By Adedapo Adesanya

The Economic and Financial Crimes Commission (EFCC) has recovered more than N115 billion in statutory levies owed to the Niger Delta Development Commission (NDDC) by defaulting oil companies between 2021 and 2023.

The recovery comprises N76.883 billion and $81.076 million, according to an EFCC representative, Mr Francis Oka-Phillips Usani, who disclosed the figures before the Senate Committee on Public Accounts on Wednesday.

Mr Usani spoke while the committee was investigating the 2021–2023 Oil and Gas Sector Audit Report of the Nigeria Extractive Industries Transparency Initiative (NEITI).

He said the EFCC investigated 43 oil companies over outstanding three per cent statutory levies payable to the NDDC.

According to him, 24 of the companies operating in the Niger Delta were found to have outstanding liabilities of N76,883,705,907.17 and $81,076,655, while the remaining 19 companies were cleared of any outstanding liability.

“At the commencement of the investigation, EFCC invited 43 oil companies, out of which 24 operating within the Niger Delta were found to have outstanding liabilities in the sums of N76,883,705,907.17 and $81,076,655.00, while the remaining 19 other oil companies were given a clean bill of health,” Mr Usani said.

The agent explained that following the investigation and pressure mounted by the commission, some of the affected companies paid their outstanding liabilities directly to the NDDC.

He said the direct payments amounted to N6.709 billion and $16.994 million.

Mr Usani further disclosed that of the funds recovered by the EFCC on behalf of the NDDC, N73.373 billion and $67.070 million had so far been released to the commission, noting that the balance of N3.510 billion and $14.005 million remained in the EFCC’s recovery account.

He, however, stated that the commission was also mindful of other possible outstanding statutory obligations and taxes payable to the federal government.

By Adedapo Adesanya

The Minister of State for Petroleum Resources (Oil), Mr Heineken Lokpobiri, has stressed the need for Nigeria to prioritise its domestic energy needs before fulfilling international obligations, as the federal government intensifies efforts to strengthen energy security and promote greater transparency in the petroleum market.

Mr Lokpobiri stated this in his goodwill message at the West Africa Refined Fuel Market Conference 2026, themed Funding West Africa Infrastructure and Distribution to Create a Transparent Market for Regional Price Benchmarks.

The minister said the country’s energy security strategy must begin with fulfilling its obligations to Nigerians, stressing that the ongoing deregulation of the downstream petroleum sector had created a framework for greater participation and accountability among industry stakeholders.

According to him, energy security starts with fulfilling “our domestic obligations before extending to international obligations.”

He said the conference provided an opportunity not only to discuss sustainable pricing mechanisms but also to showcase investment opportunities and competitive advantages in Nigeria’s and Africa’s midstream and downstream petroleum sectors.

Mr Lokpobiri said the federal government remained committed to creating a conducive environment for investment in the petroleum industry, particularly as Nigeria seeks to increase refining capacity and improve fuel distribution.

“Under President Bola Ahmed Tinubu, Nigeria continues to implement measures and initiatives designed to unlock the full potential of the petroleum sector,” he said.

He identified increased refining capacity, efficient distribution infrastructure, transparent pricing and stronger regional integration as critical to building a competitive West African refined-fuel market.

The minister said improved infrastructure and market transparency would also help establish reliable regional price benchmarks and strengthen confidence among investors and other industry participants.

He added that Nigeria, as a major player in the global energy market, had an important role to play in developing an integrated West African petroleum market and positioning the continent to compete more effectively in global energy trade.

The conference brought together stakeholders in the petroleum industry to examine financing, infrastructure, distribution and pricing mechanisms for the refined-fuel market across West Africa.

By Adedapo Adesanya

The Federal Competition and Consumer Protection Commission (FCCPC) has warned importers, manufacturers, distributors and other operators in the bakery and confectionery business against compromising food safety, using unsafe substitutes and misleading consumers as rising production costs put pressure on their businesses.

The Executive Vice Chairman of the FCCPC, Mr Tunji Bello, gave the warning on Tuesday at a stakeholder engagement with bakery and confectionery operators organised by the South-West Zonal Office of the commission at the Lagos Chamber of Commerce and Industry (LCCI), according to a statement.

Mr Bello, who was represented at the event by the South-West Zonal Coordinator, Mr Olubunmi Otti, explained that the engagement focused on strengthening compliance with consumer protection, product safety, quality and labelling requirements across the sector.

Mr Bello emphasised that bread and other baked products were consumed daily by millions of Nigerians, “making food safety and consumer confidence critical responsibilities for operators.”

“Consumers ordinarily had no way of knowing where ingredients came from, how they were stored or the conditions under which products were manufactured. They rely on producers to maintain proper hygiene, use appropriate ingredients, accurately represent their products and supply the quantity promised,” Mr Bello said.

Mr Bello said effective consumer protection covered the entire production chain, including the sourcing and quality of ingredients, production, hygiene, handling, packaging, labelling, storage, transportation and display.

He said it also covered the information businesses provided to consumers, the quantity promised and supplied, as well as the actions taken when something went wrong.

According to him, food safety cannot be compromised in the pursuit of profit.

He stressed that the Federal Competition and Consumer Protection Act (FCCPA) 2018 gives consumers the right to goods that are reasonably suitable for their intended purposes, such as good quality, free of defects and compliant with applicable standards set by sector regulators.

Mr Bello, however, acknowledged that businesses were operating in an economic environment where the costs of flour, sugar, energy, transportation, packaging, equipment and financing could fluctuate and place pressure on profit margins.

He noted that such commercial realities could not justify practices that endangered consumers.

The official warned that operators must not respond to rising input costs by resorting to unsafe substitutes, harmful or prohibited additives, poor-quality ingredients, compromised hygiene, manipulated expiry information or other shortcuts that transfer commercial risks to consumers.

He also cautioned operators against misleading consumers through product labels, advertisements and other forms of marketing.

Mr Bello explained that information supplied to consumers on products, packaging, accompanying materials, at points of sale, social media or conventional media must be accurate and not misleading.

He added that information on production dates, shelf life, allergens, storage conditions and other material characteristics required under applicable laws, regulations or standards must be provided and must not mislead consumers.

The FCCPC helmsman also pointed out that the FCCPA prohibits false or incorrect representations, materially misleading representations that were erroneous, fraudulent or deceptive in the promotion or marketing of goods and services.