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Probe Missing $15.9bn NLNG Dividends, NETTI Tells Reps

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The Nigerian Extractive Industry Transparency Initiative (NEITI) has urged the House of Representatives to probe the missing $15.9billion dividends the Nigerian Liquefied Natural Gas (NLNG) Ltd. paid to the Federal Government.
Executive Secretary of NEITI, Mr Waziri Adio, who made the call at the ongoing investigative hearing on $17billion undeclared crude oil proceeds by an ad-hoc committee of the House of Representatives, also said that the Nigerian National Petroleum Corporation (NNPC)had yet to remit crude oil proceeds totalling $21.7billion to the Federation Account.
Adio said the dividend was from the Federal Government’s 49 per cent equity in the Nigerian Liquefied Natural Gas (NLNG) Ltd.
He said that the money was received by NNPC but has not been found in the Federation Account.
Adio said the missing fund was in addition to another $21billion confirmed crude oil sale, the proceed of which was not remitted to the Federation Account by the Nigerian National Petroleum Corporation (NNPC) between 2011 and 2014.
“As a result of non-passage of the Petroleum Industry Bill (PIB), the country is losing $600million annually due to leakages,’’ he also disclosed.
He said that there were many loopholes in the process of crude oil lifting for export in the country that must be urgently addressed.
Adio equally said that reported loss of crude to theft and vandalism by three international companies operating in the country amounted to $15.8billion between 2011 and 2014.
According to him, the committee needs to be more clinical as the $15.8billion lost to theft and vandalism is likely to be part of the $17billion being investigated by it.
He said that the losses might have been incurred with active connivance of Nigerian officials at the oil lifting platforms.
The NEITI boss presented oil-lifting breakdown which revealed loss of 385million barrels in 2011, 402million barrels in 2012, 363million barrels in 2013 and 342million barrels in 2014.
He regretted that Nigeria had no comprehensive mechanism at for monitoring and evaluating actual oil lifted at the loading platforms.
According to him, rather than three, Nigeria has two that were not properly placed, and as a result, officials have to rely on third part reports which may not reflect the true amount of crude lifted.
“Nigeria is losing revenue to oil theft on industrial scale and at a time, it is easy to see physical stealing of oil from a low flying helicopter.
“There are several things that must be looked into with a view of taking necessary action.
“For instance, the NNPC got $15.9billion as Nigeria’s returns for its 49 per cent equity in NLNG Ltd.
“Meanwhile, this dividend was collected by the NNPC but was not found in the Federation Account.
“We need to ask questions on what happened to the money.”
Adio said NEITI wrote the NNPC on the non-remittances several times, adding that though the corporation confirmed the figures, nothing had been done about it till date.
Besides the unremitted revenue, Adio informed the committee that Nigeria lost $15.9bn worth of crude oil to outright stealing and vandalism during the four years under review.
Giving the year-by-year breakdown, Adio said $4.3billion was lost in 2011; $2.72billion in 2012; $4.7billion in 2013; and $4.1billion in 2014.
He expressed concern that until Nigeria installed a technology-driven system with a command centre to monitor crude movement and exports, the country would continue to “record monumental losses.”
Adio added, “We cannot afford these losses as an economy, looking at the strategic importance of oil to us.
The committee, which is chaired by a member of the All Progressives Congress from Adamawa State, Abdulrazak Namdas, is investigating the alleged theft of $17billion crude and gas resources from the country between 2011 and 2014.

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Fubara Redeploys Green As Commissioner For Justice

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The Governor of Rivers State, Sir Siminalayi Fubara, has approved a minor cabinet reshuffle in the State Executive Council.

Under the new disposition, Barrister Christopher Green, who until now served as Commissioner for Sports, has been redeployed to the Ministry of Justice as the Honourable Attorney General and Commissioner for Justice.

This is contained in an official statement signed by Dr. Honour Sirawoo, Permanent Secretary, Ministry of Information and Communications.

According to the statement, Barrister Green will also continue to coordinate the activities of the Ministry of Sports pending the appointment of a substantive Commissioner to oversee the ministry.

The redeployment, which takes immediate effect, was approved at the last State Executive Council meeting for the year 2025, underscoring the Governor’s commitment to strengthening governance, ensuring continuity in service delivery, and optimising the performance of key ministries within the state.

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Fubara Restates Commitment To Peace, Development …Commissions 10.7km Egbeda–Omerelu Road

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Rivers State Governor, Sir Siminalayi Fubara, has declared that his administration will ensure the delivery of developmental projects and the prevalence of peace in all parts of Rivers State.

The Governor emphasized that the achievement of these lofty ideals can only occur through the unwavering contributions of all Rivers stakeholders.

