General News
FG Begins Probes of N3.8trn Missing Oil Money
A panel of four governors was, yesterday, constituted to probe the affairs of the Nigerian National Petroleum Corporation (NNPC), following revelations that the corporation withheld N3.8 trillion of the N8.1 trillion generated from oil receipts.
Vanguard newspapers reported that the committee comprising governors of Gombe, Edo, Akwa Ibom and Kaduna states is also to unravel circumstances of the disappearance of another $2.1 billion which was allegedly unilaterally withdrawn by the Goodluck Jonathan administration in the last six months of its tenure.
The revelations came at the end of the inaugural meeting of the new National Economic Council, NEC, in Abuja, yesterday.
Just before the NEC meeting got underway, a senior official of the Goodluck Jonathan administration gave reasons why it passed over an empty treasury to the new government.
Prof. Sylvester Monye, who served as special adviser on monitoring and evaluation to President Jonathan, in an interview, also cautioned the new administration’s officials against sustaining the language of opposition while in office, saying that their continuing propaganda could negatively impact on the sound economic indicators transferred by Dr. Jonathan.
At the inauguration of the NEC, President Buhari cautioned the state governors to shore up their finances towards ensuring that they do not lag behind in their obligations. He also disclosed plans to channel G-7 funding for the rehabilitation of three states ravaged by Boko Haram.
President Buhari also pledged to adhere strictly to constitutional provisions on the maintenance of the Federation Account which stipulates that all funds from revenue generating agencies should be paid into the Federation Account.
Following the inaugural meeting of the NEC, Governor Oshiomhole accompanied by the Chairman of the Nigeria Governors’ Forum and Zamfara State Governor, Abdulaziz Yari; Kaduna State Governor, Mallam Nasir el-Rufai and Akwa Ibom State Governor, Mr. Udom Emmanuel briefed the press.
He disclosed that based on the reports presented by NNPC and officials of the office of the Accountant-General of the Federation to the NEC, it was discovered that a total of N3.8 trillion generated from oil revenues in the last three years was withheld by the NNPC.
Besides, he said that the Ministry of Finance unilaterally spent $2.1 billion from the Excess Crude Account without recourse to the governors between last November and May, 2015.
He said: “This is the first time we had a National Economic Council meeting in which under the instructions of the President, NNPC and the Office of the Accountant -General of the Federation were compelled to provide information in black and white on issues as it relates to the total sales of Nigerian crude from 2012 to May 2015. This has never happened before and for us this is profound.
“What we saw from those figures,which I believe Nigerians are entitled to know, is that whereas the NNPC claimed to have earned about N8.1 trillion, what NNPC paid into the Federation Account between 2012 and May, 2015 was N4.3 trillion and NNPC withheld and spent N3.8 trillion. We are talking about transparency, we are talking about change.
“What it means is that NNPC withheld and spent N3.8 trillion. The major revelation here is that the entire federation, that is the Federal Government, the states and all the 774 local governments, the amount the NNPC paid into the federation account for distribution to these three tiers of government came to N4.3 trillion and NNPC alone took and spent N3.8 trillion.
“Which means the cost of running NNPC is much more than the cost of running the Federal Government. That tells you how much is missing, what is mismanaged, what is stolen. These are huge figures.
“So if you were doing the right thning, you won’t have a situation where the NNPC alone will spend N3.8 trillion and remit to the federal, states and local governments N4.3 trillion which means NNPC is taking about 47 per cent and that explains all the leakages you are talking about.”
ECA withdrawals
On the withdrawals from the ECA, he said: “We looked at the figures for the Excess Crude Account, ECA, the last time the Minister of Finance and Co-ordinating Minister of the Economy, reported to the Council and it is in the minutes. She reported by November 2014, that we had $4.1 billion but today the Accountant-General’s Office reported that we have $2.0 billion, which means the Honourable Minister spent $2.1billion without authority of the NEC.
“That money was not distributed to states, it was not paid to the three tiers of government. This is why the NEC has set up a panel to look at what accrued, what it was spent for, when and by whom, so that Nigerians will have the full picture of all the transactions as regards the much talked about Excess Crude Account.”
