NEWS
Audit Query: Reps panel Probes NPA, Terminal Operator over $68.473m debts
…As NPA Boss Gives Details Of Transactions
By John Danjuma
The Public Account Committee, (PAC) of the House of Representatives is investigating the Nigerian Port Authority, NPA and Terminal Operators (Nigeria) Limited over $68,473m debts owed the Federal Government on lease and Throughput fair between 2006 and June 2022.
The Committee being Chaired by Hon Busayo Oluwole Oke (PDP Osun) is also investigating the Terminal Operator for using own exchange rate different from the official one approved by the Central Bank of Nigeria, CBN in calculating revenue accuring to the Federal government
All were contained in the query from the office of the Auditor General of the Federation.
The Managing Director of the Nigeria Port Authority (NPA) Mohammed Bello-Koko had indicated in a submission to the Committee that one of the Port operators in charge of the Rivers Port, and Terminal Operators (Nigeria) Limited used its own exchange rate in calculating revenue accruing to the Nigerian government
The NPA boss stated in the Submission that PTOL used N116 to the dollar at a time when the official exchange rate was fixed at N305 to the dollar by the Central Bank of Nigeria in 2016.
The submission dated 27th July, 2022 which was in response to a letter from the committee also revealed that even while using another exchange rate of N151 agreed to after reconciliation, the terminal operator was still indebted to the government to the tune of $68.473 million as at 13th October, 2021.
The Auditor General of the Federation had indicted the company for not paying its lease fees and throughout fee to the government as at when due.
However, in its submission, the company claimed that contrary to the report of the Auditor General, it had been paying its lease fees and Throughput fee to the Nigeria Port Authority as at when due contrary to the AuGF report.
A supporting document submitted by the NPA to the House committee tabulated the payments made by two concessionaires (BUA and PTOL) on lease and Throughput fees between 2006 and June 2022.
A close study of the document however showed a huge disparity in the figures being owed the government by the company.
For example, while the document suggested that in 2008, PTOL was given a bill of $11,333,333.31 and paid $3,333,333.31, outstanding balance against them was put at $17,194,444.67 instead of $8,000,000.
Similarly, in 2019, the bill given to the company for its operation at the Rivers Port Complex stood at $10,080,000.00.
However, while the document indicated that they paid $3,000,000, outstanding balance against them was put at $102,714,749.66, a figure far above the bill given to it as its lease fee.
However, the NPA letter reads: “Your letter dated 20th, July 2022 to the Authority refers to the historical background of the debt profile of PTOL to NPA dated back to – the inception of the concession, in 2006.
“These issues revolve around the inability of the Operator to make payment on its lease fees as signed with BPE and NPA.
PTOL gave the following reasons among others for its indebtedness to NPA:
“Amortization of berth 1-3. The difference in-amortization carried out by PTOL and what was recognized by NPA was significant when converted from dollar to naira.
“NPA relied on the existing exchange rate given by CBN at 305 as at year 2016, at the time of reconciliation while PTOL used N116 to a dollar, being the -rate of dollar at the time of reconstruction.
“After reconciliation, a N151 to dollar was adopted, as stipulated in the supplemental agreement. The difference in valuation amounted to $11,068,187.16 and a credit note was issued on the 5th June, 2020.
“PTOL claimed no operation happened at the berth during the construction period of 2007 – 2009, hence loss of revenue. PTOL claimed 6 vessels were handled by NPA after the signing of the lease’ agreement. And a refund of 50% stevedoring element was considered.
“Huge disparity in lease fees charged compared to BUA. Disparity in existing draft with the initial advertised draft of 10 meters.
Security concerns at the Eastern Port. Oil and Gas related cargo vessel diversion to Onne Port, which they claimed affected their revenue.”
The letter said further that the outstanding debt profile as at June, 2019 against PTOL in NPA records stood at $100,985,846.82 while PTOL acknowledge only $77 ,976,788.81.
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It indicated further that at a joint meeting with BPE, PTOL and NPA on the 14th December 2021 on resolving the outstanding debts of the terminal operator, a further reconciliation was carried out by NPA and PTOL at the Rivers Port.
It said the highlights of the reconciliation showed that “an implementation of a further reduction of 25% lease fee review granted by the Ministry of Transport and BPE in June, 2015.
“This was predicated on the terminal operator paying a Guarantee Minimum Tonnage (GMT) penalty of $2,849,404.41. This review was not Implemented by failure of PTOL to pay the stipulated penalty. A further agreement to issue a credit note of $1,940,821.16 for the
period the detained vessels were at the PTOL berth. These vessels were detained by various government agencies.”
The letter also said that a credit note of $11,821,500.16 was raised for the non-utilization in the berth during the reconstruction of berth 1 – 3 undertaken by PTOL.
It stressed that the second round of reconciliation report is yet to be approved by the Board of the NPA before its dissolution by the Honorable Minister of Transport, while the
report has been forwarded to the reconstituted board and is currently being considered.
