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FG Recovers N18bn Looted Funds – Minister

Published

8 years ago

January 27, 2017

The Attorney-General of the Federation and Minister of Justice, Mr Abubakar Malami (SAN), says the Federal Government has recovered N15billion and $10.5 million so far in its asset recovery drive.
Malami disclosed this yesterday in Abuja when the Senate Committee on Judiciary, Human Rights and Legal Matters visited the ministry on its oversight function to appraise the 2016 budget performance of the ministry.
“Let me put it on record that the Federal Ministry of Justice has equally significantly recorded success in the recovery drive as it relates to the looted funds.
“In that regard and direction, over N15billion has been recovered by the ministry and $10.5million was equally recovered in that direction,’’ Malami said.
The minister said that exclusive of the recoveries, the revenue profile of the ministry as at December 31, 2016, was N12.4million.
He said this was generated from sale of journals, renting of part of the headquarters building to commercial entities, use of its conference hall, tender fees and sale of un-serviceable items.
He added that the total expenditure profile of the ministry within the same period was N3.7billion, including personnel and non-regular allowances.
The chief law officer of the country said that the ministry, by virtue of its mandate, was in a vantage position to articulate and implement the present administration’s broad policy objectives in four major priority areas.
“The anti-corruption campaign, the recovery of stolen national assets, the rule of law component of the anti-terrorism war and the institutionalisation of law and order in all aspects of national life,’’ he said.
On Nigeria’s non-membership of the Financial Action Task Force (FATF), Malami explained that it will take the collaboration of both the executive and the legislature to scale all the hurdles.
“Among some of the demands required to become a member are the passing of the Money Laundering Act, Proceeds of Crime Act and Autonomy of the Financial Task Force.
“All these bills are still pending before the legislature and have not been passed, so we need to work together to get Nigeria registered.’’
The Chairman of the Committee, Sen. David Umaru (APC-Niger) said the 2016 budget was fraught with challenges but noted that the ministry and its parastatals was able to make judicious use of it.
He said the committee was not oblivious of the recent economic challenges in the country and was already preparing for the 2017 budget defence.
Umaru said the committee would work in consultation with the executive, particularly the justice ministry, to ensure that the budget was passed so as to address the economic situation in the country.
He added that the committee was also working to ensure that all bills necessary to make the work of the ministry and its parastatals easier were been looked into with a view to passing them soon.
A member of the committee, Sen. Chukwuka Utazi (PDP-Enugu) decried Nigeria’s non-membership of the FATF.
According to Utazi, as a country that really wants to fight corruption, if we are on the FATF, it will help us to recover some of the stolen assets.
“Nigeria is not a member of FATF, this is a very important membership which we have not yet gotten and this can help us recover stolen assets since it is one of its core mandates.’’
He lamented that office of the attorneys-general always put in applications for membership every year but failed to follow it through.
The lawmaker said that the shuttle diplomacy Nigeria was engaging in would not yield much without a membership of the FATF as no other member would give Nigeria support unless it was registered.
It would be recalled that N3.9billion was appropriated for the main ministry in the 2016 budget with overhead cost taking over N1.7billion.
Meanwhile, the House of Representatives has begun investigation of the allegedly missing $1.1billion signature bonuses which accrued to the country from Oil Prospecting Licences (OPLs).
Consequently, the House has invited the Governor of the Central Bank of Nigeria (CBN), Mr Godwin Emefiele; the Group Managing Director, Nigerian National Petroleum Corporation NNPC), Dr Maikanti Baru, and the Executive Secretary, Department of Petroleum Resources (DPR), Mr Mordecai Baba Ladan, to come and explain the whereabouts of the money.
The chief executives are expected to appear before the ad-hoc committee of the House on Oil Prospecting Licences (OPLs) and Oil Mining Leases (OMLs) on Monday, February 1, 2017.
The committee had Wednesday refused to grant audience to representatives of the agencies, as they observed that none of them could present a letter authorising them to represent their chief executives in that capacity.
The committee particularly complained that the CBN boss had ignored the three letters it had written to the apex bank, and threatened to issue a warrant of arrest on Emefiele should he fail to appear before it as scheduled.
Chairman of the committee, Hon. Gideon Gwani, noted that the signature bonuses paid by owners of some OPLs, which amounted to over $1billion, could not be traced.
According to Gwani, all efforts to trace the money were futile as the DPR, CBN, Petroleum Technology Development Fund (PTDF), NNPC and the accountant-general’s office denied the committee details of the transaction.
He explained that the DPR could not confirm if the fees claimed to have been paid by the oil companies had actually been received by the government through the CBN, the banker to the Federal Government.
“It has been realised through our investigation that we need, seriously, evidence to prove that signature bonuses are paid,” he said.
Gwani stated further that the DPR advised the committee to request the information directly from the CBN, while the CBN told the committee to liaise with the NNPC on OPLs and OMLs, with the DPR on royalties, and with the accountant-general of the federation on signature bonuses.
The committee established that signature bonuses amounting to $835 million, which accrued from OPL 250, 291, 332, 276, 321,323,283,315, 257, 279, 285, 288, 298, 471, 289, 284 and 236, as well as part payment of $271.18 million signature bonuses from OPL 214, 324, 320, 318, 256, 242, 223, 221, 245, 247, 322, 248 and 249, could not be traced.
“We need evidence that full payments were made for OPLs 250, 291, 332, 276, 321, 323, 283, 315, 257, 279, 285, 288, 298, 471, 289, 284 and 236, and the total amount we are looking for is $835 million.
“We also need evidence of part payments of OPLs 214, 324, 320, 318, 256, 242, 223, 221, 245, 247, 322, 248 and 249, which amount to $271.18million, leaving the balance of $648.2million,” Gwani said.
Although the committee acknowledged that most of the OPLs had been converted to OMLs, Gwani said they were listed at their state when the transactions took place.
“Most of the OPLs have been converted to OMLs, but we have chosen to list them at the state at which the debt and payment occurred,” he clarified.
The lawmaker explained that the committee was mandated by the House of Representatives to investigate the award of all OPLs and OMLs granted to oil companies by the Federal Government, to, among other things, ascertain whether due process and guidelines for the acquisition of oil and gas assets were complied with.
“It is, therefore, noteworthy that payment of fees before and after the acquisition of oil blocks fall part of due process required to be fulfilled by the Petroleum Act, which this committee was mandated to investigate,” he said.
Gwani pointed out that the agencies’ refusal to provide required information spoils the image of government and undermines its fight against corruption, adding that “The development is unfortunate, especially at the time when the government is in dire need of money to fund its projects.”

