Business

NNPC Explains Non-Remittance Of N142.7bn To FG Account

Published

13 years ago

March 18, 2013

The management of NNPC has said operational loss by the corporation contributes significantly to the non-remittance of N142.7 billion internally-generated fund to the Federal Consolidated Account.

The NNPC Group Managing Director, Mr Andrew Yakubu, made this known at a media briefing to clarify issues raised by the House of Representatives Committee on Finance.

Represented by Dr Omar Ibrahim, the General Manager, Media Relations, Yakubu said operational loss and harsh operational environment had made it difficult for the corporation to declare any surplus over the years.

“ We should like to emphasise that strictly speaking NNPC cannot be expected to sweep funds into the Consolidated Revenue Fund, since the law specifically says it is surplus that should be so paid.

He said “ in a situation where due to no fault of ours, we operate at a loss, there would not be any surplus to pay. Of course, we are all living witnesses to the causes of our operational losses.

He listed challenges contributing to the operational loss to include pipeline vandalism, oil theft and the fact that the NNPC buys crude at international rate and sells at regulated prices.

“Equally important is our role as product supplier of last resort. This particular role has taken a huge toll on our finances, but as Federal Government-owned corporation we take this responsibility seriously,’’ he added.

He, however ,said despite the challenges the NNPC had remitted about N400 billion monthly from its upstream operations to Federal Government.

Yakubu noted that the NNPC had already appeared before the House Committee on Finance to clarify the issue and that the Chairman of the committee had already instituted a committee that was currently sorting out the issue.

He said members of the committee looking at the corporation’s books include officials from the Account General of the Federation’s office and the house committee on finance.

He, however, said the NNPC was surprised at statements credited to the chairman committee on Finance, Mr Abdulmumin Jubril, that the NNPC owed the Federal government N142.7 billion unremitted revenue.

“The management of the NNPC notes with regrets the statements credited to the chairman of the House of Representatives committee on finance, saying that the corporation owes the Federal Government the sum of N142.7 billion in unremitted internally generated fund meant to be paid into the Federal Consolidated Account.’’

He noted that a review meeting took place on March 7 at the NNPC Towers where the account department provided all the documents requested from the NNPC and its 16 subsidiaries which were initially left out of the house committee’s report.

He wondered why the chairman of the committee had gone to the press to say the NNPC owed such amount when the committee it set up was still working.

“Curiously enough, even before the team could conclude their assignment Jibrin for reasons that we cannot fathom, put the corporation in bad light. .

“He went to town with news that his committee has uncovered a debt of N142.7 billion that the corporation was owing to the Federal Government.’’

He assured that the NNPC would continue to strive to live up to its mandate as contained in the Act establishing the corporation.

It would be recalled that the N142.7 billion comprises N78.69 billion accrued to government out of a total revenue of N6 trillion generated by NNPC and its subsidiaries between 2009 and 2011. “Also the balance of N64 billion accrued between January and June, 2012.”

The house committee on finance had threatened to order for the arrest of the NNPC, GMD if it failed to appear before it to clear the issue tomorrow Tuesday March 19, 201

Business

SMEs Dev: Firms Launch N100m Loan Scheme

Published

11 hours ago

March 30, 2026

The Tide

The Coalition of Microlending and Cooperative Institutions in Nigeria (COMCIN), the umbrella body of non-bank microfinance institutions and cooperative societies in Nigeria, in partnership with NEAT Microcredit, has unveiled a N100 million joint loan facility aimed at supporting small and medium-scale enterprises (SMEs) across the country.

The facility will be disbursed through participating Microfinance Institutions (MFIs), which will in turn extend the loans to their customers, particularly SMEs, as they directly interface with businesses at the grassroots level.

The Executive Director of COMCIN, Mr. Micheal Ogbaa who represented the Chairman, Dr. Iredele Oyedele (FCA, FCCA), said the initiative is designed to strengthen micro-lending institutions and expand access to finance for grassroots entrepreneurs, particularly women and youths in the informal sector.

Ogbaa explained that COMCIN does not lend directly to individuals but works through its network of microfinance and cooperative institutions, which in turn provide loans to end users.

“We came together to advocate for the microfinance ecosystem. Commercial banks often exclude people at the grassroots, but our members are positioned to reach them. This facility will empower them to do more,” he said.

He noted that the loan scheme offers low interest rates and flexible repayment plans, making it more accessible to small business owners.

According to him, about 90 percent of beneficiaries are expected to be women, who play a key role in sustaining families and driving economic activities at the local level.

“Our focus is on traders, service providers, and players in the informal sector. These are the real movers of the economy. By supporting them, we are strengthening families and contributing to national development,” he added.

Ogbaa disclosed that eligible SMEs with proven integrity and business track records could access up to N5 million each through participating micro-lending institutions. The rollout has commenced in Lagos and will extend to Abuja, Enugu, and other regions, including the South-West, South-East, and North-East.

He said 12 micro-lending institutions have already benefited from the scheme, while 85 applications are currently being processed under the pilot phase.

“Our target is to reach at least 100,000 SMEs nationwide. We are building a platform that connects funding partners with credible micro-lending institutions, creating a reliable channel for financial inclusion,” Ogbaa said.

