General
Annual Reports: Tough Time Awaits Defaulting MDAs
By Adedapo Adesanya
The Financial Reporting Council (FRC) has vowed to clamp down on federal government’s agencies and parastatals that have refused to file their Annual Financial Statement (AFS) as required by the law.
The council said it would continue to wield the big stick on such defaulting Ministries, Departments and Agencies (MDAs) as necessary fines would be imposed on them.
This was disclosed by the Executive Secretary of FRC, Mr Shuaibu Adamu, at the on-going National Learning and Development Programme on Accounting and Financial Reporting in the Public Sector in Abuja.
He, however, expressed delight that about 115 government entities filed their annual reports to the council within the last year.
He said: “Between the end of 2020 and 2021 to date, a total of 115 public sector entities comprising of government parastatals, government agencies, and government business entities have filed their annual financial statements with the FRC.
“This is very significant progress. For those who have not filed, we have begun imposing fines and penalties on them in line with the provisions of the FRC act and its extant rules.
“Our experience from the review of this AFS filed with us show that financial reporting in the public sector is confronted with challenges and issues to which this programme is designed to address.
“Our various engagements with the National Assembly further expose the lingering issues of late submission of financial reports by MDAs, lack of proper treatments of accounting issues, poor disclosures, etc.”
Speaking further, the FRC boss said that the “public sector entities play a pivotal role in the national economy as a major driver of productive activities and the largest single business entity.
“As a bedrock of the economy, the importance of financial reporting quality in the national economy cannot be overemphasized.
“Credible financial reports are no doubt germane as they not only support efficient decision making by those charged with governance but also boost the perception index of the country and by extension, enhancing Foreign Direct Investments (FDIs) and Foreign Portfolio Investments (FPIs) as veritable tools and catalysts for the nation’s economic growth.
“Public sector entities are expected to provide financial information that is not only timely but is accurate and useful for decision making and most importantly germane to evaluating the government performance as a bastion of public accountability and stewardship.
“Let me use this opportunity to stress the importance of timely preparation, audit and filing of AFS and also warn against unnecessary delay in this respect.
“A situation where critical institutions of government, some of the apex regulatory bodies, are 2 to 3 years behind in releasing their audited FSs should not and will no longer be tolerated going forward.
“I want to therefore call on the National Assembly to make it a rule that the budget proposals of public sector entities in default of filing their AFS of the previous year would not be considered and approved for the coming year.”
On his part, the Minister of Industry, Trade and Investment, Mr Niyi Adebayo, said a major challenge of financial reporting by public sector entities is the poor knowledge and application of accounting standards.
Represented by his Technical Adviser, Mr Kamar Bakrin, the Minister said: “This programme is therefore essential for government agencies and I commend both FRC and the Office of the Accountant General of The Federation for the creation of this forum.
“I have been informed that the Financial Reporting Council of Nigeria has carried out a review of some of the financial statements filed with them by a number of public sector entities and a lot has been revealed.
“It has been observed that there is a lack of proper understanding of the requirements for credible financial reporting in the public sector.
“Some public sector entities still use the Statement of Accounting Standards (SAS) issued by the defunct Nigerian Accounting Standards Board (NASB) as their reporting framework while others use a number of other formats.”
He described the capacity-building programme as FRC’s contribution to Nigeria’s economic development.
Also speaking at the event, the Accountant General of the Federation, Mr Ahmed Idris, said that the training was aimed at deepening the knowledge of operators in MDAs and building capacity for better financial reporting.
Mr Idris, who was represented by the Director Consolidated Account Department, Mr Zubairu Salau, stated that it was hoped that at the end of the programme, participants would be equipped with the relevant skill to discharge their duties professionally.
By Modupe Gbadeyanka
President Bola Tinubu on Thursday directed the Economic and Financial Crimes Commission (EFCC) to vacate the court ordering the freezing of the bank account of the Osun Srate government.
In a statement today by his Special Adviser on Information and Strategy, Mr Bayo Onanuga, the President said he’s “deeply embarrassed not by the EFCC’s exercise of its mandate backed by a court order” because of its timing, which is just a few days to the governorship election in the state next Saturday.
According to him, actions of an institution of State, especially at the Federal level, is always credited to me, as the President, even when I may not have had any prior knowledge of the action.
“Since assuming office, I have consistently maintained that anti-corruption and law enforcement agencies must be allowed to discharge their statutory responsibilities independently, professionally, without fear or favour, or political interference. I have therefore deliberately refrained from directing or interfering in the operational activities of the EFCC or any other investigative or prosecutorial agency because I firmly believe that strong democratic institutions, operating within the confines of the law, are indispensable to democratic good governance and the rule of law.
