Headline

EFCC Talks Tough As NEITI Report Reveals $6bn, ₦66bn Debt In Oil, Gas Sector

Published

9 months ago

September 26, 2024

…approves payment of over N1billion to FG due to recoveries from previous reports

Following the release of the Nigerian Extractive Industries Transparency Initiative (NEITI) 2022/2023 oil and gas sector report, the Economic and Financial Crimes Commission (EFCC) pledged on September 26 to address the findings, which indicate that the industry owes the Federal Government $6 billion and ₦66 billion.

During the report’s presentation in Abuja, EFCC Chairman Olanipekun Olukayode announced that he had approved the transfer of over ₦1 billion into the Federation Account on Wednesday, derived from funds recovered through previous NEITI audits.

He stated that the report has clarified the EFCC’s responsibilities moving forward.

Olukayode said: “Over the years as an anti-corruption agency in the country we are part of the success of the work of NEITI. Where the work stops at the level of presenting this report, then we take off from there to ensure that the recommendations therein and revelations therein particularly as relates to criminal infractions, and violation of our financial laws, it is taken up seriously.

“I am also happy to announce to you that as of yesterday (Wednesday), I still approved that over a billion so remitted to the Federal Government account as a result of the work of the last report of NEITI.

“Since then we have been making recoveries. We have cases in court we are prosecuting and with this report 2022 and 2023.

“We are also going to do everything within our power, deploying all our resources to ensure we implement the recommendations therein.”

The NEITI report has disclosed that outstanding collectable revenues due to the Federal Government in the oil and gas industry as of June this year have risen to over $6.071 billion and N66.4 billion, respectively.

These figures were among crucial information and data contained in NEITI’s 2022 and 2023 Independent Oil and Gas Industry Report, released today in Abuja.

A breakdown shows that the outstanding liabilities were $6.049 billion and N65.9 billion in unpaid royalties and gas flare penalties, due to the Nigerian Upstream Petroleum Regulatory Commission as collectable revenues by August 31, 2024. The report also provides a detailed analysis of the information and data regarding who owes what in outstanding revenues due to the government.

A further breakdown shows outstanding petroleum profit taxes, company income taxes, withholding taxes, and VAT due to the Federal Inland Revenue Service, amounting to $21.926 million and N492.8 million as of June 2024.

On fuel importation, the latest NEITI report disclosed that a total of 23.54 billion litres of PMS (premium motor spirit) were imported into the country in 2022, while 20.28 billion litres were imported in 2023. This represents a reduction of 3.25 billion litres, or a 14% decline, following the removal of the subsidy.

A detailed 10-year trend analysis (2014–2023) in the NEITI report shows that the highest annual PMS importation into the country, 23.54 billion litres, was recorded in 2022, while the lowest, 16.88 billion litres, was recorded in 2017. The NEITI report also disclosed that a total of N15.87 trillion was claimed as under-recovery/price differentials between 2006 and 2023, with the highest amount, N4.714 trillion, recorded in 2022.

On crude production, fiscalized crude production in 2022 stood at 490.945 million barrels, compared to 556.130 million barrels produced in 2021, representing an 11% decline. However, in 2023, NEITI’s independent report revealed total fiscalised production of 537.571 million barrels, a 46.626 million barrel or 9.5% increase from total production recorded in 2022. A 10-year trend (2014–2023) of fiscalised crude oil production in Nigeria shows the highest production volume of 798.542 million barrels was recorded in 2014, while the lowest, 490.945 million barrels, was recorded in 2022.

The NEITI report also provided detailed information and data on crude lifting. In 2022, total crude lifting was 482.074 million barrels compared to 551.006 million barrels lifted in 2021. In 2023, total crude lifting stood at 534.159 million barrels, representing an 11% increase of 58.08 million barrels.

On oil theft and crude losses, a total of 7.68 million barrels of crude were either stolen or lost in 2023, representing a significant drop of 79% (29.02 million barrels) compared to 36.69 million barrels either stolen or lost in 2022.

