Business

Senate Queries $4m Payment To Lawyer From ECA

Published

6 years ago

March 12, 2020

The Senate has asked the Accountant General of the Federation, Ahmed Idris, to supply details of the lawyer who was paid $4 million from the already depleted excess crude account.
The accountant general was in the red chamber on Tuesday to explain the Federal Government’s achievements so far on the revenue projection for 2020. He was also expected to give reasons for the depletion in the ECA.
Idris said the country currently had $71.8 million in the ECA from $2.2 billion which the present administration inherited from the former President Goodluck Jonathan administration in 2015.
The money in the ECA, according to Idris, rose to $2.6 billion in 2016 and reduced to $2.4 billion in 2017.
He added that the money was further depleted in 2018 to $631.4 million; $324.9 million in 2019 and reduced drastically to $71.8 million.
He said the sum of $254 million was paid out this year from the $324.96m balance carried over from 2019.
He explained that $250 million was invested in the Nigeria Sovereign Investment Authority while a lawyer got $4m.
Idris, however, drew the anger of the Senate Committee on Finance led by the Chairman, Solomon Adeola, when he failed to supply details of the lawyer who was paid $4m as professional fee.
Adeola directed Idris to furnish the panel with details of the beneficiary and what he did to qualify for the amount.
The accountant general pledged to supply details of the information demanded to the committee before the end of the week.
According to Idris, the ECA is an escrow account set up by the Federal Government and into which the difference between the benchmark price of crude and the actual sale price thereof in the world market is paid.
He said, “The money in this account is used to serve as buffer in the event of fluctuation in oil price or reduction in supply to the international market.
“The inflows into the ECA have been fluctuating due to the positive and negative variances in the price of crude.
“The transfer into the account has witnessed downward trend in view of the low oil prices, particularly from year 2015 to date. The balance in the ECA as of 2nd March, 2020 is $71, 813,941.84,” he added.
Idris said the country had realised N10 trillion so far this year for the three tiers of government, even as he said personnel cost had gulped N493 billion; consolidated pension, N59.77bn; overhead, N46.65 and capital supplementation, N20.76 billion.
He, however, said no money had been released so far this year to fund capital projects.
When the committee probed further, he said N340 billion would be released before the end of the first quarter as capital expenditure.
Meanwhile, the President of the Senate, Ahmad Lawan, has raised the alarm over the dwindling oil revenues in recent days.
He, therefore, asked four of its standing committees to immediately start discussing with relevant government agencies and experts on economy with a view to addressing the negative effects of the dwindling oil revenues.

Business

PENGASSAN Tasks Multinationals On Workers’ Salary Increase

Published

5 days ago

December 8, 2025

The Tide

The Petroleum and Natural Gas Senior Staff Association of Nigeria (PENGASSAN) has asked companies in the oil and gas sector to undertake urgent review of salaries of their workers in view of the prevailing harsh economic conditions in the country.

Also, the pensioners of Chevron Nigeria, under the aegis PenCoN, have lauded the President of PENGASSAN, Comrade Festus Osifo and his executive on their unrelenting efforts toward addressing pension abnormalities faced by retired workers in the oil and gas industry.

The association also appealed to the federal government to take necessary measures to check banditry and terrorist activities in parts of the country.

PENGASSAN President, Osifo who addressed journalists shortly after the National Executive Council meeting of the association in Abuja, at the weekend, said that though a lot of success has been recorded in negotiating salary reviews for its members, there are still organisations that have failed to lift their workers from the present harsh economic situation.

He said within this period, PENGASSAN has signed numerous Collective Bargaining Agreements (CBAs) which has brought smiles to the faces of its teeming members.

“This is because we recognise that our job, literally, is how to protect the job of our members, and how to enhance their pay,” he said.

Osifo said that operators in the oil and gas sectors always go for the best qualified professionals to carry out their operations.

“So, the same way they recruit the best, we also challenge them to provide the best condition of service and provide the best remuneration.

“Yes, today, a lot of companies will have achieved successes, but there are still few that we are still discussing at their CBAs, that we are not yet there.

“We still use this opportunity to call on these companies that are still foot dragging, that are still holding back, even with the massive devaluation that has occurred in our country, that still don’t want to fix the remuneration of our members.

“We are calling on them to do the needful, because for us in PENGASSAN we will push without holding back. We will push, using everything in our arsenal, to ensure that the needful is done,” he said.

