NEWS
Reps Grill NEXIM, Transport Ministry Over Alleged Diversion Of N500m ECOWAS Road Fund
The House of Representatives has intensified its investigation into the alleged mismanagement and diversion of a ₦500 million fund meant for the ECOWAS Inter-State Road Transit (ISRT) Scheme, summoning top officials of the Nigerian Export-Import Bank (NEXIM) and the Federal Ministry of Transportation to provide clarifications.
During Monday’s public hearing, the Chairman of the House Committee on Public Accounts, Hon. Bamidele Salam, demanded a comprehensive explanation and documentary evidence within two weeks regarding the fund’s utilisation and the operational status of the ECOWAS/ISRT scheme.
The probe follows an audit query by the Office of the Auditor General of the Federation (oAuGF), which flagged the ₦500 million contribution as potentially misappropriated, citing lack of transparency and accountability in its disbursement and use.
NEXIM Defends Role as Guarantor
NEXIM’s Managing Director, Abba Bello, appeared before the committee and explained that the bank was appointed in 1998 as Nigeria’s national guarantor for the ISRT facility under the ECOWAS treaty, which aims to ease the cross-border movement of goods among member states by reducing delays and eliminating unnecessary border escorts.
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Bello revealed that NEXIM currently holds ₦507 million in the ISRT fund account, including income generated from investments in treasury bills.
He stated that ₦170 million had been spent on travel and stakeholder meetings since the fund began receiving allocations in 2016.
“We received a letter from the committee requesting an explanation on the ISRT fund. The Federal Government appointed NEXIM as the national guarantor to facilitate trade by ensuring that goods moving through ECOWAS states are not diverted,” Bello said.
Audit Questions Viability, Demands Refund
However, a document presented during the session indicated that although the ISRT scheme was launched in August 2000 at the Seme Border, Badagry, it did not receive any budgetary allocation until 2016 — 16 years after its inception.
The report also noted that from 2016 to 2024, the Ministry of Transportation released ₦500 million in five separate tranches to NEXIM, which then invested the funds in money market instruments.
As of April 30, 2025, the account balance stands at ₦539.5 million, with ₦121.9 million spent on implementation and ₦161.2 million earned as investment income.
Despite these figures, the audit report found no evidence that the ISRT scheme was functional or delivering its stated objectives, warning of potential loss or diversion of public funds.
“There is no indication that the ECOWAS/ISRT scheme is operational. The funds may have been misapplied or diverted,” the audit query stated.
Legislative Ultimatum Issued
The Committee has now directed the Permanent Secretary of the Federal Ministry of Transportation and the NEXIM boss to provide concrete proof that the ECOWAS/ISRT scheme exists and is active.
It also instructed them to produce financial documents supporting the scheme’s expenditures and effectiveness.
In addition, the oAuGF has demanded that the sum of ₦400 million be recovered and remitted back to the national treasury, with proof of payment submitted to the Public Accounts Committees.
“We have given the ministry and NEXIM two weeks to present all relevant documentation or face further legislative action,” said Chairman Bamidele Salam.
NEWS
$100,000 Science Prize: NLNG Raises Bar for AI Innovation
The Nigeria LNG Limited (NLNG) has intensified its push for globally competitive artificial intelligence and digital technology solutions, as the 2026 edition of The Nigeria Prize for Science and Innovation attracted a record 237 entries, the highest participation level since the prestigious $100,000 award was established in 2004.
The milestone comes months after the 2025 edition ended without a winner, following a rigorous evaluation process that found none of the 112 entries submitted met the Prize’s benchmark for scientific excellence, originality, scalability and real-world impact.
The entries were formally handed over to the Prize’s Advisory Board during a press conference in Lagos on Thursday, officially commencing the adjudication process for this year’s competition themed: Innovations in ICT, Artificial Intelligence (AI), and Digital Technologies for Development.
The retention of the theme for a second consecutive year reflects growing recognition of the role of AI and digital technologies in solving socio-economic challenges and accelerating national development.
Speaking at the event, NLNG’s General Manager, External Relations and Sustainable Development, Dr. Sophia Horsfall, said the record-breaking number of entries signals renewed confidence in Nigeria’s innovation ecosystem and growing interest among researchers in technology-driven solutions.
“In this fourth revolution, digital infrastructure is as foundational to our survival as electricity or water. For Nigeria, our economic sustainability depends on our ability to move beyond promising research and into undeniable innovation that delivers,” Horsfall said.
