Economy
Tinubu Suspends Audit of NUPRC Accounts
By Adedapo Adesanya
President Bola Tinubu has directed the Ministry of Petroleum Resources to suspend its activities on the constitution of a committee to audit the accounts of the Nigerian Upstream Petroleum Regulatory Commission (NUPRC).
This was contained in a letter tagged SH/COS/24/A/28 and dated August 1, addressed to the permanent secretary, Federal Ministry of Petroleum Resources and signed by Chief of Staff to the President, Mr Femi Gbajabiamila.
“Your Constitution of a committee to audit the accounts of the Nigerian Upstream Petroleum Regulatory Commission (NUPRC) has been referred to the Attorney General of the Federation (HAGF) for review and determination of the constitutional, statutory and administrative implications.
“Therefore, the committee is hereby directed to suspend its activities pending the conclusion of the review by the HAGF,” the letter read in part.
The new directive comes against the background of the lingering crisis between the management of the NUPRC and its workers.
Business Post reported earlier that the Petroleum and Natural Gas Senior Staff Association of Nigeria (PENGASSAN) had protested the alleged poor welfare and working conditions affecting staff in the commission and called for the removal of the commission’s chief executive, Mr Gbenga Komolafe, over alleged financial mismanagement.
PENGASSAN had, in a letter dated July 30, accused the commission of various infractions, including non-remittance of pension, non-conducive work environment, insufficient working tools, staff medicals, outstanding payment of 2023 upfront allowances, unpaid staff claims, unpaid staff on call allowance and non-payment of outsourced personnel.
In a response, the commission refuted the allegations and said they were made to disparage the integrity of the commission.
It said according to the Petroleum Industry Act (2021), the powers of appointment, promotion and remuneration are vested in the board of the commission, while statutorily, the Federal Character Commission (FCC) regulates compliance with statutory procedure concerning recruitment into public establishments.
It explained that the recruitment generating controversies was done in compliance with all procedures and compliance certificates issued by the relevant organ. The NUPRC also claimed that allegations the management misappropriated N10 billion virement and donated billions to political parties were libellous and entirely unsubstantiated.
It added that allegations of misappropriation of N10 billion virement, donation of N4 billion to political parties, inflation of contracts to siphon funds amounting to N1 billion, N900 million spent on sensitisation workshops, N500 million for office renovations, N1.5 billion for luxury transportation, including private jets are “false and misleading”.
It thereafter challenged the unions to publish details of the account of the commission from where the donations originated and the accounts of the political parties involved where the four billion naira and ten billion naira were deposited.
“Equally, the financial source documents (invoices) utilised to make the donations ought to be published. There is no way fourteen (14) billion naira can leave the coffers of the Commission without a trace, especially given how funds are allocated to the Commission,” it said.
It explained that there was no truth in the accusation of inflation of contracts at the NUPRC, adding that the commission approved a sustainable template for the engagement and payment of external solicitors engaged by the commission.
“The sensitisation workshops were approved by the appropriate authority in line with due process and duly executed by the Health, Safety, Environment and Community (HSEC) department in line with the scope of duties and responsibilities.
It is important to note that thirteen (13) slots of sensitisation campaigns were earmarked in 13 strategic locations within the oil-producing zones, and the campaigns are still ongoing.”
The NUPRC said all documentary evidence, including publications and video footage of the campaigns, can be sought and obtained from the Executive Commissioner HSEC.
“The Commission inherited offices used by the defunct DPR, which was only a subsidiary of the defunct NNPC. The appointment of executive commissioners and recruitment of 140 extra staff, given the new and added responsibilities of the NUPRC, necessitated reorganisation and renovation of the Commission’s offices across the country to accommodate its operations.
“Therefore, some of the offices, including those in the zones and fields, had to be restructured, refurbished and furnished to accommodate additional personnel and replace old and damaged furniture and equipment inherited at inception.
“The allegation is equally baseless and lacks any iota of truth. In fact, there was no time that the Commission chartered a private jet for the Commission Chief Executive (CCE). The purveyors are challenged to publish the account details and invoices supporting the transactions in their nefarious claims,” it said.
“We challenge the purveyors of the claims to provide evidence. He who alleges has the burden of proof,” the commission said.
By Adedapo Adesanya
The Senate Committee on Banking, Insurance and Other Financial Institutions has called for stronger collaboration among financial sector regulators and other stakeholders to strengthen Nigeria’s financial system and support sustainable economic growth.
The committee made the call during an expanded stakeholders’ engagement in Lagos, attended by the leadership of the Central Bank of Nigeria (CBN), Nigeria Deposit Insurance Corporation (NDIC), Asset Management Corporation of Nigeria (AMCON), National Insurance Commission (NAICOM) and Nigeria Export-Import Bank (NEXIM), among other industry stakeholders and financial experts.
Chairman of the committee, Mr Adetokunbo Abiru (Lagos East), who was represented by Mr Osita Izunaso (Imo West), said stronger legislative reforms and regulatory collaboration were necessary to reposition Nigeria’s financial architecture for long-term economic prosperity.
Mr Abiru said the financial sector remained critical to investment, job creation, business expansion and macroeconomic stability, stressing that its ability to mobilise savings, channel credit to productive sectors, facilitate investment and manage risks was fundamental to sustainable economic growth.
He said the current economic realities required closer collaboration between the legislature and financial regulators, noting that challenges confronting the sector were interconnected and could not be effectively addressed through isolated interventions.
The lawmaker identified inflationary pressures, global economic uncertainties, cybersecurity threats, low insurance penetration and the need to diversify Nigeria’s export base as some of the challenges requiring coordinated policy responses.
