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Nigeria’s AGF Demands Share of Abacha’s $550m Loot- Lawyer

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Sani Abacha.
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Godson Nnaka, the United States-based attorney involved in the controversy over the repatriation of $550 million Abacha loot, has absolved himself of responsibility in the delay of the funds being returned to Nigeria.

Mr. Nnaka was recruited in 2004 by the Nigerian government to recover funds stolen by late dictator Sani Abacha.

He had instituted a case in a U.S. district court seeking 40 per cent of the recovered loot. He also asked to be made the funds’ exclusive attorney.

He was kicked out of the fund recovery case after he had spent money and time to find and recover the funds.

He also alleged that Nigeria’s Attorney General, Abubakar Malami, jilted him after he turned down his demand to part with a kickback of as much as 70 per cent of his fee in order to access documentations needed for him to act on behalf of the country.

He also threatened to sue the minister for defamation if he did not desist from making false claims about him. He had given Mr Malami 48 hours to publish an apology in PREMIUM TIMES and or be prepared to be slammed with a defamation charge.

However, a statement by Mr. Malami on Monday explained that according to the U.S. law, when stolen funds are discovered, the U.S. Department of Justice would first approach a court for the forfeiture of the funds to the U.S. government.

If the court ruled in favour of the DOJ, the U.S. government, at the end of the process, would repatriate the money to the country from which the funds were stolen.

The AGF then claimed that Mr Nnaka’s suit demanding to be paid for representing Nigeria was the only thing standing in the way of the recovered loot being repatriated to the country.

Mr. Nnaka, in a statement released by his lawyer, Bennett Amadi, on Wednesday, replied that it was Mr Malami’s “corruption” and “greed” which was preventing the repatriation of the funds. He said all he was asking was to be paid for the services he rendered to Nigeria.

“Let it be noted that Nnaka is neither delaying the return of the Abacha loot to Nigeria nor attempting to extort anything from Nigeria. Rather, it is “corruption” and the selfishness and greed of Abubakar Malami that is centrally delaying the quick and safe return of the funds to Nigeria and to Nigerians. As it is commonsensical that every labourer is entitled to his wages, Nnaka is only asking to be paid for his services that he responsibly rendered and benefitted Nigeria with, and the cost and expenses incurred over several years pursuant to his agreement with the Federal Republic of Nigeria regarding the aforesaid loots.”

The statement claimed that since 2013, Mr. Nnaka had reached out to the Nigeria government on several occasions to ensure the funds are speedily returned to the country but he has repeatedly confronted a stonewall.

“However, it is the selfish, rapacity, bad faith, corruption and arrogance of the Nigerian Government officials, Abubakar Malami inclusive, that has forced Nnaka to recently approach the court in the United States to obtain justice. To be precise, when in April 2014, Nnaka and his team filed for the intervention and claim on behalf of Nigeria seeking for the prompt and safe repatriation of the loots to Nigeria to brief the then Attorney-general, Mr Adoke, and other government officials.

But for their deliberate inaction and corruption, the issue would have since been resolved. Following the election of President Muhammadu Buhari in May of 2015, Nnaka, in August of 2015 wrote to President Buhari seeking his intervention to ensure the prompt resolution of this matter. Nnaka also sought the assistance of well-placed Nigerians and even Senators to ensure the return of these Abacha loots back to Nigeria. All his efforts met brick-walls.”

The statement added that Mr. Nnaka’s representatives wrote to Mr. Malami on two occasions – November 17, 2015 and in February 2016 – asking him for an amicable settlement to his claim. He said Mr. Malami fixed a meeting with his representatives in Washington DC in April 2016, but when it became obvious that he was not going to dance to the AGF’s alleged demand for kickback, Mr. Malami cancelled the meeting and appointed a new lawyer for the case.

“Mr. Malami handed over the matter to a new lawyer who knew nothing about the case, for obvious selfish reasons. Faced with such arrogance, greed and selfishness, Nnaka perfected his appeal and petitioned the court for justice. So where in the world is Nnaka responsible for the delay in the return of the loots? Why can’t Nigerians be told the truth? What exactly does Mr Abubakar Malami intend to achieve in his present name-calling and image laundering antics? Does it bother him at all that Nigerian are wiser and more intelligent than he believes or thinks that they are?,” he asked.

