CBN Replacing Civil Servants with APC Members as LG Accounts’ Signatories, Says Osun ALGON

•Demands urgent investigation

The Association of Local Governments of Nigeria (ALGON), Osun State chapter, has accused the Central Bank of Nigeria (CBN) of colluding with members of the All Progressives Congress (APC) to illegally open bank accounts in the names of local governments.

At a press conference held in Osogbo on Thursday, the state ALGON chairman,  Hon. Sarafadeen Awotunde, flanked by other members of the association, alleged that the scheme was exposed when Mr. Kunle Adegoke (popularly known as KRAD), an APC governorship aspirant and counsel to the party, admitted on a live television programme that CBN had opened accounts for councils in Osun with APC members as signatories.

“On the 28th of August, 2025, during a live broadcast of the ARISE TV Morning Show, Mr. Kunle Adegoke openly admitted that the Central Bank of Nigeria has opened accounts in the names of local government councils in Osun State, and that the signatories to those accounts are not the legitimate civil servants but members of the APC recruited to claim local government civil service positions and offices illegally,” the ALGON leadership declared.

The council bosses condemned the development as “a brazen illegality” and “an attempt to divert Osun people’s money into private and political pockets.”

They stressed that by law, only statutory civil servants such as Heads of Local Government Administration, Directors of Administration and Directors of Finance are the recognised signatories to council accounts.

“Throughout the democratic world, politicians do not sign government cheques,” the statement added.

ALGON further pointed out that the individuals parading themselves as APC council chairmen lacked legitimacy, citing judicial pronouncements that had voided their elections.

“Their purported election was nullified by the judgment of the Federal High Court sitting in Osogbo on 30th November, 2022, a judgment that was further affirmed by the Court of Appeal in Akure on 13th June, 2025. That is the settled law. They remain sacked,” ALGON emphasised.

The chairmen expressed alarm that officials of the Osogbo branch of the CBN allegedly turned away the genuine civil servants when they attempted to open the local government accounts, while accepting APC members as signatories.

“This action is a brazen illegality, a disregard for subsisting court judgments, an infraction against banking and public account rules, and a direct threat to the welfare of the people of Osun State whose funds are at stake,” they said.

To back up their claim, ALGON said it has submitted certified documents including: copy of the regulation prescribing statutory signatories to local government accounts; the withdrawal of certificates of return earlier issued to the sacked APC chairmen by the Osun State Independent Electoral Commission (OSSIEC); valid certificates of return issued to ALGON leaders on February 22, 2025; and the two court judgments affirming their legitimacy.

The group demanded an urgent investigation of the matter by the CBN leadership, insisting that “the Governor of the Central Bank must immediately probe the actions of its officials in Osogbo and call the APC lawyer, Mr. Kunle Adegoke, to substantiate his claims on national television.”

ALGON also queried why Osun State appeared to be singled out by the federal authorities in the disbursement of local government funds.

“As we speak here today, all local governments in all the other 35 states have continued to receive their monthly allocations through the State-Local Government Joint Accounts as contained in the 1999 Constitution. The AGF and his allies are upholding the rule of power and politics over the rule of law. It is most unfortunate,” the organisation said.

The chairmen concluded with a pledge to resist what they called a dangerous plot against the people of the state. “We assure the people of Osun State that ALGON will not relent in defending the mandate freely given to us and in protecting the collective patrimony of our local governments. Justice must prevail,” Osun ALGON added.

The post CBN Replacing Civil Servants with APC Members as LG Accounts’ Signatories, Says Osun ALGON appeared first on THISDAYLIVE.

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    UNGA80: Nigeria Seeks AfDB’s Funding Commitment For Agric Ahead Of SAPZ Expansion To 24 States

    UNGA80: Nigeria Seeks AfDB’s Funding Commitment For Agric Ahead Of SAPZ Expansion To 24 States

    .Bank pledges to support Nigeria in human capital development 

    .Shettima meets St. Kitts Prime Minister to strengthen Africa-Caribbean ties

    .Departs New York for Germany to attend Deutsche Bank talks 

    Deji Elumoye in Abuja 

    Nigeria has sought enhanced funding commitment from the African Development Bank (AfDB) to operationalise the second phase of the Special Agro-Industrial Processing Zones (SAPZ).

