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$10.8bn Crude Oil Fund Not Missing – NNPC

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12 years ago

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A medical team attending to an injured man during a stampede resulting from a fuel tanker that caught fire at the Nnpc Mega Station on Olusegun Obasanjo Way, Central Business District in Abuja recently. Photo: NAN

A medical team attending to an injured man during a stampede resulting from a fuel tanker that caught fire at the Nnpc Mega Station on Olusegun Obasanjo Way, Central Business District in Abuja recently. Photo: NAN

The Nigerian National Petroleum Corporation (NNPC) has dismissed the claim that the sum of $10.8billion, out of the alleged unremitted $49.8 billion crude oil fund, was missing.

This is contained in a statement issued on Sunday in Abuja by Dr Omar Ibrahim, General Manager, Group Public Affairs Division, NNPC.

Ibrahim stated that the issues surrounding the allegation of unremitted $49.8billion against the NNPC, had since been explained last December at a joint press conference by NNPC, the Central Bank of Nigeria (CBN), Ministry of Finance, and Ministry of Petroleum Resources.

“There was no where it was admitted by any of the parties in the course of the press conference, that the sum of $12billion or $10.8billion, out of the alleged unremitted $49.8billion, is missing,” he said.

“The truth of the matter is that as at the time of the press conference, $30 billion of the alleged unremitted oil revenue, had been reconciled by all the parties involved.

“Dr Okonjo-Iweala, Coordinating Minister of the Economy did explain that the reconciliation was an ongoing process and that the balance of $10.8billion is still being reconciled,” the statement said.

NNPC added that at no time did anybody, neither the Coordinating Minister of the Economy, nor Malam Lamido Sanusi, CBN Governor, say that the outstanding $10.8billion was missing.

The statement said it was also pertinent to further clarify that NNPC, as a national oil company, was saddled with certain onerous responsibilities that other oil companies were freed from.

“For instance, as the supplier of last resort, NNPC has the responsibility of ensuring that there is adequate supply of petroleum products, whether the market is favourable or not.

“The yet to be reconciled $10.8 billion can be located in the expenses on some of the responsibilities which the corporation carries out on behalf of the Federal Government with respect to the domestic crude oil utilisation,” it stated.

The organisation said that these included the unpaid subsidies on kerosene and premium motor spirit (PMS), bulk importation of the PMS and the maintenance of national strategic reserves for petroleum products.

It said this was in addition to the cost of repairing and maintaining vandalised pipelines.

“The corporation is left to bear these responsibilities on behalf of the Federal Government, the cost incurred in this mandate is also part of the $10.8 billion yet-to-be-reconciled outstanding figure,” it stated.

It stressed that all the parties involved in the reconciliation process, were aware of these facts, adding that the figures were being thoroughly scrutinised.

NNPC further stated that at the end of the day, the parties would make their findings public as they did last time.

“It is therefore incorrect for anyone to continue to misinform the public that the sum of $10.8billion or $12billion of oil revenue, is missing,” the statement added.

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NPA Assures On Staff Welfare 

