E-Financial
Oshiomhole Says $30Bn Excess Crude Fund Unaccounted For
Governor Adams Oshiomhole of Edo state has accused the Federal Government of failing to account for about $30billion that have accrued to Nigeria’s excess crude account in the last three years, according to Premium Times.
Mr. Oshiomhole made the allegation Thursday when he received members of the Association of Enegies from Edo South who paid him a courtesy call at Government House, Benin, the Edo state capital.
The governor said Nigeria’s budgets for the past three years have been based on the average of $77 and $79, while the average price of the country’s crude has been $108 per barrel, which gives an average surplus of $30 per barrel.
“Ideally, we ought to be saving $36 per barrel on the 2.3 million barrel a day over the past three years and if you look at these numbers you will find that what we have in our excess crude oil account should be over $30billion but as we speak, we have barely $3 billon in our excess crude account,” he said.
Mr. Oshiomphole also wondered why the Excess crude Account is presently almost empty when proceeds from the account have not been shared for18 months now.
“Over the past 18 months, we have not shared the excess crude account and yet, the account is empty. Sometimes we are told they have taken money from it to fund subsidies including subsidy on kerosene but your royal highnesses, there is nowhere in your various domains where kerosene is sold for N50. So in the name of subsidy, large sums of money are being stolen.
“Things are tough now around the country because the Federal Government mismanaged our national resources and what is being stolen, nobody agrees it is being stolen. What is arguable is who is responsible for this stealing. When the Federal Government and the President talk about oil theft and the amount that is allegedly stolen is huge such that whereas we have the capacity to produce about 2.4 million barrels a day, what accrues into the federal government account is less than 1.8 million barrel a day.
“From the last time we had a meeting, the handouts they distributed shows that sometime for a period of two weeks, we were losing as much as 700,000 barrels a day and that has been on for the past 12 years. I am not able to understand why, suddenly, Nigeria cannot protect its territorial waters because the boundaries have not changed and the people are still the same and at the peak of the so-called militancy, we were still exporting about 2 million barrels a day,” he said.
The governor also wondered why the country is still losing so much to oil theft even after the issue of militancy in the Niger Delta has been addressed and ex-militants rehabilitated with some even awarded contracts.
“To the best of my knowledge, there is no major known person who has been prosecuted and convicted for oil theft in a way that reflects the magnitude of what is allegedly stolen,” he said.
The Federation Accounts Allocation Committee, FAAC, meeting for November had ended in confusion on December 16 as representatives of Nigeria’s 36 states and the Federal Capital Territory accused the federal government of not accounting for about $1billion(N168 billion) of excess crude oil money.
Timothy Odaah, chairman of State Commissioners of Finance, told reporters after the meeting that no state knew how the $1 billion difference reported in the Excess Crude Account balance, between October and November, came about.
Ngozi Okonjo-Iweala, minister of Finance, later said the $1 billion said to be missing was used by the Federal Government to settle debts to petroleum products marketers.
Mrs. Okonjo-Iweala did however not say why the Federal Government dipped its hand in the ECA without the knowledge or consent of the 36 states.
The FAAC meeting is a monthly gathering of state finance commissioners and the federal finance ministry and the Accountant General of the federation, where federal oil receipts are shared between the federal and state authorities.
With falling oil price, the 36 states have turned more attention on the Excess Crude Account, which has depleted from more than $40 billion in 2007 to about $4 billion in 2014.
Consequences of profligacy
Governor Oshiomhole said Nigeria is presently suffering from dwindling oil prices because the country failed to save for the rainy day.
He said such inability to save is what has led to the devaluation of the Naira.
“Already as low as N180 per dollar and I believe by February when the elections are over, nobody is going to want to hold the naira. Wherever the election goes, I expect that the naira will hit over N200 per dollar. The inflationary consequence of that is prices of everything will go up and part of the vicious cycle of the devalued naira in the manner that is being done is that the price of petroleum products imported in dollars will go up in naira and government will be asking people who are already poor to pay more money for petroleum products.
Sterling Bank, in partnership with nonprofit Water.org and Sterling One Foundation, has launched the Sterling WASH Business Loan to empower WASH businesses and scale sustainable access to safe water and sanitation for millions of Nigerians.
L-R: Gilbert Okpono, Snr. Partnership Account Manager, Water.org; Engr. Mukhtaar Temitope Tijani, Managing Director, Lagos State Water Corporation; Mrs. Olapeju Ibekwe, CEO, Sterling One Foundation; Akporee Idenedo, Divisional Head Commercial Banking, Sterling Bank, at the Sterling Bank Water Credit Proposition held in Lagos recently.
The catalytic financing solution addresses daily struggles with clean water and safe sanitation, which impact health, livelihoods, and well-being, while strengthening delivery systems for WASH solutions.
Launched on Monday, November 24, 2025, at The Wheatbaker Hotel, Ikoyi, Lagos, the initiative signals a shared commitment to tackling one of Nigeria’s most pressing development challenges.
Abubakar Suleiman, Managing Director of Sterling Bank, said sustainable development hinges on collaboration and targeted investment in frontline businesses and people.