    SAPZ Phase 2, which is expected to scale up climate-resilient infrastructure and inclusive agro-industrial growth across an additional 24 states, expanding from the initial eight states and the FCT, is aimed at diversifying Nigeria’s mono-product economy to value-added agricultural export.

    Vice President Kashim Shettima made the request weekend in New York, United States, during a bilateral meeting with AfDB’s President, Dr Sidi Ould Tah, on the sidelines of the 80th Session of the United Nations General Assembly (UNGA).

    Justifying the country’s request, the Vice President, in a release issued on Sunday by his Media Assistant, Stanley Nkwocha, said Nigeria is the largest shareholder in AfDB and its portfolio hovers in the neighbourhood of over $10 billion.

    “We urge you to further support us in the phase 2 Special Agro-Industrial Processing Zones (SAPZ). You assisted us with $300 million when you were in Liberia. We want to thank you, but like Oliver Twist, we are asking for more because we are poised to diversify our mono-product economy into agriculture, especially value-added agricultural export.

    “And we have the potential in all the agro-ecological zones in Nigeria. From the mangrove forest swamps in the south to the Sahelian region in the far north, you can virtually grow anything. In states like Kebbi, the soil is very fertile,” he emphasised.

    Shettima added that Nigeria boasts a resourceful youth population that is development-oriented and eager to be co-opted into the workforce of the 21st century.

    He implored the AfDB President to also look into the issue of the bank’s support for innovation-driven enterprises, instead of focusing only on MSMEs, noting that the digital space offers a vista of opportunities for Africa’s development.

    “We can catalyse and accelerate the digital space in Africa. Already, out of the eight unicorns in Africa, five are from Nigeria – Moniepoint, Jumia, and the rest. We want to once again reiterate that we are with you, we are for you, and we will stand by you,”  Shettima told Dr Tah.

    In his remarks, Minister of Environment, Mallam Balarabe Lawal, sought the support of the bank for the Pan African Great Green Wall Initiative, especially Nigeria’s Great Green Wall Project.

    He said, “I want to appeal for the extension of your support to Nigeria’s National Agency for the Great Green Wall. The agency is responsible for containing desertification in the Sahelian part of Africa. I also want to plead that you look at what we have done so far in addressing environmental degradation in the 11 frontline States.

    “We have already submitted our proposal to the Ministry of Finance on the issue of clean cooking policy, which is also directly linked to the afforestation process. It is important because it will address two issues of deforestation and health.”

    Also speaking, Minister of Housing and Urban Development, Alhaji Ahmed Dangiwa, appealed to the AfDB boss to support the ministry in addressing the housing deficit, adding that the housing sub-sector needs substantial funding.

    In his remarks, AfDB’s President, Dr Sidi Ould Tah, assured that under his leadership, the bank will spare no effort to provide Nigeria with the support it deserves in terms of developing its human capital.

    “My vision for the bank is not as a lending institution, but as a catalyst institution with which to mobilise resources and capital from all over the world to Africa. I hope we can really bring capital to the continent to make the transformation of our continent possible and bring value to the agricultural sector.

    “This is why my four cardinal points are: mobilise large-scale capital through partnerships, reform Africa’s financial architecture, convert the continent’s demographic dividend into economic strength for job creation, and industrialise Africa by harnessing its natural resources to add value and build resilient infrastructure.

    “These points form my roadmap to guide the bank’s strategy and accelerate Africa’s development, and I’m confident that with your support, the bank will be able to bring transformation to the continent,” the AfDB President said.

    Earlier,  the Vice President held a bilateral meeting with the Prime Minister of St. Kitts and Nevis, Dr Terrance Drew, where they recommitted to strengthening economic and cultural ties.

    Shettima assured Drew of President Bola Tinubu’s determination to rekindle friendship and brotherhood between both nations.

    He said, “Going forward, we should have robust engagement and understanding. We should stand by each other. We should stand for one another. We should support each other’s interests.

    “For St. Kitts and Nevis, and Nigeria, what binds us together supersedes whatever divides us. The majority of the population of the Caribbean is of African descent. A large chunk of them are English-speaking countries. Quite a number of them belong to the Commonwealth. So, the commonalities we share are so significant, but contact has been low, relative to what it ought to be.

    “So, your Excellency, I want to assure you that my boss is very keen on rekindling that friendship, that sense of brotherhood and sisterhood, and see to it that going forward, we should have robust engagement and understanding,” he added.