“As President, I am committed to allowing institutions of State to function and take any action they consider necessary in the interest of proper governance without the need for any prior approval. Indeed, that is why institutions are set up by law with clearly defined powers. While I am yet to be fully apprised of the facts which informed the action of EFCC in approaching the court to obtain the said order freezing the Osun State Government account, I am not in the slightest doubt that the timing of the action of EFCC is inauspicious, and therefore I feel compelled to intervene.
“Osun State is only a few days away from its gubernatorial election. Therefore, nothing ought to be done to give an impression that the EFCC or indeed any other agency of the federal government is being used to interfere with the election.
“Based on the foregoing premise, I am duty-bound to issue a directive on this issue in consonance with the overriding public interest in preserving public confidence and the integrity, credibility, and fairness of our democratic process.
“Accordingly, I have directed the EFCC to immediately proceed to the court to vacate the order and discontinue whatever action it has instituted against the Osun State Government in this regard,” the statement stated.
By Modupe Gbadeyanka
The Economic and Financial Crimes Commission (EFCC) has explained why it initiated a move to freeze the bank account of the Osun State government.
Earlier on Wednesday, the Governor of Osun State, Mr Ademola Adeleke, claimed that the anti-money laundering agency asked one of its bankers, First Bank, not to release funds to the state government.
According to the Governor, this was part of the strategies to frustrate his administration ahead of the August 15, 2026, governorship election in the state.
Reacting to the issue on Wednesday night, the EFCC, in a statement, said it has been investigating the state government since March 2026 over an alleged “fraudulent handling of Ecology Funds, Intervention Funds and Federal Account Allocation Committee (FAAC) account to the tune of N11.0 billion.
The organisation noted that some officials of the state government, especially the Accountant General of the State, have had interview sessions with investigators of the EFCC.
“These ongoing investigations of the state government would not have warranted any placement of Post No Debit order on its account but for the precipitate and unwarranted movement of funds from the accounts to different suspicious accounts since August 2, 2026.
“The commission noticed huge transfers of funds into different corporate entities and had to swiftly halt the trend by freezing the accounts from which such heavy funds are being moved,” parts of the statement said.
In the disclosure, the agency noted that its preventive mandate is a public-inclined framework of safeguarding public funds, assets and resources, stressing that it cannot “watch idly while a state government’s account is being pillaged.”
“While the commission is fully aware of the impending governorship election in Osun State, it has a responsibility to act in defence of the sanctity of the funds of the state. It will be uncharitable for the commission to allow an excuse of an upcoming election to fold its arms to perform its legally-assigned functions,” it pointed out.
The EFCC disclosed that it is “keeping watch over the finances of other states like Osun State. Many of these states are on the investigative radar of the commission to ensure accountability and probity. The commission has always pointed out that it is non-partisan and non-sectarian but always working in the overall interests of Nigerians. The Osun State government account was frozen to save public funds from being looted.”
The organisation urged the public “to ignore false narratives and deliberate demonisation of the works of the EFCC. The interests of all Nigerians are greater and will always be protected by the commission.”
By Adedapo Adesanya
The Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA) has launched a mobile application designed to monitor fuel consumption patterns in real time across retail outlets nationwide.
The NMDPRA, established under the Petroleum Industry Act (PIA) 2021, is responsible for the technical and commercial regulation of Nigeria’s midstream and downstream petroleum operations. The deployment of the mobile application aligns with the authority’s broader efforts to leverage technology to improve regulatory compliance and strengthen accountability.
The pilot phase of the project began on August 1 in Abuja and its six Area Councils, the authority said in a statement published on X.
As part of the rollout, the Executive Director for Distribution Systems, Storage and Retailing Infrastructure (DSSRI), Mr Ogbugo Ukoha, led a team alongside officials from the Abuja Regional Office to assess the readiness and operational performance of the digital platform at participating retail outlets.
According to the NMDPRA, the application captures inventory and compliance data in real time, enabling regulators to monitor fuel distribution more effectively while improving operational efficiency across the sector.
The authority said the platform would generate reliable, data-driven insights to support evidence-based decision-making, strengthen national energy security planning and enhance transparency in the downstream petroleum industry.
It added that the initiative is expected to provide significant value to government, investors, operators and other stakeholders by improving access to accurate fuel consumption and compliance data.
Nigeria’s downstream petroleum sector has undergone significant changes since the deregulation of the petrol market and the removal of fuel subsidies, with regulators placing greater emphasis on data-driven supervision to ensure product availability, prevent supply disruptions and discourage sharp regional disparities in distribution.
