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SERAP Asks State Governors, Wike to Disclose Details of Chinese Loans

Socio-Economic Rights and Accountability Project (SERAP) has asked Nigeria’s 36 state governors and Nyesom Wike, minister of the Federal Capital Territory, to provide detailed information regarding any Chinese loans and other external borrowings obtained and guaranteed by the Federal Government.

In a statement released over the weekend, SERAP urged the governors and the FCT minister to disclose the full terms and conditions of these loans, including provisions on collateral, interest rates, repayment obligations, and any incidents of defaults or debt restructuring.
SERAP urged them to “provide details of the repayment obligations regarding any Chinese loans, liabilities and other external borrowing obtained and guaranteed by the Federal Government, the interest rates on the loans, and any defaults, debt restructurings, and debt exposure to China and other creditors.”
SERAP also urged them to “clarify any investment agreements with Chinese companies and repayment histories of any loans, liabilities and facilities obtained from China and other external creditors and guaranteed by the Federal Government.”
In the letters dated August 24, 2024 and signed by Kolawole Oluwadare, SERAP deputy director the organisation said: “We are concerned that your state and the FCT may have failed to efficiently manage your debt obligations, especially your external debt and investment obligations, as guaranteed by the Federal Government.”
According to SERAP, “The failure to uphold your obligations is contrary to Section 6 of the Debt Management Office Establishment (Etc), Act, and creates financial risks and other exposure to Nigeria with respect to these Chinese loans, liabilities and other external borrowing.”
SERAP said, “These Chinese loans, liabilities and other external borrowing by your state and the FCT may not have been used for the purposes for which they have been obtained and terms and conditions guaranteed by the Federal Government.”
The letters, read in part: “SERAP is concerned that there is a significant risk of defaults of the Chinese loans, liabilities, and other external borrowing by your state and the FCT, which are guaranteed by the Federal Government.”
“There are also significant risks of confiscation of Nigerian assets in foreign jurisdictions by multilateral and bilateral agencies and other creditors in cases of failure by your state and the FCT to satisfactorily observe and fulfil the terms and conditions of the Chinese loans, liabilities and other external borrowing which are guaranteed by the Federal Government.”
“The apparent inadequacy of safeguards and accountability mechanisms for these Chinese loans, liabilities and other external borrowing may also expose Nigeria’s assets in foreign jurisdictions to confiscation.”
“Your state and the FCT have a shared obligation to ensure that the spending and repayment plans of Chinese loans, liabilities, facilities and other external borrowing are consistent with the provisions of national and international standards, and to prevent or mitigate risks of confiscation of Nigerian assets abroad.”
“We would be grateful if the recommended measures are taken within 7 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 your government and the FCT to comply with our request in the public interest.”
“Despite several external loans, liabilities, investment obligations and external borrowing obtained by your state and the FCT, which are guaranteed by the Federal Government over many years, millions of Nigerians in your state and the FCT continue to lack access to regular electricity supply and have been denied the benefit of renewable energy solutions.”
“A recent report by the National Bureau of Statistics (NBS) revealed that over 133 million Nigerians are living in different categories of poverty, the majority of them women and children.”
“SERAP is seriously concerned that many of the country’s 36 states and FCT are allegedly mismanaging public funds which may include Chinese loans, liabilities and other external borrowing obtained from bilateral and multilateral institutions and agencies and guaranteed by the Federal Government.”
“We urge you to disclose the spending details of these Chinese loans, investment obligations and external borrowing, including details of and locations of projects as well as the implementation status and completion reports, if any, on the projects.”
“According to Nigeria’s Debt Management Office, the total external debt for Ogun State is N168,833,006.66 as at December 31, 2023. The total public debt portfolio for the country’s 36 states and the Federal Capital Territory is N9.17 trillion.”
“Nigeria’s total public debt stock, including external and domestic debts, increased by ₦24.33 trillion in three months alone, from ₦97.34 trillion ($108.23 billion) in December 2023 to ₦121.67 trillion ($91.46 billion) as of March 31, 2024. The debt represents external and domestic loans obtained by the Federal Government, the 36 state governments and the FCT.”
“SERAP notes that the World Bank has approved several loans and other funding facilities to the country’s 36 states including the recent $750 million credit line meant to the states to carry out reforms to attract investment and create jobs.”
“The World Bank on 15 December 2020 approved a $1.5 billion loan for Nigeria’s 36 states and the FCT for social protection and strengthened state-level COVID-19 response. The loan aims to help the states build a resilient recovery post-COVID19 and to reduce poverty.”
“SERAP is concerned that the Chinese loans and other external borrowing obtained by your state and guaranteed by the Federal Government are vulnerable to corruption and mismanagement.”
“Publishing details of the Chinese loans, liabilities, investment obligations and other external borrowing obtained by your state and the FCT which are guaranteed by the Federal Government would allow Nigerians to scrutinise them.”
“Section 39(1) of the Nigerian Constitution 1999 [as amended], section 44 of the Fiscal Responsibility Act and article 9 of the African Charter on Human and Peoples’ Rights to which Nigeria is a state party impose legal obligations on your state and the FCT to disclose the details sought.”
“Section 41 of the Fiscal Responsibility Act provides: ‘1) The framework for debt management during the financial year shall be based on the following rules: a. Government at all tiers shall only borrow for capital expenditure and human development, provided that, such borrowing shall be on concessional terms with low interest rate and with a reasonable long amortization period subject.’”
“Section 44 of the Fiscal Responsibility Act provides: ‘1) Any Government in the Federation or its agencies and corporations desirous of borrowing shall, specify the purpose for which the borrowing is intended and present a cost-benefit analysis, detailing the economic and social benefits of the purpose to which the intended borrowing is to be applied.’”
“According to section 21(1)(2) of the Debt Management Office Establishment (Etc), Act, ‘No external loan shall be approved or obtained by the Minister unless its terms and conditions shall have been laid before the National Assembly and approved by, its resolution. (2) The Federal and State Government or any of their agencies shall not obtain any external loan except with a guarantee issued by the Minister.’”
News
DHQ Indicts Brigadier General Abubakar Sadiq, 15 Others in Alleged Coup Plot againt Tinubu

