Connect with us

E-Business

CBN Says $20Bn Missing, NNPC Accuses Sanusi of Inconsistency

Published

on

Sanusi Lamido Sanusi, Governor, CBN
Kindly share this post

Mallam Lamido Sanusi, governor of Central Bank of Nigeria (CBN) has said that the outstanding unremitted amount due to the federation account from the sale of crude oil by the Nigeria National Petroleum Corporation (NNPC) is $20 billion and not $10.8 billion as previously thought.

But the NNPC said that the apex regulator of the Nigeria’s financial industry was inconsistent and lacked understanding of the petroleum auditing processes.

Sanusi stated this at the resumed public investigation on the alleged unremitted $49.8billion crude oil revenue yesterday by the Senate Committee on Finance at the National Assembly.

Sanusi alleged that out of the $67billion  crude oil sold by the NNPC, only $47billion had been receipted by the CBN, leaving a balance of $20 billion.

The CBN governmor had last year written a letter to President Goodluck Jonathan, accusing NNPC of failure to account for $49.8bn accruing from unremitted amount from the sale of crude oil.

This prompted the President to direct all the stakeholders to have a joint meeting to reconcile the amount in question. At the end of the exercise, it was agreed by the parties, which included the Finance Ministry, CBN, NNPC, the Budget Office, Federal Inland Revenue Service, FIRS, Directorate of Petroleum Resources DPR, and Petroleum Products Pricing and Regulatory Agency, PPPRA, that the outstanding amount was $10.8bn.

Sanusi’s fresh allegation came as  Mr. Andrew Yakubu, NNPC group managing director faulted the governor’s claims, stressing that the CBN as bankers did not understand the petroleum auditing processes.

Yakubu also accused Sanusi of bandying the entire gross earnings of NNPC instead of actual net earnings.

Senator Ahmed Makarfi, chairman of the Senate Committee on Finance, expressed indifference to the allegations raised by Sanusi.

According to Makarfi, what Sanusi said was not a fresh issue, as it was already known to the committee and the reconciliation team set up on the matter.

He directed the various teams handling the reconciliation of the said unremitted accounts to fast-track their activities and come up with the exact amount by Thursday next week, when the public hearing would reconvene.

Sanusi said: “I have a 20 page presentation with 30 appendages but we have to first of all agree on what has been paid into the CBN. NNPC did a presentation. We have all agreed earlier that $14billion out of the $67billion they shipped came in to the dollar account of the federation.

 NNPC boss  however said that said: “The issues that were raised are not new at all. You see we came out in details because we don’t have anything to hide and we gave a detailed breakdown of the so called $49bn and we came out clearly to state the various streams that are associated with what he was talking about.

“Now, we also made it clear that NPDC (National Petroleum Development Company), if we had anything to hide we would not have made it clear that NPDC was part of the stream, because NPDC which is NNPC’s upstream operation, is a limited liability company registered under the Companies and Allied Matters Act, CAMA, to do upstream business just like any other independent company.


Kindly share this post

Nigeria CommunicationsWeek believes that technology makes life more exciting and helps improve the lives of people around Nigeria and indeed the world. So since 2007, we have devoted our energy to independent reportage of technology and how they affect lives.

E-Business

Access Holdings, Coronation Partner Tate Modern to Spotlight Nigerian Modernism

Published

on

Kindly share this post

Access Holdings Plc and Coronation Group have partnered with Tate Modern to commemorate World Art Day with a virtual session highlighting the global significance of Nigerian modernism.

Access Holdings, Coronation Partner Tate Modern to Spotlight Nigerian Modernism

Access Holdings

The event, titled “In Conversation with Osei Bonsu: Inside Nigerian Modernism,” featured a virtual tour of the Nigerian Modernism exhibition and discussions on the evolution of modern art in Nigeria.

The session brought together staff members across both organisations, reflecting growing institutional engagement with arts and culture as a driver of societal development.

Speaking at the event, Chief Communications and Marketing Officer of Coronation Group, Ngozi Akinyele, emphasised the role of art in shaping identity and national development.

She said that beyond financial capital, cultural and intellectual capital are essential in defining a nation’s prosperity and inspiring dialogue.

Akinyele noted that both organisations were committed to democratising access to art, ensuring it is accessible to a wider audience rather than a select few.

The discussion also featured insights from Tate Modern Curator, Osei Bonsu, and art expert Daniel Wallis, who examined the development of Nigerian modernism and its global relevance.

Bonsu said Nigerian modernism represents an independent reimagining of global art, rooted in the country’s diverse cultural heritage and expressed through unique visual languages.

According to him, the movement challenges narrow, Eurocentric definitions of modernism and highlights the richness of African artistic expression.

The session further underscored the growing international recognition of Nigerian art, particularly through exhibitions at Tate Modern.

Participants also reflected on the visit of Bola Ahmed Tinubu to the exhibition, described as a milestone in promoting Nigeria’s cultural heritage globally.

In his closing remarks, Chief Communications Officer of Access Holdings, Amaechi Okobi, reaffirmed the organisation’s commitment to advancing African narratives on the global stage.

He said the collaboration with Tate Modern aligns with broader efforts to promote dialogue, preserve cultural identity and support the creative sector.

The event reinforced a shared commitment by Access Holdings, Coronation Group and Tate Modern to elevate African art globally and ensure Nigerian cultural narratives continue to shape international conversations.


Kindly share this post
Continue Reading

E-Business

NDPC Issues Critical Advisory as Hackers Target Nigeria’s Key Digital Systems

Published

on

Kindly share this post

Nigeria Data Protection Commission (NDPC) has issued a regulatory advisory to data controllers and processors across the country following what it described as escalating threats to Nigeria’s data security architecture.

