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Subsidy removal: Sanusi berates NNPC over poor oil revenue remittance 

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Former CBN Gov, Sanusi II reinstated as Kano Emir
• Sanusi Lamido Sanusi
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•Ex-emir entitled to his opinion, NNPCL remains focused, says spokesman

A former Governor of the Central Bank of Nigeria, Sanusi Lamido Sanusi, has advised President Bola Tinubu against occupying the office of the Minister for Petroleum Resources, saying such arrangement will make it difficult for the country to hold the Nigerian National Petroleum Corporation Limited accountable.

He made this known while delivering his remarks at the Bank Directors Summit organised by the Bank Directors Association of Nigeria on Thursday in Abuja.

Sanusi who was the CBN governor from June 2009 to February 2014, also adjudged the NNPC as the “most opaque oil company in the world.”

The vocal economist slammed the NNPCL for allegedly failing to remit enough foreign exchange into the government coffers despite the removal of fuel subsidy by the current administration.

The former Emir of Kano also stressing the need to stabilise the foreign exchange market, noting that  monetary policies in the last eight years had led to rising inflation and economic downturn in the country.

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According to him, the idea of the president occupying the petroleum minister office will make it difficult for anyone to raise the question of accountability.

He said, “The exchange rate needs to be stabilised and we have to address the fundamental question, why is there no money coming in? Why is the NNPCL not able to bring in dollars? Am sorry this is the question that cost me my job and I will continue asking this question until NNPCL fixes it up or until I die. Where are the dollars? We need to shine a light on the NNPCL. The finance minister cannot tell you because he doesn’t have a monitoring system that reports to him. The finance minister can’t tell you how many barrels of petrol we produce and export. It is only the NNPCL that can give those figures. The finance ministry needs to know how much oil we produce daily, how much we sell, and where the money is going.

“We are no longer paying subsidies so where are the dollars? It was under recovery during the subsidy era and that has been stopped, so where is the money? This was the issue I raised for which I was suspended, well you can suspend me again. The NNPCL is the most opaque oil company in the world. When I was in the central bank for 15 years, they had not been audited. We have to follow the money from production to export to return, where is the money going? We paid N11tn in subsidy and there is no accountability up till now. The National Assembly called the NNPCL to bring the documents, but they refused.

He added, “By the way, let me advise that the idea of the President becoming a petroleum minister is not a good idea. The last president was the minister of petroleum for eight years.   When I was governor of the central bank we had a minister of petroleum so when I talk about the NNPCL, I could attack Diezani Madueke. Now, nobody can talk about petroleum because for eight years if you talk, you are attacking the president. We need that buffer, somebody has to be there, so a minister has to be there who is held accountable by Nigerians.”

In August, about three months after his inauguration, President Bola Tinubu split the Ministry of Petroleum Resources with the appointment of Ekperipe Ekpo as Minister of State, Gas Resources; and Heineken Lokpobiri as Minister of State, Petroleum Resources.

However, President Tinubu, in an apparent tradition of his predecessor, ex-President Muhammadu Buhari, kept the position of the substantive Minister of Petroleum Resources to himself.

CBN Act amendment

Sanusi also called for a proper audit of the Nigerian National Petroleum Company Limited to unravel the country’s daily oil production, export and the accrued revenue, noting that this call was what cost him his job at the apex bank.

He maintained that the banking sector must shore up its trust deficit in the eyes of the public and that there is no need to amend the CBN Act to keep the apex bank free of political influences.

He stated, “It is important to talk about the current conversation emanating especially from the National Assembly, to amend the Central Bank Act. Let me add my voice to those who have said there is nothing wrong with the Central Bank of Nigeria Act. There is nothing wrong with BOFIA. The CBN Act is one of the best central banking laws in the world. In fact when we reviewed central bank laws, the only laws we saw that we would learn a few things from was Bank Negara of Malaysia.

“Now if people who are supposed to implement a law don’t implement it, the solution is not to change the law, and this reaction is kneejerk if you take away the independence of the central bank and bring it under political control. You would hurt the system and on long-term, you are institutionalising the lack of autonomy. The reality is, you have an independent autonomous central bank whose independence was undermined by a combination of politicians and central bank actors. It is time to go back to what the central bank is supposed to do and implement the law.”

