Hundreds of women, on Friday, staged a walk-out on Mrs. Theresa Ibas, wife of the Rivers State Sole Administrator, Vice Admiral Ibok-Ete Ibas (Rtd), as she mounted the rostrum to speak during an empowerment programme organised by the Renewed Hope Initiative (TRHI) in Port Harcourt, the State capital. 

RHI is the brainchild of Nigeria’s First Lady, Senator Remi Tinubu, aimed at empowering women in the country, especially the less-privilleged.

 

LEADERSHIP learnt that Mrs. Ibas was at the programme, which held at a private facility in Port Harcourt, to represent the First Lady Tinubu and address the women on her behalf at the event, which was billed to feature the presentation of empowerment items to 500 women in the State.

It was further learnt that as the sole administrator’s wife mounted the rostrum and started speaking, chants erupted from the audience: “Give Us Our Governor”, “We Want Sim”, and “We Want Our Governor” rented the air.

Despite efforts by the organisers to calm the situation, the crowd of women insisted on their demands and eventually exited the venue en masse, effectively grounding the event.

 

LEADERSHIP, however, learnt that proposed beneficiaries of the empowerment scheme, which brought the women to the venue together, stayed behind.

 

Reacting to the ugly development, wife of the sole administrator, Mrs. Ibas, underscored the critical role of peace in achieving lasting development, noting that her husband’s appointment as sole administrator of Rivers State was aimed at restoring stability.

She urged residents to support efforts to maintain law and order, ensuring the State returns to its “cherished path of glory.”

Nigeria’s Excess Crude Account (ECA), once a strategic fiscal buffer designed to cushion the economy against oil price volatility, remains alarmingly underfunded despite a significant rally in global oil prices that surpassed the national budget benchmark.

 

The balance in the account stands at a meagre $473,754.57. 

The Accountant-General of the Federation, Shamseldeen Ogunjimi, disclosed the figure during the 149th National Economic Council (NEC) meeting chaired by Vice President Kashim Shettima on Thursday at the Presidential Villa in Abuja.

The current administration under President Bola Tinubu has not made any known remittances into the ECA since assuming office in May 2023.

This is despite international oil prices averaging over $80 per barrel—well above the $77.96 benchmark set in the 2024 Appropriation Act.

 

Established in 2004 by former President Olusegun Obasanjo, the ECA was conceived as a stabilisation mechanism to store oil revenues in excess of budgetary projections. At its peak, the account held over $20 billion during the tenure of President Obasanjo. His successor, Goodluck Jonathan, left the fund at $2.47 billion in 2015.

 

However, under former President Muhammadu Buhari, the account was heavily depleted—falling from $2.47 billion to its current level, with $473,754.57 being the residual sum inherited by the Tinubu administration.

The reasons for the withdrawals have often been opaque, ranging from national security expenditures to infrastructure projects — many of which were not backed by transparent audit trails or legislative approval.

The failure to save during periods of oil boom is not new in Nigeria, but the current situation is drawing renewed scrutiny, especially at a time when the country is grappling with inflation, high debt servicing costs and exchange rate volatility.

 

Analysts argue that with oil prices consistently trading above the budgeted benchmark since the start of 2024, the federal government missed a critical opportunity to rebuild the ECA.

The decision not to remit surplus oil revenues into the fund could expose the country to severe macroeconomic shocks, particularly in a global landscape increasingly prone to geopolitical and economic turbulence.

“What’s worrying is that this government is repeating the same fiscal indiscipline that has plagued successive administrations,” said Dr Chika Onyekwena, an economist at the Centre for the Study of the Economies of Africa (CSEA). “We have a mechanism to save, but it’s not being used even when oil prices are favorable. It’s short-sighted and risky.”

 

Nigeria’s over-reliance on crude oil for over 70 percent of its export earnings and more than 50 percent of government revenues makes it acutely vulnerable to external shocks. The ECA, if effectively managed, provides a cushion against such volatility.

Without such savings, the government may be forced to resort to external borrowing or printing money to fund critical needs in the event of a downturn in oil prices or other external shocks, such as a global recession or a resurgence of pandemic-related disruptions.

“What happens when there’s another oil price crash or an unforeseen global event like COVID-19?” asked Dr Sarah Ibe, a fiscal policy expert. “Without a buffer like the ECA, Nigeria would be exposed to exchange rate shocks, inflationary pressures and a further rise in borrowing, which is already at unsustainable levels.”

 

As of Q1 2025, Nigeria’s public debt is estimated at N97 trillion, with over 90 percent of revenue dedicated to servicing debts — a situation that leaves little room for fiscal maneuvering.

