News
NEITI Recovers N69bn Underpayments from Oil Coys
Nigeria Extractive Industries Transparency Initiative (NEITI) has disclosed that about N69billion have been recovered from operators of the petroleum industry following its audit of the sector from 1999 to 2008.
Mrs. Zainab Ahmed, executive secretary of NEITI, who stated this in Abuja while reviewing the activities of the organization this year, said three circles audit reports on the sector have been published.
These reports, she explained, showed that the government has through the Federation Account received a total of $209billion (N4.19tr) as revenue from oil and gas sector from 1999 t0 2008.
She said: “The three circle of audit also revealed a total loss of $2.6b been the difference recorded through leakages between what companies reported that they paid and what government reported it received.
“NEITI working with the relevant agencies have taken measures to recover this amount. For instance, the recoveries from underpayaments by the covered entities amounting to $80,740,000 from 1999-2004; for 2005 audit the sum of $90,907,000 was recovered; and from 2006-2008 audits the sum of $207,984,622 have so far been recovered based on findings our audits respectively.
“In 2013, NEITI will take all necessary measures to recover all outstanding cases working with relevant agencies”, she added.
Ahmed however lamented that paucity of funds is hampering the capacity of the organisation to conduct future audits as its budgetary allocations continue to dwindle each passing year.
In a related development, the National Coordinator of Publish What You Pay (PWYP) Nigeria, Faith Nwadishi, has raised an alarm over the poor budgetary allocation to NEITI for the implementation of its activities.
Nwadishi, who spoke to reporters in Abuja, disclosed that Nigeria’s audit of extractive industries was the most expensive in the world and pointed out that government has consistently slashed the funding of NEITI over the last three years.
A trend she said was a threat to ensuring transparency and accountability in the extractive industry.
“Government has consistently slashed the funding of NEITI over the last three years now and if we don’t stop this decrease in NEITI’s funding we may stop seeing these kinds of revelations”, she said.
Nwadishi, who represents the Civil Society Organisations (CSOs) on the NEITI board, said Nigeria set for itself goals higher than the dictates of the global Extractive Industry Transparency Initiative (EITI) which the country signed up to in 2003, adding that now the international community expects Nigeria to meet those goals.
“Nigeria is the first, if not the only, country that conducts a comprehensive audit in the extractive sector. It has also been recorded and stated as a fact that the audit conducted by NEITI is the most expensive in the world. That is because three components of the audits done in Nigeria is not done anywhere else in the world. In the financial reconciliation audit, Nigeria went two steps above what the EITI demands”, she explained
Nigeria Civil Aviation Authority (NCAA) has announced plans to introduce Radio Frequency Identification (RFID) baggage tracking technology across domestic and international airport terminals to tackle the growing problem of delayed, misrouted and missing luggages
Michael Achimugu, director, Public Affairs and Consumer Protection, NCAA, disclosed this at a stakeholder engagement forum in Lagos.
Achimugu said the RFID-enabled system would replace the traditional barcode-based baggage tracking framework and provide airlines and passengers with real-time visibility of checked luggage from check-in to final collection.
According to him, the technology would improve baggage traceability, reduce mishandling and strengthen accountability across the baggage-handling chain.
Unlike conventional barcode systems, RFID technology allows baggage to be automatically scanned at multiple points without requiring direct line of sight, enabling real-time tracking of luggage throughout its journey.
Achimugu said issues involving short-landed, missing, lost or damaged baggage had remained among the major complaints from air travellers, alongside flight delays.
He said the introduction of RFID technology was therefore aimed at improving baggage-handling standards and restoring passenger confidence in the aviation sector.
The NCAA said the initiative also aligns with IATA Resolution 753, which requires airlines to track baggage at key points during the passenger journey.
The authority expects the technology to provide more accurate information on the location of luggage, facilitate quicker resolution of baggage-related complaints and improve the overall passenger experience.