On overall revenue generation in the oil and gas industry, the report showed that material companies accounted for US$15.549 billion (96%) and non-material companies for US$695.604 million (4%) in revenues generated in 2022. In 2023, material companies accounted for US$21.415 billion (95%), and non-material companies accounted for US$1.238 billion (5%). The revenues came from 17 identified revenue streams, including proceeds from taxes, oil and gas sales, dividends from NLNG, royalty payments, signature bonuses, gas flare penalties, and concessions.

NEITI’s independent industry report carefully reviewed and reported on all aspects of the regulatory framework for the oil and gas industry, including the legal framework, fiscal regime, roles of government entities and reforms, laws (PIA 2021), and regulations relating to addressing corruption risks in the oil and gas sector. The report also conducted an overview of the statutory procedures for the awards and transfers of licenses. It disclosed comprehensive information on property rights to oil and gas licenses and leases, including beneficial ownership information and public accessibility of contracts and licenses.

Other areas covered included disclosures on the participation of state-owned enterprises in the oil and gas sector, exploration, production levels, and the valuation of extractive output. A total of seventy-eight (78) companies in the oil and gas industry and nine (9) relevant government agencies that collect, keep custody, or manage oil and gas revenues were covered by the NEITI process.

Speaking at the public presentation of the report today in Abuja, the Secretary to the Government of the Federation, Sen. George Akume, reaffirmed “the unwavering commitment of the Federal Government of Nigeria to the principles of the Extractive Industries Transparency Initiative (EITI) being implemented in the country’s oil and gas sector by NEITI. We consider the EITI not only as a global standard for promoting transparency in the management of revenues from natural resources but also as a tool to strengthen public trust, accountability, and economic growth,” the SGF stated.

Sen. Akume, who also chairs the NEITI board, acknowledged that information and data provided by NEITI’s independent reports have consistently proven invaluable to the government. These reports have guided policy decisions, reforms, and measures that foster accountability, particularly in the oil and gas sector. In a sector where opacity could easily lead to leakages, inefficiencies, and corruption, NEITI has become an indispensable partner in ensuring that Nigerians are fully aware of how their commonwealth is managed.

He gave assurances that the government’s commitment to this process extends beyond simple endorsement. The Federal Government considers NEITI’s role as a beacon of transparency and accountability in the extractive industries, and the credibility of its reports serves as a foundation for formulating national policies, fighting corruption, revenue growth, and ensuring equitable distribution of revenues. The data contained in this report will inform critical government decisions moving forward, especially as we continue to prioritize resource management, revenue mobilization, and public accountability.

The SGF further emphasized, “As the Chairman of the NEITI Board, I stand before you today to underscore the Federal Government’s respect for NEITI’s independence. While my role as Chairperson is a testament to the importance the government places on NEITI, it also signifies the commitment to ensure that NEITI operates independently, without interference, as mandated by the EITI standard. It is our duty to safeguard this independence with great care and diligence, ensuring that NEITI can operate free from undue influence,” Akume concluded.

The Executive Secretary of NEITI, Dr. Orji Ogbonnaya Orji, explained that the preparation of the report followed a meticulous and transparent process in line with global Extractive Industries Transparency Initiative (EITI) standards. “A rigorous, multi-stakeholder approach was adopted, involving extensive collaboration with government agencies, extractive companies, civil society, and indigenous consultants. We ensured that all data was collected, validated, and reconciled in an open and transparent manner,” the NEITI Executive Secretary stated.

Orji added that the report provides valuable insights that will help guide policy, encourage robust public debate, and ultimately improve governance in the management of our natural resources. The report, as always, remains a vital tool for identifying leakages, improving revenue collection, and promoting resource management reforms.

Meanwhile, the House Committee on Petroleum (Downstream) Chairman, Hon. Nkechi Ugochinyere said he has presented a bill to the house recommending 4% revenue remittance to NEITI from fund recovered due to its audit reports.

