General News
Sanusi Says $12.5Bn Oil Money was Diverted under Jonathan

Muhammad Sanusi II, Emir of Kano and former Central Bank of Nigeria (CBN) governor, yesterday insisted that some $12.5billion oil money was diverted under President Goodluck Jonathan’s administration.
Sanusi, who started the row over the “missing” $20 billion oil money was reacting to the auditors’ report on the Nigerian National Petroleum Corporation’s (NNPC’s) books.
In an article titled “Unanswered questions on Nigeria’s missing oil revenue billions”, in the “Financial Times”, he insisted that the PwC Audit Report confirmed that about $18.5billion of the NNPC’s earnings was not remitted to the treasury, contrary to what the Petroleum Minister Mrs. Diezani Alison-Madueke, claimed is the case.
Sanusi wrote: “Contrary to the claims of Petroleum Minister Diezani Alison-Madueke, the audit report does not exonerate the NNPC. It establishes that the gap between the company’s oil revenues between January 2012 and July 2013 and cash remitted to the government for the same period was $18.5bilion.”
Sanusi said the breakdown of the NNPC’s account of how it used that money, raises serious questions about the legality of the conduct of the state’s oil company.
He said the only thing that is left to be done is for the authority to hold anyone found culpable in these transactions accountable and commence legal proceedings against them since, in his words, “Nigerians did not vote for an amnesty for anyone”.
Sanusi said: “The lines of investigation suggested by this audit need to be pursued. Any officials found responsible for involvement in this apparent breach of trust must be charged.”
Giving details of what he described as a “scam that violated the constitution” and which he alleged resulted in the siphoning of money from the treasury,” and by extension, his suspension as CBN governor, Sanusi said the perpetrators of the exercise relied on the supposed kerosene subsidy purportedly granted by the late President Umaru Yar’Adua.
He pointed out that contrary to that view, the kerosene subsidy had been vacated, going by the statement attributed to the Executive Secretary of the Petroleum Products Pipeline Marketing Company (PPPMC).
His words: “ The auditors say a significant part of the unremitted funds is supposed to have gone towards a kerosene subsidy that had been stopped two and a half years earlier by the late President Umaru Yar’Adua. His decree never appeared in the official gazette, leading some to question whether it ever had legal force.
“Evidence disclosed in the report suggests this is a sideshow. The executive secretary of the agency charged with administering subsidies confirmed that, acting on Yar’Adua’s orders, it had ceased granting subsidies on kerosene. There was no appropriation for such a subsidy in the 2012 or 2013 budgets,” he stated.
He said throughout all this, “Nigerians paid N120-N140 a litre of kerosene, far more than the supposed subsidised price of N50, yet the state oil company withheld $3.4billion to pay for a subsidy that in effect did not exist”.
Sanusi said besides the subsidy matter, he was interested in knowing whether the NNPC remitted to the government the entire proceeds of its crude oil sales, and that if it did not, whether there is proof of the purpose to which the unremitted amounts were applied, as well as ascertaining whether the Corporation has the legal authority to withhold these funds.
Notwithstanding the outcome of the PwC audit report, the President-elect, General Muhammadu Buhari, has said he would revisit the missing $20billion. After Buhari’s omment, President Jonathan directed that the report be made public.
Besides Buhari’s pronouncement, other stakeholders and chieftains of the incoming government, have called for an overhaul and restructuring of the nation’s oil sector, so as to position it as a revenue earner, as it is applicable in other major oil producing countries in the world
General News
CAC Lists 15 Unregistered Firms Operating in Nigeria

Corporate Affairs Commission (CAC) has warned Nigerians against dealing with 15 unregistered entities using company names and registration numbers that are not in the commission’s records.

In a public notice signed by CAC Management, the commission said it had discovered the use of purported company names and RC numbers that are not registered with the CAC, urging the public to disregard them and verify all business information directly from its portal.
“The CAC remains committed to protecting the integrity of the Companies Register, upholding the law, and ensuring a safe and transparent business environment in Nigeria,” the CAC said.
According to the notice, the following are the entities not registered with the CAC:
Famas Services Nigeria Limited (RC: 216312)
Promo Dutch Investment Limited (RC: 396654)
Dialack Concept Nig. Ltd (RC: 297772)
Purpleheart Construction and Real Estate Mgt. Co. Ltd (RC: 1210548)
M/S Loktu Enterprises (BN: 373466)
Loktu Enterprises (BN: 400390)
Badatoyak Ltd (RC: 521322)
Johson Nats Limited (RC: 198492)
Peoples Club Nigeria International (CAC/IT/41191)
Jiba Enterprise (BN: 577523)
Civil Engineering Solutions Nigeria Limited (RC: 33001)
Gabdoff Hotel Ltd (RC: 112409)
Amoka Group (BN: 545221)
BEEC Nigeria Limited (RC: 30143)
- Adetunji (BN: 657466)
Explaining the reason for the commission’s publication, the statement noted that it aligns with its statutory role of maintaining an accurate and reliable companies register, protecting investors, and preventing fraudulent activities in the business environment.
The commission urged Nigerians to always confirm the status of any company or business name through its official portal.
General News
IHS Nigeria Leads Gender Based Violence Awareness Walk, Reaffirms Zero Tolerance with Advocacy Seminar

Demonstrating unwavering commitment to a safe and dignified workplace, IHS Nigeria held an awareness walk followed by a high-impact seminar as part of activities to commemorate the global 16 days of activism to End Gender-Based Violence against women and girls.

