Connect with us

General

FAAC Extends NNPC, CBN, FIRS Probe to December 2025

Published

on

bayo ojulari nnpc

By Adedapo Adesanya

The Federal Accounts Allocation Committee (FAAC) has extended the ongoing probe and reconciliation of payments made by revenue-generating agencies to December 2025, following unresolved discrepancies in remittances.

The probe primarily focusing on the Nigerian National Petroleum Company (NNPC) Limited comes amid allegations of revenue under remittance of $42.37 billion, an equivalent of N12.91 trillion, to the federation account between 2011 and 2017.

The extension was approved after the sub-committee in charge of the monthly reconciliation meetings reported that several outstanding payments were yet to be fully reconciled, following the October 2025 FAAC meeting.

“Members should note that the above outstanding amounts are still being reconciled at the monthly reconciliation meetings between the agencies and the sub-committee,” a document from the sub-committee investigating the case showed.

“Furthermore, the outstanding payments from the Revenue Generating Agencies before June 2023 were referred to the Stakeholders Alignment Committee,” the document stated.

It was further revealed that outstanding payments by the agencies before June 2023 have been referred to the Stakeholders Alignment Committee for deeper scrutiny.

To ensure accurate reporting and eliminate discrepancies, the NNPC Limited has been mandated to provide its actual remittance figures to replace previously submitted estimates.

“Also, the second phase of the reconciliation extended the period to December 2024, and NNPCL was mandated to provide its actual figure to replace the estimates. The Sub-Committee awaits the outcome of the report of the Technical Reconciliation Committee meeting conveyed by the Ministry of Finance,” the document added.

The sub-committee also noted that it is awaiting the outcome of the report from the Technical Reconciliation Committee convened by the Federal Ministry of Finance to harmonise submissions from all relevant agencies.

The amount yet to be reconciled includes N1.02 trillion and $137.84 million in unreconciled revenue from key revenue-generating agencies, including the NNPC Limited, the Nigerian Upstream Petroleum Regulatory Commission (NUPR, and the Federal Inland Revenue Service (FIRS).

A breakdown of the figures indicated that while no dollar remittance gap was recorded under the NNPC Limited category, the company and NUPRC jointly had N733.19 billion outstanding. Another N296.25 billion was attributed to discrepancies between the FIRS and NNPC Limited, while $69.03 million and $68.02 millilm were traced to unresolved balances involving FIRS, NNPC Limited, CBN, and NUPRC.

The extended probe follows months of revenue disputes between the state oil company and government fiscal authorities over unremitted earnings.

The document also revealed that the government has begun reviewing the NNPC Limited response to allegations of under-remitting $42.37 billion (about N12.9 trillion) to the Federation Account between 2011 and 2017.

The review follows findings by Periscope Consulting, a firm engaged by the Nigeria Governors’ Forum, which had earlier accused the state oil company of withholding crude oil proceeds and other statutory revenues due to the Federation Account during the period.

Adedapo Adesanya is a journalist, polymath, and connoisseur of everything art. When he is not writing, he has his nose buried in one of the many books or articles he has bookmarked or simply listening to good music with a bottle of beer or wine. He supports the greatest club in the world, Manchester United F.C.

Advertisement
Click to comment

Leave a Reply

Your email address will not be published. Required fields are marked *

General

Senate Forms Seven-Man Committee to Harmonise Electoral Act Amendment Bill

Published

on

Godswill akpabio Senate President

By Adedapo Adesanya

The Senate has constituted a seven-man committee to harmonise contributions and opinions on the Electoral Act Amendment Bill, 2026, with a mandate to present a consolidated report to the chamber next Tuesday.

The decision followed over two hours of consideration of the bill’s provisions during a closed-door session on Thursday.

The committee is chaired by the Chairman of the Senate Committee on Judiciary, Human Rights and Legal Matters, Mr Niyi Adegbomore.

Other members are Senators Adamu Aliero, Aminu Tambuwal, Adams Oshiomhole, Danjuma Goje, Tony Nwoye, and Titus Zam.

The group has three days to conclude its assignment and submit its report for consideration at the next plenary session scheduled for next week.

The Senate on Thursday commenced consideration of the Electoral Act 2022 (Repeal and Re-enactment) Bill 2026, moving into a closed-door session to review documents submitted by the Chairman of the Senate Committee on Electoral Matters, Mr Simon Lalong.

The Electoral Act (Repeal and Enactment) Bill, 2025 would expand voter participation, safeguard against electoral fraud, and strengthen institutional capacity of the Independent National Electoral Commission (INEC).

The closed session was convened to allow lawmakers to thoroughly examine the proposed amendments and supporting documents before engaging in further legislative debate on the bill.

This development comes after the upper chamber deferred consideration of the bill on Wednesday, giving lawmakers time to prepare for a detailed review.

Although the House of Representatives has already passed the bill, Senate President Senator Godswill Akpabio underscored the need for thorough scrutiny, given the bill’s implications for the nation’s electoral process.

“This is a very important bill, especially as it is election time. We must take our time to ensure justice is done to all, so that we do not end up at the tribunal,” he said.

According to the committee’s findings, a clause-by-clause analysis of the bill indicates that enacting the legislation would leave Nigerians with an enduring legacy of electoral integrity, enhance transparency, and boost public confidence.

The bill contains more than 20 key innovations distinguishing it from previous electoral frameworks, including provisions recognising the voting rights of prisoners and mandating INEC to register eligible inmates in correctional facilities nationwide.

