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Illegal oil deals: FG to expose officials behind $69bn loot in US banks

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The Federal Government says it has begun gathering evidence on government officials linked to the alleged looting of $69bn (N28.3tn) stashed in various bank accounts in Texas, the United States.

The loot reportedly accrued from illegal oil deals involving some officials of the government-owned Nigerian National Petroleum Corporation and the Central Bank of Nigeria during the Goodluck Jonathan administration.

The PUNCH on Friday exclusively reported that an American assets recovery firm, Forensic Assets Investigation and Recovery Services LLC, discovered the $69bn loot.

Findings showed that the American company, FAIR, is a specialist in anti-corruption asset recovery working independently to trace and help repatriate money stashed away in foreign bank accounts and loot converted to real estate, luxury items, yachts and the money markets.

The firm, founded by a lawyer, Gary Riebschlager, comprises investigators, forensic accountants, bankers, and cyber experts who utilise Mutual Legal Agreements and global Financial Intelligence Units, Camden Assets Recovery Inter-Agency Network, Global Focus Point Network in Asset Recovery (Interpol), and the Stolen Asset Recovery Initiative of the World Bank.

In a January 2019 confidential memo to the Special Presidential Investigation Panel, FAIR said it could help the Federal Government recover the money if hired and compensated for its services.

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Out of the loot, $9bn was reportedly traced to a Texas bank account allegedly belonging to the late National Security Adviser, General Andrew Azazi.

Azazi died in a helicopter crash in Okoroba, Nembe Local Government Area of Bayelsa State in December 2012 alongside the Governor of Kaduna State, Patrick Yakowa, and others.

Two months after FAIR wrote the SPIP, the latter wrote a letter dated March 18, 2019 to the President, Major General Muhammadu Buhari (retd), on the matter, explaining FAIR’s proposal.

SPIP stated that FAIR assured that the $9bn allegedly stolen by Azazi could be recovered within three to five months.

The SPIP’s letter to the President, with reference number SPIP/SH/2019/VOL.1/1, was titled, ‘American assets investigation and recovery company has traced a definite $9bn funds linked to the late Gen Azazi.’

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The letter was signed by a former SPIP Chairman, Okoi Obono-Obla.

It read in part, “In January 2019, an American assets recovery company, Forensic Assets Investigation and Recovery Services LLC, sent a confidential memo to us stating the discovery of a definite total amount of $9bn in the State of Texas linked to the late General Azazi (former NSA), plus an additional huge amount in excess of $60bn from multiple sources of illegal sales of crude oil from Nigeria into the entire United States of America.

“Mr President, the confidential memo to us prompted our agency to seriously engage the US company to determine the veracity of the information, which resulted in an official invitation to them that they may visit us to further discuss and agree on steps needed to recover and return the funds to the Nigerian government.”

“Follow-up information from the Americans indicate that the definite $9bn can be recovered and returned to Nigeria within 3 to 5 months, if engaged and expense fee is provided, while compensation and charges shall be paid upon recovery. They also informed us that the major funds were stolen via the NNPC and the Central Bank of Nigeria,” the letter to the President further stated.

Following the overwhelming evidence provided by the assets recovery company regarding the $9bn and their capacity to recover and return the fund,  the SPIP explained that it decided to engage the American forensic experts on a face-to-face meeting scheduled for March 29, 2019.

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The panel also attached a copy of the firm’s acceptance letter to its memo to the President and sought Buhari’s approval for the planned meeting with the American company.

The memo noted, “Mr President, we intend to work together with the Americans in order to secure the recovery of the definite $9bn within 3-5 months they stated and to engage them to see and recover the larger part of the estimated $60bn-$80bn stolen from Nigeria during the oil boom. Also, to engage the NNPC and the CBN in the overall recovery of those funds in the United States.

“Our prayers to the President are: To approve the engagement of the American company to recover the funds and assets in the US and to approve the support of the visiting American firm to integrate software technology in the CBN in order to trace fraud funds.

“To approve the presence of interface offices of the Special Presidential Investigation Panel in NNPC and the CBN. Your Excellency, the immediate recovery of the identified $9bn within the stated timeframe of 3-5 months will totally eliminate borrowing to fund the 2018 budget deficit and sustain the 2019 budget.”