“By providing accessible financing to entrepreneurs in this critical social sector, we ensure progress reaches communities that need it most. This product aligns with our HEART strategy and commitment to improving quality of life through impact-driven initiatives,” Suleiman stated.
Gilbert Okpono, Nigeria Senior Partnership Account Manager at Water.org, stressed the transformative power of financing WASH businesses.
“Financial inclusion is critical to solving the global water and sanitation crisis. By expanding access to affordable financing, we enable households and WASH entrepreneurs to improve services, reach more communities, and transform lives,” Okpono said.
He added that the partnership reflects a belief in rippling benefits across health, education, and economic opportunity, marking a major step toward sustainable scaling.
The loan supports WASH entrepreneurs, small business owners, and community service providers with flexible financing to expand operations, boost health, livelihoods, and educational outcomes.
Olapeju Ibekwe, CEO of Sterling One Foundation, linked the initiative to the foundation’s mission of catalysing lasting social impact across Africa.
“Our Foundation catalyses initiatives that deliver real, lasting change. Access to safe water and sanitation is one of the most powerful investments in community well-being. We are proud to partner with Water.org and Sterling Bank for inclusive, scalable, and sustainable solutions,” Ibekwe affirmed.
The launch event gathered development partners, WASH entrepreneurs, media, policymakers, and community organisations to discuss coordinated financing, supportive policies, and market-driven solutions to close Nigeria’s WASH access gap.
Interested beneficiaries can visit the initiative’s website for more details.
Access Holdings Plc has received the approval of its shareholders to raise additional capital of up to N40 billion or such other amount or their equivalent in foreign currencies, via private placement.
The shareholders gave the approval as part of the special resolutions at Access Holdings Plc Extraordinary General Meeting (EGM) held on Thursday December 18.
In a notice to the Nigerian Exchange Limited (NGX), Access Holdings said the new ordinary shares created in connection with the private placement, will be allotted at a price of N20.25 to one or more investors in such tranches and on such terms and conditions as shall be determined by the Board.
Access Holdings Plc Board of Directors is authorised to consider, negotiate, approve, and finalise the list of potential private placement investors; determine the structure, valuation, modalities, and timeline for the private placement.
The Board was also authorised to consider, negotiate, approve and finalise the list of potential private placement investors; determine the structure, valuation, modalities and timeline for the private placement.
The shareholders also approved for the issued share capital of Access Holdings Plc to be increased from N26 658 billion to N27.646 billion by the creation and addition of 1,975,308,641 ordinary shares of 50 kobo each ranking pari-passu with the existing ordinary shares of the Company.
Nigeria Customs Service (NCS) has imposed a three per cent surcharge on Deposit Money Banks (DMBs) over delays in the remittance of Customs revenue by designated banks.
The development was disclosed by Abdullahi Maiwada, national public relations officer of the Service, in a statement titled “Nigeria Customs Service Commences Enforcement of Penalties Against Designated Banks for Delayed Remittance of Customs Revenue.”
The agency stated that delays in remitting collected Customs revenue constitute a breach of remittance obligations and negatively impact the efficiency, transparency and integrity of government revenue administration.
Maiwada explained that any Designated Bank that fails to remit collected Customs revenue within the prescribed period will be liable to penalty interest, adding that affected banks will receive formal notifications detailing the delayed amount, applicable penalty and the timeline for settlement.
“The NCS has noted instances of delayed remittance of Customs revenue by some Designated Banks following reconciliation of collections processed through the B’Odogwu platform. Such delays constitute a breach of remittance obligations and negatively impact the efficiency, transparency and integrity of government revenue administration.
“In line with the provisions of the Service Level Agreement (SLA) executed between the Nigeria Customs Service and Designated Banks, the Service hereby notifies stakeholders of the commencement of enforcement actions against banks found to be in default of agreed remittance timelines.
“Accordingly, any Designated Bank that fails to remit collected Customs revenue within the prescribed period shall be liable to penalty interest calculated at three per cent above the prevailing Nigerian Interbank Offered Rate for the duration of the delay. Affected banks will receive formal notifications indicating the delayed amount, applicable penalty and the timeline for settlement.”
Maiwada further advised Designated Banks to strengthen their internal controls, ensure strict adherence to remittance timelines and comply fully with the provisions of the SLA.
He reiterated that the Service remains committed to enforcing accountability, safeguarding government revenue and promoting a transparent and predictable financial system in support of national economic development.
“The Service further notes that persistent or repeated non-compliance with the terms of the SLA may attract additional sanctions, including regulatory and administrative measures, as provided under the Agreement and relevant laws guiding Customs revenue collection.
“The NCS reiterates that prompt, accurate and complete remittance of Customs revenue is a fundamental obligation of Designated Banks. Any payment of collected revenue into unauthorised accounts, whether deliberate or erroneous, will be treated as a serious violation and addressed in accordance with the SLA and applicable legal frameworks.
“Designated Banks are therefore advised to strengthen internal controls, ensure strict adherence to remittance timelines and comply fully with the provisions of the SLA. The Service remains committed to enforcing accountability, safeguarding government revenue and promoting a transparent and predictable financial system in support of national economic development,” he added.
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