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Senate panel uncovers N34 billion fixed Deposit Account linked to PEF without remitting interest

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Disagreement rocks Senate Panel on Army over Lopsided Army Recruitment

 

The senate panel Public Accounts Committee (SPAC) has uncovered alleged N34b fixed deposited account traced to Petroleum Equalization Fund (PEF) Management without remitting interest of N182 million.
The Agency only remitted N82 million while withholding N100 miion from the interest of N34 billion in various banks.
The discovery by  Committee chaired by Senator Matthew Urhoghide was based on 2016 Auditor General’s report which is currently considered by the Committee.
However, the Management of Petroleum Equalization Fund (PEF) failed to show up before the Committee which was scheduled for Wednesday last week yet there was no any letter to Justify their absence at the Investigative hearing.
The new Management of Nigerian Upstream Regulatory Commission is expected to respond to the allegation since Federal government has scrapped Petroleum Equalisation Fund following the signing of Petroleum Industrial Act
The query reads, “At  the  Petroleum  Equalization  Fund  (Management)  Board,  it  was  revealed  that  in 2015,  the  Board  placed  the  sum  of  N34,003,057,534.22  (Thirty-four  billion,  three  million, fifty-seven  thousand,  five  hundred  and  thirty-four  naira,  twenty-two  kobo)  in  fixed deposit  accounts  in  various  banks  which  yielded  interest  in  the  sum  of  N182,400,810.74 (One  hundred  and  eighty-two  million,  four  hundred  thousand,  eight  hundred  and  ten naira,  seventy-four  kobo).
“However, the  Board  remitted  only  the  sum  of N82,263,824.31  (Eighty-two  million,  two  hundred  and  sixty-three  thousand,  eight hundred  and  twenty-four  naira,  thirty-one  kobo)  to  the  Consolidated  Revenue  Fund, leaving  a  balance  of  N100,136,986.43  (One  hundred  million,  one  hundred  and  thirty-six thousand,  nine hundred and eighty-six  naira,  forty-three kobo)  unaccounted for.
“This  act  is  a  contravention  of  the  provision  of  Financial  Regulation  222  which stipulates  that  “Interest  earned  on  bank  accounts  must  be  properly  classified  to  the appropriate  revenue head  of  Accounts and paid to the Consolidated Revenue Fund”.
“The  Executive  Secretary  should  remit  the  outstanding  interest  yield  of N100,136,986.43  immediately  to  the  Consolidated  Revenue  Fund  and  furnish  evidence of  remittance  for  my  verification.
“Failure to  comply  should attract  appropriate  sanctions in  line  with  Financial  Regulation  3112  which  stipulates  that  “where  an  officer  fails  to  give satisfactory  reply  to  an  audit  query  within  7  days  for  his  failure  to  account  for government  revenue,  such  officer  shall  be  surcharged  for  the  full  amount  involved  and such  officer  handed  over  to  either  the  Economic  and  Financial  Crimes  Commission (EFCC)  or  Independent  Corrupt  Practices  and  Other  Related  Offences  Commission (ICPC).”

NEWS

‘I’ve Been a Threat to Gov’t Since Age 20’ – Sowore

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African Action Congress (AAC) presidential candidate, Omoyele Sowore, has accused government authorities of repeatedly targeting him, declaring that he has been a threat to the government since he was 20 years old.

Sowore made the declaration during an appearance on Channels Television’s Politics Today on Friday, following an alleged attack on him and members of his team in Ado-Ekiti, Ekiti State.

The activist expressed frustration over questions about why he believed the authorities considered him a threat, insisting that attention should instead be focused on the circumstances surrounding the incident.

SEE ALSO: Sowore Challenges Okonjo-Iweala to Name Those Behind Alleged $2.4bn Subsidy Fraud

During the interview, Sowore alleged that the Ekiti State Commissioner of Police, Falade Adegoroye Michael, knew the individuals responsible for the attack, claiming that the commissioner visited them while they were receiving medical treatment.

“So he knew the people who attacked us,” Sowore said.

He further alleged that shortly after the commissioner left, the police issued a statement describing the incident as an altercation.

Questioning the circumstances surrounding the incident, Sowore also raised concerns about the alleged removal of CCTV cameras at the location.

“And why are they trying to remove the camera?” he asked.

Sowore also recalled previous encounters with security agencies, alleging that a tracking device had once been placed under his vehicle and traced to the Department of State Services (DSS).

“They placed a tracker under my car. It was traced to the DSS,” he said.

The AAC candidate further referenced an incident during the administration of former President Muhammadu Buhari, alleging that he was abducted from a hotel in Lagos.

He also claimed that DSS operatives attempted to take him away from a court premises less than two months ago, but were resisted.

Responding to questions about why he believed the authorities were after him, Sowore described the line of questioning as condescending.

He subsequently declared: “I’ve been a threat to the government since I was 20 years old, and they have not given up on me.”

He added: “They want to kill me, and you know it.”

Sowore maintained that the central issue was the alleged attack in Ekiti rather than questions about his perception of the government’s attitude towards him.

“The issue is that we were attacked, unprovoked, in Ekiti State, and we have given you what happened,” he said.

He also challenged journalists not to pretend they were unaware of what he described as continued attempts to target him.

“Don’t pretend like you don’t know,” he added.

How the Ekiti Incident Happened

The controversy followed an incident at a restaurant in the Dalimore area of Ado-Ekiti on Friday, where Sowore and members of his team sustained injuries during a confrontation with some individuals.

