News
FG begins probe of NNPC over N2.7trn fuel subsidy claim

By Kayode Sanni-Arewa
The Federal Government has begun the proposed audit of the N2.7tn fuel subsidy claim by the Nigerian National Petroleum Company Limited, The PUNCH has learnt.
An audit firm, KPMG had conducted an initial audit reducing the claims from N6tn to N2.7tn.
However, in the new audit, the government said it had approved the engagement of the Office of the Auditor General of the Federation to verify the claims made by the corporation regarding the amount the government owes the oil firm.
This process was confirmed by the Director, Home Finance, Ali Mohammed, during the April 2024 Federal Account Allocation Committee meeting.
The government said an update on the issue would be provided during the May FAAC meeting.
Recall last month that the audit would span from 2015 to 2021, aiming to verify the authenticity of NNPC/Federation Account claims on the N2.7tn while it considered hiring an external audit firm.
On May 30, 2023, a few hours after the “subsidy is gone” declaration by President Bola Tinubu, the NNPCL Group Chief Executive Officer, Mele Kyari, told State House correspondents that the federal government still owes the firm the sum of N2.8tn spent on petrol subsidy.
While saying the NNPCL footed petrol subsidy bills from its cash flow, Kyari said the government had so far been unable to pay back the N2.8tn.
He said “Since the provision of the N6tn in 2022, and N3.7tn in 2023, we have not have not received any payment whatsoever from the Federation.
“That means they (the Federal Government) are unable to pay and we’ve continued to support this subsidy from the cash flow of the NNPC. We are waiting for them to settle up to N2.8tn of NNPC’s cash flow from the subsidy regime and we can’t continue to build this.”
However, a copy of the minutes of the FAAC meeting obtained by our correspondent, however, revealed that the government had begun the audit of the N2.6tn subsidy claim.
The minute read in part, “On the forensic audit covering the period 2015 to 2021 to authenticate NNPC/Federation claims in respect of N2.7tn withheld by NNPC Limited: The Director, Home Finance informed members that the process of the forensic audit of NNPC Limited as reported at the last meeting was in progress. He assured that an update would be provided on the matter at the next meeting.”
Members of the committee also bemoaned the refusal of the NNPCL to comply with the revised exchange rate of N693.50/$1 in converting federation revenue.
According to them, NNPCL has declined to adhere to the revision of the May 2023 Central Bank of Nigeria exchange rate from N436.38/$1 to N621.86/$1, and subsequently to N693.50/$1, as instructed by the CBN.
On the refusal by NNPC Ltd to comply with the revised exchange rate of N693.50/$1 in converting Federation revenue, the Vice Chairman, Post-Mortem Sub-committee, warned that “If NNPC Ltd continues to disregard the use of the agreed rate without presenting any authority to that effect, FAAC will be left with no option but to take appropriate action to recover the Federation funds.”
The minute further read, “At the last meeting of FAAC, it was reported that there was a review of the May 2023 CBN Exchange rate from N436.38/$1 to N621.86/$1 and a further review to N693.50/$1 in line with the directive of CBN. NNPCL was directed to comply with the revised exchange rate of N693.50/$1 and re-compute all the Royalties, Taxes and other revenue items for May 2023 and revert.”
The official informed the meeting that at the April 2024 meeting of the sub-committee, NNPCL complained that the proposed review would result in a refund of N16,829,747,742.96 to the Federation Account by the company.
He concluded that the sub-committee expected that the Federation Account be refunded the amount of the exchange rate but NNPCL used it to defray the subsidy claim. He recommended that FAAC should decide on the matter.
He recalled that the sub-committee had reported the implication of the “weighted average rate” on PMS computation and discovered that the exchange rate differential for the period of June to December 2023 was N937,961,442,969.83, contrary to the NNPCL claim of N1,675,920,811,819.
He stated that the Sub-committee recognised only the exchange rate that was backed by law and that NNPCL was mandated to provide authorisation for the use of weighted average exchange rate on PMS Dollar payments. He disclosed that NNPCL in response, requested the Sub-committee to write the company officially to enable the release of the NEC approval on the issue.
He suggested that NNPC Ltd should be called to order and hoped that the matter could be resolved amicably with the company.
The Oyo State Commissioner for Finance, Akinola Ojo, also proposed that NNPC Ltd should be made to refund the money even if by next month, a resolution could not be reached on the issue.
Source: The Punch
News
Afenifere demands for unconditional release of Farotimi

The pan-Yoruba socio-political organisation, Afenifere, has intervened in the ongoing face-off between legal luminary, Chief Afe Babalola and activist, Dele Farotimi, calling for unconditional release of the activist.
The organisation at a World Press Conference held at the residence of its leader, Chief Ayo Adebanjo in Lagos said while it was not talking about the merit or demerit of the case, the procedure and manner of arrest of the activist was condemnable.
Deputy Leader of the Group, Oba Oladipo Olaitan who addressed the press conference expressed concern over the continued incarceration of Farotimi over a bailable offence.
Farotimi, a member of the National Caucus of Afenifere, was arrested on Tuesday December 3, 2024 in his office in Lekki Lagos by plain-clothed police officers from Ekiti State Police Command over a petition by Babalola.
Babalola had claimed he was defamed in the book written by Farotimi titled, “Nigeria and its Criminal Justice System.”
The Chief Magistrate Court in Ekiti has reserved a ruling on his bail application until December 20.
But Afenifere Deputy Leader criticised the chief magistrate, Abayomi Adeosun, for denying bail, describing the charges as bailable.
He stated that what is happening to Farotimi represented a script playing out as the charges are bailable and should have been granted bail on self-recognisance.
“It is Dele Farotimi today, it could be you tomorrow,” the Deputy Leader added.
“Afenifere believes that Chief Afe Babalola, like every citizen, has a right to defend his reputation if injured to the full extent of the law but not outside the strictures of the law. Therefore, Dele Farotimi must have his day in court. He cannot be unjustly incarcerated. His rights must be similarly protected,” he said.
The group called for an end to using the police from other states to arrest citizens, saying, “The increasing practice of arresting people in a state and transporting (rendering) them out of state often without the knowledge of the relatives of those arrested and also charged in a state other than the state of normal residence of the suspect need to be stopped.
“The practice exerts undue mental agony and expense on the accused person and their families who are often left wondering for hours or days about the safety and whereabouts of their loved ones. The Police must stop this practice.
“It is a loophole that can be exploited by criminals who may be tempted to disguise their crimes by acting out their nefarious activities by imitating the rogue police operations.”
Oba Olaitan added that the delay in granting bail to Mr. Farotimi “has confirmed the fears of well-meaning people all over the world that these processes are driven by extraneous considerations outside the facts and laws in respect of the petition on which the Police and the Chief Magistrate in Ekiti are hinging their actions.”
News
Just In: FCT High CourtG admits ex Gov. Bello to N500m bail

