethnic militia.”

He described the situation in Lafagu and neighbouring communities as tense and called for urgent government intervention to prevent further deterioration.

He also warned that failure to address the situation could trigger a wider cycle of communal violence that may become increasingly difficult to contain.

The police have yet to establish publicly who was responsible for the killing, while investigations into the incident continue.

By Hauwa Ibrahim

The issue of out-of-school children in Nigeria, particularly in the Northeast, has reached alarming proportions. With over 10 million children between the ages of 5 and 14 not attending school, Nigeria has the highest number of out-of-school children in the world. The Northeast accounts for a significant portion of this number, with states like Borno, Yobe, and Adamawa having some of the highest rates of out-of-school children.

This trend is deeply troubling, as it not only affects the future of these children but also threatens the stability and development of the region. Poverty, conflict, and cultural barriers are some of the factors driving this phenomenon, making it fundamental to adopt a comprehensive approach to address the root causes.

To curb the menace of out-of-school children, increased investment in education infrastructure and resources is crucial. This includes building and renovating schools, providing adequate materials and equipment, and training qualified teachers. Implementation of conditional cash transfer programs can also encourage enrollment, particularly among disadvantaged families. Community-based initiatives are vital in promoting education and awareness. Collaboration with local leaders, religious institutions, and civil society organizations can help challenge harmful cultural norms and promote the value of education.

Furthermore, policy reforms are necessary to address cultural and social barriers, ensuring that every child has access to quality education. The government has launched several initiatives aimed at reducing the number of out-of-school children. The National Education Plan, Safe Schools Initiative, Conditional Cash Transfer Program, and Education for All initiative are steps in the right direction. However, more needs to be done to address the scale and complexity of the problem.

Effective implementation and coordination among stakeholders are critical to the success of these initiatives. State and local governments must work closely with federal agencies, international organizations, and civil society groups to ensure a unified approach. Additionally, monitoring and evaluation mechanisms should be put in place to track progress and identify areas for improvement.

Ultimately, addressing the issue of out-of-school children in Nigeria’s Northeast requires a collective effort. We must prioritize education as a fundamental right and a cornerstone of national development. The National Almajiri Commission and other stakeholders must work round the clock to ensure that the number of out-of-school children is drastically reduced or eliminated. This will require sustained commitment, coordination, and collaboration among all stakeholders.

In conclusion, the issue of out-of-school children in Nigeria’s Northeast is a ticking time bomb that requires immediate attention. It is a collective responsibility that requires the efforts of all stakeholders. We must work together to ensure that every child has access to quality education and a brighter future.

Hauwa Ibrahim, Department of Mass Communication, University of Maiduguri.

By Hauwa Ibrahim

The Almajiri system has for too long remained one of Nigeria’s most visible social failures. Every day, thousands of children can be seen wandering the streets of northern cities barefoot, bowl in hand, begging for food under the guise of religious education. This practice, which was once a modest system of Quranic learning, has now degenerated into a cycle of neglect and poverty.

It is time for Nigeria to take a hard look at the Almajiri system and begin a complete rethink of its relevance and structure. The reality is that the system, as currently practised, violates the rights of children to proper education, healthcare, and protection. No child deserves to live on the streets in the name of learning.

Originally, the Almajiri tradition was a respected form of Islamic scholarship. In pre-colonial times, young pupils lived with Islamic scholars who taught them the Quran and basic literacy. The local communities supported these students with food and shelter, making it a communal effort that worked within the social structure of the time.

However, that system no longer functions as it once did. The breakdown of community support and government neglect have turned many Almajiri schools into breeding grounds for child labour and exploitation. Today, these children are left to fend for themselves in harsh conditions, begging for survival instead of receiving the education they were promised.

The consequences of this neglect are enormous. Many Almajirai grow up without formal education, skills, or prospects for the future. Deprived of opportunities, some become vulnerable to criminal recruitment or radicalisation. It is a humanitarian crisis that continues to grow silently in plain sight.

In recent years, several administrations have promised reforms. The Goodluck Jonathan government, for example, launched a programme to integrate the Almajiri system with basic education by building special schools across the North. Sadly, most of those schools have either been abandoned or converted to other uses due to poor implementation and lack of continuity.

The time has come for both federal and state governments to revisit the issue with sincerity. Reform must go beyond building classrooms. It must involve a complete restructuring that prioritises the welfare, education, and future of every child. Government must work with religious leaders and traditional institutions to design a model that preserves the moral teachings of Islam while ensuring that children are not left to roam the streets.

