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Banking, Business

CBN confirms Accountant-General directed opening of PFIPC accounts

The Central Bank of Nigeria (CBN) has confirmed that it opened two domiciliary accounts linked to the controversial Presidential Foreign Investment Promotion Council (PFIPC) following a directive from the Office of the Accountant-General of the Federation (OAGF), but maintained that the accounts were never funded or used. The disclosure was made on Monday by the CBN’s Director of Banking Services, Abdullahi Hamisu, while appearing before the House of Representatives Ad Hoc Committee investigating the legal basis, operations and budgetary allocation of the PFIPC, including the N1.3 billion allocated to the council in the 2026 Appropriation Act. Representing CBN Governor Olayemi Cardoso, Hamisu told the committee that the apex bank received a formal directive dated July 29, 2025, from the Office of the Accountant-General instructing it to open two domiciliary accounts for the Presidential Economic Advisory Council/Presidential Foreign Investment Promotion Council. He said one account was denominated in United States dollars while the other was in British pounds sterling, adding that both were opened after the bank completed its standard account-opening procedures. Hamisu, however, stated that the accounts remained dormant throughout their existence and were never funded or used for any financial transactions. Addressing questions from lawmakers on whether the CBN requested evidence of an enabling law establishing the council before opening the accounts, he said the bank acted on the directive from the Office of the Accountant-General. “We don’t ask for an enabling Act. We received a mandate from the Office of the Accountant-General of the Federation to open the accounts for the council,” Hamisu told the committee. The development comes amid conflicting claims by government institutions over the existence and operations of the PFIPC. On July 1, the Presidency alleged that Adeniyi Adeyemi, who claims to be the Director-General of the council, used forged documents to facilitate the opening of a CBN account after allegedly misleading the Office of the Accountant-General. In a statement issued by the Special Adviser to the President on Information and Strategy, Bayo Onanuga, the Presidency also alleged that police investigations uncovered 34 bank accounts linked to Adeyemi, including nine accounts opened in the names of entities described as fictitious agencies. However, the Office of the Accountant-General has maintained that the PFIPC has no operational account with the CBN. Its Director of Public Relations, Bawa Mokwa, said that while an application to open an account was initiated, the process was not completed because the required documentation needed to activate the account was never submitted. The controversy surrounding the PFIPC intensified in June after the Presidency distanced itself from the council, insisting that no such body exists under the administration of President Bola Tinubu despite the council receiving a budgetary allocation in the 2026 Appropriation Act, occupying an office within the Federal Secretariat and reportedly recruiting about 300 staff members. Chief of Staff to the President, Femi Gbajabiamila, also denied appointing Adeyemi as Director-General of the council. Adeyemi has continued to insist that his appointment was legitimate and has called on President Tinubu to establish an independent panel to investigate the controversy surrounding the PFIPC.

Politics

Boat Tragedy in Jigawa: 40 Feared Dead

No fewer than 40 women and children are feared dead after a canoe capsized in Ringim Local Government Area of Jigawa State. The Jigawa State Police Command confirmed the incident on Tuesday, stating that one body had been recovered while search and rescue operations were ongoing for the remaining passengers. In a statement posted on its official Facebook page, the command said emergency responders were continuing efforts to locate those still missing. “One of the bodies was recovered. Efforts to recover the remaining 39 are underway,” the police said. The Director of Planning at the Jigawa State Emergency Management Agency (SEMA), Muhammad Sanusi, also confirmed the accident, saying the passengers were predominantly female farmers and agricultural labourers travelling by canoe when the incident occurred. Sanusi said the cause of the capsizing had not yet been determined, adding that emergency personnel, local divers and community volunteers had intensified search and rescue operations. “Hands are on deck as combined efforts continue to determine the exact number of those rescued or missing,” he said. He added that authorities were still verifying the number of casualties and survivors as the operation continued. Boat accidents remain a recurring occurrence in several parts of northern Nigeria, where many rural communities rely on rivers and waterways for transportation and farming activities. Experts have attributed such incidents to factors including overloading, poor boat maintenance, adverse weather conditions and the failure of passengers to wear life jackets. Authorities have repeatedly urged boat operators and passengers to comply with water transportation safety regulations to help reduce the frequency of such accidents.