The Federal Capital Territory High Court, on Thursday, granted the immediate past Governor of Kogi State, Yahaya Bello, bail in the sum of N500 million with three sureties in like sum.
Justice Maryann Anenih had, on December 10, refused the ex-governor’s bail application, saying it was filed prematurely.
While delivering the initial ruling, she said, having been filed when the 1st defendant was neither in custody nor before the court, the instant application was incompetent.
There was, however, room for the governor’s lawyers to file a fresh application for bail and apply for hearing date.
The former governor is facing an alleged money laundering trial to the tune of N110bn, along with two others.
He had pleaded not guilty to the 16-count charges brought against him by the Economic and Financial Crimes Commission.
When the case was called for hearing, on Thursday, Counsel for the former governor, Joseph Daudu, SAN, informed the court that the defence counsels had filed a further affidavit in response to the counter affidavit filed and served by the prosecution counsels.
He, however, applied to withdraw the further affidavit, saying, “We do not want to make the matter contentious.”
There was no objection from the prosecution counsel, Olukayode Enitan, SAN. The court, therefore, granted the application for withdrawal, striking out the further affidavit.
Daudu, SAN, also informed the court that discussions had taken place with the leader of the prosecution counsels, resulting in an agreement to ensure a speedy trial.
In light of this understanding, Daudu urged the court to grant the bail application.
He further requested that if the court would graciously grant the Defendant bail, the court should kindly review the bail conditions for the 1st, 2nd, and 3rd defendants.
He urged the court to broaden the scope of property to be used as bail sureties to include locations across the Federal Capital Territory (FCT), rather than limiting the location solely to Maitama.
The prosecution counsel, Enitan SAN, acknowledged that Daudu SAN had been in talks with the prosecution team.
In accordance with the Rules of Professional Conduct (RPC), the EFCC Counsel gave assurance of their cooperation in expediting the trial.
He said, “I confirm the evidence given by the distinguished member of the bar that is leading the Defence, J.B. Daudu, SAN, that he has been in conversation with the leader of the prosecuting team.
“As with the legal tradition that we should cooperate with members of the bar when it does not affect the course of justice, we have decided not to make this contentious, bearing in mind that no matter how industrious the defence counsel might be in pushing forward the application for bail and no matter how vociferous the prosecution counsel can argue against the bail application, your lordship is bound by your discretion to grant or not to grant the application.
“We are therefore leaving this to your lordship’s discretion.”
Delivering her ruling, Justice Anenih acknowledged that the offence the 1st Defendant was charged with was a bailable one and granted the ex-governor bail in the sum of N500 million, with three sureties in like sum.
The sureties must be notable Nigerians with landed property in Maitama, Jabi, Utako, Apo, Guzape, Garki, and Asokoro.
The 1st Defendant was also asked to deposit his international passport and other travel documents with the court.
He is to remain at Kuje Correctional Centre until the bail conditions are met.
The court also granted the application to vary the bail conditions for the 2nd and 3rd Defendants, Umaru Oricha and Abdulsalami Hudu, respectively.
They were granted bail in the sum of N300 million, with two sureties who must own landed property in Maitama, Jabi, Apo, Garki, Wuse, or Guzape. The location was initially restricted to Maitama.
They are to deposit their international passports and other travel documents with the court.
The 2nd and 3rd Defendants are to remain at the Kuje Correctional Centre pending the fulfilment of their bail conditions. [Daily Review Online]
News
SEE NAIRA Rates Against The USD, GBP, EURO Today December 19, 2024

WHEN we look at this month, USD was traded at ₦ at the beginning of this December on Monday, December 2, 2024. As at today with USD being traded at ₦1,665 we see a % for United States Dollar to Naira exchange rate for this month.
On this page, we are primarily focusing on the Black Market Dollar To Naira Exchange Rate Today, the USD to Naira currency pair are the most traded currency in the FX market.
Black Market Exchange Rates
Buying Rate
Selling Rate
Dollar to Naira 1665 1650
Pounds to Naira 2120 2090
Euro to Naira 1725 1690
Canadian Dollar to Naira 1176 1158
Rand to Naira 52 43
Dirham to Naira 0 0
Yuan to Naira 62 62
G.Cedi to Nair 70 50
CFA F. (XOF) To Naira 0.83 0.81
CFA F. (XAF) To Naira 0.74 0.74
Having full knowledge how much USD to NGN black market exchange rate today will give you a better opportunity to plan and make informed decisions.
Nairatoday.com
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