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NNPC, Others Fail To Remit $22.06bn, N481.75b -NEITI …Says Nigeria Records $3.038bn, N60.997bn Loss In Oil Sector
The Nigerian National Petroleum Corporation (NNPC), its subsidiary, Nigerian Petroleum Development Company (NPDC), and companies in the oil and gas sector are yet to remit $22.06 billion and N481.75 billion into the Federation Account, the Nigeria Extractive Industries Transparency Initiative (NEITI) declared yesterday.
NEITI made the disclosure at a remediation conference where it provided a summary of unremitted revenues, losses and reconciled differences in transactions and operations in the sector.
It insisted that the unremitted funds included earnings from oil and gas producing companies worth N5.2 billion and $152.69 million and another $498.6 million in revenue from companies involved in offshore processing contracts.
According to the statistics, the NPDC is yet to remit $2.38 billion and N51.95 billion while NNPC is holding on to $19.04 billion and N424.57 billion. The total loss to the federation arising from crude oil production, processing and transportation stood at $3.038 billion and N60.997 billion.
Also, unreconciled differences arising from the allocation, sale and remittance of proceeds from domestic crude allocated to NNPC amounted to N317.475 billion.
At the event, the NEITI’s executive secretary, Waziri Adio, expressed concern over growing remedial issues in the nation’s extractive sector. He regretted that regulations that set up the agency did not empower it to prosecute and called on stakeholders to address challenges of remediation.
NEITI equally raised the alarm over unpaid consideration on four oil fields in the NAOC Joint Venture assigned by NNPC to NPDC in 2012. It stressed that while the asset was previously valued at $2.25 billion, it was re-negotiated down to $1.554 billion, with NNPC claiming that before revaluation, it had remitted $1.65 billion from the gas revenue derived from the assigned assets as payment for the value of the assets.
Reacting, Peter Egbule, national coordinator of Publish What You Pay Nigeria, blamed regulatory lapses, weak institutions, determination by entities and individuals to divert public fund and the inability of government to act proactively.
He said while the Petroleum Industry Bill remains key to addressing the issues, the Federal Government must strengthen regulatory frameworks and show political will towards fighting corruption and blocking leakages in the oil sector.
Meanwhile, oil prices slid yesterday as Russia signaled output would remain high. Losses, however, were limited ahead of the United States’ sanctions on Iranian exports. The sanctions are expected to reduce supplies when they come into effect in just under a week.
Brent crude futures fell 12 cents to $77.50 a barrel while US West Texas Intermediate (WTI) crude lost 30 cents to $67.29 a barrel. Oil prices also fell about $10 a barrel since four-year highs reached in early October.
But Nigeria’s Minister of State for Petroleum Resources, Ibe Kachikwu in an interview in London yesterday said the Organisation of Petroleum Exporting Countries (OPEC) is likely to keep prices at $70 per barrel when it meets in December. He described $70 as the “comfort level for us and everybody,” saying he would be surprised to see anything dramatic.
Russian Energy Minister Alexander Novak said on Saturday that there was no reason for Russia to freeze or cut its oil production levels, noting that there were risks that global oil markets could face a deficit.
OPEC, led by Saudi Arabia and non-OPEC member, Russia, agreed in June to lift oil supplies, but OPEC signaled last week that it might have to re-impose output cuts as global inventories rise.
“When the Russians start talking about keeping the production levels high and even the possibility that they need to increase it because of a possible tightness in supply, that brought on some selling pressure,” Reuters quoted Gene McGillian, director of market research at Tradition Energy in Stamford, Connecticut, as saying.
Industrial commodities such as crude and copper have also been rattled by hefty losses in global equities due to concern over corporate earnings and fears over the impact to economic growth from escalating trade tensions, as well as a stronger dollar.
