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FRC Accuses SEC, NPA of not Remitting N28.27Bn
The Fiscal Responsibility Commission (FRC) has accused two government agencies – the Securities and Exchange Commission (SEC) and the Nigerian Ports Authority (NPA) – of failing to remit their operating surpluses amounting to N28.27bn.
At separate meetings held between the FRC and the two agencies in Abuja yesterday, officials of FRC also accused the two agencies of contravening the FRC Act 2007 by failing to submit their audited accounts, approved annual budgets and Medium Term Expenditure Framework.
FRC said SEC had failed to remit N10.34bn accruing to the agency as operating surplus in 2007 and N11.61bn in 2008 while it said that NPA failed to remit N3.79bn in 2007 and N2.53bn in 2008.
In a brief made available to SEC officials ahead of the meeting on Monday, FRC said, “In the process of monitoring the compliance of SEC to the FRA 2007, we observed the following:
“For year 2007, 80 per cent of SEC operating surplus was supposed to be N11,152,535,000 rather than N808,736,586,40 which SEC had earlier remitted to the Federal Government as 80 per cent of its operating cash surplus. SEC has therefore been unduly withholding the balance of N10, 343,798, 413.60 due to the Federal Government.
“SEC’s 2008 audited financial report indicated an excess of income over expenditure of N14, 506,368,610. Eighty per cent of this sum is due the Federal Government and should thus have been remitted into the Consolidated Revenue Fund of the Federal Government before the end of April 2009.
“In spite of all the reminders that this commission has sent SEC, there is no indication that SEC has made this due remittance after these years.”
FRC added, “There is no evidence that SEC has produced its audited financial reports for 2009, 2010, 2012 and 2013. Each year’s account was due on 31st March of the succeeding year.
“In spite of this commission’s various requests, SEC has not availed the FRC of its three-year estimates of revenue and expenditure for 2010 – 2012, 2012 – 2014 and 2013 – 2015. SEC has failed to forward to the FRC its approved annual budgets for 2010, 2011, 2012, 2013 and 2014.
“There is no indication to the effect that SEC has appropriately computed and duly remitted 80 per cent of its operating surpluses for 2009, 2010, 2011, 2012 and 2013.”
Sunday Garuba, deputy director, Treasury at SEC, said the audited accounts of the agencies for the years demanded by FRC were ready and would be made available.
He also said that as a regulator, SEC had been sticking to the rules but added that in recent times; the agency had been operating on the basis of zero budget and that the downturn in the capital market operation beginning from 2008 had affected the capacity of the organisation to make money.
In another brief on NPA, FRC accused SEC of failure to prepare and publish their 2012 and 2013 audited financial reports in compliance with Section 23 (3) of the FRA, 2007; failure to create a General Reserve Fund and allocate thereto, 20 per cent of its operating surplus pursuant to section 22 (1) of the FRA, 2007.
It said the agency failed to remit N3,788,116,000 to the Consolidated Revenue Fund being operating balance of its operating surplus for 2007 and another operating surplus of N2,527,637,200 for 2008.
Chief Victor Murako, chairman of FRC, said it was imperative for all government agencies to remit their operating surpluses to the government coffers, adding that the transformation agenda of President Goodluck Jonathan cannot be realised without proper funding.
The Chartered Institute of Bankers (CIBN) and the Association of Corporate Communication and Marketing Professionals in Banks (ACAMB) have enjoined banks to further deepen and prioritize financial inclusion, women’s empowerment and sustained growth through strategic mandates and frameworks, aimed at closing the financial gap and empowering more small, and medium enterprise (MSME) owners.
Both organisations made this call during a courtesy visit to the newly invested 24th President and Chairman of Council of the Chartered Institute of Bankers of Nigeria (CIBN), Dr. Dele Alabi, Ph.D, FCIB, as part of plans to congratulate him on his investiture as well as seek a stronger alliance between both bodies.
The visit followed Alabi’s investiture where he unveiled his “IMPACT” Vision, themed “Consolidating Our Local Impact, Enhancing Our Global Relevance.”
The vision rests on six pillars: Inclusion across geographic, gender, and generational lines; Membership growth and quality; Professionalism and ethics; Accountability; Competencies and skills development; Technology, automation, and innovation. Other areas of shared interest, include women empowerment, financial inclusion and literacy, as well as MSME clinics, all of which are top on his agenda.
Alabi explained that under him, the institute will be prioritising financial inclusion and women empowerment, because of its realisation that women are often the primary financial managers and caregivers in families. Access to savings, micro-credit, and insurance acts as a safety net during crisis and allows them to significantly improve living conditions.
