Business

FG Approves N180m for PSTT To Fight Corruption At Nigerian Seaports

Published

3 years ago

May 4, 2023

The Permanent Secretary of the Ministry, Dr. Magdalene Ajani, said his at the 3rd roundtable on Maritime Sector Reforms: “Consolidating the Gains,” held in Lagos on Wednesday.

The roundtable was organised by the Maritime Anti-Corruption Network (MACN) and Convention on Business Integrity (CBI).

Ajani was represented by Babatunde Sule, who noted that the Federal Government instructed Nigerian Shippers’ Council (NSC), Nigerian Ports Authority (NPA) and Nigerian Maritime Administration and Safety Agency (NIMASA) to provide funds and operational vehicles for the PSTT.

Ajani added that the government agencies were instructed to provide N60 million each for the Port Standing Task Team to carry on the anti-corruption crusade across the nation’s ports.

“Port administration policy is such that port users are able to demand, track, and ensure greater compliance with Standard Operating Procedures (SOPs) by government agencies.

“And so, incidences of corrupt demands as it relates to vessel clearance has reduced.

“Government capacity to establish policy on compliance systems and collaborate with the private sector and civil society to improve trade flows and the ease of doing business are being strengthened,” she said.

She said that the ministry, through the NSC, the Technical Unit on Government and Anti-Corruption Reforms (TUGAR), and other agencies, Nigeria was poised to augment its standing by further institutionalising and continuously sustaining its reforms.

The National Coordinator of PSTT, Mr Moses Fadipe, confirmed the approval for the operations of the task team, adding that only NSC, being the leading agency, had responded to the government’s instruction.

He revealed that other agencies, which included NIMASA and NPA, were yet to respond and the PSTT had not received anything from them.

Fadipe noted that the Nigerian maritime sector had made significant progress towards promoting efficiency and transparency in recent years.

“The PSTT has played a significant role in transforming the sector through its commendable monitoring and enforcement of adherence to the provisions of the Nigerian Ports Process Manual and in its discharge of other ancillary mandates.

“The task team’s interventions have led to a reduction in inefficiencies and corruption, and there has been a positive impact on the economy.

“Strict monitoring and enforcement of joint boarding of vessels procedure, transparency in monitoring, strict monitoring of joint cargo examinations, and the dismantling of illegal checkpoints and extortion points have all contributed to the improvement of the sector,” he said

Business

NNPCL Revenue, Profit Soar To N5.08tn, N447bn In October

Published

2 days ago

November 29, 2025

Editor

The Nigerian National Petroleum Company Limited has announced a significant revenue increase to N5.078 trillion for October 2025.

The state-owned firm disclosed this in its monthly financial report released on Saturday.

According to the financial report, from N5.078 revenue in October, the company posted a N447 profit after tax.

The figure represents a significant 19.2 percent increase in revenue from N4.26 trillion and a 106 percent rise in PAT from N216 billion in September 2025.

The report stated that from January to September, NNPCL paid N11.150 trillion in statutory payments to the federation.

Four days ago, NNPCL posted a total of N45.1 trillion as total revenue for the 2024 financial year.

Business

NNPCL Reveals Reason Behind N5.4trn Profit After Tax

Published

2 days ago

November 29, 2025

Editor

The Group Chief Executive Officer of Nigerian National Petroleum Company Limited, NNPCL, Bayo Ojulari, has explained that the state-owned firm’s N5.4 trillion profit after tax declaration in its 2024 financial statements indicates that the country has begun to reap the benefits of the Petroleum Industry Act.

He made this explanation in an interview released on NNPCL’s X account on Friday.

Recall that NNPCL declared a significant N5.4 trillion PAT from a total revenue of N45.1 trillion in 2024.

Reacting, Ojulari said the earnings result demonstrated the state-owned firm’s commitment to transparency.

“This earning is our first step in going out there to make ourselves more visible and demonstrate our commitment towards transparency. The profit of N5.4 trillion is quite significant. What that indicates is that we are beginning to reap the benefits of the Petroleum Industry Act.”

According to DAILY POST, since Ojulari’s appointment in April 2025, NNPCL has been consistent in making its monthly financial records public.

Business

CBN Directs Nigerian Banks To Withdraw Misleading Advertisement

Published

3 days ago

November 28, 2025

Editor

The Central Bank of Nigeria (CBN) has directed Nigerian banks, payment service banks and other financial institutions to immediately withdraw all advertisements that violate consumer-protection rules.

The directive, issued in a circular dated Thursday and signed by Olubunmi Ayodele-Oni, director of the CBN’s compliance department, followed a review of marketing practices in the financial sector.

The apex bank said the assessment revealed inconsistencies in how institutions apply disclosure, transparency and fair-marketing requirements.

The CBN ordered the removal of all non-compliant adverts and warned that future promotional materials must be factual, balanced and transparent.

It banned misleading claims, exaggerated benefits, incomplete information, unaudited financial results and comparative language that could de-market competitors.
The regulator of Nigeria’s financial sector also prohibited chance-based promotional inducements such as lotteries, prize draws and lucky dips.

Accordingly, institutions submitting adverts for prior notification must now include campaign timelines, creative materials, target audience details and written confirmation of internal legal and compliance clearance, along with proof that the underlying product has CBN approval.

The bank clarified that such notifications are only for monitoring and do not amount to approval.
All affected institutions must file a compliance attestation within 30 days, signed by the chief executive and compliance leads.

The CBN added that beginning January 2026, it will conduct a follow-up review and apply sanctions for violations under BOFIA 2020 and the Consumer Protection Regulations.