He added that COMCIN is also working to attract larger funding pools from development finance institutions and private investors, noting that successful implementation of the pilot phase would boost confidence and unlock more capital for SMEs.

“We have seen encouraging testimonies from early beneficiaries. As we demonstrate transparency and efficiency, more institutions will be willing to channel funds through us,” he said.

Business

Yenagoa’s Radisson Hotel Ready December — NCDMB, Other

Published

11 hours ago

March 30, 2026

The Tide

The Executive Secretary of the Nigerian Content Development and Monitoring Board (NCDMB), Engr. Felix Omatsola Ogbe, has expressed confidence that the five-star Radisson Hotel and Conference Centre, Yenagoa, Bayelsa State, would be completed and commissioned this December .

He said this while addressing visiting top executives of Edison Corporation and Megastar Technical and construction company at the conclusion of a one-day project management tour and workshop at the headquarters of the Nigerian Content Tower (NCT), Yenagoa, weekend.

The Board in a statement from the Directorate of Corporate Communications said all other stakeholder assured of the delivery of world-class services in the hotel upon it’s completion.

Ogbe described the hospitality facility as a top priority project of the Board whose progress he would be following up every day and week.

“This project is critical to the Board, critical to Yenagoa, Bayelsa State and Nigeria. With this hotel becoming functional at the end of the year, I believe there will be tourism in Bayelsa State, and that’s one of my dreams.

“When I took up this job as Executive Secretary in December 2024 I said I must make this hotel work”, the NCDMB boss said.

He commended the team from Edison Corporation and the project contractor, Megastar Technical and Construction Company, for the quality and pace of work, adding “much is required from the Management to meet up the schedule delivery

“Most of the critical aspects of the project have been resolved in terms of mark-up room, scope of work in terms of financing and contracting strategies”

The Board’s Scribe said he was sure all hands would be on deck to ensure that work proceeds unhampered.

In his remarks, the Chief Executive Officer of Edison Corporation, Mr. Vivian Reddy, said the team from Edison Hotel Group was very excited to come into a contractual arrangement with NCDMB, assuring the project will put the city on the world map.

“What is so important with the group Radisson International is that, if anyone around the world looks for Radisson Yenagoa, they will see this place pop up, and it’s going to help to uplift the area in terms of visitors and tourism.

“Our role is to make sure we deliver a world-class quality hotel from start to finish. We will open the hotel, we’ll furnish it. We’re working with the main contractor to make sure the facility meets world-class standards”, he said.

Speaking on the sealing of the contractual deal with the NCDMB, he noted it took great efforts, saying “getting Radisson in the agreement was not easy, and it took several months and cumulative one and a half years of discussions and documentation”.

The Edison boss, who is reputed to be the first South African businessman to lead a high-level business delegation from that country to Nigeria during the tenure of President Thabo Mbeki in 1999, was full of commendation for the NCDMB boss, describing him as “a great and visionary leader”.

“The vision and dream of the Executive Secretary of the NCDMB are going to become a reality. We’re going to help him and make it a reality and it’s going to be the best hotel in this region”, the boss noted.

Mr Reddy also commended the project contractors and professional teams involved, stating that his team has every confidence in their technical competence.

By: Ariwera Ibibo-Howells, Yenagoa

Business

RIRS Sets Tomorrow As Deadline For Individual Tax Returns Filing

Published

11 hours ago

March 30, 2026

The Tide

The Rivers State Internal Revenue Service (RIRS) has set tomorrow as the deadline for the filing of all Annual Individual Income Tax Returns for all taxable residents of the state.

This was contained in a public notice by the Service to the taxable residents of the state in compliance with statutory provisions.

The notice was signed by the Executive Chairman of the agency, Sir Israel O. Egbunefu, and made available to the public in Port Harcourt recently.

Egbunefu stated that the directive was in line with the provisions of the Nigeria Tax Administration Act 2025, which mandates individuals to declare their income for the preceding year of assessment.

According to the notice, the obligation covers all categories of income earners, including employees in both the public and private sectors, self-employed individuals, business owners, and professionals operating within the state.

The agency reiterated that the timely filing of tax returns remains critical to promoting transparency, accountability and efficient tax administration in Rivers State.

It further noted that compliance with tax obligations plays a vital role in enabling the government to meet its developmental goals and provide essential public services.

RIRS urged all eligible taxpayers to ensure that their 2025 tax returns are properly completed and submitted through its approved channels before the stipulated deadline .

The Service warned that failure to comply with the directive may attract penalties and other sanctions as prescribed by relevant tax laws.

It also stated its commitment to enforcing compliance while maintaining a taxpayer-friendly approach in its operations.

Taxpayers requiring assistance were advised to visit any RIRS office or access its official platforms for guidance on the filing process.

The agency assured residents of continuous support, including professional advisory services, to facilitate a seamless and stress-free compliance experience.

The notice forms part of ongoing efforts by the Rivers State Government to strengthen revenue generation and enhance voluntary tax compliance across the state.

Residents are therefore encouraged to take advantage of the available support systems and meet the deadline to avoid unnecessary penalties.

By: King Onunwor