Defence Headquarters (DHQ) has made public the full names of 16 officers of the Armed Forces of Nigeria indicted by a Special Investigative Panel over alleged serious misconduct, including an alleged coup plot against President Bola Tinubu.

The officers suspected to be involved in the coup plot include a brigadier general, a colonel, four lieutenant colonels, five majors, two captains, a lieutenant, a lieutenant commander and a Squandron Leader.
Major General Samaila Uba, director of Defence Information, disclosed this on Monday, stating that the panel had concluded its investigation and established that the affected officers had cases to answer.
According to him, the indicted officers will face a military Court Martial in line with established procedures and existing regulations.
Major Gen. Uba said the probe examined the circumstances surrounding the conduct of the officers and identified actions “inconsistent with the ethics, values and professional standards expected of members of the Armed Forces of Nigeria.”
He stressed that the exercise was purely disciplinary and aimed at preserving internal discipline, cohesion and operational effectiveness, adding that the Armed Forces remain loyal to the Constitution and Nigeria’s democratic order.
- Brigadier General Musa Abubakar Sadiq (Nasarawa, 44th Regular Course)
- Colonel M. A. Ma’aji (Niger, 47th Regular Course)
- Lieutenant Colonel S. Bappah (Bauchi, 56th Regular Course)
- Lieutenant Colonel A. A. Hayatu (Kaduna, 56th Regular Course)
- Lieutenant Colonel Dangnan (Plateau, 56th Regular Course)
- Lieutenant Colonel M. Almakura (Nasarawa, 56th Regular Course)
- Major A. J. Ibrahim (Gombe, 56th Regular Course)
- Major M. M. Jiddah (Katsina, 56th Regular Course)
- Major M. A. Usman (Federal Capital Territory, 60th Regular Course)
- Major D. Yusuf (Gombe, 59th Regular Course)
- Major I. Dauda (Jigawa, DSSC 38)
- Captain I. Bello (DSSC 43)
- Captain A. A. Yusuf
- Lieutenant S. S. Felix (DSSC)
- Lieutenant Commander D. B. Abdullahi (Nigerian Navy)
- Squadron Leader S. B. Adamu (Nigerian Air Force)
News
Court Fines Airtel N210m for Unauthorised Use of ‘Nigeria Go Survive’ Song

Justice Ibrahim Ahmad Kala of the Federal High Court, Lagos, on Monday awarded a total of N210 million in damages against Airtel Networks Limited for copyright infringement arising from the unauthorised use of a musical work titled “Nigeria Go Survive.”