NNPC replies Sanusi

Meanwhile, the NNPC said it was focused at the moment on delivering the task that had been set for the national oil company, stressing that everyone was free to air their opinion.

NNPC’s Chief Corporate Communications Officer, Olufemi Soneye, told one of our correspondent that there would be no need for an official response to the claims made by the ex-CBN boss.

He explained that constant responses could hinder the enormous task before the oil company, adding that NNPC would rather concentrate in handling the work that it was established to deliver.

“Everyone is entitled to their opinion. Constant responses to every individual can hinder our work. Our focus remains on delivering energy security, managing ongoing projects, and implementing reforms,” Soneye stated. (PUNCH)

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15 ‘Victims’ Accuse Kennedy Iyere of Fraud, Petition IGP

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Fifteen individuals and corporate organisations have petitioned the Inspector-General of Police (IGP), Olatunji Disu, calling for the investigation and possible prosecution of Comrade Kennedy Iyere over allegations of fraud, obtaining money under false pretences and other related offences.

The petitioners, comprising individuals, hotels and media organisations, alleged that Iyere was involved in a pattern of fraudulent dealings involving false representations, fraudulent inducement, diversion of funds and conspiracy with other persons to defraud them, resulting in substantial financial losses.

The petition, dated August 10, 2026, was signed by the principal petitioner, Obinna Ukor, on behalf of the other alleged victims, including Dr Okechukwu Duru, Silver Green Hotel Limited, Valencia Hotels Abuja, Mr Climate Ignatius, Susan Great, Gbenga Okenla, Pastor Shedrack Oka, Obinna Ifeandu, The Nigeria Start-Up News, Everyday News NGR, The Whisper.ng and Hero TV.

In one of the cases outlined in the petition, the complainants alleged that Iyere obtained approximately N14 million from Ukor through representations and assurances that were later discovered to be false and misleading.

According to the petition, Iyere allegedly failed to utilise or account for the money in accordance with the purpose for which it was released.

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“Comrade Kennedy Iyere, having obtained the said monies, failed to apply and/or account for the same in accordance with the representations and circumstances upon which the monies were released to him.

“Rather, the suspect retained, diverted and/or dealt with the funds in a manner inconsistent with the purpose for which they were obtained.

“Notwithstanding repeated demands and requests for an explanation and/or restitution, he has failed and/or refused to satisfactorily account for the monies.

“Of particular concern is the subsequent discovery that, notwithstanding the representations upon which he parted with his funds, the suspect had received and/or was dealing with substantial sums of money from other persons during the relevant period.

“The circumstances surrounding the manner in which Comrade Kennedy Iyere induced the petitioner to part with the said money are matters requiring urgent and comprehensive criminal investigation,” the petition stated.

The petitioners consequently urged the IGP to order an immediate and comprehensive investigation into Iyere’s activities and dealings and ensure that anyone found culpable is brought to justice.

They specifically requested that the police investigate the allegations, trace the movement of the funds allegedly obtained from them, facilitate the recovery of any money or property established to have been unlawfully obtained and prosecute the suspect and any other persons found culpable where sufficient evidence exists.

The petitioners also called on the police to take lawful steps to secure Iyere’s attendance before the investigating authorities.

Meanwhile, the IGP reportedly approved the petition in August, with the principal petitioner now demanding accelerated action to prevent other unsuspecting members of the public from allegedly falling victim to similar dealings.

The latest petition comes against the backdrop of an earlier directive by former IGP Kayode Egbetokun, who reportedly ordered Iyere’s arrest in 2025 over allegations of criminal breach of trust, obtaining money under false pretences, cheating and impersonation.

According to TheCable, Egbetokun had, in a letter dated November 13, 2025, conveyed his directive through Bukola Kuti, his Principal Staff Officer III.

The letter reportedly referred to a complaint submitted by Valen Legal Practitioners on behalf of its clients and directed the relevant police authorities to act in accordance with existing IGP directives on investigations.

