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CBN Warns On Politicisation Of Missing $49.8bn Revenue

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12 years ago

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The Central Bank of Nigeria has warned against the politicisation of the alleged diverted revenue of $49.8bn by the Nigerian National Petroleum Corporation.

The Governor of the CBN, Mr. Lamido Sanusi, had written to President Goodluck Jonathan to complain about the failure of the NNPC to remit the said amount to the Federation Account in contravention of extant laws.

He was reported to have said the amount represented 76 per cent of the value of crude oil lifting during the period.

The complaints are contained in the letter to the President dated September 25, 2013.

However, the corporation on Tuesday refuted the claims that it diverted the said amount, adding that the allegation by the CBN governor was borne out of misunderstanding of the workings of the oil and gas industry and the modality for remitting crude oil sales revenue into the Federation Account.

But the apex bank, in a statement yesterday by the Director, Corporate Communications Department, Mr Ugochukwu Okoroafor, said while it would neither confirm or deny the origin of the letter, the capacity of the bank was strengthened or undermined by the extent to which the country was able to increase foreign exchange earnings.

In the performance of this role, the CBN stated in the statement that it was natural for the apex bank to be concerned at the low level of accretion to reserves and the Excess Crude Account in spite of the strong international oil prices.

It said, “The attention of the CBN has been drawn to an emerging public discourse around a letter purportedly written by the governor (CBN) to the President, expressing concern over non remittance of oil revenues by the NNPC. “The CBN will neither confirm nor deny the existence of such a letter and considers any discussions by it on the alleged letter to be inappropriate.”

However, the Nigerian National Petroleum Corporation (NNPC) has refuted reports.

Nigerian governors are poised to confront President Goodluck Jonathan on the alleged refusal of the Nigerian National Petroleum Corporation to remit $49.8bn to the Federation Account.

The governors based their decision on the revelation made by the Governor of the Central Bank of Nigeria, Mallam Lamido Sanusi, in a letter issued by him that the NNPC had failed to remit the money, which was said to be the proceeds from crude sales between January 2012 and July 2013.

The said amount was said to have represented 76 per cent of the value of crude oil lifting during the period, in which the NNPC was said to have remitted $15.5bn, representing a paltry 24 per cent of the total value of $65.3bn.

This was one of the decisions arrived at by the governors during their meeting in Abuja on Wednesday night.

The meeting, which was held under the aegis of the Nigeria Governors’ Forum, and was presided over by its Chairman, who is also the Governor of Rivers State, Mr. Rotimi Amaechi, ended in the early hours of yesterday.

The governors also expressed worry over the refusal of the Federal Government to call for the meeting of the National Economic Council in the last four months.

They also regretted that the council’s meeting, which ought to hold on Thursday (yesterday), was postponed indefinitely.

L-R: Director of Pension, Office of the Head of the Civil Service of the Federation, Mr Vesely Zafi, Permanent Secretary, federal Ministry of Defence, Abuja, Mr Aliyu Ismaila and Provost, Federal College of Education, Yola, Prof. Abdulmumin Sa'ad, at the interactive session with federal civil servants in Adamawa State recently

L-R: Director of Pension, Office of the Head of the Civil Service of the Federation, Mr Vesely Zafi, Permanent Secretary, federal Ministry of Defence, Abuja, Mr Aliyu Ismaila and Provost, Federal College of Education, Yola, Prof. Abdulmumin Sa’ad, at the interactive session with federal civil servants in Adamawa State recently

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Niger Delta Investment Summit Targets $5bn Inflows, 500,000 Jobs

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5 days ago

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April 10, 2026

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The Niger Delta Chambers of Commerce, Industry, Trade, Mines and Agriculture (NDCCITMA) has unveiled the plans to host a major economic and investment summit aimed at attracting five billion dollars, ( N7 trillion) investments in addition to creating about 500,000 jobs over the next five years.
The Chairman of NDCCITMA Board, Ambassador Idaere Ogan, disclosed this in Port Harcourt, recently.
Ogan stated  that the initiative is designed to reposition the Niger Delta as a viable destination for sustainable economic growth and development.
He explained the summit would bring together investors, policymakers, manufacturers and business leaders from within and outside Nigeria to explore opportunities across key sectors of the regional economy.
According to him, the event is expected to attract high-profile participation, with President Bola Tinubu billed as Special Guest of Honour, while the Prime Minister of Barbados, Mia Amor Mottley, is expected to deliver the keynote address.
Ogan said the summit would focus on critical sectors including agriculture, manufacturing, logistics and the blue economy, which he described as areas with significant untapped potential.
He called on state governments, development partners and private sector stakeholders to support the initiative, stressing that collective efforts are required to unlock the region’s economic prospects.
 NDCCITMA chairman further stated that improving security conditions and increasing economic confidence in the Niger Delta have made the region more attractive to both local and foreign investors.
He emphasised that ongoing economic reforms at the national level have also contributed to creating a more favourable investment climate.
Also speaking, the Chairman of the Summit Organising Committee, Dr. Solomon Edebiri, said the event would prioritise the growth of small and medium-scale enterprises (SMEs) across the region.
He noted the summit would provide a strategic platform for networking, business partnership and policy dialogue aimed at strengthening the private sector.
Edebiri disclosed that findings from a recent business roundtable revealed significant untapped investment opportunities, which the summit seeks to harness through targeted collaborations.
He revealed that the event would feature exhibitions of viable projects, facilitate business-to-business and business-to-government engagements, and also promote innovations across multiple sectors.
According to him, the expected outcomes of the summit include job creation, increased industrial activity and improved livelihoods for people in the Niger Delta.
To build momentum ahead of the event, NDCCITMA said the body would embark on awareness roadshows across states in the Niger Delta, as well as in Lagos and Abuja, to attract broad participation.
King Onunwor
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NPA Targets N1.489tn Revenue In 2026

