The Executive Director, Pan African Climate Justice Alliance (PACJA), Dr MithikaMwenda, has emphasised the importance of a just transition rooted in equity and justice.
Participants at the Non-state Actors meeting in Addis Ababa, Ethiopia
Dr Mwenda, who made the submission during a Non-state Actors meeting in Addis Ababa, Ethiopia, stated that the importance highlights the role of civil society and solidarity among various groups, including indigenous people, women, youth, and faith leaders.
Described as a strategic ignition point for the upcoming Africa Climate Summit, the gathering, held from May 15 to 16, 2025, was themed “Accelerating Mobilisation and Action Towards the Second Africa Climate Summit (ACS-II)”.
Mwenda stressed the need for the African Climate Summit to reflect the needs of Africans rather than external financiers’ interests, advocating for the summit to be a People’s Summit rather than focused on carbon markets.
He listed five key objectives for the summit to include:
Centre adaptation, loss and damage, and just transition as non-negotiables.
Demand a new financing pact that is predictable, accessible, and aligned with local priorities, rejecting loans as solutions.
Unify African non-state actors to create a powerful constituency at negotiation tables, emphasising the importance of unity over fragmentation.
Build connections across movements related to climate, debt, economic justice, gender, and food sovereignty.
Engage meaningfully with institutions like the African Union and the UN as equal partners.
Mwenda further called for a roadmap for ACS-II that reflects African realities, insisting on climate action that prioritises energy for people and community resilience over profit.
He urged participants to leave with actionable plans, mechanisms, and a commitment to unity in action.
As part of the renewed strategy of the executive management of the Asset Management Corporation of Nigeria (AMCON) currently led by Mr. Gbenga Alade as MD/CEO, the Corporation at the weekend during an interactive session in Abuja, said it plans to deepen its collaboration with all stakeholders especially the Asset Management Partners (AMPs) scheme, which was established in 2016.
L-R: The Group Head of Resolution, Asset Management Corporation of Nigeria (AMCON), Mr. Usman Abubakar; Executive Director, Resolution, Mr. Adeshola Lamidi; Managing Director/Chief Executive Officer Mr. Gbenga Alade; Executive Director, Operations Mr. Lucky Adaghe, and Head, Legal Department Mr. Albert Nwanozie…at the AMCON Interaction with Asset Management Partners (AMPs) in Abuja on Saturday
Welcoming the AMPs to its inaugural interactive session since the assumption of the current executive management of AMCON, the Executive Director in charge of Resolution, Mr. Adeshola Lamidi, whose directorate in AMCON manages the AMPs scheme, in his charge, said the new dawn in AMCON which includes proactive and practical applications to debt recovery, the Corporation has decided to take its relationship with the appointed AMPs to the next level, which he also assured would be mutually beneficial to both the AMPs and AMCON.
Reassuring the AMPs of the decision of the AMCON management to continue the partnership programme, Lamidi said sessions such as this would provide a timely and strategic opportunity to reflect on the journey so far, re-evaluate recovery strategies and pave the way forward for better effectiveness, and efficiency in conducting this national assignment.
He reminded the AMPs that “AMCON’s mandate was at creation summarised in two folds: To stabilise the financial system (which we have done through the acquisition of non-performing loans and providing funds to the banks to avoid a systemic failure in the nation’s financial system, and the recovery of these loans.”
He stated that Whilst AMCON has performed very well over the years, there is still room for improvement, adding that, “Our success depends greatly on you, our Asset Management Partners (AMPs), through your dedication, innovation and professionalism.
“In achieving greater success, we must deepen collaboration, uphold ethical standards, and embrace strategic thinking in our recovery efforts. This session is therefore designed not only to strengthen engagement with our partners but also to jointly explore practical solutions, share feedback, and forge better ways forward,” Lamidi concluded.
Validating the position of the Executive Director, Mr. Gbenga Alade, while declaring the interactive session open, underscored the importance of the AMP scheme when he urged the AMPs to take the AMCON debt recovery assignment seriously.
