Business

EFCC Recovers N13bn Illegal Fuel Subsidy Payments

Published

3 years ago

January 6, 2023

The Economic and Financial Crimes Commission (EFCC) recovered about N13 billion as proceeds from illegal payments made under the subsidy regime between 2017 and 2021, The Tide source stated.
According to the source,this was based on the National inherent risk assessment of money laundering and terrorist financing in the Nigerian extractive sector document obtained from the website of the Nigeria Financial Intelligence Unit.
“EFCC the agency responsible for the investigation and prosecution of fraudulent subsidies in the oil and gas in Nigeria recovered N12,998,963,178.29 as proceeds of illegal payment made under the subsidy regime between 2017 and 2021”, the report stated in part.
A tabular breakdown showed that approximately N4.67 billion was recovered in 2017, N4.29 billion in 2018, N2.41 billion in 2019, N416.51 million in 2020 and N1.22 billion in 2021.
It was further noted in the report that there were several opportunities for fraudulent activities in the oil and gas sector.
“Opportunities for fraudulent activities exist in the oil and gas sector from extraction to sales of refined products to consumers.
“The absence of reliable equipment to measure the volume of crude oil being extracted makes it impossible to estimate the volume of crude oil extracted and even stolen through oil theft and vandalism.
“Oil theft also occurs in the downstream sector, as petrol pumps are rigged at petrol stations or adulterated.
“Also to be noted is the sale of petroleum products on the ‘black market’, giving rise to petroleum products being sold at exorbitant prices.
“Of concern is the emerging trend of filling station attendants acting as money agents, without appropriate customer due diligence carried out.
“It should be stated, however, that in most cases, the amount sold to an individual is usually not suspicious. However, if left unchecked, this practice could pose a threat to the country”, the report added.
It also noted that there had been diversion of petroleum products to non-designated retail outlets, which is a fraudulent practice that leverages on the fuel subsidy regime.
“Other fraudulent practices include the diversion of petroleum products to non-designated retail outlets to gain undue financial advantage.
“This practice may be intra- state, inter-state and across the borders of Nigeria to neighbouring countries.
“The Joint Border Exercise in August 2019 with operation code-named ‘Exercise Swift Response’ resulted in large number of seizures of trucks and other vehicles used to smuggle refined products outside the country.
“This exercise was coordinated by the Office of the National Security Adviser. This is also connected to the subsidy regime as the cost of PMS in Nigeria is significantly lower than in neighbouring countries.
“Another fraudulent practice is the smuggling of petroleum products. The NNPC recorded daily Premium Motor Spirit evacuation spikes in various depots across the country, against government projected volumes of daily consumption.
“These spikes led to the reactivation of Operation White II – an inter-agency task team comprising the NNPC, stakeholders and LEAs in May 2021. It was further reported that these volumes were being smuggled out to neighbouring countries like Benin Republic, Cameroun, Niger republic etc., with higher PMS prices compared to Nigeria.
“The OPW II team was mandated to curtail the smuggling, diversion and hoarding of PMS to ensure the Nation’s energy security. Intelligence-driven investigations are ongoing”, it stated.
In its biannual report known as Africa’s Pulse, which was released in April last year, the World Bank said increasing fuel subsidy put the Nigerian economy at a high risk as subsidy payments could significantly impact public finance and pose debt sustainability concerns.
In 2021, the Nigerian National Petroleum Corporation said fuel subsidy gulped N1.43tn, although there was no record for under-recovery in January.
The National Assembly approved N4tn as fuel subsidy bill for 2022, which was an increase of 179.72 per cent over the previous year’s subsidy bill.
However, experts have warned the Federal Government that the N4tn fuel subsidy bill would adversely affect the country’s economy.

Transport

Nigeria Rates 7th For Visa Application To France —–Schengen Visa

Published

2 days ago

January 28, 2026

The Tide

Nigeria was the 7th country in 2024, which filed the most schenghen visa to France, with a total of 111,201 of schenghen visa applications made in 2025, out of which 55,833, about 50.2 percent submitted to France

Although 2025 data is unavailable, these figures from Schengen Visa Info implies that France is not merely a preferred destination, but has been a dominant access point for Nigerian short-stay travel into Europe.

France itself has received more than three million Schengen visa applications, making it the most sought-after Schengen destination globally and a leading gateway for long-haul and third-country travellers. It was the top destination for applicants from 51 countries that same year, including many without visa-exemption arrangements with the Schengen Zone, and the sole destination for applicants from seven countries.

Alison Reed, a senior analyst at the European Migration Observatory said, “France’s administrative reach shapes applicant strategy, but it also concentrates risk. If processing times lengthen or documentation standards tighten in Paris, the effects ripple quickly back to capitals such as Abuja.”

The figures underline that this pattern is not unique to Nigeria. In neighbouring West and Central African states such as Gabon, Benin, Togo and Madagascar, more than 90 per cent of Schengen visas were sought via French authorities in 2024, with Chad, Djibouti, the Central African Republic and Comoros submitting applications exclusively to France.