Senate Committee on Petroleum (Downstream) Chairman, Senator Eteng Williams called for accurate data from the industry.

He also sought action on the data, stressing there must be increased crude oil production.
NATION

Headline

Israel-Iran War: Stranded Nigerians Cry For Help From Underground Shelters

Published

7 hours ago

June 21, 2025

Editor

Nigerians caught in the hostilities between Israel and Iran have called for help from underground shelters amid heavy exchange of missiles between the two countries.

Those who spoke to Saturday PUNCH slammed the Nigerian government for not doing enough, adding that other countries had started evacuating their citizens.

Meanwhile, the Federal Government said it was awaiting border clearance to rescue over 1,000 Nigerians in the warring countries.

Rising casualties

According to reports, no fewer than 264 people, including 70 women and children, have died in the two countries since the war started.

The war began last Friday when Israel launched Operation Rising Lion, with guided missiles and air raids pounding suspected Iranian nuclear and military sites, including air-defence installations, as well as residential areas in eastern Tehran, notably the Shahrak-e-Mahallati neighbourhood, home to senior IRGC commanders, and targets in Tabriz and other cities.

High-ranking Iranian military figures, including General Mohammad Bagheri and IRGC commander Hossein Salami, were among those killed in the Israeli offensive.

In a statement, Tehran described the strikes from Israel as “the most direct act of war” in decades of covert hostilities.

In a retaliatory response on June 13, 2025, Iran launched a large-scale missile barrage, firing over 100 ballistic missiles at Israeli cities, including Tel Aviv, where the Nigerian embassy is located.

Checks by The PUNCH revealed that most Nigerians living in Israel are based in Tel Aviv and Jerusalem.

Sources confirmed that nearly all economic, social, and religious activities have been suspended in major Israeli cities.

Nigerians recount ordeal

In separate interviews with our correspondents, some Nigerians living in major Israeli cities recounted their ordeals.

A Nigerian in Tel Aviv, Ekene Abaka, said since the onslaught began, members of the Nigerian community in the city had joined other foreigners to take cover in underground shelters provided by the Israeli military, pending an opportunity to escape the country.

“We are in an Israeli bomb shelter and I can’t answer calls right now,” Abaka said in a hasty Facebook message to The PUNCH.

A software engineer living in Jerusalem, who spoke on condition of anonymity, said Nigerians in Tel Aviv and Jerusalem had been scrambling for the past few days since the face-off between the two nations started.

The source, who also claimed to be speaking from a bomb shelter, said though many Israelis had died, no casualties had been recorded among Nigerians so far.

He, however, lamented that the Nigerian embassy had closed all official and diplomatic activities without supporting distressed Nigerians in the country.

“Most of the areas where Nigerians live in Israel are in Tel Aviv. As a matter of fact, that is the main area where most of the missiles are going. I live in Jerusalem.

“There are about three families in Jerusalem from Nigeria, but the majority of Nigerians live in Tel Aviv. We are on the run.

“The Nigerian embassy is situated in Tel Aviv. It has shut down. It’s not doing anything about the issue at the moment. We ran into a bomb shelter to protect ourselves from missiles coming from Iran,” he added.

Meanwhile, in a video shared on Tuesday by Travels Vlog, a Facebook page documenting the daily experiences of Nigerians in Israel and other parts of the Middle East, some Nigerians were seen scrambling into a bomb shelter after the Israeli government sounded the security alarm, warning of incoming Iranian missiles.

“Everybody is running helter-skelter now. I didn’t grab my water. Oh! Those are the missiles there. They have fallen now,” one of them cried out in fear.

But as they approached one of the shelters, they found it locked.

“Oh! It’s closed. Why did they lock this place? Let’s go, there is another one over there. We can’t stay here. This place is not safe,” another voice urged as the group rushed off in search of an open shelter under the night sky.