However, two years after the SPIP notified the President of the loot, the Federal Government was said to have not taken concrete steps to recover the money.

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Also, Obono-Obla had yet to conclude the recovery process when he was removed from the panel by the President and replaced by the Solicitor-General of the Federation and Permanent Secretary, Federal Ministry of Justice, Dayo Apata.

Over 400 criminal and graft cases retrieved from the SPIP by the office of the Attorney-General and Minister of Justice were also found to have been abandoned.

However, the Attorney General of the Federation and Minister of Justice, Abubakar Malami (SAN), on Friday told one of our correspondents that the Federal Government had swung into action with the aim of getting adequate information on the $69bn loot allegedly hidden in American banks in Texas as well as the government officials involved.

The AGF also said the relevant bank details would be traced.

Malami’s Special Assistant on Media and Public Relations, Dr Umar Gwandu, who spoke on behalf of the minister, said the government was at the information-gathering stage and would work on verifiable information.

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Gwandu said, “The government has swung into action to generate adequate information on the alleged $69bn, inclusive of the Nigerians involved, incidental bank details, and actionable intelligence to enable us to deal with the matter.

“The details of the alleged lawyers involved and what information is at their disposal can also be very helpful.

“The office of the Attorney General of the Federation works on cogent and verifiable information, not on media sensations or on speculations.”

Gwandu said the Buhari regime had the track record of repatriating stolen funds stashed in foreign accounts, saying it was one of the “visible and indelible” successes recorded by the regime.

He said, “The Office of the Attorney General has established a historical record of acting on cogent and verifiable information that has led to the recoveries of looted assets upon valid revelations that are subjected to integrity test by the assets recovery units of the office of the Attorney General of the Federation.

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“The integrity test of information is not media-based but a process being conducted through the laid-down official process in compliance with the extant laws.

“One of the prime and uncompromising policies of the present administration under the leadership of President Muhammadu Buhari is the fight against corruption.”

We have nothing to say now–NNPC

Meanwhile, the Group General Manager, Group Public Affairs Department, NNPC, Kennie Obateru, told one of our correspondents that the corporation had nothing to say about the allegations.

“You know the way NNPC is run, particularly on issues like this. We don’t have anything to say about it,” he stated.

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However, some officials of the NNPC who spoke on condition of anonymity, expressed doubt over the authenticity of FAIR’s findings.

“What is the entire budget of the country for a company to come up with an allegation that $69bn from illegal oil deals by NNPC was traced to American accounts?” asked an official, who requested not to be named due to the nature of the matter.

The official added, “Because somebody made an allegation does not mean that it has become a fact. Proper investigations should be done.”

Besides, as of the time of filing this report, efforts to get the reactions of the CBN, Ministry of Finance, Budget, and National Planning had yet to yield positive results.

SERAP, CACOL, SAN, lawyers call for thorough probe

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However, civil rights organisations, including the Socio-Economic Rights and Accountability Project and the Coalition Against Corrupt Leaders, have called on the Federal Government to conduct a thorough probe of the alleged $69bn loot in Texas banks.

The Executive Director of SERAP, Adetokunbo Mumuni, in an interview with Sunday PUNCH, said there were certain international procedures that Nigeria could follow to recover the looted funds, adding that the money was needed in the country.

He said, “The Nigerian authorities should investigate how the money got to the said accounts and hold whoever is/are responsible for it accountable so that the money does not get finally lost.”

Also, the Executive Director, CACOL, Debo Adeniran, said no stone should be left unturned in ensuring that the loot was repatriated back to the country.

“All of us should be vigilant, the media and the anti-corruption agencies, to ensure that no stone is left unturned on this matter,” he said.

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Adeniran argued that the fraud happened in the first place because institutions such as the Ministry of Petroleum Resources, Office of the Accountant General, and anti-corruption agencies did not perform their duties of monitoring the receipts and expenditures of oil revenue.

He said, “There are international protocols which the Attorney General ought to have commenced but has been reluctant to do.

“The Auditor-General, Accountant General, and the minister under who it happened must answer questions.”

Also, a human rights lawyer and former General Secretary of the Committee for the Defence of Human Rights, Malachy Ugwumadu, said it was the responsibility of the government to recover stolen funds.

He said, “The government should try to avoid the pit-holes that we have all been encountering in the efforts to recover stolen funds in the past.