Speaking during the commissioning of the 10.7-kilometre Egbeda–Omerelu Road constructed by his administration, the governor said Rivers State can only move forward when its people choose unity over division.

He assured Rivers people that development projects would reach every part of the State but cautioned that progress cannot thrive where conflict persists.

Reflecting on the project, Governor Fubara recalled that the road was a promise he made during the inauguration of the first phase about a year ago.

“We made a promise that we were going to do this project, and today I am happy that the government has fulfilled that promise made to Emohua people, Egbeda community and Omerelu people,” he said.

He noted that the essence of governance is service to the people, adding that responding to their needs is a core responsibility of any administration.

“We decided to do this because you know where we are coming from, and if we don’t tell our story, many won’t know what we are doing. Even in the face of tribulations, we have remained focused on delivering the dividends of democracy. We will continue to serve our people with respect and honour,” he affirmed.

Governor Fubara also reiterated his support for President Bola Ahmed Tinubu, pledging to back all groups working towards securing the President’s victory in 2027.

Giving technical details of the project, the Permanent Secretary of the Ministry of Works, Dr. Austin Ezekiel-Hart, explained that the contract was awarded on October 27, 2024, to Messrs Johnson Roadworks Limited.

He said the road links communities in Emohua and Ikwerre LGAs and shortens travel time for motorists commuting from Ahoada East, Ahoada West and Omoku through Egbeda to Owerri in Imo State.

He added that the infrastructure features a 12-metre clearing width and an 8-metre asphalt surface, comprising a 50mm binder course and a 40mm wearing course. It is complemented by 24 kilometres of drainage channels with a 1.05m² cross-sectional capacity to ensure durability and efficient water flow.

In his remarks, the Chairman of Emohua Local Government Area, Dr. Chidi Lloyd, described the road as a crucial link for surrounding communities, significantly easing movement for residents.

He praised the governor for demonstrating continuity and consolidation and prayed for God’s strength to enable him to achieve even more for the people.

 

 

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Oil & Gas: Rivers Remains The Best Investment Destination – Fubara

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Governor Siminalayi Fubara says Rivers State remains the best investment destination for investors in the oil and gas sector.

Governor Fubara stated that since the economic development of Rivers State is closely connected to the growth of the oil and gas industry, his administration has continued to collaborate with the Federal Government and host communities to protect natural assets in the sector.

The Governor stated this during the Nigeria and Entrepreneurship Summit and Honours (NESH) Foundation Oil and Gas Roundtable in Port Harcourt.

Represented by the Secretary to the State Government, Dr. Benibo Anabraba, he pointed out that since the economy of Nigeria relies substantially on the oil and gas sector, his administration will continue to collaborate with relevant stakeholders to ramp up production.

“The Nigerian oil and gas sector is the lifeblood of our nation’s economy, contributing over 90% of Federal Government’s foreign exchange earnings. Similarly, Rivers State, home to numerous national and multinational oil and gas companies, is the centre of Nigeria’s hydrocarbon industry, with the State’s oil and gas resources generating over 40% of the country’s revenue.

“?Considering this, the survival and economic development of Rivers State are closely connected to the growth of the oil and gas industry. That is why, since the beginning of this administration, we have focused on safeguarding the national oil and gas assets in collaboration with the Federal Government, security agencies, communities and other stakeholders, and we will maintain this commitment for as long as it is necessary.

“Furthermore, we have established and maintained a conducive, peaceful, and secure environment for companies to open and flourish in the State as part of a strategic plan to stimulate our economy, generate jobs, and enhance the well-being of our citizens.

“We therefore recognise and applaud the vital role that indigenous companies are currently playing in bridging gaps and advancing the development of Nigeria’s oil and gas industry,” he stressed.?

Governor Fubara affirmed that Nigerian-funded companies can only succeed and make meaningful contributions to the nation’s economic prosperity when challenges that limit the nation are effectively tackled, and expressed his administration’s stand to support indigenous organisations such as the Nigeria and Entrepreneurship Summit and Honours (NESH) Foundation.

Declaring the roundtable open, the Governor assured the Nigerian-Owned companies in the oil and gas sector, that “we are ready and willing to respond positively to any administrative, policy, or legislative recommendations within our jurisdiction as a subnational State.”

The Founder of the Nigeria and Entrepreneurship Summit and Honours (NESH) Foundation, Mr Emeka ugwu-Ozu, disclosed that the summit, held only in an oil and gas producing place, is a forum for all in the industry to brainstorm and suggest best practices for local players.

“This roundtable discussion takes place in only oil and gas producing states, and it is intentional. And that is to make sure that sooner, it becomes like what we say is the equivalent of Houston in the United States of America.

“I would say that from what I have seen so far, Rivers State is back and open, safe and good for business. The oil and gas players should come and see what we have seen,” he said.

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