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Reps Probe NNPCL, NUPRC Over Unpaid Federation Account Funds

Published

2 months ago

February 19, 2025

By Gloria Ikibah

The House of Representatives Committee on Public Accounts has initiated a probe into unremitted funds owed to the Federation Account by the Nigerian National Petroleum Company Limited (NNPCL) and several oil firms.

The investigation, led by Sub-Committee Chairman, Rep. Akinlade Isiaq, arose from concerns highlighted in the Auditor General’s 2020–2021 reports regarding unsettled financial obligations by NNPC Ltd and other industry players.

Findings from the audit indicate that, as of December 2021, NNPC Ltd and oil companies owed the Federation roughly $1.6 billion in royalties due to the Nigerian Upstream Petroleum Regulatory Commission (NUPRC) under various agreements, including the Production Sharing Contract, Repayment Agreement, and Modified Carry Arrangement. Additionally, NNPCL’s outstanding claims against the Federation were estimated at N1.9 trillion.

Responding to these queries, NNPC’s Group Chief Executive Officer, represented by Chief Financial Officer, Dapo Segun, stated that part of the funds had been directed toward government-designated Priority Projects (GPP) and fuel subsidy payments, which remained in effect until its removal in September 2024.

He explained that deductions were sourced from the Federation’s crude oil and gas entitlements, including royalties, and were allocated to projects based on the approved national budget. However, he clarified that no deductions were made for GPP in 2023 and 2024, as implementation was dependent on the passage of the Petroleum Industry Act (PIA).

“Regarding the financial claims between the Federation and NNPC Limited as of December 31, 2024, the reconciliation process is ongoing under the supervision of the Honourable Minister of Finance and Coordinating Minister of the Economy. Once concluded, relevant reports will be made available to all appropriate agencies and stakeholders,” Mr. Segun stated.

Meanwhile, the Sub-Committee has vowed to continue its investigation into 2025, with the aim of determining the current status of the debts as of December 2024 and ensuring the recovery of outstanding funds.

Rep. Isiaq reaffirmed the committee’s dedication to professionalism and transparency, emphasizing the importance of accountability in managing Nigeria’s oil and gas resources.

“This hearing is a vital step in ensuring that our national resources are properly accounted for. We are committed to taking all necessary measures to recover these outstanding debts in the best interest of the Federation and its citizens,” he stated.

The committee has also summoned oil companies identified in the NUPRC report, which shows they owe the Federal Government a total of $929 million as of September 30, 2024.

To address financial discrepancies, key government agencies have been invited to provide clarity on the issue. These include the Accountant General of the Federation, the Central Bank of Nigeria (CBN), the Nigeria Extractive Industries Transparency Initiative (NEITI), the Ministry of Finance, the Revenue Mobilization Allocation and Fiscal Commission (RMAFC), the Bureau of Public Procurement (BPP), and the Federal Inland Revenue Service (FIRS).

Their input is expected to shed light on the legal and procedural factors behind the non-payment of these funds. This investigation aims to establish stronger accountability and financial transparency within Nigeria’s oil and gas sector.

Related Topics:CBN chairman Economy Nigeria Nigerian

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Benue LG chairman gives Fulanis 48hrs to leave all farmlands

Published

3 hours ago

April 27, 2025

ADMIN

The chairman of Agatu Local Government Area in Benue State, James Melvin Ejeh, has given Fulani herdsmen a 48-hour notice to leave all agricultural lands.

This announcement was made during a stakeholders’ meeting on Saturday, April 26, 2025, at the council secretariat in Obagaji.

The meeting included traditional leaders, representatives from the Fulani community, youth leaders, and security personnel to discuss the increasing concerns regarding herders’ activities on farmland as the planting season nears.

The Chief Press Secretary to the Agatu LGA Chairman, Obochi Solomon, reported that Ejeh highlighted the importance of safeguarding agricultural activities in Agatu in light of the upcoming planting season.

He remarked that agriculture is essential to the local economy and that farmers should have unhindered access to their lands.

Ejeh also acknowledged the current peace in the region but reiterated that maintaining uninterrupted farming activities is of utmost importance.

“Our farmers must cultivate without disruption. We will do everything necessary to create a safe environment for them,” he said.

The statement further disclosed that during the meeting, the Ado of the Fulani requested a one-week extension to allow the herders to prepare for their relocation, a request that the council approved.

The CPS noted that the General Youth Chairman of Agatu LGA, Oloche Silas, committed on behalf of the Agatu youth to support the peaceful evacuation process and to avoid any acts of violence.

Security personnel, including members of the Nigeria Police Force and the Department of State Services (DSS), were reported to have praised the peaceful resolution of the issue and promised to offer necessary assistance during the relocation.

