Business

NNPC Faults Claim Of Non-Remittance Of N3.2trn

Published

10 years ago

March 21, 2016

The Nigerian National Pe
troleum Corporation (NNPC) has faulted the claim by the Auditor General of the Federation(AuGF) that it failed to remit N3.235 trillion to the federation in 2014.
This is contained in a statement signed by NNPC Group Executive Director and Chief Financial Officer (Finance & Accounts), Isiaka Abdulrazaq, on Wednesday in Abuja.
It would be recalled that the AuGF had, on Monday, announced that the NNPC failed to remit N3.235 trillion to the Federation Account for the period ended 31st December 2014.
“NNPC wishes to state in strong terms that the AuGF’s declaration is erroneous.
“ It should also be noted that although this period is before the New NNPC Management’s appointment in August 2015, the management still deems it fit and important to correct any misinformation about the activities of the corporation,” it said.
It added that if not corrected, it would adversely affect its current and future financial and operational plans.
It said that since the new management was appointed, it placed great emphasis on transparency, accountability and integrity.
This, it said could be seen with the initiatives such as the publication of NNPC monthly Financial and Operations Reports in all major newspapers as well as on its website.
Others include focus on cost reduction across board which had yielded a drop in monthly operational losses from N30 billion in August 2015 to three billion naira in January 2016.
“Restructuring of NNPC is focused on improving the performance and profitability of all NNPC operations,” it said.
The statement noted that the declaration by the AuGF might have been borne out of misunderstanding of how revenues from crude oil and gas sales were remitted into the Federation Account.
Clarifying the remittance process, it said NNPC was allocated 445,000 barrels per day for processing into petroleum products for distribution to the nation.
It said that any unprocessed crude sold, the proceeds were used to pay for importation of petroleum products.
“The proceeds from the sale of these products are remitted to the federation account after deducting the cost associated with the supply and distribution,” it said It added that the total amount of subsidy that had been approved and certified by PPPRA for the period of January 2012 to December 2014 was N2.34 trillion.
It noted that an additional N7.96 billion subsidy claim was still under reconciliation.
It said that losses from crude oil and petroleum products as a result of vandalism on its network of pipelines for the period of January 2012 to December 2014 was N202.68 billion.
“Petroleum Product Strategic Holding Cost and Pipeline Repairs and Maintenance Cost for the period of January 2012 to December 2014 amounted to N358.88 billion,” it said.
According to the statement, the figure owed to the Federation Account as at January 2015 Federation Account Allocation Committee (FAAC) meeting report was N326 billion and not the N3.23 trillion alleged by the AuGF.
It said that this report did not include NNPC’s claim of N1,374 trillion as at 2009, against the federation.
“All the stakeholders in FAAC meeting are familiar with the N326.14 billion and it is already in public domain since then to date.
It said that the N1.374 trillion claims against the federation was currently being re-viewed by Ministry of Finance appointed Forensic Auditors at the instance of the Minister of Finance.
On alleged 235 million dollars transferred to undisclosed Escrow account, it said that NNPC did not have any secret Escrow accounts.
It added that the alleged 235 million dollars represent proceeds from the sale of gas feed stock to Nigerian Liquefied Natural Gas Limited (NLNG) used to repay part of the Modified Carry Agreement (MCA) loans, applicable royalty to DPR and tax to FIRS.
“The MCA loan was contracted specifically to fund the development of upstream oil and gas projects whose transactions are regularly reported to FAAC as part of the reconciliation of the revenues to NNPC, FIRS and DPR.
“The MCA and all other alternative funding arrangements are annually appropriated by the National Assembly and are therefore fully disclosed to FAAC on monthly basis,” it said.
It stated that in carrying out its statutory duties, NNPC would continue to maintain the highest level of transparency and accountability.
The statement said that NNPC was ready to provide clarification on any matter relating to the federation and Nigerian people.

Business

Agency Gives Insight Into Its Inspection, Monitoring Operations

Published

2 weeks ago

January 12, 2026

The Tide

The Director, South South Zone National Agency for Food Drug Administration and Control (NAFDAC), Pharmacist Chujwuma P.Oligbu has said its thorough implementation of its core mandate of monitoring has no link with witch-hunting or fault finding as perceived at some quarters.

Oligbu, made this known when he spoke as as guest at the maiden Rivers state Supermarkets stakeholders’ Seminar/Workshop in Port Harcourt recently.

Rather, he said they were mere opportunities for education, correction and continuous improvement.

The Agency’s South South Boss, noted that Supermarket operators who maintain transparent records, cooperate during inspections, and promptly address identified gaps demonstrate professionalism and commitment to public health standard.

He listed the deserving essence of supermarket operation to include the key aspects of supermarket operation that deserves emphasis is product sourcing.

“Supermarkets must ensure that all regulated products stocked on their shelves are duly registered with NAFDAC and sourced from legitimate manufacturers or distributors”, he said .

According to him, the presence of unregistered, expired, counterfeit, or improper labelled products undermines consumer confidence and poses serious health risks.

He pointed out that such has the likelihood of exposeing supermarket operators to legal sanctions that could damage their reputation and financial stability.

The NAFDAC Operator, further enlightened the participants that mere registration of a particular product with the Federal agency do not guarantee absolute consumption safety.

“Temperature control, cleanliness, pest control, stock rotation, and proper shelving are not optional practice; they are essential components of compliance”, he said.