The initiative underscored the organisation’s ongoing efforts to sensitize the community, educate employees, strengthen internal safeguards, and reinforce its zero-tolerance policy for all forms of harassment and abuse.
After the walk along Adeola Odeku and Idejo Streets on Victoria Island, employees convened for a seminar at the IHS Nigeria corporate head office, where Bukola Konkwo, Associate Director, Operations Excellence IHS Nigeria and one of the leaders of the Women in IHS Network (WIIN), reiterated the organisation’s position on gender-based violence in her opening remarks:
“Violence does not discriminate, and neither should our compassion. At IHS Nigeria, boldness is not just a value on paper, it is a call to action. We are intentional about ensuring every employee feels safe, respected, and empowered.”
The seminar featured two leading voices in Gender Based Violence advocacy. Titiola Vivour Adeniyi, the Executive Secretary of the Lagos State Domestic and Sexual Violence Agency and Nwanne Okafor, Victimologist and Gender Based Violence Advocate. Speaking during the seminar, Titilope stressed the urgency of prevention and education:
“Gender-based violence is not a special-class problem. Anybody can be a victim. Our responsibility is to know the signs, protect one another, and intervene early. When we know better, we do better.”
She also encouraged organisations to prioritise consent education, confidential reporting, and background checks, practices IHS Nigeria has already integrated through its Safe Zone Committee, a confidential support system for staff.
Nwanne Okafor, also spoke on the role of colleagues in recognizing and responding to abuse in the workplace:
“Many victims don’t need you to fix their situation, they need your support, your sensitivity, and your discretion. Speak up when necessary. Silence gives violence permission.”
Her session included real-life cases that underscored how abuse affects workplace productivity, mental health, and safety.
The awareness walk, saw both male and female staff members from across various departments marching in solidarity with survivors and advocates worldwide and served as a public declaration of IHS Nigeria’s commitment to building a culture rooted in respect, safety, and accountability.
Reinforcing IHS Nigeria’s stand, during her closing remarks, Titilope Oguntuga, Director, Sustainability, IHS Nigeria, captured the spirit of the event:
“This conversation doesn’t end today. Now that we know better, we must all do better, by advocating, supporting, and actively contributing to a workplace free of violence in any form.”
IHS Nigeria continues to strengthen its internal systems, policy frameworks, training programs, safe reporting channels, and continuous awareness sessions, to ensure that every employee is protected and empowered. The organisation reaffirms its zero-tolerance policy for any form of harassment, abuse, or violence, and remains committed to leading the corporate sector in progressive, people-centered safety standards.
General News
Nigeria’s GDP Rises to 3.98% in Q3 2025, Driven by Agriculture, ICT, and Finance

Nigeria’s economy expanded by $3.98$ per cent in the third quarter of 2025, according to the latest Gross Domestic Product (GDP) report released by the National Bureau of Statistics (NBS) on Monday.

GDP
This growth rate marks a slight improvement from the $3.86$ per cent recorded in the same period of 2024.The report highlights a mixed but generally positive recovery across key sectors. Aggregate GDP in real terms stood at ₦57.03 trillion, up from ₦54.85 trillion in Q3 2024.
The Services sector remained the largest contributor to overall output at $53.02$ per cent, followed by Agriculture at $31.21$ per cent. Key growth drivers included crop production, telecommunications, real estate, trade, and financial services.
The non-oil sector continued to be the main engine of the economy, expanding by $3.91$ per cent. This strong performance outpaced both Q3 2024 ($3.79$ per cent) and Q2 2025 ($3.64$ per cent). Agriculture grew by $3.79$ per cent, driven predominantly by crop production.
The Information and Communication Technology (ICT) sector posted a particularly strong real growth of $5.78$ per cent, with its contribution to real GDP rising to $9.10$ per cent. Furthermore, Financial and Insurance Services recorded a significant real growth of $19.63$ per cent.
In contrast, real growth in the Manufacturing sector slowed to $1.25$ per cent, down from $1.74$ per cent in the previous quarter.
The oil sector posted a real growth of $5.84$ per cent, a marginal increase from $5.66$ per cent in Q3 2024. This growth was linked to an average crude oil production rise to $1.64$ million barrels per day (mbpd), up from $1.47$ mbpd a year earlier.
Despite this positive change in output, the sector’s contribution to real GDP remains modest at **$3.44$ per cent$.Statistician-General of the Federation, Prince Adeyemi Adeniran, noted that while most sectors sustained positive momentum, growth remains uneven.
Strong gains in ICT, finance, agriculture, and trade were crucial in stabilizing overall output. This data aligns with projections from the International Monetary Fund (IMF), which, in October 2025, revised Nigeria’s 2025 growth outlook upward to $3.9$ per cent, citing higher oil production, stronger investor confidence, and a supportive fiscal stance as key drivers.
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