Community participation is also crucial. Parents and guardians must be sensitised on the dangers of sending their children away without supervision. Poverty is often the main reason behind this practice, so tackling it requires broader social welfare programmes, including free basic education, school feeding, and parental support schemes.

The role of religious leaders cannot be overstated. They must use their influence to advocate for a humane and modern approach to Quranic education. Islam encourages the pursuit of knowledge but does not sanction child neglect. Reimagining the Almajiri system must therefore align with both faith and social responsibility.

Civil society groups and the private sector can also contribute by supporting community-based schools and vocational centres where Almajiri children can acquire practical skills alongside religious learning. This will help integrate them into society and reduce the number of children living on the streets.

Education remains the most powerful tool for transforming lives. Every Nigerian child, regardless of background, deserves access to quality education in a safe environment. Allowing millions of children to live as beggars is not only an injustice to them but also a threat to the country’s future.

There is also a public health dimension to the crisis. Almajiri children, often living in unsanitary conditions, face constant exposure to diseases and malnutrition. Their situation undermines national efforts to improve public health and fight poverty.

A deliberate, well-coordinated national plan is needed to phase out the exploitative aspects of the Almajiri system. The solution lies in integration, rehabilitation, and empowerment, not neglect. Education ministries, social welfare agencies, and faith-based organisations must work together to ensure no child is left behind.

Ultimately, the Almajiri problem is not just a northern issue but a national one. A society that allows millions of its children to beg on the streets cannot claim progress. Nigeria must confront this reality and take decisive steps to end a system that perpetuates poverty and ignorance.

If the nation fails to act now, the cost will be enormous. The uneducated children of today could become the disillusioned adults of tomorrow. Reforming the Almajiri system is therefore not an act of charity but an urgent investment in Nigeria’s stability, security, and development.

Hauwa Ibrahim, Department of Mass Communication, University of Maiduguri.

By Oluwapelumi Oluwagbotemi Arobieke

Drug abuse has become a major concern in Nigeria, particularly among the youth. Many young Nigerians have fallen prey to the lure of sedatives and other illicit substances, often without a doctor’s prescription. This trend is not only alarming but also devastating, as it has the potential to destroy the future of these young individuals.

The victims of drug abuse often mistakenly believe that getting high will help them cope with depression and other emotional challenges. However, this couldn’t be further from the truth. Drug abuse only serves to exacerbate these problems, leading to a downward spiral of addiction, health issues, and social problems. The consequences of drug abuse are far-reaching and devastating, affecting not only the individual but also their families and communities.

According to the Centers for Disease Control and Prevention (CDC), substance abuse can affect brain development and growth in youth, leading to risky behaviors, mental health issues, and a host of other problems. The physical effects of drug use on youth include paranoia and hallucinations, dangerously high body temperatures, irregular heartbeat and heart palpitations, heart attack or failure, stroke, seizures, and sleep disorders. In addition to these physical effects, drug abuse can also have severe mental and emotional consequences, including poor judgment, declines in academic performance, dependence on drugs, and mental health disorders.

There is a strong link between substance abuse and delinquency. According to the Office of Juvenile Justice and Delinquency Prevention, youth who use drugs are more likely to commit crimes, including violent and income-generating crimes. This is evident in the recent disorderliness in Nigeria, which could be attributed to drug abuse. A great percentage of perpetrators who have been brought to book are victims of drug abuse. Their masters brainwash them and furnish them with illicit drugs before sending them on evil errands.

To address the scourge of drug abuse among Nigerian youths, it is essential that we work together to create a safer and healthier society. This requires a collective effort from parents, educators, healthcare professionals, and law enforcement agencies. We must also support the National Drug Law Enforcement Agency (NDLEA) in its efforts to combat drug abuse and trafficking. By working together, we can help to prevent the spread of illicit substances and provide support to those affected by drug abuse.

In conclusion, drug abuse is a major concern in Nigeria, particularly among the youth. It is essential that we recognize the dangers of drug abuse and take action to prevent it.

Oluwapelumi Oluwagbotemi Arobieke, Department of Mass Communication, University of Maiduguri.

By Sabiu Abdullahi

African Democratic Congress (ADC) presidential candidate, Atiku Abubakar, has accused President Bola Tinubu’s administration of worsening poverty and economic hardship in Nigeria.

