Economy
Senate Stops Probe of $122.2m Excess Crude Account Fraud
By Dipo Olowookere
The Nigerian Senate has moved to stop an attempt by some of its members to influence the setting up of an ad-hoc committee to investigate the $122.2 million that had accrued from the Excess Crude Account (ECA) between May 2015 and August 2017, but not paid into the account.
This is just as the upper legislative chamber approved immediate abolition of ECA, an account being used to save oil revenues above a base amount derived from a defined benchmark price.
According to the upper legislative chamber of the National Assembly, the account is alien to the 1999 constitution as amended or any known law in the country.
The Senate resolution followed the adoption of a motion, ‘The Excess Crude Account: an Illegality and a Drain Pipe’, by Senator Rose Oko and co-sponsored by 43 other senators cutting across party and ethnic differences.
One of the prayers on the motion was that the senate should “mandate an ad-hoc committee to investigate the revenue that accrued from the amount above the oil benchmark from 2004 to date and its utilization, identifying any infractions committed and report back within two months.”
Surprisingly, majority of the senators, including former Governors who were parts of management of the account in their various states when it was introduced shouted ‘nayes’ while the Senate President, Mr Bukola Saraki, also a former Governor quickly ruled in favour of opposition to the probe.
The upper legislative chamber, however, urged the government to pay the amount above the oil benchmark into the Federation Account and appropriate some into the Nigerian Sovereign Investment Authority (NSIA) and other sectors in compliance with the constitution.
Senator Oko, while leading debate on the motion, said the Senate had observed that between May, 2015 and August, 2017, about $122.2 million had accrued and ought to have been paid to the ECA.
She enjoined the upper house to place the $122.2 million in the Sovereign Wealth Fund (SWF) upon the amendment of section 162 of the Constitution and other sectors as deemed appropriate.
The lawmaker particularly advised the government to act in conformity with sections 80 (1-4) and 162 (1-3) of the 1999 Constitution as amended in its revenue receipt and expenditure, saying that the present administration had in May 2017, announced a resumption of arbitrary payment into the ECA of $87 million ostensibly since May, 2015.
According to her, the Senate was “deeply saddened by the continued impunity of the ECA and its discretionary operation in contravention of the 1999 Constitution, creating room for imprudence, recklessness and arbitrariness.”
She added that the upper legislative chamber was “very concerned that this is one veritable source of huge revenue leakage in the country.”
The lawmaker informed that ECA was set up in 2004, ostensibly to provide savings for the country and stabilization for the economy during periods of shortfalls in oil revenue, adding that the accruals to the account were expected to be the amount above the benchmark of crude oil sales.
Senator Oko said the Upper House was “further alarmed that a report by the National Resource Governance Institute rates Nigeria’s Excess Crude Account as one of the most poorly managed around the world, where its operation is discretionary and at the whims of the Executive.”
She noted for instance that the ECA increased from $5.16 billion in 2005 to over $20 billion in 2008, and decreased to less than $4 billion by 2010 with no known tracking of its operations.
The lawmaker alleged that “at various times and from several quarters in 2013, it was purported that $5 billion was missing from the ECA, and that $2 billion was withdrawn without authorization.”
According to her, Nigeria cannot continue to operate an appreciable quantum of revenue arbitrarily, outside the law with no checks and balances while expecting amendment of section 162 of the constitution to cure the problem of savings for the nation.
In his contributions, Senator Adamu Aliero supported the abolition of the ECA which he recalled was introduced during former President Olusegun Obasanjo administration to protect planned budgets against shortfalls due to volatile crude oil prices.
He said if the account, out of which the independent power project, IPP among others were sponsored, is stopped, it would ensure transparency and accountability in revenue generation and payment into the Federation Account.
Senator Mao Ohuabunwa also argued that the ECA should be abolished despite the fact that the country needs to save for the rainy day due to the alleged impunity and arbitrariness in the account’s operation.
He called for the setting up an ad-hoc committee to investigate the revenue that accrued from the country’s oil benchmark from 2004.
Speaking in the same vein, Senator Atai Ali Aidoko described the present operations of ECA as the “biggest flush fund” in the country, saying one-third of the spending were done with illegality.
