News
Subsidy removal: where are the dollars, Sanusi doubts remittance by NNPCL
•Ex-emir entitled to his opinion, NNPCL remains focused, says spokesman
A former Governor of the Central Bank of Nigeria, Sanusi Lamido Sanusi, has advised President Bola Tinubu against occupying the office of the Minister for Petroleum Resources, saying such arrangement will make it difficult for the country to hold the Nigerian National Petroleum Corporation Limited accountable.
He made this known while delivering his remarks at the Bank Directors Summit organised by the Bank Directors Association of Nigeria on Thursday in Abuja.
Sanusi who was the CBN governor from June 2009 to February 2014, also adjudged the NNPC as the “most opaque oil company in the world.”
The vocal economist slammed the NNPCL for allegedly failing to remit enough foreign exchange into the government coffers despite the removal of fuel subsidy by the current administration.
The former Emir of Kano also stressing the need to stabilise the foreign exchange market, noting that monetary policies in the last eight years had led to rising inflation and economic downturn in the country.
According to him, the idea of the president occupying the petroleum minister office will make it difficult for anyone to raise the question of accountability.
He said, “The exchange rate needs to be stabilised and we have to address the fundamental question, why is there no money coming in? Why is the NNPCL not able to bring in dollars? Am sorry this is the question that cost me my job and I will continue asking this question until NNPCL fixes it up or until I die. Where are the dollars? We need to shine a light on the NNPCL. The finance minister cannot tell you because he doesn’t have a monitoring system that reports to him. The finance minister can’t tell you how many barrels of petrol we produce and export. It is only the NNPCL that can give those figures. The finance ministry needs to know how much oil we produce daily, how much we sell, and where the money is going.
“We are no longer paying subsidies so where are the dollars? It was under recovery during the subsidy era and that has been stopped, so where is the money? This was the issue I raised for which I was suspended, well you can suspend me again. The NNPCL is the most opaque oil company in the world. When I was in the central bank for 15 years, they had not been audited. We have to follow the money from production to export to return, where is the money going? We paid N11tn in subsidy and there is no accountability up till now. The National Assembly called the NNPCL to bring the documents, but they refused.
He added, “By the way, let me advise that the idea of the President becoming a petroleum minister is not a good idea. The last president was the minister of petroleum for eight years. When I was governor of the central bank we had a minister of petroleum so when I talk about the NNPCL, I could attack Diezani Madueke. Now, nobody can talk about petroleum because for eight years if you talk, you are attacking the president. We need that buffer, somebody has to be there, so a minister has to be there who is held accountable by Nigerians.”
In August, about three months after his inauguration, President Bola Tinubu split the Ministry of Petroleum Resources with the appointment of Ekperipe Ekpo as Minister of State, Gas Resources; and Heineken Lokpobiri as Minister of State, Petroleum Resources.
However, President Tinubu, in an apparent tradition of his predecessor, ex-President Muhammadu Buhari, kept the position of the substantive Minister of Petroleum Resources to himself.
CBN Act amendment
Sanusi also called for a proper audit of the Nigerian National Petroleum Company Limited to unravel the country’s daily oil production, export and the accrued revenue, noting that this call was what cost him his job at the apex bank.
He maintained that the banking sector must shore up its trust deficit in the eyes of the public and that there is no need to amend the CBN Act to keep the apex bank free of political influences.
He stated, “It is important to talk about the current conversation emanating especially from the National Assembly, to amend the Central Bank Act. Let me add my voice to those who have said there is nothing wrong with the Central Bank of Nigeria Act. There is nothing wrong with BOFIA. The CBN Act is one of the best central banking laws in the world. In fact when we reviewed central bank laws, the only laws we saw that we would learn a few things from was Bank Negara of Malaysia.
“Now if people who are supposed to implement a law don’t implement it, the solution is not to change the law, and this reaction is kneejerk if you take away the independence of the central bank and bring it under political control. You would hurt the system and on long-term, you are institutionalising the lack of autonomy. The reality is, you have an independent autonomous central bank whose independence was undermined by a combination of politicians and central bank actors. It is time to go back to what the central bank is supposed to do and implement the law.”
NNPC replies Sanusi
Meanwhile, the NNPC said it was focused at the moment on delivering the task that had been set for the national oil company, stressing that everyone was free to air their opinion.
NNPC’s Chief Corporate Communications Officer, Olufemi Soneye, told one of our correspondent that there would be no need for an official response to the claims made by the ex-CBN boss.
He explained that constant responses could hinder the enormous task before the oil company, adding that NNPC would rather concentrate in handling the work that it was established to deliver.
