Connect with us

Economy

NNPCL Withheld N13.7tn Raising Concerns About Transparency

Published

on

NNPC

NNPCL Withheld N13.7tn Raising Concerns About Transparency

NNPCL withheld N13.7tn raising concerns about transparency, accountability. The Nigerian National Petroleum Company Limited (NNPCL) has reportedly withheld a staggering N13.763 trillion from the Federal Government, raising concerns about transparency and accountability in the country’s oil sector.

According to a report from the Federation Accounts Allocation Committee (FAAC) following its January 2025 meeting, the withheld revenue spans from 2012 to 2024. This shortfall has significantly impacted the Federation Account, the central pool from which the federal, state, and local governments receive their allocations.

Documents from FAAC reveal that NNPCL recorded transactions worth N27.28 trillion from domestic crude sales over the period. However, only N13.524 trillion was deposited into the Federation Account, leaving a deficit of N13.763 trillion. Additionally, N4.026 trillion was listed as certified subsidy claims, a long-standing issue in Nigeria’s oil sector.

The Auditor-General of the Federation has also accused NNPCL of diverting funds, amounting to N2.68 trillion and $9.77 million over four years. Financial reports indicate unremitted funds of N1.33 trillion in 2017, N681.02 billion in 2019, N151.12 billion in 2020, and N514 billion in 2021.

Further concerns emerged when the Senate launched an investigation into NNPCL over N8.4 trillion allegedly withheld for petroleum subsidy payments. Meanwhile, the House of Representatives’ Public Accounts Committee is investigating $1.6 billion in unpaid royalties owed by NNPCL and other oil companies.

The Nigeria Extractive Industry Transparency Initiative (NEITI) has also flagged NNPCL for failing to remit N3.6 trillion in taxes. A breakdown of FAAC records shows that, over the years, NNPCL has consistently withheld large sums while still making payments to the government. Notably, in 2022, it withheld N4.16 trillion, while only N245.83 billion was remitted.

Despite repeated attempts, NNPCL’s spokesperson, Femi Soneye, did not respond to inquiries regarding these financial discrepancies.

Analysts warn that these financial irregularities could severely impact the government’s ability to meet its budgetary commitments, affecting funding for critical sectors and state and local government finances. The situation highlights the urgent need for reforms to ensure accountability and prevent further financial mismanagement in Nigeria’s oil sector.

NNPCL

NNPCL

 

 

 

 

The Centre for Anti-Corruption and Open Leadership (CACOL) has described NNPCL as a stronghold of institutional corruption. CACOL’s Executive Director, Debo Adeniran, criticized the lack of transparency in NNPCL’s operations, arguing that powerful interests within and outside the government have shielded it from scrutiny.

As Nigeria grapples with economic challenges, the need for urgent action to reform the oil sector and ensure proper revenue remittance has never been more critical.

Economy

Lagos Assembly Strongly Seeks Suspension Of Makoko Demolition

Published

on

By

Lagos Assembly

Lagos Assembly Strongly Seeks Suspension Of Makoko Demolition

Lagos assembly strongly seeks suspension of Makoko demolition. The Lagos state house of assembly has called for the suspension of demolition activities in Makoko, Oko-Agbon and Shogunro waterfront communities following protests by displaced residents and growing public concern over the exercise.

The call was announced on Tuesday by Noheem Adams, chairman of an ad hoc committee set up by Mudashiru Obasa, speaker of the house, during a stakeholders’ meeting held at the Lateef Jakande auditorium.

Adams called on all state ministries to cease demolition work and promised compensation to the affected residents.
“On behalf of the speaker and all 40 members of the house, we are directing that all demolitions in Makoko, Oko-Agbon, and Shogunro communities should stop from today until further notice,” New Telegraph quoted Adams as saying.

He called for transparency by demanding the full list of taskforce members and the criteria used for engagement, insisting that residents must be actively involved in the process.

“That the taskforce that was constituted, we want to see the list of the taskforce because we want the residents to be duly involved and to be carried along. So we want to have the schedule of those task forces and the criteria for those that we are inviting,” Adams added.