When they finally reached a covered spot, they sat on the ground, visibly shaken, waiting as the blaring alarm slowly faded and the missiles vanished from sight.

The Travels Vlog host, identified as one Solomon, explained in a live video on Wednesday that people were informed about incoming Iranian missiles through a text message from the government.

“There are missiles coming in, but 10 minutes before they hit, the Israeli government detects them and sends us a direct message to immediately leave our homes and run to the shelter. A few minutes afterwards, the security siren starts blaring, and that’s when panic sets in,” he said.

Countries move to evacuate citizens

The situation in the Middle East has prompted governments around the world to evacuate their nationals from both Iran and Israel, where airspace closures and missile fire have made civilian travel dangerous or impossible.

No fewer than 12 countries, including the Czech Republic, Slovakia, Germany, Greece, and Bulgaria, have contacted their citizens in the warring nations and repatriated hundreds by air, sea, and road.

Many evacuees crossed land borders on foot before boarding repatriation flights from neighbouring countries.

Agence France-Presse reported on Thursday that the Czech Republic and Slovakia flew home 181 people on government planes, while Greece returned home 105 of its citizens plus a number of foreign nationals via Egypt.

The United States announced plans on Wednesday to evacuate Americans by air and sea, while China evacuated more than 1,600 citizens from Iran and several hundred more from Israel.

The Federal Ministry of Foreign Affairs, in a statement issued on Tuesday night, revealed that the Nigerian Embassies in Israel and Tehran (Iran) were actively reaching out to affected citizens and coordinating efforts to ensure their safe return.

However, as of Thursday night, the Federal Government had yet to evacuate any Nigerian trapped in the countries.

A woman, identified as Hope Omobeauty, during Solomon’s Vlog podcast, said some of her people had been trying to leave Israel but had found no way.

“I have people in Israel who are trying to leave, but there is no way,” she said.

Collapse of businesses

The Israeli government has shut down all activities until at least Sunday at 8pm, further worsening conditions for Nigerians in the country.

Israel announced that all educational institutions, including kindergartens, daycare centres, schools, special education programmes, summer camps, youth organisations, and higher education facilities, had been closed.

Speaking about this, the engineer told The PUNCH that the closures had negatively affected the livelihoods of Nigerians.

He lamented the “indifference and insensitivity” of the Nigerian embassy to their predicament.

“In Israel, rent is paid every month. At workplaces, you’re paid per hour. But all business activities have been shut down, so there is no income for anyone at the moment. We are scared because we don’t even know how we will pay our next rent or feed our children,” he said.

“There is an announcement that everything will reopen on Sunday, schools, markets, and places of worship, but it is not guaranteed. It all depends on how Iran continues the war, whether they will carry on with the bombardment or not. We don’t sleep at night because that’s when the missiles fall.

“What the officials at the Nigerian embassy do is perform their formal obligations, grant visas and handle diplomatic or travel assignments. They don’t engage in the welfare of Nigerians. If anything happens, you are on your own. They don’t do anything to help Nigerian citizens here.”

FG awaits border clearance

Meanwhile, nearly 1,000 Nigerians stranded in Iran have remained in limbo, as the Federal Government awaits final border clearance from Armenia to begin their evacuation.

According to the spokesperson for the Ministry of Foreign Affairs, Kimiebi Ebienfa, the Nigerian Embassy in Tehran has completed logistical arrangements to move citizens to Armenia, the nearest border country, where they are to be airlifted home from the capital, Yerevan.

He told The PUNCH that embassy officials were in close talks with Armenian authorities to finalise the movement of evacuees across the Iran-Armenia border.

While bus transport has been secured, approval from Armenia to allow Nigerians to cross the border is still pending.

“The Charge d’Affaires of the Embassy met officials of the Ministry of Foreign Affairs in Armenia, which is the nearest border, to discuss modalities of moving stranded Nigerians via buses to Yerevan, while waiting to be airlifted to Nigeria.

