News
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
FCT Minister Wike Vows To Clampdown on Highway Vandals
…says the criminals are devilish
The Federal Capital Territory (FCT) Minister, Nyesom Wike, has vowed to crackdown on vandals responsible for the removal of sewage manhole covers along Abuja highways, following the arrest of several suspects by security agencies.
Speaking on the alarming trend, Minister Wike condemned the actions of the criminals, describing them as “devilish and reckless,” and emphasized that such acts endanger public safety and undermine the government’s efforts to provide essential infrastructure.
“It is disheartening that funds meant for public welfare are being sabotaged by unscrupulous individuals who strip vital infrastructure for selfish gains,” Wike said.
He further revealed that ongoing investigations aim to uncover the entire network involved, including the buyers and collaborators fueling the vandalism.
The Minister vowed that no offender would go unpunished, stressing that law enforcement agencies have been directed to “track down and prosecute all culprits involved in the crime.”
Minister Wike praised the vigilance of ordinary Nigerians, especially the concerned citizen who captured and shared a viral video of the vandalism in progress.
He lauded the action as an example of “patriotism and civic responsibility,” urging more citizens to join efforts in safeguarding public assets.
“This is the kind of patriotism Nigeria needs. I commend the individual who raised the alarm, and I encourage others to speak out whenever they notice such destructive behavior,” Wike added.
Following Wike’s directive, relevant stakeholders, including the FCT Department of Development Control and the Abuja Environmental Protection Board (AEPB), have stepped up measures to monitor and protect public infrastructure.
These agencies are also working to strengthen collaboration with security operatives to prevent further acts of vandalism.
Wike disclosed that additional updates on the ongoing investigation and arrests would be shared with the public, emphasizing the government’s commitment to tackling the menace head-on.
In light of the incident, the Minister called on Abuja residents to remain vigilant and report any suspicious activity around public infrastructure to security agencies.
“We all have a duty to protect what belongs to us collectively. This administration will not tolerate any act that endangers lives or reverses developmental progress,” he concluded.
With arrests already made and investigations ongoing, residents await further developments as the FCT Administration intensifies efforts to safeguard critical infrastructure and hold vandals .
News
Hajara Egbunu Becomes First Female Soldier In Infantry Corps To Attain Warrant Officer
The Nigerian Army has achieved a significant milestone in gender inclusivity by promoting Hajara Egbunu, a soldier from the elite Infantry Corps and the Nigerian Army Women Command, to the prestigious rank of Warrant Officer.
The promotion ceremony, held on Friday at the Command Conference Room in Abuja, marked a groundbreaking moment as Egbunu became the first female soldier from the Infantry Corps and the Nigerian Army Women Command to attain this rank.
Brigadier General Mathias Amatso, the Commander of the Nigerian Army Women Command, presided over the event and decorated Warrant Officer Egbunu. Speaking at the ceremony, Amatso commended her for an exceptional career defined by professionalism, dedication, and discipline. He emphasized that the promotion was not merely a recognition of her past achievements but also a testament to her unwavering commitment to the values and standards of the Nigerian Army.
According to a statement released by Lieutenant Maureen Ogbuka, Acting Assistant Director of Army Public Relations for the Nigerian Army Women Command, Amatso urged Egbunu to continue leading by example. He remarked, “Her promotion reflects her hard work. I encourage her to maintain discipline and inspire younger soldiers, in alignment with the core values of the Nigerian Army.”
In her acceptance speech, Army Warrant Officer Egbunu expressed profound gratitude for the support and guidance she received throughout her career. She thanked God for His blessings and acknowledged the instrumental role of the Chief of Army Staff, Lieutenant General Olufemi Oluyede, whose visionary leadership she credited for facilitating her advancement.
Egbunu also extended heartfelt appreciation to Brigadier General Amatso, whose mentorship had been pivotal during her tenure as the Regimental Sergeant Major (RSM) of the Nigerian Army Women Command. Her remarks reflected a deep sense of pride and responsibility as she embraced her new rank.
The promotion ceremony concluded with a group photograph and a reception featuring light refreshments. The event was not just a celebration of Egbunu’s personal achievement but also a significant step toward enhancing gender inclusion and representation within the Nigerian Army.
This milestone highlights the progress being made in recognizing the contributions of women in the military and setting the stage for future advancements. By breaking barriers, Warrant Officer Egbunu serves as an inspiration to female soldiers across the country, encouraging them to strive for excellence and leadership in their respective careers.
News
Oyo Guber race: I’m not part of it — FIRS boss’ Zacch Adedeji
By Kayode Sanni-Arewa
Executive Chairman of the Federal Inland Revenue Service, FIRS, Mr Zacch Adedeji, said that he was not part of those contesting the Oyo state governorship election in 2027.
Adedeji, who had previously held cabinet position in Oyo State (Commissioner for Finance 2011-2015), has been touted as one of the personalities likely to jostle for the position.
He, however, in a recent outing, dispelled the rumour doing this round, saying he only wanted to focus on the task before him at the moment.
“I want to use this to respond to a lot of requests, that I, Zacch Adedeji, will not contest for governorship election in 2027.
“I know a lot of people would not be happy about this, but everybody knows the responsibility and grace that God has given to us. I was a commissioner of finance 14 years ago. And by that time, with the grace of God, we’ve done all of what God wants us to do in the state.
“He has given us that platform. So the only thing I need from you is your prayers for strength to end well with what I’m doing now. So I would not want to be distracted,” he said in the clip
Adedeji was appointed by President Bola Tinubu in September 2023 to head the FIRS.
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