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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

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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.

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Fubara: Nigeria Needs God-fearing Leaders To Make Progress  …Applauds Seventh Day Adventist

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Governor of Rivers State, Sir Siminalayi Fubara, says Nigeria needs God-fearing leaders for the nation to move in the right direction and make meaningful progress.

The Governor stated this yesterday when he received in audience, the World President of the Seventh Day Adventist Church, Pastor Erton Kohler; his wife, Andriene Marques Kohler; daughter Mariana Marques Kohler and a retinue of ministers of  the church at Government House, Port Harcourt.

Fubara who hailed  the Seventh Day Adventist Church for its contributions to education and the grooming of future leaders in Nigeria,  expressed delight  that the  Church had over the years,  been investing in education at various levels and currently runs two universities in the country.

He commended the church for not only using its  institutions to spread the gospel of  Christianity but to groom future leaders for the country.

According to him, religion should not be just about defending one’s faith, but also  making meaningful impact on the lives of the people.

He said that by floating these educational institutions, the church has demonstrated capacity to support Nigeria  in the task of producing not only educated people but a breed of God-fearing  leaders.

“Our country is where  it is today because we lack the fear of God. If you have the fear of God, there should be a limit to what you can do because you understand the supremacy of God. But when God is not in your equation,  you’ll go beyond the line and that is what has brought us to where we are today.

“So, I feel very happy that you are contributing to the development of our future leaders in this country. We need the right people being in the right place; prepared properly with good minds; that is what we need, not just in Nigeria but round the whole world.,” he said.

Governor Fubara further observed that the absence of God-fearing people in high places to take the right decisions that could impact positively on the society,  has also given rise to other problems such as social  inequality, poverty, corruption  and criminality. According to him, Nigeria needs a  system where the average parent could afford  quality education for their children and a  guarantee that upon graduation, the average  child  will have the  capacity to compete favourably with anybody, anywhere in the world.

“If we have a  situation where the little money that you’re being  paid as wage can also afford you quality healthcare and after working at least for 15-20 years, you have a roof over your head, tell me why you should be involved in any kind of crime? At that point, you’ll feel secured and this attitude of insecurity about the future that leads to all the social vices  we have today won’t be there,” he said.

Governor Fubara expressed appreciation to  the  delegation for the visit and for their prayers for Rivers State, assuring them of his continued support for their programmes in the state.

Leader of the delegation and World President of the Seventh Day Adventist Church, Pastor Erton Kohler said he was in Nigeria for a special conference of the church during which thousands of the church’s  ministers will  be undergoing  an  empowerment programme to further equip  them for the task of herding their flocks and serving the society.

He expressed gratitude to the Governor for the warm reception accorded his entourage, saying the memory of the visit will linger in his mind for a lifetime.

Kohler disclosed that the Church has over twenty -four million  (24,000,000) members and more than 182,000 places of worship,  spread across 212 countries of the world.

 

 

 

 

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Rivers Assembly Approves Fubara’s 2026–2028 MTEF

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The Rivers State House of Assembly has approved the 2026–2028 Medium Term Expenditure Framework (MTEF) submitted by Governor Siminalayi Fubara.

 

This reaffirms the lawmakers’ commitment to enacting laws and taking legislative actions geared towards the overall development of the State.

 

The Assembly gave the approval during its Second Legislative Sitting of the Fourth Session held last Friday.

 

Speaking on the MTEF document during plenary, the House Speaker, Rt. Hon. Martin Amaewhule, noted that by the provision of Section 10(1)(b) of the Rivers State Fiscal Responsibility Law No. 8 of 2010, the MTEF ought to have been laid before the House in September 2025.

 

Amaewhule explained that traditionally, the document is expected to be presented four months before the commencement of the next financial year and immediately after the expiration of every three-year fiscal cycle.

 

He, however, stated that in the interest of the State and its people, the House considered it necessary to deliberate on the document, describing it as a precursor to the 2026 Budget Estimates.

 

The Speaker expressed concern that the year had already progressed significantly before the presentation of the framework.

During deliberations on the document, members examined the assumptions and projections contained in the MTEF and observed that strict adherence to the outlined fiscal parameters would ultimately serve the interest of Rivers people.

