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How and Why N210 Trillion is Missing in NNPCL – CFO

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Adedapo Segun, chief financial officer (CFO), Nigerian National Petroleum Company Limited (NNPC), has explained why there is a missing sum of N210 trillion in the company’s audited financial statement spanning from 2017 to 2023.

How and Why N210 Trillion is Missing in NNPCL - CFO

According to Segun, the missing funds are cash calls requested by joint venture (JV) partners and settlement to the JVs.

He spokeat a session of the Senate Committee on Public Accounts chaired by Aliyu Wadada.

Segun was responding to an alarm raised by the committee over missing N210 trillion in NNPCL’s audited financial statement.

Recall that Wadada issued a one-week ultimatum to NNPCL to account for the missing N210 trillion.

Reacting, Segun said, “The N103 trillion and N107 trillion are made up of joint venture cash calls that have been requested by the JV operators and JV cash call payments made by NNPCL, which are yet to be reconciled because governance procedures were not done at that time.

“That is why you see the description reflecting those two items would be washed out because they are two sides of the same transaction, which is the cash calls by JV partners and the settlement by NNPCL.”

However,  Habu Sadeik, a financial analyst, in a post on X on Thursday, said Segun’s response was unsatisfactory.

Saidik faulted NNPCL’s response about the fund discrepancies, noting that something is not right with the audited financial statement.

“Forget about the senators’ lack of knowledge.

“The CFO’s response is not satisfactory. Are you saying that cash calls worth hundreds of trillions are just appearing on your FS only in 2024 without 31 disclosure?

“If it’s a cash call, why hasn’t the disclosure said so?

“Which cash call is over 100 trillion?

“Something is definitely not right, and I hope they retrospectively correct that FS.

“Someone somewhere did a chef’s work,” he wrote on X.

 

 


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Ebere Melum-Nwogbo is a trained and practicing journalist. She is passionate about ICT and business journalism. She has over a decade experience spanning money and capital market as well as information technology

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Banigbe, T2 CEO says Nigeria’s Growth Hinges on Learning, Innovation, and Afrocentric Content

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Obafemi Banigbe, chief executive officer of T2, has stressed that Nigeria’s long-term economic transformation depends on continuous upskilling, digital learning, and workforce adaptability.

Speaking as Special Guest at the 32nd Annual Trainers’ Conference (ATC 2025) of the Nigerian Institute of Training and Development (NITAD), held recently at the Shehu Musa Yar’Adua Centre, Abuja, Banigbe warned that without deliberate investment in human capital and technology-driven innovation, the nation risks lagging behind in a rapidly evolving global economy.

Drawing from personal reflections, practical insights, and a forward-looking vision, Banigbe urged Nigerians to reimagine approaches to learning, work, and growth in order to build a prosperous, inclusive, and innovation-led society.

He emphasized that the traditional model of “learning once and working forever” is obsolete.

“With Nigeria projected to become the world’s third most populous nation by 2050, and 70 percent of its citizens under 30, the need for continuous upskilling, digital learning, and adaptability is not optional, it is existential,” he stated.

Banigbe underscored the importance of democratizing access to digital tools, ensuring that every Nigerian child has the same opportunities as peers in developed economies.

He called for the creation of Afrocentric educational content, including culturally relevant cartoons, to help children learn science, mathematics, and history through familiar cultural references rather than foreign identities that disconnect them from their environment.

He also urged a national shift away from a culture that prizes certificates and training hours to one that rewards competence, innovation, and problem-solving.

He envisioned a civil service and workforce driven by solutions rather than processes, stressing that while artificial intelligence may analyze and automate, it cannot dream, uphold ethics, or create new nations, a reminder of the enduring human advantage.

Banigbe further encouraged adoption of cost-effective training models such as online platforms, virtual cohorts, and open-source learning, while acknowledging the continued value of global exposure where local resources fall short.

During an interactive question and answer session, he addressed concerns around affordability, accessibility, and the role of self-driven digital education in shaping Nigeria’s future-ready workforce.

He assured participants that T2 itself is on a path of transformation, committed to delivering world-class services as a proudly Nigerian brand.