The letter stated:

“I forward herewith copy of letter dated 12th November, 2025 received from Valen Legal Practitioners on the above-underlined subject and write to convey the directive of the Inspector-General of Police that you deal in line with the IGP’s extant directives on investigation as contained in Police Wireless Message CB:4001/IGP.SEC/ABJ/VOL.121/48 DTO: 211340/11/2024 and CB:4001/IGP.SEC/ABJ/VOL.121/110, DTO: 241300/01/2025 respectively.”

In the earlier petition submitted by Valen Legal Practitioners on behalf of its clients, the law firm accused Iyere of allegedly defrauding Silver Green Hotel Limited and several other individuals and corporate organisations of a combined N113,508,757.

The law firm specifically alleged that Iyere obtained N26 million from Silver Green Hotel Limited through a purported representation that he was an employee of the Federal Ministry of Youth Development and that the Federal Government would sponsor a youth empowerment programme tagged the Youth Economic Intervention and De-Radicalisation Programme (YEIDEP).

According to the law firm, the alleged scheme involved promises of government-backed projects to induce the hotel and other individuals to release money.

“We continue to act as solicitors to Silver Green Hotel Limited and several other individuals and corporate bodies who have been defrauded by one Iyere Kennedy Ebhenya, hereinafter referred to as ‘the suspect’,” the petition stated.

The allegations are yet to be established in court. Iyere’s response to the latest allegations was not contained in the petition provided.

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Mbah: We’re Working to Bring Ekweremadu Back to Nigeria to Complete Prison Sentence

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Senator Ekweremadu and Governor Mbah
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Enugu Governor defends APC defection, dismisses ‘Peter Obi wave’, boasts of 500,000 APC members, denies opposition suppression, explains controversial ₦150m campaign advertising fee

By Tony Edike

Enugu State Governor, Dr Peter Mbah, has disclosed that his administration is working with relevant Nigerian authorities to facilitate the transfer of former Deputy Senate President, Senator Ike Ekweremadu, from the United Kingdom to Nigeria to enable him to serve the remainder of his prison sentence in the country.

Mbah said efforts were ongoing to engage the appropriate authorities in Nigeria and explore the possibility of reaching an arrangement with the British government that would allow the former lawmaker to return home while completing his sentence.

The governor made this disclosure during an exclusive interview with the BBC Igbo Service, in which he addressed several issues, including Ekweremadu’s continued imprisonment in the United Kingdom, his defection from the Peoples Democratic Party (PDP) to the All Progressives Congress (APC), the political strength of the ruling party in Enugu State, allegations of opposition suppression and the controversial ₦150 million political advertising permit fee.

Speaking on Ekweremadu’s situation, Mbah described the circumstances surrounding his conviction and imprisonment as unfortunate, noting that the former Deputy Senate President was caught in a difficult situation arising from his desire to save his daughter, who was suffering from kidney disease.

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The governor expressed sympathy for Ekweremadu and his family, arguing that the desperation of a parent confronted with a serious health challenge involving a child could be difficult for outsiders to fully appreciate.

“Unless you have a child of your own, you cannot fully grasp the lengths a father would go to in order to save or assist his child during a health crisis,” he said.

Mbah disclosed that he remained in contact with the former lawmaker and that efforts were being made to facilitate his return to Nigeria through the appropriate diplomatic and governmental channels.

“What happened is truly distressing. We remain in contact with him. We are among those engaging with the Nigerian authorities to explore how they might coordinate with the United Kingdom to allow Ekweremadu to serve the remainder of his prison sentence here in Nigeria, if, indeed, he must remain incarcerated,” the governor stated.

He expressed optimism that the discussions would produce a positive outcome before long.

Ekweremadu, a former Deputy President of the Nigerian Senate and a prominent political figure from Enugu State, was convicted in the United Kingdom in connection with a human organ trafficking conspiracy involving an attempt to procure a kidney for his daughter.

Mbah dismisses Peter Obi wave, declares APC dominance in Enugu

On the political situation in Enugu State and the anticipated 2027 general elections, Governor Mbah dismissed suggestions that the political influence associated with former presidential candidate of the Labour Party, Peter Obi, represented a major political force capable of determining the state’s political direction.