Alade said, “You must not underrate your importance to the Corporation. You are indeed very critical to our success, as our workforce of less than 500 personnel with offices in Lagos and Abuja may not effectively cope with the over 12,000.00 portfolios in our inventory. Accordingly, the imperative of deepening our mutual synergy is readily apparent.
“With an inevitable Sunset date and recalcitrant debtors, a high premium is placed on debt recovery efforts to ensure that the Corporation achieves its statutory mandate. In other words, with a looming Sunset date, it is necessary that you are more aggressive in your debt recovery drive. We are not oblivious to the herculean challenges confronting you in your debt recovery strides. Certainly, debt recovery has never been easy. However, most of you have surmounted these hurdles with excellent performance to your credit.
“Your consistent feedback from previous sessions and at other fora formed the fulcrum of the Federal High Court (Asset Management Corporation of Nigeria) Proceedings Rules, 2024, and the establishment of the Insolvency Unit of the Federal High Court on Monday, March 24, 2025. In the Notice establishing the Insolvency Unit at the Federal High Court, My Lord the Hon. Chief Judge of the Federal High Court explained that it was created pursuant to the ‘relevant insolvency provisions of the AMCON Act, 2010 (as amended)’ and the Companies and Allied Matters Act (CAMA), 2020.”
The AMCON CEO further explained: “Amongst others, the functions of the Unit include the effective implementation of the provisions of the insolvency laws relating to Company Voluntary Arrangements, Administration, Receivership, Winding-Up and various forms of re-structuring. Notably, this Unit was established in accordance with global best practices on insolvency. It will also offer specialised and standardised services on insolvency.
“Furthermore, the Unit will serve as a dedicated channel for supervisory and enforcement infrastructure on insolvency issues. For AMCON, this Unit will offer the Fast Track services inherent to the realisation of the Corporation’s mandate and the procedure enacted by the Federal High Court AMCON Rules, 2024.
“In addition to the Unit in the Abuja Division, the Corporation is collaborating with the office of the Hon. Chief Judge of the Federal High Court to have this Unit established in Lagos, Port Harcourt, Enugu, Kano, and Kaduna divisions of the Federal High Court. This will enhance your performance and also ease your challenges while delivering your tasks to the Corporation. The FHC AMCON Rules, 2024 have robustly prescribed the procedure for realising the extraordinary powers of the Corporation as enshrined in its establishment Act 2010 and subsequent amendments. Our resource person will take you through the nitty-gritty of the Proceeding Rules.
“Similarly, the Hon. President of the Court of Appeal, also in the exercise of the powers as the Hon. President of the Court of Appeal approved the Court of Appeal (Fast Track) Practice Directions, 2021 to expedite disposal of matters relating to AMCON debt recovery and indeed other institutions that relate with insolvency. The Fast Track Practice Directions has accommodated the expedient provisions of the AMCON Act, 2010 (as amended) by prescribing that the Court of Appeal can exercise any power conferred by any law and impose conditions, including a condition to pay a judgment debt or other sum of money into Court’s Registry or specify the consequence (s) of failure to comply with the order or the condition. Similar provisions are also captured by the Supreme Court Rules, 2024.”
It will be recalled that when the AMPs scheme was set up in 2016, the strategy was for AMCON to leverage the expertise of the firms to resolve debts that are categorised into two: debts of N100 million and below, and debts of N100 million and above. The Corporation also, through that platform, intends to nurture its transformation into the preferred model for recovery and resolution of non-performing loans in the banking sector and financial services industry. A new sub-sector should emerge with desirable job creation and multiplier impact.
Therefore, the AMPs would, among other things, work with AMCON in tracing, identifying, and locating obligors with the intent to resolve their outstanding indebtedness. They would also be involved in the identification and location of assets of obligors (both pledged and unpledged) to enhance the Eligible Bank Assets (EBAs) value and achieve set recovery objectives, negotiation of settlement and restructuring terms with identified obligors in line with approved guidelines.
The AMPs will be vested with the wide powers granted to AMCON by its enabling Act. It would be recalled that almost nine years ago, AMCON called for applications from reputable and qualified entities with the requisite experience to collaborate with it as AMPs to resolve these debts.