The South South zonal director also told the operators of supermarket that their employees rotine training on the basis of the product they display for sale is of utmost importance.

In her presentation a Breast Milk Nutrition Expert , Professor Alice Nte of University of Port Harcourt Teaching Hospital (UPTH), was against the body’s prime attention to breast milk substitute or baby milk in supermarkets as well as its advertisement or promotion.

Nye jerked up the importance of mothers breast milk to the newborn baby and added that it help in fighting against childhood diseases, infections and combating cancer in breastfeeding mothers.

Meanwhile, NAFDAC Deputy Director, South – South Zone , Mrs. Riter Chujwuma educated the participants on the guidelines for global listing, and the need to adhere strictly to rules guiding global listing to avoid confiscation of their imported products.

By: King Onunwor

Business

BVN Enrolments Rise 6% To 67.8m In 2025 — NIBSS

Published

2 weeks ago

January 12, 2026

The Tide

The Nigeria Inter-Bank Settlement System (NIBSS) has said that Bank Verification Number (BVN) enrolments rose by 6.8 per cent year-on-year to 67.8 million as at December 2025, up from 63.5 million recorded in the corresponding period of 2024.

In a statement published on its website, NIBSS attributed the growth to stronger policy enforcement by the Central Bank of Nigeria (CBN) and the expansion of diaspora enrolment initiatives.

According to the data, more than 4.3 million new BVNs were issued within the one-year period, underscoring the growing adoption of biometric identification as a prerequisite for accessing financial services in Nigeria.

NIBSS noted that the expansion reinforces the BVN system’s central role in Nigeria’s financial inclusion drive and digital identity framework.

Analysts linked the growth largely to regulatory measures by the CBN, particularly the directive to restrict or freeze bank accounts without both a BVN and National Identification Number (NIN), which took effect from April 2024.

The policy compelled many customers to regularise their biometric records to retain access to banking services.

Another major driver, the statement said, was the rollout of the Non-Resident Bank Verification Number (NRBVN) initiative, which allows Nigerians in the diaspora to obtain a BVN remotely without physical presence in the country.

The programme has been widely regarded as a milestone in integrating the diaspora into Nigeria’s formal financial system.

A five-year analysis by NIBSS showed consistent growth in BVN enrolments, rising from 51.9 million in 2021 to 56.0 million in 2022, 60.1 million in 2023, 63.5 million in 2024 and 67.8 million by December 2025. The steady increase reflects stronger compliance with biometric identity requirements and improved coverage of the national banking identity system.

However, NIBSS noted that BVN enrolments still lag the total number of active bank accounts, which exceeded 320 million as of March 2025.

The gap, it explained, is largely due to multiple bank accounts linked to single BVNs, as well as customers yet to complete enrolment, despite the progress recorded.

Business

AFAN Unveils Plans To Boost Food Production In 2026

Published

2 weeks ago

January 9, 2026

The Tide

The leadership of the All Farmers Association of Nigeria (AFAN) has set the tone for the new year with a renewed focus on food security, unity and long-term growth of the agricultural sector.

The association announced that its General Assembly of Farmers Congress will take place from January 15 to 17, 2026 at the Abuja Chamber of Commerce and Industries, along Lugbe Airport Road, in the Federal Capital Territory.

The gathering is expected to bring together farmers, policymakers, investors and development partners to shape a fresh direction for Nigerian agriculture.

In a New Year address to members and stakeholders, AFAN president, Dr Farouk Rabiu Mudi, said the congress would provide a strategic forum for reviewing past challenges and outlining practical solutions for the future.

He explained that the event would serve as a rallying point for innovation, collaboration and economic renewal within the sector.

Mudi commended farmers across the country for their determination and hard work, despite years of insecurity, climate-related pressures and economic uncertainty.

According to him, their resilience has kept food production alive and positioned agriculture as a stabilising force in the national economy.

He noted that AFAN intends to build on this strength by resetting agribusiness operations to improve productivity and sustainability.

The AFAN leader appealed to government institutions, private investors and development organisations to deepen their engagement with the association.

He stressed the need for collective action to confront persistent issues such as insecurity in farming communities, climate impacts and market instability.

He also urged members to put aside internal disputes and personal interests, encouraging cooperation and shared responsibility in pursuit of national development.

Mudi outlined key priorities that include increasing food output, expanding support for farmers at the grassroots and strengthening local manufacturing through partnerships with both domestic and international investors adding that reducing dependence on imports remains critical to protecting the economy and creating jobs.

He stated that the upcoming congress will feature the launch of AFAN’s twenty-five-year agricultural mechanisation roadmap, alongside the announcement of new partnerships designed to accelerate growth across the value chain.

Participants, he said wi also have opportunities for networking and knowledge exchange aimed at transforming agriculture into a more competitive and technology-driven sector.

As part of its modernisation drive, AFAN is further encouraging members nationwide to enrol for the newly introduced Digital ID Card.

Mudi said the initiative will improve transparency, ensure proper farmer identification and make it easier to access support programmes and services.

Reaffirming the association’s long-term goal, he said the vision of national food sufficiency by 2030 remains achievable if unity and collaboration are sustained.

He expressed optimism that with collective effort, Nigeria’s agricultural sector can overcome its challenges and deliver a more secure and prosperous future.

Lady Usendi