Crime

Ansaru Commanders Get Life Sentences for Terrorism

There was widespread celebration in parts of northern Nigeria on Tuesday following the conviction and life imprisonment of two senior commanders of the Ansaru terrorist group, an Al-Qaeda-linked extremist organisation. The Federal High Court in Abuja sentenced Abubakar Abba, also known as Abu Bara, and his co-defendant, Mahmud Usman, also known as Isah Adam or Mahmud, after they pleaded guilty to a 32-count terrorism charge filed by the Department of State Services (DSS) on behalf of the Federal Government. Delivering judgment, Justice Emeka Nwite sentenced both men to life imprisonment on counts 30 and 31, while imposing 20-year prison terms on each of the remaining counts. The court ordered that the sentences on the other counts should run from the date of their arrest. The DSS arrested the suspects separately between May and July 2025. The charges against the convicts included terrorism, terrorism financing, kidnapping for ransom, illegal mining, fabrication of improvised explosive devices (IEDs), and coordinating sleeper cells and terrorist attacks. Prosecutors also linked them to terrorist networks operating across the Sahel-Maghreb region. Earlier in the proceedings, Usman had pleaded guilty to a separate one-count charge of illegal mining to finance terrorism and procure arms. He was sentenced to 15 years’ imprisonment on that charge. The judgment was welcomed by some Nigerians and civil society groups. The Concerned Nigerians (CN), led by Paul Orji, described the ruling as a positive step in the fight against terrorism. “It’s in the right direction to checkmate and eliminate terrorism in Nigeria. Nigerians are jubilating and celebrating the beginning of peace in the country,” Orji said.

Governance, Politics

Abbas Sets Up Probe Panel Over Fake Agency Scandal Today

The Speaker of the House of Representatives, Tajudeen Abbas, is set to inaugurate an ad hoc committee to investigate the controversial inclusion of the unestablished Presidential Foreign Investment Promotion Council (PFIPC) in the 2026 Appropriation Act. The move comes amid fresh criticism over the exclusion of the President’s Chief of Staff, Femi Gbajabiamila, from the list of witnesses invited to appear before the committee. The inauguration and public hearing will be held at the National Assembly Complex in Abuja, in line with Sections 88 and 89 of the 1999 Constitution (as amended), which empower the National Assembly to investigate matters relating to public institutions and the management of public funds. The committee, chaired by the lawmaker representing Kanke/Kanam/Pankshin Federal Constituency of Plateau State, Yusuf Gagdi, was constituted following a resolution of the House of Representatives. Its mandate is to investigate how budgetary provisions amounting to about N1.32 billion were allocated to the Presidential Foreign Investment Promotion Council, an agency that had not been legally established. The investigation follows the arrest of Adeyemi Adeniyi, who allegedly presented himself as the Director-General of the PFIPC and is accused of facilitating the inclusion of the agency in the 2026 budget despite its non-existence. The controversy intensified after Adeniyi reportedly alleged that he paid N100 million through intermediaries to Femi Gbajabiamila to facilitate the establishment of the agency. The allegation has been denied by both the Presidency and the Office of the Chief of Staff. According to the committee’s invitation, signed by Chairman Yusuf Gagdi, the hearing will bring together key government officials, civil society organisations, professional bodies, development partners, the media and members of the public. Those invited include the Minister of Budget and Economic Planning, the Minister of Finance, the Minister of Industry, Trade and Investment, the Attorney-General of the Federation and Minister of Justice, and the Minister of Foreign Affairs. Also expected to appear before the committee are the Governor of the Central Bank of Nigeria, the Executive Chairman of the Economic and Financial Crimes Commission (EFCC), the Chairman of the Independent Corrupt Practices and Other Related Offences Commission (ICPC), the Auditor-General for the Federation and the Chairman of the Fiscal Responsibility Commission. Other invited officials include the Head of the Civil Service of the Federation, the Secretary to the Government of the Federation, the Executive Secretary of the Nigerian Investment Promotion Commission (NIPC), the Director-General of the Department of State Services (DSS) and the Inspector-General of Police. The committee also called on stakeholders, professional bodies, civil society organisations, relevant institutions and members of the public to submit memoranda relating to its terms of reference. Among its key responsibilities is determining how the PFIPC was included in the 2026 Appropriation Act despite lacking legal status. The panel will also trace the budget provision from the executive proposal through legislative consideration to identify the stage at which the allocation was inserted. However, the committee’s decision not to invite either Gbajabiamila or Adeniyi has drawn criticism from some quarters. The House of Representatives constituted the investigative panel amid growing public concern over alleged irregularities in the 2026 budget, particularly the allocation of more than N1.3 billion to an agency the Federal Government says has not been legally established.

