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Transparency Issues Persist As Nigerian Oil Company NNPCL Fails To Release 2023 Financial Statements 7 Months Into 2024
The NNPCL only released its 2022 financial statements in January 2024 after facing significant pressure. The Petroleum Industry Act mandates that the NNPCL, as a limited company, must undergo financial audits annually, in line with the Companies and Allied Matters Act.
The Nigerian National Petroleum Company Limited (NNPCL) has not published its financial records for 2023, as the year 2024 draws to a close.
This lack of transparency has sparked concerns about the company’s operations, especially since it became a limited company.
The NNPCL only released its 2022 financial statements in January 2024 after facing significant pressure. The Petroleum Industry Act mandates that the NNPCL, as a limited company, must undergo financial audits annually, in line with the Companies and Allied Matters Act.
Oil revenue is a significant contributor to the Nigerian government’s fiscal intake, serving as a crucial indicator of revenue generation.
The company is an Incorporated Joint Venture owned in the following proportions: Nigerian National Petroleum Company Limited (NNPC) (49%), Shell Gas B.V. (25.6%), TotalEnegies Gaz & Electricité Holdings (15%), and Eni International N.A. N.V. S.àr.l (10.4%).
However, the financial performance of the NNPCL remains opaque, with Nigerians unable to access its financial statements and gauge its fiscal health.
Previous financial statements of the NNPC have raised concerns regarding the organisation’s financial management and the stewardship of the country’s oil revenue.
A review of the 2021 financial statement highlighted several issues, including high indebtedness. Notably, the NNPC wrote off debts amounting to N140 billion over a three-year period between 2019 and 2021, raising questions about its financial prudence and revenue management practices.
One of the NNPC subsidiaries gave out loans worth N2 billion to employees despite recording zero profit in 2021.
Previous financial statements reveal that the NNPC has been funding loss-making subsidiaries, raising concerns about its operational efficiency. Additionally, the NNPCL has secured various crude-backed loans, including a $3 billion loan in 2023, the impact of which on the company’s revenue and operations remains unclear.
Furthermore, the Nigerian Extractive Industry Transparency Initiative (NEITI) has alleged that the NNPCL failed to remit N2.8 trillion in taxes to the government in 2022, highlighting potential revenue management issues.
While the NNPCL continues to state that it is committed to accountability, experts note that publishing financial statements was a key pointer to such commitment.
News
Govt cites security threats, bans Telegram for officials
By Mario Deepromoter
Ukraine on Friday restricted the use of Telegram for its government, military and security officials, citing “threats” to national security on the app founded by Russian-born Pavel Durov.
“The National Security and Defence Council decided to restrict the use of Telegram in government agencies, military formations and critical infrastructure facilities,” the council said in a statement on Facebook, saying it was a “matter of national security.”
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Ooni unveiles launch of Olojo Festival, reveals ancestral significance
By Mario Deepromoter
The Ooni of Ife, Oba Adeyeye Ogunwusi, on Thursday, announced the commencement of the 2024 Olojo Festival, revealing the event’s ancestral and spiritual significance.
Ogunwusi spoke at his palace during a news conference on the 2024 Olojo Festival with the theme “Evolving Transformationaly Domestic Tourism With Community Festivals.”
According to him, the festival is significant because of the spiritual exercises that characterise it and the testimonies it attracts.
He said the celebration of the revered cultural event was held annually in the ancient city to celebrate the day of the first dawn.
The Ooni said the festival was in remembrance of “Ogun,” god of iron, who is believed to be the first son of Oduduwa, progenitor of the Yoruba people.
He added that the festival marked the birth of the “Aare Crown”.
Ooni said that several prayers rendered to Olodumare through the iconic “Aare crown” during the Olojo festival had been answered with so many testimonies.
He stated, “Olojo is the festival of dawn and the birth of the crown, “Ade Aare”, the crown of all crowns. The crown that gave birth to all crowns all over the world with all the colours of the rainbow. It is called the spectrum of rainbow crowns.
“The crown does everything humans do, it is a very spiritual crown, very sacred. I am a living example and witness. I have actually charged the crown, I have prayed with it, that I want this done, this particular time.
“This is my ninth year on the throne, going to my tenth year by the grace of God, I have seen a lot of testimonies.
“I will pray with the crown worn on my head, I pray to the almighty God, Olodumare through the crown. I have never seen any failure in it. It is our strong heritage, our strong culture and tradition and we will continue to uphold it forever.
He added that they were not idol worshipers, but rather custodians of their ancestors’ legacy, which continued to benefit them.