Sowore had earlier raised an alarm on social media, alleging that armed men attacked his team and that their whereabouts were initially unknown.

In a post on his X account, he accused the attackers of being government-sponsored and alleged that the DSS provided them with his team’s location.

“We have been brutally attacked and injured by well armed government-sponsored thugs in Ado-Ekiti, Ekiti State,” he wrote.

He subsequently accused the security agency of providing the attackers with their exact location to facilitate the assault.

However, the Ekiti State Police Command disputed reports that Sowore had been kidnapped, explaining that officers responded to a distress call concerning an altercation involving the AAC candidate and some individuals at a restaurant.

The Police Public Relations Officer, Sunday Abutu, said operatives were immediately deployed to the scene and rescued Sowore before taking him to the Police Hospital in Ado-Ekiti for medical attention.

According to the police, Sowore sustained a minor injury during the incident.

The command also disclosed that the Commissioner of Police had ordered a discreet investigation to establish the circumstances surrounding the incident, identify those involved and ensure that anyone found culpable was brought to justice.

Sowore subsequently rejected the police description of the incident as an altercation, insisting that he and his associates were attacked.

“There was no altercation! We were attacked!” he declared.

He also accused the police command of downplaying the severity of the incident despite what he said the commissioner witnessed during his visit.

The conflicting accounts have left questions surrounding the circumstances of the incident, with the police investigation expected to establish what transpired and identify those responsible.

The DSS had yet to publicly respond to Sowore’s allegations at the time of this report.

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NEWS

Tinubu Sends Six NMDPRA Executive Director Nominees to Senate, Retains Three

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President Bola Tinubu has forwarded the names of six nominees for executive director positions at the Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA) to the Senate for confirmation, retaining three existing directors while introducing three new nominees.

The nominations were conveyed to the Senate in a letter from the President, according to a statement issued on Friday by his Special Adviser on Information and Strategy, Bayo Onanuga.

The six nominees comprise three executive directors seeking reappointment and three new candidates proposed for different leadership positions within the petroleum regulatory agency.

SEE ALSO: Tinubu Promises to Boost Local Production with NNPC Refineries

The officials nominated for reappointment are Abiodun Adeniji, Executive Director of Finance and Accounts; Ogbugo Kalu Ukoha, Executive Director of Distribution Systems, Storage and Retailing Infrastructure; and Dr Mustapha Lamorde, Executive Director of Health, Safety, Environment and Community.

The three new nominees are Mobolaji Tajudeen Musa, proposed as Executive Director of Hydrocarbon Processing Plants, Installations and Transportation Infrastructure; Ogechukwu Modie, nominated as Executive Director of Economic Regulations and Strategic Planning; and Said Abutalib, nominated as Executive Director of Corporate Services and Administration.

If confirmed by the Senate, all six nominees will serve five-year terms.

President Tinubu urged the lawmakers to consider the nominations expeditiously, stating that the appointments would ensure institutional continuity and strengthen the Authority’s oversight capacity.

In a related development, the President has approved the appointment of Jumoke Gafar as Secretary to the Board/Authority and Legal Adviser of the NMDPRA.

Her appointment is subject to the completion of the statutory processes stipulated under Section 46 of the Petroleum Industry Act (PIA).

The latest nominations follow Tinubu’s appointment of Engr. Rabiu Abdullahi Umar as Chief Executive of the NMDPRA in April.

The Senate’s consideration and confirmation of the six nominees will determine their formal appointment to the respective executive director positions.

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NEWS

Osun Tackles Sanitation with Adhoc Road Sweepers

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Four gang-killed two in Osun, destroy N8M properties

In the bid to improve environmental sanitation, the Osun State Government plans to engage with immediate effect, able-bodied men and women as ad hoc road sweepers.

Biztellers reports that the exercise would cover designated areas of the state.

The recruitment exercise, announced by the Osun State Taskforce on Environmental Sanitation (OSTES) is open to medically fit able bodied men and women who are residents of the areas where they intend to work.

According to the public service announcement, applicants must be at least 30 years of age, medically fit and resident in their preferred areas of assignment.

READ ALSO: US Hails DPRP as Nigeria’s Petroleum Exports Surge Seven Times

The designated areas mentioned by the Taskforce include Akoda- Abere, Ataoja -Ogo-Oluwa, Olaiya -Old Garage, Igbonna -Ayetoro, Power Line – Ota-Efun and Kobongbogboe.

Other areas covered by the exercise are Ataoja- Dele Yes Sir, Stadium- Testing Ground and Ilesa- Garage, as well as Oke-Fia -Dada Estate, Dele Yes Sir- Lameco and Oroki Housing Estate.

Interested applicants are required to submit application letters to the General Manager, Osun Waste Management Agency, at its office located at the former Boreepo House, West Bye-Pass, Ring Road, Osogbo.

The announcement further stated that the deadline for submission of applications is Thursday, November 12th, 2026.

The recruitment is expected to support routine road sweeping and complement the state’s efforts to promote a cleaner, healthier and safer environment.

Applicants have been advised to ensure that they meet the stated requirements and reside within the areas where they seek to be deployed.

It would be recalled that the state governor, Senator Ademola Adeleke, had earlier declared every Thursday of the week as Environmental Sanitation Day throughout the state during which offices, markets, shopping malls and homes among other public places are to be swept clean between 8am and 10am.

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