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CBN Warns On Politicisation Of Missing $49.8bn Revenue

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13 years ago

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The Central Bank of Nigeria has warned against the politicisation of the alleged diverted revenue of $49.8bn by the Nigerian National Petroleum Corporation.

The Governor of the CBN, Mr. Lamido Sanusi, had written to President Goodluck Jonathan to complain about the failure of the NNPC to remit the said amount to the Federation Account in contravention of extant laws.

He was reported to have said the amount represented 76 per cent of the value of crude oil lifting during the period.

The complaints are contained in the letter to the President dated September 25, 2013.

However, the corporation on Tuesday refuted the claims that it diverted the said amount, adding that the allegation by the CBN governor was borne out of misunderstanding of the workings of the oil and gas industry and the modality for remitting crude oil sales revenue into the Federation Account.

But the apex bank, in a statement yesterday by the Director, Corporate Communications Department, Mr Ugochukwu Okoroafor, said while it would neither confirm or deny the origin of the letter, the capacity of the bank was strengthened or undermined by the extent to which the country was able to increase foreign exchange earnings.

In the performance of this role, the CBN stated in the statement that it was natural for the apex bank to be concerned at the low level of accretion to reserves and the Excess Crude Account in spite of the strong international oil prices.

It said, “The attention of the CBN has been drawn to an emerging public discourse around a letter purportedly written by the governor (CBN) to the President, expressing concern over non remittance of oil revenues by the NNPC. “The CBN will neither confirm nor deny the existence of such a letter and considers any discussions by it on the alleged letter to be inappropriate.”

However, the Nigerian National Petroleum Corporation (NNPC) has refuted reports.

Nigerian governors are poised to confront President Goodluck Jonathan on the alleged refusal of the Nigerian National Petroleum Corporation to remit $49.8bn to the Federation Account.

The governors based their decision on the revelation made by the Governor of the Central Bank of Nigeria, Mallam Lamido Sanusi, in a letter issued by him that the NNPC had failed to remit the money, which was said to be the proceeds from crude sales between January 2012 and July 2013.

The said amount was said to have represented 76 per cent of the value of crude oil lifting during the period, in which the NNPC was said to have remitted $15.5bn, representing a paltry 24 per cent of the total value of $65.3bn.

This was one of the decisions arrived at by the governors during their meeting in Abuja on Wednesday night.

The meeting, which was held under the aegis of the Nigeria Governors’ Forum, and was presided over by its Chairman, who is also the Governor of Rivers State, Mr. Rotimi Amaechi, ended in the early hours of yesterday.

The governors also expressed worry over the refusal of the Federal Government to call for the meeting of the National Economic Council in the last four months.

They also regretted that the council’s meeting, which ought to hold on Thursday (yesterday), was postponed indefinitely.

L-R: Director of Pension, Office of the Head of the Civil Service of the Federation, Mr Vesely Zafi, Permanent Secretary, federal Ministry of Defence, Abuja, Mr Aliyu Ismaila and Provost, Federal College of Education, Yola, Prof. Abdulmumin Sa'ad, at the interactive session with federal civil servants in Adamawa State recently

L-R: Director of Pension, Office of the Head of the Civil Service of the Federation, Mr Vesely Zafi, Permanent Secretary, federal Ministry of Defence, Abuja, Mr Aliyu Ismaila and Provost, Federal College of Education, Yola, Prof. Abdulmumin Sa’ad, at the interactive session with federal civil servants in Adamawa State recently

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Association Woos Govt, Coys On  Boat Operators  Employments

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6 days ago

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June 12, 2026

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The leadership of Bonny Maritime Boat Association has called on Rivers state Government and oil companies operating in the state to provide sustainable employment to unemployed boat Operators.
The Association also want the government, companies and other relevant employers of labour to provide trainings for boat Operators to enhance their skills
Safety Officer of the Association, Comrade Kingdom Kingsley made this known in  a  telephone interview with  The Tide.
He noted that most of the boat Operators and owners plying Bonny route lacks jobs due to the fleets of boats introduced by Bonny Road Transport that had taken over the passengers to the Island
He noted that passengers are no longer patronizing boats owned by the Association, thereby rendering the operators redundant
“Most of our operators can not afford to feed their families due to no jobs, we don’t want to indulge in crime, government should fix our members with  sustainable jobs to take care of their immediate needs”
He called on oil companies operating in the state to engage their skilled boat Operators in their companies to reduce the sufferings faced by the Association.
The Safety Officer called on the state government  to made funds available to unemployed youths in the state to start up business than roam the streets.
He noted that provision of funds to youths would reduce crime rates and reposition their mindsets for a better life
“The  youths of Rivers state are suffering, have no job to feed their families, thereby indulging in criminality daily”
“The youths need empowerment,  jobs,  recreational facilities and better things of life as citizens of this Nation”, Kingsley said.
CHINEDU WOSU
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FG Approves $1 Bn AFCFTA Credit Facility For Nigerian Exporters