AMCON was established in 2010 as a resolution vehicle to purchase the non-performing loans from banks, inject liquidity into the banks, and subsequently recover the purchased bad loans. Since its establishment, AMCON has successfully stabilised the Nigerian banking sector by restructuring and collecting some of these loans. However, the Corporation is seeking to recover a humongous outstanding debt of over N4.6 trillion in the hands of its obligors.
Themed, AMCON Debt Recovery in Renewed Hope Paradigm, the AMCON interaction with the AMPs featured many presentations including, AMCON Special Powers and the Dissection of the Federal High Court (Asset Management Corporation of Nigeria) Proceeding Rules, 2024, etc; The Role of the EFCC in AMCON debt recovery; Asset Tracing and Documentation; Conventional and Unconventional Asset Tracing as well as AMP case Management and AMP Regime, amongst others.
Craftsmen and small business owners in Kano State have expressed concern over the persistent power outages in the state, saying the situation is crippling their operations.
Minister of Power, Mr. Adebayo Adelabu
Some of the affected residents who spoke on Sunday, May 18, 2025, said the poor electricity supply was affecting productivity and increasing operational costs.
Malam Idi Ali, a welder at Kofar Ruwa area, said he spends an average of N5,000 daily on fuel to power his generator due to the erratic electricity supply.
“We hardly get power for two hours in a day. I have lost customers because I cannot meet deadlines. It is becoming unbearable,” he said.
Another business owner, Amina Rabiu, who runs a frozen food business in Sabon Gari area, said she has incurred losses due to spoiled goods caused by power failure.
Stella Simon, a fashion designer in Fagge area, said the power situation had become so bad that she had been unable to meet her customers’ demands for weeks.
“We have not had electricity for almost two days now. I have to rely on a generator.
“Getting fuel to power it is expensive due to the increase in the pump price of fuel. I depend on electricity to preserve my stock.
“Now I use generators throughout the day and still lose money. It is frustrating,” she said.
Similarly, Abba Kabir, a tailor in Dakata area, said the situation had forced him to reduce his workforce.
“I cannot continue paying workers when there is no power to run my machines.
“We need urgent intervention from government or the electricity distribution company,” he said.
Efforts to get a response from the Head of Corporate Communications at the Kano Electricity Development Company (KEDCO), Mr Sani Bala, were unsuccessful.
Vice-President Kashim Shettima has urged the European Union (EU) and Africa to maximise their partnership for the continent’s transformative development.
Alhaji Kashim Shettima, Vice President of Nigeria
He made the call on Thursday, May 15, 2025, during a meeting with an EU delegation led by Ambassador to Nigeria and ECOWAS, Gautier Mignot, at the Presidential Villa.
Shettima described the EU as Nigeria’s natural partner, noting that its investments have supported key reforms under President Bola Tinubu’s administration.
The Vice-President highlighted the importance of strengthening bilateral relations between Nigeria and the European Union for mutual benefit.
He stressed that the partnership should progress from promises to tangible development outcomes for both sides.
Shettima reaffirmed Nigeria’s readiness to leverage the EU’s Global Gateway initiative to invest in smart, clean, and secure infrastructure across the country.
This includes accelerating high-speed rail projects, improving ports and airports, boosting renewable energy, and expanding vocational training centres.
He called on both the continent and the EU to realise their shared potential, describing the EU as “our natural allies and partners.
“I am guided by logic and rationality. Our relationship with the EU is long-term, with much room for growth.”
Shettima added: “Nigerians and Africans expect this partnership to deliver meaningful outcomes, not just words.
“We want more joint ventures, better trade under AfCFTA, and sustained investment in energy, education, and digital inclusion.”
Nigeria, he noted, shares with the EU key values like democracy, freedom of worship, inclusivity, and gender equality.
He said now is the time to shape a future where multilateral cooperation brings genuine mutual benefits.
“We want the EU to move from being a donor to a co-creator of African prosperity.
“We seek a partnership based on equality, not aid. Together we can create prosperity and opportunity.
“We share many values: democracy, inclusivity, gender empowerment, green innovation, and climate resilience.
“On many issues, we and the EU are aligned,” the Vice-President said.