In recognition of his contribution to national dialogue and thought leadership, the President of NITAD, James Bulus, presented Banigbe with an Award of Excellence.


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NACCIMA, TETFund Forge Alliance to Boost Innovation, Skills, Economic Growth

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The Nigerian Association of Chambers of Commerce, Industry, Mines and Agriculture (NACCIMA) and the Tertiary Education Trust Fund (TETFund) have agreed to a new strategic partnership aimed at driving innovation, entrepreneurship, and workforce readiness.

Led by its National President and Chairman of the Organized Private Sector of Nigeria (OPSN), Engr. Jani Ibrahim, a high-level NACCIMA delegation visited the TETFund headquarters in Abuja today.

The team was received by the Executive Secretary of TETFund, Arc. Sonny S.T. Echono, during what both parties described as a milestone engagement.

Discussions during the meeting focused on collaborative initiatives including entrepreneurship development, support for the green economy, commercialization of academic research, industry–academia synergy, and skills development to better equip graduates for the evolving demands of the labour market.

A key outcome of the meeting was the mutual agreement to sign a Memorandum of Understanding (MoU) and establish a NACCIMA–TETFund Joint Technical Committee that will oversee the implementation of agreed initiatives.

Both sides also expressed commitment to developing additional partnership frameworks that will bolster Nigeria’s competitiveness and economic resilience.

Also present at the engagement, Prof. Umar Bindir lauded the collaboration, highlighting the need for structured, long-term partnerships between academia and the private sector to generate practical solutions to Nigeria’s socio-economic challenges.

Arc. Echono, in his remarks, praised NACCIMA’s leadership in promoting enterprise and innovation, and reaffirmed TETFund’s readiness to work closely with the Organized Private Sector to foster research, innovation, and economic transformation.

This collaboration positions NACCIMA as a key driver of national development, helping to bridge the gap between education, enterprise, and policymaking, while empowering young Nigerians and strengthening the foundation of the country’s knowledge economy.

 


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Winners Emerge in the PalmPay, Glo Campaign

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Michael Emmanuel, Winner of an Infinix Hot 40i in the ongoing PalmPay and Glo Recharge and Win Bonanza 2
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PalmPay, a digital banking platform, in partnership with Nigeria’s telecom giant, Glo, is celebrating winners in the ongoing PalmPay & Glo Recharge. The exciting campaign, which kicked off on June 19, 2025, will run until August 23, 2025, rewarding loyal customers with fantastic prizes and exclusive bonuses.

Since the promo commenced, users have won prizes ranging from Oraimo Earbuds to Infinix Hot 40i.

The ongoing weekly campaign has recorded 20 winners, which include:

  • Michael Emmanuel from Lagos emerged as the winner of an Infinix Hot 40i
  • Perpetual Amos, winner of an Infinix Hot 40i
  • Semiu Adekunle Abegunde, winner of an Infinix Hot 40i
  • Josiah Oluwasegun Adewale, winner of an Oraimo Earbuds

Michael Emmanuel from Lagos recounted his experience as the lucky winner of the Infinix Hot 401 as he couldn’t hide his excitement. He noted, “I am so excited! I didn’t even expect it. I received a call while I was sleeping, informing me that I’d won, and I went live immediately to confirm it was real. I’ve been using PalmPay for about two years now, and winning this is such a great feeling. I’ll keep using PalmPay, and I encourage everyone to recharge their Glo line on the app; you could win too.”

The campaign, which is in its last week, has winners revealed every Friday during a live raffle draw streamed across PalmPay’s social media channels. The campaign gives customers the chance to get amazing prizes, including an iPhone 15 Pro, an Infinix Hot 40, and many other exciting rewards. Users also enjoy up to 6% cashback when purchasing Glo airtime or data via the PalmPay app.

New Glo data subscribers who have not signed up for a plan in the past 90 days will also receive a 100% bonus on their recharge during the promo period.

How to participate:

  1. Download the PalmPay app.
  2. Link your Glo number in the app.
  3. Purchase airtime or data via PalmPay; every transaction increases your chances of winning.
  4. Join the live draw

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