He declared that he was unaware of any phenomenon known as the “Peter Obi wave” in Enugu State, insisting that what currently existed in the state was an “APC wave”.

“I am not aware of anything called the ‘Peter Obi wave’; the only wave that exists in Enugu State is the ‘APC wave’,” Mbah declared.

The governor’s remarks come against the backdrop of the considerable support Peter Obi enjoyed across parts of the South-East during the 2023 presidential election, when the Labour Party recorded significant electoral gains in the region.

Although the 2027 elections are expected to generate renewed political competition, Mbah maintained that the APC had established a formidable grassroots structure in Enugu State.

According to him, the party has an extensive organisational network covering polling units, wards and local government areas, giving it the capacity to mobilise voters across the state.

He disclosed that the APC had more than 70 members organising political activities in every polling unit in Enugu State.

“There is no polling unit where we do not have over seventy party members organising activities on the ground,” he said.

Mbah further put the number of registered APC members in the state at approximately 500,000, expressing confidence that the party’s membership strength would translate into overwhelming electoral support if elections were conducted.

“The number of registered party members in our records in Enugu State reaches five hundred thousand. If they were to go out and seek votes right now, you can be sure that the kind of votes we would receive would be overwhelming,” he added.

The governor’s assertion underscores his administration’s confidence in the APC’s growing political structure following his defection from the PDP to the ruling party at the federal level.

Why I defected to APC – Mbah

Explaining the reasons behind his departure from the PDP, Mbah said his decision was informed by the need to provide effective governance and fulfil the promises he made to the people of Enugu State during the 2023 governorship election.

He argued that internal challenges and persistent problems within the PDP had made it increasingly difficult for him and his political associates to pursue their development agenda effectively.

According to him, the decision to join the APC was not merely a political calculation but a strategic move intended to create a more favourable environment for delivering on his administration’s commitments.

“The reason we left the PDP is that it became clear to us that if we intended to work for the welfare of the people of Enugu State, the numerous challenges within that party would prevent us from doing so effectively,” he explained.

Mbah also identified President Bola Ahmed Tinubu’s relationship with Enugu State and the Federal Government’s intervention in some critical infrastructure projects as important considerations behind his support for the President.

He maintained that Tinubu had demonstrated genuine concern for Enugu State even before his defection to the APC.

As an example, the governor recalled the collapse of the bridge at the Naira Triangle axis near Artisan Market in Enugu, saying the President promptly directed the Minister of Works, David Umahi, to intervene and ensure its reconstruction.

He argued that such interventions demonstrated the importance of maintaining a productive working relationship between the state government and the Federal Government.

Mbah said joining the APC would strengthen his administration’s ability to fulfil the promises made to Enugu residents, particularly in areas requiring federal collaboration and support.

I am not suppressing opposition parties – Mbah

The governor also rejected allegations that his administration was using its political influence and control of government institutions to intimidate opposition parties or restrict their activities in Enugu State.

He insisted that his responsibility as governor was to guarantee an environment in which every citizen could freely associate with any political party and participate in the democratic process.

“It is not true that I am persecuting the opposition party in Enugu State, because my duty as Governor is to ensure that any individual or group has the opportunity to join any party of their choice and contest for positions within it,” he said.

Mbah maintained that political participation should not be determined by party affiliation, adding that his administration was committed to providing a level playing field for all political organisations.

His comments come amid allegations by opposition figures and critics who have accused the state government of creating an unfavourable political environment for parties outside the APC ahead of the 2027 general elections.

The governor, however, maintained that such allegations did not reflect the position of his administration.

Mbah explains  ₦150m political advertising fee

One of the major issues addressed during the interview was the controversial ₦150 million permit fee reportedly required for political parties and individuals seeking to deploy campaign advertisements and promotional materials across Enugu State.

The policy has attracted criticism from opposition politicians and legal practitioners, who argue that the amount could create an unnecessary financial barrier to political participation, particularly for smaller parties and candidates.

Responding to allegations that the fee was introduced to frustrate opposition parties, Mbah insisted that the policy was not targeted at any particular political organisation.