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5 days ago

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April 10, 2026

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The Management  of Nigerian Ports Authority (NPA) has set N1.489 trillion as its Internally Generated Revenue (IGR) target for the 2026 fiscal year.
NPA says the figure represents an increase of N21 billion over the N1.468 trillion target for 2025, which the agency exceeded with an actual revenue of N1.97 trillion.
 The Managing Director NPA, Dr Abubakar Dantsoho, stated this  during the agency’s 2026 budget defence before the Senate Committee on Marine Transport.
Dantsoho said  the authority was set to begin groundbreaking projects for the modernisation of Apapa and Tin Can Island ports to enhance global competitiveness.
According to him, of the projected revenue: N945 billion is allocated for capital projects, N447.5 billion for operating expenses, and
N90.6 billion for remittance into the Consolidated Revenue Fund (CRF).
The MD explained that the budget was anchored on the mantra, “Consolidation, Renewed Resilience and Shared Prosperity.”
Dantsoho said that the modernisation of Apapa and Tin Can Island ports were flagship projects aimed at boosting revenue.
“Apapa and Tin Can Island ports are old and no longer adequate for modern global port operations.
“Apapa Port is about 100 years old, while Tin Can Island Port is over 50 years old, with limited capacity for handling modern vessels and cargo volumes.
“Groundbreaking for their modernisation will commence within the next two to three weeks,” he added.
On the Treasury Single Account (TSA), Dantsoho said all revenues generated by the NPA are paid directly into the account managed by the Central Bank of Nigeria (CBN).
“We do not retain any funds. The Central Bank is the signatory and we must apply for funds whenever needed,” he explained.
Earlier in his remarks,Chairman of the Senate Committee on Ports, Sen. Wasiu Eshinlokun (Lagos Central), said the committee’s oversight function was collaborative rather than adversarial.
“Our goal is to work with you to strengthen institutional capacity, eliminate inefficiencies and ensure that every naira appropriated serves the public interest,” he said.
Chinedu Wosu
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NPF Disburses ?21.68m  To Fallen Heros’ Families …Reinforce Welfare Commitment 

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5 days ago

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April 10, 2026

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Nigeria Police Force has disbursed a total of ?21,678,120 to the deceased police officers families in Rivers State as part of ongoing welfare interventions by the force.
The gesture formed a major highlight of the activities marking  the 2026 National Police Day celebration in the state, underscoring renewed institutional focus on personnel welfare and post-service support systems.
The Commissioner of Police, Olugbenga Adepoju, who presided over the cheque presentation ceremony, said the initiative reflects the Force’s commitment to honouring officers who paid the ultimate price in their line of duty.
He explained that the financial support is designed to cushion the economic burden faced by bereaved families, while also reinforcing confidence among serving personnel about the Force’s long-term welfare structure.
Adepoju conveyed the sympathy of the leadership of the Nigeria Police Force to the beneficiaries, noting that the sacrifices of fallen officers remain invaluable to national security and public safety.
The police boss further stressed that sustained welfare interventions are critical to boosting morale, enhancing productivity, and strengthening institutional loyalty within the Force.
He reiterated that the welfare scheme aligns with broader reforms aimed at repositioning the Nigeria Police Force as a responsive and people-oriented institution.
Beneficiaries of the cheques commended the Inspector-General of Police, Olatunji Rilwan Disu, for prioritising the welfare of officers and their families through consistent and impactful interventions.
They described the initiative as timely and compassionate, noting that it would go a long way in alleviating financial pressures arising from the loss of their loved ones.
The families also acknowledged ongoing reforms under the current police leadership, which they said have strengthened trust, improved service delivery, and enhanced the overall image of the Force.
The Rivers State Police Command reaffirmed its commitment to sustaining similar initiatives as part of efforts to uphold the dignity, sacrifice, and legacy of officers who served the nation with distinction.
King Onunwor
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