“Everyone is entitled to their opinion. Constant responses to every individual can hinder our work. Our focus remains on delivering energy security, managing ongoing projects, and implementing reforms,” Soneye stated.
The Minister of Finance and Coordinating Minister of the Economy, Taiwo Oyedele, has rejected calls for the Federal Government to publish details of how it plans to spend funds drawn from its $5bn financing facility with First Abu Dhabi Bank.
Oyedele said the transaction had been subjected to unnecessary scrutiny, arguing that the facility was approved by the National Assembly and was structured to help the government refinance more expensive debt.
He spoke on Wednesday during a media briefing in Abuja.
The Federal Government recently drew about $1.5bn, the first tranche of the $5bn Total Return Swap facility arranged with First Abu Dhabi Bank, despite concerns from the International Monetary Fund and Fitch Ratings over the transparency and risks associated with such financing structures.
The $5bn facility was approved by the National Assembly on March 31, 2026, while the initial drawdown was expected to support the 2026 budget, infrastructure projects and the refinancing of existing debt obligations.
Responding to a question on the borrowing plan and whether details of the First Abu Dhabi Bank transaction would be made public, Oyedele said the government would publish information on how it spends public funds but questioned why the particular facility was receiving special attention.
“We will not publish how we are spending it. We will publish how we spend government money. There’s nothing special about that loan,” he said.
He added, “Nobody has asked us whether we’re going to publish the money we took from the World Bank, whether we publish the one from Eurobond, whether we publish the one from Sukuk. Why is this one special?”
Oyedele also dismissed suggestions that the transaction was conducted without due process, noting that it had been presented to the National Assembly.
“The loan was approved not only by FEC, it was taken to National Assembly because what some people are doing is they comparing with other countries where they did it under the table.
“What else can be more public than what you gave to the National Assembly?” he said.
The minister said the government had assessed the transaction carefully and was accessing the funds in phases to avoid incurring unnecessary costs.
“We’re assessing it in phases. You don’t want to take all the money at once because if you don’t spend it at once, you incur cost on the extra amount you’ve taken,” he said.
He explained that the financing arrangement was different from Nigeria’s traditional fixed-rate borrowing because the First Abu Dhabi Bank facility had a flexible interest rate.
“You need to understand the transaction. You know, there’s always the textbook analysis and there’s the real life of what you’re doing.
According to him, Nigeria could not benefit from the lower yield on its existing fixed-rate debt.
“This First Abu Dhabi Bank transaction is flexible rates. It means if rates go up, we pay more. If rates come down, we benefit more.
“There’s nothing that says we must always do one thing. And the all-in rate for this transaction is lower than our existing portfolio,” he said.
Oyedele said the primary objective was to refinance more expensive debt and reduce the government’s borrowing costs.
“So the objective is to use it to refinance expensive debt so you can save money,” he said.
The Federal Government is required to pledge securities worth about 133 per cent of the amount drawn as collateral under the arrangement.
The International Monetary Fund and Fitch Ratings had raised concerns about the financing structure, including issues around transparency and sovereign debt risks.
The IMF had warned that derivative financing structures such as total return swaps could be difficult to track and value in real time, potentially obscuring the extent of a country’s financial obligations.
Fitch Ratings also warned that Nigeria’s planned $5bn arrangement could increase sovereign debt risks and reduce transparency in public debt reporting.
Oyedele, however, said the government would soon publish frequently asked questions on the transaction to provide further clarification.
“In the next few days, you will see on the website both the Ministry of Finance and DMO the frequently asked questions about this particular debt or bond, just so everybody can please themselves,” he said.
He added that there was “nothing special” about the loan, despite the attention it had received from critics and international media.
“I spend time on it because I think it’s important and the international media also, for some reason, have taken so much interest in it. But that is what it is.” Oyedele said.
News
2027 Elections: 146 Presidential, Governorship Candidates to Spend Not More Than N571bn on Campaigns
No fewer than 146 candidates currently in the race for the 2027 presidential and governorship elections could collectively spend up to N571bn under the campaign expenditure limits prescribed by the Electoral Act 2026.
The figure comprises 19 presidential candidates, each with a campaign spending ceiling of N10bn, and 127 governorship candidates, each allowed to spend a maximum of N3bn under Section 92 of the new Electoral Act.
The 19 presidential candidates alone have a combined spending ceiling of N190bn, while the 127 governorship candidates could collectively spend up to N381bn.
The combined ceiling for the two categories therefore stands at N571bn, although the amount represents the maximum permissible expenditure and not money guaranteed to, or actually received by the candidates.
