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NNPC, Others Fail To Remit $22.06bn, N481.75b -NEITI …Says Nigeria Records $3.038bn, N60.997bn Loss In Oil Sector
The Nigerian National Petroleum Corporation (NNPC), its subsidiary, Nigerian Petroleum Development Company (NPDC), and companies in the oil and gas sector are yet to remit $22.06 billion and N481.75 billion into the Federation Account, the Nigeria Extractive Industries Transparency Initiative (NEITI) declared yesterday.
NEITI made the disclosure at a remediation conference where it provided a summary of unremitted revenues, losses and reconciled differences in transactions and operations in the sector.
It insisted that the unremitted funds included earnings from oil and gas producing companies worth N5.2 billion and $152.69 million and another $498.6 million in revenue from companies involved in offshore processing contracts.
According to the statistics, the NPDC is yet to remit $2.38 billion and N51.95 billion while NNPC is holding on to $19.04 billion and N424.57 billion. The total loss to the federation arising from crude oil production, processing and transportation stood at $3.038 billion and N60.997 billion.
Also, unreconciled differences arising from the allocation, sale and remittance of proceeds from domestic crude allocated to NNPC amounted to N317.475 billion.
At the event, the NEITI’s executive secretary, Waziri Adio, expressed concern over growing remedial issues in the nation’s extractive sector. He regretted that regulations that set up the agency did not empower it to prosecute and called on stakeholders to address challenges of remediation.
NEITI equally raised the alarm over unpaid consideration on four oil fields in the NAOC Joint Venture assigned by NNPC to NPDC in 2012. It stressed that while the asset was previously valued at $2.25 billion, it was re-negotiated down to $1.554 billion, with NNPC claiming that before revaluation, it had remitted $1.65 billion from the gas revenue derived from the assigned assets as payment for the value of the assets.
Reacting, Peter Egbule, national coordinator of Publish What You Pay Nigeria, blamed regulatory lapses, weak institutions, determination by entities and individuals to divert public fund and the inability of government to act proactively.
He said while the Petroleum Industry Bill remains key to addressing the issues, the Federal Government must strengthen regulatory frameworks and show political will towards fighting corruption and blocking leakages in the oil sector.
Meanwhile, oil prices slid yesterday as Russia signaled output would remain high. Losses, however, were limited ahead of the United States’ sanctions on Iranian exports. The sanctions are expected to reduce supplies when they come into effect in just under a week.
Brent crude futures fell 12 cents to $77.50 a barrel while US West Texas Intermediate (WTI) crude lost 30 cents to $67.29 a barrel. Oil prices also fell about $10 a barrel since four-year highs reached in early October.
But Nigeria’s Minister of State for Petroleum Resources, Ibe Kachikwu in an interview in London yesterday said the Organisation of Petroleum Exporting Countries (OPEC) is likely to keep prices at $70 per barrel when it meets in December. He described $70 as the “comfort level for us and everybody,” saying he would be surprised to see anything dramatic.
Russian Energy Minister Alexander Novak said on Saturday that there was no reason for Russia to freeze or cut its oil production levels, noting that there were risks that global oil markets could face a deficit.
OPEC, led by Saudi Arabia and non-OPEC member, Russia, agreed in June to lift oil supplies, but OPEC signaled last week that it might have to re-impose output cuts as global inventories rise.
“When the Russians start talking about keeping the production levels high and even the possibility that they need to increase it because of a possible tightness in supply, that brought on some selling pressure,” Reuters quoted Gene McGillian, director of market research at Tradition Energy in Stamford, Connecticut, as saying.
Industrial commodities such as crude and copper have also been rattled by hefty losses in global equities due to concern over corporate earnings and fears over the impact to economic growth from escalating trade tensions, as well as a stronger dollar.
Meanwhile
NNPC subsidiary resumes international shipping of Crude oil
The Nigerian National Petroleum Corporation (NNPC), says its subsidiary, NIDAS Shipping Services, has resumed the international shipment of crude oil, petroleum products and had already gotten its first consignment. Group Managing Director of the NNPC, Dr Maikanti Baru
The corporation disclosed this in a statement signed by the Group General Manager, Group Public Affairs Division of the NNPC, Mr. Ndu Ughamadu, in Abuja, on Tuesday.
