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NNPC, NCC Get New Helmsmen …As FG Loses $6.4trn To NNPC’s ‘Rogue’ Crude Sales
Rivers State Deputy Governor, Dr. (Mrs) Ipalibo Harry Banigo (right) receiving a souvenir from the delegation of Christian Medical and Dental Association, led by the State Chairman, Dr. Friday Aaron (left), when the latter paid a courtesy call on her in Government House, Port Harcourt, recently
President Muhammadu Buhari has appointed Dr. Emmanuel Ibe Kachikwu as the Group Managing Director of the Nigerian National Petroleum Corporation (NNPC).
Kachikwu, who was the Executive Vice Chairman and General Counsel of Exxon-Mobil (Africa), is to take over from Dr. Joseph Thlama Dawha.
Kachikwu hails from Onicha-Ugbo in Aniocha North Local Government Area of Delta State.
He is a First Class Graduate of Law from the University of Nigeria, Nsukka and the Nigerian Law School.
The new NNPC Chief Executive also has Masters and Doctorate Degrees in Law from the Harvard Law School.
He started his working career with the Nigerian/American Merchant Bank before moving on to Texaco Nigeria Limited where he remained for about eight years before joining Exxon-Mobil.
Buhari has also approved the appointment of Professor Umaru Garba Danbatta as the new Executive Vice Chairman and Chief Executive of the Nigerian Communications Commission (NCC).
Danbatta, who holds a Doctorate Degree in Electronic Engineering, takes over from Dr. Eugene Juwah whose tenure expired on July 29, 2015.
The new NCC Chief Executive’s other academic qualifications include a Bachelor’s Degree in Electronic Engineering and Telecommunications as well as a Master’s Degree in the same field.
He is a Fellow of the Nigerian Society of Engineers and has had a meritorious career in which he rose to become Professor of Electrical Engineering and Electronics at Bayero University, Kano, specialising in Telecommunications Engineering and Information and Communications Technology.
Before his new appointment, Danbatta held top management and leadership positions at different times including Head of Department, Dean Of Faculty, Director, Centre for Information Technology, Chairman of the Nigerian Society of Engineers (Kano Branch), Deputy Vice Chancellor and Acting Vice Chancellor.
His appointment as Executive Vice Chairman of the NCC is for five years in the first instance.
Meanwhile, Nigeria would have been buoyant enough to finance its 2015 budget of N4.36 trillion and still pay off its external debts of N2.03 trillion if it had not lost more than that amount — $32 billion (N6.4 trillion at N200/$1) — to massive corruption that characterised oil sales by the Nigerian National Petroleum Corporation (NNPC) during the last administration, a new report has said.
An independent investigative analysis by the Natural Resource Governance Institute (NRGI) has revealed that over $32 billion oil revenue was lost to NNPC’s mismanagement of Domestic Crude Allocation (DCA), opaque revenue retention practices and corruption-ridden oil-for-product swap agreements.
The report offered a deep, independent analysis of how NNPC sells its oil, and found that the national oil company’s discretionary spending from domestic crude oil sale revenues has skyrocketed, exceeding $6 billion a year for the 2011 to 2013 period (i.e. over $18 billion in three years).
Also, the in-depth research found no evidence that NNPC, between 2004 and 2014, forwarded to the treasury any revenues from sales of Okono crude with volumes of over 100 million barrels, with an estimated value of $12.3 billion.
In other words, the corporation has provided no public accounting of how it used a decade’s worth of revenues from an entire stream of the country’s oil production.
In the same manner, losses from three provisions in a single, offshore processing agreements (OPAs) contract, estimated at $381 million in one year (or over $1.9 billion between 2010 till date), were identified.
This is aside the fact that NNPC channelled Nigeria’s precious crude — worth $35 billion –to swap deals between 2010 and 2014, the recent offshore processing agreements (OPAs) containing unbalanced terms that did not efficiently serve Nigeria’s needs and interest.
The report, whose executive summary was made available to newsmen ahead of its public release yesterday, provided additional insight regarding the monumental corruption characterizing NNPC operations and those of its subsidiaries.
The document argued that NNPC’s approach to oil sales has remained riddled with corruption largely because of its inability to either develop its own commercial or operational capacities, or facilitate the growth of the sector through external investment.
Corroborating the NEITI, PwC and Reconciliation Committee’s assertions about NNPC’s legacy of inefficiency and mismanagement, NRGI researchers submitted that NNPC’s mismanagement of public revenues and its performance failures has persisted due to lack of political will by successive governments to reform the corporation.
The report pointed at the degenerating management of NNPC’s oil sales in recent years—and particularly since 2010.
The problems, it said, stemmed from the rising number of ad hoc, makeshift practices the corporation has introduced to work around its deeper structural problems.
For instance, the corporation entered into a poorly designed oil-for-product swap deals when it could no longer meet the country’s fuel needs.
Similarly, it began unilaterally spending billions of dollars in crude oil revenues each year, rather than transferring them to the treasury, because its actual budgets consistently fail to cover operating expenses.
Some of these makeshift practices began with credible goals, the report said. But over time, their operation became overly discretionary and complex, as political and patronage agendas surpassed the importance of maximizing returns.
The report identified five key areas bordering on the most pressing problems enveloping NNPC oil sales.
Researchers said they arrived at their findings after reviewing published and unpublished official records, together with data from trade publications and secondary literature, and conducted dozens of interviews between 2010 and 2015.
The report made valuable recommendations, which somehow buttressed a recent statement by Kaduna Governor, Nasir El-Rufai, about the need to either scrap the NNPC or reform the oil and gas sector as a whole.
