Business
SERAP Quizzes NNPCL Over N825bn, $2.5bn Refinery Repair Fund
The Socio-Economic Rights and Accountability Project (SERAP) has called on the Group Chief Executive Officer of the Nigerian National Petroleum Company Limited (NNPCL), Mele Kyari, to explain the disappearance of over N825 billion and $2.5 billion earmarked for refinery rehabilitation and oil revenues.
The demand follows a 2021 annual report by the Auditor-General of the Federation, which raised serious concerns about the management of public funds within the NNPCL.
A recent audit by SERAP, published on November 27, 2024, highlighted several financial discrepancies involving missing or unaccounted-for funds.
This includes the N825 billion allegedly deducted from crude oil sales between 2020 and 2021 for refinery repairs.
The Auditor-General’s office has suggested that these funds may have been diverted and has called for a thorough investigation and recovery of the money.
In a letter dated 4 January 2025, SERAP urged Kyari to “account for and explain the whereabouts of the alleged missing N825bn and $2.5bn meant for refinery rehabilitation and other oil revenues”, referencing the Auditor-General’s report.
On his oart, SERAP’s Deputy Director, Kolawole Oluwadare, in a press release titled “Account for Missing N825bn, $2.5bn for Refinery Repairs and Others: Invite EFCC, ICPC”, the ongoing mismanagement of public funds “has undermined Nigeria’s economic development, trapped the majority of Nigerians in poverty, and deprived them of opportunities”.
The organisation called for increased transparency and demanded that those responsible for the alleged mismanagement of funds be handed over to the Economic and Financial Crimes Commission and the Independent Corrupt Practices and Other Related Offences Commission for investigation and possible prosecution.
SERAP also welcomed Kyari’s public invitation to former President Olusegun Obasanjo to tour Nigeria’s refineries but emphasised the importance of involving the EFCC and ICPC to ensure transparency in refinery operations.
“We urge you to formally invite former President Olusegun Obasanjo to tour Nigeria’s refineries and to extend your invitation to the EFCC and ICPC to monitor the operations of the refineries”, the letter stated, noting that this aligns with Nigeria’s Constitution and international anti-corruption commitments.
The Tide’s source, however, stated that the former President rejected the invite, declaring it as disrespectful.
The letter also outlined other instances of financial irregularities, including over N343 billion deducted from crude sales for pipeline maintenance, N83.66 billion withdrawn from a sinking fund account, and more than N204 billion in unexplained deductions from oil royalties in 2021.
Additionally, the Auditor-General highlighted discrepancies in outstanding bridging allowances, royalties, and revenues, all of which SERAP insists should be recovered and remitted to the Federation Account.
“We would be grateful if the recommended measures are taken within seven days of the receipt and/or publication of this letter”, the letter concluded.
“If we have not heard from you by then, SERAP shall consider appropriate legal actions to compel the NNPCL to comply with our requests in the public interest”.
According to the source, a copy of the letter was also sent to key officials, including President Bola Tinubu; Chief of Staff Femi Gbajabiamila; Attorney General Lateef Fagbemi; ICPC Chairman Musa Aliyu; EFCC Chairman Olanipekun Olukoyede; and the Chairpersons of the Public Accounts Committees of both the Senate and the House of Representatives.
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Withdrawal, Deposit Fees Changes From May 1, 2026 Still Stands – CBN … Declares 5 Banking Services Free
The Central Bank of Nigeria (CBN) has said that the announced changes in fees attached to several everyday banking services, scheduled to take effect on May 1, 2026 has commenced.
The changes are contained in the apex bank’s revised Guide to Charges by Banks and Other Financial Institutions, which outlines consumer-focused reforms designed to improve transparency and reduce the burden of banking fees nationwide.
According to the document, which was signed by Dr. Rita Sike, the CBN’s Director of the Financial Policy and Regulation Department, the new changes affect account reactivation, ATM withdrawals on own bank networks, and virtual card issuance.