He said that the global tanker fixture’s report had acknowledged the chartering of LRI tanker, MV Atlantica Bridge by NIDAS to load jet fuel from El Dekheila Port, Egypt for delivery to Nigeria for Duke Oil.
Oil and gas suppliers ready to combat adulteration of petroleum products He added that the fixture report also captured NIDAS booking of tanker Res Cogitans to load Mercuria’s gasoline cargo for early-November loading from Europe’s Amsterdam-Rotterdam-Antwerp (ARA) region to Offshore Lagos.
He noted that NIDAS would optimise right of first refusal offer in the NNPC annual crude oil term and Direct-Sale-Direct Purchase, DSDP, agreements with off-takers.
“Under the terms of the deal, the off-takers are obligated to offer the NNPC shipping subsidiary the right of first refusal in freighting of cargoes.
“The re-entry of NIDAS into the international shipment of crude oil and petroleum products was seven years after falling out of reckoning in the global oil freight trade. Unremitted, stolen funds:
We lack power to enforce remediation – NEITI “ NIDAS’s re-entry was in tandem with the ongoing strategic re-engineering of some NNPC subsidiaries to ensure multiple income streams and value addition to the corporation in line with the aspiration of the corporation’s Group Managing Director, Mr. Maikanti Baru,’’ he said.
He explained that NIDAS has established a robust chartering and operation desk in its UK office to help the company secure sea-going vessels from spot market to herald its market re-entry and foster strong competitive edge.
Ughamadu further said that the long-term aspiration of the company was to own and operate fleet to secure a significant market share in the global shipping market.
This development, he said, was part of Baru’s 12 Business Focus Areas (12BUFA), which he unfolded when he took over the leadership of the corporation in 2016. Incorporated in 2007 as a Joint Venture between NNPC, Daewoo Shipbuilding and Marine Engineering Company Limited (DSME), he added that NIDAS is presently a wholly owned subsidiary of the corporation.
“Subsequently, a Board of Directors was inaugurated by the GMD with Mr. Henry Ikem Obih, Chief Operating Officer Downstream, as chairman, while Mr. Lawal Sade was appointed Managing Director with mandate to drive the turn-around process and effective re-entry strategy of NIDAS into the international oil shipping business,” he added.
Rivers State Governor, Sir Siminialayi Fubara, has dissolved the State Executive Council.
The governor announced the cabinet dissolution yesterday in a statement titled ‘Government Special Announcement’, signed by his new Chief Press Secretary, Onwuka Nzeshi.
Governor Fubara directed all Commissioners and Special Advisers to hand over to the Permanent Secretaries or the most Senior officers in their Ministries with immediate effect.
He thanked the outgoing members of the State Executive Council for their service and wished them the best in their future endeavours.
The three-paragraph special announcement read, “His Excellency, Sir Siminalayi Fubara, GSSRS, Governor of Rivers State, has dissolved the State Executive Council.
“His Excellency, the Governor, has therefore directed all Commissioners and Special Advisers to hand over to the Permanent Secretaries or the most Senior officers in their Ministries with immediate effect.
“His Excellency further expresses his deepest appreciation to the outgoing members of the Executive Council wishing them the best in their future endeavours.”
The Independent National Electoral Commission (INEC) yesterday told the National Assembly that it requires N873.78bn to conduct the 2027 general elections, even as it seeks N171bn to fund its operations in the 2026 fiscal year.
INEC Chairman, Prof Joash Amupitan, made the disclosure while presenting the commission’s 2026 budget proposal and the projected cost for the 2027 general elections before the National Assembly Joint Committee on Electoral Matters in Abuja.
According to Amupitan, the N873.78bn election budget covers the full conduct of national polls in 2027.
An additional N171bn is needed to support INEC’s routine activities in 2026, including bye-elections and off-season elections, the commission stated.
The INEC boss said the proposed election budget does not include a fresh request from the National Youth Service Corps seeking increased allowances for corps members engaged as ad-hoc staff during elections.
He explained that, although the details of specific line items were not exhaustively presented, the almost N1tn election budget is structured across five major components.
“N379.75bn is for operational costs, N92.32bn for administrative costs, N209.21bn for technological costs, N154.91bn for election capital costs and N42.61bn for miscellaneous expenses,” Amupitan said.