“If Mr. Malami is sincere about the immediate and safe return of the present loots to Nigeria and to Nigerians, he knows exactly what to do instead of jumping from one newspaper house to another, Attorney General Malami and/or his attorneys for Nigeria are welcome to contact this office so that we may reasonably exchange ideas for the quick and immediate resolution of the issue in this matter and for quick return of these funds to Nigeria and Nigerians.

Mr. Malami and his lawyers know the telephone numbers and emails of this office. As always, our office is open to Mr. Malami and his lawyers for the sincere discussion and resolution of this matter. The present situation in Nigeria earnestly affirms that this matter should be sensibly looked into and resolved now so that these looted funds should go back to Nigeria without any further delay, and Nigeria can expand efforts to recover additional ones estimated at $20 billion in the next eighteen months.

“If the government of Nigeria fails to take advantage of this window, then Mr. Abubakar Malami should stop deceiving Nigerians with self-serving propaganda and tired image laundering antics, shut up and allow the United States Court to speak on this matter and render justice as it deems fit and proper. The matter is currently in court. Attorney General Malami should understand that civil litigation is not conducted on the pages of newspapers,” he added.

 

 


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Kaspersky Shares AI Cybersecurity Predictions for 2026

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Kaspersky experts outline how the rapid development of AI is reshaping the cybersecurity landscape in 2026, both for individual users and for businesses. Large language models (LLMs) are influencing defensive capabilities while simultaneously expanding opportunities for threat actors.

Deepfakes are becoming a mainstream technology, and awareness will continue to grow. Companies are increasingly discussing the risks of synthetic content and training employees to reduce the likelihood of falling victim to it. As the volume of deepfakes grows, so does the range of formats in which they appear.

At the same time, awareness is rising not only within organisations but also among regular users: end consumers encounter fake content more often and better understand the nature of such threats. As a result, deepfakes are becoming a stable element of the security agenda, requiring a systematic approach to training and internal policies.

Deepfake quality will improve through better audio and a lowering barrier to entry. The visual quality of deepfakes is already high, while realistic audio remains the main area for future growth.

At the same time, content generation tools are becoming easier to use: even non-experts can now create a mid-quality deepfake in just a few clicks. As a result, the average quality continues to rise, creation becomes accessible to a far broader audience, and these capabilities will inevitably continue to be leveraged by cybercriminals.

Online deepfakes will continue to evolve but remain tools for advanced users. Real-time face and voice swapping technologies are improving, but their setup still requires more advanced technical skills. Wide adoption is unlikely, yet the risks in targeted scenarios will grow: increasing realism and the ability to manipulate video through virtual cameras make such attacks more convincing.

Efforts to develop a reliable system for labelling AI-generated content will continue. There are still no unified criteria for reliably identifying synthetic content, and current labels are easy to bypass or remove, especially when working with open-source models. For this reason, new technical and regulatory initiatives aimed at addressing the problem are likely to emerge.

Open-weight models will approach top closed models in many cybersecurity-related tasks, which create more opportunities for misuse. Closed models still offer stricter control mechanisms and safeguards, limiting abuse.

However, open-source systems are rapidly catching up in functionality and circulate without comparable restrictions. This blurs the difference between proprietary models and open-source models both of which can be used efficiently for undesired or malicious purposes.

The line between legitimate and fraudulent AI-generated content will become increasingly blurred. AI can already produce well-crafted scam emails, convincing visual identities, and high-quality phishing pages.

At the same time, major brands are adopting synthetic materials in advertising, making AI-generated content look familiar and visually “normal.” As a result, distinguishing real from fake will become even more challenging, both for users and for automated detection systems.

AI will become a cross-chain tool in cyberattacks and be used across most stages of the kill chain. Threat actors already employ LLMs to write code, build infrastructure, and automate operational tasks.

Further advances will reinforce this trend: AI will increasingly support multiple stages of an attack, from preparation and communication to assembling malicious components, probing for vulnerabilities and deploying tools. Attackers will also work to hide signs of AI involvement, making such operations harder to analyse.

“While AI tools are being used in cyberattacks, they are also becoming a more common tool in security analysis and influence how SOC teams work. Agent-based systems will be able to continuously scan infrastructure, identify vulnerabilities, and gather contextual information for investigations, reducing the amount of manual routine work.