Speaking on the African Union (AU), Shettima praised its leadership for renewing the continent’s development vision.
He said the AU is repositioning Africa to become a co-author, not just a topic, in global discourse.
Ambassador Mignot noted the strength of EU-Africa relations, marking 25 years of sustained partnership.
“The EU is Africa’s top trading partner, investor, aid provider, and humanitarian donor,” he said.
EU foreign direct investment in Africa reached €309 billion in 2022, surpassing that of the US and China.
“This underlines our strong commitment to Africa, and we aim to deepen that presence,” Mignot added.
The meeting also reviewed progress on the Joint Vision for 2030, set during the 2022 AU-EU Summit.
This vision aligns with Agenda 2063 and the operational goals of the African Continental Free Trade Area (AfCFTA).
Two years after the primary legislation was passed in March 2023, England’s implementing rules for the cultivation of gene edited crops were signed into law by the responsible minister on May 13, 2025. Its progress was interrupted by a General Election and a change of Government from Conservative to Labour.
Daniel Zeichner, Minister for Environment, Food and Rural Affairs
England is thus set to become the first country in Europe to allow the commercial production and marketing of precision-bred crops following the voting in Parliament on May 13 the secondary legislation required to fully implement the Genetic Technology (Precision Breeding) Act 2003.
With the Genetic Technology (Precision Breeding) Regulations 2025 signed into law by Defra Minister, Daniel Zeichner, full implementation of the regulations is expected to follow in the autumn.
The new rules, which do not extend to Wales and Scotland, have been notified to the WTO and private sector operators can start using the new rules from November 14, 2025.
Once in force, the regulations will allow farmers, scientists and food manufacturers to utilise gene-editing techniques in order to develop crops with traits that could have occurred naturally or through traditional breeding with greater precision.
In a related development, India’s first genome-edited rice varieties, DRR Rice 100 (Kamala) and Pusa DST Rice 1, developed using genome editing technology based on CRISPR-Cas, were launched by Union Agriculture Minister, Shri Shivraj Singh Chouhan, on May 4, 2025.
With this release, India has become the first country in the world to develop genome-edited rice varieties.
The DRR Rice 100 (Kamala) variety, derived from Samba Mahsuri, was developed by ICAR-IIRR. It has improved tolerance to drought, salinity, and climate stresses, has a 19% increase in yield, a 20% reduction in greenhouse gas emissions, and a saving of 7,500 million cubic meters of irrigation water.
Pusa DST Rice 1, developed by ICAR-IARI, can increase yields by 9.66% to 30.4% in saline and alkaline soils, with the potential for up to a 20% increase in production.
Similarly, Genus, an animal genetics company, announced that the U.S. Food and Drug Administration (FDA) has approved the gene-edited porcine reproductive and respiratory syndrome (PRRS)-resistant pig (PRP) for use in the U.S. food supply chain, in line with expectations.
Brazil, Colombia and the Dominican Republic have already issued positive determinations for PRP, meaning those countries will regulate the PRP the same as any other pigs. One of the most devastating global pig diseases, PRRS causes suffering and premature death for pigs. A 2023 Iowa State University study indicates that PRRS also increases the need for antibiotics by more than 200%.
Furthermore, the European Food Safety Authority (EFSA) has published a positive scientific opinion for the renewal of GM soy MON 87708 (dicamba herbicide-resistant), for food and feed uses. This application for renewal will now go through the EU’s usual risk management procedure.
On May 8, the European Parliament Plenary session met to hear a statement by the European Commission on the continued authorisation of genetically modified organisms (GMOs) for import, food and feed use by the European Union despite Parliament’s objections.
Commissioner Várhelyi said that all EU GMO approvals are based on the scientific assessment by the European Food Safety Authority (EFSA) and that the Commission will continue to follow this policy, despite negative political statements by members of the European Parliament.
The Nigerian Defence Academy (NDA) in Kaduna is now celebrating what looks like a historic milestone with the commissioning of a state-of-the-art 2.5 Megawatts Hybrid Solar Power Plant and the Phase One 600-kilowatts photovoltaic solar power project, a transformative gift from the Federal Government.