Meanwhile
NNPC subsidiary resumes international shipping of Crude oil
The Nigerian National Petroleum Corporation (NNPC), says its subsidiary, NIDAS Shipping Services, has resumed the international shipment of crude oil, petroleum products and had already gotten its first consignment. Group Managing Director of the NNPC, Dr Maikanti Baru
The corporation disclosed this in a statement signed by the Group General Manager, Group Public Affairs Division of the NNPC, Mr. Ndu Ughamadu, in Abuja, on Tuesday.
He said that the global tanker fixture’s report had acknowledged the chartering of LRI tanker, MV Atlantica Bridge by NIDAS to load jet fuel from El Dekheila Port, Egypt for delivery to Nigeria for Duke Oil.
Oil and gas suppliers ready to combat adulteration of petroleum products He added that the fixture report also captured NIDAS booking of tanker Res Cogitans to load Mercuria’s gasoline cargo for early-November loading from Europe’s Amsterdam-Rotterdam-Antwerp (ARA) region to Offshore Lagos.
He noted that NIDAS would optimise right of first refusal offer in the NNPC annual crude oil term and Direct-Sale-Direct Purchase, DSDP, agreements with off-takers.
“Under the terms of the deal, the off-takers are obligated to offer the NNPC shipping subsidiary the right of first refusal in freighting of cargoes.
“The re-entry of NIDAS into the international shipment of crude oil and petroleum products was seven years after falling out of reckoning in the global oil freight trade. Unremitted, stolen funds:
We lack power to enforce remediation – NEITI “ NIDAS’s re-entry was in tandem with the ongoing strategic re-engineering of some NNPC subsidiaries to ensure multiple income streams and value addition to the corporation in line with the aspiration of the corporation’s Group Managing Director, Mr. Maikanti Baru,’’ he said.
He explained that NIDAS has established a robust chartering and operation desk in its UK office to help the company secure sea-going vessels from spot market to herald its market re-entry and foster strong competitive edge.
Ughamadu further said that the long-term aspiration of the company was to own and operate fleet to secure a significant market share in the global shipping market.
This development, he said, was part of Baru’s 12 Business Focus Areas (12BUFA), which he unfolded when he took over the leadership of the corporation in 2016. Incorporated in 2007 as a Joint Venture between NNPC, Daewoo Shipbuilding and Marine Engineering Company Limited (DSME), he added that NIDAS is presently a wholly owned subsidiary of the corporation.
“Subsequently, a Board of Directors was inaugurated by the GMD with Mr. Henry Ikem Obih, Chief Operating Officer Downstream, as chairman, while Mr. Lawal Sade was appointed Managing Director with mandate to drive the turn-around process and effective re-entry strategy of NIDAS into the international oil shipping business,” he added.
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WASSCE: RSG Distributes Science Materials To Secondary Schools
The Rivers State Government has distributed science equipment and materials to all senior secondary schools across the state to support students during the ongoing West African Examinations Council exams and to strengthen practical learning.
Flagging off the distribution at the Rivers State Senior Secondary Schools Board premises in Port Harcourt, on Monday, the State Commissioner for Education, Dr. Peters Nwagor, said the move demonstrates Governor Siminalayi Fubara’s commitment to improving education standards in the State.
Nwagor said the materials were approved and provided by the state government specifically to boost the teaching and learning of science subjects, describing science education as the foundation for technological advancement, innovation, and national development.
“No society can compete globally without deliberate investment in science and technology,” the Commissioner stated.
He commended the governor for consistently prioritising the education sector by providing tools needed for effective teaching and hands-on learning.
The Commissioner directed principals to ensure that the equipment are used strictly for practical lessons in their schools, warning that any principal or administrator found diverting, hoarding, or selling the materials wil face disciplinary action under public service regulations.
Nwagor also warned against examination malpractice, saying any principal found aiding or encouraging malpractices will be decisively sanctioned.
“We must collectively restore the dignity and credibility of our educational system,” he said.