“The Embassy has also advised Nigerians to stay away from demonstrations, remain in safe areas, and stay glued to their phones for evacuation messages once arrangements are concluded.

“At the moment, the Embassy has concluded arrangements with bus companies to hire buses that will convey us all to the transit country, Yerevan, Armenia. However, we are awaiting permission from the transit country before moving from locations already earmarked for evacuation,” Ebienfa said.

He said to prevent complications at the crossing, the embassy was coordinating with Iran’s Ministry of Foreign Affairs by submitting updated lists of evacuees, including personal details.

“This is to ensure a smooth passage through the border and avoid any bottlenecks.

“All hands are on deck to get permission, including for transit and final airlifting to Abuja from Yerevan, Armenia,” he stated.

Headline

Egypt, South Africa Universities Beat Nigeria At Global QS Rankings

Published

8 hours ago

June 21, 2025

Editor

For the third year in a row, no Nigerian university has made it into the top 1,000 of the Quacquarelli Symonds World University Rankings, with the 2026 edition released on June 19, 2025, once again excluding all 297 Nigerian universities from the global elite list.

Only three Nigerian institutions were ranked at all, University of Ibadan, University of Lagos, and Ahmadu Bello University, Zaria.

UI and UNILAG were ranked in the 1,001–1,200 band for both the 2025 and 2026 editions, while ABU appeared for the first time in the 1,201–1,400 range.

The QS World University Rankings are compiled annually by Quacquarelli Symonds and assess institutions based on eight key performance indicators: academic reputation, employer reputation, faculty/student ratio, citations per faculty, international faculty ratio, international student ratio, international research network, employment outcomes, and sustainability.

Despite longstanding reputations and a high number of graduates annually, Nigerian universities continue to underperform in areas such as research output, international collaboration, and employability metrics, factors that heavily influence global rankings.

Across Africa, Egypt led the continent with 20 universities on the 2026 list, followed by South Africa with 11, and Tunisia with four.

Ghana and Morocco each had two universities listed, while Kenya, Libya, Sudan, Uganda, and Ethiopia had one each.

Notably, the only African universities to break into the top 300 are from South Africa with University of Cape Town ranking 150th and University of Witwatersrand ranking 291st

QS World University Rankings 2026: Global Top 10

1. Massachusetts Institute of Technology – United States
2. Imperial College London – United Kingdom
3. Stanford University – United States
4. University of Oxford – United Kingdom
5. Harvard University – United States
6. University of Cambridge – United Kingdom
7. ETH Zurich – Swiss Federal Institute of Technology – Switzerland
8. National University of Singapore – Singapore
9. University College London – United Kingdom
10. California Institute of Technology – United States

These institutions not only lead in research output and faculty reputation but also boast substantial international partnerships and high graduate employability scores.

Headline

Iran Nabs 22 Suspected Israeli Spies Amidst Escalating Conflict

Published

8 hours ago

June 21, 2025

Editor

Police in Iran’s Qom province said Saturday that 22 people “linked to Israeli spy services” had been arrested since June 13, Fars news agency reported.

“22 people were identified and arrested on charges of being linked to the Zionist regime’s spy services, disturbing public opinion and supporting the criminal regime,” the agency said, citing the head of police intelligence in Iran’s Qom province.

It came after Iranian police announced the arrest on Thursday of 24 people accused of spying for Israel and of seeking to tarnish the country’s image, according to a statement carried by Tasnim news agency.

A European national was also arrested for spying, Tasnim reported on Friday, without giving their nationality or the date of the arrest.

Anambra CP seeks community cooperation to nab Oko attack hoodlums
Iran regularly announces arrests of suspected spies. Several have been executed in recent weeks.

Norway-based NGO Iran Human Rights said at least 223 people have been arrested nationwide on charges related to collaboration with Israel, cautioning that the actual figure was likely higher.

AFP