Atiku said he would continue to challenge the policies of the Tinubu administration, arguing that they had reduced Nigerians’ purchasing power.

The former vice-president made the remarks in a statement issued by his media aide, Phrank Shaibu, amid an ongoing political dispute over criticism of the President.

Atiku said: “A President who can inflict this much pain on Nigerians should be able to survive hearing his own name.

“If Tinubu feels disrespected by being called his own name, he should imagine how Nigerians feel after being stripped of their purchasing power, crushed by inflation and instructed to endure hardship while those in power live extravagantly at public expense.

“Respect for the presidency cannot be demanded through intimidation. It must be earned through competent leadership, compassion and results.

“And he certainly does not have to wait for the campaign trail before demanding relief for millions of Nigerians whom Tinubu’s policies have pushed into poverty.

“Opposition is not seasonal. Accountability does not observe an electoral timetable.

“If Tinubu’s government can impose hardship every day, Atiku has the right to challenge it every day.

“Only people insulated from hardship by public funds could describe the daily misery of millions as “transient discomfort.”

“For the hungry child, this is not discomfort. For the bankrupt trader, this is not reform. For the unemployed graduate, this is not a foundation. It is failure.

“Tinubu removed the petrol subsidy without a coherent plan to protect Nigerians from the consequences.”

The former vice-president’s comments come amid continuing political exchanges between the Tinubu administration and opposition figures over the impact of the government’s economic reforms.

Atiku is expected to contest the 2027 presidential election on the ADC platform, while the Tinubu administration has maintained that its economic reforms are intended to address structural problems and place the economy on a stronger footing.

By Sabiu Abdullahi

A Nigerian academic at the University of Fort Hare in South Africa, Dr Ayodele Odularu, has been found dead at her residence in the Eastern Cape Province.

Odularu, who was 51 years old, reportedly died on August 16, according to her brother, Gbadebo Odularu, who spoke with Punch’s Diaspora Tales.

A member of the deceased’s family, who spoke anonymously, said relatives did not believe her death was natural. The family member added that the circumstances surrounding her death remained unclear.

The family has consequently called for an investigation into the circumstances surrounding the lecturer’s death.

In a GoFundMe statement released by Gbadebo on behalf of the family, Odularu was remembered as a scholar who “dedicated her life to knowledge, discovery, and creating a better future for communities”.

The family further stated that “although her journey on earth ended too soon, the impact of her life continues through the people she inspired, the knowledge she shared, and the communities she hoped to serve”.

“Ayodele was far more than a sister. She was a cherished daughter, aunt, friend, mentor, scholar, and a source of encouragement, compassion, wisdom, and strength to everyone blessed to know her,” the statement reads.

The statement also described her personality and her contribution to academia.

“Her presence brought warmth into every room. She was known for her kindness, infectious laughter, generosity, resilience, and unwavering commitment to uplifting others. She had a rare ability to make people feel valued, heard, and inspired.

“Dr. Ayodele Odularu dedicated her life to knowledge, discovery, and creating a better future for communities.

“As an Independent Senior Researcher at the University of Fort Hare Community, she contributed meaningfully to academic research and the advancement of knowledge through her scholarly work.”

The University of Fort Hare held a memorial service in her honour on Thursday.

Her death comes at a time of heightened concern over attacks against Nigerians and other African nationals in South Africa.

The Federal Government has, since June, facilitated the evacuation of 1,716 Nigerians from South Africa amid reports of xenophobic attacks in the country.

The circumstances surrounding Odularu’s death remain subject to investigation.

By Sabiu Abdullahi

The Nigeria Security and Civil Defence Corps (NSCDC) has appointed Abdulhamid Kabara as the new Commandant of its Niger State Command following the deaths of 37 suspected illegal miners in the corps’ custody in Minna.

Kabara replaces Suberu Aniviye, whose suspension as the state commandant followed the deaths recorded on Thursday.

The NSCDC spokesman in Niger State, Abubakar Muti, disclosed in a statement on Saturday that Kabara formally assumed duty and took charge of the command on Friday, September 18.

The Federal Government had earlier directed the immediate suspension of Aniviye after the deaths of the 37 suspects.

Muti said the new commandant assumed office at a sensitive period for the command because of the incident involving persons arrested over suspected illegal mining activities in the state.

“The assumption of office comes at a particularly sensitive period for the Command, following the unfortunate deaths of some persons arrested in connection with suspected illegal mining activities in the State,” the statement reads.

