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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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UK Appoints Peter Vowles as British High Commissioner to Nigeria

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The UK Government has announced the appointment of Mr Peter Vowles as the next British High Commissioner to the Federal Republic of Nigeria.

Mr Vowles succeeds Dr Richard Montgomery CMG and is expected to take up his post in Abuja in September 2026. Dr Montgomery remains in post until that time.

Mr Vowles brings extensive diplomatic and development experience to the role, having served as His Majesty’s Ambassador to Zimbabwe from 2023 to 2026 and previously as Ambassador to Myanmar from 2021 to 2022.

He has held senior leadership positions across the FCDO and its predecessor department DFID, including as Transformation Director and Director for Asia, Caribbean and Overseas Territories.

Earlier in his career, Mr Vowles worked in international development across South Asia, Central Africa and East Africa, including postings in Bangladesh, India, the Democratic Republic of Congo and Kenya. He began his career in Zimbabwe, where he worked in education and development.

Peter Vowles said: “I am honoured to be appointed as British High Commissioner to Nigeria. Nigeria is a country of immense importance to the United Kingdom, and I look forward to working closely with Nigerian partners to strengthen our relationship across trade, development and security.”


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Nigeria’s Apapa, Tin Can Ports Make Global Top 20 Improvement List

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World Bank has ranked the Apapa and Tin Can Island Port complexes in Lagos among the world’s 20 most improved ports in its 2025 Container Port Performance Index (CPPI), released in June 2026.

Nigeria’s Apapa, Tin Can Ports Make Global Top 20 Improvement List

The ranking places both ports in the “Top 20 Port Improvement Since 2020” category, reflecting significant gains in operational efficiency and vessel turnaround time.

The CPPI is a global benchmark used to assess the efficiency of container ports based on factors such as cargo handling speed, ship turnaround time and overall logistics performance.

According to the report, the improvement highlights ongoing reforms and modernization efforts within Nigeria’s maritime sector.

The Managing Director of the Nigerian Ports Authority (NPA), Mr Abubakar Dantsoho, attributed the recognition to ongoing policy reforms and infrastructure upgrades in the sector.

He said the development reflects the impact of economic policies of President Bola Tinubu and the support of the Minister of Marine and Blue Economy, Mr Adegboyega Oyetola.

“With the investor-friendly policies of President Bola Ahmed Tinubu providing the impetus for increased investment to drive our port infrastructure and equipment modernisation programme, coupled with the unflinching support of the Honourable Minister of Marine and Blue Economy, Adegboyega Oyetola, we have all it takes to further enhance trade facilitation, improve competitiveness and boost the national economy,” he said.

The NPA said the recognition is expected to strengthen investor confidence in Nigeria’s maritime sector and enhance the country’s position as a regional trade and logistics hub.

It noted that improvements in port operations are already contributing to increased efficiency in cargo movement and reduced delays at key terminals.

The authority also pointed to ongoing efforts to modernise port infrastructure and expand digital systems aimed at improving service delivery.

Earlier in February 2026, the NPA said the federal government had intensified efforts to position Nigeria as a leading maritime destination through port rehabilitation and modernization projects.

It also highlighted public-private partnership initiatives, including developments at the Lekki Deep Sea Port, as part of broader reforms aimed at improving efficiency and attracting investment.

The CPPI ranking is expected to further boost Nigeria’s maritime profile and encourage additional investment in the sector.


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PalmPay Joins Industry Leaders @ Digital Pay Expo 2026

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As digital payment adoption continues to grow across Nigeria and emerging markets, the next phase will depend not just on innovation, but on the strength, reliability, and trustworthiness of the infrastructure behind it.

While the ecosystem has made clear progress in recent years, trust remains a critical issue for users, businesses, and operators alike. Questions around resilience, security, interoperability and transaction reliability continue to shape how the market evolves and how confidently digital payments can scale.

These issues will be central to the deliberations at Digital Pay Expo 2026, where fintech leaders, payment operators, and other ecosystem stakeholders will gather under the theme, “Seamless Digital: Fostering Pan-African Market Expansion in the Era of AI.”

PalmPay’s participation reflects its continued commitment to building trusted and scalable payment infrastructure, while contributing to the broader industry efforts to strengthen systems, standards, and partnerships needed to support long-term ecosystem growth.

Speaking ahead of the event, Olorunfemi Hanson, Head of Marketing and Communications at PalmPay Nigeria, said: “As the financial services ecosystem continues to grow, trust and reliability become even more important.

“The industry’s next phase will be shaped not only by innovation, but by the strength of the infrastructure supporting it. Digital Pay Expo provides an important platform to address the resilience, interoperability, and trust issues that will shape the future of digital payments growth across Africa.”

The event, scheduled to be held from the 17th to the 18th of June, 2026, will feature Chika Nwosu, Managing Director of PalmPay Nigeria, alongside other distinguished guests, including the Director-General, Payment System Management Department (PSMD), Central Bank of Nigeria. The event will examine how the industry can balance innovation, regulation, and scalability while strengthening trust across the digital payments value chain.

For PalmPay, this event reinforces its role in supporting a more resilient, secure and scalable payments ecosystem for Nigeria and emerging markets more broadly.


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