Lagos Assembly

Lagos Assembly

“To the residents of Makoko, Oko-Agbon and Shogunro communities, as your representatives, we are giving you all assurances that they will stop demolitions henceforth and there will be compensations for all those whose properties have been demolished.”

Stephen Ogundipe, member of the ad-hoc, said there is need for clear communication, adding that residents targeted for relocation or redevelopment must be informed of the government’s plans in advance.

Babatunde Olajide, special adviser to governor of Lagos on E-GIS and urban renewal, confirmed that $2 million had been earmarked since 2021 to transform Makoko into a modern, internationally compliant water city.

He said enumeration of affected properties is underway and reiterated the administration’s commitment to handling the situation with a human face, prioritizing resident safety and fair compensation.

Yusuf Sagra, baale of Makoko, described the assembly’s decision as a “word of peace,” while Orioye Ogungbure, another leader of the community, praised the “democratic responsiveness” of the government.

Continue Reading

Crime

EFCC Arrests Kannywood Star, Samha Inuwa for Alleged Naira Mutilation In Viral Video

Published

on

By

EFCC Probes Man

EFCC Arrests Kannywood Star, Samha Inuwa for Alleged Naira Mutilation In Viral Video

EFCC arrests Kannywood Star, Samha Inuwa for alleged naira mutilation in viral video. The Kano Zonal Directorate of the Economic and Financial Crimes Commission, EFCC,   on Tuesday, February 3, 2026  arrested a Kannywood Star, Samha Inuwa over alleged Naira mutilation.

Inuwa was arrested following a viral video circulated on social media platforms where she was seen conspicuously cleaning mucus from her nose using Naira notes.

EFCC Probes Man

EFCC

Following the release of the viral video, the Commission swung into action by tracing and subsequently arrested her to answer questions.
She is currently being held at the Commission’s detention facility while investigation is ongoing.

The suspect will be charged to court upon conclusion of investigations.

Dele Oyewale
Head,  Media & Publicity
February 3, 2026

Continue Reading

Economy

Access Bank Gets New Board Chair Ifeyinwa Osime

Published

on

By

National Bank Of Kenya

Access Bank Gets New Board Chair Ifeyinwa Osime

Access Bank gets new board chair Ifeyinwa Osime. Access Bank Plc has appointed Ifeyinwa Osime as chair of the board of directors, following the retirement of Paul Usoro, on January 29.

Access Bank Plc has appointed Ifeyinwa Osime as chair of the board of directors, following the retirement of Paul Usoro, on January 29, according to a statement to the Nigerian Exchange Ltd. on Monday.

Ms Osime, a legal practitioner, joined Access Bank’s board in November 2019 as an independent non-executive director and had chaired its Human Resources and Sustainability Committee and the Governance, Nomination, and Remuneration Committee. This role made her contribute significantly to the bank’s corporate governance, leadership development, and sustainability initiatives.

Additionally, Ms Osime is a director at Ebudo Trust Ltd. and a partner at McPherson Legal Practitioners, where she advises on corporate and commercial matters and contributes to strategic leadership.

She is also a member of the Nigerian Bar Association, the Women Corporate Directors, Nigeria Chapter, and the Chartered Institute of Directors, Nigeria, where she serves on the Executive Committee of the Women Sectoral Group.

National Bank Of Kenya

Access Bank Gets New Board Chair Ifeyinwa Osime

Beyond her professional responsibilities, Ms Osime is committed to mentoring youths and is actively involved in the Autism and Developmental Delays Support Community, reflecting her dedication to inclusion and social impact.
Speaking on her appointment, the group chairman, Aigboje Aig-lmoukhuede, said, “Mrs Osime is a principled and experienced leader with a deep understanding of the Bank’s strategy and values.

“She has demonstrated strong commitment to the bank’s vision and mission, and I am confident that, under her leadership, the bank will continue to advance its strategic objectives of delivering sustainable value to shareholders and other stakeholders in the pursuit of its vision to become the world’s most respected African bank.”

Mr Aig-lmoukhuede also congratulated Mr Usoro on the completion of his tenure and on his exemplary leadership, dedication, and significant contributions to the group, saying he remains a valued member of the Access family.

Continue Reading

Trending