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NLNG Dividends Account: NNPC Must Clarify $3.16bn Withdrawal …Issues One-Week Ultimatum -Senate Insists
The Senate, yesterday gave the Nigerian National Petroleum Corporation (NNPC) an ultimatum of one week to provide it with details of 22 withdrawals from Nigeria Liquidfied Natural Gas (NLNG) dividends account which amounts to a total sum of $3.1 billion within two weeks.
The Senate has also asked the Acting Director of Banking Services of Central Bank of Nigeria, CBN, Mr Christopher Olumukore, who stood in for CBN Governor, Godwin Emefiele to also submit within one week “all the withdrawal authorisation you had including all the originating mandates and all the approvals”.
According to the Senate, the NNPC would submit the details of withdrawals from May 2015 till date. Speaking in Abuja during the investigation by the Senate Committee on Gas on the alleged $1.05 billion withdrawn from the Nigeria National Petroleum Corporation, NNPC, dividend in the Nigeria Liquefied Natural Gas, NLNG, Chairman of the committee, Senator Albert Akpan, PDP Akwa Ibom North East, directed the NNPC to furnish the committee with all dividends accruing from the NLNG and all withdrawals from the account since 2015.
Senator Akpan expressed dissatisfaction with the documents submitted to the committee by the NNPC, lamenting that the nation’s oil corporation failed to present back up documents for the 22 withdrawals by NNPC from NLNG dividends account.
According to him, the corporation has up till November 30 to supply the committee secretariat with comprehensive list of the 22 withdrawals totalling $3.2 billion made from the NLNG dividend account with the CBN since 2015, adding that the committee would reconvene on December 13 to look at all the submissions by both NNPC and CBN”.
Meanwhile, the committee was told that over 45 withdrawals were made from the NLNG dividend accounts with the Central Bank of Nigeria, CBN, since 1999.
In his presentation, the Chief Financial Officer, CFO, of NNPC, Mr Isiaka Abdulrasaq, who stood in for Group Managing Director of NNPC, Mr Maikati Baru disclosed to the Senate committee at its meeting in Room 224, Senate New Building that since the NLNG Dividend Account was opened with the CBN in 1999, not less than 45 withdrawals had been made in the account.
Abdulrazaq however told the committee that the investigation should begin from 1999 when the account was established, just as he said that 44 withdrawals were made out that account till now.
In trying to speak further and shed more light on the total cost of the withdrawals, the Chairman of the committee stopped Abdulrazaq, saying that was not the information required from him by the committee.
The committee through Senator Emmanuel Paulker, PDP, Bayelsa Central opposed the NNPC that they only needed details of withdrawals from 2015 till date.
Also in his reaction, Senator Osinachukwu Ideozu (Rivers West) however expressed concerns over the competence of Abdulrasaq to occupy the CFO position in NNPC against the backdrop of how he confronted the committee members.
At this point, Akpan told Abdulrazaq that he cannot dictate to the committee how to go about its findings “so you must abide by our rules of engagement and not teach us our work”.
According to him, from the brief the NNPC submitted to the committee, there were a lot of missing links which the committee will require to do its job. But, the Executive Director of Finance (NNPC) opposed the Chairman of the committee, noting that NNPC had provided the schedule of dividends received from 2015 till date, but the supporting documents were still being combined.
Meanwhile, at the meeting, Olumukore had earlier told the committee that the dividend account domiciled with the apex bank was being operated by both NNPC and Ministry of Finance.
According to him, mandates for withdrawal from the account were usually from the NNPC and on some occasions from the Finance Minister. It would be recalled that the Senate Committee on Gas last week said it had uncovered a fresh illegal withdrawal of $1.15 billion from the dividends accounts of the Nigerian Liquefied Natural Gas by the Nigerian National Petroleum Corporation.
The new revelation is different from the $1.05 billion which the Group Managing Director of the NNPC, Maikanti Baru, had earlier admitted to that was withdrawn following a presidential directive.
Nneka Amaechi-Nnadi, Abuja
The Administrator of Rivers State, Retired Vice Admiral Ibok-Ete Ekwe Ibas, has assured the commitment of Rivers State government to workers’s welfare and industrial harmony in Rivers State.
The Sole Administrator gave the assurance after meeting with leadership of organized labour unions at the Government House, Port Harcourt on Wednesday.
Ibas reaffirmed government’s policy of prompt payment of salaries and pensions to workers and retirees, stating that all local government employees are not receiving the approved minimum wage.
He disclosed that approval has been given for payment of newly employed staff at Rivers State University Teaching Hospital and the Judiciary, while medical workers in Local Government Areas will now receive correct wages.
Ibas explained that, Government is reviewing implementation challenges of the Contributory Pension Scheme ahead of the July 2025 deadline, adding that Intervention buses have been reintroduced to ease workers’ transportation ,with plans to expand the fleet.