According to the statement, Kabara expressed “deep sadness over the loss of lives and extended his heartfelt sympathy to the families of the deceased and everyone affected by the unfortunate incident”.

The new commandant reaffirmed the corps’ responsibility to tackle illegal mining through arrests, investigations and enforcement. He, however, stressed that the protection of human life must remain a central consideration.

“At a moment like this, beyond arrests, investigations, enforcement and the fight against illegal mining, we must remember one fundamental truth: every human life matters,” he said.

“The loss of any human life is painful, and our thoughts and prayers are with the families who are mourning at this difficult time.”

Kabara also said law enforcement responsibilities must be carried out alongside measures that protect the dignity, safety and welfare of people held in custody.

His deployment comes amid ongoing attention to the circumstances surrounding the deaths of the 37 suspected illegal miners while they were in NSCDC custody in Minna.

By Abdullahi Mukhtar Algasgaini

The Federal Government has constituted a 10-member independent committee to investigate the reported deaths of 37 people held in the custody of the Nigeria Security and Civil Defence Corps (NSCDC), Niger State Command, on suspicion of illegal mining.

The Minister of Interior, Hon. Olubunmi Tunji-Ojo, who announced the panel, also directed the suspension of all officers involved in the incident pending the conclusion of the investigation.

The action followed a directive by President Bola Ahmed Tinubu for a comprehensive, transparent and unhindered investigation into the incident, which occurred on Thursday, 17 September 2026.

Describing the deaths as deeply disturbing, the Minister said the government owes the families of the deceased and the Nigerian public a transparent account of the events leading to the incident.

The committee is expected to establish the identities of the deceased and investigate their arrests, detention and the cause and circumstances of their deaths.

It is also to determine responsibility, complicity, negligence and misconduct, and recommend appropriate action, compensation where applicable, and measures to prevent a recurrence.

Tunji-Ojo directed the NSCDC leadership and all relevant officers to cooperate fully with the committee, while ordering that all records and material evidence connected to the incident be preserved and made available to investigators.

“Any attempt to destroy or conceal evidence, intimidate witnesses or obstruct the investigation will be treated as a serious offence,” he warned.

The committee may co-opt relevant experts, access all necessary facilities and documents, visit relevant locations and request memoranda from members of the public. It has two weeks to complete its work and submit its report to the Minister.

The members of the committee are:

1. Mr Jonathan Kure, mni, retired Deputy Director-General, Department of State Services — Chairman

2. Prof. Isa Hayatu Chiroma (SAN), former Director-General of the Nigeria Law School — Secretary

3. AIG Hosea Hassan Karma (retired)

4. Prof. Olayinka Buhari, Professor of Histopathology and former Chief Medical Director of the University of Ilorin Teaching Hospital

5. Representative of the Minna Emirate Council

6. Representative of the Niger State Government

7. Alhaji Liman Sulaiman, National Secretary, Miners Association of Nigeria

8. Mr Deji Adeyanju, lawyer and human rights activist

9. Mrs Zainab Suleiman Okino of Blueprint Newspaper

10. Dr. George Agbakahi, Public Affairs Analyst

The suspended officers, in addition to the Niger State Commandant of the Corps, are:

1. O/C Station Guard, SC Usman Isah Ndamaka

2. Station Guard, ASCI Hassan Mohammed

3. Station Guard, CCA Bala Mohammed

4. Arresting Officer/O/C Investigation, CSC Oluwadare Sunday

5. Arresting Officer, DCC Obafemi Elvis

6. Arresting Officer, CSC Annas Shitto Lamino

7. HOD INT/INV, DCC Philip Ajayi

8. O/C Legal, ACC Barr. Stephen Tsado

9. Day/Night Duty Officer, ASCI Alhassan Mohammed

10. Guard Duty, IC Abdullahi Sale

11. Guard Duty, IC Mohammed Sonfada

12. Guard Duty, CAI Liman Abubakar

13. Guard Duty, CAI Bala Usman

14. Guard Duty, IC Mohammed Jiya

15. Guard Duty, DSC Isah Suleiman

16. Guard Duty, CAI Ahmed Wushishi

17. Guard Duty, IC Sale Adamu

18. Guard Duty, IC Haruna Mohammed

19. Guard Duty, ASCI Aliyu Sallah

20. Guard Duty, CAI Isah Sanusi

The Minister extended his condolences to the families of the deceased and appealed for calm while the investigation continues.