Minister of Power, Chief Adebayo Adelabu (left), with the Commandant of the academy, Major General AK Ibrahim
Commandant of the academy, Major General AK Ibrahim, staff, cadets, and stakeholders jubilated as the academy bid farewell to decades of erratic electricity – a leap hailed as a game-changer for Africa’s premier military institution.
The 2.5MW Hybrid Solar Power Plant was funded by the World Bank in conjunction with the Ministry of Power through its agency, the Rural Electrification Agency (REA). The 600KW Solar Photovoltaic solar power project was fully funded by the Ministry of Power.
The project slashes the NDA’s reliance on the national grid by 50 percent, ensuring uninterrupted power to energise academic excellence, military training, and daily operations. Beyond illuminating classrooms and barracks, the solar plant revolutionises infrastructure with nine kilometres of solar-powered streetlights for enhanced security, a world-class renewable energy training centre, and upgraded electrical networks to future-proof the academy.
Over 12,368 members of the NDA community will now thrive under clean, sustainable energy, embodying Nigeria’s march toward a greener, resilient future.
Commandant Ibrahim declared: “This project propels us to uphold our legacy as Nigeria’s crown jewel of military excellence. With pride, we celebrate President Bola Ahmed Tinubu’s visionary leadership and the Federal Government’s bold strides in energy security.”
He praised the Minister of Power, Chief Adebayo Adelabu, for his unwavering support, calling the project a testament to collaborative nation-building.
As a proud beneficiary of the Energising Education Programme (EEP) Phase II, the NDA appears to shine as a beacon of innovation. The Rural Electrification Agency (REA) further sparked inspiration by training 20 pioneering female cadets in solar technology, bridging gender gaps in renewable energy and empowering tomorrow’s leaders.
Adelabu emphasised: “Powering the NDA with solar energy fortifies national assets, drives education, security, and sustainability. Under President Tinubu’s Renewed Hope Agenda, we’re lighting up Nigeria’s future – one institution at a time.”
With this landmark achievement, the NDA charges forward as a symbol of resilience and innovation with brighter classrooms, safer campuses, empowered cadets, and a nation surging ahead on the wings of renewable energy.
Vice-Chancellor, Hensard University, Toru-Orua, Bayelsa State, Prof. Dileep Kumar, has advocated mangroves restoration to propagate climate action in Nigeria.
Participants at the CSDevNet capacity building workshop
Kumar said this on Saturday, May 17, 2025, during a workshop tagged: “Capacity Building Training for Community Women and Youth on Mangroves Restoration”.
He commended the Climate and Sustainable Development Network (CSDevNet) and the Pan African Climate Justice Alliance (PACJA), community leaders, women of Toru-Orua, students of Hensard University, and climate advocates for the workshop.
The vice chancellor was represented at the event by Prof. Femi Shaka, Dean, Communication and Media Studies, Hensard University.
“This capacity building workshop on Mangrove Restoration was organised with the hope that we can open new doors of opportunity to our participants.
“Education is more than just the acquisition of information,” he said.
According to him, there is an intention to make a real difference by harnessing a movement.
Kumar said the objectives of the workshop was to give opportunity to a number of women and youths with the skill to restore the mangroves.
He said: “The path to environmental stewardship is paved not with grandeur, but with silent, mundane acts of care.”
In his remarks, Prof. Aduabobo Ibitoru-Hart, Board Member, CSDevNet, represented by Mr. Patrick Amaibi, state coordinator CSDevNet, said mangroves were the backbone of the coastal resilience.
“Mangroves shield humans from erosion, nurturing biodiversity, and combating climate change.
“Yet, humans face relentless threats from deforestation and unsustainable practices, ” he said.
He described the collaboration between Hensard University, CSDevNet, and the Pan African Climate Justice Alliance, as a bold step toward reversing the loss.
“Our goal is to train 100 participants; 30 women and 70 students in mangrove restoration techniques, fostering environmental stewardship and sustainable livelihoods.
“By focusing on women, we champion gender equity, recognizing their critical role in conservation and community resilience,” he said.