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INEC To Unveil New Party Registration Portal As Applications Hit 129

Published

2 days ago

July 11, 2025

The Tide

The Independent National Electoral Commission (INEC) has announced that it has now received a total of 129 applications from associations seeking registration as political parties.

The update was provided during the commission’s regular weekly meeting held in Abuja, yesterday.

According to a statement signed by the National Commissioner and Chairman of the Information and Voter Education Committee, Sam Olumekun, seven new applications were submitted within the past week, adding to the previous number.

“At its regular weekly meeting held today, Thursday 10th July 2025, the commission received a further update on additional requests from associations seeking registration as political parties.

“Since last week, seven more applications have been received, bringing the total number so far to 129. All the requests are being processed,” the commission stated.

The commission revealed the introduction of a new digital platform for political party registration. The platform is part of the Party Financial Reporting and Auditing System and aims to streamline the registration process.

Olumekun disclosed that final testing of the portal would be completed within the next week.

“INEC also plans to release comprehensive guidelines to help associations file their applications using the new system.

“Unlike the manual method used in previous registration, the Commission is introducing a political party registration portal, which is a module in our Party Financial Reporting and Auditing System.

“This will make the process faster and seamless. In the next week, the commission will conclude the final testing of the portal before deployment.

“Thereafter, the next step for associations that meet the requirements to proceed to the application stage will be announced. The commission will also issue guidelines to facilitate the filing of applications using the PFRAS,” the statement added.

In the meantime, the list of new associations that have submitted applications has been made available to the public on INEC’s website and other official platforms.

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Tinubu Signs Four Tax Reform Bills Into Law …Says Nigeria Open For Business

Published

2 weeks ago

June 27, 2025

The Tide

President Bola Tinubu yesterday signed into law four tax reform bills aimed at transforming Nigeria’s fiscal and revenue framework.

The four bills include: the Nigeria Tax Bill, the Nigeria Tax Administration Bill, the Nigeria Revenue Service (Establishment) Bill, and the Joint Revenue Board (Establishment) Bill.

They were passed by the National Assembly after months of consultations with various interest groups and stakeholders.

The ceremony took place at the Presidential Villa, yesterday.

The ceremony was witnessed by the leadership of the National Assembly and some legislators, governors, ministers, and aides of the President.

The presidency had earlier stated that the laws would transform tax administration in the country, increase revenue generation, improve the business environment, and give a boost to domestic and foreign investments.

“When the new tax laws become operational, they are expected to significantly transform tax administration in the country, leading to increased revenue generation, improved business environment, and a boost in domestic and foreign investments,” Special Adviser to the President on Media, Bayo Onanuga said on Wednesday.

Before the signing of the four bills, President Tinubu had earlier yesterday, said the tax reform bills will reset Nigeria’s economic trajectory and simplify its complex fiscal landscape.

Announcing the development via his official X handle, yesterday, the President declared, “In a few hours, I will sign four landmark tax reform bills into law, ushering in a bold new era of economic governance in our country.”

Tinubu made a call to investors and citizens alike, saying, “Let the world know that Nigeria is open for business, and this time, everyone has a fair shot.”

He described the bills as not just technical adjustments but a direct intervention to ease burdens on struggling Nigerians.