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6 days ago

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June 12, 2026

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The Federal Government has approved a whooping $1bn credit facility to support Nigerian exporters and small scale businesses to take advantage of the African Continental Free Trade Area (AfCFTA) in order to boost production, competitiveness and intra-African trade.
The $1bn AfCFTA Adjustment Fund Credit Facility is also expected to address some of the financing gap being faced by Nigerian exporters and enhance the competitiveness of African businesses within the continental market.
The Minister of Industry, Trade and Investment, Jumoke Oduwole, disclosed this  during the second quarter 2026 meeting of the AfCFTA Central Coordination Committee held in Abuja.
According to a statement issued by the ministry’s Head of Press and Public Relations, Obilor-Duru Okechi, Oduwole said the financing facility represented a major opportunity for Nigerian businesses seeking to expand operations, modernise production processes and increase exports to African markets.
The statement partly read, “?The Federal Government has reaffirmed its commitment to accelerating Nigeria’s export-led growth agenda under the African Continental Free Trade Area, unveiling opportunities for businesses to access a US$1 billion AfCFTA Adjustment Fund Credit Facility aimed at boosting production, competitiveness, and intra-African trade.”
She noted that despite the progress Nigeria had made in implementing the continental trade agreement, many local businesses continued to face obstacles that limited their ability to take advantage of the single African market.
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“Many businesses still face challenges relating to export documentation, certification, standards compliance and market access,” the minister said.
She explained that the Federal Government was addressing these bottlenecks through enhanced trade facilitation measures, simplified AfCFTA guidance tools, stakeholder engagement programmes and stronger collaboration with institutions such as the Nigeria Customs Service and the Nigerian Export Promotion Council.
Oduwole stressed the need to strengthen Nigeria’s legal and regulatory framework by domesticating key AfCFTA protocols, particularly the Digital Trade Protocol, to position the country as a major player in Africa’s growing digital economy.
The minister also highlighted some of the gains recorded in Nigeria’s AfCFTA implementation efforts.
According to her, the expansion of Nigeria’s Air Cargo Corridor Initiative to Rwanda, increased collaboration with development partners and private sector players, as well as sustained engagement with state governments, were helping to deepen awareness and participation in the continental market.
In her welcome address and first-quarter update, the National Coordinator and Chief Executive Officer of the Nigeria AfCFTA Coordination Office, Mrs Patience Okala, provided details of the financing initiative.
Okala said the $1bn AfCFTA Adjustment Fund Credit Facility was targeted at large African businesses with a minimum financing capacity of $10m.
She revealed that the National AfCFTA Coordination Office was working closely with fund managers to facilitate access for eligible Nigerian companies and had begun assembling a pilot group of businesses to ensure that Nigeria maximised the opportunities provided by the facility.
Nkpemenyie Mcdominic, Lagos
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NIWA Harps On  Avoidance Of Leaking Boats

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6 days ago

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June 12, 2026

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The National Inland Waterways Authority (NIWA) has advised Nigerians against boarding boats that require constant bailing of water in the interest of their safety.
 NIWA Area Manager for Cross River and Ebonyi, Mr Stanley Onuoha gave this warning in an interview with Newsmen in Calabar.
Onuoha who spoke on waterway
safety, said that passengers should take responsibility for their safety by inspecting boats before embarking on any journey.
According to him, repeated scooping of water from a boat is a clear indication that the vessel may be leaking.
“If you are entering a boat and see people using a bailer to remove water, it is the first signal that the boat is leaking,” he said.
He urged passengers to check the integrity of boats, including seating arrangements and other visible safety features.
The Manager restated the importance of using safety jackets, saying that damaged jackets may fail during emergencies.
He further said that passengers should ensure that safety jackets were appropriate for their body sizes in order to guarantee effective flotation.
 Onuoha reiterated the need for passengers to fill manifests before departure to aid accountability during emergencies.
The NIWA official further advised travellers to monitor weather conditions and avoid boarding boats when the weather is unfavourable.
According to him, poor weather conditions can trigger strong tidal waves capable of affecting small boats commonly used on inland waterways.
He said that waterway journeys should be embarked upon between 6.00a.m and 6.00p.m for clearer visibility.
Onuoha said  the Authority had continued to sensitise riverine communities to the need for safety precautions during waterway journeys.
He stated that sustained awareness campaigns and enforcement measures had contributed to safety waterway safety in Cross River.
CHINEDU WOSU
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