The development comes as the Independent National Electoral Commission published the personal particulars and credentials of the 19 presidential candidates and their running mates ahead of the 2027 poll, paving the way for the commencement of the presidential campaign on Wednesday, August 19, 2026.
According to the election tracker NGelections.com, 127 candidates across 28 states will be running for governor in 2027. Of the number, 122 have been nominated, four have declared, and one is still being monitored.
A check on the INEC website showed that the commission had yet to publish the total number of 2027 governorship candidates, with its official 2027 election page stating under the list of candidates that “This will be available soon.”
INEC has confirmed that governorship elections will be held in 28 states in 2027, with Anambra, Bayelsa, Edo, Ekiti, Imo, Kogi, Ondo and Osun excluded because they are on the off-cycle schedule.
The commission had fixed January 16, 2027, for the presidential and National Assembly elections, while the governorship and State House of Assembly elections are scheduled for February 6, 2027.
New spending limits
Section 92 of the Electoral Act 2026 substantially raises the amount candidates are permitted to spend on election campaigns compared with the previous statutory limits.
Under the new law, a presidential candidate may spend up to N10bn, while a governorship candidate is limited to N3bn.
For the National Assembly, the ceiling is N500m for a senatorial candidate and N250m for a House of Representatives candidate.
A candidate seeking election to a State House of Assembly may spend up to N100m, the same ceiling prescribed for an Area Council chairmanship candidate, while the maximum campaign expenditure for an Area Council councillorship election is N10m.
The law also places a ceiling on individual contributions to candidates, providing that no individual donor may contribute more than N500m to a single candidate.
Section 92 further provides sanctions for candidates who knowingly exceed the prescribed limits.
Such a candidate faces a fine equivalent to one per cent of the permitted expenditure limit, or imprisonment for up to 12 months, or both.
The provision makes compliance with the new spending thresholds a statutory obligation rather than a voluntary guideline.
It could not ne confirmed if INEC has successfully prosecuted and secured a conviction against a Nigerian politician specifically for exceeding the statutory election/campaign spending limit.
Also, there is no reported case of a politician or party being prosecuted for exceeding campaign-spending limits.
When asked how INEC would enforce the spending limits, the INEC National Commissioner and Chairman Information/Voter Education Committee, Mohammed Haruna, simply stated, ‘’It’s the Commission’s statutory responsibility to monitor the campaign finance of all political parties.’’ The anti-graft agencies are expected to collaborate with the INEC in monitoring and enforcing the spending limits.
The restriction on individual donations means that while a presidential candidate can spend as much as N10bn, a single donor cannot contribute more than N500m.
Similarly, a governorship candidate’s N3bn spending ceiling is six times the maximum individual donation.
Governor of Enugu State, His Excellency, Dr. Peter Ndubuisi Mbah, has approved fresh appointments in the state.
The new appointees include Special Advisers (SPAs) and Senior Special Assistants (SSAs).
This was announced on Wednesday through a public notice signed by Prof. Chidiebere Onyia, Secretary to the Enugu State Government
Full List Below:
1. Hon. Chukwudi Ezinwa — Special Adviser on Labour Union and Association Matters
2. Hon. Sunday Nnamani (Orlando) — Special Adviser on Special Duties
3. Mr. Williams Chukwu — Special Adviser on Agriculture
4. Prince Afam Agana — Special Adviser on Infrastructure Compliance
5. Humphrey Onyima — Special Adviser on Investment Strategy and Public Relations
6. Hon. Tony Ugwu — Special Adviser on Rural Development
7. Chief Ernest Nweze — Special Adviser on Party Coordination and Mobilisation
8. Hon. Emeka Onunze — Special Adviser on Monitoring and Evaluation
9. Mr. Robinson Odo (mni) — Special Adviser on Labour and Productivity
10. Pastor Kenneth Asogwa (Ebube Muonso) — Senior Special Assistant on Heritage and Community Relations
11. Pastor Tochukwu Ogbodo — Senior Special Assistant on Social Engagement
12. Barr. Lucky Chukwu — Senior Special Assistant on Public Affairs
13. Belonwu Nnaji — Senior Special Assistant on Cultural Orientation
14. Hon. Steve Odo — Senior Special Assistant on Tourism
15. Hon. Francis Ikewette Ede — Senior Special Assistant on Public Communication
16. Mr. Sunny Okafor — Senior Special Assistant on General Duties
17. Hon. Chinedu Okwu Otaka — Senior Special Assistant on Social Orientation and Mobilisation
18. Otaba Cosmas Ikechukwu — Senior Special Assistant on Protection of Public Utilities
19. Pius Okeagu — Senior Special Assistant on Assets Management
20. Rt. Hon. Innocent Emeka Ugwu — Senior Special Assistant on Inter-Party Affairs
21. Mrs. Eucharia Offor — Senior Special Assistant on Human Resource Management
22. Mr. Kenneth Oforma — Senior Special Assistant on Policy and Communication
23. Kelvin Ede — Senior Special Assistant on Research and Strategy
The appointments take effect immediately.
