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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

Published

8 years ago

October 31, 2018

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.

Featured

JUNE 12: Democracy Remains Nigeria’s Strongest Path To Unity, Progress, Says Fubara ….Extols Abiola, Wife

Published

1 week ago

June 12, 2026

The Tide

Governor of Rivers State, Sir Siminalayi Fubara, has reaffirmed that democracy remains the most effective system of government for Nigeria, given the country’s rich diversity of ethnic, religious, and cultural identities.

In a goodwill message to Nigerians on the occasion of the 2026 Democracy Day celebration, Governor Fubara said June 12 represents far more than a historic date; as it embodies the enduring struggle, sacrifice, and collective aspiration of Nigerians for freedom, justice, and representative governance.

The Governor extended warm felicitations to Nigerians at home and in the Diaspora, paying tribute to the heroes and heroines of the democratic struggle, particularly Chief MKO Abiola, his wife, Kudirat Abiola, and countless others whose courage and sacrifices helped secure the democratic freedoms Nigerians enjoy today.

According to him, “June 12 is a reminder of the price paid for the democracy we enjoy today. The sacrifices made by Chief MKO Abiola, Kudirat Abiola, and many other patriots who laid the foundation for the democratic journey we continue to enjoy today. Their commitment to the principle that power must ultimately reside with the people remains a source of inspiration for every generation of Nigerians.”

Governor Fubara noted that thirty-three years after the historic June 12, 1993 election, Nigeria’s democratic experiment has continued to evolve despite challenges and setbacks.

“Our democratic journey has not been without difficulties, but the resilience of our institutions and the determination of our people have kept the nation moving forward. The ability to express differing opinions, engage in constructive debate, and peacefully choose leaders through the ballot remains one of the greatest achievements of our nation,” he said.

Governor Fubara stressed that democracy provides the best framework for managing Nigeria’s diversity and transforming it into a source of national strength.

“Nigeria’s diversity should never be seen as a weakness. Properly harnessed, it is our greatest asset. Democracy offers us the opportunity to build consensus, promote inclusion, strengthen national unity, and create the conditions for sustainable development and shared prosperity,” he said.

Governor Fubara commended President Bola Ahmed Tinubu, for his commitment to the Renewed Hope Agenda and ongoing efforts aimed at economic revitalization, strengthening security, and deepening democratic institutions across the country.

He reiterated the readiness of Rivers State to continue partnering with the Federal Government in advancing policies and programmes that improve the lives of citizens through infrastructure development, job creation, enhanced security, quality education, healthcare delivery, and good governance.

The Governor further called on Nigerians, regardless of political affiliation, ethnic background, or religious belief, to use the occasion of Democracy Day to renew their commitment to the Nigerian project and the ideals that underpin democratic governance.

“Democracy must not be viewed merely as a periodic electoral exercise. It must be reflected in our daily commitment to accountability, transparency, tolerance, justice, respect for the rule of law, and responsible leadership. As citizens and leaders, we all share a collective responsibility to strengthen our democracy and build a nation that future generations will be proud to inherit,” he said.

Governor Fubara expressed optimism about Nigeria’s future, urging citizens to remain united, hopeful, and committed to the values of peace, dialogue, and national development.

“Together, we can build a stronger, more inclusive, and more prosperous Nigeria where every citizen has the opportunity to thrive and contribute meaningfully to national progress,” he said.

Featured

Fubara Reaffirms Commitment To Peace, Development

Published

3 weeks ago

May 29, 2026

The Tide

Governor of Rivers State, Sir Siminalayi Fubara, has reaffirmed the unwavering commitment of his administration to peace, unity, security, and inclusive development as Rivers State marked its 59th anniversary, last Wednesday.

In a goodwill message issued on Wednesday to commemorate the anniversary, Governor Fubara stated that despite the challenges faced over the years, the people of Rivers State have continued to demonstrate resilience, strength, and an enduring spirit of unity that has sustained the state since its creation.