He said the engagement was aimed at generating practical solutions to strengthen the country’s financial architecture and support sustainable economic growth.
According to him, monetary policy, financial safety nets, banking institutions, the insurance industry and export finance were interdependent components of a stable financial system and must therefore be strengthened collectively.
The Commissioner for Insurance and Chief Executive Officer of the National Insurance Commission (NAICOM), Mr Olusegun Ayo Omosehin, said the Nigeria Insurance Industry Reform Act (NIIRA) 2025 had contributed significantly to stabilising and repositioning the insurance sector.
Mr Omosehin disclosed that 43 insurance companies had successfully recapitalised, describing the development as a major milestone for the industry.
He commended Abiru and members of the committee for their role in advancing insurance sector reforms and urged the House of Representatives to expedite action on the relevant insurance reform bill to enable it to receive presidential assent and become operational.
Representatives of the CBN Governor and the Managing Directors of AMCON, NEXIM and NDIC also commended the Senate committee for its oversight and legislative support, saying its interventions had strengthened the agencies’ capacity to discharge their statutory mandates.
The engagement, held under the theme, Strengthening Financial System Architecture for Sustainable Economic Growth and Stability in Nigeria, also featured presentations by Professor Uche Uwaleke, President of Capital Market Academics of Nigeria (CMAN); Professor Biodun Adedipe, Chief Consultant, B. Adedipe Associates Limited; and Dr Tilewa Adebajo, Chief Executive Officer of CFG Advisory.
The experts presented policy recommendations on key issues affecting Nigeria’s financial system, with emphasis on financial stability, investment and sustainable economic growth.
Mr Abiru said the Senate would continue to engage financial regulators and other stakeholders to deepen financial inclusion, strengthen public confidence in financial institutions and improve regulatory effectiveness.
He said the broader objective was to position Nigeria’s financial system to compete more effectively in the global economy while remaining resilient and responsive to the country’s economic transformation agenda.
By Aduragbemi Omiyale
The first six months of 2026 were not too good for Caverton Offshore Support Group Plc, as it suffered an N8.7 billion loss compared with the N2.1 billion net profit it recorded in the same period of 2025.
This occurred as the company posted a 10.91 per cent decline in earnings between January and June 2026, according to its financial statements for the period ended June 30, 2026.
Analysis of the results showed that the revenue generated in the period under review stood at N14.7 billion versus the N16.5 billion printed in the corresponding period of last year.
Business Post observed that the revenue was negatively impacted by a decline in earnings from helicopter charter and helicopter/airplane contract.
Further analysis of the financial results indicated that operating profit went down by 22.34 per cent to N7.3 billion from N9.4 billion, with administrative expenses jumping to N7.9 billion from N4.7 billion.
But Caverton believes things will get better, noting that the clearest driver of the recovery is Caverton Marine.
Through its relationship with Stena Bulk, one of the world’s leading tanker operators, the organisation now participates in three Suezmax tankers trading a rare source of foreign-currency revenue for a Nigerian-listed company.
It noted that the relationship is being deepened through Unity Shipping Worldwide, a joint venture with the Nigerian National Petroleum Company (NNPC) Limited and Stena Bulk that pairs the state-owned oil firm’s national position and Stena Bulk’s fleet with Caverton’s indigenous operating platform
Closer to home, the firm’s OMIBUS platform, developed with Shanghai-based electric-propulsion OEM Explomar, is bringing battery-electric passenger ferries to Lagos waterways. A prototype is already in service, and Caverton holds a firm order from Lagos State for ten vessels, an early-mover position in clean inland-water transport that the group believes can be replicated across other states as the fleet enters service and ferry operations mature into steady, recurring revenue.
In aviation, the institution said the recovery is anchored on its partnership with NHV, a Belgium-based international helicopter operator, with the restructuring of charter operations targeted for the second half of 2026.
“The first half of the year tested us, but the direction of travel is now visible in the numbers.
“Quarter on quarter, we are working to build up our revenue to narrow losses. Our marine business units, from international tankers to electric ferries, are scaling.
“Meanwhile, our aviation relaunch is on track for the second half, and our cost base is tighter than it has been in years. There is distance still to travel, but Caverton is moving from stabilisation to recovery, and we intend to finish 2026 with that momentum intact,” the chief executive of Caverton, Mr Olabode Makanjuola, stated.
By Adedapo Adesanya
The Nigeria Revenue Service (NRS) and the Joint Revenue Board (JRB) have issued new guidelines clarifying the taxation of virtual assets in Nigeria.
The guidelines provide an administrative framework for the taxation of virtual assets and specify the tax obligations of individuals and businesses operating in the sector.
According to a public notice issued by the two agencies, the framework covers registration, reporting and record-keeping requirements, valuation principles and the tax treatment of virtual asset transactions.
It applies to taxpayers, Virtual Asset Service Providers (VASPs), peer-to-peer (P2P) marketplace operators, tax practitioners and other persons engaged in virtual asset-related activities.
The NRS and JRB said the guidelines were developed in line with the provisions of the Nigeria Tax Act 2025 and the Nigeria Tax Administration Act 2025.
The two bodies said the release was aimed at providing clarity, certainty and consistency in the administration of Nigeria’s tax laws as the country’s virtual asset ecosystem continues to evolve.
The agencies added that the framework would promote voluntary compliance, enhance transparency and support the development of a fair and efficient tax system for digital asset transactions.
They urged all affected taxpayers and stakeholders to familiarise themselves with the guidelines and ensure compliance with the applicable tax obligations.
The guidelines are available on the official websites of the two agencies.
