Economy
Groups Demand Probe of NNPC, to Petition EFCC
By Modupe Gbadeyanka
Two groups in Nigeria, the Conference of Nigeria Political Parties (CNPP) and the Coalition of National Civil Society Organisations Against Inept Leaders, have demanded an open investigation into how two companies owned by virtually the same individuals emerged as the top two preferred bidders in the slop oil sale by the Nigerian National Petroleum Corporation (NNPC).
They want answers to the recruitment of 487 new workers in the moribund refinery that generated no revenue, with the payment of N23 billion as salaries in 2020.
In a statement, the CNPP wondered how the Port Harcourt Refinery Company (PHRC), which is allegedly managed by one Ahmed Dikko, an engineer, reported zero income in 2020 and yet incurred administrative expenses of N19.215 billion, paid salaries, wages and other benefits to workers to the tune of N22.55 billion as shown in the 2020 audited financial reports of the NNPC.
The organisations, in a joint statement signed by the Secretary-General of the CNPP, Mr Willy Ezugwu, and the Publicity Secretary of the Coalition of National Civil Society Organisations, Mr Ali Abacha, called for a thorough investigation into the procurement process, which threw up the companies in the controversial slop oil sale now found to be owned by the same directors and all others operations of the corporation since 2015.
Disclosing that they were set to petition the Economic and Financial Crimes Commission (EFCC) over what it described as “manipulative management” of the NNPC, the CNPP queried “a controversial bid that saw scarce slop oil, which was traditionally reserved for local industries, being controversially offered to preferred bidders that are export companies in a suspicious deal.”
The CNPP and the coalition of civil society said that, “According to media reports, the corporation has begun a process of buying media editors to ensure that their activities are not dissected, especially after the release of its 2020 audited financial statements and declaration of doubtful profits.
“Already, data collated from audited financial statements as released by the NNPC, led by its Group Managing Director, Mele Kyari, recently had exposed how Port Harcourt Refinery Company (PHRC), which is managed by one Ahmed Dikko, an engineer, reported zero revenue in 2020 but incurred administrative expenses of N19.215 billion, paying salaries, wages and other benefits to unproductive workers to the tune of N22.55 billion.
“Worse still, even though it generated zero revenue, Port Harcourt refinery employed 487 new workers and paid N23 billion as salaries in 2020.
“It is becoming more and more obvious that there are fishy deals which led to the budgeting of $1.5 billion to revamp the over 50-year old Port Harcourt refinery.
“We had predicted that the planned resuscitation of the refinery was a mere conduit for siphoning public funds but we are now working to connect the $1.5 billion turnaround maintenance budget and overnight recruitment of 487 new workers with the sudden 2020 profit declared by the NNPC at a time no refinery is generating income in the country.
“We, therefore, demand for a though the investigation into the procurement process at NNPC, the activities of the Group Managing Director, Mele Kyari and that of the Minister of State for Petroleum Resources, Timiprye Sylva, over courageous media report of multiple behind-the-scene moves since the slop oil bid winners were announced as contained in a recent media investigation by Premium Times.
“The bid supervised by the Group Executive Director (GED) Refinery, Mustapha Yakubu has left more questions than answers as the media report added that the first allocation issued to Sign Oil & Gas on June 22, 2021, expired with the company unable to meet a 10 working-day deadline for payment.
“On July 8, 2021, the investigative report noted, the allocation was transferred to the second bid winner, Synthesis Integrated Pure Oil at N105.00k per litre instead of N111.00k per litre, which is seen as part of schemes to achieve a predetermined goal.
“For us, these are signs of manipulative management of the nation’s oil assets and clever moves to siphon public funds through cronies, associates and for members of oil cabals with protections from certain government officials who believe that the anti-corruption agencies are in their pockets.”
By Adedapo Adesanya
Revenue from Company Income Tax (CIT) in the fourth quarter of 2025 decreased by 49.8 per cent to N1.487 trillion from N2.96 trillion in the third quarter of 2025, according to the National Bureau of Statistics (NBS).
The figure was contained in the NBS Company Income Tax (CIT) Q4 2025 Report released in Abuja on Wednesday by the stats office.
CIT is a statutory levy imposed on the profits of incorporated businesses in Nigeria. It is governed primarily by the Companies Income Tax Act (CITA) and administered by the Nigeria Revenue Service (NRS).
The report said domestic CIT received was N819.83 billion (55 per cent), while foreign CIT payment was N668.21 billion (45 per cent) in Q4 2025.
It said on a quarter-on-quarter basis, activities of extraterritorial organisations and bodies recorded the highest growth rate with 75.15 per cent,
The report said this was followed by Education and real estate activities at 54.20 per cent and 27.25 per cent, respectively.