According to him, the initiative aligned with Nigeria’s climate goals and the Sustainable Development Goals, particularly SDG 13 on Climate Action and SDG 5 on Gender Equality.
“We can restore a pilot mangrove site, develop a community action plan, and lay the foundation for ongoing restoration efforts,” he said.
Mr. Stephen Abu, National Coordinator, CSDevNet, said that Nigeria was still faced with the issue of climate change, which must be addressed.
He said that planting of trees was still another good way to tackle climate action on the part of human beings.
He said that behavioral change could also rescue the impact of climate change, by doing things that would help restore the immediate environment.
One of the beneficiaries, Miss Mary Domotimi, a student of the university, commended the organisers for the training.
High point of the event was the planting of trees in the campus by the students, lecturers, and the organisers of the workshop.
The Nigeria Meteorological Agency (NiMet) has predicted sunny and cloudy weather conditions, with thunderstorms, across the country from Sunday, May 18 to Tuesday, May 20, 2025.
Cloudy weather
NiMet’s weather outlook, released on Saturday, May 17, in Abuja, predicted sunny skies on Sunday.
It also forecasted patches of cloud and thunderstorms in parts of Gombe, Bauchi, Kaduna, Taraba, and Adamawa states during the afternoon and evening.
According to NiMet, in the North-central region, sunny skies are forecasted, with isolated thunderstorms over parts of Kwara, Plateau, Nasarawa, Niger, Benue, and Kogi states in the afternoon or evening.
NiMet also predicted morning thunderstorms in southern regions, including Cross River, Lagos, Ogun, Bayelsa, Rivers, Delta, and Akwa Ibom states, with isolated thunderstorms later in the day.
“On Monday, sunny skies with patches of cloud are expected in the northern region, with chances of morning thunderstorms in Taraba and Adamawa states.
“Isolated thunderstorms are forecasted for the afternoon or evening in parts of Kaduna, Taraba, and Adamawa states.
“In the North-central region, sunny skies with some cloud are expected, with isolated thunderstorms possible over the Federal Capital Territory, Niger, Kwara, Benue, Nasarawa, Kogi, and Plateau states.
“Southern regions will see morning thunderstorms in Ondo, Ogun, Lagos, Cross River, and Akwa Ibom, followed by isolated thunderstorms later in the day.”
According to NiMet, for Tuesday, sunny skies with few clouds are forecasted over the northern region, with chances of isolated thunderstorms in parts of Taraba, Bauchi, Gombe, and Adamawa states in the morning.
The agency predicted isolated thunderstorms over parts of Borno, Yobe, Jigawa, Katsina, Kano, Kaduna, Adamawa, and Taraba states later in the day.
NiMet also forecasted sunny skies with patches of cloud in the North-central region, with isolated thunderstorms in the afternoon or evening in the Federal Capital Territory, Nasarawa, Kogi, Plateau, Benue, and Niger states.
“The southern region will experience morning thunderstorms in Cross River, Lagos, Bayelsa, Rivers, and Akwa Ibom states, with thunderstorms expected later in the day.”
The agency advised the public to take precautions, as strong winds might precede thunderstorms, and to secure loose objects to prevent damage.
“It also urges residents to avoid driving under heavy rain, disconnect electrical appliances, and stay clear of tall trees to avoid falling branches.
“Airline operators are encouraged to consult NiMet for specific weather reports to assist in flight planning.”
Nigerians have been encouraged to come up with bankable projects that meet the Green Climate Fund’s (GCF) standards to improve the country’s access to funding for climate-related initiatives.
Cross session of participants during the Development Bank of Nigeria (DBN), Green Climate Fund (GCF), NIRSAL, and the National Council on Climate Change Secretariat (NCCCS) partnership meeting held in Abuja, Nigeria’s capital
This call, according to a group of collaborators who met in Abuja on Tuesday, May 13, 2025, to brainstorm on how to address the problematic issue of climate finance, lamented that the nation is falling behind in obtaining funds for the implementation of climate action-driven activities.
