News
‘Missing’ $20bn: Okonjo-Iweala Demands Forensic Audit

L-R: Senator Magnus Abe, Senator Wilson Ake and Rivers Commissioner for Works, Victor Giadom, chatting during a function at Erema in Ogba/Egbema/Ndoni LGA of Rivers State, recently.
The Finance Minister, Ngozi Okonjo-Iweala has reiterated her call for an independent forensic audit into the documents submitted to the committee by Nigerian National Petroleum Corporation (NNPC) and certified by Petroleum Products Pricing Regulatory Agency (PPPRA) over the missing $10.8billion oil revenue insisting that, such would ensure transparency and accountability in the management of government funds.
Speaking at the public hearing on the floor of the Senate, yesterday, Okonjo-Iweala said: “On the oil finances, what is being said here, it is made to look as if there is no accountability and that is not the case. For two steady years, Federal Allocation Committee meeting, the Ministry of Finance ensured that the accounts of the country are transparently laid and every commissioner knows the details, they have their folders.
“It is the result of the reconciliation that we arrived at $10.8billion that everybody is now talking about. When CBN spoke about $49.8billion, we were the first to say it is not correct. After that, it was proven that $49.8billion was not the right amount, the CBN had the courage to admit that it was actually $10.8billion, it was the process employed by the Ministry of Finance that brought that about.
“Without the steady work we have done to perfect the finances of this country, we won’t be talking about $10.8billion. The issue is that where is that money, how is it being accounted for, and we have led the process. We asked both the NNPC and the PPPRA to produce their documents, and they had produced certified copies for the $10.8billion, and we have asked for an independent audit. A lot of accusations are being made in this country, and the only way to be satisfied is to have an independent audit.”
However, Nigerian National Petroleum Corporation (NNPC) yesterday insisted that the alleged missing $10.8 billion was prudently expended.
The NNPC forwarded documents meant to clarify how the money was spent, ostensibly to clear the air over the alleged missing $10.8billion oil revenue not remitted into the Federation Account between January 2012 and July 2013.
The public hearing was rescheduled last week to enable all parties submit all relevant documents to support their claims, after the PPPRA had submitted documents which certified spending and claims made by the Nigerian National Petroleum Corporation over the missing $10.8 billion crude oil fund.
PPPRA debunked the claims by the CBN Governor, Sanusi Lamido Sanusi that $20billion was diverted by the NNPC, insisting that all monies had duly been accounted for by the corporation.
The controversy started when the governor of the apex bank hinted that $49.8 billion crude oil proceeds was yet to be remitted to the coffers of the Federal Government by the NNPC.
The issue was reported for investigation on the floor of the Senate and consequent upon which the Senate Committee on Finance was mandated to carry out a thorough investigation into the claims made by Sanusi.
Earlier in the investigation, it was publicized that $49.8 billion was not the amount missing but $10.8 billion, following a series of reconciliation embarked upon by the NNPC, CBN and Finance Ministry.
However, at last week’s hearing, Sanusi again blew another whistle; that the missing amount is $20billion.
Group Managing Director of the NNPC, Engr. Andrew Yakubu, in his response to the finance committee, submitted a breakdown of the $10.8 billion said to be missing.
Yakubu told the Senate Committee on Finance that “since January 2012, NNPC has not received any subsidy payments for petroleum products supplied to the domestic market”.
The NNPC boss while recalling that N888.101 billion and N971.138 billion was appropriated for subsidy for the year 2012 and 2013, respectively, noted that the amounts were grossly inadequate to meet the required subsidy payments to both NNPC and other marketers.
But the Central Bank Governor, Sanusi Lamido Sanusi argued that out of the missing $10.8 billion oil revenue, some amount ought to be remitted to the Federation Account.
The Chairman of the Finance Committee, Senator Ahmed Markafi, against the backdrop of Sanusi’s claim, said that the Attorney General of the Federation, Mohammed Bello Adoke, would appear before the committee next week Thursday to give legal insight into what amount belongs to the Federation Account.
He said: “We also heard from the CBN that they are questioning part of the $10.8billion. They believe that part of it should belong to the Federation Account but they are not technically competent at this stage to state how much it is.
“We have agreed to see how we will engage technical experts to determine which part of the amount, if any, belongs to the Federation Account”.
Nneka Amaechi-Nnadi,Abuja
News
Tinubu Orders Fresh Push To Crash Food Prices

President Bola Tinubu has ordered a Federal Executive Council committee to move swiftly on measures to further reduce food prices across the country.
The Minister of State for Agriculture and Food Security, Senator Aliyu Sabi Abdullahi, disclosed this in Abuja, on Wednesday.
According to him, the directive focuses on ensuring safe passage of farm produce across transport routes to cut logistics costs.
“The President has given a matching order with a Federal Executive Council committee already handling it on how we are going to promote safe passage of agricultural foods and commodities across our various routes in the country,” Abdullahi said at a capacity-building workshop for Senate correspondents.
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Nigeria, Africa’s most populous nation, has faced worsening food insecurity since the removal of fuel subsidy, high transport costs, and insecurity on major highways disrupted the movement of goods.
Despite government interventions, food remains largely unaffordable for millions.
The minister said the plan is tied to Tinubu’s broader vision of food sovereignty—beyond availability to ensure affordability, accessibility, and nutrition on a sustainable basis.
To back this up, he revealed that government is set to roll out a Farmer Soil Health Scheme to boost productivity and a revamped cooperative reform initiative to mobilise resources and empower rural farmers.
“Mr. President has shown tremendous interest in the cooperative sector as a veritable tool for resource mobilisation, for economic activity generation, and to improve the livelihood of members,” Abdullahi added.
The event, with the theme, “Parliamentary Reporting: Issues, Challenges and Responsibilities,” also featured Senate Media Committee Chairman, Senator Yemi Adaramodu; ex-presidential aide, Senator Ita Solomon Enang; and NILDS DG, Prof. Abubakar Sulaiman.
News
Umahi Threatens Defaulting Contractors With EFCC Arrest