“On the other hand, accommodation and food services activities recorded the least growth rate at -67.11 per cent, followed by activities of households as employers, undifferentiated goods and services producing activities of households for own use at -63.49 per cent.
“It said mining quarrying was recorded at -49.63 per cent.”
In terms of sectoral contributions, the report showed that the top three activities with the highest contribution in Q4 2025 were financial and insurance activities at 18.17 per cent, manufacturing at 17.30 per cent and mining and quarrying at 15.04 per cent.
It said, on the other hand, the activities of households as employers, undifferentiated goods and 0.002 per cent.
“This was followed by water supply, sewage, waste management and remediation activities with 0.04 per cent.
The report, however, said that, on a year-on-year basis, CIT collections in Q4 2025 increased by 13.38 per cent from Q4 2024.
By Adedapo Adesanya
The World Bank has warned that Nigeria’s economic recovery has yet to improve household welfare as wage growth continues to lag behind inflation, leaving real incomes under pressure.
This was disclosed in its April 2026 Nigeria Development Update titled Nigeria’s Tomorrow Must Start Today: The Case for Early Childhood Development.
According to the report, while the Nigerian economy recorded moderate growth in 2026, following expansions of 4.1 per cent in 2024 and 4.0 per cent in 2025, the gains have not translated into improved living standards for most citizens.
It stated that growth was largely driven by the services sector, particularly ICT, financial services, and real estate, while agriculture and crude oil production made modest contributions.
On inflation, the report said price pressures have eased but remain in double digits, partly due to the impact of the Middle East conflict.
The lender noted that multidimensional poverty and weak early childhood development outcomes are threatening Nigeria’s long-term economic potential, despite signs of macroeconomic recovery.
The report explained that Nigeria is facing a deep early childhood development crisis, with poor outcomes in health, nutrition, and learning undermining productivity and future growth.
It emphasised that early childhood development, especially from pregnancy to age five, is critical to reversing the trend.
“Investments during this period generate lasting benefits, including better education outcomes, higher earnings, lower health costs, and stronger social cohesion. Investments during this period are highly cost-effective,” the report said.
The report highlighted alarming child welfare indicators, noting that 110 out of every 1,000 Nigerian children die before the age of five, 40 per cent are stunted, and 52 per cent are not developmentally on track before entering school.
It attributed these outcomes to persistent gaps in maternal healthcare, nutrition, early learning, and access to water and sanitation, particularly within the first 2,000 days of a child’s life.
The bank added that these outcomes remain “weak and highly unequal,” with significant disparities across income levels, regions, and states.
The report further revealed that favourable external inflows boosted reserves, with net external reserves rising to $34.8 billion at the end of 2025, while gross reserves reached $45.5 billion, equivalent to 8.7 months of imports.
However, it noted that Nigeria’s fiscal deficit widened slightly in 2025, as increased non-oil revenues were offset by higher state-level capital spending and federal recurrent expenditure.
“Federation Account Allocation Committee (FAAC) gross revenues rose from 7.9 per cent of GDP in 2024 to 8.5 per cent in 2025, driven by strong non-oil tax collections reflecting improved tax administration.
“This includes expanded e-filing and e-payments, higher compliance ahead of the implementation of the new tax bills, and the rollout of VAT e-invoicing, alongside a 0.2 per cent of GDP rise in subnational internally generated revenues,” the report stated.
By Aduragbemi Omiyale
One of the players in the Nigerian aviation sector, Caverton Offshore Support Group Plc, has informed the investing public that it is unsure when it will file its audited financial statements for 2025.
Companies listed on the Nigerian Exchange (NGX) Limited are required to submit their audited financial results at most three months after the end of the fiscal year.
For Caverton, it was supposed to release the financial statements for 2025 on or before March 31, 2026; however, it has not done the needful.
In a statement to explain the delay in the filing of the results, the company said it has not completed the audit, and does not know when this process will be concluded by its external auditor.
“The delay in filing the 2025 AFS arises from the fact that the audit of the company’s financial statements is still ongoing. The company is working closely with its external auditors to conclude the audit process.
“However, as at the date of this notice, the audit has not been finalised due to the need to complete certain outstanding review procedures and obtain final audit clearances to ensure the accuracy, completeness, and integrity of the financial statements,” Caverton explained.
It further said, “While significant progress has been made, the audit process has not reached completion, and as such, the company is currently unable to confirm a definitive timeline for the finalisation and filing of the AFS.”
“The company considers it prudent not to provide an anticipated filing date at this time in order to avoid providing information that may subsequently require revision,” it further stated in the statement signed by its scribe, Ms Amaka Obiora.
Caverton assured “its shareholders and the market that it remains fully committed to maintaining the highest standards of financial reporting, transparency, and regulatory compliance,” promising to promptly file the results “upon completion of the audit process.”
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