Giving the mission of the four-man team to probe the NNPC, he said: “The four-man committee will check the books of NNPC most specially the issue of excess crude and what is not remitted into the Federation Account.
Governor Nasir El-Rufai of Kaduna State also speaking at the briefing said: “What we have seen in the last few months or years is that the Excess Crude Account was operated unilaterally by the Federal Government, drawings were made unilaterally without consulting those that actually own the money because the Excess Crude Account is 52 per cent owned by the federal government and 48 per cent by the states and LGAs.
“So the decision of the NEC is to set up this committee of four to look at the operations of the Excess Crude Account and make recommendations to council on its future.”
Earlier while inaugurating the NEC, President Buhari said: “The Federal Government will abide by the provisions of Sections 80 and 162 of the Constitution and ensure more accountability, transparency and integrity in the Distribution of the Federation Account. All revenue generating agencies such as Nigeria National Petroleum Corporation (NNPC), Nigeria Customs Services (NCS), Federal Inland Revenue Services (FIRS), Nigeria Ports Authority (NPA), Central Bank of Nigeria (CBN), Nigeria Maritime Administration and Safety Agency (NIMASA) and Liquefied Natural Gas (LNG) amongst others shall comply with stipulated Financial Regulations and Administrative Instructions in their remittances into the Consolidated Revenue Fund.”
The President’s assertion could mean the imminent abrogation of the Excess Crude Account, whose operation is currently the subject of litigation.
The President also unfolded plans to attract funding from the G7 countries for the rehabilitation of the three states of Borno, Yobe and Adamawa most affected by the Boko Haram insurgency.
“I have directed the frontline states of Borno, Yobe and Adamawa to articulate realistic assessments, costs, locations on Local Government by-Local-Government of affected facilities for submission to the President of the G7 for further verification. In addition, the requirements of the military have been prepared by the service chiefs for the consideration of the G7 Nations“, he said.
National Identity Management Commission (NIMC), has explained why kidnappers and terrorists are not always traceable despite the country’s expanding digital identity infrastructure.
NIMC explanation pointed to a simple but significant gap in the system.
Abisoye Coker-Odusote, director-general of the agency said that: “A lot of the time, you find out the kidnappers use the phones of the people they have abducted, which means how do you trace them because they are not using their own phones?” she said.
Coker-Odusote spoke during an appearance on Channels Television, where she was asked to explain why criminals remain difficult to trace despite the mandatory NIN-SIM linkage policy.
She said criminals frequently frustrate investigations by using mobile phones belonging to their victims, instead of their own registered lines.
“We already know the NIN is the foundational identity for the security architecture, but a lot of the time, you find out the kidnappers use the phones of the people they have abducted. Which means, how do you trace them because they are not using their own phones?” she said.
She also suggested that some criminal elements involved in kidnapping operations may not even be captured in Nigeria’s identity database.
“There is a theory that it may be possible that these kidnappers are not Nigerians and are brought into the country 48 or 72 hours before a kidnapping takes place specifically for that purpose. I’m not insinuating anything, but if that were the case, they naturally would not be captured in our database,” she added.
The comments have revived questions about whether expectations placed on the NIN-SIM linkage have exceeded what the system was designed to deliver.
The NIN-SIM linkage exercise was introduced by the Nigerian Communications Commission (NCC) in collaboration with NIMC to strengthen identity management, eliminate anonymous SIM ownership and support national security.
Over the years, the exercise resulted in millions of subscribers linking their SIM cards with their National Identification Numbers, while telecom operators also deactivated millions of lines that failed to comply with regulatory directives.
Earlier, the NCC maintained that the policy was aimed at improving the integrity of Nigeria’s SIM registration database, strengthening identity verification and supporting security agencies in criminal investigations.
The regulator also described the exercise as an important component of the country’s digital economy and national security framework.
Telecommunications operators have consistently maintained that while they play a critical role in implementing the NIN-SIM linkage policy, they are not responsible for tracking criminals.
Quest Merchant Bank recently hosted the second edition of the Great Place to Work® Nigeria Study Mission, reaffirming its commitment to fostering a high-performance workplace culture and advancing people-centric leadership practices.
