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NEITI Recovers N69bn Underpayments from Oil Coys

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Zainab Ahmed, executive secretary of NEITI
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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


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UK Appoints Peter Vowles as British High Commissioner to Nigeria

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The UK Government has announced the appointment of Mr Peter Vowles as the next British High Commissioner to the Federal Republic of Nigeria.

Mr Vowles succeeds Dr Richard Montgomery CMG and is expected to take up his post in Abuja in September 2026. Dr Montgomery remains in post until that time.

Mr Vowles brings extensive diplomatic and development experience to the role, having served as His Majesty’s Ambassador to Zimbabwe from 2023 to 2026 and previously as Ambassador to Myanmar from 2021 to 2022.

He has held senior leadership positions across the FCDO and its predecessor department DFID, including as Transformation Director and Director for Asia, Caribbean and Overseas Territories.

Earlier in his career, Mr Vowles worked in international development across South Asia, Central Africa and East Africa, including postings in Bangladesh, India, the Democratic Republic of Congo and Kenya. He began his career in Zimbabwe, where he worked in education and development.

Peter Vowles said: “I am honoured to be appointed as British High Commissioner to Nigeria. Nigeria is a country of immense importance to the United Kingdom, and I look forward to working closely with Nigerian partners to strengthen our relationship across trade, development and security.”


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Nigeria’s Apapa, Tin Can Ports Make Global Top 20 Improvement List

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World Bank has ranked the Apapa and Tin Can Island Port complexes in Lagos among the world’s 20 most improved ports in its 2025 Container Port Performance Index (CPPI), released in June 2026.

Nigeria’s Apapa, Tin Can Ports Make Global Top 20 Improvement List

The ranking places both ports in the “Top 20 Port Improvement Since 2020” category, reflecting significant gains in operational efficiency and vessel turnaround time.

The CPPI is a global benchmark used to assess the efficiency of container ports based on factors such as cargo handling speed, ship turnaround time and overall logistics performance.

According to the report, the improvement highlights ongoing reforms and modernization efforts within Nigeria’s maritime sector.

The Managing Director of the Nigerian Ports Authority (NPA), Mr Abubakar Dantsoho, attributed the recognition to ongoing policy reforms and infrastructure upgrades in the sector.

He said the development reflects the impact of economic policies of President Bola Tinubu and the support of the Minister of Marine and Blue Economy, Mr Adegboyega Oyetola.

“With the investor-friendly policies of President Bola Ahmed Tinubu providing the impetus for increased investment to drive our port infrastructure and equipment modernisation programme, coupled with the unflinching support of the Honourable Minister of Marine and Blue Economy, Adegboyega Oyetola, we have all it takes to further enhance trade facilitation, improve competitiveness and boost the national economy,” he said.

The NPA said the recognition is expected to strengthen investor confidence in Nigeria’s maritime sector and enhance the country’s position as a regional trade and logistics hub.

It noted that improvements in port operations are already contributing to increased efficiency in cargo movement and reduced delays at key terminals.

The authority also pointed to ongoing efforts to modernise port infrastructure and expand digital systems aimed at improving service delivery.

Earlier in February 2026, the NPA said the federal government had intensified efforts to position Nigeria as a leading maritime destination through port rehabilitation and modernization projects.

It also highlighted public-private partnership initiatives, including developments at the Lekki Deep Sea Port, as part of broader reforms aimed at improving efficiency and attracting investment.

The CPPI ranking is expected to further boost Nigeria’s maritime profile and encourage additional investment in the sector.


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PalmPay Joins Industry Leaders @ Digital Pay Expo 2026

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As digital payment adoption continues to grow across Nigeria and emerging markets, the next phase will depend not just on innovation, but on the strength, reliability, and trustworthiness of the infrastructure behind it.

While the ecosystem has made clear progress in recent years, trust remains a critical issue for users, businesses, and operators alike. Questions around resilience, security, interoperability and transaction reliability continue to shape how the market evolves and how confidently digital payments can scale.

These issues will be central to the deliberations at Digital Pay Expo 2026, where fintech leaders, payment operators, and other ecosystem stakeholders will gather under the theme, “Seamless Digital: Fostering Pan-African Market Expansion in the Era of AI.”

PalmPay’s participation reflects its continued commitment to building trusted and scalable payment infrastructure, while contributing to the broader industry efforts to strengthen systems, standards, and partnerships needed to support long-term ecosystem growth.

Speaking ahead of the event, Olorunfemi Hanson, Head of Marketing and Communications at PalmPay Nigeria, said: “As the financial services ecosystem continues to grow, trust and reliability become even more important.

“The industry’s next phase will be shaped not only by innovation, but by the strength of the infrastructure supporting it. Digital Pay Expo provides an important platform to address the resilience, interoperability, and trust issues that will shape the future of digital payments growth across Africa.”

The event, scheduled to be held from the 17th to the 18th of June, 2026, will feature Chika Nwosu, Managing Director of PalmPay Nigeria, alongside other distinguished guests, including the Director-General, Payment System Management Department (PSMD), Central Bank of Nigeria. The event will examine how the industry can balance innovation, regulation, and scalability while strengthening trust across the digital payments value chain.

For PalmPay, this event reinforces its role in supporting a more resilient, secure and scalable payments ecosystem for Nigeria and emerging markets more broadly.


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