Also speaking, Chairman, Rivers State Senior Secondary Schools Board, Tony Egwurugwu, urged school heads to make judicious use of the materials for students’ benefit.
He thanked the State Government for providing the resources, and assured that monitoring mechanisms would be put in place to ensure the materials serve their intended purpose.
In his own remarks, a Board Member for Technical Education, Nwisabari Bani Samuel, expressed appreciation to the governor for prioritising education and acknowledged the Commissioner’s role in advancing education development in the State.
He said the distribution covers all senior secondary schools in the State and is intended to improve students’ performance in both internal and external science examinations.
Akujobi Amadi
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Fubara Hails Workers’ Resilience, Dedication In Rivers …Hails Tinubu’s Economic Reform
Rivers State Governor, Sir Siminalayi Fubara, has commended workers in the State for their resilience, dedication, and invaluable contributions to development in the State.
Fubara gave the commendation during the 2026 Workers’ Day celebration at Isaac Boro Park in Port Harcourt, last Friday.
Represented by his deputy, Prof. Ngozi Nma Odu, the governor noted that Workers’ Day, which originated from the struggle for an eight-hour workday in the United States, has evolved into a global event recognising the contributions of workers to national growth and development.
He described workers as the backbone of sustainable development, saying no society can thrive without their efforts.
Fubara commended Rivers workers for their loyalty and commitment to service, noting that workers play vital roles across key sectors, including education, healthcare, infrastructure and industry.
He noted that their contributions have enhanced access to quality education and healthcare, supported job creation, and stimulated economic activities across the State.
While acknowledging the economic challenges faced by many workers, including the rising cost of living, Fubara assured that the the State Government remains committed to implementing policies that will enhance workers’ welfare and overall well-being.
The governor also hailed the bold and daring economic reforms of President Bola Tinubu which, he said, have stabilized the economy, enhanced foreign exchange liquidity, lowered inflation, and achieved significant growth in the nation’s gross domestic product.
He noted that, in addition to raising the minimum wage, the President recently approved new welfare incentives for federal civil servants.
“Our economy is on an unstoppable positive path under our President, and it can only improve further for the nation and everyone. Let us continue supporting the policies and programmes of Mr President,” he said.
Fubara highlighted the importance of workers in revenue generation and governance, noting that taxes paid by workers enable government to provide security and essential social services.
He reaffirmed the State Government’s recognition of labour as a critical partner in achieving its development blueprint, appreciating workers’ daily contributions to building a peaceful, secure, and prosperous Rivers State.
The governor urged the organised labour to use the occasion to reaffirm its commitment to the progress of the State, while continuing to advocate for democracy, social justice, and improved welfare for workers.
He also expressed gratitude to workers for their service to the State and the nation, encouraging them to remain steadfast in their contributions to development.
In his address, the State Chairman of the Nigeria Labour Congress, Comrade Alex Agwanwor, commended Fubara for his steadfastness, genuine commitment, and passion for workers in the State.
He highlighted key achievements of the administration, including the implementation of the National Minimum Wage Act, the renovation of the State Secretariat, the reopening of the Rivers State Transport Company (RTC), and the consistent payment of end-of-year bonuses to public workers.
Comrade Agwanwor noted that workers, as drivers of productivity, understand the challenges involved in building a prosperous Rivers State, stressing that they are well-equipped to contribute meaningfully to the growth and development of the State.
“We have resolved not to continue complaining and lamenting while challenges persist. Instead, we must take the initiative, step out of relative obscurity, and rediscover the mission and destiny of our dear state,” he said.
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Fubara Pledges Support For Corporate Organisations In Rivers …Says PPP Business Model Responsible For NLNG’s Success
Rivers State Governor, Sir Siminalayi Fubara, has pledged the continued support of his administration for the Nigeria Liquified Natural Gas (NLNG) Limited.
