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Why NNPCL Didn’t Publish 2022 Audit Report — Kyari
Published
2 years agoon
By
Editor
The Group Chief Executive Officer of Nigerian National Petroleum Corporation Limited, Mele Kyari, has explained why the company failed to release its Audited Financial Statement for 2022.
According to Kyari, the financial report was not released because the NNPCL did not have a substantive board of directors as of June 2023 when the report was ready.
A statement by the NNCL Chief Corporate Communications Officer, Olufemi Soneye, on Saturday evening, quoted Kyari as speaking during a meeting with the Deputy Executive Director, Extractive Industries Transparency Initiative, Mr Bady Baldé on Thursday.
Kyari had said that “NNPCL would have released its Audited Financial Statement for 2022 since June 2023 but could not do so because it had no substantive Board of Directors at that time, adding that the AFS will be published on the company’s website in the next few days”.
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The statement added that Kyari “expressed disappointment with the Nigeria Extractive Industries Transparency Initiative for going public with its report that NNPC Ltd failed to remit some monies into the Federation Account instead of seeking clarification on any perceived gap in its assessment.”
The NNPCL boss was said to have explained at the meeting that the company “was holding no public funds back and that what NEITI reported as non-remittance was what was due to the company as payment for taking the burden of fuel subsidy on behalf of the Federal Government”.
Soneye informed that the EITI boss scored the NNPCL high in its latest global assessment, adding the delegation’s visit was to communicate the group’s findings in its recent global assessment to the company. said NNPC Ltd. fared very well among companies in the same category.
Baldé had added that “only Equinox of Norway fared better than NNPC Ltd. in the assessment”.
He was said to have noted that there was still room for NNPCL to improve, stressing that compliance with global EITI standards will help boost the company’s credibility.
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The EITI boss had also urged NNPC Ltd. to remain engaged to play an active role in its Nigerian unit, the Nigeria Extractive Industries Transparency Initiative (NEITI).
On his part, the Executive Secretary of NEITI, Dr Orji Ogbonnaya Orji, called for the reconstitution of the NNPC/NEITI Joint Committee on Reconciliation, stressing that the committee could help in straightening out any grey areas.
The PUNCH had reported that NEITI in September 2023 said the NNPCL did not pay approximately N2.8 trillion in taxes to the Federal Government in 2022.
In its 2021 Oil and Gas Industry Report’, NEITI stated that of about N3.5tn ($8.25bn at N448/$1 exchange rate in 2022) owed the Nigerian Upstream Petroleum Regulatory Commission during the period under review, NNPCL was owing more than 80 percent (N2.8tn) of the outstanding tax collectible revenues.
According to the report, the unremitted sum consisted of about $279m earned by the Federation from trial marketing under First Exploration and Production Joint Venture; $8m from Oil Mining License 116 operated by a subsidiary of NNPCL, the Nigerian Petroleum Development Company; $871m unremitted domestic crude oil sales, and about $46m unremitted balance from the domestic gas proceeds account as of December 31, 2021.
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News
PHOTOS: Brazil Welcomes Tinubu With Full Military Honours In Brasília
Published
10 hours agoon
August 25, 2025By
Editor
Brazil on Monday rolled out full military honours at the Planalto Palace in Brasília to receive President Bola Tinubu.
Tinubu’s Special Adviser on Information and Strategy, Bayo Onanuga, disclosed this on X on Monday.
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Onanuga said Tinubu was welcomed by his host, President Luiz Inácio Lula da Silva.
Onanuga said Tinubu was welcomed by his host, President Luiz Inácio Lula da Silva.
He wrote, “More photos of the official reception for President Tinubu at the Planalto Palace in Brasília, Monday, August 25, 2025. Brazil’s President Luiz Inácio Lula da Silva welcomed President Bola Tinubu with full military honours.”
News
Tinubu Signs Direct Flight, Other Agreements With Brazil
Published
10 hours agoon
August 25, 2025By
Editor
President Bola Ahmed Tinubu has signed a landmark Bilateral Air Service Agreement with Brazil, signalling the establishment of direct air links between Nigeria and South America’s largest economy.
The agreement was formalised on Monday during Tinubu’s official state visit to Brasília.
Media aide to the minister, Tunde Moshood, made this known through a statement, made available to The PUNCH.