By Sabiu Abdullahi

Former Vice-President Atiku Abubakar has rejected allegations by the All Progressives Congress (APC) Presidential Campaign Council that he compromised Nigeria’s interests in the Mambilla hydropower project.

Atiku, the African Democratic Congress (ADC) presidential candidate, said the International Chamber of Commerce (ICC) arbitration tribunal in Paris did not find him guilty of corruption or rule that he received a $500,000 bribe linked to the project.

His response came after the APC campaign council called on him to withdraw from the 2027 presidential race over allegations connected to the Mambilla project and a payment made to Jennifer Douglas, his then-wife, in 2003.

The dispute followed the ICC tribunal’s recent ruling in favour of Nigeria in the arbitration involving Sunrise Power and Transmission Company Limited and the Federal Government.

The tribunal rejected Sunrise’s claims over the Mambilla project and ordered the company and its promoter, Leno Adesanya, to reimburse Nigeria for part of its legal expenses. Reports on the award put the recoverable Nigerian legal costs at about $11.82 million.

A major issue examined during the arbitration was a $500,000 payment that Adesanya transferred through China Castle Investments Limited to Douglas’s United States bank account on January 30, 2003.

Adesanya told the tribunal that the money represented a foreign-exchange transaction carried out for Atiku. The tribunal, however, rejected his explanation because it was not supported by sufficient documentary evidence.

The APC subsequently linked the payment to negotiations over the Mambilla project and alleged that Atiku, who was vice-president at the time, worked with then Minister of Power Olu Agunloye to facilitate the contract.

Atiku, through a statement issued by his Senior Special Assistant on Public Communication, Phrank Shaibu, challenged the APC to identify where the ICC award made the alleged finding against him.

He accused the ruling party of presenting allegations considered during the arbitration as though they amounted to a corruption verdict.

“The APC cannot manufacture the missing finding simply because the actual award does not provide the political conclusion it desperately wants,” Atiku said.

He added:

“Nigeria alleged before the tribunal that the transfer was connected to the disputed Mambilla contract. Sunrise and Adesanya denied that allegation.

“Adesanya offered an explanation which the tribunal did not accept.

“But an unsuccessful explanation by Leno Adesanya does not automatically become a corruption verdict against Atiku Abubakar.

“I was not a member of the technical process that evaluated the competing proposals and recommended Sunrise. I did not sit on the procurement panel.

“I did not award the contract. So anyone alleging that I manipulated that process has a simple responsibility: show the instruction I gave, show the intervention I made, and show the paragraph of the tribunal award where that corrupt influence was found.

“If the tribunal wanted to find that the $500,000 was a bribe paid to Atiku, it could have said so plainly. If it wanted to find that Atiku abused his office to procure the contract for Sunrise, it could have said so plainly.

“The APC cannot insert into an international arbitral award words and conclusions that the arbitrators themselves did not put there.”

Atiku Rejects Claim That Tribunal Summoned Him

The former vice-president also disputed the claim that the tribunal summoned him to give evidence but that he refused to appear.

He said the fact that former Presidents Olusegun Obasanjo and the late Muhammadu Buhari participated in the proceedings did not mean that he was also summoned.

“For the avoidance of doubt, I was not a party to the arbitration and I did not testify before the tribunal,” Atiku said.

“The reported contents of the award do not establish that the tribunal summoned me, ordered me to testify or found that I disobeyed any directive to appear.

“There is a world of difference between a party to an arbitration attempting to secure somebody’s testimony and the tribunal itself summoning that person to appear.

“Those distinctions matter. The APC cannot erase them simply because doing so makes for a more convenient headline.”

Atiku also compared the allegations against him with the long-running controversy over a $460,000 forfeiture involving President Bola Tinubu in the United States.

The ICC proceedings themselves examined Atiku’s role in the Mambilla project and his reported involvement in discussions around the project. However, reports on the final award indicate that the tribunal did not make a finding that Atiku personally received the $500,000 as a bribe.

The arbitration arose from a dispute between Sunrise and the Nigerian government over the Mambilla hydropower project. Sunrise had sought billions of dollars in claims against Nigeria, but the tribunal ultimately ruled against the company’s claims.

The latest exchange has added another political dimension to the Mambilla controversy, with the APC and Atiku offering different interpretations of what the ICC tribunal’s findings mean for the former vice-president.