Economy
Senate Probes Hidden N14.7bn PHCN Privatisation Proceeds
By Adedapo Adesanya
The Senate Committee on Public Accounts has begun the investigation of N14.7 billion proceeds of privatisation of the defunct Power Holding Company of Nigeria (PHCN) allegedly hidden in commercial banks by the Bureau of Public Enterprise (BPE).
The committee is acting on an audit query in the ‘Auditor-General for the Federation’s Annual Report on Non-Compliance/Internal Control Weaknesses Issues in Ministries, Departments and Agencies of the Federal Government of Nigeria for the Year Ended 31st December 2019.’
The Acting Auditor-General of the Federation, Mr Adolphus Aghughu, had presented the report to the Clerk of the National Assembly, Mr Ojo Amos, on September 15, 2021, while the Senate and House Committees on Public Accounts began an investigation of the queries.
The defunct government-owned National Electric Power Authority (NEPA) was privatised and renamed PHCN, which was later unbundled to become the present generation and distribution companies.
The query stated that the funds from the PHCN privatisation were still in the banks as of December 31, 2016, whereas the privatisation of the PHCN had been concluded since 2013.
The query read in part, “Audit verification and reconciliation revealed that the sum of N14,720,396,432.43, being proceeds from the privatisation exercise of the Power Holding Company of Nigeria was reported in the bureau’s trial balance to be in commercial bank accounts as at31st December 2016.
“Whereas the privatisation of the PHCN was concluded in 2013, the proceeds are yet to be remitted to the Central Bank of Nigeria Privatisation Proceeds Accounts.
“The issue has been communicated to the bureau via a letter with reference no. OAuGF/RESAD/05/2016/07, dated 19th April, 2018, and no response has been received.
“Unauthorised funds kept in commercial banks may be diverted for other purposes, thereby leading to loss of revenue available for government programmes.
“The Director-General (of the BPE) is required to recover the sum of N14,720,396,432.43, being proceeds of the PHCN, and remit same to CRF and forward evidence of remittance to my office for audit confirmation.”
The BPE, in its written submission, however, stated that two separate sums of N3,231,984.73 allegedly held in Fidelity Bank Plc and N18,199,520.87 held in Stanbic Bank were “unaudited bank balances that were actually no longer in existence as of the date of the audited financial statements or asked questions, the matter would have been clarified.”
The bureau added, “With respect to the two other bank balances – N4.4bn (Access Bank Plc) and N10.2bn in FCMB, the correct balance in Access Bank as at 31/12/16 was NIL as the bank had transferred a swelled balance of $34.1m to the CBN Domiciliary Account.
“The bank had initially been unable to make the transfer as at September 2015 as required under the TSA policy, owing to the inexistence of designated USD Treasury Single Account for dollar balances
“The balance in the FCMB as of 31/12/2016 was only $36,053.55, following a transfer of $65,088,198.53.
“The residual balance remained until 18/95/17 due to inability of the bank to remit as required under the TSA policy, owing to initial unavailability of designated TSA for USD balances as required under the then newly introduced policy.”
The probe is expected to reveal whether the BPE’s claims are true or not.
By Dipo Olowookere
ASO Savings and Loans Plc has been delisted from the daily official list of the Nigerian Exchange (NGX) Limited.
This action followed the revocation of the operating licence of the company by the Central Bank of Nigeria (CBN) in December 2025.
In a circular on behalf of the NGX Regulation (NGX RegCo) by Ugochi Eke, it was disclosed that the effective date of the delisting is today, Friday, January 16, 2026.
Already, the company has been notified of this development, according to the notice obtained by Business Post.
Before ASO Savings lost its operating licence, it had failed to meet some post-listing requirements, a part of the disclosure from the NGX RegCo stated.
“The board of NGX Regulation Limited via its decision dated January 1, 2026, approved that the step below should be taken pursuant to the process for regulatory delisting of issuers.
“The board has approved the delisting of ASO Savings and Loans Plc from the Nigerian Exchange Limited’s daily official list effective January 16, 2026.
“ASO Savings is hereby notified of this enforcement action and is advised to direct any communication in respect of the foregoing to [email protected].
“NGX RegCo was engaging the listed entity, concerning its outstanding post-listing obligations. However, due to the revocation of the operating license of ASO Savings by its primary regulator, the Central Bank of Nigeria (CBN) effective December 16, 2025; NGX RegCo will delist the entity from the daily official list effective January 16, 2026.
