The Peoples Democratic Party (PDP) on Tuesday suffered another setback in the Senate following the defection of Senator Ipalibo Banigo, representing Rivers West, to the ruling All Progressives Congress (APC).

Banigo’s defection, which was announced during plenary by Senate President Godswill Akpabio, has further reduced the number of PDP senators from 18 to 17 in the upper legislative chamber.

The party had 36 senators at the inauguration of the 10th Senate in June 2023 but has since experienced a steady decline due to defections.

Akpabio also disclosed that more defection letters from senators had already been submitted to him and would be announced at a later date. According to him, the announcements were temporarily delayed out of respect for the late Senator Barinada Mpigi, who represented Rivers South East and whose death led the Senate to suspend plenary until Wednesday.

In her defection letter, Banigo said her decision was driven by the need to align with what she described as a more stable and progressive political platform.

“I am convinced that the APC offers a more stable and progressive platform to advance the legislative and developmental agenda of my constituency and the nation at large,” she stated.

She explained that the internal divisions and prolonged leadership crisis within the PDP influenced her decision to leave the party.

Banigo also noted that her move was partly to align with her political mentor, the Minister of the Federal Capital Territory, Nyesom Wike, and the Governor of Rivers State, Siminalayi Fubara, in supporting President Bola Ahmed Tinubu and his administration’s economic reforms.

Speaking with journalists after plenary, the senator cited ongoing infrastructure projects in Rivers State, including the long-awaited Bonny Road project, as part of the reasons for her decision.

She said the completion of the road had significantly improved trade, transportation and communication for residents of the area.

With the latest defection, the composition of the Senate has shifted significantly from the figures recorded at the inauguration of the 10th National Assembly in 2023.

The APC now has 81 senators, up from 59 at the start of the Assembly, while the PDP has dropped to 17 from 36. The Labour Party, which initially had eight senators, currently has none, while the New Nigeria Peoples Party (NNPP) has one senator.

Similarly, the Social Democratic Party (SDP), which once had two senators, currently has none, while the All Progressives Grand Alliance (APGA) retains one seat.

The African Democratic Congress (ADC), which had no senator at the start of the 10th Senate, now has five members, while the newly registered Nigeria Democratic Congress (NDC) has one senator in the person of Seriake Dickson, representing Bayelsa West.

The total number of serving senators currently stands at 106, compared to the constitutionally required 109 seats.

The three vacant seats are from Nasarawa North, Enugu North and Rivers South East, which became vacant following the deaths of Senators Godiya Akwashiki, Okechukwu Ezea and Barinada Mpigi respectively.

The Nigerian Senate has summoned the immediate past Group Chief Executive Officer (GCEO) of the Nigerian National Petroleum Company Limited (NNPCL), Mele Kyari, along with former Chief Financial Officer Umar Ajia Isa and former Group General Manager of NAPIMS, Dr. Bala Wunti, over an alleged N210 trillion that has not been properly accounted for in the company’s financial records between 2017 and 2023.

The Senate committee handling the probe warned that it could issue a warrant of arrest against the former management officials if they fail to honour the invitation when the hearing date is communicated.

The lawmakers also raised concerns over the reported spending of N5 billion by the national oil company on the transition from the Nigerian National Petroleum Corporation (NNPC) to the Nigerian National Petroleum Company Limited (NNPCL).

The decision to summon the former executives was taken during the committee’s meeting held on Thursday.

Chairman of the committee, Senator Aliyu Wadada Ahmed (Nasarawa West), who addressed journalists after the meeting, said the former officials are expected to appear before the committee alongside the current management of the company.

He noted that the appearance of the former management team should be coordinated by the incumbent GCEO of NNPCL, Engineer Bayo Ojulari, and should include the external auditors who handled the company’s accounts during the period under investigation.

According to Wadada, the committee resolved that NNPCL must explain the alleged N210 trillion that appeared in its audited reports as unaccounted funds.

He said the amount comprises N103 trillion linked to Joint Venture cash call expenditures and N107 trillion recorded as subsidy receivables in the company’s financial statements.