Another recurring concern is the lack of transparency in the management of oil revenues and the ECA itself. The fiscal rule that governs the ECA — saving excess earnings from oil revenues — has often been ignored or circumvented. In many instances, state governors have pushed for the withdrawal of funds from the ECA to augment monthly allocations, undermining its long-term purpose.

Critics argue that without a constitutional framework to protect the ECA from political manipulation, the fund will continue to be treated as a stopgap rather than a strategic savings mechanism.

“The Excess Crude Account is an orphaned fund. No one is truly accountable for its management and that’s a structural problem,” said lead director at the Centre for Social Justice, Eze Onyekpere. “We need legal safeguards and a culture of fiscal responsibility to protect our macroeconomic stability.”

International rating agencies and investors closely monitor a country’s fiscal buffers as indicators of macroeconomic resilience. The failure to replenish the ECA sends negative signals about Nigeria’s commitment to prudent fiscal management and may affect its sovereign credit rating.

With Nigeria already facing low investor confidence due to foreign exchange volatility, persistent inflation, policy inconsistencies and the absence of a robust stabilisation fund could further dent the country’s attractiveness to international capital.

“Global investors look at how you manage your windfalls,” said a finance and energy analyst, Rolake Akinkugbe-Filani. “When you squander opportunities to save, it raises red flags about your long-term stability.”

Despite public concerns and media scrutiny, the federal government has not provided a satisfactory explanation for the continued dormancy of the ECA.

Vice President Shettima, who chaired the latest NEC meeting where the balance was revealed, did not address the issue publicly.

Attempts to get an official response from the Federal Ministry of Finance were unsuccessful as of the time of filing this report as the director of information in the ministry, Mohammed Manga refused to respond to our enquiries.

On social media and in public commentaries, Nigerians have expressed dismay over the government’s apparent unwillingness to restore the fund. Many view the issue as part of a broader pattern of fiscal irresponsibility and lack of accountability in the management of the nation’s wealth.

The current state of Nigeria’s Excess Crude Account is emblematic of deeper structural issues in the country’s public finance management.

The failure to save at a time of oil boom not only deprives the nation of a vital shock absorber but also raises critical questions about the Tinubu administration’s commitment to fiscal prudence.

As oil prices remain volatile and global uncertainties persist, Nigeria may soon find itself confronting a crisis without the safety net it once had unless bold reforms are undertaken to institutionalise savings and enforce accountability in the management of its oil revenues.

The Economic and Financial Crimes Commission (EFCC) has arrested the recently sacked managing directors and top officials of the Port Harcourt Refining Company, Warri Refining and Petrochemical Company, and Kaduna Refining and Petrochemical Company.

Naija News understands that the arrests were made due to the alleged mismanagement of funds allocated to rehabilitate the refineries, totalling $2,956,872,622.36.

According to Saturday Punch’s findings, the EFCC is investigating the misallocation of substantial sums, including $1,559,239,084.36 for the Port Harcourt refinery, $740,669,600 for the Kaduna refinery, and $656,963,938 for the Warri refinery.

The former Managing Director of the Port Harcourt Refining Company, Ibrahim Onoja, and Efifia Chu, the former MD of the Warri Refining and Petrochemical Company, are among those under investigation.

A senior EFCC source, speaking with Saturday Punch on the condition of anonymity, confirmed that the agency’s investigation is focused on the billions of dollars disbursed for the rehabilitation of these state-owned refineries.

The official revealed that several top officials have been arrested, while others are still being sought.

“We are investigating the money that was released for the rehabilitation of all three refineries—money disbursed in recent times. All the principal officers within that time frame are being invited. Some have been arrested already, and we are still on the lookout for others. Nigerians are interested in seeing our refineries work. We are asking: where is the money, and what has happened to the refineries?” the source said.

The investigation covers all key actors involved in managing the refineries during the relevant period and is expected to be far-reaching.

Impeccable sources within the Nigerian National Petroleum Company Limited (NNPCL) disclosed that a former MD being investigated by the EFCC had over ₦80 billion found in his accounts.

The discovery has raised alarm among officials, with one source noting, “Large amounts have been discovered in his accounts. About ₦80bn has so far been discovered in his various accounts. The way things are going, it may be bigger than Emefielegate.”

Another official stated, “All the three of them are being investigated by the EFCC. It is indeed sad!”

 

Veteran fuji musician, Ayinla Kollington, has said that he is the king of fuji without any rival.

He stated this while appearing for an interview on Agbaletu TV. Speaking on why he didn’t attend or contribute to the burial of the mother of another iconic fuji singer, Wasiu Ayinde, aka K1 de Ultimate, Kollington said, “I called him several times, he didn’t pick up and didn’t return the call. I also remembered that when it on New Year’s Day, I also l called him but he didn’t respond. So, I left him alone.

