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 Aduragbemi Omiyale
Barring any last-minute changes, the 50th Annual General Meeting (AGM) of Champion Breweries Plc will take place on Thursday, May 21, 2026, at the Oriental Hotel, Victoria Island, Lagos, at 11:00 am.
At the yearly shareholders’ gathering, some of the key statutory and governance matters to be considered will include the Audited Financial Statements for the year ended December 31, 2025, alongside the Reports of the Directors, Auditors, and the Audit Committee.
Other agenda items are the declaration of dividends, election and re-election of Directors, authorisation for Directors to determine the remuneration of the Auditors, and election/re-election of shareholders’ representatives to the Audit Committee.
In line with its commitment to transparency, accountability, and shareholder engagement, the AGM will be held physically while also being accessible to stakeholders via the company’s official website: www.championbreweries.com.
This year’s AGM comes at a defining moment in the organisation’s corporate journey, following a transformative year marked by strategic expansion initiatives, including the acquisition of Bullet Energy Drink and its successful engagement with the capital market to raise growth capital.
These developments reinforce Champion Breweries Plc’s commitment to strengthening its competitive positioning, expanding its portfolio, and delivering long-term shareholder value.
The brewer has strengthened its transition into a group structure with the acquisition of an 80 per cent stake in enJOYbev B.V., a strategic move already delivering early earnings contribution and validating its international expansion drive.
The subsidiary’s results are now being consolidated into the Group accounts for the first time, with enJOYbev B.V. already contributing positively to earnings through operating profitability within the reporting period, an early validation of the group’s expansion strategy.
“This AGM reflects a defining chapter in our journey as a Company. The acquisition of Bullet, our successful capital market engagement, and the integration of enJOYbev B.V. into our group structure all signal a deliberate strategy for sustainable growth and diversification.
“These milestones position Champion Breweries Plc for stronger performance, broader market reach, and enhanced shareholder value. We remain committed to disciplined execution, operational excellence, and the highest standards of corporate governance,” the chairman of Champion Breweries, Mr Imo Abasi Jacob, said.
By Adedapo Adesanya
The Nigeria Revenue Service (NRS) has unveiled a unified Taxpayer Identification (Tax ID) system for all taxable persons across the country as part of efforts to strengthen tax administration and improve transparency.
The agency announced the development in a public notice issued jointly with the Joint Revenue Board (JRB) on Monday.
According to the notice, the initiative is backed by Sections 6, 7, and 8 of the Nigeria Tax Administration Act, 2025, which mandate every taxable person in Nigeria to obtain a Tax ID, in a wider move to expand the country’s tax base.
The NRS said the new framework is designed to create a centralised and harmonised taxpayer database that would enhance interactions between taxpayers and revenue authorities at both federal and sub-national levels.
“The Tax ID will serve as a single, unified identity for all taxpayers, enabling seamless interaction with tax authorities at both federal and sub-national levels. It is designed to consolidate taxpayer records, eliminate duplication, and ensure more efficient management of tax-related information,” the agency stated.
The revenue agency explained that the new system would simplify tax compliance procedures, including taxpayer registration, filing of returns, and payment processes.
According to the NRS, the framework is also expected to improve accountability and reduce leakages in tax collection by creating better visibility and tracking of taxpayer information nationwide.
“The initiative will simplify tax compliance processes, including registration, tax filing, and payment procedures. The system will improve transparency by enabling better visibility and tracking of taxpayer records while reducing leakages and improving accountability in tax collection. The framework will also harmonise taxpayer information across all levels of government,” the notice added.
The agency further disclosed that the new Tax ID system would replace the existing Tax Identification Number (TIN) Validation API currently used by Ministries, Departments and Agencies (MDAs), financial institutions, and other organisations for taxpayer verification.
By Adedapo Adesanya
Three bellwether stocks weakened the NASD Over-the-Counter (OTC) Securities Exchange by 1.31 per cent on Monday, May 18.
This brought the NASD Unlisted Security Index (NSI) by 54.71 points to 4,133.70 points from 4,188.41 points, and shrank the market capitalisation by N32.73 billion to N2.473 trillion from N2.506 trillion.
Yesterday, FrieslandCampina Wamco Plc contracted by N12.45 to sell at N146.55 per share compared with last Friday’s closing price of N159.00 per share, Central Securities and Clearing System (CSCS) Plc declined by N2.34 to N70.00 per unit from N72.34 per unit, and NASD Plc lost 50 Kobo to trade at N34.50 per share versus N35.00 per share.
The trio overpowered the N5.56 gained Newrest Asl Plc. This stock ended the trading session at N61.15 per unit, in contrast to the previous session’s N55.59 per unit.
During the trading day, the volume of securities traded by investors slid by 56.1 per cent to 514,142 units from 1.2 million units, and the value of securities dropped 29.8 per cent to close at N17.4 million versus N29.8 million, while the number of deals jumped 12.5 per cent to 27 deals from 24 deals.
Great Nigeria Insurance (GNI) Plc remained the most traded stock by value on a year-to-date basis, with 3.4 billion units sold for N8.4 billion, followed by CSCS Plc with 60.8 million units exchanged for N4.1 billion, and Okitipupa Plc with 27.9 million units traded for N1.9 billion.
GNI Plc also ended the day as the most traded stock by volume on a year-to-date basis with 3.4 billion units worth N8.4 billion, trailed by Resourcery Plc with 1.1 billion units valued at N415.7 million, and Infrastructure Guarantee Credit Plc with 400 million units transacted for N1.2 billion.
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