World Cup

Spain Make History with Simultaneous Men’s, Women’s World Cup Titles

Spain have made football history by becoming the first country to simultaneously hold the FIFA Men’s World Cup and FIFA Women’s World Cup titles. FIFA announced the milestone on its official X account after Spain defeated Argentina 1-0 in the 2026 FIFA World Cup final in New York. Celebrating the achievement, football’s governing body described Spain as history-makers, noting that the country is the first to reign as champions of both the men’s and women’s World Cups at the same time. Spain’s men’s triumph comes three years after the country’s women’s team won its first FIFA Women’s World Cup by defeating England 1-0 in the 2023 final in Sydney, Australia, courtesy of Olga Carmona’s winning goal. The victory also secured Spain’s second men’s World Cup title, adding to its maiden triumph at the 2010 tournament in South Africa. By winning the 2026 World Cup while remaining the reigning women’s world champions, Spain achieved a feat unmatched by any nation since the introduction of the two FIFA World Cup competitions. The historic accomplishment further underlines Spain’s dominance in international football in recent years. Alongside holding both World Cup trophies, Spain’s men’s team also won the UEFA European Championship in 2024, while the women’s side has continued to establish itself as one of the world’s leading national teams since its breakthrough World Cup success in Australia and New Zealand.

Public Affairs, World Cup

FBI Says US Recorded No Major Security Breaches During World Cup

The Director of the United States Federal Bureau of Investigation (FBI), Kash Patel, has announced that the 2026 FIFA World Cup concluded without any major security incidents, describing the tournament as the largest sporting event ever staged. In a post on his official X account, Patel praised the coordinated efforts of federal, state and local law enforcement agencies, saying the competition set new attendance records while maintaining a high level of public safety. According to him, the tournament was successfully hosted across the United States over 38 days without any significant security breaches despite the scale of the event. Patel noted that the World Cup was equivalent to hosting 78 Super Bowls, with 40 team base camps, numerous fan zones and celebrations held across nearly every state. He credited President Donald Trump for prioritising security preparations, stating that the White House FIFA Task Force was established about 16 months before the tournament to coordinate planning. The FBI director disclosed that the bureau deployed nearly 5,000 personnel from its headquarters, field offices and international offices across the 16 host cities, describing it as the agency’s largest deployment for a single event. According to Patel, the FBI also established a Joint Operations Centre, an International Police Coordination Centre and an Intelligence Coordination Centre to facilitate real-time intelligence sharing throughout the tournament. He further revealed that the bureau launched its first-ever counter-unmanned aircraft systems (counter-UAS) training programme for law enforcement officers ahead of the competition. Patel said security agencies intercepted and seized more than 700 drones that entered restricted airspace around World Cup venues during the tournament. He added that authorities simultaneously secured other major national events, including UFC 250, SAIL 250 and State Fair 250, while ensuring the World Cup concluded safely. Patel thanked the FBI’s federal, state and local partners, as well as FIFA, the Department of Homeland Security, the White House FIFA Task Force and its director, Andrew Giuliani, for their contributions to the successful security operation.

