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

Published

1 year 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

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US Revokes Visas Of Foreigners Who Mocked Kirk’s Assassination

Published

7 hours ago

October 15, 2025

Editor

The United States has revoked the visas of several foreign nationals who publicly mocked or celebrated the killing of American conservative activist Charlie Kirk, officials confirmed on Tuesday.

The State Department said the decision followed an internal review of social media posts deemed “offensive and contrary to U.S. values,” adding that the country “has no obligation to host foreigners who wish death on Americans.”

Kirk, 31, co-founder of the conservative youth group Turning Point USA and a strong ally of former President Donald Trump, was shot dead during a political rally on 10 September.

His killing drew widespread condemnation across the political spectrum, with many describing the act as a targeted attack on free speech.

According to U.S. authorities, at least six individuals from Argentina, South Africa, Brazil, Paraguay, Mexico, and Germany had their visas revoked after making comments online that celebrated Kirk’s murder or insulted his supporters.

Examples cited by officials included posts calling Kirk a racist who deserved it, and messages mocking grieving Americans.

“We will not tolerate foreigners who promote or celebrate acts of violence against U.S. citizens,” a State Department spokesperson said.

The move underscores Washington’s growing use of immigration powers to respond to online behaviour perceived as threatening or disrespectful towards the country.

The Department said it continues to monitor social media content for evidence of incitement or endorsement of violence.
Civil liberties advocates, however, have questioned the decision, arguing that revoking visas for social media comments could set a worrying precedent.

Officials maintained that the visa cancellations were lawful, limited in scope, and aimed at protecting national integrity.

“Freedom of speech does not extend to foreigners seeking the privilege of entry while glorifying violence,” the spokesperson added.

The United States has increased visa scrutiny in recent years, requiring applicants to disclose social media handles and online activity.

The policy, officials say, is designed to prevent extremist sympathisers or those expressing hostility towards the country from entering its borders

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Israeli PM Netanyahu Back In Court For Graft Trial

Published

8 hours ago

October 15, 2025

Editor

Israel’s Prime Minister Benjamin Netanyahu was back in a Tel Aviv court on Wednesday for the latest hearing in his long-running corruption trial, which opened in May 2020.

The prime minister kept a smiling face as he and his entourage of several ministers from his conservative Likud party were heckled by protesters en route to the tribunal.

It comes after US President Donald Trump suggested on Monday that the Israeli premier should be pardoned in his three separate corruption cases.

His latest appearance at the Tel Aviv court also follows the return of the hostages taken by Hamas as part of Trump’s US-brokered plan to end the Israel-Hamas war in Gaza.

In one case, Netanyahu and his wife, Sara, are accused of accepting more than $260,000 worth of luxury goods, including champagne, cigars and jewellery, from billionaires in exchange for political favours.

In two other instances, Netanyahu is also charged with attempting to negotiate better press coverage from two Israeli media outlets. He has denied any wrongdoing, claiming to be the victim of a political plot.

During his current term, which started in late 2022, Netanyahu has proposed far-reaching judicial reforms that critics say sought to weaken the courts.

Those prompted massive protests that only abated after the onset of the Gaza war, sparked by Hamas’s October 7, 2023 attack on Israel.

In an address on Monday to the Israeli parliament, the Knesset, Trump told the chamber that Netanyahu should receive a pardon in the graft cases.

“Cigars and champagne, who the hell cares about that?” Trump joked, before asking his Israeli counterpart Isaac Herzog: “Why don’t you give him a pardon?”

The Israeli premier is also subject to an arrest warrant issued by the International Criminal Court (ICC) on suspicion of ordering war crimes in his government’s assault on Hamas militants in Gaza.

Netanyahu holds the record for the most years spent at the head of Israel’s government, having served 18 years in several stints as premier since 1996.

AFP

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FULL LIST: US Set To Carry Out Four Executions This Week

Published

9 hours ago

October 15, 2025

Editor

A Florida man convicted of murdering two women he hired for sex was put to death by lethal injection on Tuesday, one of four executions to be carried out in the United States this week.

Samuel Smithers, 72, was sentenced to death in 1999 for the 1996 killings of Christy Cowan and Denise Roach in Tampa. They had been beaten and strangled and their bodies were found in a pond.

Smithers was executed at a Florida state prison at 6:15 pm (2215 GMT), the 14th execution in the southern state this year.

Another convicted murderer was also put to death by lethal injection in the midwestern state of Missouri on Tuesday.

The execution of Lance Shockley, 48, was carried out at 6:13 pm (2313 GMT) for the 2005 murder of a police sergeant, Carl Graham.

Graham was gunned down in an ambush at his home. The officer had been investigating a fatal car accident involving Shockley at the time.

Shockley maintained his innocence but his appeals were rejected by numerous courts, including the Supreme Court. Missouri Governor Mike Kehoe rejected his clemency request on Monday.

Two other executions are scheduled this week.

Charles Crawford, 59, is to be put to death by lethal injection in Mississippi on Wednesday for the 1994 rape and murder of Kristy Ray, a 20-year-old college student.

Richard Djerf, 55, is to be executed by lethal injection in Arizona on Friday for the brutal 1993 murders of four members of a Phoenix family.

In a letter last month apologizing for the crime, Djerf said he was ready to die and would not seek clemency.

“If I can’t find reason to spare my life, what reason would anyone else have?” he wrote.

There have been 37 executions in the United States this year, the most since 2013, when 39 inmates were put to death.

Florida has carried out the most executions with 14, followed by Texas with five and South Carolina and Alabama with four.

Thirty-one of this year’s executions have been carried out by lethal injection, two by firing squad and four by nitrogen hypoxia, which involves pumping nitrogen gas into a face mask, causing the prisoner to suffocate.

The use of nitrogen gas as a method of capital punishment has been denounced by United Nations experts as cruel and inhumane.

The death penalty has been abolished in 23 of the 50 US states, while three others — California, Oregon and Pennsylvania — have moratoriums in place.

President Donald Trump is a proponent of capital punishment and, on his first day in office, called for an expansion of its use “for the vilest crimes.”