“France acts as the central enumeration point for many African and Asian applicants,” said Manish Khandelwal, founder of Travelobiz.com, which reported the consolidated statistics. “Historical ties, language networks and established diaspora communities all play into that concentration. But volume inevitably invites scrutiny, and that affects refusal rates and processing rigour.”

That scrutiny is visible in the rejection statistics. Of the more than three million French applications in 2024, approximately 481,139 were denied, a rejection rate of about 15.7 per cent. While this rate is lower than in some smaller Schengen states, the sheer volume of applications means France contributes significantly to the total number of refusals within the zone.

For Nigerian applicants and policymakers, one implication is the need to broaden engagement with other Schengen consular hubs. “Over-reliance on a single consulate creates what one might call administrative bottleneck effects,” said Jean-Luc Martin, a professor and expert in European integration and mobility law at Leiden University. “If applicants from Nigeria default to France without exploring legitimate alternatives in countries like Spain, Germany or the Netherlands, they expose themselves to systemic risk

Martin added that the broader context of Schengen visa policy is evolving, with the European Commission’s preparing roll-out of the European Travel Information and Authorisation System (ETIAS) aimed at harmonising pre-travel screening across member states.

For Nigerians seeking leisure, business or educational travel to Europe, these trends suggest that strategic planning and consular diversification could become as important as the completeness of documentation and financial proof. Governments and travel consultancies in Abuja, Lagos and beyond are already advising clients to explore alternative consular pathways and to prepare for more rigorous screening criteria across all Schengen states

By: Enoch Epelle

Transport

West Zone Aviation: Adibade Olaleye Sets For NANTA President

Published

2 days ago

January 28, 2026

The Tide

Prince Abiodun Ajibade Olaleye, a former Welfare Officer and Public Relations Officer of the National Association of Nigeria Travel Agencies (NANTA), has formally declared his intention to contest for the position of Vice President of NANTA Western Zone, ahead of the zonal elections scheduled for Thursday, February 26, 2026.

In a New Year message to members of the association, Olaleye expressed optimism about the prospects of the travel and tourism industry in 2026, despite the economic headwinds and migration policy challenges that affected operations in the previous year.

He acknowledged that reduced patronage and declining trade volumes had placed significant financial pressure on many travel agencies, but urged members to remain resilient and forward-looking.

According to him, the challenges confronting the industry should be seen as opportunities for growth, innovation and institutional strengthening.

He stressed the need for unity and collective action among members of the association, noting that collaboration remains critical to navigating the evolving global travel environment.

Unveiling his vision for the NANTA Western Zone, Olaleye said his aspiration is to consolidate on the achievements of past leaders while expanding the zone’s relevance, influence and impact “beyond imagination.” He promised a leadership focused on commanding excellence, improved member welfare and stronger stakeholder engagement.

Drawing from his experience in previous executive roles within NANTA, the vice-presidential aspirant said he is well-positioned to make meaningful contributions to the association, particularly in areas of member support, public engagement and institutional growth.

“I believe that together, we can take our association to greater heights and build a stronger, more prosperous NANTA Western Zone that benefits all members,” he said, while appealing to delegates for their support and votes.

Olaleye concluded by offering prayers for good health, peace and prosperity for members in 2026, expressing confidence that the new year would usher in renewed opportunities for the travel industry and the association at large.

By: Enoch Epelle

Business

Sugar Tax ‘ll Threaten Manufacturing Sector, Says CPPE

Published

2 days ago

January 28, 2026

The Tide

The Centre for the Promotion of Private Enterprise (CPPE) has warned that renewed calls for a sugar tax on non-alcoholic beverages could hurt Nigeria’s manufacturing sector, threaten jobs and slow the country’s fragile economic recovery.

In a statement, the Chief Executive Officer, CPPE, Muda Yusuf, said while public health concerns such as diabetes and cardiovascular diseases deserve attention, imposing an additional sugar-specific tax was economically risky and poorly suited to Nigeria’s current realities of high inflation, weak consumer purchasing power and rising production costs.

Yusuf who insisted that the food and beverage sector remains the backbone of Nigeria’s manufacturing industry, said the industry supports millions of livelihoods across farming, processing, packaging, logistics, wholesale and retail trade, and hospitality.

He remarked that any policy that weakens this ecosystem could have far-reaching consequences, including job losses, lower household incomes and reduced investment.

Yusuf argued that proposals for sugar taxation in Nigeria are often influenced by global policy templates that do not adequately reflect local conditions.

According to him, manufacturers in the non-alcoholic beverage segment are already facing heavy fiscal and cost pressures.

“The proposition of a sugar-specific tax is misplaced, economically risky, and weakly supported by empirical evidence, especially when viewed against Nigeria’s prevailing structural and macroeconomic realities.

“Existing obligations include company income tax, value-added tax, excise duties, levies on profits and imports, and multiple state and local government charges. These are compounded by high energy costs, exchange-rate volatility, elevated interest rates and expensive logistics,” he said.

The CPPE boss noted that retail prices of many non-alcoholic beverages have risen by about 50 per cent over the past two years, even without the introduction of new taxes, further squeezing consumers.

Yusuf further expressed reservation on the effectiveness of sugar taxes in addressing the root causes of non-communicable diseases in Nigeria.

By: Lady Godknows Ogbulu