General News
₦11.56 Trillion Excess Crude Fund Develops Wings in 8 Years- Premium Times

At least N11.55 trillion or $84.52 billion expected revenue into the coffers of the nation’s Excess Crude Account for the eight-year period from 2007 to 2014 are unaccounted for, according to findings by Premium Times based on now available data from multiple government agencies not made public until now.
The ECA accounting has remained perhaps one of the most opaque public fund mechanisms in the country, puzzling even state governors who repeatedly challenged former Finance Minister Ngozi Okonjo-Iweala for lack of transparency and accountability regarding the organization of the fund.
After a recent National Economic Council meeting in Abuja, a committee of state governors angrily lashed at Mrs. Okonjo-Iweala, accusing her office, as supervisors of the fund, of arbitrariness and probably illegality in the management of a fund meant for the three tiers of government but which the ministry of finance apparently ran as a sole federal government fund.
Premium Times arrived at its computation based on differentials between expected accruals and actual withdrawals from the ECA honey pot.
Based on their reporting, the Nigerian National Petroleum Corporation [NNPC] and the Central Bank of Nigeria [CBN] claim that for the eight years in review, no fewer than N23.79 trillion was deposited into the ECA fund.
In its own accounting, the Federal Accounts Allocation Committee [FAAC] reported that for the same period, N10.58 trillion was withdrawn from the fund.
Although no where in the FAAC reporting was the N1.3 trillion ad-hoc domestic infrastructural investment and capital-intensive spending on the National Integrated Power Projects [NIPP] indicated, Premium Times accommodated it in its analysis to arrive at the N11.55 trillion unaccounted ECA revenue.
Our estimate can even be said to be conservative given that we did not compute what could have accrued to the ECA from crude allocated to the NNPC for domestic refining, but which almost always ended up being sold abroad because of the bad shape of Nigeria’s four refineries.
It is instructive to note that for the first 41 months from January 2007 to May 2010, there was no single public record of transfers into the ECA by FAAC.
After the questionable 41-month silence on ECA reporting, the FAAC curiously resumed reporting in June 2010 till the end of the review period during which N7.16 trillion accrued to the national coffers.
It remains unknown if this unaccounted funds were stolen or mismanaged and if federal law enforcement authorities are currently reviewing the process.
The spokesperson for the Economic and Financial Crimes Commission, Wilson Uwujaren, said he had no information about any ongoing investigation regarding the ECA.
But concerned by what appeared a lack of accountability in the management of the account, the National Economic Council [NEC] on June 29 raised a four-man committee to examine accruals into and withdrawals from the Federation Account and the Excess Crude Account from 2012 to May 2015.
Members of the committee are Governors Adams Oshiomhole of Edo State, Emmanuel Udom of Akwa Ibom, Ibrahim Dankwabo of Gombe and Nasir El-Rufai of Kaduna.
The panel’s report is still being awaited.
Repeated suggestions by the new Muhammadu Buhari’s administration that public funds were poorly and corruptly managed in the recent past appear to necessitate a deliberate, serious and careful look into the management of public funds by past administrations.
History of ECA
The ECA was created by the administration of President Olusegun Obasanjo in 2004 to act as a stabilization fund, closing budget deficits caused by oil price volatility.
The fund was designed to enable savings for the rainy day.
Since its birth however, the ECA has been bedeviled by controversy. One major challenge is the legal status of the body and the constitutional place of the Ministry of Finance in operating both the FAAC and the ECA. Another problem is the zero transparency exhibited by various agencies and officials of government charged with managing the funds over the years.
In recent years, the Ministry of Finance has refused to make public the detailed withdrawals from and accruals to the ECA, making it difficult to track budget spending and periodic status of the nation’s treasury.
The overarching constitutional provision demands a legislative buy-in and approval before any huge withdrawals are made from the FAAC. Likewise, the excess crude account and its administration recognize the three tiers of government as owners and decision makers regarding withdrawals from the account. The third means of checking the activities on ECA is the oversight performed by the National Economic Council (NEC).
All these have been consistently abused by the leadership of the Federal Ministry of Finance thus strapping Nigeria into penury, incessant contingency loans from International communities, and ultimately crippling the dividends that would have accrued to this stabilization mechanism.
In her bid to fend off criticism, Ms. Okonjo-Iweala made effort to give annual summaries of accruals and withdrawals from the Excess crude account for a period of 2011 to May 2015.
However, no clear highlights of monthly accruals and monthly disbursement of the funds to various quarters were provided to Nigerians.
Greater concerns about ECA
The discrepancies in reporting by the different agencies have been the most frustrating challenge on the ECA. Going by the NNPC report of actual oil production and monthly oil price within the period under review (2007- 2014), Nigeria is expected to have an inflow of ₦23.79 trillion ($166.87 billion).
In the same manner, the monthly FAAC reports by the Office of the Accountant General reported a total of ₦10.582 trillion ($73.93 billion) as withdrawals from the Excess crude account (ECA).
However, other reports indicate that the Federal and state governments agreed and made withdrawals of $8.425billion (₦1.308 trillion) as fund to implement National Integrated Power Project (NIPP) within the same period.
Cumulatively, total withdrawals of N11.89 trillion ($82.17 billion) was accounted for as withdrawals from ECA as FAAC distributions, funds for Sure P and NIPP.
Following this figures, the net expected balance in the ECA as at December 2014 should be ₦11.9 trillion ($84.52 billion).
However, the Ministry of Finance declared in May 2015 that the actual balance in the ECA as at December 2014 was $2,060,554,241 (₦344.85billion). If this figure is anything to go by, a difference of $82.46 billion (₦11.56 trillion) can be regarded as unaccounted amount expected to be in the Excess Crude Account.
General News
PalmPay Strengthens Data Protection Culture with Employee Privacy Workshop and Privacy Champions Programme

