News

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

Published

12 years ago

February 14, 2014

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

Cleric Predicts Breakthrough, Warns of Political and Security Challenges in 2026

Published

3 days ago

January 12, 2026

The Tide

The Founder and Senior Pastor of Liberty Hour Ministry, Port Harcourt, Apostle Chikadibia John Wodo, has expressed optimism that 2026 will usher in uncommon breakthroughs and good fortune for Nigeria, particularly in the areas of political, economic, and spiritual development, with Rivers State playing a key role.

Apostle Wodo made this declaration in his special New Year message, where he stated that individuals and forces standing as obstacles to the manifestation of God’s will in the new year would face bitter consequences. He cautioned that corrupt political leaders risk backlash from the very people they govern if they fail to change their ways.

The cleric warned against the escalation of political tension in Rivers State and called on residents and religious leaders to intensify prayers for lasting peace. He also urged Governor Siminalayi Fubara to remain resolute in leadership, reminding him to uphold his vows to God by continually seeking divine guidance in decision-making and governance amid evolving challenges.

Assessing the broader national situation, Apostle Wodo called on Nigerian leaders to repent and govern with a heightened sense of responsibility, noting that the cries and supplications of the masses have drawn divine attention. He further warned of alleged plots to disrupt a smooth democratic transition in 2027 and appealed for prayers to avert such an agenda.

According to him, Nigerians are yearning for genuine socio-economic transformation and freedom from political oppression. He challenged the Independent National Electoral Commission (INEC) to redeem its credibility by ensuring free, fair, and credible elections devoid of undue political interference.

The cleric also predicted that insecurity could worsen in the coming year and warned of the possible emergence of a strange ailment, stressing that Nigeria’s political challenges can only be resolved through equity, fairness, and justice, especially in the treatment of minorities, the vulnerable, and the disadvantaged.

Apostle Wodo further claimed that some clerics and General Overseers have compromised their faith and incurred divine displeasure, calling for sincere repentance to restore their relationship with God. He also advised early preparedness to mitigate natural disasters such as fire outbreaks and flooding, particularly in rural communities.

He concluded by urging Nigerians to remain prayerful, vigilant, and united as the nation navigates the opportunities and challenges of 2026.

News

Ado Royal Family Disowns Alleged Installation of Amanyanabo of Okrika

Published

3 days ago

January 12, 2026

The Tide

The Ado Royal Family of Okrika has firmly disassociated itself from the alleged self-enthronement of Hon. Godknows Tam George as the Amanyanabo of Okrika and Clan Head, describing the action as unlawful, illegitimate, and a threat to the peace of the ancient kingdom.

The family, which described itself as the sole legitimate custodian of the history, traditions, and stool of the Amanyanabo of Okrika, stated that it has not installed any king and has not commenced the formal process for such installation.

This position was contained in a statement jointly signed by Prof. Sotonye Fyneface-Ogan (Ogan Ado Royal House), Alabo Engr. Henry Semenitari Abam (Abam Ado Royal House), and Alabo Prince Oriyeorikabo Fibika (Fibika Ado Royal House). The statement was presented to journalists on Friday at the Nigeria Union of Journalists (NUJ) Press Centre, Moscow Road, Port Harcourt.

According to the statement, the purported action by Hon. Tam George amounts to “a blatant assault on the collective integrity of the Okrika people” and constitutes “a criminal act of impersonation with the potential to destabilize the peace and socio-political fabric of our ancient kingdom.”

The family stressed that Hon. Tam George was never presented as a candidate by the Ado Royal Family and did not undergo any of the mandatory rites, consultations, or confirmations required by Okrika customs.

“The Ado Royal Family has never presented him as a candidate, nor has he undergone any of the prerequisite rites, consultations, or confirmations. His actions are those of a lone interloper, operating in a vacuum of legitimacy,” the statement read.

