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Reps Issue Two Weeks Ultimatum For Oil Companies To Pay N5.5m Accrued To Federation Account

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By Gloria Ikibah
The Hosue of Representatives Committee on Public Accounts has given two weeks ultimatum to three major oil companies to pay the sum of $5,543,491.45 million to federation account.
The companies are Chorus Energy, Dubril Oil Company Limited, and Belema Oil, had admitted to owing the said amount.
This admission came during a probe by the Committee, caused by the Auditor General’s report.
The committee received detailed testimonies from the Nigerian Upstream Petroleum Regulatory Commission (NUPRC), presented by Balarabe Haruna, which outlined the outstanding debts of the companies.
According to NUPRC, the debts are as follows: Chorus Energy owes a total of $814,680.06 and N181,954,238.43, comprising $396,907.76 for crude oil by price and $417,772.13 for crude oil by production.
Dubri Oil owes $3,025,193.71, which includes $646,605.55 for crude oil by production and $2,378,588.15 for gas flare.
Eroton Exploration & Production owes $78,486,333.27, made up of $45,094,125.31 for crude oil by production, $33,392,207.96 for gas flare, and $916,027.00 for concession rentals.
Belema Oil owes $1,703,617.68, including $977,793.54 for crude oil by price, $511,870.14 for gas flare, and $213,954.00 for concession rentals.
In response, the Chief Financial Officer of Chorus Energy, Oluseyi Simon, explained that the company’s debt arose after an increase in the crude oil price rate from 0.5% to $3.5.
He noted that the company has consistently paid its liabilities and had already paid $5.3 million in 2024.
Simon further assured the committee that the remaining balance would be cleared before the end of the month.
Meanwhile, Acting Managing Director of Dubri Oil, Mr. Clement acknowledged the debt, but said that the company’s financial difficulties stemmed from a decline in production during the first quarter of 2024.
He emphasised that the company had been trying to mitigate the situation through workovers on its wells, but the efforts were unsuccessful.
However, Clement assured the committee that Dubri Oil planned to begin drilling new wells would settle the outstanding debt as production increased, .
He further revealed that Dubri Oil had been in discussions with the Economic and Financial Crimes Commission (EFCC) and had agreed to a payment schedule, with an expected resolution by the third quarter of 2025.
Belema Oil also confirmed the debt, citing operational challenges as the cause of the indebtedness.
According to the Managing Director, Ahmad Sambk, Belema Oil had been unable to meet its production targets since August 2022 due to issues with the evacuation pipeline system, which had experienced significant leakages, leading to the loss of nearly 5 million barrels of crude oil.
These challenges he said had resulted in a complete shutdown of operations, preventing the company from fulfilling its financial obligations.
Chairman of the investigation sub-committee, Rep. Akinlade Isaq, expressed displeasure over the failure of oil companies to meet their financial obligations and stressed the urgency of retrieving the owed funds.
“Paying off these outstanding debts is not just a matter of financial responsibility, it is a critical step toward improving governance in Nigeria,” Isaq stated.
The committee then unanimously gave the oil companies a strict two-week ultimatum to settle their debts.
The committee also issued a warning to any oil companies that failed to respond to invitations for hearings, stressing that non-compliance would lead to severe repercussions.
In addition to the aforementioned companies, the committee also disclosed the indebtedness of other oil operators that failed to appear today as follows;
“For Conoil Producing, the company owes $3,884,308.56 for crude oil by production and $708,600.06 for Gas flare and $475,785.40, bringing the total to $4,592,908.62.
Continental Oil has a total debt of $57,053,842.22, which includes $44,519,936.05 for crude oil by production, $12,533,906.17 for gas flare and $250,650.00 for concession rentals.
Enageed Resources owes a total of $15,001,089.91, consisting of $11,647,300.01 for crude oil by production, $3,353,789.90 for gas flare and $469,552.00 for concession rentals.
Energia limited owes a total of $19,260,982.13, made up of $6,675,524.25 for crude oil by price, $9,768,926.81 for crude oil by production,$10,208.89 for gas sales, $2,806,322.19 for Gas flare and $305,995.40 for concession rentals.

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SAD! ISWAP terrorists reportedly k!ll 2 sons of Police Inspector

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Islamic State of West African Province (ISWAP) have reportedy launched a deadly attack on Buni Yadi in Gujba local government area of Yobe State, killing two children of a Police Inspector, Mallam Jibril Mohammed, setting their corpses and house on fire.

A credible intelligence source confirmed that the attack occurred in the early hours of Monday around 1am in the Shuwari Baban Layi area of the town.

One of the resident who did not want his name in print said the assailants infiltrated the town and targeted the home of Inspector Mohammed of the Nigeria Police Force (NPF) and started shooting sporadically.

Another security information confirmed that the terrorists set the house ablaze and killing two of the police officer’s children before escaping.

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LEADERSHIP gathered that upon receiving intelligence report on the attack, troops of 27 Task Force Brigade, Sector 2 Operation HADIN KAI swiftly mobilised to the scene.

However, the terrorists fled upon sighting advancing troops, abandoning their bicycles in the process. (LEADERSHIP)

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CRYPTO: Trump to Host Top Industry Leaders

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U.S. President Donald Trump will host top crypto industry leaders at the White House on Friday, marking a significant shift in the administration’s approach to digital assets.

The summit comes as the cryptocurrency sector enjoys renewed momentum following Trump’s election victory.