But Senator Suleiman Hunkuyi advised that National Assembly should look into how to regulate the ECA for surplus funding rather than its complete abrogation.
According to him, the exigency of the time called for the introduction of the account, but agreed that the way it was poorly managed should be urgently addressed.
By Adedapo Adesanya
Nigeria and the United Kingdom are moving to tackle a long-standing £1.2 billion discrepancy in their trade records, with both countries agreeing to develop a structured data-sharing system aimed at improving transparency and accountability across bilateral commerce.
The agreement was reached during a high-level meeting in London on March 18, 2026, held on the sidelines of President Bola Tinubu’s State Visit, under the Nigeria–United Kingdom Enhanced Trade and Investment Partnership (ETIP).
According to a statement by Nigeria Customs Service (NCS) spokesperson, Mr Abdullahi Maiwada, the talks signal a shift toward deeper operational cooperation between both countries’ customs authorities.
At the centre of the discussions was a persistent mismatch in trade figures. While Nigeria recorded about £504 million worth of imports from the UK in 2024, British records show exports to Nigeria at approximately £1.7 billion for the same period, leaving a gap of roughly £1.2 billion.
To address this, the two countries agreed to explore a pre-arrival data exchange framework that will connect their digital customs systems, with the aim of improving risk management, reconciling trade data, and strengthening compliance monitoring along the corridor.
The meeting was led by Comptroller-General of Customs, Mr Adewale Adeniyi and Ms Megan Shaw, Head of International Customs and Border Engagement at His Majesty’s Revenue and Customs (HMRC), and also focused on customs modernisation and data transparency.
Mr Adeniyi underscored the broader economic implications of the initiative, noting that customs collaboration plays a central role in trade facilitation.
“Effective customs cooperation remains a critical enabler of economic growth and sustainable trade development,” he said.
He added that “customs administrations serve as the frontline institutions responsible for ensuring that trade flows between both countries are transparent, secure, and mutually beneficial.”
The Nigeria–UK trade relationship spans multiple sectors, including industrial goods, agriculture, energy, and consumer products — all of which depend heavily on efficient port and border operations.
Beyond addressing data gaps, the meeting also highlighted ongoing modernisation efforts on both sides. The UK showcased advancements in artificial intelligence-driven trade tools, digital verification systems, and real-time analytics designed to enhance cargo processing, risk assessment, and border security.
The engagement further produced plans for a Customs Mutual Administrative Assistance Framework, alongside technical groundwork for capacity building, knowledge exchange, and a joint engagement mechanism under the ETIP platform.
Mr Maiwada said the outcomes are expected to strengthen Nigeria’s trade ecosystem and support broader economic reforms.
“The NCS has reaffirmed its commitment to deepening international partnerships as part of a broader modernisation agenda designed to promote transparency, efficiency, and competitiveness in Nigeria’s trading environment,” the statement said.
It added that “insights from this engagement will strengthen its operational capacity, enhance trade facilitation, and support Nigeria’s economic reform objectives under the Renewed Hope programme.”
By Adedapo Adesanya
Dangote Petroleum Refinery imported a total of $3.74 billion) worth of crude oil in 2025, to make up for shortfalls that threatened the plant’s 650,000-barrel-a-day operational capacity.
The data disclosed in the Central Bank of Nigeria’s Balance of Payments report noted that “Crude oil imports of $3.74 billion by Dangote Refinery” contributed to movements in the country’s current account position, as Nigeria imported crude oil worth N5.734 trillion between January and December 2025.
Last year, as the Nigerian National Petroleum Company (NNPC), which is the refinery’s main trade partner and minority stakeholder, faced its challenges, the company had to forge alternative supply links. This led to the importation of crude from Brazil, Equatorial Guinea, Angola, Algeria, and the US, among others.
For instance, in March 2025, the company said it now counts Brazil and Equatorial Guinea among its global oil suppliers, receiving up to 1 million barrels of the medium-sweet grade Tupi crude at the refinery on March 26 from Brazil’s Petrobras.