“As a result, specialists will shift from manually searching for data to making decisions based on already-prepared context. In parallel, security tools will transition to natural-language interfaces, enabling prompts instead of complex technical queries,” adds Vladislav Tushkanov, Research Development Group Manager at Kaspersky.

 


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NNPC’s $1.42bn, N5.57trn Debt Write-Off and Test of Nigeria’s Fiscal Governance

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By Blaise Udunze

When the Federal Government approved the write-off of about $1.42 billion and N5.57 trillion in legacy debts owed by the Nigerian National Petroleum Company Limited (NNPC Ltd) to the Federation Account, it was rightly described as a landmark decision. After years of disputes, reconciliations, and contested figures, Nigeria’s most important revenue institution was, at least on paper, given a cleaner slate.

NNPC’s $1.42bn, N5.57trn Debt Write-Off and Test of Nigeria’s Fiscal Governance

NNPC

The approval, contained in a report prepared by the Nigerian Upstream Petroleum Regulatory Commission (NUPRC) and presented at the last year November meeting of the Federation Account Allocation Committee (FAAC), effectively wiped out 96 percent of NNPC’s dollar-denominated obligations and 88 percent of its naira liabilities accumulated up to December 31, 2024. It resolved long-standing balances arising from crude oil liftings, joint venture royalties, production-sharing contracts, and related arrangements.

Judging it critically, the decision carries both promise and peril, but can be viewed from the perspective of a country desperate to restore confidence in public finance management. It offers an opportunity to reset relationships, clean up accounting records, and move forward under the Petroleum Industry Act (PIA). Yet, it also exposes deep structural weaknesses in Nigeria’s oil revenue governance, weaknesses that, if left unaddressed, could turn today’s debt relief into tomorrow’s fiscal regret.

Context matters. The debt write-off comes not during a period of revenue abundance, but at a time when Nigeria’s upstream revenue performance is under severe strain. According to the same NUPRC document, the commission missed its approved monthly revenue target for November 2025 by N544.76 billion, collecting only N660.04 billion against a projected N1.204 trillion.

Royalty receipts, the backbone of upstream revenue, tell an even starker story. It is alarming that against an approved monthly royalty projection of N1.144 trillion, only N605.26 billion was collected, leaving a shortfall of N538.92 billion. Cumulatively, by the end of November 2025, the revenue gap stood at N5.65 trillion, with royalty collections alone falling short by N5.63 trillion. These figures underscore how fragile Nigeria’s fiscal position remains, even as trillions of naira in historical obligations are being written off.

To be fair, the debts forgiven were not incurred overnight. They are the product of years of disputed remittances, lacking transparent accounting practices, and overlapping institutional roles, particularly under the pre-PIA regime. As petroleum economist Prof. Wumi Iledare has repeatedly observed, the former Nigerian National Petroleum Corporation combined regulatory, commercial, and operational functions, making revenue reconciliation cumbersome and frequently contested.

That legacy continues to haunt the system, as witnessed with the ongoing dispute between NNPC Ltd and Periscope Consulting, the audit firm engaged by the Nigeria Governors’ Forum, over an alleged $42.37 billion under-remittance between 2011 and 2017, which illustrates how unresolved the past remains. Though NNPC insists all revenues were properly accounted for as claimed, Periscope maintains that significant gaps persist, forcing FAAC to mandate yet another reconciliation exercise. This recurring pattern of audits, counterclaims, and stalemates has weakened trust in the federation revenue system and eroded confidence among states that depend on oil proceeds for survival.

Crucially, the debt write-off does not mean NNPC has turned a corner financially. Statutory obligations incurred between January and October 2025 remain on the books, amounting to about $56.8 million and N1.02 trillion. Although part of the dollar component was recovered during the period under review, the accumulation of new liabilities so soon after reconciliation raises uncomfortable questions about whether old habits are being replaced with genuine fiscal discipline.

More troubling still is what NNPC’s own audited financial statements reveal about its internal financial health. Despite recording a profit after tax of N5.4 trillion on revenues of N45.1 trillion in 2024, the company’s inter-company debts ballooned to N30.3 trillion, representing a 70 per cent increase within a single year. This is not debt owed to external creditors but largely obligations between NNPC and its subsidiaries, effectively the company owing itself.