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She noted that the decision not to award a winner in 2025 was difficult but necessary to preserve the integrity and global credibility of the Prize.
“We believe that if a Nigerian discovery is to command global respect, it must withstand the highest levels of scrutiny. It is this conviction that guided the difficult decision seven months ago,” she stated.
According to Horsfall, NLNG responded to last year’s outcome by deepening engagement with Nigeria’s scientific and technology community through nationwide roadshows, media campaigns, collaborations with innovation hubs, and knowledge-sharing sessions with researchers and academic institutions.
“Our response was not to lower our standards but to deepen engagement. Today, we can confidently say those efforts have paid off,” she added.
She described the leap from 112 entries in 2025 to 237 entries in 2026 as evidence of rising momentum in Nigeria’s science, AI, and digital innovation ecosystem.
“It proves that there is a hunger in this country for research, innovation, discovery and recognition. It also proves that we need platforms such as this Prize that elevate scientific endeavour and transform ideas into impact,” Horsfall said.
Receiving the submissions on behalf of the Advisory Board, Chairman of the Board, Prof. Barth Nnaji, described the handover as a crucial stage in the search for transformative scientific breakthroughs capable of addressing Nigeria’s development challenges.
Nnaji, a former Minister of Power, said the no-winner verdict in 2025 reinforced the Prize’s reputation for excellence rather than diminished it.
“Our refusal to award the prize in 2025 was not a dismissal of the hard work of Nigerian innovators; rather, it reinforces that The Nigeria Prize for Science and Innovation holds a gold standard of excellence,” he stated.
He explained that entries would continue to undergo strict intellectual and technical scrutiny, with emphasis placed on originality, relevance, scalability, and measurable socio-economic impact.
“The theme we have focused on for the past two years is perhaps the most critical topic of our time. We are looking for solutions that directly address Nigeria’s real-world challenges, whether through digital health technologies for rural communities or the use of AI in preserving our cultural heritage and languages,” Nnaji added.
He further assured stakeholders that the adjudication process would remain independent, transparent, and merit-driven.
“We look at every entry through a lens of fairness, balance and equity. It is this consistency that has given the Prize its enduring credibility over the years,” he said.
Also speaking, NLNG’s Manager, Corporate Communication and Public Affairs, Anne-Marie Palmer-Ikuku, commended the resilience of Nigerian innovators who returned with stronger entries despite last year’s disappointing outcome.
“To see the numbers rise to 237 this year tells me that innovators did not see last year’s verdict as a deterrent. Instead, they saw it as a challenge,” she said.
The Advisory Board for the Prize also includes Dr. Nike Akande, former Minister of Industry, and Professor Baba Yusuf Abubakar, a professor of quantitative genetics and animal breeding.
The winning entry for the 2026 edition will be unveiled at a world press conference scheduled for September.
NEWS
Tinubu Moves to Grant Visa-Free Entry for Rwanda
President Bola Tinubu has indicated Nigeria’s readiness to consider granting Rwanda a 30-day visa-free entry arrangement in a significant move aimed at strengthening African unity and boosting diplomatic relations.
The President made the disclosure during a high-level meeting with Rwandan President Paul Kagame in Kigali, where both leaders held talks focused on deepening bilateral cooperation and advancing continental integration.
According to a statement from the Presidency, Tinubu’s consideration of the visa-free policy aligns with efforts to promote Pan-Africanism and ease movement across African countries.
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The proposal would mirror Rwanda’s existing visa-free entry policy for Nigerians.
Both leaders also agreed to reactivate the Joint Permanent Ministerial Commission (JPMC), a framework established in 2021 to strengthen cooperation between Nigeria and Rwanda. Nigeria is expected to host the next meeting of the commission.
Discussions further covered the implementation of existing Memoranda of Understanding (MoUs) in key sectors including tourism, anti-corruption collaboration, and the fight against illicit drug trafficking.
The talks were described as part of a broader effort to enhance mutual trust and shared development goals.
Tinubu and Kagame also explored ways to boost trade under the African Continental Free Trade Area (AfCFTA), with emphasis on improving economic exchange and expanding export opportunities between West and East Africa. Plans to strengthen aviation and cargo connectivity were also highlighted as part of efforts to support cross-border business activities.
The meeting took place on the sidelines of the Africa CEO Forum, where African leaders and private sector stakeholders are engaging on strategies to drive economic growth and regional integration.
The Presidency reiterated Nigeria’s commitment to fostering stronger African partnerships, improving mobility, and promoting policies that support continental prosperity.