Dr. Samuel Ogbuku climbs another rung on the golden-floor ladder of life on August 19, 2026, marking 51 years of a life defined by purpose, resilience, and an unwavering commitment to the Niger Delta region.
Born in Ayakoro, Ogbia Local Government Area of Bayelsa State, his journey from the creeks and crowded neighbourhoods of the region to the helm of the Niger Delta Development Commission (NDDC) is more than a personal story. It is a living expression of what he has described as “Rewind to Rebirth”: the deliberate act of learning from the past to rebuild a stronger, more hopeful future.
Dr Ogbuku’s early years were shaped by the realities of the Niger Delta. He attended public schools in Port Harcourt before earning a Bachelor’s degree in Political and Administrative Studies from the University of Port Harcourt. Further studies led to a Master’s and a Ph.D. in Development Studies.
Alongside academic excellence, he cut his teeth as a student activist and later served as Public Relations Officer of the Ijaw Youth Council (Central Zone). Those formative experiences instilled in him a deep understanding of the region’s struggles and a firm belief that dialogue, education, and opportunity remain the most effective paths to lasting peace. His career has been a steady progression of service. He worked as a Personal Assistant in the Ministry of Petroleum, served as Chief of Staff in the Bayelsa State Government House, managed agricultural enterprises, and later acted as Senior Special Assistant on Niger Delta Affairs.
In 2023, President Bola Ahmed Tinubu appointed him Managing Director and Chief Executive Officer of the NDDC. He inherited an agency long criticised for inefficiency and uncompleted projects. Under his leadership, the Commission has shifted from what he terms a “transactional” approach to a “transformational” one.
The results are visible across the region. Thousands of kilometres of roads have been constructed or rehabilitated. Bridges and jetties have improved connectivity. Health centres have been built and equipped, while free healthcare outreaches have brought medical services to thousands.
The “Light Up the Niger Delta” initiative has extended electricity to communities long left in darkness. Scholarships have opened doors for young people, with many achieving distinction both at home and abroad. These interventions reflect a consistent philosophy: development must be felt by ordinary people in their daily lives.
At the heart of this work lies the “Rewind to Rebirth” agenda, articulated in his writings, including Rethinking the Niger Delta. It is a call to examine past mistakes honestly, discard what has not worked, and rebuild institutions, infrastructure, and trust with clearer purpose.
For Dr. Ogbuku, turning 51 is not merely a personal milestone. It is another opportunity to reaffirm that the Niger Delta’s future can be brighter than its past if leadership remains focused on results, accountability, and the people.As communities, colleagues, and well-wishers celebrate this birthday, the most fitting tribute is continued support for the unfinished work of regional transformation. Dr. Samuel Ogbuku’s 51 years remind us that purpose, when rooted in service, has the power to rewrite the story of an entire region one project, one community, and one generation at a time.
Happy Birthday, Dr. Samuel Ogbuku.
The Mission Continues!!!
Jim George Willy Ibimina
Writes from Niger Delta.
News
Transformative Path Born in Ayakoro, Built for Impact: The Leadership Legacy of Dr. Samuel Ogbuku
In the quiet riverine community of Ayakoro in Ogbia Local Government Area of Bayelsa State, a dynamic leader was born on August 19, 1975, who would one day help reshape the fortunes of the entire Niger Delta. That Leader is Dr. Samuel Ogbuku. Today, as Managing Director and Chief Executive Officer of the Niger Delta Development Commission (NDDC) and Paramount Ruler of Ayakoro Kingdom (Daufa VI), his journey from the creeks of Bayelsa to the centre of regional development stands as one of the most compelling stories of service and impact in contemporary Nigeria.
Roots in Ayakoro
Dr. Ogbuku’s early years were shaped by the realities of the Niger Delta region: its beauty, its struggles, and its unfulfilled promises. Though he spent much of his childhood in Port Harcourt, regular visits home to Ayakoro left a lasting impression. The underdevelopment he witnessed in his ancestral community planted a quiet determination: if opportunity ever came, he would use it to change the lives of his people.