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2 weeks ago

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June 27, 2025

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The Managing Director, Nigerian Ports Authority (NPA), Dr. Abubakar Dantsoho, has said the management will continue to accompany its port infrastructure  and equipment  modernization drive  with the development of the welfare of its personnel.
Dantsoho made the disclosure recently while responding to the commendation by the Maritime Workers Union (MWUN) and the senior Staff Association of Statutory Corporations and Government-Owned Companies (SSASGOC) on the  clearing  of the age-long problem of employee stagnation, when the union paid him a courtesy visit at the Authority’s headquarters in Lagos.
A Statement by NPA’s General Manager Corporate & Strategic Communications, Mr. Ikechukwu Onyemekara, quoted Dantsoho as saying,  “our Port infrastructure and equipment modernization drive will go hand-in-hand with continuous staff welfare improvement”.
The NPA MD disclosed that human capital development constitutes the key strategy for creating and sustaining superior performance under his watch, adding that “talent development constitutes a critical success factor for the actualization of the big hairy audacious goals we have set for ourselves especially in the area of Port competitiveness.
“The only way we can meet and indeed exceed stakeholders’ expectations is to deepen the competencies of our human resources assets and boosting their morale.”
Speaking further, Dantsoho commended the Honourable Minister of Marine & Blue Economy, Adegboyega Oyetola, for approving the strategic proposal of the Dantsoho-led Management team that solved the over a decade-long problem of lack of promotion that had fuelled industrial disharmony.
“I must specially appreciate our amiable Minister for graciously approving the multi-pronged stratagem we deployed that cleared all outstanding cases of employee stagnation by conducting examinations in one fell swoop and instituted timelines to forestall a recurrence of such anomaly”, he sad.
Speaking on behalf of the joint maritime labour unions, the President  of Senior Staff Association of Statutory Corporations & Government-Owned Companies (SSASCGOC), Comrade Bodunde stated, “In addition to clearance of the backlog of stagnated promotions, we also wish to express our appreciation for the increase in productivity bonuses, provision of end-of-year welfare packages for staff, and the revision of the Financial Guide to the Condition of Service, which now addresses our members’ concerns about inflationary pressures.”
Nkpemenyie Mcdominic, Lagos
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ANLCA Chieftain Emerges FELCBA’s VP

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2 weeks ago

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June 27, 2025

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National Secretary of the Association of Nigerian Licensed Customs Agents (ANLCA), Elder Olumide Fakanlu, has been elected Vice President of the Federation of ECOWAS Licensed Customs Brokers Association (FELCBA).
The election took place during the FELCBA Congress, held from Tuesday, June 17th to Thursday, June 19th, 2025, in Freetown, Sierra Leone.
Fakanlu’s emergence as Vice President marks a significant achievement for Nigeria within the regional customs brokerage community.
Apart from Fakanlu, Secretary of the Seme Chapter of ANLCA, Austin Nwosu, was also elected, securing the role of Secretary of Relations with Institutions.
The Nigerian delegation played an active role in the congress, with Michael Ebeatu nominated as a member of the electoral officer team, ensuring a fair and transparent election process.
The three-day congress concluded with delegates undertaking a visit to the Sierra Leone Port, offering insights into the host nation’s maritime operations, followed by a recreational trip to the Tokeh Beach.
The newly elected executives are expected to lead FELCBA in its efforts to harmonize customs brokerage practices, promote trade facilitation, and advocate for the interests of licensed customs brokers across the ECOWAS sub-region.
Nkpemenyie Mcdominic, Lagos
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NSC, Police Boost Partnership On Port Enforcement 

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2 weeks ago

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June 27, 2025

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In a bid to enhance more enforcement in the nation’s Port, the Nigerian Shippers’ Council (NSC) has reaffirmed its commitment to stronger inter-agency collaboration with the Nigeria Police Force (NPF).
The Council said the collaboration is aimed at enhancing stronger enforcement, compliance and improve operational efficiency across Nigeria’s ports.
Executive Secretary/Chief Executive Officer of  NSC, Dr. Pius Akutah, made this known during a visit to the  Inspector-General of Police, Dr. Kayode Adeolu Egbetokun, at the Force Headquarters, Abuja.
The visit, which he said, focused on strengthening institutional synergy, comes in the wake of growing responsibilities for the NSC under the newly created Ministry of Marine and Blue Economy.
Akutah emphasized the critical role of security agencies in supporting port operations and ensuring regulatory compliance.
He called for the posting of police officers to assist the Council’s monitoring and enforcement teams at key port locations including Lagos, Warri, Onne, Port Harcourt, and Calabar.
“The posting will complement the activities of our revived task teams and enhance our ability to enforce standards across the maritime logistics chain”, he said.
Earlier, the Inspector-General of Police, Dr. Egbetokun, assured the Council of the Force’s readiness to continue supporting the growth of the maritime sector.
The IGP acknowledged that compliance enforcement is essential to the successful implementation of Nigeria’s Blue Economy objectives.
“The NSC and NPF are expected to deepen collaboration in the months ahead, with a shared focus on building a secure, efficient, and competitive port environment”, to the IGP emphasized.
Chinedu Wosu
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