“These reforms go beyond streamlining tax codes. They deliver the first major, pro-people tax cuts in a generation, targeted relief for low-income earners, small businesses, and families working hard to make ends meet,” Tinubu wrote.

According to the President, “They will unify our fragmented tax system, eliminate wasteful duplications, cut red tape, restore investor confidence, and entrench transparency and coordination at every level.”

He added that the long-standing burden of Nigeria’s tax structure had unfairly weighed down the vulnerable while enabling inefficiency.

The tax reforms, first introduced in October 2024, were part of Tinubu’s post-subsidy-removal recovery plan, aimed at expanding revenue without stifling productivity.

However, the bills faced turbulence at the National Assembly and amongst some state governors who rejected its passing in 2024.

At the NASS, the bills sparked heated debate, particularly around the revenue-sharing structure, which governors from the North opposed.

They warned that a shift toward derivation-based allocations, especially with VAT, could tilt fiscal balance in favour of southern states with stronger consumption bases.

After prolonged dialogue, the VAT rate remained at 7.5 per cent, and a new exemption was introduced to shield minimum wage earners from personal income tax.

By May 2025, the National Assembly passed the harmonised versions with broad support, driven in part by pressure from economic stakeholders and international observers who welcomed the clarity and efficiency the reforms promised.

In his tweet, Tinubu stressed that this is just the beginning of Nigeria’s tax evolution.

“We are laying the foundation for a tax regime that is fair, transparent, and fit for a modern, ambitious Nigeria.

“A tax regime that rewards enterprise, protects the vulnerable, and mobilises revenue without punishing productivity,” he stated.

He further acknowledged the contributions of the Presidential Fiscal Policy and Tax Reform Committee, the National Assembly, and Nigeria’s subnational governments.

The President added, “We are not just signing tax bills but rewriting the social contract.

“We are not there yet, but we are firmly on the road.”

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Senate Issues 10-Day Ultimatum As NNPCL Dodges ?210trn Audit Hearing

Published

2 weeks ago

June 27, 2025

The Tide

The Senate has issued a 10-day ultimatum to the Nigerian National Petroleum Company Limited (NNPCL) over its failure to appear before the Senate Committee on Public Accounts probing alleged financial discrepancies amounting to over ?210 trillion in its audited reports from 2017 to 2023.

Despite being summoned, no officials or external auditors from NNPCL showed up yesterday.

However, representatives from the representatives of the Economic and Financial Crimes Commission, Independent Corrupt Practices and Other Related Offences Commission and Department of State Services were present.

Angered by the NNPCL’s absence, the committee, yesterday, issued a 10-day ultimatum, demanding the company’s top executives to appear before the panel by July 10 or face constitutional sanctions.

A letter from NNPCL’s Chief Financial Officer, Dapo Segun, dated June 25, was read at the session.

It cited an ongoing management retreat and requested a two-month extension to prepare necessary documents and responses.

The letter partly read, “Having carefully reviewed your request, we hereby request your kind consideration to reschedule the engagement for a period of two months from now to enable us to collate the requested information and documentation.

“Furthermore, members of the Board and the senior management team of NNPC Limited are currently out of the office for a retreat, which makes it difficult to attend the rescheduled session on Thursday, 26th June, 2025.

“While appreciating the opportunity provided and the importance of this engagement, we reassure you of our commitment to the success of this exercise. Please accept the assurances of our highest regards.”

But lawmakers rejected the request.

The Committee Chairman, Senator Aliyu Wadada, said NNPCL was not expected to submit documents, but rather provide verbal responses to 11 key questions previously sent.

“For an institution like NNPCL to ask for two months to respond to questions from its own audited records is unacceptable,” Wadada stated.

“If they fail to show up by July 10, we will invoke our constitutional powers. The Nigerian people deserve answers,” he warned.

Other lawmakers echoed similar frustrations.

Senator Abdul Ningi (Bauchi Central) insisted that NNPCL’s Group CEO, Bayo Ojulari, must personally lead the delegation at the next hearing.

The Tide reports that Ojulari took over from Mele Kyari on April 2, 2025.

Senator Onyekachi Nwebonyi (Ebonyi North) said the two-month request suggested the company had no answers, but the committee would still grant a fair hearing by reconvening on July 10.

Senator Victor Umeh (Anambra Central) warned the NNPCL against undermining the Senate, saying, “If they fail to appear again, Nigerians will know the Senate is not a toothless bulldog.”

Last week, the Senate panel grilled Segun and other top executives over what they described as “mind-boggling” irregularities in NNPCL’s financial statements.

The Senate flagged ?103 trillion in accrued expenses, including ?600 billion in retention fees, legal, and auditing costs—without supporting documentation.

Also questioned was another ?103 trillion listed under receivables. Just before the hearing, NNPCL submitted a revised report contradicting the previously published figures, raising more concerns.

The committee has demanded detailed answers to 11 specific queries and warned that failure to comply could trigger legislative consequences.