He added that CIBN would be happy to drive joint knowledge sharing and exchange sessions with CBN and ACAMB across various platforms. “Educating the public through public awareness programmes, with ACAMB as the rallying point, is central to what we do,” he noted.
ACAMB President, Jide Sipe, who led the delegation, spoke in unison with the CIBN president, as he noted that, closing the inbalances in financial access help economies grow faster, reduces inequality, and encourages greater civic participation by all.
Lagos State has become the first sub-national government in Nigeria to establish a comprehensive Greenhouse Gas Registry, a move aimed at strengthening climate governance, improving emissions accountability and accelerating the state’s transition to a low-carbon economy.
The Lagos State Greenhouse Gas Registry (LGHGR) was unveiled at the Central Business District, Alausa, Ikeja, at a ceremony attended by Prof. Akin Abayomi, commissioner for Health, members of the State Executive Council, representatives of the Federal Ministry of Environment, development partners, TPHG Technologies, the diplomatic and business communities, academics, civil society organisations and the media.
Describing the initiative as a landmark achievement in the state’s environmental sustainability drive, Dr. Babatunde Ajayi, general manager of the Lagos State Environmental Protection Agency (LASEPA), said the Registry marks a defining moment in Lagos’ climate action journey and reflects Governor Babajide Sanwo-Olu’s commitment to building a resilient, climate-smart and environmentally sustainable economy.
According to Ajayi, the digital platform will enable the state to accurately measure, monitor, report and verify greenhouse gas emissions across key sectors, providing credible data to guide environmental policies and climate interventions.
He said the Registry would strengthen evidence-based decision-making, improve transparency and accountability, support national and international climate reporting obligations, unlock carbon market opportunities and boost investor confidence in Lagos’ environmental initiatives.
Ajayi also commended TPHG Technologies for providing the technical expertise that made the pioneering project possible.
Delivering the keynote address, Prof. Abayomi described the Registry as a major milestone that positions Lagos at the forefront of climate governance and emissions accountability in both Nigeria and Africa.
He noted that climate change has evolved into a significant public health and governance challenge, stressing that access to reliable emissions data would enable the state to formulate evidence-based policies, attract climate financing, strengthen resilience and accelerate its transition to a low-carbon economy.
Providing insights into the technical framework of the project, Dr. Mofoluso Fagbeja, lead consultant and chief executive officer, TPHG Technologies, explained that the Registry was developed from the greenhouse gas inventory jointly undertaken by LASEPA and TPHG Technologies in 2022, using 2019 as the baseline year for emissions assessment.
He said the platform is designed to close critical emissions data gaps, particularly within the industrial sector, while supporting effective climate policy implementation, emissions management and sustainable development.
Fagbeja also disclosed that the greenhouse gas inventory estimated that poor air quality contributes to about 35,000 premature deaths annually in Lagos, underscoring the urgent need for stronger emissions control measures and cleaner environmental practices.
In a goodwill message, Balarabe Abbas Lawal, minister of Environment, represented by Mrs. Adenaike Olunimpe Oludunni, federal controller of Environment in Lagos, commended Lagos State for pioneering the initiative, describing it as a significant contribution to Nigeria’s climate commitments.
He said the Registry aligns with the country’s Nationally Determined Contributions (NDCs) under the Paris Agreement and supports the Federal Government’s Energy Transition Plan, while reaffirming the ministry’s commitment to deeper collaboration with Lagos State on climate governance and environmental sustainability.
A recently released Henley Passport Index 2026, showed that Nigerian citizens can travel to at least 20 destinations outside the African continent where entry is allowed either visa-free, with a visa on arrival (VOA) at no extra cost, or via an e-visa.
This expanded access opens doors for Nigerian travellers to experience countries in the Caribbean, Asia, and beyond with greater ease.
Below is a comprehensive guide to countries outside Africa which Nigerian passport holders can visit without a traditional visa.
Visa-Free Countries outside Africa for Nigerian Passport Holders:
Barbados
Cambodia – Visa on arrival
Comoros Islands – Visa on arrival
Cook Islands
Dominica
Fiji
Haiti
Iran – Visa on arrival
Kiribati
Lebanon
Maldives – Visa on arrival
Micronesia
Montserrat
Niue – Visa on arrival
Palau Islands – Visa on arrival
Samoa – Visa on arrival
St. Kitts and Nevis
Timor-Leste – Visa on arrival
Tuvalu
Vanuatuul
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