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.
Economy
BNB Price Reflects Changing Dynamics in the Digital Asset Market
Economy
NASD Unlisted Security Index Crosses 4,000-point Benchmark Again
By Adedapo Adesanya
The NASD Over-the-Counter (OTC) Securities Exchange achieved a milestone on Friday, April 24, 2026, after five securities on the platform helped with a 1.85 per cent growth.
Data showed that the NASD Unlisted Security Index (NSI) again crossed the 4,000-point benchmark yesterday.
The index chalked up 73.64 points during the trading day to close at 4,052.59 points compared with the preceding session’s 3,978.95 points, while the market capitalisation added N5.38 billion to finish at N2.424 trillion versus Thursday’s closing value of N2.380 trillion.
The price gainers were led by Okitipupa Plc, which grew by N25.00 to sell at N305.00 per share compared with the previous price of N280.00 per share. Central Securities Clearing System (CSCS) Plc gained N6.92 to close at N76.26 per unit versus N69.34 per unit, Afriland Properties Plc appreciated by N1.00 to N17.00 per share from N18.00 per share, FrieslandCampina Wamco Nigeria Plc improved by 55 Kobo to N99.55 per unit from N99.00 per unit, and Food Concepts Plc increased by 5 Kobo to N2.70 per share from N2.65 per share.
However, there was a price loser, MRS Oil, which dipped by N21.75 to N195.75 per unit from N217.50 per unit.
During the final session of the week, the value of securities jumped 75.2 per cent to N41.3 million from N23.6 million units, and the number of deals expanded by 62.9 per cent to 44 deals from 27 deals, while the volume of securities declined marginally by 0.9 per cent to 447,403 units from 451,522 units.
At the close of trades, Great Nigeria Insurance (GNI) Plc was the most traded stock by volume (year-to-date) 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 traded for N1.2 billion.
GNI was also the most active stock by value (year-to-date) with 3.4 billion units sold for N8.4 billion, followed by CSCS Plc with 59.6 million units transacted for N4.0 billion, and Okitipupa Plc with 27.8 million units exchanged for N1.9 billion.
Economy
Naira Slips to N1,358/$1 as FX Reserves, Policy Uncertainty Concerns
By Adedapo Adesanya
It was not a good day for the Nigerian Naira in the currency market on Friday, April 24, as its value depreciated against the major foreign currencies at the close of transactions.
In the Nigerian Autonomous Foreign Exchange Market (NAFEX), it lost N4.53 or 0.33 per cent against the United States Dollar yesterday to trade at N1,358.44/$1, in contrast to the N1,353.91/$1 it was exchanged on Thursday.
Equally, the domestic currency slipped against the Pound Sterling in the official market during the session by N8.14 to close at N1,834.02/£1, compared with the previous rate of N1,825.88/£1 and dropped N8.01 against the Euro to sell at N1,590.73/€1 versus N1,582.72/€1.
Also, the Naira depreciated against the US Dollar at the GTBank FX desk on Friday by N4 to quote at N1,370/$1 compared with the previous session’s N1,366/$1, and at the parallel market, it depleted by N5 to settle at N1,380/$1 versus the preceding day’s N1,375/$1.
Data published by the Central Bank of Nigeria (CBN) indicated that NFEM interbank turnover surged to N43.562 million across 68 deals, up from N28.117 million the previous day.
Despite the CBN’s reassurance that the recent drop in external reserves is not worrisome, the market remains unsettled by persistent concerns over liquidity constraints, policy transparency, and weakening confidence in Nigeria’s FX market as gross reserves continue to decline to $48.4 billion.
The outlook for the Dollar appears supported by broader macro risks, including elevated oil prices tied to the tanker traffic disruptions in the Strait of Hormuz and a continued US-Iran standoff over ceasefire negotiations.
A look at the digital currency market showed that investors are sitting on the edge as the US Dollar rebounded amid geopolitical and inflation risks despite continued inflows into US spot bitcoin Exchange Traded Funds (ETFs).
Solana (SOL) rose by 1.2 per cent to sell $86.45, Cardano (ADA) appreciated by 1.1 per cent to $0.2517, Dogecoin (DOGE) grew by 0.9 per cent to $0.0989, Ripple (XRP) improved by 0.3 per cent to $1.43, Ethereum (ETH) soared by 0.2 per cent to $2,316.83, and Binance Coin (BNB) chalked up 0.1 per cent to sell for $637.44.
However, TRON (TRX) depreciated by 1.3 per cent to $0.3235, and Bitcoin (BTC) lost 0.2 per cent to close at $77,562.27, while the US Dollar Tether (USDT) and the US Dollar Coin (USDC) closed flat at $1.00 each.
-
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