The Governor noted that the strong bond of brotherhood among the various ethnic nationalities of the state, including the Ijaw, Ikwerre, Ogoni, Etche, Ekpeye, Andoni, Kalabari, and others, remains one of Rivers State’s greatest strengths and a critical foundation for peace, stability, and progress.

He further observed that Rivers State has remained a major driver of Nigeria’s economy for decades, not only because of its abundant oil and gas resources, but also because of the exceptional contributions of its people across diverse sectors including academia, jurisprudence, business, entertainment, public service, and sports.

Governor Fubara assured the people that his administration will continue to prioritize policies and programmes that promote peace, protect lives and property, and expand development across all parts of the state. He emphasized that governance must be people centered and impactful, with equal attention given to every Local Government Area of the state.

The Governor also paid tribute to the elders and founding leaders of the state for preserving the spirit of unity and coexistence over the years, while urging the youths to remain hopeful, responsible, and actively committed to building a greater Rivers State through innovation, hard work, and patriotism.

He equally acknowledged the invaluable role of women in strengthening families, communities, and society, describing them as indispensable partners in the continued growth and stability of the state.

Governor Fubara called on all Rivers people to use the occasion of the anniversary as a moment of reflection and renewed commitment to peaceful coexistence, mutual respect, dialogue, and collective progress, stressing that the unity and future of Rivers State must always rise above personal interests and political differences.

Rivers State was created on May 27, 1967, by General Yakubu Gowon.

Editorial

Nigeria’s 27 Years of Civil Rule Journey

Published

3 weeks ago

May 29, 2026

The Tide

Nigeria returned to civil rule on May 29, 1999, after several years of military intervention in politics. The transition marked a major turning point in the nation’s history and raised hopes for freedom, stability, economic growth and accountable leadership. Citizens expected that elected governments would strengthen institutions, improve living conditions and unite the country after years of authoritarian rule. Twenty-seven years later, civil rule has survived without interruption, making it the longest uninterrupted civilian administration since independence in 1960.

Since 1999, Nigeria has witnessed six administrations at the federal level. Olusegun Obasanjo governed from 1999 to 2007, followed by Umaru Musa Yar’Adua from 2007 until his death in 2010. Goodluck Jonathan served from 2010 to 2015, while Muhammadu Buhari led the country between 2015 and 2023. Since May 2023, Bola Ahmed Tinubu has been in office. Though democracy has remained stable, governance outcomes have produced mixed reactions among Nigerians.

The country has made some notable progress over the past 27 years. Democratic institutions such as the National Assembly, judiciary, political parties and the media have become stronger than they were during military rule. Elections are now regular, though still imperfect. Telecommunications, banking, entertainment and digital technology have expanded greatly. Nigerian youths have also become more politically aware and active. The country’s economy, despite its difficulties, remains one of the largest in Africa.

However, many of the expectations that came with democracy remain unmet. Corruption, unemployment, poverty, insecurity and poor infrastructure continue to trouble the nation. Public confidence in government institutions has weakened over time because many citizens believe political leaders have not done enough to improve their welfare. Ethnic and religious tensions also remain major challenges. While democracy has endured, good governance has not always matched the hopes of the people.

President Tinubu’s administration began with bold economic decisions aimed at reforming the nation’s finances. His government removed fuel subsidy and unified the foreign exchange system. Supporters argue that these measures were necessary to reduce waste and attract investment. The government also increased revenue allocation to states and sought to improve tax administration. Yet the immediate impact has been severe hardship for millions of Nigerians. Inflation, high transport costs and the falling value of the naira have placed enormous pressure on households and businesses.

In education, the Tinubu administration has promised reforms through student loan schemes, support for technical education and efforts to reduce strikes in tertiary institutions. Some progress has been recorded with the establishment of the Nigerian Education Loan Fund. However, public schools still face poor funding, inadequate facilities and shortage of teachers. Many students continue to struggle with rising school fees and declining quality of education.