He explained that the charge applied equally to all political parties, including the ruling APC, and was part of an existing regulatory framework established through legislation by the Enugu State House of Assembly.

According to the governor, the state government did not introduce the fee specifically to restrict opposition political activities.

He maintained that anyone seeking to erect campaign billboards or deploy outdoor political advertising materials was expected to comply with the applicable regulations, irrespective of party affiliation.

Background to the ₦150 million permit

The controversy surrounding the fee emerged in February 2026 following an announcement by the Enugu State Structures for Signage and Advertisement Agency (ENSSAA).

The agency announced a mandatory statutory permit fee of ₦150 million for the deployment of outdoor promotional materials covering the 2026 and 2027 election cycles across the state’s 17 local government areas.

The materials covered by the policy reportedly include political banners, billboards, branded vehicles, handbills and campaign T-shirts.

Government officials have defended the policy as part of efforts to regulate outdoor advertising, ensure compliance with existing laws and prevent indiscriminate placement of promotional materials that could create visual pollution.

However, critics have questioned the affordability and proportionality of the fee, arguing that a charge could disadvantage smaller political parties.

The governor’s position is that the regulation is general in application and does not discriminate between the APC and opposition parties.

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2027: Udeh Unveils ATM Support Group for Tinubu, Mbah, APC Candidates

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Minister of Innovation, Science and Technology, Dr Kingsley Udeh (SAN), on Saturday officially inaugurated a political support group, As Tinubu and Mbah Move (ATM), to mobilise support for the re-election of President Bola Ahmed Tinubu, Enugu State Governor Peter Mbah and other All Progressives Congress (APC) candidates in the 2027 general elections.

The group, which is anchored on technology and innovation, is expected to deploy digital tools to mobilise voters, monitor grassroots engagement and track its membership and electoral mobilisation activities across the 4,145 polling units in Enugu State.

Speaking at the inauguration, Governor Mbah commended Udeh for the initiative, describing its technological approach and grassroots mobilisation strategy as important complements to the existing political structures of the APC in the state.

Mbah, who expressed excitement over the large turnout at the event, urged members of the group to extend the enthusiasm generated by the inauguration to communities, villages, kindreds, families and polling units across the state.

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He said the support group’s effectiveness would be measured not by the crowd at its inauguration but by its ability to translate the energy into grassroots mobilisation and electoral support.

“ATM, this heat, this energy must go beyond this inauguration hall. You must take this energy to our streets, villages, polling units, kindreds and families,” he said.

The governor urged members to convince voters through visible development projects and the achievements of his administration, including Smart Green Schools, the International Conference Centre, Presidential Hotel, International Hospital and other infrastructure projects.

On President Tinubu’s re-election bid, Mbah described the President as a unifier, arguing that his administration’s economic reforms and infrastructure investments had laid the foundation for national growth and shared prosperity.

He said the President’s decision to remove fuel subsidy and unify the foreign exchange regime demonstrated the political courage required to address longstanding structural challenges in the Nigerian economy.

According to him, although the reforms initially imposed difficulties on citizens, they were necessary to restore macroeconomic stability, rebuild confidence in the economy and attract private capital and foreign investment.

Mbah argued that sustained economic reforms were necessary to translate the emerging growth trajectory into employment opportunities and improved living conditions for Nigerians.

He also highlighted the Federal Government’s infrastructure interventions in the South-East, particularly the improved Enugu-Onitsha highway, the ongoing Enugu-Port Harcourt Expressway project and the concessioning of the Akanu Ibiam International Airport.

The governor said the airport concession would strengthen the South-East’s economic competitiveness, particularly with the planned commencement of cargo operations and direct flights between Enugu and Guangzhou, China, before the end of the first quarter of 2027.

He maintained that the region stood to benefit significantly from the expansion of its aviation and cargo-handling capacity, given the volume of goods currently transported by road from Lagos to the South-East.

On the political implications of the 2027 elections, Mbah urged the people of the South-East to adopt a strategic approach to national politics, stressing the importance of building political alliances beyond the region.

He recalled the political alignments of the First and Second Republics, particularly the alliances involving Dr Nnamdi Azikiwe and Dr Michael Okpara, as examples of how political cooperation across regional boundaries could advance the interests of the Igbo.

