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Senate Panel Queries ₦210 Trillion in NNPC Accounts, Orders Refund and Forensic Audit

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The Chairman of the Senate Public Accounts Committee, Senator Ahmed Wadada Aliyu, has raised serious concerns over inconsistencies in the financial statements of the Nigerian National Petroleum Company Limited (NNPC) spanning 2017 to 2023, directing the company to account for and refund a combined ₦210 trillion flagged in its books.

Briefing journalists in Abuja on the ongoing inquiry, Wadada said the committee’s investigation—ongoing since May 2025—has uncovered significant discrepancies in the company’s audited financial statements, particularly in accrued expenses and sundry receivables.

According to him, the committee discovered that NNPC reported ₦103 trillion as accrued expenses in 2022 without providing adequate breakdowns or supporting documentation.
“The explanations provided by NNPC management were inconsistent and unsatisfactory,” Wadada told reporters.
He explained that the company initially claimed the amount covered retention fees, legal fees and audit fees, but failed to provide a detailed breakdown when requested by the committee.

“When pressed further, the management changed its explanation, stating that the accrued expenses represented cash calls owed to joint venture partners. However, the cash call regime ended in 2016, making that claim questionable,” he said.

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The Senate panel also flagged ₦107 trillion recorded as sundry receivables, noting that the oil company could not identify the debtors linked to the figure.

“The company could not provide the identities of the debtors responsible for the ₦107 trillion receivables. In some instances, the receivables were linked to defunct banks,” Wadada stated.

Beyond these figures, the committee identified several other financial irregularities in the records of NNPC and its subsidiary, the National Petroleum Investment Management Services (NAPIMS).

Among the findings were ₦3.8 trillion in subsidy costs allegedly duplicated in the books of both NNPC and NAPIMS, as well as ₦5 trillion in direct production costs charged by NAPIMS despite the agency not being directly involved in crude oil production.

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The committee also queried ₦5.9 billion reportedly spent on incorporation expenses, noting that both NNPC and NAPIMS appeared to have charged the same expenses separately.

“These financial entries raise serious accountability concerns and have therefore been rejected by the committee,” Wadada said.

Consequently, the panel directed NNPC to refund ₦210 trillion, representing the combined value of the ₦103 trillion accrued expenses and ₦107 trillion sundry receivables.

The committee further demanded that the company refund production costs that were charged against crude oil revenues without adequate justification.

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As part of the investigation, the panel announced plans to summon former NNPC executives, including former Group Chief Executive Officer Mele Kyari, as well as Umar Ajia and Bala Wunti, alongside external auditors involved in preparing the company’s financial statements.

“They will be invited to appear before the committee to provide explanations regarding the infractions identified in the financial reports,” Wadada said.

He added that the committee would also commence a forensic audit of NNPC’s financial statements from 2017 to 2023 in line with Section 85 of the Constitution.

According to the lawmaker, the investigation is part of the Senate’s oversight responsibility to ensure transparency and accountability in the management of public resources.

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“The objective of this exercise is to enhance public fund generation and ensure proper utilization of national resources,” Wadada said.

He added that the committee’s work aligns with the economic reform agenda of Bola Ahmed Tinubu, noting that the administration’s Renewed Hope governance agenda prioritizes transparency and fiscal responsibility.
“Our mandate is to ensure that every kobo due to the Nigerian people is properly accounted for,” Wadada said.

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Reps Gives MREIF Boss Final One-Week Reprieve Over Housing Fund Probe

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By Gloria Ikibah

The House of Representatives Committee on Housing and Habitat has granted the management of the MOFI Real Estate Investment Fund (MREIF) a one-week extension to appear before lawmakers as part of an ongoing investigation into the fund’s operations, performance and administration.

The committee had initially summoned MREIF Managing Director and Chief Executive Officer, Dr Armstrong Ume Takang, alongside members of the fund’s management team, to appear on Tuesday, 2 June 2026, for a comprehensive review of the initiative and several petitions submitted against it.

The Committee Chairman, Rep. Abdulmumin Jibrin, said the investigation was aimed at ensuring the fund was operating in line with the objectives set by President Bola Tinubu and delivering on its mandate.

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According to him, the exercise seeks to determine whether the administration and performance of MREIF are meeting public expectations while also addressing concerns raised in petitions before the committee.

However, in a letter addressed to lawmakers, Dr Takang acknowledged receipt of the summons and expressed the fund’s willingness to cooperate fully with the National Assembly’s oversight responsibilities.

He explained that he was outside Abuja on an official engagement that had been scheduled before the committee’s invitation was received and requested a new date for the hearing.

The MREIF chief also assured lawmakers of the organisation’s readiness to engage constructively with the committee.

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Responding to the request, Jibrin said the committee had agreed to postpone the hearing by one week in the interest of fairness and cooperation.

He stated that the session had now been rescheduled for Tuesday, 9 June 2026, stressing that the extension was granted specifically to allow the managing director to appear in person.

The committee maintained that Dr Takang’s personal appearance was crucial to its inquiry and could not be delegated.