Additionally, representing the Och’Agatu, Chief John Agidani, spoke at the meeting, commending the leadership of the Council Chairman and urging all parties to adhere to the agreement.

News

Five suspected kidnappers eliminated by police in Delta

Published

3 hours ago

April 27, 2025

ADMIN

Five alleged kidnappers have reportedly died after a fierce gun battle with operatives of the CP-Special Assignment Team.

The suspects were confirmed dead in a hospital they were rushed to for medical attention.

Delta State Police Public Relations Officer, SP Bright Edafe who confirmed the development in a statement, stated that the incident occurred on 21st April 2025.

The police image maker disclosed that operatives of the CP-Special Assignment team, acting on intelligence relating to kidnapping in Ubuluku, Isseluku, Issele-Asagba, and environs by one Bello Abubakar and his gang members, stormed one of their hideouts in Agu-Amawbia forest, Anambra State.

SP Edafe pointed out that during the raid of the suspects hideout in the forest, the operatives recovered one AK-47 rifle and one hundred and thirty-two rounds of live ammunition.

He further said the investigation was extended to another of their hideouts in a forest between Issele-Asagba and Utulu, where the said Bello Abubakar and his gang members were waiting in ambush.

According to the police image maker, the suspected kidnappers attacked the policemen in a fierce gun battle, but the team, who were aware of the battle ahead, reciprocated in like manner.

SP Edafe added that the manhunt for other injured fleeing suspects is ongoing.

News

Francophone Ambassadors, Nigeria Unite To Fight Against Climate Change

Published

8 hours ago

April 27, 2025

Gloria Ikibah

By Gloria Ikibah

The Ambassador of Bulgaria to Nigeria and President of the Francophone Ambassadors Group, Amb. Yanko Yordanov has reaffirmed the commitment of French-speaking countries to work closely with Nigeria in promoting environmental protection, democracy, and cultural exchange.

Speaking during the 2025 Francophonie celebration in Abuja, the Ambassador explained that although the International Day of La Francophonie is usually marked in March, they decided to hold the event in April to accommodate broader participation.

“This is a gathering that encompasses the meaning of La Francophonie. In French-speaking countries, the Francophone countries, we are uniting together to celebrate the diversity, our values, our mission, and, of course, to celebrate together with Nigeria. Because we are partners, we share the same values, and we have the same concerns,” he said.

Addressing the theme of the event, which includes environmental preservation and afforestation, the ambassador stressed that climate change is a shared challenge that must be tackled together.

“I think that it is a very important theme and La Francophonie has a lot to say and a lot to do in cooperation with countries, our partners like Nigeria, which are really equally affected by the climate change. So we want to raise the awareness of the importance of fighting the climate change in a way that benefits all nations, that mitigates really the climate change effect and that benefits the lives of all the citizens of all the worlds on the planet,” he said.

Reflecting on his experience leading the Francophone ambassadors in Nigeria, he said he was proud of the progress made in deepening ties between Nigeria and the Francophone community.

“I have been honoured to chair the informal group of the Francophone ambassadors in Nigeria for the past two years and I am proud of what we have achieved together in terms of making La Francophonie much more popular, much more understandable and much more visible in Nigeria,” he said.

He explained that the group, made up of over 25 ambassadors, has not only promoted Francophone culture in Nigeria but has also worked to showcase Nigeria’s rich heritage across Francophone countries Their joint efforts also span areas like trade, investment, political relations, and cultural exchanges.

“I think that the success of our group, which is very visible, is based on the cooperation with Nigeria, which is our partner, which shares our values and our mission, including in the area of the fight against climate change, which affects not only the Francophones, but also all the others, including Nigeria,” he added.

He emphasized that the partnership between Francophone nations and Nigeria is built on shared principles of humanity, democracy, and the rule of law.

“So we are very happy to cooperate with Nigeria in many directions, including the visibility of these problems and the visibility of the decisions and successes that we can achieve together in this area. I would like to say that the Francophones and Nigeria have the same mission. It is humanity. It is the promotion of democracy, of the rule of law. So we are very, very happy and proud to be able to cooperate with Nigeria,” the envoy stated.

Every year, the celebration of “La Francophonie” is an opportunity to highlight the richness of French-speaking cultures and linguistic diversity. It also pro ides an opportunity to promote the French language as a tool for solidarity and cooperation in tackling major challenges such as sustainable development.

This year, the celebrations planned as part of the Month of La Francophonie in Nigeria showcased how the French-speaking countries work together in the service of energy transition, the protection of fauna and flora and the development of new ecosystems.