“NNPCL should refund the sum of N210 trillion, being the combined amount of N103 trillion and N107 trillion which were not properly accounted for as indicated in the audit reports. The company must give a clear account of the two figures,” he said.

The committee also directed the oil firm to remit to the treasury all production costs charged against crude oil revenue during the period under review.

According to the lawmakers, subsidiaries such as the National Petroleum Investment Management Services (NAPIMS) and the NNPC do not directly produce crude oil, raising questions about the production costs reflected in the accounts.

Wadada further disclosed that the Senate committee had recommended that the Auditor-General for the Federation carry out a forensic audit of NNPCL’s financial statements covering the period under investigation.

The proposed audit, he said, would be conducted in line with Section 85 of the 1999 Constitution of the Federal Republic of Nigeria (as amended).

The senator added that the committee was particularly concerned about the N5 billion reportedly spent on the rebranding of NNPC to NNPCL.

“To us in the committee, this amount is unacceptable and the company must provide satisfactory explanations,” he said.

He explained that the committee arrived at the decision after the company failed to provide convincing answers to 19 queries raised from its audited financial statements.

While the NNPCL had explained that the N103 trillion represented cumulative expenditures by its Joint Venture partners from cash calls between 2017 and 2023, the committee said the response was unsatisfactory.

Similarly, the lawmakers noted that the company’s audited financial statements showed N107 trillion as subsidy-related receivables as of December 2023, which it claimed were owed by banks and other entities.

According to the committee, the two figures together amount to N210 trillion that must be properly accounted for.

Despite the ongoing investigation, the committee reiterated its support for the administration of President Bola Ahmed Tinubu, stating that the probe aligns with the government’s commitment to transparency, accountability, and prudent management of public resources.

The Nigerian Senate has stepped up moves to fortify the country’s financial regulatory architecture, holding a public hearing on a proposed amendment to the Banks and Other Financial Institutions Act (BOFIA) and launching an investigation into the operations of Ponzi schemes across the country.

At the session, Senator Opeyemi Bamidele represented Senate President Godswill Akpabio, underscoring the upper chamber’s resolve to strengthen oversight of Nigeria’s fast-growing financial technology (FinTech) space.

The hearing examined a Bill for an Act to Amend BOFIA 2020 (SB959), alongside an investigative motion addressing the proliferation of fraudulent investment platforms, particularly the recent Crypto Bullion Exchange (CBEX) controversy.

In his remarks, Bamidele said the amendment is designed to enhance regulatory supervision of FinTech institutions, noting that the rapid expansion of digital finance requires stronger legal and institutional safeguards. He stressed that effective oversight is critical to protecting investors and maintaining systemic stability.

He added that the Senate intends to empower the Central Bank of Nigeria and other regulatory bodies with broader authority to monitor operators, enforce compliance, and close gaps that could expose the financial system to abuse.

On the issue of Ponzi schemes, lawmakers expressed concern over the growing number of Nigerians falling prey to fraudulent platforms promising unrealistic returns. They warned that persistent scams could weaken trust in the formal financial system, which thrives on credibility and transparency.

The Senate resolved to carry out a comprehensive probe into CBEX and similar schemes, with a view to curbing financial crimes, preventing money laundering, and shielding unsuspecting investors from further losses. It also called for stronger inter-agency collaboration and proactive enforcement measures.

Chairman of the Senate Committee on ICT and Cybersecurity, Shuaib Afolabi Salisu, commended FinTech operators for advancing financial inclusion and supporting economic growth. However, he urged them to reinforce internal compliance mechanisms and sustain constructive engagement with regulators to preserve public confidence.

Representatives of key institutions attended the hearing, including the Bank of Industry, Stanbic IBTC Bank, the Federal Inland Revenue Service, the Economic and Financial Crimes Commission, and the Federal Ministry of Industry, Trade and Investment.

The upper chamber directed the Central Bank of Nigeria, Moniepoint, the EFCC, and other relevant bodies to submit detailed memoranda within two weeks to support further legislative action.

Lawmakers concluded that tighter regulation, improved enforcement, and coordinated oversight are essential to sustaining confidence and stability in Nigeria’s rapidly evolving digital economy.