Economy
Tinubu Suspends Audit of NUPRC Accounts
By Adedapo Adesanya
President Bola Tinubu has directed the Ministry of Petroleum Resources to suspend its activities on the constitution of a committee to audit the accounts of the Nigerian Upstream Petroleum Regulatory Commission (NUPRC).
This was contained in a letter tagged SH/COS/24/A/28 and dated August 1, addressed to the permanent secretary, Federal Ministry of Petroleum Resources and signed by Chief of Staff to the President, Mr Femi Gbajabiamila.
“Your Constitution of a committee to audit the accounts of the Nigerian Upstream Petroleum Regulatory Commission (NUPRC) has been referred to the Attorney General of the Federation (HAGF) for review and determination of the constitutional, statutory and administrative implications.
“Therefore, the committee is hereby directed to suspend its activities pending the conclusion of the review by the HAGF,” the letter read in part.
The new directive comes against the background of the lingering crisis between the management of the NUPRC and its workers.
Business Post reported earlier that the Petroleum and Natural Gas Senior Staff Association of Nigeria (PENGASSAN) had protested the alleged poor welfare and working conditions affecting staff in the commission and called for the removal of the commission’s chief executive, Mr Gbenga Komolafe, over alleged financial mismanagement.
PENGASSAN had, in a letter dated July 30, accused the commission of various infractions, including non-remittance of pension, non-conducive work environment, insufficient working tools, staff medicals, outstanding payment of 2023 upfront allowances, unpaid staff claims, unpaid staff on call allowance and non-payment of outsourced personnel.
In a response, the commission refuted the allegations and said they were made to disparage the integrity of the commission.
It said according to the Petroleum Industry Act (2021), the powers of appointment, promotion and remuneration are vested in the board of the commission, while statutorily, the Federal Character Commission (FCC) regulates compliance with statutory procedure concerning recruitment into public establishments.
It explained that the recruitment generating controversies was done in compliance with all procedures and compliance certificates issued by the relevant organ. The NUPRC also claimed that allegations the management misappropriated N10 billion virement and donated billions to political parties were libellous and entirely unsubstantiated.
It added that allegations of misappropriation of N10 billion virement, donation of N4 billion to political parties, inflation of contracts to siphon funds amounting to N1 billion, N900 million spent on sensitisation workshops, N500 million for office renovations, N1.5 billion for luxury transportation, including private jets are “false and misleading”.
It thereafter challenged the unions to publish details of the account of the commission from where the donations originated and the accounts of the political parties involved where the four billion naira and ten billion naira were deposited.
“Equally, the financial source documents (invoices) utilised to make the donations ought to be published. There is no way fourteen (14) billion naira can leave the coffers of the Commission without a trace, especially given how funds are allocated to the Commission,” it said.
It explained that there was no truth in the accusation of inflation of contracts at the NUPRC, adding that the commission approved a sustainable template for the engagement and payment of external solicitors engaged by the commission.
“The sensitisation workshops were approved by the appropriate authority in line with due process and duly executed by the Health, Safety, Environment and Community (HSEC) department in line with the scope of duties and responsibilities.
It is important to note that thirteen (13) slots of sensitisation campaigns were earmarked in 13 strategic locations within the oil-producing zones, and the campaigns are still ongoing.”
The NUPRC said all documentary evidence, including publications and video footage of the campaigns, can be sought and obtained from the Executive Commissioner HSEC.
“The Commission inherited offices used by the defunct DPR, which was only a subsidiary of the defunct NNPC. The appointment of executive commissioners and recruitment of 140 extra staff, given the new and added responsibilities of the NUPRC, necessitated reorganisation and renovation of the Commission’s offices across the country to accommodate its operations.
“Therefore, some of the offices, including those in the zones and fields, had to be restructured, refurbished and furnished to accommodate additional personnel and replace old and damaged furniture and equipment inherited at inception.
“The allegation is equally baseless and lacks any iota of truth. In fact, there was no time that the Commission chartered a private jet for the Commission Chief Executive (CCE). The purveyors are challenged to publish the account details and invoices supporting the transactions in their nefarious claims,” it said.
“We challenge the purveyors of the claims to provide evidence. He who alleges has the burden of proof,” the commission said.
By Adedapo Adesanya
The National Pension Commission (PenCom) has defended its decision to allow Pension Fund Administrators (PFAs) to invest in the parent companies of their custodians, insisting that adequate safeguards are in place to protect contributors’ funds.
The director-general of the pension regulator, Ms Omolola Oloworaran, speaking on Tuesday during the Meet the Press Briefing at the Presidential Villa, Abuja, said the commission’s decision to relax the investment restriction followed a comprehensive risk assessment that found minimal conflict of interest.
She explained that under PenCom’s investment regulations, PFAs are only permitted to invest pension assets in carefully selected instruments that meet stringent criteria, including profitability, strong credit ratings and proven track records.