The group, which consists of the Development Bank of Nigeria (DBN), Green Climate Fund (GCF), Nigeria Incentive-Based Risk Sharing System for Agricultural Lending (NIRSAL), and the National Council on Climate Change Secretariat (NCCCS), also talked about the expansion strategy for access entities (AEs), project assessment requirements, and the criteria for obtaining financing to accelerate the execution of green schemes across Nigeria.
Mr. Marcus Mayrfrom, GCF’s Senior Urban Sector Specialist, stated at the event that his organisation is happy to be a part of the cooperation, which aims to support Nigeria’s climate action pathways.
In addition to creating an investment platform to support the strategic implementation of initiatives, he said the GCF is also delighted to evaluate the needs and any tools and instruments needed to scale up climate action and country-specific programmes.
NIRSAL representative, Mr. Austin Ike, in his remarks, said his establishment has de-risked its activities within the agricultural sector to curb the threats of flooding, drought and other climate challenges on food production.
Similar to the previous speaker, he praised NIRSAL’s participation in the collaboration, especially given its nexus and ability to assist the country in addressing its energy and food security issues.
The Director-General of the National Council on Climate Change Secretariat (NCCCS), Dr. Nkiruka Maduekwe, in her speech, said that Nigeria is looking forward to having two entities accredited before the Conference of Parties (COP 30) to the United Nations Framework Convention on Climate Change (UNFCCC) that is coming up in Belem, Brazil, later in the year.
She added that the nation is working on presenting bankable projects during this conference to enhance its opportunities to tap into the various global climate finances.
Mr. Soji Omisore, from the Investment and Strategic Investment Division and former Deputy Director of Private Finance at the GCF, said that the GCF aims to work more with the private sector based on the mobilisation perspectives, ROI, opportunity costs and critical donor landscapes shaping the climate financing structure globally.
Furthermore, he hinted that GCF receives most funding from donors in the Global North, and the second replenishment, GCF-2 (spanning 2024-2027), raised roughly $12.8 billion in pledges from 31 countries, highlighting that they are very much focused on mitigation and adaptation projects; because for them, climate impact is non-negotiable.
“When we get approached in terms of funding projects, many people come to us thinking that if a project is financially viable, then something will be attractive. That is only one side of it. In a project that has co-benefits, the project that we consider must have a front and a centre in mitigation and adaptation,” he asserts.
As a result, he went on to say that they are flexible in the type of funds that they provide, which include debt, equity, grants and guarantees.
“The point we are trying to make is that we can tailor the financial needs of the projects within the context of that region of that project to meet the needs of the country and measure the impact. What we are looking to achieve is the output, and our funding is concessional,” Mr. Omisore concluded.
Socio-Economic Rights and Accountability Project (SERAP) has urged Mr. Bayo Bashir Ojulari, Group Chief Executive Officer of the Nigerian National Petroleum Company (NNPCL) Limited, “to account for and explain the whereabouts of the missing N500 billion, which the NNPCL failed to remit to the Federation Account, between October 2024 and December 2024, as revealed by the World Bank.”
Mr. Bashir Bayo Ojulari, New GCEO, NNPC Ltd
SERAP urged Mr. Ojulari “to identify those suspected to be involved, surcharge them for the full amount involved, and hand them over to the Independent Corrupt Practices and Other Related Offences Commission (ICPC) and the Economic and Financial Crimes Commission (EFCC) for investigation and prosecution.”
SERAP also urged Mr. Ojulari “to invite the EFCC and ICPC to investigate the spending and whereabouts of the N500 billion, and to ensure the full recovery and remittance of the money to the Federation Account without further delay”.
The World Bank had last week disclosed that, out of the N1.1 trillion revenue from crude sales and other income in 2024, the NNPCL only remitted N600 billion, leaving a deficit of N500 billion unaccounted for. The International Monetary Fund (IMF) also recently called for the subsidy removal savings to be transferred to the national budget.
In the Freedom of Information request dated May 17, 2025, and signed by SERAP deputy director Kolawole Oluwadare, the organisation said: “There is a legitimate public interest in explaining the whereabouts of the alleged missing N500 billion oil money and grave violations of the Nigerian Constitution 1999 (as amended)”
SERAP said,“The country’s oil wealth ought to be used solely for the benefit of the Nigerian people, and for the sake of the present and future generations.”
