General
Reps Discover $996m Hidden by Agencies in Banks
By Dipo Olowookere
Some ministries, departments and agencies (MDAs) of federal government have been accused of operating accounts different from the authorised Treasury Single Account (TSA), with the sole aim of short-changing the country of generated revenues.
An Ad Hoc Committee on the Need to Ascertain the Proceeds of the TSA to Enhance Transparency, Accountability and Good Governance set up by the House of Representatives claimed it had uncovered about $995.7 million not remitted to the coffers of government by these MDAs.
According to the committee, these MDAs have failed to follow the TSA policy, leading to revenue leakages.
It accused the Nigerian National Petroleum Corporation, the Nigerian Ports Authority, the Federal Inland Revenue Service, the Nigeria Customs Service as well as other ministries and banks of various infractions.
The House asked the Ministry of Finance, the Office of the Accountant-General of the Federation and the Central Bank of Nigeria should intensify efforts to enforce full implementation and compliance with the TSA policy by all the MDAs.
It also wants the MDAs who had violated the TSA policy to be sanctioned accordingly.
Quoting from the report on Friday, online news platform, Premium Times said the lawmakers ordered that the Ministry of Finance and OAGF “should be directed to publish, sanction/prosecute with immediate effect all MDAs, private persons, private organisations as well as banks, where FGN funds are hidden based on the discoveries made in the report of the consultants engaged by the OAGF and review the compliance with the TSA.”
The lawmakers said applications for exemptions/waivers must follow the guidelines on TSA implementation and duly approved and signed by the president only. Presenting the report, the chairman of the committee, Danduram Abubakar, said during the investigations, overwhelming discoveries were made.
According to him, it was observed that funds belonging to the federal government to the tune of billions of naira and hundreds of millions of dollars were operated outside the TSA by the MDAs in collaboration with the banks.
“After the meeting with Deposit Money Banks, the Central Bank of Nigeria, the Office of the Accountant-General of the Federation, the Office of the Auditor-General of the Federation and the Nigerian National Petroleum Corporation on August 15, 2017, the committee discovered that over $900 million is still being held outside the TSA.
“While some banks fully complied with the directive of the ad hoc committee by remitting these funds into the TSA, it is worthy of note that the sum of about $995.71 million was still held outside the TSA by some other banks. This sum of $995.71 million includes the principal deposit and the accrued interest on the deposit. Also discovered was an amount of N1.207 billion and €23,704.01,” he explained.
The lawmakers agreed that “the issues bordering on the Nigerian Ports Authority fund totalling €6,626,429.59 seized by the Economic and Financial Crimes Commission should be resolved immediately and the funds released to the appropriate owner. The EFCC should be informed in writing to immediately refund the same amount into the TSA account with the CBN.”
The NNPC was also asked to make full disclosures on the nature and status of the fund held in the NNPC Pension Fund Limited domiciled in Aso Savings and Loans Plc and Unity Bank.
By Modupe Gbadeyanka
A hotline number, 0800 123 5264, for Nigerians to report any MRS Oil Nigeria Plc filling stations selling Premium Motor Spirit (PMS), commonly known as petrol, above the approved pump price of N739 per litre, has been released by Dangote Petroleum Refinery.
The private refiner said the number was now active nationwide, enabling consumers to promptly report violations and help maintain fair pricing across over 2,000 MRS stations.
This measure follows the refinery’s recent commencement of nationwide PMS sales at N739 per litre—a strategic intervention aimed at stabilising fuel prices and easing the financial burden on Nigerians during the festive season.
“We encourage Nigerians to avoid purchasing PMS at inflated prices when locally refined fuel is available at N739 per litre.
“Report any MRS station selling above this price by calling our hotline. Together, we can ensure that the benefits of this price reduction reach every consumer,” the company stated in a statement.
The organisation stressed its mission to deliver affordable, high-quality fuel while safeguarding national economic interests, reaffirming its commitment to steady supply, backed by a guaranteed daily output of 50 million litres, and warned against attempts to create artificial scarcity or manipulate supply.
Regulatory authorities have been urged to remain vigilant and take decisive action against unpatriotic practices.
By refining locally at scale, Dangote Refinery is reducing Nigeria’s dependence on imports, conserving foreign exchange, stabilising the Naira, and strengthening energy security. This initiative represents a significant milestone in the country’s journey toward sustainable energy solutions and economic recovery.
The refinery also issued a stern warning against attempts by unscrupulous operators to create artificial scarcity in response to the price reduction, calling on government agencies to act decisively.
“Any attempt to create artificial scarcity or manipulate supply to frustrate recent price reductions is unpatriotic and unacceptable. We urge regulatory authorities to remain vigilant and take firm action against such practices, especially during this critical festive period,” the statement added.
Consumers were advised to resist purchasing fuel at inflated prices when cheaper, high-quality alternatives are readily available.
By Bon Peters
The Airport Chapter of the Association of Nigerian Licensed Customs Agents (ANLCA) at Omagwa Rivers State has praised the Customs Area Controller for Customs Area 1 Command, Comptroller Salamatu Atuluku.
At the end-of-the-year party attended by stakeholders, including the leader of the association’s chapter, Mr Charles Onyema, said the customs officer has done well in stakeholder engagement and trade facilitation.
At the event held last Friday, he said his association has been enjoying a very cordial relationship with other organisation in the ecosystem.
“You can see what is happening today, everybody is working together and our operations here are seamless,” he noted.
He stated that apart from creating a very robust business environment for his members and other stakeholders to operate, he has taken a decision to build and commission a befitting ANLCA Secretariat which would be completed soon and be commissioned by the ANLCA national president, Mr Emenike Nwokeoji.
The ANLCA chapter chief said since “Comptroller Salamatu Atuluku assumed office at Customs Area 1, Port Harcourt Command, it has been a different ball game, facilitating trade and increasing Revenue generation.”
“I remember I told her she was a mother during her maiden visit to the airport.
“You know when you have a woman in charge of an affair, food will not lack, compassion will not lack and motherly love will not lack.
“She is very wonderful in stakeholder engagement, revenue generation and trade facilitation,” Mr Onyema enthused.
Projecting into the future, Mr. Onyema said the year 2026 would be better for his members, adding that he has advised them on financial discipline which he said would help them during the trying period.
By Adedapo Adesanya
The federal government has declared Thursday, December 25, and Friday, December 26, 2025, as public holidays to mark Christmas and Boxing Day respectively.
The government also declared Thursday, January 1, 2026, for the New Year celebration.
The declaration was contained in a statement issued on Monday by the Permanent Secretary of the Ministry of Interior, Mrs Magdalene Ajani, on behalf of the Minister of Interior, Mr Olubunmi Tunji-Ojo.
According to the statement, the Minister urged Nigerians to reflect on the values of love, peace, humility and sacrifice associated with the birth of Jesus Christ.
Mr Tunji-Ojo also called on citizens, irrespective of faith or ethnicity, to use the festive season to pray for peace, improved security and national progress.
He further advised Nigerians to remain law-abiding and security-conscious during the celebrations, while wishing them a Merry Christmas and a prosperous New Year.
Business Post reports that on these public holidays – the foreign exchange market, the Nigerian Exchange (NGX), as well as the NASD Over-the-Counter (OTC) Securities Exchange will not open to trade.
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