Politics

UN Says Terrorists Are Adopting Drones, Crypto to Expand Attacks in Nigeria

The United Nations has warned that terrorist groups operating in northern Nigeria and across the West African and Sahel region are becoming increasingly sophisticated, adopting technologies such as drones, encrypted communications and cryptocurrencies to strengthen their operations. The warning was delivered by the Special Representative of the UN Secretary-General for West Africa and the Sahel and Head of the United Nations Office for West Africa and the Sahel (UNOWAS), Leonardo Simão, during a briefing to the United Nations Security Council. Presenting the Secretary-General’s report covering developments between November 29, 2025 and June 30, 2026, Simão said armed groups are expanding their operational capabilities while coordinating attacks across national borders. According to him, terrorist organisations are increasingly exploiting advanced communication technologies, drones and digital financial tools, making the security threat more difficult to contain. He noted that the activities of the groups are closely linked to transnational organised crime, with the aim of expanding territorial and economic control, weakening public confidence in government institutions and undermining social cohesion. The briefing came as the Security Council reviewed the political, humanitarian and security situation in West Africa and the Sahel, a region facing persistent terrorist violence, political instability and growing humanitarian challenges. It also followed the council’s decision to extend the mandate of UNOWAS until January 31, 2029. Simão said Nigeria, Niger and Burkina Faso continue to experience deadly terrorist attacks, kidnappings and heavy civilian casualties. He disclosed that about 6.8 million people have been displaced across the region, while another 1.28 million are refugees or asylum seekers, warning that women, children and young people remain the most affected by the crisis. He added that insecurity and funding shortages continue to restrict humanitarian access in many conflict-affected communities. The UN official stressed that military operations alone would not defeat terrorism, urging governments and international partners to address the underlying causes of violent extremism through poverty reduction, improved governance, education, employment opportunities and humanitarian support. Despite the worsening security situation, Simão pointed to encouraging signs of regional cooperation, including the reopening of the Kamba border crossing between Nigeria and Niger and continued progress by the Cameroon-Nigeria Mixed Commission in implementing the 2002 International Court of Justice judgment on the two countries’ land and maritime boundary. He also noted renewed efforts by the Economic Community of West African States (ECOWAS) to operationalise its standby force, although financial constraints continue to limit its effectiveness. The UN warning comes weeks after the United States announced what it described as the largest seizure of terrorist equipment in Nigeria since the September 11, 2001 attacks. US Deputy Assistant and Senior Director for Counterterrorism, Dr Sebastian Gorka, said a joint operation with Nigerian security forces recovered a large cache of electronic devices and operational materials from jihadist groups and killed 199 militants during a single raid. Security Council members broadly agreed that terrorist networks in West Africa and the Sahel are becoming more sophisticated and increasingly connected to organised crime and illicit trafficking. Representatives from countries including the United States, China, Russia, the United Kingdom, France, Liberia, Pakistan and Burkina Faso stressed that security operations must be complemented by governance reforms, economic development, education, job creation and humanitarian assistance to tackle the root causes of instability. Council members also expressed concern over the growing role of drug trafficking, production and consumption in fuelling insecurity across the region, particularly in coastal West African countries, warning that young people remain the most vulnerable to its effects.

Sports, World Cup

Yamal Tops Ballon d’Or 2026 Rankings After Spain’s World Cup Triumph

Spain’s FIFA World Cup triumph has boosted Lamine Yamal’s chances of winning the 2026 Ballon d’Or, with the Barcelona winger now leading the latest rankings for football’s most prestigious individual award. Yamal’s standout performances throughout Spain’s successful World Cup campaign have placed him ahead of Argentina captain Lionel Messi, who occupies second position. England captain Harry Kane is ranked third, while 2025 Ballon d’Or winner Ousmane Dembélé sits fourth. France forward Kylian Mbappé completes the top five. France international Michael Olise is sixth on the list, followed by England midfield duo Jude Bellingham and Declan Rice in seventh and eighth places respectively. Manchester City and Norway striker Erling Haaland is ranked ninth, while Georgia winger Khvicha Kvaratskhelia rounds out the top 10. With his impressive displays for both Barcelona and Spain, Yamal has emerged as the frontrunner for the 2026 Ballon d’Or, although the final outcome will depend on the official voting process. Ballon d’Or 2026 Rankings