He said specialized leadership training for top civil servants will commence within two weeks, while due consideration is being given to implementing the N32,000 consequential adjustment for pensioners and clearing outstanding gratuities.
Ibas commended Rivers State workers for their dedication to service and called for sustained partnership with labour unions to maintain industrial peace.
“This administration recognizes workers as critical partners in development. We remain committed to addressing your legitimate concerns within available resources,” he stated.
The State NLC Chairman, Comrade Alex Agwanwor, thanked the Administrator for the steps taken so far with regard to workers welfare while appreciating his disposition towards alleviating the transportation problem faced by workers.
He also expressed appreciation for the government’s openness to dialogue and pledged continued cooperation towards achieving mutual goals.
The Rivers State Government assured all workers of its unwavering commitment to their welfare and called for continued dedication to service delivery for the collective progress of our dear State.
The Nigeria Labour Congress (NLC), Rivers Council, has called for policies that will improve the economic situation of the country in order to ensure enhanced living standard for workers.
The State Chairman, Mr Alex Agwanwor, made the remark on behalf of the unions affiliated to Labour Congress during the 2025 workers day celebration in Port Harcourt, yesterday.
Agwanwor highlighted the demands of the Unions which included the immediate payment of pension arrears, implementation of the N32,000 minimum wage for pensioners, and payment of gratuities and death benefits without further delay.
“We are calling for the regulation and protection of e-hailing drivers, implementation of increments and promotions, and resolution of long-standing issues in the polytechnic sector,” he said.
Agwanwor on behalf of the unions appealed to President Bola Tinubu to reinstate the democratically elected Governor, Deputy Governor, and members of the Rivers State House of Assembly.
He stressed the importance of democratic governance and good working relationship with elected representatives.
According to him, the unions expressed disappointment over the imposition of taxes, increase in electricity tariff, and high cost of goods and services, which have further worsened the plight of workers.
“We urge the federal government to take measures to alleviate the suffering of citizens,” he said.
Vice-President Kashim Shettima says President Bola Tinubu is committed to unlocking Nigeria’s full potential and position the country as a leading force on the African continent.
Shettima stated this when he hosted a delegation from the Hertie School of Governance, Berlin, led by its Senior Fellow, Dr Rolf Alter, at the Presidential Villa in Abuja last Wednesday.
He said Nigeria was actively seeking expertise from the global best institutions to enhance policy formulation and implementation, particularly in human capital development.
The Vice-President noted that President Tinubu was determined to elevate Nigeria to its rightful position as a leading force in Africa.
“The current crop of leadership in Nigeria under President Bola Ahmed Tinubu is ready and willing to unleash the full potential of the Nigerian nation on the African continent.
” We are laying the groundwork through strategic reforms, and at the heart of it, is human capital development.”
He described the Hertie School as a valuable partner in the journey.
According to him, Hertie School of Governance, Berlin, has track record and institutional knowledge to add value to our policy formulation and delivery, especially in this disruptive age.
Shettima reiterated the government’s priority on upskilling Nigerians, saying ” skills are very important, and with our Human Capital Development (HCD) 2.0 programme.
“We are in a position to unleash the full potential of the Nigerian people by enhancing their capital skills.”
The Vice-President acknowledged the vital support of international development partners in that effort.
” I want to thank the World Bank, the European Union, the Bill and Melinda Gates Foundation, and all our partners in that drive to add value to the Nigerian nation,” he maintained.
The Vice-President said human capital development was both an economic imperative and a social necessity.
Shettima assured the delegation of the government’s readiness to deepen cooperation.
” We need the skills and the capacity from your school. The world is now knowledge-driven.
“I wish to implore you to have a very warm and robust partnership with the government and people of Nigeria.”
Shettima further explained recent economic decisions of the government, including fuel subsidy removal and foreign exchange reforms.
“The removal of fuel subsidy, the unification of the exchange rate regime and the revolution in the energy sector are all painful processes, but at the end of the day, the Nigerian people will laugh last.
“President Tinubu is a very modern leader who is willing to take far-reaching, courageous decisions to reposition the Nigerian economy,” he added.
Earlier, Alter, congratulated the Tinubu administration for the successful launch and implementation of the Human Capital Development (HCD) strategy.
The group leader described the development as ambitious and targeted towards the improvement of the lives of the citizens.
He expressed satisfaction with the outcome of his engagements since arriving in the country.
He applauded the zeal, commitment, energy and goodwill observed among stakeholders in the implementation of Nigeria’s HCD programme.
Alter said the Hertie School of Governance would work closely with authorities in Nigeria across different levels to deliver programmes specifically designed to address the unique needs of the country.
He, however, stressed the need for government officials at different levels to be agile and amenable to the dynamics of the evolving world, particularly as Nigeria attempted to successfully accelerate its human capital development aspirations.