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“Some of those pit-holes include the lengthy period of time that it takes to recover them.

“Take a look at the (Sani) Abacha loot, do you remember when Abacha ruled Nigeria?”

The lawyer advised that the issue should be tackled at the level of diplomatic engagement so that the loot would be “almost automatically” repatriated.

Meanwhile, the Convener, Coalition in Defence of Nigerian Democracy and Constitution, Dare Ariyo-Akintoye, tackled the Buhari regime, saying it had no good reputation in dealing with foreign loot recovery firms.

He said, “Ordinarily, the Buhari administration is incapable of such recoveries, but if it can swallow its pride and seek the help of global assets recovery firms, it has a chance.”

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Also, a Senior Advocate of Nigeria, Mike Ozekhome, urged the government to recover the loot and use it for the benefit of Nigeria in a transparent and accountable way.

“The government should go ahead and recover the funds. It’s Nigeria’s money and it should be recovered and used for the Nigerian people. And there must be transparency and accountability in the use of the money.

“What projects is the money being used for? How is it being used? Where will it be kept first when it comes? How much is it? There must be transparency and accountability about it,” he said.

Meanwhile, when asked if the Economic and Financial Crimes Commission would investigate the graft case, the commission’s spokesperson, Wilson Uwujaren, simply said the agency doesn’t give advance notice of its investigations.

He also declined to speak further.

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The Independent Corrupt Practices and Other Related Offences Commission spokesperson, Mrs Azuka Ogugua, could not be reached for comment on Saturday.

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Anambra Communities Boil As Group Carpets Traditional Rulers Over Zoning

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By Okey Maduforo, Awka

Ten communities that make up Anaocha Local Government Area of Anambra State are set for a showdown with their traditional rulers following the alleged suspension of the zoning arrangement for the Anambra State House of Assembly elections.

Recall that on April 7, 2022, the traditional rulers, in a Memorandum of Understanding (MoU), resolved that the House of Assembly seats for Anaocha I and Anaocha II constituencies would rotate among the ten communities, with each town occupying the seat for two terms.

The traditional rulers further resolved that the rotation would subsist irrespective of the political party through which lawmakers emerge, noting that the arrangement was aimed at ensuring that all ten communities have the opportunity to produce members of the State Assembly in the interest of equity and fairness.

However, the Anaocha Equity Forum, shortly after its meeting, expressed concern over the alleged suspension of the zoning arrangement.

Speaking, the Convener of the Anaocha Equity Forum, Mr. Valentine Okoye, said the forum would not take kindly to what it described as acts capable of destabilising the council area, adding that any such move would be resisted.

“This is a Memorandum of Understanding signed by our traditional rulers, and it has been respected until now. We in the Anaocha Equity Forum see this as a slap on the sensibilities of the ten communities that make up the area,” he said.

“We urge members of the public, political parties, and stakeholders to disregard the alleged position of the traditional rulers, as it does not represent the views and aspirations of our people.

“Our traditional rulers should be mindful of their roles as fathers of their respective communities. They should also understand that they would be held responsible for whatever backlash or consequences may arise from this recent position.

“We call on Governor Charles Soludo to call the traditional rulers to order so that the peace currently enjoyed in Anaocha Local Government Area will not be disrupted,” he stated.

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Mass exodus: Obi, Kwankwaso exit rocks ADC, 18 lawmakers join NDC

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The exit of Peter Obi and Rabiu Kwankwaso, two prominent opposition figures, has weakened the African Democratic Congress across both chambers of the National Assembly.

The National Democratic Congress, which received Peter Obi and Rabiu Kwankwaso on Sunday, recorded its biggest gains on Tuesday with the addition of 17 House members and a senator. Weeks earlier, its ranks expanded when Seriake Dickson, representing Bayelsa West, defected from the Peoples Democratic Party to join the party.

The development comes a few days after several opposition parties resolved to present a single presidential candidate against President Bola Tinubu in the 2027 elections.

The wave of defection to the NDC occurred 48 hours after Obi and Kwankwaso, two of the ADC’s most prominent figures, formally exited the party. These moves have significantly altered the opposition landscape ahead of the 2027 general elections, setting the stage for shifting political alliances.

Additionally, the latest defectors, drawn from Kano, Anambra, Lagos, Edo, Rivers, and Kogi States, cited internal disarray within the ADC as a major factor that influenced their decision.