The award comprises N200 million as general damages and N10 million as costs.
In addition to the monetary award, the court issued mandatory and perpetual injunctions restraining Airtel, its management, agents, servants, privies, successors-in-title and assigns from reproducing or further using the musical work, or any substantial part of it, for advertising, promotion, telemarketing, or other business purposes without the licence or authorisation of the copyright owner.
Justice Kala specifically ordered Airtel to remove “Nigeria Go Survive” from its list of songs used for advertising, business, telemarketing and promotional purposes across its network with immediate effect.
The judge held that Airtel’s use of the song without licence or authorisation amounted to restricted acts under the Copyright Act and constituted an infringement of the plaintiff’s copyright.
The judgment was delivered in suit No: FHC/L/CS/1822/2022, filed by Veno Marioghae Mbanefo, producer of the song.
In resolving the sole issue for determination, the court held that the plaintiff proved her case on the balance of probabilities.
Justice Kala noted that a perpetual injunction is granted after infringement has been established and is intended to protect the proprietary rights of the copyright owner and restrain continued infringement.
Accordingly, the court made the following orders: “That Airtel’s unauthorised use of “Nigeria Go Survive” for advertising, promotion and telemarketing amounts to copyright infringement.
“Mandatory injunction prohibiting Airtel from reproducing or using the musical work, or any substantial part of it, for business and promotional purposes.
“Perpetual injunction restraining Airtel from any further unauthorised use of the work.
“General damages N200 million awarded to the plaintiff for losses suffered as a result of the infringement. And N10 million awarded in favour of the plaintiff, considering the duration of the case, legal representation, expenses incurred, and the current value of the naira.
In the writ of summons filed by her legal team led by Clement Onwvenwunor, SAN, the plaintiff sought, among other reliefs, declarations that Airtel’s use of the song without attribution, licence or authorisation breached her statutory rights under Section 12 of the Copyright Act, Cap. C28, Laws of the Federation of Nigeria, 2004.
She also claimed substantial damages for copyright infringement and, in the alternative, requested an order directing Airtel to render an account of profits allegedly made from the infringement under the supervision of the Nigerian Communications Commission (NCC).
Airtel Networks Limited, represented by counsel led by Babatunde Amoo, urged the court to dismiss the suit.
However, after reviewing the exhibits and submissions of counsel, Justice Kala resolved all issues in favour of the plaintiff.
The court refused the plaintiff’s alternative prayer for an account of profits but granted all substantive reliefs relating to infringement, damages and injunctive orders.
News
Tech Executives Double Down on AI, Talent and Adaptive Strategies to Lead in the Intelligence Age

KPMG’s Global Tech Report 2026 reveals that organisations worldwide are moving beyond pilots and seeking to embed AI into core workflows and offerings, striving to scale investments. The new report identifies that while expectations are high and adoption is rapid; scaling can introduce additional complexity and returns vary widely.

