Connect with us

General News

NNPC Keeps N100Bn Fuel as Strategic Reserve.

Published

on

oil_drums.jpg
Kindly share this post

Petroleum products worth about N100 billion are currently kept as strategic reserve for the nation by the Nigerian National Petroleum Corporation (NNPC).

Dr Omar Farouk Ibrahim, spokesman NNPC,said yesterday that the corporation has the mandate to keep at least 32 days of fuel reserve in case of any unforeseen circumstance.

Reacting to the $10.8 billion unremitted funds by the corporation to the federation account, Ibrahim said the 32-day reserve when multiplied by 35 million litres daily consumption of the country, at the rate N97 per litre, valued atN108 billion, is what the corporation is keeping for the nation but is not being captured as part of what the corporation is saving for the nation.

He said the law stated that not all of these products should be kept on the land some part of it should be on the high sea. “So we have to keep these ships on top of the sea, as well as pay demurrage on them. All these are part of our operational cost”.

According to him, a lot have been happening in the country which drains the corporation’s account but remained unnoticed by the CBN and other record holders.

He admitted that it was not possible to say that the corporation is clean completely, but it is certainly not as bad as  many people are taking it to be.

“NNPC has not been receiving subsidy reimbursement for the last two years and the government has not captured that in the unremitted revenue”, he said.

“In 2012 almost singlehandedly NNPC imported fuel into the country without any intervention from the marketers but not a penny is given to NNPC as subsidy”

He said the same people that are accusing the NNPC are aware that the corporation has not been receiving its subsidy and they didn’t say anything about that.   

“On the $10.8 billion that is said to be missing, our position is this, since January 2012 we have been importing fuel, but up to today, we have not been paid subsidy”.   
 
He said billions of Naira are going down the drain from the corporation account due to the incessant vandalism of the pipelines and are repaired by the NNPC.

He said: “ Since the subsidy crisis, we kept the country wet with fuel. Secondly, pipeline vandalism is another issue. Technically it is a  responsibility of government to provide enabling environment for businesses to strive,..unfortunately our 6,000 kilometres of pipelines are always hacked. We are losing so much from theft, from repair and from the idle time, all these are not taken into consideration”.


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.

General News

Kuda Unlocks Instant Online Accounts for NGOs and Religious Bodies

Published

on

Kindly share this post

Kuda has updated its business banking services to allow NGOs and incorporated trustees to open and manage business accounts entirely online. The move means religious organisations, charities, and other registered organisations no longer have to navigate the long wait and paperwork traditionally associated with setting up a business account.

Kuda Unlocks Instant Online Accounts for NGOs and Religious Bodies

Nosa Oyegun,

On the Kuda Business app, organisations registered with Nigeria’s Corporate Affairs Commission (CAC) can choose the NGO option during signup, submit their CAC documents, and provide trustee details. Once verified, accounts are activated within minutes, a significant reduction from the days or weeks it can take under traditional business banking processes.

For many NGOs and religious institutions, handling donations, grants, and operational expenses has long been slowed by manual systems and branch-based requirements.

The Kuda Business update is expected to make financial management faster and more transparent, allowing organisations to focus on their mission instead of battling administrative bottlenecks.

Nigeria is home to thousands of registered NGOs and religious organisations, with Lagos State alone accounting for over 10,000 churches and mosques as of the last count in 2021. Across the country, incorporated trustees play a critical role in education, healthcare, humanitarian response and community development. Despite their scale and economic relevance, access to modern digital banking tools has remained limited for many of these institutions.

Nosa Oyegun, SVP Business Banking at Kuda, said the update is proof of Kuda’s focus on removing structural barriers that slow Nigerian organisations down. “NGOs and religious organisations are responsible for managing funds that directly impact communities, yet they are often forced to operate with outdated banking processes,” he said.

“By enabling incorporated trustees to open Kuda Business accounts entirely online quickly, we’re giving these organisations access to the same modern financial tools built by Kuda that other businesses already use, so they spend less time doing admin work.”