NEWS
NNPC Ltd, IOCs Raise Crude Supply to Local Refineries by 103% in 4 Months
The Nigerian National Petroleum Company Limited (NNPC Ltd) and International Oil Companies (IOCs) in Nigeria increased crude oil supply to domestic refineries, led by the Dangote Refinery, by over 103 percent between January and April 2026.
An analysis of the data released by the Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA) on Monday showed that crude supplied locally to domestic refineries rose from 8.83 million barrels in January to 17.96 million barrels in April, reflecting a rise of 103.4 percent.
In contrast, imported crude and feedstock supplied to the refineries dropped from 9.43 million barrels in March to just 0.41 million barrels in April, representing a decline of approximately 95.6 percent in the period under review.
The data underscored a major shift in Nigeria’s downstream petroleum sector as the Dangote Refinery increasingly relies on locally supplied crude oil for the production of refined petroleum products, especially Premium Motor Spirit (PMS), commonly known as petrol.
Overall crude receipts by domestic refineries stood at 20.92 million barrels in March before declining to 18.37 million barrels in April. However, the structure of refinery feedstock changed significantly during the four-month period.
The NMDPRA data also showed that local supply of petrol rose substantially during the period, reflecting increased production from the Dangote refinery, currently the only refinery producing PMS in Nigeria.
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According to the report, domestic petrol supply rose from 34.2 million litres per day in March to 40.7 million litres per day in April, indicating an increase of approximately 19 per cent. At the same time, imported petrol products volumes declined from 5.9 million litres daily in January to 3.7 million litres daily in April, representing a drop of about 37.3 percent.
The figures indicated that locally refined petrol is steadily displacing imported fuel in the Nigerian market as output from the Dangote refinery expands.
The NMDPRA data disclosed that average refinery capacity utilisation by the Dangote refinery reached 99.12 per cent in April, achieving 100 per cent utilisation “for most of the days in April.”
The sharp increase in crude allocation to domestic refineries reflected improved collaboration among upstream producers, regulators and refiners following persistent concerns over inadequate crude supply for local processing.
The increase in local refining came amid elevated global crude prices triggered by geopolitical tensions involving Iran and the United States.
According to the NMDPRA report, dated Brent crude averaged $120.55 per barrel in April, while international petrol prices rose to $1,074.97 per metric tonne during the month. The increase in global oil prices translated into higher domestic petrol prices across the country despite the rise in local refining activity.
The report showed that average actual pump prices stood at N1,271.50 per litre in Lagos, N1,326 per litre in Abuja, N1,340 in Kano and N1,371.50 in Maiduguri during April. Maximum retail prices reached N1,400 per litre in Sokoto and N1,413 per litre in Maiduguri.
Despite the increase in fuel prices, petrol demand remained relatively resilient. The NMDPRA stated that average daily petrol truck-out into the domestic market stood at 51.1 million litres in April, slightly above the agency’s benchmark national consumption estimate of 50 million litres per day.
Petrol production averaged 53.6 million litres daily during the month, while domestic PMS supply stood at 40.7 million litres daily. Besides, diesel production averaged 23.6 million litres per day, while aviation fuel production stood at 22.9 million litres daily.
Nigeria’s fuel reserve position also remained stable during the period despite volatility in international oil markets. According to the report, the country maintained average stock sufficiency levels of 18 days for petrol, 39 days for diesel and 70 days for aviation fuel in April.
The report further showed that the three modular refineries currently in operation, namely WalterSmith Refinery, Edo Refinery and Aradel Holdings continued to produce diesel during the month.
Collectively, the modular refineries supplied an average of 0.559 million litres of diesel daily in April. WalterSmith operated at 56.14 percent capacity utilisation and produced 0.250 million litres of diesel daily, while Edo Refinery achieved 79.20 percent utilisation with output of 0.086 million litres daily. Aradel operated at 33.95 percent utilisation with production of 0.181 million litres daily.
In the gas sector, total average gas supply stood at 5.142 billion standard cubic feet per day (Bscf/d) in April. Out of the volume, 2.012 Bscf/d was supplied to the domestic market. Also, gas supplied to the power sector averaged 0.549 Bscf/d, while commercial consumers utilised 0.671 Bscf/d and gas-based industries consumed 0.468 Bscf/d.
Liquefied Petroleum Gas (LPG) supply averaged 4,545 metric tonnes daily, while consumption stood at 4,818 metric tonnes daily. Retail LPG prices ranged between N1,100 and N1,450 per kilogramme during the period.