“If it is because he is the head of the princes, it is in his hometown in Ijebuland, not in the Fuji industry. Even if he says he wants to be the head of the fuji industry, there is a song (he sang it), does he want to be God? You became the head of the princes and still want to be the head of the Fuji industry. Why not kill me then, when it isn’t pap that we eat? It isn’t possible, even if he attempts. I, as a person, Alhaji General Kollinton Ayinla, expect death from God come. If the one that I survived from didn’t claim my life, no one can kill me again except death from God comes, like the one that almost did.”

In the video, Ayinla was seen responding to the questions of his relationship with fuji music and stakeholders in the industry. 

“When they ask, who is the head of Fuji Music, both here and abroad, it is my name that will be mentioned.” He mentioned that if that were the case, he would have done so publicly for all fuji musicians.

He also mentioned that he is the number one authority of fuji music in Nigeria and abroad, using one of K1 De Ultimate’s songs to reiterate his claims.

I don’t know why some people like to beat about the bush when they know the truth. Some people are looking for network. By the grace of God, K1 has got the network, and he has risen. He is blessed. That doesn’t mean that tomorrow, he would begin to talk about ‘number one, or number two’. I am the authority of fuji music in Nigeria and abroad

 

We recall that a similar video of his colleague, Wasiu Ayinde, popularly known as K1 D Ultimate, sharing his experience and journey into fuji music was posted last week on Dele Adeyanju’s YouTube page

Narrating the beginning of his journey into music, he mentioned that it was Sikiru who called him while they were still in the army and told him to begin their music career. He mentioned that it was after he wrote a letter to the Orderly room that he was a bit confident and started singing. He added that although fuji exited before he began singing and he suffered a lot because of fuji music. “It was me and Sikiru that began fuji music”

Suspended Kogi Central Senator, Natasha Akpoti-Uduaghan, has distanced herself from the claims made by one Sandra Duru in a viral Facebook video on May 1, 2025, describing them as “entirely untrue” and “most manipulated.”

 

In a statement issued to journalists on Friday in Abuja, Senator Akpoti-Uduaghan said the Facebook livestream, which included audio elements purporting to feature her voice, was doctored to serve what she termed the “ulterior motive” of Duru, allegedly acting in concert with Senate President Godswill Akpabio.

 

“The content of the livestream including the voice effect credited to me are entirely untrue, and most manipulated to serve Sandra Duru’s ulterior motive of playing the script of Senator Godswill Akpabio,” she said.

Reacting to specific utterances in the video, Senator Akpoti-Uduaghan firmly denied making derogatory remarks against prominent figures such as Dr. Oby Ezekwesili, Dr. Abiola Akiyode, the International Federation of Women Lawyers (FIDA), and other Nigerians, who were described in the video as “gullible and hungry.”

“To the best of my knowledge, those words… are crazy falsehood and did not emanate from the natural cause of any contact involving me,” the female Senator said.

 

She further revealed that her recent findings linked Sandra Duru to a previously known Facebook persona known “Prof. Mgbeke,” raising questions about identity manipulation and intent behind the controversial broadcast.

 

While noting that she would issue a detailed response “in the nearest of time,” Senator Akpoti-Uduaghan urged the public to disregard the contents of the livestream and warned against the spread of misinformation.

Rivers women walked out of an empowerment programme facilitated by Nigeria’s First Lady, Senator Remi Tinubu on Friday, rejecting the presence of Mrs. Ibas, wife of the state’s sole administrator.

 

The event was held at the EUI Event Centre in GRA, Port Harcourt.

 

The women insisted that only the wife of suspended Governor Siminalayi Fubara should address them. When this did not happen, they stood up in unison and left the venue.

 

Several chants of “We want SIM!” and “We want Valerie Fubara!” were heard.

 

They added, “We don’t know Ibas. Tinubu is our President, and our governor is Sim Fubara.”

 

This act of protest is the latest in a series of reactions against the suspension of Governor Fubara by President Bola Tinubu in March.

 

On May Day, workers refused to take part in the usual celebration. Instead, they protested what they described as an emergency rule in the state

Former Vice President Atiku Abubakar has warned President Bola Tinubu, calling on him to rein in his son, Seyi Tinubu, over serious allegations of assault, abduction, and bribery levelled by the President of the National Association of Nigerian Students (NANS), Comrade Atiku Abubakar Isah.Nigerian political art prints

 

In a statement released by Paul Ibe of the Atiku Media Office, the 2023 presidential candidate of the Peoples Democratic Party (PDP) described the claims made by Comrade Isah as “deeply alarming,” warning that they threaten democratic norms and civil liberties in Nigeria.

 

“That such grave accusations are being levelled against a member of the First Family is both disturbing and dangerous. Had this incident ended fatally, it would have been another addition to the growing list of atrocities committed by criminal elements in the country,” Atiku said.