It further emphasized that the stool of the Amanyanabo of Okrika and Clan Head is a sacred institution rooted in centuries-old traditions and spiritual heritage, not something to be claimed through academic qualifications, political ambition, or personal interest.

Speaking during the briefing, Prof. Sotonye Fyneface-Ogan reiterated that the process of crowning an Amanyanabo is clearly defined and has not yet begun.

“To crown a king, there is a process, and those processes have not taken place,” he said. “We are the chiefs; we are the ones that will be part of the selection. Honestly, we have not started the selection process; we have only begun discussions.”

He explained that during the proper selection process, chiefs supervise nominations from each constituent house, with each house expected to nominate two or three candidates—steps which, he noted, have not been carried out.

“I want to assure the public that none of the Ado family chiefs has given Hon. Tam George any sign of approval,” Prof. Fyneface-Ogan added.

Efforts to obtain the reaction of Hon. Godknows Tam George proved unsuccessful. Repeated attempts through phone calls, text messages, and WhatsApp messages were unsuccessful, as he did not respond as of the time of filing this report.

By: Tonye Orabere

News

PH Traders Laud RSG’s Fire Safety Sensitisation Campaign

Published

3 days ago

January 12, 2026

The Tide

Traders in Port Harcourt, Rivers State, have commended the Rivers State Government (RSG) for its ongoing fire emergency and safety sensitisation campaign across major markets in the state.

Speaking on behalf of traders at Nowa Market, Borikiri Old Port Harcourt Township, the market chairman, Mr. Innocent Chukwuma, praised Governor Sir Siminalayi Fubara for initiating the awareness programme in designated markets and public places.

Chukwuma described the exercise as timely and impactful, noting that it was the first time the Rivers State Government had carried out such a campaign in Nowa Market. According to him, the sensitisation would educate traders on fire emergencies and the necessary precautions to prevent outbreaks.

He urged traders to strictly apply the safety measures taught during the campaign, both during business hours and after closing their shops.

“I want to thank the Rivers State Governor, Sir Siminalayi Fubara, and the Ministry of Special Duties for coming to our aid, especially during this dry season,” Chukwuma said.

“This is the first time we are seeing government presence in our market in this manner. We lack words to thank our God-sent governor, particularly for providing us with fire extinguishers and other firefighting equipment.

“We will do exactly what we have been taught today to ensure there is no fire incident in our market. We will always switch off all electrical appliances before closing for the day,” he added.

Similarly, the Chairman of Mile 3 USTRE Modern Market, Mr. Gift Nkesi Benjamin, applauded the state government for the distribution of fire extinguishers and other fire safety equipment.

“We will adhere strictly to the safety guidelines and instructions given to us today to ensure there is no fire outbreak in our market,” Benjamin stated.

“On behalf of Mile 3 USTRE Modern Market, I sincerely thank the Rivers State Government and the Ministry of Special Duties for bringing this important campaign to our market.”

At Rumuwoji Market (popularly known as Mile 1 Market), the Chairman, Chief Hon. Godpower O. Wobo, also expressed gratitude to the state government for the sensitisation exercise. He assured that traders would comply fully with government directives to prevent future fire incidents.

Responding on behalf of Governor Siminalayi Fubara, the Permanent Secretary of the Ministry of Special Duties, Mr. Sokari D. P. George, thanked the traders for their cooperation and warm reception.

He emphasised that safety remains paramount, especially during the dry season, and urged traders to be cautious in their daily activities.

Mr. George disclosed that the theme of the 2025 fire safety campaign is “Controlled Fire Is a Friend, Uncontrolled Fire Is an Enemy.”

He cautioned against refuse and bush burning around buildings and warned traders not to store fuel in unauthorized places such as homes, offices, markets, or public buildings.

“Follow all fire safety guidelines and instructions,” he urged.

The permanent secretary also noted that Governor Fubara prefers a zero-fireworks approach during festive periods to ensure public safety, stressing that the government has invested heavily in markets and expects traders to take responsibility for protecting them.

By: Kiadum Edookor