Headline

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

Headline

Trump Warns Of More Strikes In Nigeria If Attacks On Christians Continue

Published

5 hours ago

January 9, 2026

Editor

US President Donald Trump has warned that he could authorise additional military strikes in Nigeria if attacks against Christians continue, citing the security situation in the West African nation as a key concern.

In an interview with the New York Times on Thursday, Trump was asked whether the Christmas Day strikes in Sokoto State, which targeted Islamist militants, were intended as part of a broader campaign. “I’d love to make it a one-time strike. But if they continue to kill Christians, it will be a many-time strike,” he said.

Trump’s comments follow his 2025 designation of Nigeria as a “country of particular concern” due to what he described as an “existential threat” to its Christian population. The remarks have drawn criticism from Nigerian officials, who insist that jihadist groups target people regardless of religion. “Muslims, Christians and those of no faith alike” are affected, a government spokesperson said, rejecting claims that Christians are being singled out.

When pressed about reports that most victims of jihadist groups in Nigeria are Muslims, Trump responded, “I think that Muslims are being killed also in Nigeria. But it’s mostly Christians.” Nigeria, with a population exceeding 230 million, is roughly evenly divided between Christians in the south and Muslims in the north.

The December strikes targeted camps run by a jihadist group known as Lakurawa in Sokoto, a largely Muslim region near the border with Niger. Both the US and Nigerian authorities have linked the militants to Islamic State-affiliated groups in the Sahel, although the IS has not formally claimed any association with Lakurawa. Details of casualties from the strikes remain unclear, as neither government has provided official figures.

Nigeria’s Foreign Minister Yusuf Maitama Tuggar said the operation was a “joint effort” and emphasised that it was not motivated by religion. He confirmed that the strikes had the approval of President Bola Tinubu and included
participation by Nigerian armed forces. Addressing the timing of the strikes, Tuggar added that they were unrelated to Christmas, though Trump described them as a “Christmas present”.

Headline

Science Discovers Why Hungry, Broke Men Prefer Bigger Breasts

Published

5 hours ago

January 9, 2026

Editor

A scientific study has found that men who feel financially insecure or hungry are more likely to find larger female breasts attractive.

The research was published in the peer-reviewed journal PLOS ONE and was conducted by psychologists Viren Swami and Martin J. Tovée.

The study examined whether breast size acts as a signal of fat reserves and access to resources, and whether men facing resource insecurity rate larger breast sizes as more attractive than men who feel economically secure.

Researchers carried out two separate studies across Malaysia and the United Kingdom.

In the first study, 266 men from three areas in Malaysia were assessed. The locations represented low, medium and high socioeconomic backgrounds. Participants were shown rotating computer-generated images of women with different breast sizes and asked to rate which they found most attractive.

The findings showed a clear socioeconomic pattern.

Men from low-income rural areas preferred larger breasts.

Men from middle-income towns preferred medium to large breasts.

Men from high-income urban areas preferred smaller to medium breasts.

PLOS ONE study showing how hunger and financial insecurity affect men’s breast size preferences
Cover page of a PLOS ONE study examining how resource insecurity influences men’s breast size preferences. Source: PLOS ONE

As stated in the study, “Men from relatively low socioeconomic sites rated larger breast sizes as more physically attractive than did participants in moderate socioeconomic sites, who in turn rated larger breast sizes as more attractive than individuals in a high socioeconomic site.”

The researchers noted that the lower a man’s financial security, the stronger his preference for larger breast size.

The second study focused on hunger rather than income.

In Britain, 124 male university students were divided into two groups. Sixty-six participants were classified as hungry, while 58 had recently eaten. Both groups viewed the same breast size images under identical conditions.

Hungry men consistently rated larger breasts as more attractive than men who were full.

According to the researchers, “Hungry men rated a significantly larger breast size as more physically attractive than did the satiated group. Taken together, these studies provide evidence that resource security impacts upon men’s attractiveness ratings based on women’s breast size.”

The researchers explained that these shifts suggest attraction is not fixed but responsive to immediate conditions.

They noted that men experiencing hunger or financial pressure may place greater value on physical traits that signal access to resources or stability.

The study added that temporary states such as hunger can shape attraction in the same way long-term economic conditions do, reinforcing the idea that social and environmental factors play a key role in how physical attractiveness is judged.

Headline

Man With Lengthy Criminal Record Shoots Nigerian To Death Inside Bus In Canada

Published

5 hours ago

January 9, 2026

Editor

A 40-year-old man with an extensive criminal history has been charged with first-degree murder after a Nigerian national was shot dead on a GO bus at the Yorkdale GO Bus Terminal in Toronto, marking the city’s first homicide of 2026.

Toronto Police, in a statement on their website, said officers were called to the terminal, near Yorkdale Road and Allen Road, at about 7 p.m. on Sunday, January 4, following reports of a shooting. Investigators allege that both the suspect and the victim boarded a GO bus at the terminal, where the suspect shot the victim before fleeing the scene on foot.

According to the statement, officers arrived to find a man suffering from a gunshot wound, but despite carrying out life-saving measures, the Nigerian was pronounced dead at the scene.

The victim was later identified as Osemwengie Irorere, a 46-year-old man from Nigeria, the Toronto police said in a later statement.

Local media reports noted that an eyewitness who was seated just behind the victim said the bus had been dark and crowded as passengers waited to depart when a single gunshot rang out.

“I assumed it was a popped tyre or something, but immediately after, a guy sitting in front of me got up, shoved his hands in his pocket and ran off the bus,” the witness said, requesting anonymity for safety reasons.

“Right after, I stood up and I looked at the seat in front of me and I saw a guy, bleeding,” he added, saying he could smell smoke in the air after the shot was fired.

Police said the suspect was located and arrested a short time later near the Yorkdale subway station, and a firearm was recovered.

The accused has been identified as Tyrel Gibson, 40, of Toronto. He appeared at the Toronto Regional Bail Centre on Monday, January 5.

Court documents show that Gibson has a lengthy criminal record dating back to 2000, with nearly two dozen charges. He has previously been convicted of offences including attempted murder and firearm-related crimes. In 2015, he pleaded guilty to aggravated assault, using a firearm, possession of a firearm with ammunition and possession of an unauthorised firearm and was handed a lifetime weapons prohibition. He was sentenced to eight years in prison in 2017, although it remains unclear how much of that term he served.