PalmPay has reinforced its commitment to responsible data governance and customer information protection through a specialised two-day data protection workshop for employees and the launch of its internal Privacy Champions Programme, an initiative designed to strengthen awareness, accountability, and responsible data handling across the organisation.

The initiative comes at a time when data protection is increasingly critical following recent reports of recorded 281,500 compromised user accounts in the first quarter of 2026, ranking 34th among the world’s most breached countries, according to a new quarterly data breach analysis by cybersecurity firm, Surfshark.
Facilitated by the Nigeria Data Protection Commission (NDPC) and leading Data Protection Compliance Organisation (DPCO) TechHive Advisory, the two-day workshop equipped employees with practical knowledge on privacy governance and data protection obligations, incident awareness, and the role each employee plays in protecting personal data.
The initiative forms part of PalmPay’s ongoing efforts to advance compliance with the Nigeria Data Protection Act (NDPA) 2023. It also reflects the company’s continued investment in safeguarding customer information and fostering a culture where privacy remains everyone’s responsibility.
The Privacy Champions Programme establishes a network of employee representatives across business functions who will support awareness, promote best practices and help strengthen the organisation’s privacy culture. By integrating privacy considerations into day-to–day activities the initiative aims to further enhance accountability and reinforces customer trust.
Speaking on the initiative, Managing Director of PalmPay, Chika Nwosu, stated: “At PalmPay, protecting customer information is fundamental to maintaining the trust our customers place in us everyday, and remains central to our operations. Statistically, 10 out of 100 Nigerians have been affected by data breaches.
Hence, we have a greater responsibility to ensure that personal information is collected, processed, stored, and protected responsibly. This specialised training reflects our continued investment in strengthening internal awareness and ensuring our teams remain equipped to uphold the highest standards of data privacy and protection.”
As a digital financial services platform serving millions of users, PalmPay reaffirmed that privacy and data protection remain embedded in its operational culture, with continuous investments in data governance practices.
PalmPay also encourages customers to remain vigilant and adopt safe digital practices, including protecting account credentials, exercising caution when sharing personal information online, and reporting suspicious activities promptly. The company maintains that building a secure digital ecosystem requires a shared commitment from organisations, regulators, and users alike.
General News
The Gathering on 100 Awards N5m to Young Entrepreneurs in Enugu

The Gathering on 100 made its latest stop in Enugu over the weekend, bringing together hundreds of young Nigerians for a day of networking, fun, entertainment, and business opportunities.