Records show that of 32 subsidiaries, only eight are debt-free, and the rest, particularly the refineries, trading arms, and gas infrastructure units, remain heavily indebted to the parent company. There was a recurring cycle where profitable units subsidise chronically underperforming ones, and accountability steadily erodes because cash that should fund maintenance, expansion, and efficiency improvements is instead trapped in internal receivables.

The refineries offer a stark illustration whereby the Port Harcourt Refining Company alone owed N4.22 trillion in 2024, more than double its 2023 figure, while Kaduna and Warri refineries followed closely, with debts of N2.39 trillion and N2.06 trillion respectively. Despite the repeated failed turnaround maintenance with many years of rehabilitation spending, none have operated sustainably at commercially viable levels. Their continued dependence on financial support from the parent company highlights the cost of postponing difficult restructuring decisions.

And, for this reason, international observers have long warned about these structural weaknesses. One of the critics, the World Bank, has repeatedly flagged NNPC as a major source of revenue leakages. It further noted that the persistent gaps between reported earnings and actual remittances to the Federation Account. Even after the removal of petrol subsidies, the bank observed that NNPC remitted only about 50 per cent of the revenue gains, using the rest to offset past arrears. Such practices, while perhaps defensible in internal cash management terms, undermine fiscal transparency and weaken Nigeria’s macroeconomic credibility.

This is why the central issue is not the debt write-off itself, but what follows it because debt forgiveness is not reform. Without firm safeguards, it risks entrenching the very behaviours that created the problem in the first place. As Prof. Omowumi Iledare has warned, the scale and pace of the inter-company debt build-up represent a governance test rather than a mere accounting anomaly. Allowing subsidiaries to operate indefinitely without settling obligations is incompatible with the idea of a commercially driven national oil company.

The fact remains that if NNPC wants to function as a true commercial holding company under the PIA, it must enforce strict settlement timelines, restructure or divest non-viable subsidiaries, while clearly separating legacy debts from new obligations. With this, it holds subsidiary leadership accountable for cash flow and profitability. Independent, real-time audits and transparent reporting must become routine features of governance, not emergency responses triggered by controversy.

There is also a broader national implication. At a time when Nigerians are being asked to accept higher taxes, reduced subsidies, and fiscal tightening, large-scale debt write-offs without visible accountability risk undermining the legitimacy of the entire revenue system. Citizens cannot be expected to bear heavier burdens while systemic inefficiencies in the country’s most strategic sector persist.

Of a truth, the cancellation of NNPC’s legacy debts could mark a turning point in Nigeria’s fiscal governance, but only if it is not treated as its conclusion but the beginning of reform.

If discipline, transparency, and commercial accountability follow, the decision may yet help reposition NNPC as a profitable, credible, and PIA-compliant institution. If not, today’s clean slate will simply defer the reckoning until the next reconciliation, the next audit dispute, and the next fiscal crisis.

Blaise, a journalist and PR professional, writes from Lagos and can be reached via: [email protected]


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INEC Warns of Fake Ad-hoc Staff Recruitment Portal

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Independent National Electoral Commission (INEC) has raised alarm about a fake and unauthorized website falsely claiming to be an “INEC Ad-hoc Staff Recruitment Portal 2026.”

INEC Warns of Fake Ad-hoc Staff Recruitment Portal

The Commission raised the alarm in a statement published on its website late Tuesday.

It identified the fake recruitment website as okripeti.org/Inec-ADhoc-Sta…

The Commission affirmed that the website is fake and not affiliated with the it in any way.

“Members of the public are advised that any information, statistics, or application forms on this website are false, misleading, and intended to deceive unsuspecting applicants.”

It also advised anyone who has already registered on the fake portal to discontinue immediately and reapply only through the official INEC links provided above.

“INEC remains committed to transparency, credibility, and the protection of the public from fraudulent activities,” the Commission said.

The Commission also said it conducts Ad-hoc Staff recruitment ONLY through its official platform known as INECPRES.

It listed the only authentic links for the 2026 FCT Area Council Election Ad-hoc Staff recruitment as: •🌐 Web & iOS: pres.inecnigeria.org •📱 Android (Mobile App): presmobile.inecnigeria.org

It added that any other website or link outside the above is not authorized by INEC.

It thereforfore advised prospective applicants to verify all recruitment information using INEC’s official websites, not to click or register on suspicious or unofficial links
not to submit personal details (BVN, passwords, OTPs, or bank details) on non-INEC platforms and to always check that the URL ends with inecnigeria.org


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