Jibrin reiterated the committee’s determination to conduct a thorough and impartial investigation into the management of the fund, which was established to expand access to affordable home ownership for Nigerians.

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He said the committee remained committed to addressing all issues raised in the petitions before it while ensuring transparency, accountability and effective implementation of the housing initiative in line with the vision of the Tinubu administration.

The lawmaker further stated that the committee expects Dr Takang and the entire MREIF management team to appear before it on the new date without fail.

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FG stops three-month Pre-retirement leave for civil servants

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The Federal Government abolished the three-month preretirement leave for civil servants.

This was contained in a circular titled “Correct Interpretation of Public Service Rule 120243 on Pre-Retirement Activities,” issued by the Head of the Civil Service of the Federation, Didi Walson-Jack, and addressed to top government officials, including ministers, permanent secretaries, service chiefs, heads of agencies, and other senior public sector administrators.

According to the circular, FG directed Ministries, Departments, and Agencies to immediately discontinue the practice of placing civil servants on what is commonly referred to as a mandatory three-month preretirement leave.

Walson-Jack argued that such a provision does not exist in the Public Service Rules, adding that several MDAs had wrongly interpreted the retirement notice period as an automatic leave period, leading to the premature withdrawal of officers from active service.

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The Public Service Rule, according to her, only requires officers due for retirement to give three months’ notice before their exit date, attend a one-month pre-retirement workshop or seminar, and use the remaining period to regularise service records and pension documentation.

Nigeria’s federal civil service retirement framework is governed by the Public Service Rules and the Pension Reform Act.

Under the rules, civil servants retire upon attaining 60 years of age or after 35 years in service, whichever comes first.

The Head of Service’s directive seeks to standardise the implementation of the Public Service Rules across government institutions and to prevent manpower losses resulting from the early disengagement of experienced officers

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“The so-called ‘mandatory three-month pre-retirement leave’ has no basis in the Public Service Rules,” Walson-Jack stated.
She explained that Rule 120243 establishes three distinct requirements: a notice obligation, attendance at a pre-retirement seminar during the first month, and completion of retirement-related documentation during the remaining two months.
“A retiring officer must give three months’ notice before their effective date of retirement. This is a notice requirement, not a leave entitlement,” the circular stated.

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She stressed that retiring officers remain public servants throughout the notice period and are expected to continue performing their official duties unless they are attending approved retirement workshops or have been granted leave under existing regulations.

“PSR 120243 does not exempt retiring officers from official duties during the notice period, except where they are attending an approved pre-retirement workshop or seminar, or are otherwise authorised to be absent under extant leave rules,” the circular added.

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In view of the above, all MDAs have been directed to stop compelling retiring officers to vacate their posts before their official retirement dates.

Under the new directive, ministries and agencies must ensure that retiring officers continue to discharge their responsibilities, participate in approved pre-retirement programmes, and complete all pension and service record reconciliations before leaving service.
The latest circular seeks to end that ambiguity by affirming that the three-month period is primarily a notice and administrative preparation window, rather than an automatic absence from duty.
The circular further instructed permanent secretaries, directors-general, executive secretaries, chairpersons of statutory agencies, and chief executives of government organisations to bring the directive to the attention of all staff and ensure strict compliance.

The government said it believes the measure could improve service delivery by ensuring that retiring officers continue contributing their expertise until their official exit dates while simultaneously completing documentation required for pension processing.

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Six members of same family shot dead during domestic dispute in US

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Six people were killed in the US state of Iowa after a series of shootings that appeared to stem from a domestic dispute, police said.

The suspected shooter also was found dead with a self-inflicted gunshot wound, according to the Muscatine Police Department.

The victims are believed to be family members of the suspect, identified as Ryan Willis McFarland, 52, of Muscatine, the department said.

Muscatine Police Chief Anthony Kies called the shooting an “act of evil”.

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The shootings took place on Monday at multiple locations within the city of Muscatine.

Police received a report of a shooting just after noon on Monday. When officers responded to a home, they found four people with gunshot wounds, police said.

All four victims were pronounced dead at the scene.

McFarland had left the residence before officers arrived, but officials found him shortly after on a riverfront trail near a pedestrian bridge.

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He had a self‑inflicted gunshot wound, police said, and received medical aid, but was pronounced dead at the scene.

Detectives later found another man dead from an apparent gunshot wound in a different residence. A further search led officers to a business, where they found another victim, also dead of an apparent gunshot wound.

Online maps show a metal workshop at the address provided by police.

“Preliminary findings indicate the shootings stemmed from a domestic‑related dispute,” McFarland police said in a statement. “All victims are believed to be family members of the deceased suspect.”

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Kies did not give the names or ages of the victims and noted that the investigation is ongoing.

He confirmed the suspect had an existing criminal record but did not share any further details.

Muscatine, in the southwest of Iowa, sits on the Mississippi River and has a population of approximately 23,500 people, according to US government data published last year.

Mayor Brad Bark wrote in a post on Facebook: “Our hearts are heavy tonight after the tragic shootings that claimed innocent lives.”

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Source: BBC

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