The event, previously held in Lagos and Aba, arrived in Enugu as the city gains recognition as one of Nigeria’s emerging innovation and startup hubs. Recent ecosystem reports rank Enugu among the country’s leading startup cities. The South-East region now accounts for more than half of identified startups across the South-East and South-South, highlighting the region’s growing role in Nigeria’s entrepreneurial landscape.
A major highlight of the Enugu edition was the Pitch-a-thon competition, where three entrepreneurs received a combined ₦5 million in grants to support their business growth. More than 100 entrepreneurs applied for the competition, with 10 finalists selected to pitch before a panel of judges. At the end of the contest, Velas Global Nutrition Limited emerged as the overall winner, securing ₦2.5 million. Werxio, founded by Donatus Prince, received ₦1.5 million, while Whipcare Company was awarded ₦1 million.
These grants address a persistent funding challenge. According to the Small and Medium Enterprises Development Agency of Nigeria (SMEDAN), the country is home to over 39 million MSMEs, contributing nearly half of Nigeria’s Gross Domestic Product and accounting for about 84 per cent of employment nationwide. Despite this, access to finance remains a significant obstacle to business growth.
For Chizoba Osuji, founder of Velas Global Nutrition Limited, the funding facilitates the expansion of a business built on years of research. Her company processes indigenous crops into shelf-stable blends, supporting nutrition and local women smallholder farmers. “This is motivation to keep making Nigerians healthier through better food,” she remarked, noting the grant will fund semi-automated equipment to increase production capacity to 20 tonnes monthly.
She added that the ₦2.5 million grant would be used to acquire semi-automated equipment capable of increasing production capacity to about 20 tonnes monthly. Beyond increasing output, the expansion is expected to create additional opportunities for women smallholder farmers across the South-East who supply many of the raw materials used by the company.
Speaking on the initiative, MTN’s Regional General Manager (Sales), Callima Inino, represented by Peter Kajovo, said The Gathering on 100 was designed to provide young Nigerians with platforms to connect, learn, showcase their talents and access opportunities that can help them grow.“We want to encourage youths to live their best lives and have fuller expressions of themselves,” he said.
As the Enugu edition concludes, the energy of the South-East’s startup scene remains evident. The Gathering on 100 continues its nationwide tour, connecting more young founders with the visibility and support they need. Stay tuned to discover where the tour will land next as it moves to its next exciting location.
General News
Nestlé Commits to Boosting West Africa Solar Rollout Through Partnership

Renewable energy firm Daystar Power Group has expanded its installed solar capacity across West Africa through a partnership with Nestlé, bringing total deployments to 6,884 kilowatt-peak (kWp), or nearly 7 megawatts (MW), in what the company describes as one of the largest commercial and industrial solar partnerships in the region.

Four manufacturing facilities across Nestlé sites in Côte d’Ivoire, Ghana and Senegal are now operational, with installations located in Abidjan, Tema and Dakar.
Daystar Power has installed 3,447 kWp across two sites in Abidjan, Côte d’Ivoire. In Ghana, a 2,547 kWp system powers Nestlé’s Tema factory, while in Senegal an 890 kWp installation operates at the Dakar facility.
The company said each system is designed to deliver measurable environmental impact, including reduced greenhouse gas emissions and improved energy resilience.
The installations are tailored to local operational and grid conditions to ensure reliable renewable energy supply while supporting Nestlé’s net-zero ambitions and its commitment to reducing greenhouse gas emissions.
“Nearly 7MW across four Nestlé facilities is a number we are proud of, but what it represents matters more than the figure itself. It means that one of the world’s most demanding manufacturers has tested our model, trusted it, and come back. Our job now is to keep earning that across every market where industry needs energy it can count on,” said Yischai Beinisch, CEO of Daystar Power Group.
Samer Chedid, CEO of Nestlé Central and West Africa Region, said: “This investment reflects our commitment to building a business that not only grows but does so responsibly.
“By advancing solar energy projects in Ghana, Côte d’Ivoire and Senegal, we are embedding sustainability into our growth, reinforcing our role as a force for good, creating long-term value for communities and ensuring that our footprint actively contributes to a cleaner, more resilient future.”
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