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NNPC, Marketers Stole N784Bn from Nigeria in 2017 – Senate

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Revelations were made in the Senate on Wednesday that the Nigeria National Petroleum Corporation (NNPC) and Independent marketers  duped Nigeria to the tune of N784.700 billion on surplus volume of fuel importation of about 5.9bn litres in 2017 alone.

 

The sum, according to the Upper Chamber, was the excess of fund lost by Nigeria to the sharp practices by NNPC and other importers who claim volume of fuel imported in excess of what they actually brought into the country.

 

The Independent newspaper reported that in expressing disgust about the fraudulent act, the Senate mandated its Committee on Petroleum Resources (Downstream) headed by Senator Kabiru Marafa to carry out thorough investigation on the alleged fraud.

 

The Parliament also expressed disgust over claims that the NNPC has been paying subsidy on imported fuel with the lawmakers questioning the source of the money being used for the payment.

 

The Senate noted that no such money was voted for the payment in the budget and therefore described it as illegal just like other unapproved spendings by the Executive arm of government.

 

With a strong threat to sanction any infraction, of the Executive using the dictates of the Constitution, the Senate demanded an immediate stop to any unappropriated spending henceforth, particularly as regards the illegal subsidy regime of N26 per litre being effected on fuel sales in the country.

 

The N784 billion fraud, according to revelations made to that effect in the interim report of the Senate Committee on Petroleum Resources (Downstream), which investigated the lingering fuel scarcity in the country, came about through five days surplus importation at 35million litres per day by NNPC on monthly basis totalling 60 days surplus importation in addition to marketers 109 days surplus supply.

 

The Committee, in the report stated thus: “NNPC said it is importing 30 cargoes of 30,000meric tonnes (minimum) of PMS monthly through the Direct Sale Direct Purchase (DSDP) scheme.

 

“This means NNPC is importing 30x 30,000x 1, 341= 1, 206,900,000 litres of PMS monthly.

 

“Therefore, at an average consumption of 35million litres/day, NNPC said the country consumes between 27-30 million litres/day from January to September and 30-40 million litres per day from September to December.

 

“From the above figures, NNPC monthly supply is supposed to last the country for about 35 days at 35million litres per day.

 

“The marketers on the other hand received from government about N1.669,180,182 billion at CBN rate of N305 to a dollar to import PMS from January to August 2017. This means that marketers were supposed to bring into the country about 3.8bn litres of PMS at landing cost of N133.

 

“In other words, marketers supply were supposed to serve the country for about 109 days at 35million litres daily in 2017.

 

“The implication of the foregoing is that NNPC has five days surplus every month, 60 days surplus in a year, added to the marketers’ 109 days supply, totalling 169 days supply surplus at 35million litres /day or 5.9bn litres which when multiplied by N133 subsidised landing cost per litre amounts to N784.700bn”, the report read.

 

Senator Kabiru Marafa, who read the Committee’s report, alleged further that the fraud arose from emergence of subsidy regime in the sector again, similar to the sharp practices carried out in the past through bogus volume of fuel importation.

 

Though the Senate, based on observations made by senators that the report did not capture the subsidy fraud going on in the sector adequately, returned it to the Committee for more thorough job.

 

However, the Senate President Bukola Saraki praised the Committee for unearthing the 5.9 billion litres volume importation fraud.

 

“The biggest fraud in the oil sector over the years under subsidy regime is not even the subsidy itself but that of volume through bogus claims that will be increasing from year to year.

 

“It is in the light of this that I will ask that, in line with submissions made by many of the senators here today, that thorough probe should be carried out by the Committee on the 5.9 billion litres surplus supply while the Senate Committee on Public Accounts, SPAC, should investigate the illegal subsidy regime as regards its authorisation and appropriation,” he said.

 


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Experts Reveal a Steady Decline of High-severity Incidents Over the Years

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According to the ‘Anatomy of a Cyber World: Global Report by Kaspersky Security Services’, there has been a noticeable decline in the percentage of high-severity incidents over the past few years.

While 2021 recorded the highest proportion at 14.3%, 2025 experienced the lowest in six years at just 3.8%. This trend indicates that many attack attempts were quickly detected and effectively mitigated by Kaspersky MDR experts, preventing their severity from escalating beyond medium levels.

High-severity incidents are defined as attacks involving direct human involvement that result in a significant impact on the customer’s IT infrastructure. In 2025, the number of such incidents detected by Kaspersky MDR decreased by 19% compared to 2024, highlighting improvements in early detection capabilities and more effective remediation efforts among Kaspersky MDR clients.

A detailed analysis of the root causes of these incidents in 2025 reveals the following insights:

Human-driven attacks accounted for approximately 23% of high-severity incidents. Although this represents a slight decrease from 2024, they continue to be the primary cause of serious breaches.

