Economy
NNPCL Withheld N13.7tn Raising Concerns About Transparency
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
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.
NNPC Ltd. HSE Chief Sets Tone For Industry-Wide Safety Standards
NNPC Ltd.’s Chief Health, Safety and Environment Officer, Tonye Alagba, has urged Health, Safety and Environment (HSE) personnel across the company to strengthen collaboration and build a unified HSE team.
Alagba, who made the call at the recent First Quarter 2026 HSE Council Meeting held in Abuja from 15th to 17th April, 2026, called for collective responsibility, strict compliance, and proactive prevention of HSE violations across all business units.
NNPC
NNPC Ltd. values strict HSE adherence across all its businesses and operations. The HSE Council Meeting signals the company’s broader intent to raise the bar for safety culture across Nigeria’s energy sector.
NNPC, SNEPCo, NCDMB Donate Geosciences Centre To UNILAG
NNPC Limited, in partnership with Shell Nigeria Exploration and Production Company Limited (SNEPCo), the Nigerian Content Development and Monitoring Board (NCDMB), and the University of Lagos (UNILAG), commissioned and donated the newly built UNILAG Geosciences Centre of Excellence to the University on Friday.
Purposely built to strengthen geosciences education and research in Nigeria, the Centre was inaugurated by the Chief Upstream Investment Officer of NNPC Upstream Investment Management Services Ltd. (NUIMS), Olanrewaju Igandan, alongside the Managing Director of SNEPCo, Ronald Adams; Director of Capacity Building (NCDMB), Abayomi Bamidele; Lagos State Commissioner for Tertiary Education, Tolani Sule; and the Vice-Chancellor of UNILAG, Professor Folasade Ogunsola.
The Centre boasts of a 250-seat auditorium, geoscience and instrumentation laboratories, a rock preparation workshop, hydrogeology, mineralogy, environmental geology, sedimentary and palaeoenvironmental sciences laboratories, a seismic interpretation room, a modern library, a digital museum, and collaborative spaces for students and researchers. It is also supported by a 600 kVA transformer, a 40 kVA solar power facility, and a field investigation coaster bus.
SNEPCo, NNPC
By connecting academia, industry, and government under one roof, the Centre provides Nigerian students and researchers with hands-on access to modern energy tools, reduces the oil and gas industry’s reliance on international markets for testing and training, and builds the in-country expertise Nigeria’s energy sector needs.
NNPC Limited remains committed to driving capacity building, supporting national development, and working with partners to secure a stronger energy future for Nigeria.
NNPC: Ministers Chart Course Gor West African Gas Pipeline (WAGP)
The Committee of Ministers for the West African Gas Pipeline Project met in Abuja on Friday, reaffirming its central role in West Africa’s regional energy agenda.
The meeting brought together ministers and high-level representatives from Nigeria, Benin, Togo, and Ghana, alongside officials from ECOWAS, the West African Gas Pipeline Authority (WAGPA) and West African Gas Pipeline Company Limited (WAPCo).
Minister of State for Petroleum Resources (Gas), Rt. Hon. Ekperikpe Ekpo, who opened the meeting, reaffirmed Nigeria’s commitment to the long-term sustainability and expansion of the pipeline, adding that since its inception, the WAGP has transported over 613 million MMBtu of natural gas, with Nigeria accounting for more than 68 per cent of total volumes supplied to Benin, Togo, and Ghana.
NNPC
On his part, NNPC Limited’s Executive Vice President, Gas, Power & New Energy, Olalekan Ogunleye, emphasised the company’s active stewardship of Nigeria’s gas export commitments and its broader role in shaping regional energy cooperation across West Africa.
With gas throughput reaching approximately 80 million MMBtu in 2025, a 22 per cent rise on prior years, and discussions advancing on expanding pipeline capacity utilisation by 45 per cent in 2026, NNPC Limited remains at the centre of efforts to grow a credible, commercially viable regional gas market.
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