At the signing ceremony which was witnessed by Messrs Nigerian President, Tinubu and the Brazilian President Luiz Inácio Lula da Silva in Brasilia also had the Nigeria’s Minister of Aviation and Aerospace Development, Festus Keyamo, signed the agreement on behalf of Nigeria, while Brazil’s Minister of Transport, Silvio Costa Filho, also signed for the host country.
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The BASA creates a new framework for direct flights between Nigeria and Brazil, with the potential to significantly enhance trade, tourism, investment, and diplomatic relations.
The statement further noted that, “ It also marks a key step in Nigeria’s broader efforts to strengthen international partnerships and improve global connectivity.”
Tinubu had arrived in Brazil with a delegation that included Minister of Finance and Coordinating Minister of the Economy, Wale Edun; Minister of State for Foreign Affairs, Bianca Ojukwu; Minister of Agriculture and Food Security, Abubakar Kyari; and other senior government officials.
According to the statement, the Brazilian President welcomed the agreement, expressing his administration’s commitment to expanding cooperation with Nigeria in sectors such as aviation, agriculture, and infrastructure.
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He described the BASA as a reflection of the strong ties between both countries and an opportunity to deepen economic and cultural collaboration.
Tinubu is also scheduled to hold meetings with key Brazilian government officials, including the President of the Senate, the President of the Chamber of Deputies, and the President of the Supreme Federal Court.
The two-day visit will include high-level discussions between Nigerian and Brazilian delegations across various sectors, as both nations explore opportunities for mutual growth and development.
The statement reads, “The ongoing state visit will also see President Tinubu meeting the President of the Brazilian Senate at the National Congress, the President of the Chamber of Deputies, and the President of the Supreme Federal Court.
“The working visit, which continues tomorrow, will also feature high-level engagements between Nigerian and Brazilian delegations across various sectors, underscoring both nations’ commitment to building a future of mutual growth and prosperity.”

The National Agency for Food and Drug Administration and Control on Monday issued a public alert, warning the public about confirmed counterfeit batches of Postinor-2 (Levonorgestrel 0.75 mg) now circulating in Nigeria.
The alert follows a report from the Society for Family Health, the marketing authorisation holder, confirming that they did not import the suspect batches.
Postinor-2 (Levonorgestrel 0.75mg) is a brand of emergency contraceptive pill containing the active ingredient levonorgestrel.
NAFDAC revealed there are noticeable labelling discrepancies between the authentic and fake products.
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It said, “The National Agency for Food and Drug Administration and Control (NAFDAC) hereby notifies the public of falsified Type 1 and 2 batches of POSTINOR 2 (Levonorgestrel 0.75mg) product in circulation.
“The noticeable difference was found to be as follows: The font size of the text on the pin verification sticker appears smaller and has a wrong spelling of the word Veify instead of Verify on the fake; meanwhile, the text font on the sticker of the original appears bigger and more visible. There is also a wrong spelling behind the pack of the fake “Distnibuted in Nigeria” instead of distributed in Nigeria”, NAFDAC said.
NAFDAC identified the original Postinor-2 as batch T32458H, manufactured in February 2023 with an expiry date of February 2027 and registration number 04-6985.
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The agency, however, confirmed two falsified versions: Counterfeit Product (Type 1), batch T36184B, manufactured in August 2024 with an expiry date of August 2028; and Counterfeit Product (Type 2), batch 332, manufactured in March 2023 with an expiry date of February 2027, both carrying the registration number 04-6985.
It said that due to the potential presence of incorrect, substandard, or harmful ingredients, improper dosages of levonorgestrel, and a lack of sterile manufacturing conditions, poses significant risks to individual health and public safety.
“The risks of administering falsified Postinor 2 (Levonorgestrel 0.75mg) include failure of contraceptive effect, toxic or harmful contaminants, unpredictable side effects, delayed or missed opportunity for genuine emergency contraception, and potential long-term reproductive health impact. Unexpected side effects: Unknown substances can trigger allergic reactions, organ damage, or death.
“Counterfeit medicines are unregulated, untested, and illegal, making their safety and efficacy impossible to guarantee. Patients should only obtain Postinor-2 from verified pharmacies or licensed healthcare providers.
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“Although Investigations are still ongoing regarding the source of the falsified product, all NAFDAC zonal directors and state coordinators have been directed to carry out surveillance and mop up the falsified product of type 1 and 2 postinor 2 (Levonorgestrel 0.75mg) within the zones and states,” it added.
NAFDAC urged consumers and healthcare providers to verify PIN stickers carefully, report suspected counterfeit products, and always purchase medications from reputable sources.
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