- 68 percent of organisations surveyed aim to reach the highest level of AI maturity by the end of 2026, yet only 24 percent are there today.
- 88 percent are investing in building agentic AI into their systems.
- 74 percent say their AI use cases are delivering business value, but only 24 percent achieve ROI across multiple use cases.
- 90 percent plan to grow partnerships and tech ecosystems over the next year, yet 53 percent still lack the talent needed to bring their digital transformation plans to life.
- 78 percent agree they must take more risks on emerging technologies to stay relevant.
The report asks: Can ambition match reality, and can organisations keep one eye on the next wave of innovation while delivering on today’s agenda?
“The future belongs to leaders who turn intelligence into advantage. Our research shows organisations are pushing past the early phase of ‘AI roulette’, placing scattered bets on multiple technologies, and are now increasingly focused on delivering value. When ambition meets disciplined execution, value compounds.
“Our 2026 Global Tech Report provides a synopsis of the critical things that high performers are doing better than most; a checklist for tech leaders looking to improve their organisational performance, emulate the high performers, and deliver higher ROI”. – Guy Holland, Global Leader, CIO Center of Excellence, KPMG International
”As Africa enters the Intelligence Age, the differentiator is no longer access to technology, but the ability to build the skills, governance, and operating models required to scale it responsibly. While organisations are accelerating AI adoption to drive productivity and growth, the real determinant of value lies in workforce readiness, executive alignment, and disciplined execution.
Those that invest early in digital skills, human-AI collaboration, and adaptive leadership will be best positioned to translate innovation into sustainable commercial and economic impact.” – Marshal Luusa, Partner: Technology & Innovation Lead, KPMG One Africa
Key findings from the report
Tech maturity accelerates: Leaders set their sights on the top
Half (50 percent) of global tech leaders surveyed expect to reach the highest level of technology maturity in 2026, compared to only 11 percent today. This surge in optimism is fuelled by a move from isolated experiments to integrating AI and advanced technologies into core systems and scaling their impact.
High performers, those organisations leading in technology maturity, process maturity and value, are already reaping the rewards, reporting an average ROI of 4.5x, more than double the industry average of 2x. These leading organisations have progressed beyond pilot programs, prioritising the scaling of innovation and continually adapting to maintain a competitive edge in a fast-evolving environment.
Other organisations reporting higher ROI include smaller firms (3.6x), those with fewer cost pressures (2.6x), and transformation‑focused organisations (3.2x). The ROI pattern is equally nuanced: rather than a single investment ‘sweet spot’, clear ROI ‘zones’ emerge, from early quick wins to accelerating, enterprise‑wide value as maturity increases.
The age of agentic: AI adoption surges but innovation drives real business value
AI is now seen as a strategic necessity, not just industry hype. Sixty-eight percent of respondents are aiming for the highest level of AI maturity in their organisations. Eighty-eight percent of companies are already investing in agentic AI – autonomous digital agents transforming operations and decision-making. Seventy-four percent of respondents report that their AI initiatives are creating measurable business value, such as improved efficiency and reduced risk.
However, only 24 percent say they are scaling AI and achieving ROI across multiple use cases. This highlights the need for organisations to evolve KPIs beyond traditional financial and productivity metrics and build enterprise-wide alignment to fully realise AI’s potential.
The shift from AI experimentation to large-scale deployment is underway, with leaders working to embed AI into products, services, and value delivery.
Talent and agility power success: Human potential remains central
Human expertise remains central to digital transformation initiatives. Organisations are making significant investments in upskilling their workforce, building adaptive teams, and fostering cultures that embrace change.
Despite the rapid adoption of agentic AI, organisations still expect 42 percent of their tech workforce to remain permanent human staff by 2027 – only a five‑point drop from 2025.
High-performing companies plan to retain even more permanent human talent, with 50 percent remaining in place by 2027, revealing the continued importance of human expertise alongside AI. Despite these efforts, 53 percent of organisations report they still lack the talent needed to realise their digital transformation strategies.
Ninety-two percent of organisations surveyed anticipate that managing AI agents will become a critical skill within five years. The most successful organisations prioritise both technological advancements and people, empowering employees to innovate and adapt.
Strategic partnerships fuel growth: Ecosystems expand for the future
To overcome challenges and accelerate learning, 90 percent of organisations plan to grow partnerships and tech ecosystems over the next year. Strategic alliances are enabling access to specialised expertise, rapid innovation, and shared best practices.
As agentic AI and other advanced technologies become mainstream, organisations recognise the importance of building robust ecosystems that foster co-creation and continuous improvement. Nearly one-third of tech executives are planning to increase investment in centers of excellence, supporting cross-functional teams and controlled experimentation.
Preparing for tomorrow’s breakthroughs: Leaders embrace bold risks
The future is arriving fast, with quantum computing and Artificial Superintelligence (ASI) on the horizon. Leaders are already preparing for these breakthroughs, with 78 percent of organisations agreeing they must take more risks on emerging technologies to stay relevant.
The report urges organisations to maintain strategic foresight, invest in ethical frameworks, and build resilient, future-ready workforces. By balancing ambition with rational thinking and disciplined execution, tech executives are positioning their organisations to turn disruption into durable, compounding value.
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