While reading their letters on the floor of the House, Deputy Speaker Benjamin Kalu, who presided over the plenary session, said the lawmakers blamed the party’s instability for their departure, noting that the crisis remained “unresolved starting from the ward to the national level.”

The defectors to the NDC are Yusuf Datti, Sani Adamu, Zakari Mukhtari, Kamilu Ado, Harris Okonkwo, George Ozodinobi, Lilian Orogbu, Peter Anekwe, Emeka Idu, Ifeanyi Uzokwe, and Afam Ogene. Others include Lagos lawmakers Thaddeus Attah, Oluwaseyi Sowunmi, George Olwande, and Jese Onuakalusi, as well as Murphy Omroruyi from Edo and Umezuruike Manuchim from Rivers State.

In a separate move, Kogi lawmaker Leke Abejide defected from the ADC to the ruling All Progressives Congress.

The coordinated nature of the defections is widely interpreted as a show of loyalty to Obi and Kwankwaso, whose switch to the NDC is already reshaping opposition dynamics.

Both men are influential political figures with strong regional bases—Obi in the South-East and Kwankwaso in the North-West—and their exit from the ADC appears to have triggered a ripple effect among lawmakers aligned with their political structures.

The ADC’s current troubles did not emerge overnight. In recent months, tensions within the party escalated over leadership struggles, strategy disagreements, and competing ambitions among top figures.

The situation worsened amid reports of irreconcilable differences between Obi, Kwankwaso, and former Vice President Atiku Abubakar, who was also a central figure in opposition coalition talks.

Efforts to build a united front ahead of 2027 reportedly broke down due to mistrust, zoning disagreements, and control of party structures.

Their eventual defection to the NDC marked a turning point. Seen as a more viable platform for consolidating opposition strength, the NDC quickly became a magnet for lawmakers and political actors seeking stability and clearer leadership direction.

With the departure of key figures and a steady decline in its legislative strength, the ADC now faces a daunting struggle to maintain political relevance.

The loss of national figures like Obi and Kwankwaso, combined with the defection of lawmakers across multiple states, appears to have weakened its structure and electoral prospects.

Only last week, the party boasted 24 members of the House of Representatives, but it is now left with six.

Once the dominant opposition party, the Peoples Democratic Party may equally struggle to retain its status.

Though still officially the most formidable opposition in the House, the PDP  currently has 29 members in the Green Chamber, down from 116 members in its ranks at the inauguration of the 10th National Assembly in June 2023.

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2027: Akpabio Moves to Block Ex-Governors from Contesting for Senate President

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Barely a year to the inauguration of the 11th National Assembly, the Senate on Tuesday moved to tighten its internal rules, effectively narrowing the path to its most powerful offices and edging out a class of incoming lawmakers, including serving governors and former senators eyeing leadership positions.

In a move widely seen as pre-emptive, the red chamber, after about three hours of a closed-door session, amended Orders 4 and 5 of its Standing Rules, restricting eligibility for both presiding and principal offices to ranking lawmakers with defined legislative experience.

The amendments come amid growing interest by outgoing governors and political heavyweights, many of whom are positioning to enter the Senate in 2027 to contest for top leadership roles such as Senate President and Deputy Senate President.

Under the Revised Order 4, the Senate reinforced a strict hierarchy for the emergence of presiding officers, stating that “Nomination of senators to serve as Presiding Officers shall be in accordance with the ranking of senators and shall be strictly adhered to.

“The order of ranking are (i) Former President of the Senate, (ii) Former Deputy President of the Senate, (iii) Former Principal Officers of the Senate, (iv) Senators who had served at least one term of four years, (v) Senators who had been members of the House of Representatives, (vi) In the absence of i to v, senators elected into the Senate for the first time,” it stated.

Beyond this ranking structure, the Senate introduced a more stringent provision in Order 5, effectively excluding first-time and non-consecutive lawmakers from contesting principal offices.

The amended rule states: “Any senator shall not be eligible to contest for any principal office of the Senate unless he has served as a senator for at least two consecutive terms immediately preceding nomination.”

The implication is far-reaching: senators-elect who were not members of both the 9th and 10th National Assembly would be ineligible to vie for key leadership roles in the 11th Assembly.