NDPC Issues Critical Advisory as Hackers Target Nigeria’s Key Digital Systems

NDPC

In a statement signed by Babatunde Bamigboye, lead of Legal, Enforcement and Regulations, the commission said its technical assessment revealed that some shadowy threat actors were engaged in coordinated operations targeting financial systems and critical digital infrastructure in Nigeria.

The commission urged public institutions to comply with the presidential directive of Bola Ahmed Tinubu, which emphasises the strategic importance of data in national development.

According to the NDPC, the President had declared that “data is the new oil,” stressing the need for Ministries, Departments and Agencies (MDAs) to rigorously capture and safeguard information in line with the Nigeria Data Protection Act, 2023.

The commission therefore advised all data controllers and processors to urgently strengthen their technical and organisational measures to protect personal data and ensure compliance with the law.

It listed key measures to include the appointment of trained and certified Data Protection Officers, implementation of comprehensive privacy policies and information security standards, as well as conducting Data Privacy Impact Assessments.

Other measures recommended by the NDPC include deployment of robust identity and access controls such as Multi-Factor Authentication, adoption of zero-trust security architecture, prompt remediation of system vulnerabilities, and continuous patch management.

The commission also emphasised the need to secure cloud infrastructure, application programming interfaces (APIs), databases and access credentials, alongside real-time monitoring, logging and threat detection systems.

Further recommendations include encryption and secure credential handling, regular vulnerability assessment and penetration testing of critical systems, as well as routine backup and resilience testing.

The NDPC warned that organisations that fail to implement appropriate data protection measures in accordance with the Nigeria Data Protection Act, 2023 risk legal liabilities.

It reiterated its commitment to providing regulatory support to organisations while ensuring the protection of personal data and strengthening institutional resilience across all sectors.


Kindly share this post
Continue Reading

E-Business

Africa’s Forex Market in 2026: Key Trends Every Trader Should Watch

Published

on

Kindly share this post

The forex market across Africa is witnessing more participants and more regulatory attention than it did just a few years ago. This growth is part of a bigger picture: Sub-Saharan Africa is expected to expand by 4.3% in 2026, while global forex turnover already hit an estimated $9.6 trillion daily in April 2025. However, there’s more to it than macroeconomic figures.

Africa's Forex Market in 2026: Key Trends Every Trader Should Watch

The trends reshaping the market are happening from within. Here are six worth paying close attention to.

1. Trading Has Moved to the Phone

The number of people accessing the market via mobile phones exceeds those accessing it via traditional bank systems. GSMA states that in Sub-Saharan Africa alone, there are more than 1.1 billion registered mobile money accounts.

The International Monetary Fund states that digitalisation and increased usage of the internet are changing payment systems in the Sub-Saharan Africa region.

Mobile access changes traders’ behavior. It lowers the barrier to entry and speeds up deposits and withdrawals. Therefore, brokers who can provide a quality mobile trading experience will have a huge advantage.

2. Regulators Are Watching

The market is becoming more structured and more transparent. In South Africa, the FSCA regulates market conduct for financial institutions. In Kenya, the Capital Markets Authority regulates capital markets and maintains a licensing system that includes online forex brokers.

Nigeria’s SEC has publicly warned that online retail forex trading can be subject to abuse when unregulated. It also provides tools for investors to check operators’ registrations.

As a result, in 2026, more traders are likely to favour brokers that can show clear licensing, transparent operations, and stronger investor safeguards.

3. Volatility Varies by Country

A common mistake is perceiving the African market as one entity. In reality, according to RegTech Afrika, there are 21 countries out of a total of 54 that have a chance of seeing their currencies depreciate in 2025, with some of them losing value by as much as 6% or more.

A trader watching the rand, naira, shilling, or cedi, regional headlines needs more than regional headlines. Country-level macro data, central bank moves, and the US dollar will still play a major role.

4. Cross-Border Payment Infrastructure Is Quietly Improving

Platforms like PAPSS are helping make payments across African countries faster and easier to complete in local currencies. According to official announcements of PAPSS, it has become operational in 18 countries across Africa, with its latest launch in Algeria in 2025. It has also become operational in Kenya through a partnership with KCB Group, as well as in Rwanda through a partnership with Bank of Kigali.

Step by step, Africa is becoming a more financially connected continent.

5. Execution Quality Is the New Standard

Data from the BIS shows that in April 2025, three-quarters of FX trades were intermediated by the global centers of the United Kingdom, the United States, Singapore, and Hong Kong. Therefore, the best liquidity and best prices are still linked to global conditions.

For local markets, this raises the bar. Forex traders are becoming increasingly aware that tight spreads, while important, mean little without reliable prices and execution. Brokers like JustMarkets that can bring all of these elements together are in a much stronger position than competitors.

6. Education as a Necessity

Regulatory disclosures from major global brokers illustrate how tough it is to trade without proper knowledge. According to publicly available disclosures, between 70% and 80% of retail investor accounts lose money when trading CFDs.

Forex traders who understand risk management and which financial news to follow have a better chance of surviving the market. Brokers who invest in education are more likely to be seen by traders as valuable partners rather than mere facilitators.
The Market Rewards the Prepared

Africa’s forex market in 2026 is shaped by volatility, stricter rules, and mobile-first trading. The traders who combine market knowledge with the right tools and the right broker will find real opportunity here, while those who don’t adapt will find the market increasingly unforgiving.


Kindly share this post
Continue Reading

Trending