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NNPC Given 7 Days To Account For ‘Missing’ Oil Revenues

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The Socio-Economic Rights and Accountability Project (SERAP) has Issue an Urgent Call for the NNPC Ltd, CEO, Mele Kyari to account for alleged missing $2.04 Billion and N164 Billion in oil revenues.

The demand follows revelations in the Auditor-General of the Federation’s latest annual report, as detailed in a statement by the SERAP’s Deputy Director, Kolawole Oluwadare on February 17.

The SERAP urged Mr. Kyari to publicly identify and hold accountable those responsible for the missing oil funds.

The group advocates for imposing full surcharges on the implicated individuals and turning them over to relevant anticorruption agencies, in accordance with paragraph 3112(ii) of the Financial Regulations 2009, as endorsed by the Auditor-General’s recommendations.

The SERAP additionally implored the NNPC Limited boss to expedite the complete recovery and remittance of the alleged missing USD$2.04 billion and N164 billion into the Federation Account.

The organization highlighted the adverse impact of these missing oil revenues on the country’s fragile economy, accentuating the already elevated levels of deficit spending by the government.

The SERAP emphasized that without the complete recovery and remittance of the alleged missing USD$2.04 billion and N164 billion in oil revenues, the economic challenges could exacerbate.

The group warned that this situation may result in continued denial of access to essential public goods and services for Nigerians.

According to the SERAP, “the Auditor-General has for many years documented reports of disappearance of public funds from the NNPC. Nigerians continue to bear the brunt of these missing oil revenues.

“We would be grateful if the recommended measures are taken within 7 days of the receipt and/or publication of this letter. If we have not heard from you by then, SERAP shall consider appropriate legal actions to compel the NNPCL to comply with our requests in the public interest.

“Had the NNPCL and its subsidiaries accounted for and remitted the disappeared public funds into the Federation Account, it is likely that more funds would have been allocated to the fulfillment of economic and social rights, such as increased spending on public goods and services.

“The missing oil revenues have also impeded Nigerians’ ability to enjoy their economic and social rights, and denied them access to essential public goods and services, especially at the time of cost of living crisis in the country.

“Explaining the whereabouts of the missing public funds, naming and shaming those suspected to be responsible and ensuring that suspected perpetrators are brought to justice and the full recovery of any missing public funds would serve the public interest and end the impunity of perpetrators.”

“Nigerians have the right to know the whereabouts of the disappeared oil money. Ensuring transparency and accountability in the management of oil revenues would advance the right of Nigerians to restitution, compensation and guarantee of non-repetition.”

“According to the recently published 2020 audited report by the Auditor General of the Federation (AGF), the Nigerian National Petroleum Corporation (NNPC) failed to remit over USD$2 billion and N164 billion oil revenues into the Federation Account.”

“The Auditor-General fears that the money may have been diverted into private pockets, denying the government the funding needed to carry out its activities.”

“The NNPCL reportedly failed and/or refused to remit N151,121,999,966. The NNPCL without any justification deducted the money from the oil royalties assessed for 2020 by the Department of Petroleum Resources (DPR) now Nigerian Upstream Petroleum Regulatory Commission (NUPRC).

“The NNPCL has failed to account for the missing public funds. The Auditor-General wants the money recovered and remitted into the Federation Account.

“The NNPCL also failed to remit USD$19,774,488.15 collected as government revenue into the Federation Account. The Auditor-General wants the NNPCL to account for the money, recover and remit it into the Federation Account, and to hand over those suspected to be involved to the ICPC and the EFCC.

“The Nigerian Petroleum Development Company (NPDC) Ltd also reportedly failed to account for USD$2,021,411,877.47 and N13,313,565,786.49 of royalties collected from crude oil and gas sales and gas flare.

“The Auditor-General wants the public funds fully recovered and remitted into the Federation Account and for those suspected to be responsible for the missing public funds to be handed over to the ICPC and the EFCC.

“These grim allegations by the Auditor-General suggest a grave violation of the public trust and the provisions of the Nigerian Constitution 1999 [as amended], national anticorruption laws, and the country’s obligations under the UN Convention against Corruption.”

“The allegations have undermined the economic development of the country, trapped the majority of Nigerians in poverty and deprived them of opportunities.”

“SERAP is concerned that despite the country’s enormous oil wealth, ordinary Nigerians have derived very little benefit from oil money primarily because of widespread grand corruption, and the entrenched culture of impunity of perpetrators.