    The Vice President further recalled that President Tinubu was in Saint Lucia earlier in the year, as part of his broader package of reaching out to Caribbean-Africans in the diaspora.

    On his part, Dr Drew, who decried the low level of trade and contact between Caribbean countries and Africa, expressed the country’s readiness to work closely with Nigeria to boost trade on the African continent.

    Meanwhile, the Vice President on Sunday departed New York, United States, after  representing President Tinubu at the 80th week-long session of the United Nations General Assembly.

    Shettima was seen off at John F. Kennedy International Airport, New York, by cabinet Ministers who were part of the UNGA 80 delegation and Nigerian Mission officials.

    The Vice President, according to a statement issued by his Media Assistant, Stanley Nkwocha, left for Germany where he is scheduled to hold strategic meetings with officials of Deutsche Bank to explore areas of intervention and partnership in Nigeria’s developmental initiatives.

    During his participation at UNGA 80,  Shettima secured UN Secretary-General António Guterres’ commendation for Nigeria’s bid for a permanent UN Security Council seat. 

    He also showcased Nigeria’s $200 billion energy transition opportunity to global investors and strengthened strategic partnerships with the UK on trade, defence, and migration issues.

    The Vice President delivered President Tinubu’s national statement, calling for UN reforms and a permanent seat for Nigeria at the UN Security Council, even as he demanded Africa’s control over its $700 billion mineral wealth, and digital inclusion initiatives.

    He also engaged with the Gates Foundation on healthcare and education expansion, positioning Nigeria as the natural hub for the African Continental Free Trade Area’s $3.4 trillion market.

    The Vice President will return to Nigeria immediately after his engagements in Germany.

    ​  

    .Bank pledges to support Nigeria in human capital development  .Shettima meets St. Kitts Prime Minister to strengthen Africa-Caribbean ties .Departs New York for Germany to attend Deutsche Bank talks  Deji

    Nigeria’s Housing Sector Contributed Over N11trn to GDP in 2024, Says Mortgage Bank

    Nigeria’s Housing Sector Contributed Over N11trn to GDP in 2024, Says Mortgage Bank

    –         Faces 28m units’ deficit

    Kuni Tyessi in Abuja

    The management of AG Mortgage Bank PLC has disclosed that the Nigerian housing sector was contributing above N11 trillion to the Gross Domestic Product, GDP, by year 2024.

    Quoting the Nigerian Bureau of Statistics, NBS, the Mortgage Bank stated that despite this laudable achievement, Nigerian housing deficit remains estimated in excess of 28 million units. 

    Chairman of the organisations Board of Directors, Felix Nwabuko announced this at the 2024 Mortgage Bank PLC Annual Report and Accounts 20 years Anniversary in Abuja.

    He said the federal government’s Renewed Hope Agenda gained momentum in 2024 with renewed emphasis on affordable housing delivery, housing finance reform, land tilting and enhanced collaboration with private sector stakeholders. 

    According to him, “AG Mortgage Bank PLC continues to play a strategic role in supporting these national housing efforts. The policy that allows retirement savings accounts (RSA) Holden’s to access 25% of their pension balances for home equity contributions witnessed higher adoption in 2024. This initiative has continued to narrow the gap in housing financing in Nigeria. 

    “The bank is one of the leading administrators of RSA linked mortgages, helping more Nigerians transition from tenants to home owners. The Help to Own initiative of the Family Homes Fund, FHF, which is gradually inching mortgage rates closer to a single digit rate is a very welcome development.

    “The bank is one of the first active players in the scheme amongst the primary mortgage banks in Nigeria, and will continue to do so, blending it with its internal mortgage facilities”. 

    He named challenges in the mortgage ecosystem to include dearth of accessibility long term capital, limited availability of low-cost housing stock, rising construction cost, legal delays in foreclosure processes and deficiencies in the land administration system.

    To unlock scale, our industry must continue pushing for digitised land registries, capital market integration, credit enhancement and regulatory easing. 

    Nwabuko also noted that the mortgage sub-sector needs to consolidate and scale, as all signs are pointing to the inevitability of consolidation, but a leading company will in some way need to emerge with the scale and internal innovation capability and strength to create leading products and drive some acquisitions or scale by organic growth.

    ​  

    –         Faces 28m units’ deficit Kuni Tyessi in Abuja The management of AG Mortgage Bank PLC has disclosed that the Nigerian housing sector was contributing above N11 trillion to the Gross

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