Kaspersky detected such attacks in nearly 21% of customers, demonstrating that motivated adversaries persist in bypassing automated defences. Despite advancements in automated detection tools, these highly skilled attackers still find ways to evade security measures.

Confirmed cyber exercises like Red Teaming made up over 23% of incidents. When activity is verified as part of security testing, it’s often classified as infrastructure false positives, though customers frequently report them as incidents.

Social engineering ranked third, responsible for over 15% of high-severity attacks and affecting nearly 18% of organisations. These are classified as high-severity when successful and not automatically remediated, often leading to security awareness recommendations.

Security policy violations constituted just under 14% of all cases, involving legitimate accounts performing suspicious actions like data exfiltration. Malware incidents represented less than 12%, while artifacts from past attacks, or APT traces, were found in over 7% of cases. Vulnerability detection, though not core focus for Kaspersky MDR, was reported in fewer than 5% of incidents.

“The decline in high-severity incidents highlights the critical importance of adopting a proactive cybersecurity strategy. Human-led solutions such as Managed Detection and Response (MDR) and Incident Response remain essential in combating sophisticated, human-driven threats.

To further enhance the effectiveness and efficiency of in-house security teams, organisations should incorporate advanced, automated solutions like Extended Detection and Response (XDR), which provide improved visibility and enable faster responses.

Additionally, leveraging SOC consulting services can assist in building a robust Security Operations Center from the ground up or optimising an existing one for maximum performance.

An integrated approach to hybrid security operations empowers organisations to detect threats early, contain them swiftly, and ultimately prevent severe breaches from occurring,” comments Sergey Soldatov, Head of Security Operations at Kaspersky.

 

 

 

 

 


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Google, UpSkill Universe Relaunch Hustle Academy to Bring Free AI Skills to Africans

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Google and UpSkill Universe, Sub-Saharan Africa’s leading AI and business skills training partner, have announced a major redesign of the Google Hustle Academy programme.

For the first time, the free training initiative is open to everyone, not just business owners. The new curriculum is focused on equipping individuals and entrepreneurs with practical AI skills.

Small businesses are the engine of Africa’s economy, creating over 80% of jobs on the continent. To help them grow, the Hustle Academy was launched in 2022, providing bootcamp-style training on business strategy, digital skills, AI, and leadership. The program has since trained over 18,000 SMEs, with many reporting increased revenue and job creation.

Now, as AI reshapes the job market, the program is evolving. The 2026 edition is built for anyone in Sub-Saharan Africa, including employees, students, and jobseekers, who wants to use AI to advance their career.

To meet the needs of a diverse audience, the new format includes short, 60-minute webinars and more immersive, high-impact bootcamps. These sessions are laser-focused on putting AI to work immediately in areas like digital commerce, marketing, and growth strategy.

Speaking about the academy, Gori Yahaya, Founder & CEO UpSkill Universe said “The 2026 Hustle Academy is designed to close the AI Skills gap with hands-on training that is short, focused, and immediately useful. AI is reshaping how businesses win and how careers are built, right across this continent.

“We’re excited to renew our partnership, now in its fifth year with Google, combining their global AI leadership with our deep regional AI expertise. The next wave of AI leaders will come from this continent. We are making sure they are ready.”

The Hustle Academy initiative has strengthened digital competitiveness across emerging African economies by enabling SMEs to move beyond AI awareness to practical implementation, positioning them for sustained growth in an increasingly AI-driven business environment.

“We believe that the future of Africa’s digital economy lies in the hands of individuals and entrepreneurs alike. Our new strategy focuses on scaling reach by training individuals in the latest AI-centered tools and techniques,” said a Google representative.

 


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Lagos Govt Drags Top Firms to Court Over Billion-Naira Tax Debts

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Lagos State has dragged 45 individuals and firms, including Bi-Courtney Aviation, DAAR Communications and Leaders & Company, to revenue court for tax debts running into billions of naira.

Lagos Govt Drags Top Firms to Court Over Billion-Naira Tax Debts

Lagos Govt

Bi-Courtney, operators of Murtala Muhammed Airport Terminal Two, faces N38.7 million claim; DAAR, behind Africa Independent Television, owes N22.4 million; ThisDay publishers Leaders & Company allegedly skip N67.1 million.

GMT Energy Resources tops corporates at N145.8 million, followed by Sheriff Deputies at N132.1 million; others like Heyden Petroleum, AA Rescue, BRT operator Primero also listed.

Individuals owe N13.5 million to N35 million each.

Attorney-General Lawal Pedro said suits followed ignored notices, aiming to enforce laws and fund infrastructure.

More defendants: IENG Nigeria, James Fisher, V Care Diagnostics, Venture Garden, Saro Africa, Barry Callebaut, Native Media, First Consulting, Eyowo Payments.

Compliant taxpayers post-notice escaped prosecution; defaulters risk penalties, interest, jail.

Pedro urged prompt filings and payments.


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