According to SERAP, “Nigerians have the right to know why the NNPCL failed to remit the subsidy removal savings to the Federation Account, and why the NNPCL is deliberately denying states and local governments their allocations from the Account, contrary to the provisions of the Nigerian Constitution 1999 (as amended)”.
The letter reads in part: “Nigerians continue to bear the brunt of these missing public funds from the NNPCL meant for the economic development of the country.
“We would be grateful if the recommended measures are taken within seven days of the receipt and/or publication of this letter. If we have not heard from you by then, SERAP shall consider appropriate legal actions to compel the NNPCL to comply with our requests in the public interest.
“The missing oil revenue reflects a failure of NNPCL accountability more generally and is directly linked to the institution’s continuing failure to uphold the principles of transparency and accountability.
“The Nigerian Constitution, Freedom of Information Act, and the country’s anti-corruption and human rights obligations rest on the principle that citizens should have access to information regarding the spending of their commonwealth.”
“SERAP notes that the Supreme Court in a groundbreaking judgment recently declared that the Freedom of Information Act ‘is applicable and applies to the public records in the Federation’, including those kept by the NNPCL.
“SERAP is concerned that the Auditor-General of the Federation and Nigeria Extractive Industries Transparency Initiative (NEITI) have for many years documented reports of disappearance of oil money from the NNPCL.
“The allegations have undermined economic development of the country, trapped the majority of Nigerians in poverty and deprived them of opportunities.
“The failure by the NNPCL to remit the money to the Federation Account is a grave violation of the public trust and the provisions of the Nigerian Constitution, national anticorruption laws, and the country’s obligations under the UN Convention against Corruption.
“Despite the country’s enormous oil wealth, ordinary Nigerians have derived very little benefit from oil money primarily because of widespread grand corruption, and the entrenched culture of impunity of perpetrators.
“Combating the corruption epidemic in the oil sector would alleviate poverty, improve access of Nigerians to basic public goods and services, and enhance the ability of the government to meet its human rights and anti-corruption obligations.
“According to our information, the World Bank recently disclosed that out of the N1.1 trillion revenue from crude sales and other income in 2024, the NNPCL only remitted N600bn, leaving a deficit of N500 billion unaccounted for.
“The revenue and other income were expected to be paid into the Federation Account and shared by all levels of government, but the NNPCL reportedly failed to do so.
“SERAP notes that Section 15 (5) of the Nigerian Constitution 1999 (as amended) requires public institutions to abolish all corrupt practices and abuse of power.
“Section 13 of the Nigerian Constitution imposes clear responsibility on the NNPCL to conform to, observe and apply the provisions of Chapter 2 of the Constitution.
“Nigeria has made legally binding commitments under the UN Convention against Corruption to ensure accountability in the management of public resources. Articles 5 and 9 of the UN Convention against Corruption also impose legal obligations on the NNPCL to ensure proper management of public affairs and public funds.
“These commitments ought to be fully upheld and respected.
“Explaining the spending details and whereabouts of the missing N500 billion public funds, identifying those suspected to be responsible and ensuring that perpetrators are brought to justice and the full recovery of any missing public funds would serve the public interest and end the impunity of perpetrators.
“The missing oil revenue has also impeded Nigerians’ ability to enjoy their economic and social rights and denied them access to essential public goods and services, especially at the time of cost-of-living crisis in the country.
“The missing oil revenue has further damaged the already precarious economy and contributed to very high levels of deficit spending by the government.
“Had the NNPCL accounted for and remitted the alleged missing N500 billion to the Federation Account, it is likely that more funds would have been allocated to the fulfillment of economic and social rights, such as increased spending on public goods and services.
“Without the full recovery and remittance of the missing N500 billion of oil revenue, the dire economic situation may worsen, and Nigerians will continue to be denied access to basic public goods and services.
“The Freedom of Information Act, Section 39 of the Nigerian Constitution, article 9 of the African Charter on Human and Peoples’ Rights and article 19 of the International Covenant on Civil and Political Rights guarantee to everyone the right to information on the whereabouts of the missing N500 billion of oil revenue.”