The Federal Government has warned contractors, including foreign firms, that any breach of regulations in road projects awarded to them may lead to arrest by the Economic and Financial Crimes Commission and the Independent Corrupt Practices and Other Related Offences Commission.
The Minister of Works, David Umahi, issued the warning during an inspection of the ongoing dualisation of the East-West Road (Section IIIA) from Eleme Junction to Onne Port Junction in Rivers State.
The section is being executed by Reynolds Construction Company (Nigeria) Limited.
Responding to questions from journalists, Umahi commended the quality of work on the project but expressed displeasure over the slow pace, stressing that the December completion deadline remains sacrosanct.
On the project, he said:“The quality of the work is excellent, but the pace of work is totally unacceptable. Let me make it very clear to the contractor that this project will neither be reviewed nor varied in price or claims.
“I’m sure we have issued over 10 warning letters to them. If they fail to comply with the completion deadline of December 15, we will not extend it.”
He added that the ministry had already put measures in place to enforce compliance
“The comptroller has negative certificates to issue, and I will recover the money from any of their other projects. All those letters are on record, and when the time comes, they will be invoked. Any contractor who refuses to abide by regulations will have the EFCC and ICPC to contend with,” he said.
Umahi further disclosed that the Federal Government had directed that road projects valued below N20bn would no longer be awarded to expatriate companies, in line with its “Nigeria First” policy aimed at strengthening indigenous capacity in the construction sector.
“This is part of the Nigeria First policy of the Federal Government. Henceforth, no expatriate firm will be awarded any project valued below N20bn. Such projects must go to indigenous companies, while expatriates focus on higher-value projects requiring more technical capacity,” he said.
The minister also noted that the Federal Ministry of Works had adopted a funding prioritisation framework to sustain road projects initially financed by the Nigerian National Petroleum Company Limited under the Road Infrastructure Development and Refurbishment Investment Tax Credit Scheme.
He stressed that President Bola Tinubu had directed that none of such projects should be abandoned, adding that priority would be given to critical economic corridors.
Umahi also decried the indiscriminate parking of heavy-duty vehicles on highways, saying it was damaging the pavements of completed sections of the road.
He said letters would be sent to state governors and the Inspector-General of Police to enforce punitive measures against defaulters.
Earlier, the Federal Controller of Works in Rivers State, Mrs Enwereama Tarilade, said RCC had completed 15km of the right carriageway and commenced work on the left carriageway, with one kilometre already laid in Continuously Reinforced Concrete Pavement.
News
We’ll Support Federal University Environment And Technology – Ibas

The Rivers State Government says it will ensure the smooth and successful takeoff of the newly established Federal University of Environment and Technology (FUET), in Ogoniland.
This commitment was made yesterday by the Administrator of Rivers State, Retired Admiral Ibok-Ete Ibas (Rtd), during a courtesy visit by the university’s Governing Council and Management team at the Government House, in Port Harcourt.
The high-level delegation was led by the Pro-Chancellor and Chairman of the Council, Professor Don Baridam and the Vice-Chancellor, Professor Chinedu Mmom.
In his address, Administrator Ibas warmly congratulated the pioneer council and management on their appointments, describing their task as both a recognition of individual accomplishment and a historic call to duty.
“This is not just a recognition of your personal achievements but also a call to history to shape an institution that will have a profound impact on Rivers State, the Niger Delta, and indeed our country,” he stated.
The Administrator commended President Bola Ahmed Tinubu for the establishment of the specialized university in Ogoniland, describing the initiative as “timely and strategic.”
He emphasized that the university’s presence offers a critical opportunity to drive research, innovation, and community-focused solutions to the region’s pressing environmental and developmental challenges.
He further noted that the university’s core focus aligns perfectly with the priorities of his administration.“We consider this university not merely as another institution of higher learning but as a strategic partner in our collective effort to rebuild Rivers State under the ongoing state of emergency and beyond,” he affirmed.
Responding to specific requests presented by the delegation, Administrator Ibas assured the university of immediate support in critical areas essential for the its commencement.
These include the provision of operational vehicles, key facilities, and the completion of the access road to the campus, adding that other vital needs, such as perimeter fencing, refuse disposal, and the issuance of a Certificate of Occupancy, would be addressed within the framework of the state’s broader infrastructure and support programmes.
To ensure swift action, the Administrator directed the Secretary to the State Government (SSG) to work closely with the university’s Governing Council to prioritize the sequence of requests, particularly those tied to the commencement of academic activities in September 2025.
“Let me assure you that Rivers State Government will stand as a dependable partner to the Federal University of Environment and Technology. We see this university as part of our long-term investment in knowledge, innovation, and the future of our youths,” he emphasized.
In his remarks, the Pro-Chancellor and Chairman of the Governing Council, Professor Don Baridam, reaffirmed the university’s commitment to academic excellence, innovation, and community development.
He disclosed that the Federal Government has directed the institution to formally commence its academic session in September 2025, adding that preparations are in full swing to ensure a smooth take-off with adequate infrastructure and resources in place.
“Today’s meeting marks the beginning of a strategic partnership between the Rivers State Government and FUET, envisioned to establish the university as a premier hub for research, innovation, and sustainable development in the Niger Delta”, he said.
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