The INEC chief noted that the budget was prepared “in line with Section 3(3) of the Electoral Act 2022, which mandates the Commission to prepare its election budget at least one year before the general election.”
On the 2026 fiscal year, Amupitan disclosed that the Ministry of Finance provided an envelope of N140bn, stressing, however, that “INEC is proposing a total expenditure of N171bn.”
The breakdown includes N109bn for personnel costs, N18.7bn for overheads, N42.63bn for election-related activities and N1.4bn for capital expenditure.
He argued that the envelope budgeting system is not suitable for the Commission’s operations, noting that INEC’s activities often require urgent and flexible funding.
Amupitan also identified the lack of a dedicated communications network as a major operational challenge, adding that if the commission develops its own network infrastructure, Nigerians would be in a better position to hold it accountable for any technical glitches.
Speaking at the session, Senator Adams Oshiomhole (APC, Edo North) said external agencies should not dictate the budgeting framework for INEC, given the unique and sensitive nature of its mandate.
He advocated that the envelope budgeting model should be set aside.
He urged the National Assembly to work with INEC’s financial proposal to avoid future instances of possible underfunding.
In the same vein, a member of the House of Representatives from Edo State, Billy Osawaru, called for INEC’s budget to be placed on first-line charge as provided in the Constitution, with funds released in full and on time to enable the Commission to plan early enough for the 2027 general election.
The Joint Committee approved a motion recommending the one-time release of the Commission’s annual budget.
The committee also said it would consider the NYSC’s request for about N32bn to increase allowances for corps members to N125,000 each when engaged for election duties.
The Chairman of the Senate Committee on INEC, Senator Simon Along, assured that the National Assembly would work closely with the Commission to ensure it receives the necessary support for the successful conduct of the 2027 general elections.
Similarly, the Chairman of the House Committee on Electoral Matters, Bayo Balogun, also pledged legislative support, warning INEC to be careful about promises it might be unable to keep.
He recalled that during the 2023 general election, INEC made strong assurances about uploading results to the INEC Result Viewing portal, creating the impression that results could be monitored in real time.
“iREV was not even in the Electoral Act; it was only in INEC regulations. So, be careful how you make promises,” Balogun warned.
The N873.78bn proposed by INEC for next year’s general election is a significant increase from the N313.4bn released to the Commission by the Federal Government for the conduct of the 2023 general election.
President Bola Tinubu yesterday expressed grief over the death of a former President of the Academic Staff Union of Universities and one of Africa’s foremost literary scholars, Professor Emeritus Biodun Jeyifo.
Jeyifo passed away on Wednesday, drawing tributes from across Nigeria and the global academic community.
In a condolence message to the family, friends, and associates of the late scholar, Tinubu in a statement by his spokesperson, Bayo Onanuga, described Jeyifo as a towering intellectual whose contributions to African literature, postcolonial studies, and cultural theory left an enduring legacy.
He noted that the late professor would be sorely missed for his incisive criticism and masterful interpretations of the works of Nobel laureate, Professor Wole Soyinka.
The President also recalled Jeyifo’s leadership of ASUU, praising the temperance, foresight, and wisdom he brought to the union over the years.
Tinubu said Jeyifo played a key role in shaping negotiation frameworks with the government aimed at improving working conditions for university staff and enhancing the learning environment in Nigerian universities.
According to the President, Professor Jeyifo’s longstanding advocacy for academic freedom and social justice will continue to inspire generations.
He added that the late scholar’s influence extended beyond academia into political and cultural journalism, where he served as a mentor to numerous scholars, writers, and activists.
Tinubu condoled with ASUU, the Nigerian Academy of Letters, the Wole Soyinka Centre for Investigative Journalism, the University of Ibadan, Obafemi Awolowo University, Oberlin University, Cornell University, and Harvard University—institutions where Jeyifo studied, taught, or made significant scholarly contributions.
“Nigeria and the global academic community have lost a towering figure and outstanding global citizen,” the President said.
“Professor Biodun Jeyifo was an intellectual giant who dedicated his entire life to knowledge production and the promotion of human dignity. I share a strong personal relationship with him. His contributions to literary and cultural advancement and to society at large will be missed.”
Jeyifo was widely regarded as one of Africa’s most influential literary critics and public intellectuals. Among several honours, he received the prestigious W.E.B. Du Bois Medal in 2019.
