Business
NNPC Explains Non-Remittance Of N142.7bn To FG Account
The management of NNPC has said operational loss by the corporation contributes significantly to the non-remittance of N142.7 billion internally-generated fund to the Federal Consolidated Account.
The NNPC Group Managing Director, Mr Andrew Yakubu, made this known at a media briefing to clarify issues raised by the House of Representatives Committee on Finance.
Represented by Dr Omar Ibrahim, the General Manager, Media Relations, Yakubu said operational loss and harsh operational environment had made it difficult for the corporation to declare any surplus over the years.
“ We should like to emphasise that strictly speaking NNPC cannot be expected to sweep funds into the Consolidated Revenue Fund, since the law specifically says it is surplus that should be so paid.
He said “ in a situation where due to no fault of ours, we operate at a loss, there would not be any surplus to pay. Of course, we are all living witnesses to the causes of our operational losses.
He listed challenges contributing to the operational loss to include pipeline vandalism, oil theft and the fact that the NNPC buys crude at international rate and sells at regulated prices.
“Equally important is our role as product supplier of last resort. This particular role has taken a huge toll on our finances, but as Federal Government-owned corporation we take this responsibility seriously,’’ he added.
He, however ,said despite the challenges the NNPC had remitted about N400 billion monthly from its upstream operations to Federal Government.
Yakubu noted that the NNPC had already appeared before the House Committee on Finance to clarify the issue and that the Chairman of the committee had already instituted a committee that was currently sorting out the issue.
He said members of the committee looking at the corporation’s books include officials from the Account General of the Federation’s office and the house committee on finance.
He, however, said the NNPC was surprised at statements credited to the chairman committee on Finance, Mr Abdulmumin Jubril, that the NNPC owed the Federal government N142.7 billion unremitted revenue.
“The management of the NNPC notes with regrets the statements credited to the chairman of the House of Representatives committee on finance, saying that the corporation owes the Federal Government the sum of N142.7 billion in unremitted internally generated fund meant to be paid into the Federal Consolidated Account.’’
He noted that a review meeting took place on March 7 at the NNPC Towers where the account department provided all the documents requested from the NNPC and its 16 subsidiaries which were initially left out of the house committee’s report.
He wondered why the chairman of the committee had gone to the press to say the NNPC owed such amount when the committee it set up was still working.
“Curiously enough, even before the team could conclude their assignment Jibrin for reasons that we cannot fathom, put the corporation in bad light. .
“He went to town with news that his committee has uncovered a debt of N142.7 billion that the corporation was owing to the Federal Government.’’
He assured that the NNPC would continue to strive to live up to its mandate as contained in the Act establishing the corporation.
It would be recalled that the N142.7 billion comprises N78.69 billion accrued to government out of a total revenue of N6 trillion generated by NNPC and its subsidiaries between 2009 and 2011. “Also the balance of N64 billion accrued between January and June, 2012.”
The house committee on finance had threatened to order for the arrest of the NNPC, GMD if it failed to appear before it to clear the issue tomorrow Tuesday March 19, 201
Cornerstone of Financial Services
A survey of more than 1 000 global finance leaders undertaken by digital payment network Ripple shows that 72% of respondents believe they need to offer a digital asset solution to remain competitive.
According to Ripple, leaders from the banking, fintech, corporate and asset management sector have made it clear that the “digital asset revolution is happening now”.
“Digital assets are quickly becoming a cornerstone of financial services, underpinned by progressive regulation, growing interest from Tier-1 banks, a steady consumer shift from banks to fintech providers, and booming stablecoin adoption,” Ripple says.
The survey was conducted in early 2026 and the findings released in March.
Stablecoin Boon or Bane?
Ripple has experienced significant success in the stablecoin sector since launching its Ripple USD (RLUSD) stablecoin in 2024.
With a market cap of $1.56 billion, it is considered a major regulated player in the market.
No doubt the platform was pleased to learn through its own survey that financial leaders were most bullish about stablecoins.
Roughly three-quarters of respondents believed they could boost cash-flow efficiency and unlock trapped working capital.
Ripple noted that finance leaders were thinking about stablecoins as more than “just a new way to execute payments”; instead, they viewed them as effective tools for treasury management.
In March 2026, Ripple began testing a new trade finance model built around RLUSD in a bid to increase the speed of cross-border payments.
The pilot initiative, developed alongside supply chain finance company Unloq [https://unloq.com], is running on the XRP Ledger inside a testing framework developed by the Monetary Authority of Singapore.
The Asian city-state is one of the platform’s biggest growth markets.
The idea behind the project is to see whether stablecoin-based settlement can streamline trade finance, too often hampered by reliance on intermediaries and slow reconciliation.
The only potential drawback is that if the initiative takes off, the Ripple to USD price could be negatively affected.
Ripple has always championed its native XRP token as a bridge asset, the “middleman” in the process of a financial institution turning dollars in the US into pounds in the UK, for example.
Ripple converts dollars into XRP and then back into pounds.
If RLUSD can do exactly the same thing, questions will be asked about XRP’s relevance.
That is a bridge Ripple will have to cross if it gets to that point.
Tokenisation Partners
Another interesting finding from Ripple’s survey is that most banks and asset managers are seeking tokenisation partners to help execute their strategies.
Some 89% of respondents said digital asset storage and custody were top priority. “Token servicing/lifecycle management also ranks highly for banks at 82%, while asset managers place greater emphasis on primary distribution at 80%,” Ripple found.
The survey also revealed that just more than half of fintechs and financial institutions want an infrastructure provider that can offer a “one-stop-shop solution”. This rose to 71% among corporate financial leaders.
Ripple attributes this to institutions and firms wanting uncomplicated, cohesive systems.
Infrastructure Rules
In its final analysis, Ripple says companies across the board are looking for partners and solutions that are “secure, compliant, battle-tested and that enable growth and execution”.
“The message is clear: infrastructure decisions made today will shape competitive positioning tomorrow.”
No surprise that this is precisely where Ripple is placing much of its focus.