Presiding offices in the Senate include the Senate President and Deputy Senate President, while principal offices comprise Senate Leader, Deputy Senate Leader, Chief Whip, Deputy Whip, Minority Leader, Deputy Minority Leader, Minority Whip and Deputy Minority Whip.

The rule changes come against the backdrop of an intensifying scramble for Senate seats ahead of the 2027 general elections, driven largely by governors completing their constitutionally allowed two terms.

No fewer than 10 state governors and several former governors are already angling to secure senatorial tickets, leveraging their influence over party structures to emerge as consensus candidates in their respective states.

At least 12 of the 36 state governors are in their second and final terms, with 10 set to complete their tenure by May 29, 2027.

The looming transition has triggered a wave of political realignments, with many seeking to maintain relevance and influence by moving to the National Assembly.

Eight of the affected governors are from the ruling All Progressives Congress, while Oyo State Governor, Seyi Makinde, belongs to the Peoples Democratic Party, and Bauchi State Governor Bala Mohammed is aligned with the Allied Peoples Movement.

Those expected to exit office in 2027 include AbdulRahman AbdulRazaq (Kwara), Abdullahi Sule (Nasarawa), Ahmadu Fintiri (Adamawa), Babagana Zulum (Borno), Inuwa Yahaya (Gombe), Mai Mala Buni (Yobe), Babajide Sanwo-Olu (Lagos), and Dapo Abiodun (Ogun), alongside Makinde and Bala Mohammed.

Although Bayelsa State Governor Douye Diri and Imo State Governor Hope Uzodimma will complete their tenures in early 2028 due to off-cycle elections, both have been drawn into early permutations for Senate seats.

In Imo State, the political temperature has risen sharply following moves by the All Progressives Congress to position Uzodimma for the Imo West senatorial seat.

Party leaders in the state have already named him as the consensus candidate, even as the incumbent senator, Osita Izunaso, is reportedly seeking a return to the red chamber.

Last Saturday, APC leaders from the Orlu Zone (Imo West), led by the state chairman, Chief Austin Onyedebelu, purchased the 2027 senatorial nomination form for the governor, urging him to accept the ticket.

Onyedebelu, who presented the forms to Uzodimma’s Chief of Staff, Chief Nnamdi Anyaehie, called for pressure on the governor to “accept the plea of Orlu people by filling the forms so that it can be submitted before the deadline of 5th May, 2026.”

The state APC has also warned other aspirants against contesting the seat, insisting that Uzodimma remains the consensus choice.

Complicating the contest, former Governor Rochas Okorocha equally purchased nomination forms in a bid to return to the Senate, a move confirmed by one of his aides, Darlington Ibekwe.

The Orlu Political Consultative Assembly further reinforced Uzodimma’s candidacy, declaring him the sole candidate for the district in what it described as a “total, unanimous, and irrevocable decision.”

The unfolding contest is also shaped by internal power dynamics within the ruling party.

Last month, President Bola Tinubu reportedly rebuffed attempts by National Assembly leaders to secure automatic return tickets for lawmakers, instead reaffirming the authority of state governors over candidate selection.

The stance has strengthened governors’ grip on party structures, enabling many of them to influence senatorial nominations as they prepare for life after office.

Against this backdrop, the Senate’s rule amendments appear designed to preserve institutional hierarchy and prevent an influx of first-time lawmakers, many of them politically powerful, from immediately taking control of the chamber’s leadership.

For ambitious entrants like Uzodimma and others plotting a return or debut in the Senate, the message from the red chamber is clear: experience within its ranks, not political clout outside it, will determine who leads in the 11th National Assembly.

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4 returns as Soludo Sends 18-Man List Of Commissioners To Assembly

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By Okey Maduforo Awka

Governor Charles Soludo of Anambra state has finally submitted the first batch of the list of Commissioners made up of 18 nominees to the Anambra State House of Assembly.

Recall that this reporter had predicted that the Governor would announce the list of his Cabinet members on or before the end of this week.

According to the Special Assistant to the Speaker of the Assembly on New Media Mr Franklin Osankwa , the Speaker Hon Somtochukwu Udeze has already sent the list to the Screening Committee of the legislature.

A breakdown of the list indicates that only four former Commissioners who worked with him during his first term in office were returned .