He began his formal education at Christ the King School, Oromenike, Port Harcourt, obtaining his First School Leaving Certificate in 1987. He proceeded to Government Secondary School, Borokiri, before gaining admission into the University of Port Harcourt. There he earned a Bachelor of Science degree in Political and Administrative Studies in 2000. He later obtained a Postgraduate Diploma in Sociology, Industrial Relations and Personnel Management, a Master’s degree, and finally a Doctor of Philosophy in Political and Administrative Studies and Development Studies in 2021. Education, for him, was never merely personal advancement; it was preparation for service.
From Activism to Administration
As a young man, Ogbuku was deeply involved in the Niger Delta struggle. He served as Public Relations Officer of the Ijaw Youth Council (Central Zone) and cut his teeth in student activism. Those early years taught him the language of agitation, but also the limits of confrontation. He gradually moved into structured public service.
Between 2005 and 2007 he worked as Personal Assistant to the Special Assistant to the Minister of State for Petroleum. From 2007 to 2012 he served as Chief of Staff at the Bayelsa State Government House, at the time one of the youngest people to hold that position in Nigeria. He later managed Fulfilled Farms Nigeria Limited, deepening his interest in agriculture and aquaculture, before serving as Senior Special Assistant on Niger Delta Affairs to the Deputy President of the Senate. These roles gave him practical experience in governance, crisis management, personnel administration, and the complex politics of the oil-producing region.
He had the rare privilege of being appointed twice as MD/CEO of the NDDC by two Nigerian Presidents; first by President Muhammadu Buhari in November 2022, and again by President Bola Ahmed Tinubu in August 2023 for a fresh four-year tenure.
Ogbuku arrived at the NDDC with both institutional knowledge and lived experience of the challenges he was expected to solve.
Transforming the NDDC
The NDDC Ogbuku inherited carried a heavy burden of unfinished projects, public scepticism, and institutional turbulence. He responded with a clear philosophy: move the Commission from “transaction to transformation.” The focus shifted decisively toward completing legacy projects, improving transparency, and delivering visible results.
Under his leadership, the Commission has made measurable progress in infrastructure. Thousands of kilometres of roads have been constructed or rehabilitated, dozens of bridges and jetties completed, and major connecting projects such as the Ogbia-Nembe Road, the Ibeno Bridge, and the Kaa-Ataba Bridge advanced or delivered. Electrification initiatives, including the “Lighting Up the Niger Delta” programme, have brought power to communities that had lived for years in darkness.
In healthcare, the NDDC constructed and equipped numerous health centres and revived free medical outreach programmes that have provided tens of thousands of patients with care, including thousands of surgeries. Education and youth empowerment received renewed attention through expanded scholarship schemes, school rehabilitation, and skills programmes designed to give young people alternatives to restiveness.
King Ogbuku has also emphasised institutional reform, working with professional partners to strengthen governance systems and prioritise accountability. His administration secured significant budgetary support and focused resources on completing abandoned projects rather than endlessly initiating new ones.
Returning Home as Traditional Ruler
In June 2026, Dr. Ogbuku was installed as Paramount Ruler of Ayakoro Kingdom with the title Daufa VI, succeeding the late monarch after serving as Deputy Paramount Ruler. The dual role technocrat by day and traditional father by night reflects the depth of his connection to his roots. He has pledged to lead with humility, promote peace and unity, and work with stakeholders for the sustained progress of Ayakoro and the wider region.
A Living Legacy
Dr. Samuel Ogbuku’s story is still being written. At just over fifty, he continues to occupy one of the most demanding development positions in Nigeria while simultaneously carrying traditional responsibilities in his hometown. What distinguishes his trajectory is consistency of purpose: a young man from Ayakoro who never lost sight of the community that raised him, and who has used every platform activism, government, private enterprise, and now the NDDC to push for tangible change.
Conclusion
Dr. Samuel Ogbuku’s journey from Ayakoro to the leadership of the NDDC shows that true impact begins with a deep love for one’s people. Through hard work, focus, and a clear vision, he continues to turn challenges into progress for the Niger Delta. His legacy is still growing, but the difference he is making is already being felt in communities across the region.
From the mangrove creeks of Bayelsa to the boardrooms of regional development, his path illustrates a simple but powerful idea: impact is possible when knowledge, experience, and genuine attachment to place are combined with the courage to confront difficult institutions. In the Niger Delta, that combination is already producing results that communities can see and feel.
Martins Ibigomie Ogolo
Public Affairs Analyst
martins.ogolo@yahoo.com
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