According to her, the commission regularly reviews its investment regulations, conducts routine examinations and spot checks on PFAs to ensure strict compliance with established risk management guidelines.
“PFAs cannot just go into the stock market and buy any kind of stock. There are strict guidelines. Companies must demonstrate profitability, have a proven track record and satisfy other criteria before pension funds can invest,” she said.
Ms Oloworaran noted that each PFA also operates under the oversight of a board, an investment committee and a risk management committee, providing additional layers of governance to safeguard contributors’ funds.
She said PenCom recently issued a circular allowing PFAs to invest in the parent companies of their custodians after determining that the potential conflict of interest was negligible.
The PenCom boss explained that the parent companies involved are largely Tier-1 banks, including First Bank, United Bank for Africa (UBA) and Zenith Bank, which she described as A-rated institutions with strong financial foundations.
She said the policy was intended to widen investment opportunities for pension funds without compromising safety.
Using Stanbic IBTC as an example, Ms Oloworaran explained that if its custodian is Zenith Bank, the previous restriction prevented the pension administrator from investing in Zenith Bank shares despite the bank’s strong performance.
“We reviewed the risks and any potential conflict of interest and found the risks to be very low. That is why we opened that investment window,” she said.
By Aduragbemi Omiyale
Analysts at Meristem Research have predicted that the inflation rate for June 2026 in Nigeria should marginally rise to 15.95 per cent on a year-on-year basis from the 15.93 per cent reported in May 2026.
The National Bureau of Statistics (NBS) is expected to release inflation numbers for last month later today, Wednesday, July 15, 2026.
In its report sighted by Business Post, Meristem Research said it expects inflationary pressures to re-emerge across key economies in the near term, as the re-escalation of the US-Iran conflict has reignited upward pressure on global oil prices.
It disclosed that this marks a sharp reversal from most of June, when the ceasefire between the two countries helped drive oil prices lower, raising expectations of some relief on the inflation front.
With conflicts now flaring up again, oil prices are likely to increase again, and the anticipated easing in energy-driven inflation may not materialise as broadly as earlier envisaged.
“Nonetheless, some relief is likely from the food segment, where robust supply conditions across major producing regions and softening demand should continue to ease food price pressures,” it stated.
The team also explained that it projected a 15.95 per cent inflation rate because of the lingering effects of persistent food price pressures.
“However, we expect core inflation to moderate as the sharp reversal in energy prices begins to filter through to transportation, distribution, and other energy-related costs, easing underlying price pressures.
“On a month-on-month basis, the combined effect of lower petrol prices, a relatively stable Naira, and the gradual pass-through of reduced energy costs across the supply chain should exert further downward pressure on inflation.
“Based on our assessment, food inflation is expected to remain the key swing factor, as seasonal pre-harvest supply constraints are likely to offset some of the gains from lower logistics costs,” it said.
By Adedapo Adesanya
The duo of Central Securities Clearing System (CSCS) Plc and Afriland Properties Plc weakened the NASD Over-the-Counter (OTC) Securities Exchange by 1.61 per cent on Tuesday, July 14.
CSCS Plc saw its stock value drop N9.08 to close at N82.40 per share compared with the preceding session’s N91.48 per share, and Afriland Properties Plc slid by 17 Kobo to sell at N15.00 per unit versus N15.70 per unit.
The losses recorded by the two securities pulled back the market capitalisation by N41.64 billion to N2.546 trillion from N2.587 trillion, and cracked the NASD Security Index (NSI) by 69.36 points to 4,242.31 points from 4,311.67 points.
It was observed that the exchange witnessed two price advancers during the session, led by FrieslandCampina Wamco Nigeria Plc, which gained N1.37 to end at N151.37 per share compared with the previous day’s N150.00 per share, and Food Concepts Plc chalked up 5 Kobo to settle at N2.50 per unit versus N2.45 per unit.
The volume of securities traded by market participants surged by 50.7 per cent to 13.7 million units from the previous 9.1 million units, while the value of securities went down by 79.7 per cent to N65.2 million from N320.4 million, and the number of deals crashed by 3.6 per cent to 27 deals from the previous session’s 28 deals.
At the close of transactions, Great Nigeria Insurance (GNI) Plc remained the most traded stock by value on a year-to-date basis, with the sale of 3.4 billion units for N8.4 billion, trailed by Infrastructure Credit Guarantee (Infracredit) Plc, which exchanged 2.3 billion units valued at N6.5 billion, and CSCS Plc with 73.9 million units transacted for N5.2 billion.
GNI Plc also closed the trading day as the most traded stock by volume on a year-to-date basis, with 3.4 billion units worth N8.4 billion, followed by Infracredit Plc with 2.3 billion units traded for N6.5 billion, and Resourcery Plc with 1.1 billion units valued at N415.7 million.