It said that after these reconciliations, PTOL debt profile to NPA stood at $68,473,637.72 as at 13th October,2021.
Determined to get to the root of the matter, Committee has directed both the NPA boss and the terminal Operator to appear before it on Tuesday for further investigation.
NEWS
Middle East Crisis Forces DPRP to Buy More Crude Locally
The raging US-Iran war which has continued to put pressure on the global oil markets has compelled refiners and traders to rethink traditional supply routes.
Consequently, the Dangote Petroleum Refinery & Petrochemicals (DPRP), has increased its sourcing of crude oil from Nigeria.
The development is providing support for Nigerian crude grades while reinforcing the country’s push to process more of its oil domestically. It comes amid shipping and cargo delivery records that revealed a total of 1.83 million metric tonnes of crude oil from Nigerian production streams in May 2026.
The deliveries, made through the refinery’s offshore Single Point Mooring terminals, SPM-C1 and SPM-C2, involved 15 crude cargoes sourced from some of Nigeria’s biggest oil-producing assets. The crude grades supplied to the facility included Qua Iboe, Bonny Light, Bonga, Forcados, Utapate, Okwori and Odudu.
The increased reliance on domestic feedstock underscores the growing role Nigerian crude is playing in sustaining operations at Africa’s largest refinery at a time of heightened uncertainty in the international oil market.
According to Bloomberg, the DPRP has stepped up purchases of Nigerian crude as overseas buyers scale back acquisitions of some West African grades amid concerns over Middle East oil supplies.
The shift has reportedly helped strengthen premiums for Nigerian crude relative to Angolan grades, highlighting how geopolitical tensions are beginning to reshape long-established trading patterns.
The report read, “Nigeria’s massive Dangote refinery is boosting purchases of the country’s crude, helping to stem waning demand for grades from West Africa in light of uncertainty over the resumption of oil shipments from the Middle East.
“Dangote’s ramp-up in buying has boosted the price of Nigerian crude grades compared with those from Angola. The two countries make up the backbone of West Africa’s oil market but have seen premiums for their physical crude grades take different directions as the Iran war drags on.”
Beyond the immediate effect on crude pricing, the trend reflects a deeper transformation within Nigeria’s oil industry.
For decades, Nigeria exported most of its crude oil while depending heavily on imported refined petroleum products to meet domestic demand. The establishment of the $20bn DPRP was intended to reverse that trend by creating sufficient local refining capacity to process a significant share of the country’s crude output.
Now, with global energy supply chains under pressure from the Iran conflict and concerns over the security of key shipping routes, the refinery is emerging as one of the largest domestic buyers of Nigerian crude.
The development could help retain more value within the Nigerian economy through increased local processing while reducing the country’s exposure to volatile international fuel markets.
The refinery’s growing appetite for Nigerian crude comes at a time when it is expanding its operational capacity. Earlier this month, the company announced that it had processed 700,000 barrels of crude oil per day during a performance test, surpassing its official nameplate capacity of 650,000 barrels per day.
The feat marked the first time the facility had exceeded its installed capacity and further cemented its status as the largest refinery on the African continent. The company is also seeking to raise approximately $1bn through a private placement ahead of a planned public listing, in a move expected to value the business at about $39.1bn.
ALSO READ: SERAP Sues NNPC Ltd over ₦5.9bn Incorporation, Rebranding Expense
In addition, the refinery’s influence is increasingly extending beyond Nigeria’s borders. Exports of petrol, diesel and aviation fuel from the facility have expanded across African markets and into other international destinations, helping to reduce the continent’s dependence on fuel imports from Europe and the Middle East.
NEWS
SERAP Sues NNPC Ltd over ₦5.9bn Incorporation, Rebranding Expense
The Socio-Economic Rights and Accountability Project (SERAP) has dragged the Nigerian National Petroleum Company Limited (NNPC Ltd) to court over the oil major’s failure to account for approximately ₦5.9 billion expended its incorporation, transition and rebranding from the NNPC into NNPC Ltd.
According to the SERAP, the NNPC Ltd paid over ₦2.9 billion for incorporation expenses from petroleum product proceeds, while the National Petroleum Investment Management Services also charged a similar amount against the crude oil revenue for the same purpose, bringing the total to ₦5.9 billion.
Consequently, the organisation is seeking “an order of mandamus to direct and compel the NNPCL to account for about ₦5.9 billion allegedly spent on the rebranding of the NNPC to the NNPCL.”
It is also asking the court to “direct and compel the NNPCL to provide a comprehensive reconciliation statement detailing the specific financial transactions relating to the ₦5.9 billion expenditure, including the identities of the contractors involved, and how the funds were utilised for the rebranding of NNPC to NNPCL.”
ALSO READ: Osun Accuses MURIC of Misinformation Campaign
The SERAP further asked the court to “direct and compel the NNPCL to disclose the names and official positions of the government officials who authorized and approved the release and expenditure of the ₦5.9 billion reportedly spent on the rebranding of NNPC to NNPCL, and to clarify whether the expenditure complied with applicable procurement laws and due-process requirements.”