The NCAA said the initiative would also strengthen accountability among airlines and other stakeholders involved in baggage handling at Nigerian airports.
eTranzact International Plc has called for increased adoption of digital payment solutions among micro, small and medium enterprises (MSMEs), saying access to technology is critical to improving business efficiency, financial inclusion and growth.
The company also said it was deepening its partnership with the Small and Medium Enterprises Development Agency of Nigeria (SMEDAN) to expand digital access and financial literacy among small businesses across the country.
In a statement, the Divisional Head, Merchant Services, eTranzact, Mrs. Abimbola Reis, stated this at the SMEDAN/eTranzact Town Hall Engagement in Lagos recently, themed, “Financial Literacy and Inclusion for MSMEs Leveraging on Fintech Innovation.”
Reis described MSMEs as the backbone of Nigeria’s economy, noting that the sector comprises almost 40 million businesses and contributes significantly to economic growth and job creation.
However, she said many businesses continue to face challenges including limited access to finance, inefficient payment systems, weak financial reporting, cash-flow constraints and inadequate access to digital platforms.
She added that trust concerns also affect businesses’ ability to access finance, while heavy reliance on cash increases exposure to theft and makes payment reconciliation more difficult.
Representing the Director-General of SMEDAN, Prof. Yinka Fisher said the town hall was aimed at generating practical ideas and solutions that would support the growth and expansion of MSMEs.
“The essence of this engagement is to share ideas and concepts that will help MSMEs thrive and expand. Our partnership with eTranzact is about expanding the frontiers of MSMEs and ensuring they continue to grow,” he said.
Also speaking, representative of the Director-General of the Nigerian Association of Chambers of Commerce, Industry, Mines and Agriculture (NACCIMA), Dr. Praise Adedigba said businesses could no longer depend solely on hard work to remain competitive.
As the world marks International Youth Day, attention once again turns to the opportunities and challenges facing young people as they prepare for work, financial independence, and adulthood.
In Nigeria, the urgency is clear. According to UNICEF, about 7% of young people aged 15–24 possess basic ICT skills, highlighting a wider gap in the skills required to participate effectively in an increasingly digital economy.
At the same time, the Federal Government, through the Federal Ministry of Youth Development, continues to prioritize skills development, job creation, entrepreneurship and social inclusion.
For PalmPay, youth empowerment goes beyond corporate social responsibility. It is an investment in the people who will shape Nigeria’s workforce, businesses and economy.
This belief is reflected in initiatives focused on financial literacy, employability, digital skills and access to opportunities.
Through its Graduate Trainee Programme, PalmPay provides young graduates with opportunities to gain workplace experience, develop professional skills and build careers in a fast-evolving industry.
The investment also extends to financial education. Through its NYSC Financial Literacy Programme, PalmPay brings practical financial education to young Nigerians at an important transition point, helping Corps members develop better habits around saving, spending, budgeting and protecting their money.
For young women, Purple Woman provides another pathway to economic empowerment, creating opportunities for internships, learning and professional development while supporting greater female participation in the technology sector.
Speaking on the importance of youth empowerment, Chika Nwosu, Managing Director of PalmPay Nigeria, said: “Nigeria’s young population is one of its greatest assets, but unlocking its potential requires access to the right skills, knowledge and opportunities. At PalmPay, we are committed to equipping young Nigerians to learn, earn and thrive in an increasingly digital economy. We believe that investing in young people today is an investment in a stronger, more inclusive Nigeria.”
These initiatives reflect a broader belief that youth empowerment is most meaningful when young people are given the knowledge, exposure and opportunities to apply what they learn.
A graduate given workplace exposure today can become tomorrow’s business leader. A Corps member who develops sound financial habits can carry those lessons into their career and personal life. A young woman given access to professional opportunities can gain the confidence, experience, and networks to create opportunities for others.
Investing in young people is a great strategy for building a stronger, more productive, and more inclusive economy.
This International Youth Day, PalmPay reaffirms its commitment to investing in young Nigerians and contributing to a broader national ambition where the young population is not just counted, but equipped, employed, empowered, and positioned to lead.
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