 

The lawmakers maintained that effective implementation of the framework would promote prudent financial management and enhance developmental planning across the State.

 

Following the debate and positive consideration by members, the Speaker put the question to the House and members voted overwhelmingly in support of the approval of the MTEF.

 

Meanwhile, during the same sitting last Friday, the House also received a petition from the Chairman of Obio/Akpor Local Government Council, Dr. Gift Worlu.

 

The petition was presented by the member representing Obio/Akpor Constituency II, Hon. Emilia Amadi.

 

According to the petition, concerns were raised over an imminent security breach, threats to lives, destruction of property and alleged forceful takeover of property by some lawless persons within parts of the Local Government Area.

 

Presenting the petition before the House, Hon. Amadi appealed to the lawmakers to revisit the matter and take necessary steps aimed at safeguarding lives and property in the affected communities.

 

The House is expected to further deliberate on the petition and consider measures to address the concerns raised in order to sustain peace and security in the area.

 

King Onunwor

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JUNE 12: Democracy Remains Nigeria’s Strongest Path To Unity, Progress, Says Fubara ….Extols Abiola, Wife

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Governor of Rivers State, Sir Siminalayi Fubara, has reaffirmed that democracy remains the most effective system of government for Nigeria, given the country’s rich diversity of ethnic, religious, and cultural identities.

In a goodwill message to Nigerians on the occasion of the 2026 Democracy Day celebration, Governor Fubara said June 12 represents far more than a historic date; as it embodies the enduring struggle, sacrifice, and collective aspiration of Nigerians for freedom, justice, and representative governance.

The Governor extended warm felicitations to Nigerians at home and in the Diaspora, paying tribute to the heroes and heroines of the democratic struggle, particularly Chief MKO Abiola, his wife, Kudirat Abiola, and countless others whose courage and sacrifices helped secure the democratic freedoms Nigerians enjoy today.

According to him, “June 12 is a reminder of the price paid for the democracy we enjoy today. The sacrifices made by Chief MKO Abiola, Kudirat Abiola, and many other patriots who laid the foundation for the democratic journey we continue to enjoy today. Their commitment to the principle that power must ultimately reside with the people remains a source of inspiration for every generation of Nigerians.”

Governor Fubara noted that thirty-three years after the historic June 12, 1993 election, Nigeria’s democratic experiment has continued to evolve despite challenges and setbacks.

“Our democratic journey has not been without difficulties, but the resilience of our institutions and the determination of our people have kept the nation moving forward. The ability to express differing opinions, engage in constructive debate, and peacefully choose leaders through the ballot remains one of the greatest achievements of our nation,” he said.

Governor Fubara stressed that democracy provides the best framework for managing Nigeria’s diversity and transforming it into a source of national strength.

“Nigeria’s diversity should never be seen as a weakness. Properly harnessed, it is our greatest asset. Democracy offers us the opportunity to build consensus, promote inclusion, strengthen national unity, and create the conditions for sustainable development and shared prosperity,” he said.

Governor Fubara commended President Bola Ahmed Tinubu, for his commitment to the Renewed Hope Agenda and ongoing efforts aimed at economic revitalization, strengthening security, and deepening democratic institutions across the country.

He reiterated the readiness of Rivers State to continue partnering with the Federal Government in advancing policies and programmes that improve the lives of citizens through infrastructure development, job creation, enhanced security, quality education, healthcare delivery, and good governance.

The Governor further called on Nigerians, regardless of political affiliation, ethnic background, or religious belief, to use the occasion of Democracy Day to renew their commitment to the Nigerian project and the ideals that underpin democratic governance.

“Democracy must not be viewed merely as a periodic electoral exercise. It must be reflected in our daily commitment to accountability, transparency, tolerance, justice, respect for the rule of law, and responsible leadership. As citizens and leaders, we all share a collective responsibility to strengthen our democracy and build a nation that future generations will be proud to inherit,” he said.

Governor Fubara expressed optimism about Nigeria’s future, urging citizens to remain united, hopeful, and committed to the values of peace, dialogue, and national development.

“Together, we can build a stronger, more inclusive, and more prosperous Nigeria where every citizen has the opportunity to thrive and contribute meaningfully to national progress,” he said.

 

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