The order of mandamus is contained in suit number FHC/ABJ/CS/1248/2026 filed at the Federal High Court in Abuja, according to a statement issued on Sunday by the NGO’s Deputy Director, Kolawole Oluwadare.
Filed on behalf of the SERAP by its lawyers, Oluwakemi Agunbiade, Kehinde Oyewumi and Andrew Nwankwo, the suit also noted that the Senate Committee on Public Accounts reportedly raised concerns over the expenditure described as incorporation and transition costs during the transformation process.
“The Committee described the spending of the ₦5.9 billion as excessive, unjustifiable, and deserving of further explanation, investigation, and legislative scrutiny in the public interest,” the SERAP noted.
The SERAP argued that there is a legitimate public interest in the disclosure of the details sought.
“The NNPCL has a legal responsibility to explain whether the ₦5.9 billion expenditure represents value for money, constitutes lawful spending of public funds, and complies with applicable due process requirements.
“There ought to be full transparency and accountability regarding the reported ₦5.9 billion spent on rebranding NNPC to NNPCL. Nigerians have the right to know who approved the expenditure, who received the funds, the nature of the services rendered, and whether due process and procurement requirements were strictly followed,
“The disclosure of the identities of the officials involved and the processes followed in approving the expenditure would enable the public to assess whether the expenditure was properly authorized, represented value for money, and was undertaken in accordance with due process and procurement requirements,” it said.
It added that, given the size of the expenditure, there is “an urgent need for a prompt, thorough, and transparent disclosure of the details surrounding the spending of the funds.”
It further stated that “the failure to account for the spending of the ₦5.9 billion on rebranding from NNPC to NNPCL reflects a failure of NNPCL accountability more generally and is directly linked to the institution’s continuing failure to uphold transparency and accountability principles.”
The SERAP added that the transformation of the national oil company from the NNPC to the NNPC Ltd followed the Petroleum Industry Act (PIA) 2021, which required it to become a commercially oriented limited liability company fully owned by the federal government.
It also cited constitutional and international provisions, including Section 13 and Section 15(5) of the Constitution, as well as Articles 5 and 9 of the UN Convention against Corruption and Article 21 of the African Charter on Human and Peoples’ Rights, to support its arguments.
No date has been fixed for the hearing of the suit.
NEWS
Osun Accuses MURIC of Misinformation Campaign
The attention of the Osun State Government has been drawn to a statement by the Executive Director of the Muslim Rights Concern (MURIC), Professor Ishaq Akintola, accusing Governor Ademola Adeleke of marginalising Muslims in his administration.
The State Government in a statement issued by the Commissioner for Information and Public Enlightenment, Oluomo Kolapo Alimi charged Professor Akintola to be guided by the Quran and Hadith of Prophet Muhammad in his engagement with the Osun State Government.
“We believe Professor Akintola acted on misinformation or he is actively an agent of misinformation. Governor Adeleke is a strong believer who relates well with people of all faiths, in line with the inclusive leadership example of Prophet Muhammad (SAW). His administration has appointed qualified Muslims to key positions.
For the record, Governor Adeleke appointed Alhaji Teslim Igbalaye as Secretary to the State Government and Alhaji Kazeem Akinleye, a student of Sheikh Kamaludeen Al-Adabiyy in Ilorin, as Chief of Staff. His Spokesperson is a known Mallam of Tijaniya extraction. The Commissioner for Information is alone a deep muslim of Al-Adabiyy extraction. Several other Muslims are also serving as commissioners and heads of agencies, alongside qualified appointees of other faiths.
This administration commenced construction of the Osun Hajj Camp, ending Osun’s status as the only Southwest state without one. The governor also approved a mosque in the Government House for Muslim staff.
We urge Professor Akintola to verify facts before going public, as admonished in Qur’an 49:6.
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He should also assess government performance using verifiable data on budget execution, debt management by the DMO, and healthcare, where Osun was rated best in the Southwest for primary healthcare in 2024 and 2025.
Elections should be about jobs, security, infrastructure, healthcare, and education, not identity politics.
“We expect MURIC to judge this administration by its record of service to all citizens, Muslim and non-Muslim alike”.
Rather than feign his political attack with religious coloration, Professor Akintola should be courageous to declare his partisan interest in the opposition APC and stop using religion to do hatchet job politics.
We challenge MURIC to openly condemn the shooting of law-abiding residents (Muslims and non Muslims) of the state by APC thugs in branded APC campaign vehicles in Ile-Ife, Akoda, Owode-Ede and Osogbo, to disprove the allegation that he’s been paid by the opposition to attack Governor Ademola Adeleke.
Rather than spreading baseless misinformation, we are also of the opinion that MURIC should be more interested in cases like the sudden addition of ‘Munirudeen’ to the names of the Osun APC Governorship candidate, a name which was missing from his primary, secondary and university certificates.