“These are things we should not joke about, It is our heritage, we should not compromise it with anything. It is created by nature, by God Almighty who is the supreme being,” he said.
Explaining the nature of the “Ade Aare”, Ooni described the crown as a sacred, mysterious being which bears the nature of humans.
According to him, the crown functions like humans.
He said, “Olojo is the time when the crown comes out for blessings. This is a crown that has life in it till date, right from time immemorial.
“The crown changes the weather, it does not see the atmosphere except once in a year, during Olojo festival.
It’s fake news, Ooni’s palace denies marriage trending story
“In the crown, we see everything complete, we see the day, night, four corners of the world, the northern, southern, eastern and western poles.
“The birth of the crown is actually the first dawn pathfinded by Ogun, which is linked to our celebration.”
The Ooni added, “Olojo is the main new year celebration and this dovetails to everybody’s new yam festival all over because what is used to bring out yams are cutlasses and hoes made with iron.
“This is the time we get beautiful harvests, the time we get wallnuts, bitter kola. For us in Ile-Ife, we still uphold our heritage and that is why we celebrate the first dawn.”
Ogunwusi appreciated the sponsors for the festival.
“I want to appreciate you all, our sponsors, for everything you have been doing. For always responding to my calls. May God bless you and may our ancestors guide you all. I appreciate the state government as well,” he added.
Earlier, the Commissioner for Culture and Tourism in Osun, Abiodun Bankole-Ojo, appealed to sponsors of the Olojo festival to look into the possibility of developing some tourism sites within the state, like the Oranmiyan Groove.
“Please corporate bodies, stop giving us monetary and material gifts, come and develop the Oranmiyan site as a tourist site. Government will not be able to do it all,” he said.
The Olojo Festival Chief Consultant, Ayo Olumoko, urged Nigerians and international tourists to grace the festival.
NAN reports that the Grand Finale for the 2024 edition of the annual Olojo Festival in Ile-Ife, will be held between September 26 and September 30.
On September 26, there will be Ayo Olopon Traditional Game, Festival Cultural Talent Hunt (Audition) and Olojo Festival Colloquium.
On September 27, there will be Ojo Ilagun, Iwode Ile-Ife (Community cleansing) and Oonirisa’s terrestrial message to the world.
September 28 is the festival’s grand finale official ceremony, Ojo Okemogun, and the Aare cultural procession.
September 29 is Ojo Ajoyo (Asekagba), Grand Royal Reception – Invitational, Adire Oodua Cultural Exchange Exhibition and Oonirisa’s Ife Award for Community Service, 2024.
September 30 would be for the Ojo Ibile (Oonirisa’s ancestral traditional propitiation) and cultural talents hunt.
News
Trump Says Israel Will Go Extinct Within Two Years If He Loses US Election
By Mario Deepromoter
Trump expressed concern about his polling numbers among Jewish voters, lamenting his current standing compared to Harris, the Democratic candidate.
President Donald Trump suggested that Jewish-American voters could bear some responsibility if he loses the upcoming presidential election to Vice President Kamala Harris.
Trump expressed concern about his polling numbers among Jewish voters, lamenting his current standing compared to Harris, the Democratic candidate.
Reuters reports that Trump claimed that Israel could face extinction within two years if Kamala Harris wins the election, suggesting that Jewish voters who support Democrats would share some responsibility for that outcome.
Speaking to a crowd, Trump stated, “If I don’t win this election, the Jewish community will play a significant role in that. If 40% or even 60% of people are voting for the enemy, Israel, in my opinion, will cease to exist within two years.”
He referenced a poll indicating that Harris had 60% support among American Jews.
Although he didn’t specify which poll he was citing, a recent Pew Research survey showed American Jews favouring Harris over Trump by 65% to 34%.
Trump also expressed disappointment over winning less than 30% of the Jewish vote in both the 2016 and 2020 elections.
Trump reiterated similar sentiments earlier at a summit in Washington aimed at combating antisemitism in the U.S.
The Trump campaign has prioritised appealing to Jewish voters in critical battleground states, where even a small shift in support could influence the election outcome.
In Pennsylvania, for instance, there are over 400,000 Jewish residents, and Biden won the state by just 81,000 votes in 2020.
In response to Trump’s comments, Morgan Finkelstein, a spokesperson for the Harris campaign, criticised him for his past associations with individuals accused of antisemitism.
Trump has consistently denied allegations of antisemitism, noting his Jewish son-in-law during his speeches on Thursday.
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