The event, led by Trump’s newly appointed “crypto czar,” Silicon Valley investor David Sacks, will bring together prominent figures in the space, including Gemini founders Cameron and Tyler Winklevoss. Reports suggest that Coinbase CEO Brian Armstrong and Michael Saylor, the head of Bitcoin investment firm MicroStrategy, will also be in attendance.

Trump’s engagement with the industry has been personal as well as political. In January, he launched his own “Trump” memecoin in partnership with the exchange platform World Liberty Financial, following a similar move by former First Lady Melania Trump.

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These ventures have drawn accusations of conflicts of interest.

During his campaign, the crypto community overwhelmingly backed Trump, pouring millions into his effort to unseat Joe Biden, whose administration had taken a more skeptical stance on digital currencies and imposed tighter regulations. Now, industry players are looking for policies that will accelerate crypto adoption and provide long-sought legitimacy.

The summit comes at a crucial time for the sector, which continues to grapple with the fallout from the collapse of FTX, once one of the world’s largest crypto exchanges. Its founder, Sam Bankman-Fried, was convicted of fraud and is currently serving a 25-year prison sentence.

For advocates, cryptocurrencies represent a financial revolution, offering an alternative to centralized banking and serving as a hedge against inflation and political instability. Bitcoin, the world’s most traded digital asset, is increasingly compared to gold as a store of value.

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However, critics warn that digital assets remain highly speculative and vulnerable to abuse. Law enforcement agencies have raised concerns over their potential use in money laundering, while the rise of “memecoins” – cryptocurrencies based on internet trends or celebrities rather than technical innovation – has fueled worries about market manipulation and pump-and-dump schemes.

Despite his past skepticism, Trump has now positioned himself as a champion of crypto innovation, declaring his intent to make the United States a global leader in digital finance. The upcoming summit is expected to set the tone for his administration’s policies on the industry moving forward.

The summit comes as the cryptocurrency sector enjoys renewed momentum following Trump’s election victory.

The event, led by Trump’s newly appointed “crypto czar,” Silicon Valley investor David Sacks, will bring together prominent figures in the space, including Gemini founders Cameron and Tyler Winklevoss. Reports suggest that Coinbase CEO Brian Armstrong and Michael Saylor, the head of Bitcoin investment firm MicroStrategy, will also be in attendance.

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Trump’s engagement with the industry has been personal as well as political. In January, he launched his own “Trump” memecoin in partnership with the exchange platform World Liberty Financial, following a similar move by former First Lady Melania Trump. These ventures have drawn accusations of conflicts of interest.

During his campaign, the crypto community overwhelmingly backed Trump, pouring millions into his effort to unseat Joe Biden, whose administration had taken a more skeptical stance on digital currencies and imposed tighter regulations. Now, industry players are looking for policies that will accelerate crypto adoption and provide long-sought legitimacy.

The summit comes at a crucial time for the sector, which continues to grapple with the fallout from the collapse of FTX, once one of the world’s largest crypto exchanges. Its founder, Sam Bankman-Fried, was convicted of fraud and is currently serving a 25-year prison sentence.

For advocates, cryptocurrencies represent a financial revolution, offering an alternative to centralized banking and serving as a hedge against inflation and political instability. Bitcoin, the world’s most traded digital asset, is increasingly compared to gold as a store of value.

Advertisement

However, critics warn that digital assets remain highly speculative and vulnerable to abuse. Law enforcement agencies have raised concerns over their potential use in money laundering, while the rise of “memecoins” – cryptocurrencies based on internet trends or celebrities rather than technical innovation – has fueled worries about market manipulation and pump-and-dump schemes.

Despite his past skepticism, Trump has now positioned himself as a champion of crypto innovation, declaring his intent to make the United States a global leader in digital finance. The upcoming summit is expected to set the tone for his administration’s policies on the industry moving forward.

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Wike in Italy, to meet with Lombardy Region’s President, agribusiness investors

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Federal Capital Territory (FCT) Minister Nyesom Wike yesterday arrived Milan, Italy, ahead of official engagements with the President of Lombardy Region, Attilio Fontana.

Wike is also expected to meet with agribusiness investors in the country.

The minister’s Senior Special Assistant on Public Communications and Social Media, Lere Olayinka, announced this in a statement in Milan.

The statement said Wike departed Abuja on Tuesday night and arrived in Milan around 4:30 a.m. yesterday. He was received by the Charge d’Affairs of the Embassy of Nigeria in Italy, Ambassador Mustapha Mohammed.

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“While in Milan, the FCT minister will hold a meeting with the President of Lombardy Region on Thursday, and also meet agribusiness investors.

“Lombardy is adjudged as the first region of Italy in terms of economic importance, with a population of about 10 million people. It is the second most populous region of the European Union (EU) and the second region of the European Union by nominal Gross Domestic Product (GDP).

“The FCT minister’s meeting with the Attilio Fontana will centre on seeking collaboration and evaluating possible prospects in the areas of Agriculture and Vocational Education, as well as strategic development partners with the Lombardy Region.

“Subsequently, Wike will meet investors in agribusiness and experts in vocational training, with a view to unlock new opportunities.

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“The FCT Mandate Secretaries for Education, Dr. Danlami Hayyo, and Mandate Secretary for Agriculture and Rural Development, Lawan Geidam, as well as the Senior Special Assistant on Administration, Dr. Udo Samuel Atang, and Senior Special Assistant on Legal and Multi-Lateral Cooperation, Benedict Daudu, accompanied the Minister on the trip,” the statement said.

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