Fubara gave the assurance while receiving the new Managing Director and Chief Executive Officer of the NLNG, Mr Adeleye Falade, who paid him a courtesy visit at Government House, Port Harcourt.
He assured that his administration would continue to contribute its own quota in support of the NLNG.
According to him, the success of the organisation is equally the success of the government of Rivers State and the success of the Federal Government.
“Our duty is to make sure that we support whoever is operating in our state. We are the ones here. If we don’t support you and you don’t succeed, we also will not succeed and Mr President will also not succeed.
“So, the success of your establishment is the success of our state, and overall success of Nigeria. So you can count on our support. Wherever you think we need to come in to support you, please do not hesitate to call upon us.
“You just mentioned here that your predecessor left a handover note showcasing the level of support that he got from the state. It is not going to be different in your own case. I can assure you that. I will also ensure that other units of the government will liaise with you when necessary. So even if you can’t get to me, you can always get to them and if there is anything we can do to help your establishment succeed, we will do it for you,” he said.
The governor attributed the success of the NLNG to the Public Private Partnership ( PPP) business model adopted by the Federal Government and the multinational oil companies.
The NLNG is jointly owned by Nigerian National Petroleum Corporation (NNPC) with 49%, Shell Gas B.V. with 25.6%, Total LNG Nigeria Ltd with 15%, and Eni International with 10.4%.
The partnership model allows for shared risks, costs, and expertise in the LNG sector.
The governor noted that the NLNG has not only survived the difficult business environment but has made sustained progress in the nearly three decades of its existence.
According to him, the decision of the Federal Government to allow the multinational oil companies who have the needed expertise to run the establishment while government plays a supervisory role over it has largely been responsible for its success.
“I’m very proud to say that if there is one establishment that has shown resilience, that has survived in the face of all the political issues prevalent in this country, it is the NLNG. And what is the reason? The reason is very simple. Government has no business in business. That is the truth. Leave the business for those people who can operate it. Let the government play its supervisory role to ensure that there is compliance with the laws; ensure that standards are maintained and also ensure that the right people with the needed expertise are at the helm of affairs. That’s all. I think that is the reason why we still record a lot of successes in NLNG,” he said.
In his opening remark, the new NLNG boss, Mr Adeleye Falade, who led other top officials of the company on the visit, expressed appreciation to the governor for granting them audience, and appealed to the State Government to continue to support the organisation.
“We appreciate the opportunity to meet with you and deepen this important relationship.We deeply value the support the Rivers State Government continues to extend in fostering an enabling operating environment for businesses. NLNG remains deliberate in its contribution to Nigeria’s development, and Rivers State, our primary host, continues to be central to that commitment,” he said.
Falade said the company has continued to work with its host communities to strengthen their capacity to identify, prioritise, and deliver sustainable development initiatives that create lasting impact.
According to him, communities including Amadi-ama, Abua, Ekpeye, Okrika, Kalabari, and Emohua have continued to benefit from this model.
He said that beyond community infrastructure, the NLNG has sustained investments in economic empowerment through initiatives such as Vocational Innovation and Business Empowerment Scheme (VIBES) and Micro Small and Medium Enterprise (MSME) schemes.
These, he said, were designed to support small businesses, build capacity, and stimulate local enterprise across the state.
Among officials of the company who accompanied the Managing Director were General Manager, External Relations and Sustainable Development, Dr Sophia Horsfall; Manager, Government Relations, Mr Abdul Umar; Manager, Community Relations, Dr. Yemi Adeyemi; Head of Government Relations, Mr Mike Igoni; Head of Community Liaison and Engagement, Chief Ifeanyi Umeh.
Others are Technical Assistant to Executive Leadership, Mr Hassan Saleh; Senior Media and Publicity Advisor, Mr Emma Nwatu; Government Relations Advisor, Miss Homa Nmegbu; Senior Government Relations Advisor, Mrs Kate Allison, and Audio -Visual Advisor, Mr Dawood Ahmed.
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