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NNPCL Withheld N13.7tn Raising Concerns About Transparency

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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

Okpebholo Threatening Me With Violence, I’ll Fight Back Says Obaseki

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Obaseki

Okpebholo Threatening Me With Violence, I’ll Fight Back Says Obaseki

Okpebholo threatening me with violence, I’ll fight back says Obaseki. Godwin Obaseki, the immediate past governor of Edo, has accused Monday Okpebholo, his successor, of threatening him with violence. Obaseki spoke during the weekend at an event in London, the United Kingdom.

BACKGROUND
Since assuming office in November 2024, Okpebholo has initiated a series of actions aimed at scrutinising Obaseki’s tenure.

He first constituted a 14-member committee to investigate the assets, liabilities, contracts, and financial decisions made under Obaseki.

Okpebholo then expanded the scrutiny to the state civil service, ordering a probe into all recruitments conducted between May and November 2024, alleging a violation of due process.

Last week, Okpebholo asked the federal government to repatriate Obaseki to answer questions over public funds linked to the controversial Museum of West African Art (MOWAA) project.

‘OKPEBHOLO THREATENING ME’

Obaseki said the governor is threatening him with violence and allegedly sent thugs to attack him in the UK.

“Those who live by the sword will die by the sword,” Obaseki said. “And to tell the governor, Okpebholo, I don’t know him; I have never met him. When you start with violence, you will reap violence.

“For one year since I left office, I didn’t say one word. I decided to respect myself and allow them to try [in governance] as well. Go and find out, you won’t see one thing I said about his government.”

He accused Okpebholo’s government of being behind the attack on diplomats during the exhibition in MOWAA.

“As if that was not enough, the government paid people to come to Manchester to attack me,” he said.
“Who has started this violence? Is it me? Last week, this governor held a disgraceful press conference in which he threatened me not to come to Benin.

Obaseki

Obaseki

“They have been threatening violence. So if I respond, nobody should hold me responsible. “I can’t leave myself empty to be hurt and attacked by deranged people.

“So I am going to fight back. I will fight back. I didn’t start the fight. They are afraid. They know they did not win the election.”

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Economy

Jigawa: 9,600 Teachers Register For Special Training

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Teachers Register For Special Training

Jigawa: 9,600 Teachers Register For Special Training

Jigawa: 9,600 teachers register for special training. No fewer than 9,600 teachers under the Jigawa State Universal Basic Education Board (SUBEB) registered for a competency test to determine the specific training required to improve their skills and enhance teaching outcomes in the state.

The Executive Chairman of the Board, Professor Haruna Musa, revealed this while briefing journalists on the purpose of the examination, adding that 12,000 teachers were expected to register for the exam.

He explained that the state government, under the leadership of Governor Malam Umar Namadi, was committed to repositioning the state education sector as a key foundation for sustainable development, in line with its “12-Point Agenda.”

Prof. Haruna noted that while the government has been spending significant resources to improve educational infrastructure, meaningful learning improvements cannot be achieved without also enhancing the capabilities of teachers.

“Based on that, the State Executive Council approved for the board to organise a competency test for all teachers. This will enable us to understand the kind of training each teacher requires to improve his or her skills”.

“Out of the 9,600 teachers registered for the exam, over 70% have never attended any capacity-building training since they were employed, including some with over 15 years of service,” the Chairman added.

Teachers Register For Special Training

Teachers Register For Special Training

He stated that after the exam, the teachers will be categorised into three groups: Group A, those with both knowledge and teaching skills; Group B, those with knowledge but lacking teaching skills; and Group C, those lacking both knowledge and teaching skills.

“Each group will be offered specialised training. Those in Group C will undergo intensive training and subsequent examinations for a period to ensure they are equipped with the required knowledge and skills”.
“For those with slower learning uptake, we will attach them to competent teachers within their schools for ongoing guidance and mentorship,” Prof Haruna said.

He further stated that the project is not about retrenchment, but his primary goal is to enhance teachers’ capacity for better learning outcomes within the state’s basic education sector.

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PFA: Leadway Pensure Leverages Innovations For Quality Service Delivery

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Leadway Pensure

PFA: Leadway Pensure Leverages Innovations For Quality Service Delivery

PFA: Leadway pensure leverages innovations for quality service delivery. A Pension Fund Administrator (PFA), Leadway Pensure said, it is leveraging innovation to escalate quality

service delivery to its retirement savings account (RSA) holders. This milestone marks 20 years of trust, exceptional service delivery, and value creation as it celebrates its anniversary. It highlights two decades of dedication to protecting the financial wellness of Nigerian workers.

Over the last 20 years, the PFA has served thousands of customers across Nigeria and beyond, standing as a clear testament to its commitment to providing financial stability at various stages of workers’ career journeys.

Speaking on this remarkable achievement, MD/CEO, Leadway Pensure PFA, Olusakin Labeodan, stated that: “As we celebrate 20 years of Leadway Pensure PFA, this milestone is more than a celebration of longevity, it is a tribute to trust, service and innovation.

From the very beginning, our mission has been very clear, to deliver a pension system without barriersOver two decades, we have transformed this vision into reality by simplifying pension access, embracing cutting-edge technology, and ensuring our services are always within reach. With a nationwide presence, a robust mobile platform, and the AI-powered assistant LISA, we have made pension services accessible to eligible Nigerians.

“We have supported countless customers in achieving life goals, from retirement to home ownership, by ensuring access, clarity and care at every step. This is a testament to the strong relationships and legacy we have built with every customer. Trust is at the heart of our service, propelling us to uphold world-class standards and earning us global certifications such as ISO/IEC 27001:2022 for information security, a mark of our unwavering commitment to safeguarding our customers’ funds. ”

Leadway Pensure

Leadway Pensure

Looking ahead, the company said, it is committed to promoting youth-focused financial literacy, growing personal pension plans and strengthening customer engagement across every stage of the pension journey.

“The next years and beyond will be shaped by the same dedication that brought us this far, a future-forward mindset, a culture of excellence, and an unyielding promise to stand by our customers every step of the way,” Olusakin concluded.

As it commemorates 20 years of service, Leadway Pensure reaffirms its commitment to simplifying retirement planning, delivering consistent value, and driving financial inclusion across Nigeria.

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