Meanwhile, crude oil exports dropped from $36.85 billion in 2024 to $31.54 billion in 2025, representing a 14.41 per cent decline, further shaping the external balance.
The report added that the refinery’s operations also reduced Nigeria’s reliance on imported fuel, noting that “availability of refined petroleum products from Dangote Refinery also led to a substantial decline in fuel imports.”
Specifically, refined petroleum product imports fell sharply to $10.00 billion in 2025 from $14.06 billion in 2024, representing a 28.9 per cent decline, while total oil-related imports also eased.
However, this was offset by a rise in non-oil imports, which increased from $25.74 billion to $29.24 billion, up 13.6 per cent year-on-year, reflecting sustained demand for foreign goods.
At the same time, the goods account remained in surplus at $14.51 billion in 2025, rising from $13.17 billion in 2024, supported largely by activities linked to the Dangote refinery and improved export performance in other segments.
The CBN stated that the stronger goods balance was driven by “significant export of refined petroleum products worth $5.85bn by Dangote Refinery,” alongside increased gas exports to other economies.
Nigeria posted a current account surplus of $14.04 billion in 2025, lower than the $19.03 billion recorded in 2024 but significantly higher than $6.42 billion in 2023. The decline from 2024 was driven partly by structural changes in oil trade flows, including crude imports for domestic refining, according to the report.
Pressure on the current account came from higher external payments. Net outflows for services rose from $13.36 billion in 2024 to $14.58 billion in 2025, driven by increased spending on transport, travel, insurance, and other services.
Similarly, net outflows in the primary income account surged by 60.88 per cent to $9.09 billion, largely due to higher dividend and interest payments to foreign investors.
In contrast, secondary income inflows declined slightly from $24.88 billion in 2024 to $23.20 billion in 2025, as official development assistance and personal transfers weakened, although remittances remained a key source of inflow, as domestic refineries grappled with persistent feedstock shortages, exposing a deepening supply paradox in the country’s oil sector.
This comes despite the Federal Government’s much-publicised naira-for-crude policy designed to prioritise local supply.
By Aduragbemi Omiyale
An application has been submitted by Sovereign Trust Insurance Plc for its proposed N5.0 billion rights issue.
The application was sent to the Nigerian Exchange (NGX) Limited, and it is for approval to list shares from the exercise when issued to qualifying shareholders.
A notice signed by the Head of Issuer Regulation Department of the exchange, Mr Godstime Iwenekhai, disclosed that the request was filed on behalf of the underwriting firm by its stockbrokers, Cordros Securities Limited, Dynamic Portfolio Limited and Cedar of Lebanon Securities.
The company intends to raise about N5.022 billion from the rights issue to boost its capital base, as demanded by the National Insurance Commission (NAICOM) for insurers in the country.
Sovereign Trust Insurance plans to issue 2,510,848,144 ordinary shares of 50 Kobo each at N2.00 per share on the basis of three new ordinary shares for every 17 existing ordinary shares held as of the close of business on Tuesday, March 17, 2026.
“Trading license holders are hereby notified that Sovereign Trust Insurance has through its stockbrokers, Cordros Securities Limited, Dynamic Portfolio Limited and Cedar of Lebanon Securities, submitted an application to Nigerian Exchange Limited for the approval and listing of a rights issue of 2,510,848,144 ordinary shares of 50 Kobo each at N2.00 per share on the basis of three new ordinary shares for every 17 existing ordinary shares held as of the close of business on Tuesday, March 17, 2026,” the notification read.
-
Feature/OPED6 years agoDavos was Different this year
-
Travel/Tourism10 years ago
Lagos Seals Western Lodge Hotel In Ikorodu
-
Showbiz3 years agoEstranged Lover Releases Videos of Empress Njamah Bathing
-
Banking8 years agoSort Codes of GTBank Branches in Nigeria
-
Economy3 years agoSubsidy Removal: CNG at N130 Per Litre Cheaper Than Petrol—IPMAN
-
Banking3 years agoSort Codes of UBA Branches in Nigeria
-
Banking3 years agoFirst Bank Announces Planned Downtime
-
Sports3 years agoHighest Paid Nigerian Footballer – How Much Do Nigerian Footballers Earn