The health sector under the current administration has also recorded both efforts and challenges. Government has pledged to improve health insurance coverage. Nevertheless, hospitals across the country still suffer from inadequate equipment, shortage of medical personnel and brain drain as doctors and nurses continue to leave Nigeria for better opportunities abroad. Access to affordable healthcare remains difficult for many rural communities.

The power sector remains one of Nigeria’s biggest disappointments after nearly three decades of democracy. Despite repeated promises and reforms, electricity supply is still unstable. Businesses and households spend heavily on generators and fuel. The Tinubu administration has introduced policies aimed at decentralising power generation and encouraging investment, but ordinary Nigerians are yet to feel significant improvement in electricity supply.

The rising cost of living has become the greatest concern for many Nigerians today. Food prices, transportation costs and rent have increased sharply. Though the Federal Government introduced palliative programmes and cash transfer initiatives to cushion the effects of reforms, many citizens believe the interventions have been inadequate or poorly distributed. There is growing demand for more effective social protection programmes targeted at vulnerable citizens.

On national security, the government continues to battle terrorism, banditry, kidnapping and communal violence. Security agencies have recorded some successes in parts of the country, yet insecurity remains widespread. Farmers in many rural communities still face attacks, affecting food production and increasing fear among citizens. Regional stability in West Africa has also become more uncertain due to political crises in neighbouring countries. Nigeria continues to play a leading diplomatic role in the region, but internal security challenges weaken its influence.

In infrastructure and other key sectors, the Tinubu administration has continued several road, rail and housing projects inherited from previous governments. Investments in ports, gas and digital technology have also been encouraged. In agriculture, government has promoted mechanised farming, dry season cultivation and access to credit. Yet food insecurity remains high because insecurity, inflation and poor rural infrastructure continue to affect agricultural productivity. Nigeria still imports many food items despite its vast agricultural potential.

To improve national conditions, the Federal Government must place greater attention on job creation, industrialisation and support for small businesses. More investment is needed in agriculture, healthcare, education and electricity. Anti-corruption institutions should be strengthened while government spending must become more transparent. Leaders must also prioritise national unity and reduce political divisions. Nigerians expect reforms that produce visible improvements in their daily lives, not only policy announcements.

In Rivers State, the 27 years of civilian rule have produced substantial development alongside political tensions. The state has remained economically important because of its oil and gas resources. Different administrations since 1999 have invested in roads, schools, healthcare facilities and urban renewal projects. However, political conflicts and struggles for power have often affected governance and slowed development in parts of the state.

Governor Siminalayi Fubara assumed office in May 2023 amid high expectations and intense political disagreements. In infrastructure, his administration has initiated projects such as massive road construction, bridge rehabilitation and urban development schemes in parts of the state. Ongoing works on major roads and public facilities have been presented as efforts to improve transportation and economic activities. Critics, however, argue that political instability in the state has distracted government’s attention from faster project delivery.

In education and health, the Rivers State Government has continued support for public schools and healthcare centres. Efforts have reportedly been made to improve learning environments and sustain payment of workers’ salaries. In health, there have been interventions in hospitals and primary healthcare services. On security, the administration has worked with security agencies to maintain peace, although political tensions in the state have created uncertainty. In the civil service, workers and pensioners have largely continued to receive salaries, stipends, and welfare support. The state government has also shown interest in agriculture and power development, though these sectors still require stronger investment and clearer long term strategies.

Going forward, Rivers State needs greater political stability to achieve meaningful development. The government should focus more on rural roads, youth employment, agricultural expansion and uninterrupted healthcare services. Investments in independent power projects and industrial development would help attract businesses and reduce unemployment. Above all, political leaders in the state must place the interest of the people above personal or factional battles. Democracy can only succeed when governance delivers peace, development, and hope to ordinary citizens.