With Kuda Business, NGOs and religious organisations can manage incoming donations and grants, make payments, track transactions in real time, generate professional account statements for audits and reporting, and grant controlled access to trustees, treasurers and administrators, all on a single app.

Kuda designed the account signup process to meet regulatory requirements while significantly reducing manual reviews and customer support workload. Automations shorten notoriously long business signup timelines while improving information accuracy and user experience.

As reforms promoting cashless payments and digital financial services take hold in Nigeria, NGOs and religious organisations are under increasing pressure from donors, partners and regulators to operate with greater financial transparency and efficiency.

The new Kuda Business update is therefore timely, offering a dedicated digital account specifically designed for this segment, unlike many traditional banks and fintech platforms that treat incorporated trustees as special cases requiring comparatively slower manual intervention.


Kindly share this post
Continue Reading

General News

Catholic Bishops Urge FG to Give Tax Laws Human Face

Published

on

Kindly share this post

Catholic Bishops of the Ibadan Ecclesiastical Province has called on the Federal Government to implement the ongoing tax reforms with equity, openness and empathy, cautioning that policies devoid of human consideration could further compound the suffering of millions of Nigerians.

Catholic Bishops Urge FG to Give Tax Laws Human Face

The appeal was contained in a communiqué released after the bishops’ first provincial meeting for 2026, which took place at the Jubilee Conference Centre in Ibadan, Oyo State.

The document was jointly signed by Most Rev. Gabriel Abegunrin, chairman of the Ibadan Ecclesiastical Province, and Most Rev. John Oyejola, secretary.

Recall that the tax reforms were introduced by the administration of President Bola Tinubu and assented to on June 26, 2025.

They officially came into effect on January 1, 2026, and have continued to attract diverse reactions across the country.

In the communiqué, titled “Sustaining Hope and Strengthening Our Good Efforts,” the bishops acknowledged the government’s desire to overhaul Nigeria’s tax system but expressed concern that its implementation had sparked widespread unease and debate, especially among the poor and vulnerable.

“The reforms should be anchored on fairness, transparency and accountability, urging the government to apply them with compassion.

“The bishops also advised that vulnerable citizens should be given sufficient time to adapt to the new tax regime before strict enforcement measures are introduced.”

The clerics warned that economic policies pursued without sensitivity could widen inequality and heighten social unrest, noting that taxation should not become an added burden for Nigerians already grappling with inflation, unemployment, and rising costs of living.

The bishops encouraged Nigerians to remain hopeful while backing prayers with responsible citizenship, diligence and respect for justice and the rule of law.

“As shepherds of God’s people, we urge Nigerians to reject cynicism and despair. Prayer must be accompanied by good works. This is the only country we have,” the communiqué concluded.


Kindly share this post
Continue Reading

General News

Taraba Adopts Electronic Case Management System

Published

on

Kindly share this post

Taraba State in Nigeria has developed an electronic platform for filing criminal cases in the state’s High Courts, marking the implementation of the new National Case Management System.

The launch, announced on Monday, marks a move from manual to electronic filing of criminal cases and is part of attempts to reform court processes and expand access to justice using technology.

Governor Agbu Kefas stated that the action underlines the government’s dedication to institutional strengthening, the rule of law, and effective governance.

Kefas pledged continued government support for the judiciary, noting that technology is essential for delivering swift, fair and transparent justice.

He also stated that the state would give the resources and infrastructure required to maintain the ongoing judicial reforms.

Justice Joel Agya, Chief Judge of Taraba State, stated that the e-filing facility will enable the electronic filing of originating processes and subsequent applications.

He explained that the system would enhance case tracking from filing to final determination while reducing delays caused by manual registry procedures.

Justice Agya went on to say that the platform would improve the security and accessibility of court records, as well as help judges manage dockets and time better.

He emphasised that the platform is intended to supplement rather than replace judicial decision-making, ensuring that administrative procedures do not impede the delivery of speedy justice.

The development is consistent with a broader national push to digitalise judicial processes across Nigerian courts, which has already been implemented in several regions.


Kindly share this post
Continue Reading

Trending