They include the Commissioner for Health Dr Afam Obidike , Professor Offonze Amucheazi Ministry of Lands , Mr Patrick Agba , Youth Development and Commissioner for Information Dr Law Mefor .

Similarly the list of Special Assistants and Senor Special Assistants and Advisers is being awaited .

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Consensus Coup: Governors Tighten Grip on Senate Tickets, Displace Incumbents

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No fewer than 10 state governors and former governors are actively working to replace incumbent senators ahead of the 2027 general elections, in what appears to be a sweeping political realignment reshaping Nigeria’s legislative landscape.
The sitting governors, whose tenure will expire by May 2027, are leveraging their control of party structures in their states to secure Senate tickets—largely through “consensus” arrangements.
At least 12 of Nigeria’s 36 incumbent governors are currently serving their second and final terms. Of that number, 10 will complete their constitutionally mandated eight years on May 29, 2027, setting the stage for a high-stakes political transition that is already unsettling party structures nationwide.
Eight of the affected governors are members of the ruling All Progressives Congress (APC). Seyi Makinde of Oyo State belongs to the opposition Peoples Democratic Party (PDP), while Bala Mohammed of Bauchi State is affiliated with the Peoples Democratic Party, contrary to earlier claims linking him to the Allied Peoples Movement.
Governors expected to complete their tenure in 2027 include AbdulRahman AbdulRazaq (Kwara), Abdullahi Sule (Nasarawa), Ahmadu Fintiri (Adamawa), Babagana Zulum (Borno), Muhammadu Yahaya (Gombe), Mai Mala Buni (Yobe), Babajide Sanwo-Olu (Lagos), and Dapo Abiodun (Ogun), alongside Makinde and Bala Mohammed.
Although Governors Douye Diri of Bayelsa and Hope Uzodimma of Imo will also finish their second terms, their exit dates fall in January and February 2028, respectively, due to off-cycle elections. However, their extended timelines have not excluded them from early succession and Senate calculations.
Last month, President Bola Tinubu, during a meeting with the leadership of the National Assembly, rebuffed lobbying efforts by lawmakers seeking automatic return tickets ahead of the 2027 elections. Instead, he reaffirmed the authority of state governors over candidate selection in their respective states.
Sources familiar with the meeting revealed that senators had approached the President to seek assurances for automatic tickets.
“The meeting was to plead for automatic tickets, but the President insisted that governors, as party leaders in their states, must have a decisive say on who gets the ticket,” a source disclosed.
Less than 24 hours later, Tinubu convened another meeting with APC governors, where he reportedly gave them a free hand to conduct party primaries in accordance with the Electoral Act—either through consensus or direct primaries.
Niger State Governor Mohammed Bago confirmed this, stating that the President had effectively empowered governors to drive the primaries process.
Investigations across several states—including Yobe, Nasarawa, Adamawa, Ogun, Gombe, Bauchi, Kwara, and Imo—indicate a growing pattern in which party stakeholders endorse governors or their preferred candidates as sole contenders. In many cases, rivals are pressured to step aside, while primaries are either avoided or reduced to mere formalities.
In Yobe State, Senator Musa Mustapha (Yobe East) stepped aside to support Governor Mai Mala Buni after a stakeholders’ meeting in Damaturu. He also withdrew from the governorship race, pledging full loyalty to party leadership decisions.
Similarly, in Gombe State, former governor and Senator Danjuma Goje lost his bid for a fifth term following a zoning arrangement favouring a candidate aligned with Governor Yahaya.
In Imo State, Governor Hope Uzodimma has been endorsed as the consensus candidate for Imo West, despite the interest of incumbent Senator Osita Izunaso. The move has triggered tension, with former governor Rochas Okorocha also entering the race.
In Ogun State, the consensus model has broken down into open conflict, as Governor Dapo Abiodun’s Senate ambition has put him at odds with incumbent Senator Gbenga Daniel.
In Adamawa, Governor Ahmadu Fintiri has emerged as the consensus candidate for Adamawa North, with the incumbent senator stepping aside in his favour.
Similar developments have been recorded in Nasarawa, Kwara, Delta, and Kogi states, where governors and former governors are positioning themselves to take over Senate seats—often displacing incumbents.
Meanwhile, in Cross River State, former governor Ben Ayade revealed he had been asked to drop his Senate ambition following high-level consultations, a decision he described as painful and unjust.

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