“In view of the foregoing, NGX RegCo has proceeded with publishing the name of the Company in the national dailies.
“The company has been duly notified of this enforcement action, and this publication serves as notification to the investing public, particularly shareholders of the company and investors in the Nigerian capital market,” the statement read.
By Adedapo Adesanya
The Minister of State for Petroleum Resources (Oil), Mr Heineken Lokpobiri, has issued a stern warning to oil and gas investors that petroleum licences in Nigeria are strictly for active development, not asset hoarding or speculative holding, declaring that operators must drill or risk losing their rights.
He made this admonition while delivering his message at the 2025 Nigerian Upstream Petroleum Regulatory Commission (NUPRC) Licensing Bid Round Conference in Lagos, where he outlined the government’s hardline stance on asset utilisation and investor accountability.
“The oil assets in portfolio are not mere symbols or souvenirs,” Mr Lokpobiri said, adding that, “Holders of licences are obligated to drill, drill and drill for a shared benefit for the Government, Nigerians and the operators.”
He stressed that the administration is determined to ensure petroleum assets are translated into tangible economic value, noting that licences are time-bound rights granted solely for productive use.
“These assets belong to the Federal Government, and licences are granted strictly for a defined period for productive use, not passive ownership,” the minister said. “Our licensing framework is designed to eliminate speculation and ensure that only serious, capable investors participate.”
Mr Lokpobiri also issued a strong caution to bidders seeking to participate in the 2025 licensing round, urging them to fully understand the process and obligations before submitting bids.
“As prospects take part in this bid round, a clear understanding of the modus operandi guiding the process is essential,” he said, recalling previous bid rounds where some winners attempted to reverse their commitments.
“Past experiences have shown instances where some winning bidders sought refunds based on unmet expectations or perceived asset limitations,” Lokpobiri stated. “Such actions are untenable, as there is no provision in law for the refund of a bid already won.”
According to him, the conference was convened to remove ambiguity and protect the integrity of the licensing system, stressing that the government would strictly enforce all contractual obligations arising from the process.
“This conference serves to provide clarity upfront,” he said. “Participants must be fully informed, deliberate and committed, as the Government will uphold the sanctity of the process and enforce all obligations.”
The minister’s remarks reinforce the Federal Government’s broader push to accelerate upstream development, boost production and attract only technically and financially capable investors into Nigeria’s oil and gas sector, amid renewed licensing activity under the Petroleum Industry Act (PIA).
By Dipo Olowookere
The suspension earlier placed on Premier Paints Plc, preventing investors from buying and selling its stocks on the Nigerian Exchange (NGX) Limited, has now been lifted.
The embargo was removed on Wednesday, a notice from the stock exchange, seen by Business Post, disclosed.
Almost four years ago, Premier Paints was suspended from the bourse due to the inability of its board to file the company’s financial results.
The NGX had on July 1, 2022, informed the investing community it had prohibited the trading of the organisation’s securities “in line with the provisions of Rule 3.1: Rules for Filing of Accounts and Treatment of Default Filing (Default Filing Rules).
The part of the rules provides that: “If an Issuer fails to file the relevant accounts by the expiration of the cure period, the exchange will; a) send to the issuer a second filing deficiency notification within two business days after the end of the cure period, b) suspend trading in the issuer’s securities, and c) notify the Securities and Exchange Commission (SEC) and the market within 24 hours of the suspension.”
In the latest disclosure dated Wednesday, January 14, 2026, and signed by the Head of Issuer Regulation Department of the NGX, Mr Godstime Iwenekhai, it was revealed that Premier Paints has now done the needful.
“The company has now filed all outstanding financial statements to Nigerian Exchange Limited.
“In view of the company’s submission of its outstanding financial statements, and pursuant to Rule 3.3 of the Default Filing Rules, which states that; The suspension of trading in the issuer’s securities shall be lifted upon submission of the relevant accounts provided The exchange is satisfied that the accounts comply with all applicable rules of the exchange. The exchange shall thereafter also announce through the medium by which the public and the SEC was initially notified of the suspension, that the suspension has been lifted, trading license holders and the investing public are hereby notified that the suspension placed on trading on the shares of Premier Paints Plc was lifted (on) Wednesday, January 14, 2026,” the circular stated.
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