 

The former Vice President noted that if true, the implication of Seyi Tinubu in such conduct is “horrifying,” and further alleged that the President’s son may be wielding undue influence over top security officials.

 

“It is intolerable that the First Family would attempt to subjugate NANS or any civil society organization through threats, bribery, or brute force. Nigeria is a democratic republic — not a monarchy handed down to one family,” Atiku declared.

 

He called on Nigerians to reject what he termed the Tinubu family’s “rabid drive to consolidate political power through manipulation and fear.”

 

While dismissing any insinuation that he orchestrated the controversy in collaboration with Comrade Isah, Atiku clarified that his meeting with the student leader was focused strictly on education reforms and student welfare, citing his own educational initiatives like the American University of Nigeria (AUN) and AUN Academy.Nigerian political art prints

 

He stressed that Comrade Isah’s allegations must be investigated independently, especially given suggestions that security agencies failed to protect him and may even be complicit.

 

“We issue a clear warning: nothing must happen to this young man. Any harm to him will not go unnoticed or unchallenged,” the statement read.

 

Atiku reaffirmed his commitment to democracy, the rule of law, and education as a pillar for national development, insisting that he would not be distracted by “false narratives or cowardly intimidation.”

Pan-Yoruba socio-political organization Afenifere has strongly condemned allegations levelled against Seyi Tinubu, son of President Bola Tinubu, by Atiku Abubakar Isah, the factional President of the National Association of Nigerian Students (NANS).

 

In a statement issued on Thursday and signed by Abagun Kole Omololu, the group’s National Organising Secretary, Afenifere described the claims as “salacious, fallacious, and politically motivated,” accusing Isah of being a puppet for anti-Tinubu forces.

 

According to the group, a banner displayed at Isah’s controversial inauguration featured images of former Vice President Atiku Abubakar, former minister Rotimi Amaechi, and other opposition figures.

 

Afenifere said that Isah is being sponsored to attack the Tinubu administration through unfounded accusations.

 

“It is clear that Mr. Isah is a political actor masquerading as a student leader. His attacks on Seyi Tinubu are simply an attempt to smear the President through his family,” the statement read.

 

Afenifere further argued that Isah provided no concrete evidence linking Seyi Tinubu to any of the alleged misconduct he claimed to have suffered, describing the allegations as “a proxy war waged by a coalition of strange bedfellows seeking power at all costs.”

 

“They are too cowardly to throw these arrows using their real names, so they sponsor a local actor like Isah to do their bidding.

 

“This is not politics; it is a dangerous descent into toxic propaganda,” the group stated.

 

Afenifere called on the public and political actors to be vigilant and resist what it described as “uncivilised politicking,” warning that such tactics threaten the country’s unity and democratic stability

Gbemisola Taiwo, a Nigerian woman, has recounted how her efforts and sacrifices to pursue a master’s degree in the United States ultimately ended in a heartbreaking visa denial.

 

In her post on X (formerly Twittter), Taiwo revealed that she diligently saved her entire National Youth Service Corps (NYSC) allowance, alongside a portion of her salary, to fund her U.S. master’s application.

 

Throughout her service year, she refrained from spending any of her NYSC monthly stipend.

 

Instead, she added ₦200 from her job each month to her savings, eventually accumulating ₦20,000.

 

Taiwo explained how she used this money to cover various application expenses, including fees, transcript submissions, and other related costs associated with applying to study in the U.S.

 

“I didn’t touch my NYSC allowance at all,” she wrote. “At the time, I was working with a company, and I would take out ₦200 from my salary, then add it to the allowance to make it ₦20,000.”

 

Despite her efforts and sacrifices, Taiwo’s visa application was ultimately denied. “Every single dime was wasted,” she lamented, expressing her deep disappointment and emotional distress. “I cried ehn.”

 

She continued, narrating how she bounced back from the setback.

 

“Truth is, I honestly can’t remember the exact “how.” What I do remember is how deeply crushed I was. I felt like I had lost everything. That NYSC allowance meant the world to me. That was the most money I’d ever saved at the time and it was all gone in one moment.

 

“But life didn’t stop there. I got a job immediately after NYSC, and my starting salary was ₦100k. Slowly, I began to save again. That experience taught me the discipline of saving; even when it hurts. It didn’t work out back then, but those same habits helped me save towards my UK master’s, which I eventually did in 2022.

 

“And that decision has been one of the most rewarding things I’ve done with my life. Some setbacks come to sharpen you for the next level. And maybe this story didn’t end the way people expected. But that’s life. Sometimes the redirection is the real blessing. Trust me, at the time I thought that was the worst thing to ever go through in life, but the truth? I’ve been through worse and came out of it. God is good!”