“Combating the corruption epidemic in the oil sector would alleviate poverty, improve access of Nigerians to basic public goods and services, and enhance the ability of the government to meet its human rights and anti-corruption obligations.

“SERAP notes that Section 15(5) of the Nigerian Constitution 1999 (as amended) requires public institutions to abolish all corrupt practices and abuse of power.

“Section 16(2) of the Nigerian Constitution further provides that, ‘the material resources of the nation are harnessed and distributed as best as possible to serve the common good.

“Section 13 of the Nigerian Constitution 1999 [as amended] imposes clear responsibility on the NNPCL to conform to, observe and apply the provisions of Chapter 2 of the constitution.

“Paragraph 3112(ii) of the he Financial Regulations 2009 provides that, ‘Where a public officer fails to account for government revenue, such officer shall be surcharged for the full amount involved and such officer shall be handled over to either the Economic and Financial Crimes Commission (EFCC) or the Independent Corrupt Practices and Other Related Offences Commission (ICPC).

“Nigeria has made legally binding commitments under the UN Convention against Corruption to ensure accountability in the management of public resources.

“Articles 5 and 9 of the UN Convention against Corruption also impose legal obligations on the NNPCL to ensure proper management of public affairs and public funds. These commitments ought to be fully upheld and respected.” it added

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Fire Ravages Gombe Technology Centre, N4m Property Lost

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A fire outbreak has ravaged part of the Technology Incubation Centre near the Police Headquarters in Gombe, destroying property estimated at N4 million.

The incident occurred on Friday and affected five shops at the centre, according to the Federal Fire Service, Gombe State Command.

The command said its prompt intervention prevented the fire from spreading further, enabling firefighters to save property estimated at N15 million.

SEE MORE:Tragedy Strikes Algeria: Orphanage Fire Kills 11, Injures 19

The Federal Fire Service said it received a distress call about the incident at approximately 10:14 a.m., after which a multipurpose water tender was immediately deployed to the scene.

The firefighting operation was led by ASF II Mukhtar Shehu, with IF Bernard serving as the driver.

The crew successfully contained the blaze and extinguished it using one medium jet of water.

According to the command, four of the five affected shops were successfully saved, limiting the extent of the damage.

The command’s Public Relations Officer, ASF MB Muazu, said firefighters carried out a thorough inspection after extinguishing the flames and confirmed that there was no immediate threat of re-ignition.

Muazu said, “The Federal Fire Service, Gombe State Command, has successfully contained a fire outbreak involving five shops at the Technology Incubation Centre, near the Police Headquarters, Gombe.”

He added, “Four of the five affected shops were successfully saved, with property estimated at N15m salvaged, while the estimated loss stood at approximately N4m.”

The fire appliance and crew returned to the station at about 11:09 a.m. after confirming that the fire had been completely extinguished.

The Federal Fire Service reaffirmed its commitment to responding promptly to emergencies and protecting lives and property.

Muazu urged members of the public to report fire incidents promptly and adhere to basic fire safety precautions to prevent avoidable losses.

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OPEC Hails Tinubu’s Reforms, Oil Output on Nigeria’s Economy

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2021 Global Oil Demand Growth Stands at 5.7 mb/d - OPEC

The Organisation of the Petroleum Exporting Countries (OPEC) has expressed the view that Nigeria’s positive economic outlook is predicated on the strategic reforms of the President Bola Ahmed Tinubu administration and improved crude oil output.

The views were expressed in its latest assessment of the Nigerian economy, in which it noted that the country’s economy expanded by 3.9 percent year-on-year in Q1, 2026.

It added that the growth rate was only slightly below the 4.0 percent recorded in the fourth quarter of 2025, a confirmation that economic growth remained close to recent highs.

ALSO READ: NMDPRA Licenses LCFE for Petroleum Liquids Trading

According to the oil producers’ organisation, the non-oil economy continued to provide the main support for growth, with activity driven by agriculture, manufacturing, construction, trade, finance and insurance.

It pointed out that higher oil output had also improved fiscal revenues, foreign exchange inflows and external buffers. “The economy expanded by 3.9 percent, year-on-year, in 1Q26, only slightly below the 4Q25 pace of 4.0 percent, confirming that growth remains close to recent highs,” OPEC stated.