The Organised Labour yesterday, called on the Federal Government to ensure inclusiveness in policy making and guide against erosion of rights, such as free speech and association.
The President, Nigeria Labour Congress (NLC), Mr Joe Ajaero made the call at the 2025 Workers’ Day celebration held at the Eagle’s Square, Abuja.
The Tide source reports Ajaero and the President, Trade Union Congress, Mr Festus Osifo delivered a joint statement on behalf of the organised labour at the event.
Ajaero described May Day as, not only a moment to honour workers’ sacrifices, but also a platform to demand justice and accountability from those in public office.
He frowned at the alleged suppression of protests, and the erosion of rights of workers by some agents
According to him, workers have a duty to resist economic injustice, insecurity, and policies that undermine their dignity.
Speaking on the theme of the day, the NLC President underscored the need for Nigerian workers to reclaim the civic space and resist policies that contribute to worsening economic conditions.
“Our theme this year – “Reclaiming the Civic Space in the midst of Economic Hardship – reflects the urgent need for citizens to protect democracy and push back against repression.
“The civic space, where Nigerians express their concerns and challenge injustices is shrinking.
“If we fail to reclaim this space, the foundation of our democracy risks collapse,” he said
Ajaero, therefore, urged workers to unite and resist division, fear, and despair.
He also urged them to mobilise and organise for change, declaring that the right to demand better conditions is non-negotiable.
“Without workers, there is no society; without labour, there is no development. We must take our place in the fight for economic justice and democratic governance.”
Speaking in the same veins, Osifo said workers are the backbone of the nation—the educators, healthcare providers, builders, farmers, and innovators who sustain its economy -.
He stressed the need for the labour to reclaim the civic space even in the midst of economic hardship.
The Joint Admissions and Matriculation Board (JAMB) has disassociated itself from a fraudulent site requesting payments from candidates who missed the ongoing 2025 Unified Tertiary Matriculation Examination (UTME).
The board said that the site, “Copyrightwriter Personal J Rescheduling Flw” and account number 8520641017 at Sterling Bank, associated with it, are scam.
The disclaimer is contained in a statement made available to newsmen in Abuja on Thursday by the Board’s Public Communication Advisor, Dr Fabian Benjamin.
Benjamin said the account is being exploited to defraud unsuspecting candidates who missed their UTME.
“We issue this urgent notice to inform the public about this nefarious scheme targeting candidates who were unable to participate in the UTME.
“Some unscrupulous individuals are deceitfully soliciting payments of N15,700 under the false pretence of offering rescheduling services for the examination.
“Let us be unequivocal: this, it is a blatant scam, and we are confident that the public will not fall prey to such cheap and regressive tactics.
” The individuals behind this scam have no affiliation with JAMB or any legitimate government agency.
“The account details provided in these communications are entirely fictitious and bear no connection to any official processes; they exist solely for the purpose of perpetrating fraud,” he said.
Benjamin called on Sterling bank to take immediate and decisive action against this criminal activity.
According to him, JAMB has reported the matter to the relevant security agencies and actively pursuing those responsible for this deceitful act.
He further said that “JAMB does not reschedule examinations for candidates who miss their scheduled tests due to reasons unrelated to the Board’s actions”.
He, however, said that the Board is conducting a thorough investigation for candidates whose biometrics failed during verification and were thus unable to sit for the examination.
He said those without discrepancies would be invited to retake the examination at no cost , stressing that “no cost is required”
“It is imperative to understand that JAMB does not charge any fees for examinations after a candidate has completed their registration.
“We strongly urge all candidates to remain vigilant and not to succumb to these fraudulent schemes.
“Protect yourselves and report any suspicious activity immediately,” he explained.
The Niger Delta Development Commission (NDDC) has expressed its willingness to partner with the United Nations (UN) to accelerate the development of the Niger Delta region.
Dr Samual Ogbuku, Managing Director of the NDDC, made the appeal in a statement issued by the commission’s Director of Corporate Affairs, Mrs Seledi Thompson-Wakama, in Port Harcourt on yesterday.
According to the statement, Ogbuku sought the UN’s support during his visit to the UN Resident and Humanitarian Coordinator (UNRHC), Mr Mohammed Fall, at the UN regional office in Abuja.
He called on the global body to provide the NDDC with technical assistance and expert services to support the region’s development.
“We are eager to collaborate with the UN, recognising that the state governments in the region and the NDDC alone cannot achieve the level of regional development required,” he said.
Ogbuku identified key areas where support would be needed, including the provision of portable and affordable drinking water powered by high-tech solar energy sources.
He also highlighted the importance of reforesting the mangrove swamps, which have been severely damaged by decades of environmental degradation caused by oil exploration in the Niger Delta.
“Although the NDDC has made progress in providing solar-powered streetlights across the region, we still require UN support in delivering solar energy solutions for residential buildings.
“We also wish to explore the possibility of installing solar mini-grids in homes across communities, which would boost local commerce and trade,” he added.
The NDDC managing director further appealed for increased UN involvement in areas such as healthcare, education, youth training, gender development, and food security.
Ogunku stated that such interventions would significantly enhance the standard of living in the region.
In response, Fall affirmed the UN’s readiness to collaborate with the NDDC to fast track development in the Niger Delta.
He assured that the UN would support initiatives in food security, job creation, education, and renewable energy, among other areas.
“We aim to approach development in the Niger Delta holistically, rather than focusing solely on environmental pollution.
“This is merely an entry point; however, the UN’s development vision aligns with the Sustainable Development Goals (SDGs), which are designed to positively impact various aspects of people’s lives,” Fall stated.
He assured the NDDC of continued and fruitful engagements to drive the region’s development.