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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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Easter: Ibas, wife, children worship at Rivers Government House chapel

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Rivers State Administrator, Retired Vice-Admiral Ibok Ibas marked Easter on Sunday with a worship service at the Chapel of Everlasting Grace, Government House, Port Harcourt.

Ibas was accompanied by his wife, Dr. Theresa, their children, and key state officials including the Secretary to the State Government (SSG), Prof. Ibibia Lucky Worika, and his family.

A statement signed by the SSA media, Hector Igbikiowubo, said the administrator joined worshippers in a service filled with uplifting hymns and prayers for peace in Rivers State and the country.

Chaplain Pastor Barasin Ogan delivered a message, reminding the congregation of the transformative power of Christ and assuring them of divine justification, deliverance, healing, and righteousness through faith.

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Special prayers were offered for President Bola Tinubu, Administrator Ibas, and the continued progress of Rivers State, reinforcing unity and faith as the foundation for a brighter future.

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We have no abducted victim in our custody, says NCoS

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The Nigerian Correctional Service (NCoS) has strongly denied reports linking it to the alleged kidnapping of a 12-year-old girl in Rivers state, describing the claims as false, malicious, and a figment of the writer’s imagination.

In a statement issued by the Service’s Public Relations Officer, Umar Abubakar, the NCoS said the allegation was aimed at misleading the public and tarnishing the image of the Service.

Abubakar stated that a thorough check of available records showed no inmate named “Chi Boy” is in custody at any facility under the Enugu State Command.

He added that the failure to provide the full names of the alleged inmate or the kidnapped victim further undermines the credibility of the report.

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He emphasized that the NCoS is unaware of any kidnapping incident linked to its facilities in Rivers State or any other command, as claimed in a circulating press statement and viral video.

Abubakar also clarified that no investigative agency has tracked any suspected kidnapper to any correctional facility in either Enugu or Delta State Commands.

“Therefore, the Service is not in the position to confirm payment of ransom or whatsoever transaction as alleged in the fictitious report and video.

“The Service has no role in the said kidnap story, and as a security organization, it does not operate in isolation; rather, it partners with sister agencies to ensure adequate security. The Service will never turn down requests for investigation activities from sister agencies,” Umar said.

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Netanyahu orders strikes on Hamas after truce rejection

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Benjamin Netanyahu has said he has instructed Israel’s military to intensify pressure on Hamas after the Palestinian militant group rejected a temporary truce proposal.

In a televised address, the Israeli prime minister said that while war came with a heavy price, Israel had “no choice but to continue fighting for our very existence, until victory”.

On Thursday, Hamas rejected an Israeli proposal for a temporary pause in fighting, describing the offer as demanding “impossible conditions”.

Hamas currently holds 59 hostages, with 24 of them believed to be alive. It says it will only return them in exchange for the release of more Palestinian prisoners, a full Israeli withdrawal from Gaza, and a lasting truce, as called for in the now-defunct ceasefire agreement reached earlier this year.

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Netanyahu’s remarks came after the Hamas-run health ministry in Gaza said Israeli strikes had killed more than 90 people in 48 hours.

Women and children were among 15 people who were killed overnight on Friday in the southern city of Khan Younis, according to hospital staff.

At least 11 of those who were killed were sheltering in a tent in the designated humanitarian zone of al Mawasi, where hundreds of thousands of displaced people are living, the hospital workers said.

A further four people were killed in separate strikes on the city of Rafah, including a mother and her daughter, according to Gaza’s European Hospital, where the bodies were taken.

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Israel says its latest campaign is to put pressure on Hamas to release more hostages and ultimately agree to disarm and leave the territory.

For weeks, Israeli troops have also blockaded Gaza, barring the entry of food and other goods.

Last month, 15 aid workers were killed and buried in a shallow grave after being fired upon by Israeli troops.

Hamas’s armed wing said the fate of Israeli-American hostage Edan Alexander was unknown after a guard who was holding him was found killed.

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On Tuesday, Hamas said it had lost contact with a group of militants holding Mr Alexander in Gaza.

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