It also prescribes sanctions for vote-buying ranging from a fine of N5 million to a two-year jail term, as well as a 10-year ban from contesting elections. It also recommends mandatory jail terms and higher fines for offences such as result falsification and obstruction of election officials.

Others include standardising delegates for indirect party primaries to prevent arbitrary determination of delegate criteria by party leaders, while addressing perennial funding challenges to the Independent National Electoral Commission (INEC) by mandating the release of election funds at least one year before polling day.

Continue Reading

General

Dangote Cement Ibese Plant Launches Safety FairPlay Initiative

Published

on

Dangote cement unclaimed dividends

By Modupe Gbadeyanka

A Safety FairPlay initiative designed to drive behavioural change and cultural shift towards safety conducts among its employees has been launched by the Ibese Plant of Dangote Cement Plc.

This programme will drive lasting behavioural and cultural change through an equitable and transparent framework that promotes safe conduct. Built on three core pillars—Recognition, Correction (Coaching) and Discipline.

It rewards positive safety behaviour, ensures consistency in addressing at-risk actions, and encourages open reporting of incidents, near-misses and errors, the company said in a statement on Thursday.

The scheme will be replicated at all the plants of Dangote Cement, marking a significant milestone in strengthening the Company’s safety culture, the organisation added.

The pilot launch of this policy recorded impressive participation from both the management and employees, thus underscoring a shared commitment to safer work practices.

The Technical Director of the cement giant, Mr Anandam Duraisamy, emphasized the strategic importance of the initiative to the business and called on employees to champion a safety culture anchored on fairness, accountability, recognition, and continuous improvement.

He noted that the Safety Fairplay marks a defining moment in the company’s journey toward building a workplace where safety is not just a policy, but a shared mindset—an everyday habit that defines who we are and how we work. We are here to launch an initiative that aims to transform not only what we do, but how we think, act, and respond when it comes to safety.

“Safety FairPlay is about building trust, consistency, and accountability in how we manage safety. When people know that safe behaviour is recognised, risky actions are fairly addressed, and everyone is treated equitably, safety becomes a shared responsibility and a true part of our culture.

“This initiative is about behavioural and cultural change. It recognises that true safety excellence goes beyond equipment, procedures, or compliance; it begins with people-our attitudes, our choices, and our willingness to look out for one another.

“Every incident prevented, every risk spotted, and every safe action taken strengthens our organisation. And that strength comes from you—from each member of our workforce embracing safety as a personal responsibility and a collective value,” he stated.

Also speaking, the Ibese Plant Head of Health, Safety and Environment (HSE), Mr Elvis Akalusi, commended the management for driving the programme and applauded employees for their enthusiastic embrace of the initiative.

He affirmed that the Safety FairPlay Initiative would be fully embedded into the plant’s daily operations, with the full collaboration of all heads of departments.

“This initiative will offer the tools, coaching, recognition, and accountability needed to help each of us make safer decisions. But its success depends on our shared commitment—our courage to consistently do the right thing, even when no one is watching.

“Let us approach this new chapter with open minds and a determination to improve. Let us build a culture where speaking up is encouraged, learning is continuous, and mistakes become opportunities to grow—not reasons for fear,” he stated.

Continue Reading

General

Navy Unveils Roadmap for Nigeria’s 2.5mbpd Crude Output Target

Published

on

crude oil 1.27 million barrels per day

By Adedapo Adesanya

The Nigerian Navy via its Central Naval Command has unveiled a fresh security coordination roadmap with oil majors and maritime stakeholders to ensure security enforcement aligns with plans to boost the country’s crude oil production to 2.5 million barrels per day.

The renewed push followed back-to-back high-level engagements held this week between the Central Naval Command, major oil exploration companies, and key maritime industry players, which stakeholders agreed could be delivered if crude oil theft, sabotage, and operational disruptions across the Niger Delta are decisively addressed.

Flag Officer Commanding, Central Naval Command, Rear Admiral Suleiman Ibrahim, told participants that maritime security remains critical to Nigeria’s economic survival and energy ambitions.

“Maritime security is a collective responsibility,” Rear Admiral Ibrahim said.

“Sustainable outcomes can only be achieved through close collaboration and mutual understanding between the Nigerian Navy and you, our industry partners whose assets, personnel, and investments we protect.”

During the engagement with oil executives, participants jointly affirmed that President Bola Ahmed Tinubu’s 2.5m bpd mandate is “doable and achievable”, provided security agencies and industry operators align operations, intelligence sharing, and response strategies.

Rear Admiral Ibrahim stressed that the Navy’s role is to create an enabling environment for uninterrupted oil and gas operations, assuring stakeholders of stronger protection for offshore and onshore assets within the Command’s Area of Responsibility.

He also conveyed the full backing of the Chief of the Naval Staff, CNS, Vice Admiral Emmanuel Ikechukwu Ogalla, noting that Naval Headquarters remains committed to deploying the required platforms, assets, and leadership to strengthen maritime security.

“The Chief of the Naval Staff is fully committed to providing the platforms and strategic leadership needed to optimise security deployments across the Central Naval Command,” the FOC said.

According to him, the dual meetings provided an opportunity to reassess the evolving security landscape, review emerging threats, and fine-tune response mechanisms in line with industry realities.

“We welcome frank and constructive engagement,” Rear Admiral Ibrahim added. “Your feedback is vital to improving our operational effectiveness and service delivery.”

According to a statement, industry stakeholders expressed renewed confidence in the Navy’s leadership and ongoing inter-agency cooperation, noting that improved maritime security is already translating into greater operational stability and production recovery.

Continue Reading

Trending