Federal High Court has ordered the Ministry of Finance to disclose the total amount paid under the $460 million Abuja CCTV loan, the identities of local and Chinese contractors who received the funds, the status of the project’s implementation, and details relating to the N1.5 billion reportedly paid for the Code of Conduct Bureau headquarters project.

The Socio-Economic Rights and Accountability Project (SERAP) has urged Mr. Taiwo Oyedele, the Minister of Finance and Co-ordinating Minister of the Economy to immediately disclose the identities of all local contractors, subcontractors, consultants, vendors, and other entities that benefited from the payments under the National Public Security Communication System project in Abuja, commonly referred to as the $460 million Abuja CCTV Project.

The Federal Ministry of Finance, in response to SERAP’s contempt proceedings, had recently disclosed that: “Records from the Ministry of Police Affairs indicate that while local subcontractors may have been engaged, there is an absence of detailed subcontracting records identifying specific local companies that received funds directly from the Chinese loan.”

The Ministry made the disclosure in a letter dated 15 May 2026 and signed by R. O. Omachi, permanent secretary, Federal Ministry of Finance,.

Responding, SERAP in a letter dated 23 May 2026 and signed by Kolawole Oluwadare, deputy director, said: “We are concerned that although the judgment was delivered in May 2023, the Ministry only released some information after we commenced contempt proceedings and served a Notice to show cause in January 2026.”

According to SERAP, “Nigerians still do not know exactly the names of local contractors for the project. The absence of this information raises serious concerns about record keeping, transparency and accountability, and whether the project was implemented in a manner consistent with the public interest.”

On 15 May 2023, the Federal High Court ordered the Ministry of Finance to disclose the total amount paid under the $460 million Abuja CCTV loan, the identities of local and Chinese contractors who received the funds, the status of the project’s implementation, and details relating to the N1.5 billion reportedly paid for the Code of Conduct Bureau headquarters project.

SERAP said, “The details provided amount to only partial compliance with Justice Emeka Nwite’s judgment. Key questions remain unanswered, and further clarification is needed to ensure full and effective compliance with the judgment.”

SERAP’s letter, read in part: “We would be grateful if the requested details are provided within 48 hours of the receipt and/or publication of this letter. If we have not heard from you by then, SERAP shall proceed with our contempt proceedings against the Federal Ministry of Finance for failure to fully and effectively comply with the judgment of the Federal High Court.

“SERAP appreciates the steps taken by the Ministry to provide some information concerning the Chinese loan drawdown, counterpart funding arrangements, and certain records on equipment deliveries connected with the project.

“However, there is still no explanation regarding the missing 6,035 items as part of the status of implementation of the project. It remains unclear whether the items were subsequently delivered, whether payment was made for them, whether the contractor defaulted, whether Nigeria suffered any financial loss, and whether any steps were taken to recover public funds.

“The Ministry lists items reportedly delivered in 2013. However, it has failed to clarify how many cameras were installed, if any; where they were installed; whether the cameras are currently operational; and whether the project delivered value for money.

“The inability or failure to disclose these records raises serious public interest concerns about record keeping, contract administration, and accountability for public expenditure.

“For a project financed through public borrowing—debt Nigerians continue to repay—full transparency over all beneficiaries, foreign and domestic, is essential. Nigerians have the right to know how public funds were spent, who received them, and what was delivered in return.

“Compliance with court judgments is fundamental to the rule of law and constitutional governance. Government agencies cannot selectively comply with judicial orders or release partial information while withholding records central to public accountability.”

SERAP, therefore, urged Mr Oyedele and the Federal Ministry of Finance to fully, effectively, and urgently implement the judgment of the Federal High Court ordering disclosure of information relating to the Abuja CCTV project including by:

*Publishing the names of all Nigerian companies, subcontractors, consultants, and vendors involved in the project.

*Disclosing the amount paid to each contractor or subcontractor and the nature of work performed.

*Provide details of the status of implementation of the project including by releasing the certificates of completion, and accounting for the 6,035 project items identified as undelivered.

Nigeria Civil Aviation Authority (NCAA) has placed 11 domestic airlines on its updated “No-Pay-No-Service” list over unpaid statutory charges, a move that could affect the renewal of key operational approvals, including Air Operator’s Certificates (AOC).

According to an internal memo dated May 22, 2026, the regulator directed all its directorates to suspend regulatory and administrative services to the affected carriers until they clear outstanding debts or agree on repayment terms.

The directive means that services linked to certification and oversight, such as AOC renewals, Air Transport Licences (ATL), and Airline Operating Permits (AOP), may be withheld, raising concerns over possible operational disruptions in the aviation sector.

The affected airlines include Air Peace Limited, Ibom Air, Arik Air, ValueJet, United Nigeria Airlines, Umza Air, NG Eagle, Max Air, Caverton Helicopters, Overland Airways, and Rano Air.

At the centre of the dispute is the five per cent Ticket Sales Charge and Cargo Sales Charge, which airlines collect on behalf of the NCAA to fund safety oversight, personnel training, and economic regulation in the industry.

The memo, signed by Olufemi Odukoya, director of Finance and Accounts, NCAA, and circulated to regional offices, instructed that no directorate should render services to the listed airlines without financial clearance from the finance department.

It further warned that all services remain suspended pending verification and clearance of outstanding obligations.

While the directive has sparked concerns among industry stakeholders about possible delays in regulatory processes, some affected operators say they are unaware of the order.

Banji Ola, Arik Air’s spokesperson,  said the airline had no knowledge of such a directive.

“I am not aware of any such directive or report.” Ola said

Whisky Efe and Anietie Essienette, spokespersons of Air Peace and Ibom Air, respectively did not respond as of the time of filing this report.

The development has raised fresh uncertainty in the sector, with operators and passengers wary of potential disruptions if the standoff persists

Legend Internet Plc has announced the full and timely repayment of its Series 1 Commercial Paper under its N10bn multi-layered issuance programme, marking a key milestone in the company’s engagement with Nigeria’s debt capital market.

Aisha Abdulaziz, chief executive officer, Legend Internet Plc,

The repayment, completed on schedule and in full, underscores the company’s financial discipline and its continued commitment to maintaining strong investor relations in a tightening funding environment.

The Series 1 issuance had earlier attracted significant demand, recording a 119.7 per cent oversubscription at launch, reflecting strong investor appetite and confidence in the company’s credit profile, operational performance, and long-term expansion strategy.

Speaking on the repayment, Aisha Abdulaziz, chief executive officer, Legend Internet Plc, said the outcome reinforces the company’s credibility and operational strength.

“The successful repayment of our Series 1 Commercial Paper demonstrates Legend Internet’s unwavering commitment to meeting its financial obligations and maintaining the trust of the investment community.

This milestone further reinforces the strength of our business model, operational discipline, and long-term vision for building resilient digital infrastructure across Nigeria,” she said.

She added that investor confidence has remained central to the company’s funding strategy, saying, “We remain deeply appreciative of the confidence shown by our investors, advisers, issuing houses, and market partners during the issuance and throughout the tenor of the programme. Their support continues to position Legend Internet for sustainable growth and expansion.”

The Commercial Paper programme forms part of Legend Internet Plc’s broader capital strategy aimed at supporting broadband infrastructure expansion, strengthening working capital efficiency, and accelerating investment in Nigeria’s digital connectivity.

Legend Internet Plc operates as a digital infrastructure and broadband services provider, with a focus on fibre connectivity, enterprise solutions, and next-generation digital services designed to expand access and support economic inclusion across Nigeria