The governor argued that supporting Tinubu’s re-election would provide the South-East with an opportunity to strengthen its political relevance and deepen its participation in national governance.

He cautioned APC members against complacency, despite the party’s dominance of the state’s political structures, urging them to campaign vigorously as though they were the underdogs.

Mbah disclosed that the group would complement the party’s existing structures across the state’s 4,145 polling units, adding that its digital monitoring platform would provide a verifiable picture of grassroots mobilisation.

He also urged eligible voters who had yet to collect their Permanent Voter Cards (PVCs) to do so and mobilise for the January 16, 2027, presidential and National Assembly elections, as well as the February 6, 2027, governorship and State Assembly polls.

The governor, however, stressed that the administration’s development agenda remained a work in progress, noting that the presence of poverty, inadequate electricity supply, water challenges and unpaved roads in some communities meant that more work was required.

Earlier, the convener of ATM, Dr Udeh, said the support group was different from conventional political organisations because of its reliance on technology, innovation and a data-driven approach to electoral mobilisation.

He disclosed that the group had established an innovation situation room and digital dashboard to monitor membership registration, grassroots activities and voter mobilisation across polling units.

According to him, membership registration would be tied to the possession of a PVC and the submission of voters’ identification details through a dedicated online portal, while the platform would also track referrals and recruitment of new members.

Udeh said the initiative was designed to replace unverified membership claims with a credible database that would enable the group to measure its performance and provide verifiable reports.

He added that Governor Mbah would have direct access to the dashboard to monitor activities, verify membership figures and assess the group’s progress.

Describing the initiative as an expression of appreciation and loyalty to the governor, Udeh said the relationship between the group and Mbah went beyond the 2027 electioneering season.

He pledged that ATM would deliver measurable results in support of APC candidates at all elective levels, particularly President Tinubu.

Also speaking, the APC National Vice Chairman, South-East Zone, Dr Ijeomah Arodiogbu, commended Governor Mbah for his developmental strides in Enugu State and his efforts in coordinating the party’s presidential campaign activities in the South-East.

Arodiogbu also praised Udeh for establishing the support group and his contributions to the Federal Ministry of Innovation, Science and Technology.

He called on the people of the South-East to support Tinubu’s re-election, while urging the people of Enugu State to vote for Mbah and all APC candidates in the 2027 elections.

Using an apprenticeship analogy, the APC chieftain said no responsible father would send his son to learn a trade under a master who would not settle him after completing his apprenticeship.

He argued that the South-East should support Tinubu because, according to him, the President understood the importance of rewarding loyalty and political support.

Also speaking, the Enugu State Coordinator of ATM, Ugwuoke Onyebuchi, said the group comprised largely individuals who had previously been active in civil society rather than partisan politics.

He said their decision to mobilise support for Mbah and Tinubu was informed by the confidence reposed in Udeh and their conviction that they could contribute to the state’s political and developmental direction.

Ugwuoke said members would embark on grassroots mobilisation, voter education and engagement to persuade residents to support the APC candidates in the forthcoming elections.

He added that the group would deploy technology and data-driven strategies to identify, classify and engage voters across communities, insisting that its activities and results would be measurable.

The highlight of the event was the swearing-in of ATM members and executives at the state and local government levels by the Enugu State Commissioner for Youth and Sports, Barr. Lloyd Ekweremadu.

The event was attended by the APC National Vice Chairman, South-East Zone, Dr Ijeomah Arodiogbu; former members of the House of Representatives, Hon. U.S.A. Igwesi, who is also the Enugu State Coordinator of Renewed Hope Ambassadors of Nigeria, and Rt. Hon. Ogbuefi Ozomgbachi, Deputy Coordinator of the Presidential Campaign Council in the South-East.

Others included the Chairman of the Enugu State Traditional Rulers Council, HRM Igwe Ikechukwu Asadu; local government chairmen; members of the Enugu State Executive Council; the state Chairman of the APC, Dr Martin Chukwunwike; and the APC South-East Women Leader, Dr Oby Ajih.

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