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Reps Grill NEXIM, Transport Ministry Over Alleged Diversion Of N500m ECOWAS Road Fund

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10th NASS: 359 Reps, 109 Senators To Swear- Into Office Tuesday

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.

 

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Elohor Aiboni Honoured with DTN@100 Changemaker Award

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Executive Vice President and Country Chair, Shell Companies in Nigeria, Elohor Aiboni was among 100 people honoured with the DTN@100 Award.

She joined a list of distinguished recipients recognised by the Daily Times newspapers. The contributions of the awardees to national development will be documented in a special publication, titled Nigerian Grand Book.

Daily Times which started publication in 1926 gave the awards as part of its centenary celebrations in Lagos. The centenary theme is: “Honouring the Past, Shaping the Future.” Chairman, Folio Media Group and Publisher Daily Times of Nigeria Fidelis Anosike said: “We proudly celebrate Elohor Aiboni, Executive Vice President and Country Chair of Shell Companies in Nigeria, for her well-deserved recognition at the Daily Times Heroes Award. As a visionary female leader, Elohor has shown that true leadership is defined by action. Her forward-thinking policies continue to drive real, positive change across our nation.”

In her response, Elohor said: “Although this award is presented to me, I do not regard it as mine alone. I share it with my colleagues across the Shell Companies in Nigeria, our partners, and the many people I have had the privilege of working with and learning from over the years.”

Elohor was commended for her achievements in a career in the energy industry that started in Shell in 2002. In addition to serving in operational roles within and outside Nigeria, she has worked as asset manager for Bonga, leading up to her appointment as Managing Director of Shell Nigeria Exploration and Production Company Limited (SNEPCo) in 2021, the first female to hold the post. Early this year, she took up the role of Executive Vice President and Country Chair, Shell Companies in Nigeria, also the first female and Nigerian to hold both roles.

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In her acceptance speech, Elohor also called for concerted efforts towards educating the girl-child. She said: “If we are serious about shaping Nigeria’s future, we must be equally serious about educating and empowering the Nigerian girl child. Education provides not only knowledge, but also confidence, choice and the opportunity to contribute meaningfully to her community and country.”
Photo Caption – L-R: Energy and Investment Solicitor, Sam Aiboni; Executive Vice President and Country Chair, Shell Nigeria, Elohor Aiboni; actress Rita Dominic; and Daily Times Chairman, Fidelis Anosike, during the award presentation at Harbour Point, Lagos.

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Tinubu Hails Flamingos After Historic World Cup Final Qualification, Urges Team to Win Trophy

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President Bola Ahmed Tinubu has congratulated Nigeria’s U-17 women’s national football team, the Flamingos, following their historic qualification for the final of the 2026 FIFA U-17 Women’s World Cup in Morocco.

The President commended the team for their impressive 3-1 victory over Brazil in Wednesday’s semi-final, describing their achievement as a remarkable milestone that has brought immense pride and joy to Nigerians at home and abroad.

In a statement issued on Thursday, November 5, by his Special Adviser on Information and Strategy, Bayo Onanuga, Tinubu also praised the coaching crew and everyone whose hard work and support contributed to the team’s successful campaign.

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With the Flamingos set to face Japan in the final, the President urged the players to remain focused, confident and determined as they pursue the historic world title.

“I encourage you to approach the final with the same fighting spirit and belief that have brought you this far. I have confidence in your ability to make history by winning the coveted world title,” he said.

Tinubu also called on Nigerians to rally behind the young players, describing them as national ambassadors whose achievements continue to showcase the country’s sporting excellence.

He said the team’s performance would inspire a new generation of girls to pursue their dreams without limitations.

“Once again, Nigeria is proud of you. Go for the trophy, Flamingos!” the President added.

 

 

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NNPC Reveals Sokoto Healthcare Intervention as September Profit Hits ₦509bn

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The Nigerian National Petroleum Company (NNPC) Limited has disclosed its support for healthcare infrastructure in Sokoto State through the donation and subsequent handover of an Infectious Diseases Hospital (IDH) to the state government.

The development was contained in the company’s September 2026 Monthly Operations and Financial Report, which also highlighted its financial performance, oil and gas production, pipeline infrastructure and other operational activities.

According to the report, the Sokoto State Commissioner for Health visited the NNPC Foundation and NNPC Limited on September 1, 2026, to present a letter of appreciation to the Foundation for donating the Infectious Diseases Hospital and handing it over to the Sokoto State Government.

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The engagement provided an opportunity for the state government to formally acknowledge the Foundation’s intervention and support towards strengthening healthcare infrastructure in Sokoto State.

The report identified the engagement as part of the NNPC Foundation’s public impact initiatives.

NNPC Records ₦509bn September Profit

On its financial performance, NNPC recorded a profit after tax of ₦509 billion in September 2026, representing an 18.1 per cent increase compared with the previous month.

The company’s revenue also rose to ₦4.608 trillion from ₦3.74 trillion recorded in August, representing an increase of approximately 23.2 per cent.

Cumulative statutory payments to the Federation increased by 17.4 per cent, rising from ₦9.49 trillion between January and August to ₦11.14 trillion between January and September 2026.

Crude Oil and Gas Production

The report showed that average crude oil and condensate production stood at 1.70 million barrels per day during the period.

Natural gas production increased to 7,789 million standard cubic feet per day, while total hydrocarbon production reached 3.04 million barrels of oil equivalent per day.

The monthly operational summary also presented production and sales trends for crude oil, condensate and natural gas.

Pipeline Infrastructure Records Progress

On infrastructure development, NNPC reported 100 per cent availability of its upstream pipelines.

The company also disclosed that the Obiafu-Obrikom-Oben (OB3) Gas Pipeline had reached 100 per cent completion, while the Ajaokuta-Kaduna-Kano (AKK) Gas Pipeline stood at 95 per cent completion.

According to the report, the OB3 River Niger Crossing pipeline had been commissioned and operationalised.

For the AKK pipeline, NNPC said sustained collaboration with stakeholders was helping to accelerate construction and pre-commissioning activities towards achieving early gas delivery to Abuja in 2026.

NNPC Reports 54% Retail Station Availability

The report also highlighted the availability of petrol at NNPC retail stations across the country, putting the nationwide Premium Motor Spirit (PMS) availability level at 54 per cent.

A geographical map showing retail station availability across different parts of Nigeria was included in the monthly operational summary.

NNPC Outlines Strategic Production Efforts

On efforts to sustain production growth, NNPC listed accelerated restoration of shut-in wells and facilities, production optimisation and well interventions among its priorities.

The company also highlighted efforts to strengthen facility reliability and preventive maintenance, address infrastructure and operational constraints, improve community engagement and resolve storage, tank-top and export infrastructure challenges.

These measures, according to the report, are aimed at sustaining production growth and improving operational efficiency across its oil and gas assets.

 

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