Following the changes made by CBN, the five key banking services affected by the CBN’s update are in account reactivation and closure, under which banks are no longer allowed to charge customers for reactivating dormant accounts, while account closure also remains free.
The second change is that banks will now be required to provide monthly statement of account to their customers at no cost, and also ensure better access to financial information.
However, requests for printed statements outside the agreed standard format attract a maximum fee of N20 per page.
Thirdly, the CBN has introduced small inter-bank electronic transfers to promote digital payments and micro-transactions.
The implication is that, henceforth, transfers from N0 to N5,000 are free, transfers between N5,000 and N50,000 will attract a maximum fee of N10, while transfers above N50,000 are capped at N50.
The fourth change in the CBN update is in the use of own bank’s ATM (On-Us Transactions).
Here, withdrawals made from your bank’s ATM (on-us transactions) are free. Non-cash transactions, such as intra-bank transfers carried out at these ATMs, also attract no charges.
The fifth change is in virtual cards and PIN management in which banks are now required to issue virtual cards at no cost. In addition, PIN-related services, including PIN re-issuance and resets, are free for all customers.
The document further said the new charges guide, which aims to boost financial inclusion and reduce banking costs, updates the 2020 version to better align with current market realities, particularly the growing reliance on digital payments and mobile banking.
Binani Air has announced the commencement of sales tickets on Monday, describing the development as a milestone that will improve the aviation sector and create jobs for the people in Nigeria, as head of its scheduled inaugural flight operations starts May 10, 2026,
In a statement issued by the head of corporate communications of the new airline, the move marks a significant milestone in the aviation sector.
She said this announces the transition from vision to operation as the airline moves closer to welcoming its first passengers on board.
Quoting the Chief Executive Officer of Binani Air, Aminatu Dahiru Chiroma, the Corporate communications officer said,”the commencement of ticket sales represents more than just access to flights. It reflects the airline’s readiness to deliver a new standard of air travel in Nigeria.
“Opening our ticket sales is a defining moment for us. It is the point at which our commitment becomes real for the travelling public. From this moment, we are not just preparing to fly—we are preparing to serve.
“Built on the principles of reliability, safety, and respect for passengers’ time, Binani Air enters the market with a clear focus on consistency and operational discipline.
“The airline is committed to delivering a travel experience that is both seamless and reassuring, particularly in a sector where trust remains critical.
“Passengers can expect a streamlined booking process, responsive customer engagement, and a service culture designed to prioritize comfort and professionalism from the very first interaction”.
Chiroma said as anticipation builds towards the inaugural flight, Binani Air invites travellers, corporate partners, and stakeholders to be part of this defining journey, one that seeks to reshape expectations and restore confidence in Nigerian aviation.
She said “bookings are available via the airline’s official website (www.binaniair.com) and authorised travel partners from 12 noon of 4th of May 2026.”
The Dangote Group has dismissed as false and malicious publication alleging that its President, Aliko Dangote, distanced himself from fellow businessman Tony Elumelu.
In a statement issued by the company, the Group said it never made such claims and described the report as baseless and a deliberate misrepresentation of facts.
The statement was signed by the Group Chief Branding and Communications Officer of Dangote Industries Limited Anthony Chiejina.
The company also refuted assertions that the development of the Dangote Petroleum Refinery & Petrochemicals was financed through personal borrowing from friends.
It maintained that such claims are entirely inaccurate, stressing that Dangote does not fund projects through informal personal lending arrangements.
Addressing speculation about a fallout between Dangote and Elumelu, the Group clarified that both men maintain a longstanding and cordial relationship.
The statement further expressed concern over what it described as a growing trend of fabricated statements and the unauthorised use of Dangote’s name, image, and likeness in AI-generated advertisements and misleading content, warning that such actions could amount to fraud and reputational damage.
The company warned individuals and platforms involved in spreading false information to desist immediately, noting that it would take appropriate legal action where necessary.
The Dangote Group reiterated its commitment to maintaining high standards of integrity while continuing to promote industrialisation, economic self-sufficiency, and sustainable development across Africa.
Nkpemenyie Mcdominic, Lagos
