Business

NEITI Audit: FG Recovers N600bn From Oil Companies

Published

4 years ago

September 10, 2022

Editor

The Federal Government has recovered N600bn from oil and gas companies operating in Nigeria which comprised unpaid taxes, royalties, penalties and commission on rentals that were identified in the audit report of the Nigeria Extractive Industries Transparency Initiative.

Data seen in Abuja on Friday showed that the total liabilities of the 77 oil firms that were involved as at 2019 was N2.6tn, based on figures captured in the audit report of NEITI.

The House of Representatives invited the firms in a bid to recover the funds and it was gathered that after the intervention by the lawmakers, the companies commenced the process of remitting some of the funds.

Documents obtained by The PUNCH in Abuja on Friday indicated that while the total recovery pre-2021 and before the pronouncement of NEITI was N900bn, the additional amount recovered after NEITI’s pronouncement/National Assembly review was N600bn.

NEITI conducts a financial, physical and process audit that assesses and reconciles physical and financial flows within Nigeria’s oil and gas industry in line with the EITI Standard and the NEITI Act 2007.

The oil and gas audit has the objective of confirming the outstanding payments (liabilities) due to the federation from each covered company through the respective revenue collection government agencies.

The management of NEITI had repeatedly expressed concern about the liabilities highlighted in its various reports considering the high demand for government revenue for development projects.

The House of Representatives, had during a plenary session, noted the statement by NEITI that 77 oil and gas companies operating in Nigeria were owing the Federal Government over N2.6tn.

The House had also noted that the debts accrued from the failure of the firms to remit Petroleum Profit Tax, Company Income Tax, Education Tax, Value Added Tax, Withholding Tax, Royalties, penalties and concession on rentals to the Federal Government.

Speaking to select journalists on the development in Abuja on Friday, the Executive Secretary, NEITI, Orji Ogbonnaya-Orji, said it was the duty of the agency to make data of the country’s extractive industries available to government.

He also stated that the audit report of the oil industry for 2021 would be ready before the end of this year, adding that it would further provide updates on the remittances so far made by the oil firms to the Federal Government.

Ogbonnaya-Orji said, “The 2021 (oil and gas sector) report will be concluded and published before the end of the year. The scope of the report is to establish what companies paid to the government within the given the year of 2021 and how much of that money did government received.

“We equally want to establish if those companies paid what they should pay and if the government actually received what it should receive, as well as the variances if any.

“We want to establish the quantity of crude that is produced, how much of that can be accounted for, and how much was stolen. We should establish the amount that was exported, reserved for local consumption and how was this reserved one managed.”

PUNCH

Business

Why We Sited Our Multi-Billion Naira Automobile Firm Branch in Benin – Skyewise Group CEO

Published

1 day ago

May 4, 2026

Editor

Dr. Elvis Abuyere, Chief Executive Officer and Managing Director of Skyewise Group, an automobile firm, has explained the reason for establishing a branch of the company in Benin City, the Edo State capital, describing the ancient city as “a growing economy full of enormous potential for vibrant youth.”

He added that the company considers Edo State one of the most interesting states, noting that the decision aligns with its long-term vision.

Abuyere, who spoke in Benin on Monday while taking journalists on a tour of the new automobile facility, said:
“We started very small — from Abuja to Lagos and now Benin. It is a joy and privilege for us to have completed this amazing regional office with Skyewise Group.”

According to him, beyond the automobile business, Skyewise Group is in Benin to invest in real estate, logistics, youth empowerment, and credit management. “Aand also to lend our support to what the Edo State Government is doing, knowing the fact that there is an agenda,” he added.

The young CEO urged youths in Nigeria, particularly those in Edo State, to embrace entrepreneurship, stressing that “we believe it is the future of Africa,” especially Nigeria.

He said Nigeria stands as the giant of Africa and that its youth must take bold steps in the entrepreneurship landscape.

According to Abuyere, to ensure Edo youths actualise their entrepreneurial potential, the company has prepared soft loans to help them start businesses, adding that Skyewise Group is not limited to automobile operations.

He said: “More importantly to us is youth empowerment. We want our youth to be empowered, and this is where the Skyewise Foundation comes in.

“We believe the future of Africa is entrepreneurship, and that future lies in the hands of the young people of Nigeria. We want to empower them to stand the test of time, build something meaningful, and reduce unemployment and insecurity in our land.

“I believe we need to begin taking bold steps by refining the mindset of our young people. We need to give them a sense of belonging and direction.

“We have been addressing the liquidity gap in society by providing microloans to support businesses in our environment and in Benin City.”

When asked why he chose Benin City for the multi-billion naira automobile firm, Abuyere noted: “I think this is the first automobile showroom in Edo State where you can see a car lifted from the ground floor to the first floor and beyond.”

Business

JUST IN: Nigerian Filling Stations Reduce Fuel Price After Hike

Published

3 days ago

May 2, 2026

Editor

Nigerian filling stations reduced their Premium Motor Spirit price on Saturday, barely 24 hours after the hike.

Checks by DAILY POST showed that Ranoil, Empire Energy, and other filling stations in Abuja adjusted their petrol pumps to N1,365 and N1,375 per litre respectively, down from N1,440 per litre on Friday.

This means that petroleum marketers dropped their fuel price by N65 and N75 per litre. DAILY POST reports that the move was to attract patronage from customers.

Recall that three days ago, Nigerian filling stations had raised their petrol pump price to between N1,365 and N1,440 nationwide after Dangote Refinery and depot owners increased ex-depot prices to around N1,275 and N1,290 per litre.

According to DAILY POST, while the Nigerian National Petroleum Company Limited and MRS Bovas filling stations raised their petrol price to around N1,365 per litre, others adjusted theirs above N1,440 per litre.

However, with the latest fuel price reduction by Ranoil and Empire Energy, the majority of filling station outlets now dispense petrol between N1,365 and N1,375 per litre.

This development comes as the ripple effect of crude oil prices continues to impact Nigeria’s domestic fuel price.

Brent and West Texas Intermediate crude rose to $114 and $105 per barrel before dropping to $108 and $101 after the filing of this report.

Business

Dangote Refinery Hikes Petrol Price

Published

7 days ago

April 29, 2026

Editor

Dangote Refinery has increased the ex-depot price of petrol by N75.

The refinery announced the increase on Wednesday, hiking the the price from N1,200 to N1,275 per litre.
In the same way, coastal prices have gone up to N1,215 per litre.

This adjustment amid Brent crude trading at $114.80 per barrel marks a 3.15% increase.

DAILY POST reports that Brent crude has increased to $115 per barrel, while West Texas Intermediate rose to $103 per barrel on Wednesday.