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NNPCL Declares N10trn Remittance, N3.5trn Dividends for 2024

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By Gloria Ikibah

The Nigerian National Petroleum Company Limited (NNPCL) has announced a total remittance of N10 trillion to the Federation Account by September 2024, alongside N3.5 trillion in dividends after taxes for the 2024 fiscal year.

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The Group Chief Executive Officer, Mele Kyari, disclosed this during a budget defense session before the Joint Finance Committee of the Senate and House of Representatives in Abuja on Wednesday.

Kyari emphasised the transparency of NNPCL, that it is the only organization in Nigeria that publishes 100 percent  of its financial accounts annually, and highlighted  the its role as the Nigeria’s highest taxpayer and its significant contributions through royalties and dividends.

He also called for a forensic audit to evaluate funds spent on stabilizing petrol prices from January to September 2024. He noted that, until October 1, 2024, NNPCL, as mandated by the Petroleum Industry Act (PIA), acted as the supplier of last resort for fuel.

“Our transactional accounts are fully transparent and published annually. NNPCL remains the highest taxpayer, royalty payer, and dividend contributor in the country,” Kyari stated.

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On revenue projections for 2025, Kyari revealed that final figures would be determined after an upcoming board of directors’ meeting. He assured the committee that the company’s parameters for the 2025 budget are realistic.

He explained that NNPCL no longer makes direct payments into the Consolidated Revenue Fund due to its restructured operational framework under the PIA. Instead, its contributions now come through dividends and taxes.

Addressing production dynamics, Kyari explained that NNPCL operates within joint venture arrangements and can only account for its share of production. He reported that the company achieved over 90% of its 2024 production targets despite challenges related to Premium Motor Spirit (PMS) pricing and delayed tax and royalty remittances.

Meanwhile, the Nigerian Ports Authority (NPA) revealed a remittance of N753 billion for 2024 and projected N997 billion for 2025. However, the Joint Finance Committee, chaired by Senator Sani Musa and Hon. James Faleke, revised the NPA’s revenue projection to N1.75 trillion to optimize income from the agency’s 56 revenue streams.

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This revision, the committee noted, reflects a commitment to maximizing Nigeria’s revenue-generating potential.

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Ooni debunks report over conferment of chieftaincy title on Baba Ijesha

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The Permanent Chairman of the Southern Nigerian Traditional Rulers Council (SNTRC), Arole Oodua Olofin Adimula and the Natural Head of the Oduduwa race worldwide, the Ooni of Ife, Ooni Adeyeye Enitan Ogunwusi, Ojaja II, has rubbished reports circulating on social media alleging that he conferred a chieftaincy title on popular Nollywood actor and comedian, James Olanrewaju, popularly known as Baba Ijesha.

In a statement on Saturday by the Director of Media and Public Affairs, Ooni’s Palace, Otunba Moses Olafare said the Ooni clarified that although he warmly received the actor and his wife at the Ile Oodua Palace on Wednesday to celebrate the birth of his son and presented him with a brand-new car and cash gifts as a demonstration of his fatherly love and royal generosity, no chieftaincy title was conferred on him.

According to him, the expression “Awada Konge Oduwa,” which Baba Ijesha later described on his social media pages as a chieftaincy title, was merely a light-comedy remark made by the Ooni during a relaxed interaction in recognition of the actor’s outstanding career as a comedian.

The remark was never intended to constitute a formal installation or conferment of a traditional title.

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The Ooni noted that Baba Ijesha, as an indigene of Ile-Ife and a proud son of the source, is deserving of honour and could be considered for a chieftaincy title in the future.

However, no such title has been conferred on him.

“The conferment of chieftaincy titles in Ile-Ife remains a sacred traditional process governed by established customs, consultations and traditional rites, which are publicly conducted in accordance with the age-long traditions of the source. None of these customary procedures took place during the actor’s visit to the Palace, “he said.