The Study Mission serves as a collaborative learning platform that brings together Great Place to Work® Certified organizations to exchange insights, share best practices, and strengthen workplace cultures.
The event welcomed Human Resources leaders and representatives from FITC, Princeps Credit Systems, Tonic Technologies and Esentry Limited for an engaging and insightful session focused on building thriving workplace cultures, promoting continuous learning, and advancing employee-centric practices that drive organizational success.
Speaking at the event, Tolulope Dayo-Peters, Head of People Management, emphasized the importance of continuous learning and collaboration in building sustainable workplace cultures.
“We are delighted to host the second edition of the Great Place to Work® Nigeria Study Mission. At Quest Merchant Bank, we believe building a great workplace is an ongoing journey rooted in trust, purposeful leadership, and a genuine commitment to our people.
“We are pleased to share the practices that have shaped our culture and look forward to more opportunities to learn and collaborate with like-minded organizations.”
Also speaking at the event, Afolabi Olorode, Acting Managing Director/CEO, Quest Merchant Bank Limited, highlighted the critical role workplace culture plays in driving long-term business success.
“We recognize that a strong workplace culture is fundamental to sustainable business success. Creating an environment where our people are empowered to grow, innovate, and perform at their best enables us to consistently deliver value to our clients and stakeholders. We are proud to support initiatives like the Great Place to Work® Nigeria Study Mission that encourage organizations to learn from one another and collectively raise the standard of workplace excellence in Nigeria.”
The Study Mission reinforced the importance of collaboration among organizations committed to creating exceptional employee experiences.
By providing a platform for open dialogue, peer learning, and the exchange of practical ideas, the initiative enabled participants to explore innovative approaches to employee engagement, organizational culture, leadership development, and talent management while strengthening a growing community of employers dedicated to workplace excellence.
Hosting the Great Place to Work® Nigeria Study Mission further strengthens Quest Merchant Bank’s position as a thought leader in workplace culture and talent management.
It also enhances the Bank’s employer brand and demonstrates its unwavering commitment to creating an environment where employees can grow, innovate, and achieve their full potential.
Quest Merchant Bank remains committed to championing initiatives that promote learning, innovation, and people-centric leadership. Through strategic partnerships and knowledge-sharing platforms such as the Great Place to Work® Nigeria Study Mission, the Bank continues to contribute to the advancement of exceptional workplace cultures and the future of work across Nigeria’s corporate landscape.
Nigeria Hydrological Service Agency (NIHSA) has warned of possible floods in parts of Adamawa, Bauchi, Edo, Imo, Enugu, Akwa Ibom, Cross River, Kaduna, Plateau, Niger, Benue, and Borno states within the next seven days.
According to information posted on NIHSA X handle, the Agency announced medium flood advisory in force for the next 7 days across Adamawa, Bauchi, and 11 other States.
“Localised inundation is forecast along the main channel; named communities below sit on the projected footprint. Stations: Saminara on the Karam river, Waya Dam Site on the Waya river, Amber on the Amber river.
“Adamawa; Lemsa, Lamurde, Numan Exposure: 147 comm. 49 schis 40 hith 6 mkts17 relig. Bauchi-Bauchi, Ningi, Shira. Exposure: 4 comm. Kaduna; Chikun, Giwa, Igabi, Jaba, Jema’a, Kachia, Kaura, Kauru, +6 more. Exposure: 1 comm.
“Borno-Gubio, Mobbar. Exposure: 680 comm. 8 schls 6 hith 5 mkts 21 relig. Edo-Akoko-Ed, EtsakoEa, EtsakoWe, Ikpoba-Okha, Orhionmw, OviaNort, OviaSo.. Exposure: 3 comm.
“Imo-Aboh-Mba, Oguta, Ohaji/Eg, Okigwe, Owerri North, Owerri West. Exposure: 3 comm. 7 more states affected and severity LGAs”.
NIHSA advised people in the affected areas to “do NOT cross flooded roads, bridges, or fast-moving water on foot or by vehicle.
“Clear drainage channels and river-mouth blockages; avoid building or living in the floodplain and move people, livestock and valuables from the floodplain to pre-identified higher ground,” NIHSA stated.
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