Crime

Tenant Reportedly Dies After Eviction Dispute at Lagos Estate

A 67-year-old tenant, Pastor Bolaji Olukotun, has died following a disputed eviction from his residence at Admiralty Homes Estate, Lekki, Lagos, with his family and lawyer alleging he was assaulted during the incident. The incident reportedly occurred on July 11, while the pastor died in the early hours of the following Sunday after receiving treatment at a private hospital. According to his lawyer, Barrister Akpobome Deniran, the dispute stemmed from a rent-to-own agreement between the deceased and his landlord. He said Pastor Olukotun had rented the apartment with the understanding that he could purchase it at the end of his tenancy. However, after failing to meet the financial terms of the proposed sale, the landlord allegedly asked him to vacate the property so it could be sold to another buyer. Deniran said he received a distress call from his client around 2 p.m. on July 11, during which the pastor allegedly pleaded for help, saying he was dying. When he arrived at the residence, the lawyer said he found Pastor Olukotun lying on the ground while his furniture, clothing and personal belongings had been moved outside, suggesting he had been forcibly removed from the apartment. He alleged that estate agents, a prospective buyer, an armed mobile police officer and several suspected thugs were present during the incident. According to him, the pastor appeared to be in severe pain, vomiting and struggling to speak. Deniran further alleged that those present denied assaulting the victim, claiming instead that he had taken an unknown substance and was pretending to be in distress. He also accused the mobile police officer of threatening him when he attempted to document the scene. The lawyer maintained that no valid court order or warrant of execution was presented before the eviction, describing the action as unlawful. Due to heavy flooding in the estate, Pastor Olukotun was later transported to a hospital with the assistance of a water truck driver. Deniran said the victim continued complaining of severe abdominal pain before he later died despite receiving medical attention. The deceased’s son, Ayodeji Olukotun, also alleged that his father was forcefully removed from the property by estate agents, a police officer, suspected thugs and a man introduced as the new buyer. He questioned claims that his father voluntarily packed his belongings or consumed a substance before the incident, calling for a thorough police investigation. The family said they expected everyone present during the incident to be questioned and urged authorities to establish the circumstances surrounding the pastor’s death. Efforts to obtain comments from the landlord, Chikeluba Francis, were unsuccessful. However, the landlord’s solicitor, Caleb Onwe, denied that Pastor Olukotun was forcibly evicted or assaulted. He said officials visited the property with a police officer and a prospective buyer after the tenant had reportedly agreed to vacate. According to Onwe, they found the pastor already packing his belongings and in a weak condition. He claimed the deceased said he had taken an unknown substance before their arrival and insisted those present assisted in contacting his lawyer and arranging transportation to the hospital. The solicitor rejected allegations linking those at the property to the pastor’s death, saying such claims must be proven. Meanwhile, the Lagos State Police Command said it could not issue an official statement on the case, with Police Public Relations Officer Abimbola Adebisi stating that the complainant did not return after making the initial report. The circumstances surrounding Pastor Olukotun’s death remain contested. While his family and lawyer insist he died following an unlawful and forceful eviction, the landlord’s representatives maintain that no eviction or assault occurred and that he was already in poor condition before officials arrived.

Business, Energy

FG Seeks Investors’ Backing for N729bn Power Bond to Clear Gencos’ Debt

The Federal Government is preparing to issue a second bond valued at about N729 billion under the Presidential Power Sector Debt Reduction Programme (PPSDRP) as part of efforts to settle verified legacy debts owed to electricity Generation Companies (Gencos) and improve liquidity in the Nigerian Electricity Supply Industry (NESI). Ahead of the bond issuance, the government will host an investors’ forum on Tuesday, July 21, to engage prospective investors and provide details of the transaction. The planned issuance follows the successful launch of a N501 billion bond in January 2026. Combined, the two bonds will raise approximately N1.23 trillion, completing the first phase of the N4 trillion debt reduction programme approved by President Bola Tinubu to address long-standing financial obligations in the power sector. In a statement issued in Abuja, the Nigerian Bulk Electricity Trading Plc (NBET) disclosed that the first coupon payment and principal repayment on the January bond, which matured on July 14, were settled in full and on schedule. According to NBET, the timely repayment reflects the Federal Government’s commitment to honouring its financial obligations while reinforcing investor confidence in the programme. The agency explained that the N1.23 trillion to be raised through the first two bond issuances represents Series 1 and Series 2 of the Capital Market Multi-Instrument Issuance Programme, which forms the opening phase of the broader N4 trillion initiative. NBET noted that the January bond demonstrated the government’s market-driven and fiscally responsible approach to clearing verified debts owed to Gencos, improving liquidity and supporting the long-term sustainability of the electricity market. Speaking on the planned issuance, NBET Managing Director and Chief Executive Officer, Johnson Akinnawo, described the second bond as another significant milestone in the government’s efforts to restore financial stability and investor confidence in the power sector. He said the issuance underscores the government’s commitment to resolving verified legacy obligations through a transparent, structured and market-based financing mechanism. Akinnawo added that strengthening liquidity across the electricity value chain would improve the financial health of industry participants, encourage fresh investments and support sustainable power generation. He recalled that the Federal Executive Council (FEC) approved the establishment of the N4 trillion Presidential Power Sector Debt Reduction Programme in 2025, with NBET designated as the sponsoring institution responsible for settling verified legacy debts. According to him, the programme will be implemented through multiple debt issuances by NBET Finance Company Plc, a special purpose vehicle established for the initiative. He further explained that the debt instruments are backed by the full faith and credit of the Federal Government and supported by a comprehensive risk mitigation framework to ensure successful execution. Akinnawo said the proposed N729 billion bond represents another key step towards resolving long-standing liabilities in the electricity sector and creating a more stable, bankable and investment-friendly electricity market. He maintained that improving liquidity across the power value chain would strengthen market participants, attract new investment and promote sustainable electricity generation for the benefit of Nigerians.