While appreciating Baba Ijesha for acknowledging the royal kindness extended to him and his family, the Ooni urged media organisations and members of the public to disregard reports claiming that the actor has been installed as the “Awada Konge Oduwa” or conferred with any chieftaincy title.

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The Ooni reaffirmed his commitment to celebrating and supporting deserving sons and daughters of Ile-Ife and the Oodua race at large while preserving the sanctity, dignity and integrity of the revered traditional institution of chieftaincy.

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Presidency Orders DSS, EFCC To Probe Govt Officials Linked To PFIPC Scandal

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The Presidency has called on security and anti-graft agencies to identify, arrest and prosecute government officials who may have collaborated with Prince Matthew Adeniyi Adeyemi in the alleged operation of two fictitious federal government agencies.

Adeyemi is accused of creating the Presidential Foreign Intervention Promotion Council and the Presidential Economic Advisory Council using allegedly forged documents purportedly linked to the Presidency.

In a statement on his verified X handle, the Senior Special Assistant to President Bola Ahmed Tinubu on Media and Publicity, Temitope Ajayi, said investigators must go beyond Adeyemi and expose the internal network that allegedly enabled him to operate for an extended period.

Ajayi urged the Department of State Services (DSS), the Nigeria Police Force (NPF) and the Economic and Financial Crimes Commission (EFCC) to investigate all officials within public institutions who may have aided the alleged scheme.

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According to Ajayi, much of the public debate has ignored the fact that government institutions detected the alleged fraud and acted on it.

He said officials of the Nigerian Investment Promotion Commission, working with officers of the Ministry of Foreign Affairs, first discovered inconsistencies in Adeyemi’s operations and reported the matter to the appropriate authorities.

“Contrary to the anything-goes narrative being promoted, it was the system itself that raised the red flag and dealt with it administratively,” Ajayi said.

He, however, acknowledged that the suspect could not have operated for long without help from insiders.

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“What is not in doubt is that internal collaborators enabled Adeyemi to get this far. That is precisely what investigators from the DSS, the Police and the EFCC must now unravel.

“The criminal network within the affected institutions must be dismantled and everyone found to have played a role should be arrested and prosecuted,” he said.

The Presidency had earlier disowned the disowned the two organisations, insisting that they did not exist as government agencies.

It also maintained that the Chief of Staff to the President, Femi Gbajabiamila, neither authorised Adeyemi’s activities nor had any connection with them.

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“In Nigeria, the easiest and most believable allegation anyone can throw at a public officer is corruption.

“Once that accusation is thrown into the mix, the water is polluted, the lines are blurred and everyone is kept busy arguing over distractions rather than the real issues,” he wrote.

He described Adeyemi as “an irredeemable con artist” who was using allegations against the Chief of Staff as “his last straw” to avoid criminal liability.

The Presidency insisted that the case should not be framed as evidence of complicity at the highest levels of government, but as an alleged fraud uncovered by the system itself.

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TCN announces planned outage at Abuja transmission substation

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Transmission Company of Nigeria, TCN, Abuja Region has announced a planned preventive maintenance at the Katampe 132/33 KiloVolt (kV) Transmission Substation on Saturday from 9:00am to 4:00pm.

General Manager, Public Affairs of the TCN, Mrs Ndidi Mbah, made this announcement in a statement in Abuja on Saturday.

Mbah said the scheduled maintenance is to enable TCN’s maintenance crew carry out preventive maintenance on the 100 Mega Volt Ampere (MVA) 132/33kV Power Transformer (TR1), its auxiliaries, and associated switchgear in the substation.

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”Consequently, Abuja Electricity Distribution Company, AEDC, will be unable to off-take bulk power for distribution to customers in parts of Mpape, Maitama, Jahi, Life Camp,

”Others are Kado Fish Market, Idu-Karmo, and their environs during the maintenance period,” she said.

According to her, the company regrets any inconvenience the planned outage may cause electricity customers in the affected areas.

She added that equipment maintenance is essential to ensure their continued optimal performance.

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