The organisation said survey indicators pointed to continued, though moderating, momentum in private-sector activity. It noted that the Stanbic IBTC Bank Nigeria Purchasing Managers’ Index (PMI) eased to 52.5 in July, from 53.4 in June and 54.1 in May.

The July reading, it said, was the weakest since March but still signalled a sixth consecutive monthly improvement in private-sector conditions. The OPEC said firms again reported a marked increase in new orders, supported by improved customer demand, better pricing and new product launches.

It added that output and employment also rose modestly during the month. The organisation predicted that higher domestic refining capacity, particularly improved fuel supply from the Dangote Petroleum Refinery and Petrochemicals (DPRP), should further support energy availability and reduce some of the pressures associated with petroleum imports.

“Higher domestic refining capacity, including improved fuel supply from the Dangote refinery, should continue to support energy availability and reduce some import-related pressures,” OPEC stated.

The DPRP, with a nameplate capacity of 650,000 barrels per day, has become a major source of locally refined petroleum products as its operations have expanded.

The refinery’s increased supply of petrol and other refined products has also reduced some of the country’s reliance on imported petroleum products, in line with the impact highlighted by the OPEC.

On inflation, the OPEC said pressures had begun to soften, with headline inflation standing at 15.9 percent year-on-year in both June and May. “The July PMI pointed to softening input costs, despite higher fuel and raw material costs,” the organisation stated.

The report said the moderation in input costs was an indication that some cost pressures facing businesses had begun to ease, although higher fuel and raw material costs remained a challenge.

The OPEC said Nigeria’s near-term outlook remained positive, with oil production, reform progress, infrastructure investment and stronger business activity providing support.

“Overall, Nigeria’s near-term outlook remains positive, supported by oil production, progress on reforms, infrastructure investment, and stronger business activity,” it stated.

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State Police Bill: FG Extends Deadline for Nigerians to Submit Memoranda

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The Presidential Working Group on the National Policing Bill has extended the deadline for the submission of memoranda and position papers on the proposed legislation to Friday, August 21, 2026.

The extension, announced on Thursday, is aimed at giving Nigerians, institutions and other stakeholders more time to prepare and submit substantive contributions to the proposed reform of the country’s policing architecture.

SEE ALSO: Tinubu Pushes State Police, Sends Constitutional Amendment Bill to Reps

Chairman of the Working Group and Chief of Staff to President Bola Tinubu, Femi Gbajabiamila, said the additional time was necessary to ensure broad consultation and enable stakeholders to make well-considered and technically sound contributions.

“The Presidential Working Group is committed to ensuring that the process of developing the National Policing Bill benefits from broad consultation and the informed perspectives of Nigerians and relevant stakeholders.

“The proposed legislation is intended to provide the operational, administrative, institutional and funding framework necessary for an effective policing architecture that responds to Nigeria’s evolving security needs while providing appropriate safeguards for accountability, professionalism and the protection of citizens’ rights,” Gbajabiamila said.

The Working Group had initially set August 13 as the deadline for public submissions but has now shifted it to 5:00 p.m. WAT on August 21.

Gbajabiamila urged legal practitioners, civil society organisations, security sector professionals, state governments, professional bodies, academics, experts and other interested members of the public to take advantage of the extension.

“All submissions must be made on or before 5:00 p.m. WAT on Friday, August 21, 2026, exclusively through the official National Policing Bill portal, nationalpolicingbill.com,” he stated.

According to the Working Group, the proposed legislation will address critical areas including sustainable funding, command and control structures, recruitment and training standards, operational jurisdiction, inter-agency coordination, accountability mechanisms and safeguards against political interference or abuse.

Gbajabiamila said these issues make extensive stakeholder engagement essential to producing a policing framework that is effective, accountable, sustainable and responsive to the security needs of communities across the federation.

“The Working Group recognises that developing an effective policing framework requires careful consideration of critical issues, including sustainable funding, command and control structures, recruitment and training standards, operational jurisdiction, inter-agency coordination, accountability mechanisms and safeguards against political interference or abuse.

“These considerations underscore the importance of robust stakeholder engagement in developing a framework that is effective, accountable, sustainable and responsive to the peculiar security needs of communities across the Federation,” he said.

The Working Group, inaugurated by President Tinubu to develop the legal framework for the implementation of state police, is expected to present a final, implementation-ready draft of the National Policing Bill for onward legislative processing.

The proposed bill is being developed alongside the constitutional amendment process required to establish state police, with the legislation expected to provide the detailed operational framework for federal and state policing.

 

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