Osifo spoke of the dispute with the Dangote Refinery group, saying there are still pending issues to be resolved.

“Gentlemen of the press, during the networking session, we also looked at the issues that are plaguing some of our branches, and you know that recently, we had some challenges in Dangote Refinery and PetroChemicals Ltd.

“And within this period, since our last National Industrial Action, we have been engaging them in a lot of conversations, but the issues are not fully resolved. There are still a lot of pending issues.

“Yes, the NEC decided that, yes, let us still consummate that process by pushing those issues, by engaging in dialogue to resolve the issues, and by also engaging all our social partners and stakeholders to get the issues resolved,” he said.

Business

SEC Unveils Digital Regulatory Hub To Boost Oversight Across Financial Markets

Published

5 days ago

December 8, 2025

The Tide

The Securities and Exchange Commission (SEC) has launched the Regulatory Hub, a new centralized digital platform designed to streamline collaboration, strengthen oversight, and improve transparency across Nigeria’s financial and capital market ecosystem.

The Commission disclosed this in a statement posted on its website.

According to the commission, the platform connects key regulatory and security institutions including the Office of the National Security Adviser (NSA), the Central Bank of Nigeria (CBN), Economic and Financial Crimes Commission (EFCC), Federal Inland Revenue Service (FIRS), and Corporate Affairs Commission (CAC), enabling them to exchange information securely and in real time.

The launch of this regulatory hub comes ahead of the implementation of new tax laws in January 2026, with agencies such as the FIRS spreading its tentacles across sector to monitor compliance.

According to the SEC Director-General, Emomotimi Agama, the launch marks a significant step toward modernizing Nigeria’s regulatory framework through technology.

“The Regulatory Hub is a major step in our commitment to leverage technology for stronger regulatory synergy. By connecting regulators on one platform, we are building resilience, enhancing market integrity, and promoting investor confidence,” he said.

The SEC said the platform would help reduce bottlenecks in regulatory processes and facilitate faster, more informed decision-making across agencies.

Reinforcing the DG’s comments, the Executive Commissioner, Operations, Bola Ajomale, highlighted the operational benefits of the new system.

“The platform will significantly improve the timeliness and quality of regulatory decision-making. It provides a single window for regulators to share data, respond to requests, and collaborate seamlessly in safeguarding our financial and capital markets,” he said.

The commission believes the Regulatory Hub would support its broader mandate to strengthen investor protection, enhance market stability, and harmonize regulatory activities across the financial sector.

It urged stakeholders to initiate interest by emailing the Commission, adding that once registered, participants would be able to access the Hub and take advantage of its features.

Business

NAFDAC Decries Circulation Of Prohibited Food Items In markets …….Orders Vendors’ Immediate Cessation Of Dealings With Products

Published

5 days ago

December 8, 2025

The Tide

The National Agency for Food and Drug Administration and Control (NAFDAC) has raised an alarm over the growing circulation of banned food products across markets in the country.

The agency, in a Press Release dated 6 December 2025, warned that these items including pasta, noodles, sugar and tomato paste are expressly listed on the Federal Government’s Customs Prohibition List and are illegal to import.

NAFDAC stated that the sale and distribution of such prohibited items violate national trade laws, compromise the integrity of Nigeria’s food control system, and pose significant public health risks, as they have not undergone the agency’s mandatory safety and quality evaluations.

Importers, market traders, and supermarket operators have therefore, been directed to immediately cease all dealings in these items and to notify their supply chain partners to halt transactions involving prohibited products.

The agency emphasized that failure to comply will attract strict enforcement measures, including seizure and destruction of goods, suspension or revocation of operational licences, and prosecution under relevant laws.

The statement said “The National Agency for Food and Drug Administration and Control (NAFDAC) has raised an alarm over the growing incidence of smuggling, sale, and distribution of regulated food products such as pasta, noodles, sugar, and tomato paste currently found in markets across the country.

“These products are expressly listed on the Federal Government’s Customs Prohibition List and are not permitted for importation”.

NAFDAC also called on other government bodies, including the Nigeria Customs Service, Nigeria Immigration Service(NIS) Standards Organisation of Nigeria (SON), Nigerian Ports Authority (NPA), Nigerian Maritime Administration and Safety Agency (NIMASA), Nigeria Shippers Council, and the Nigeria Agricultural Quarantine Service (NAQS), to collaborate in enforcing the ban on these unsafe products.

By: Lady Godknows Ogbulu