News

Reps To Investigate NNPC’s $2.26bn Debt

Published

2 years ago

November 5, 2024

Editor

The Public Accounts Committee of the House of Representatives on Monday, constituted two sub-committees to ascertain the state of indebtedness of Nigerian National Petroleum Company Limited and other players in the oil and gas industry to the Federation Account.

The committees are also expected to analyse the Nigerian Upstream Petroleum Regulatory Commission’s Remitta records.

The two sub-committees are to be chaired by Jeremiah Umaru, and Olusola Fatoba, from Nasarawa and Ekiti States respectively.

PAC made the decision over the issue raised in the Auditor-General 2021 report on the consolidated financial Statement against the NUPRC.

The report raised three queries against the commission.

The issues include, “Outstanding royalties due from NNPC-COMF MCA/PSC totalling $253,952,693.07, unjustified deductions from joint venture royalty by NNPC before remitting to Department of Petroleum Resources (now NUPRC) totalling $204,853,744,047.39.

“Outstanding royalties on oil, gas, concession rentals and gas flared payable by operators to Federation Account totalling $2,260,448,992.45 and N48,216,163,192.67, among other.”

The Chief Executive Officer of NUPRC, Gbenga Komolafe while responding to the issue of outstanding royalties, said the outstanding revenue due from NNPCL as of Dec31, 2021 has been paid to the tune of $224.3m, leaving a balance of $29.6m still outstanding.

“NUPRC has sent a series of demand notices to the NNPCL to clear the outstanding debt and even reported them to the Honourable Minister of Finance to intervene but to no avail.

“The NUPRC has a revenue collection strategy which includes sanctions and invocation of fine and penalty sections of PIA 2021,” he stated.

While explaining the limitations of the NUPRC in applying necessary sanctions against the NNPCL and other licensees in the oil and gas sector, the NUPRC Managing Director said the agency was aware of the volatility of the industry as well as Nigeria’s economic dependence on oil revenue to avoid negative impact.

He, however, assured the committee that the agency will always operate within the law and uphold the best corporate governance policies.

Members of the committee demanded proof from the NUPRC that the various sums of monies alleged by the Auditor General of the Federation as uncollected revenue from the NNPCL and major oil and gas operators have been recovered since the end of the 2021 financial year.

Earlier in his remarks, the Chairman of the Public Accounts Committee, Bamidele Salam, assured all parties involved in the hearings of fairness and openness in considering all queries by the Auditor General as well as other issues before it.

Salam said as a committee that sits in an investigative capacity, it would not pronounce anyone guilty without providing ample opportunity for defence through an open hearing.

News

Transfer: Premier League Clubs Scramble For Dele-Bashiru

Published

19 minutes ago

May 6, 2026

Editor

Lazio midfielder, Fisayo Dele-Bashiru is a subject of interest from three Premier League clubs, according to Sky Sports.

Lazio reportedly rejected offers from Nottingham Forest and Bournemouth for the Nigeria international in January.

La Biancolesti are bracing for more interest in Dele-Bashiru ahead of the summer transfer window, according to Sky Sports.

The 24-year-old has two years left on his contract with the Serie A club.

The attacking midfielder joined the Rome-based club from Turkish Super Lig outfit Hatayspor in 2024.

He has been a regular feature for Lazio this season.

News

Xenophobic Attacks: Nigerian Students To Picket MTN, MultiChoice, Other Businesses

Published

41 minutes ago

May 6, 2026

Editor

The leadership of the National Association of Nigerian Students, NANS South-West Zone D, has announced plans to picket South African companies in Nigeria following the ongoing xenophobic attacks in the country.

DAILY POST reports that some Nigerians were recently killed in South Africa over the violent attacks.

A statement issued to newsmen by Comrade Adeyemo Josiah Kayode, Coordinator, NANS South-West, Zone D, said that the association is mobilizing to take decisive and lawful action by organizing peaceful picketing and mass advocacy against South African business interests operating in Nigeria.

“We categorically state that the continued targeting of Nigerians under any guise is unacceptable and must come to an immediate end.

“This will include major corporations such as MTN Group and MultiChoice Group. It is morally indefensible for businesses to thrive in an environment where the lives of Nigerians are protected, while Nigerians are subjected to fear and violence elsewhere.

“This contradiction will no longer be tolerated,” the statement said.

News

N5m, N10m Zero-interest Loans: SheVentures Opens Applications For Women Entrepreneurs

Published

3 hours ago

May 6, 2026

Editor

First City Monument Bank (FCMB) has opened a new round of applications for its SheVentures proposition, offering zero-interest loans of up to ₦10 million to women entrepreneurs to ease access to working capital and support business growth.

The facility provides loans ranging from ₦500,000 to ₦5 million under a general category, and ₦5 million to ₦10 million for sector-specific businesses, with funding capped at up to 50% of an applicant’s average monthly turnover.

At the centre of the offering is a 0% interest rate, with all charges embedded in a transparent structure.

Repayment is structured over four or six months, allowing businesses to match obligations with their cash flow cycles.

Yemisi Edun, Managing Director and Chief Executive of First City Monument Bank (FCMB), said the initiative reflects a deliberate approach to inclusive growth.

“Inclusive growth requires access to capital and the right conditions for businesses to deploy that capital effectively.

“Women-led enterprises are critical to economic activity, yet they face structural barriers.

This intervention aims to help close that gap by providing financing that supports job creation, business expansion, and long-term sustainability for women entrepreneurs.”

“Access to affordable finance remains a major constraint for women entrepreneurs,” said Nnenna Jacob-Ogogo, Group Head, SheVentures and Impact Segments at First City Monument Bank (FCMB).

“By removing the cost barrier and offering quick, flexible funding, this zero-interest loan is designed to safeguard existing jobs, enable businesses to invest in growth initiatives, and foster resilience in challenging economic conditions.”

Women-owned businesses account for a significant share of Nigeria’s small and medium-sized enterprises but continue to face high borrowing costs and limited access to credit.

Through these efforts, SheVentures tackles persistent financing gaps facing women-led businesses, combining targeted funding with broader support to empower women entrepreneurs, encourage business innovation, and enhance their ability to compete on a national scale.

Applications for the zero-interest loan are now open.Apply now.