The Nigerian National Petroleum Company Limited (NNPCL) will continue to collaborate with the Nigeria Extractive Industries Transparency Initiative (NEITI) and all relevant stakeholders in the Reconciliation Committee set up by President Bola Tinubu to investigate, review and reconcile the financial records on alleged indebtedness to the Federation by both NNPC Limited and Federation Accounts Allocation Committee, FAAC.
This is coming on the heels of calls by a non-governmental organisation for a probe of several monies allegedly owed to the Federation by the national oil company.
NNPC Ltd states that the claims by the NGO were baseless, considering the fact that NEITI itself had dismissed many of the allegations in the said 2021 report, following a series of engagements with NNPC Ltd.
NNPC Ltd states that at the outset of President Bola Ahmed Tinubu’s administration, it was made to sell Premium Motor Spirit (PMS) imported into the country at one third of its value, a development that gave rise to an average of N400bn monthly subsidy bill, which subsequently put a strain on its revenues and finances.
NNPC Ltd further states that, “that subsidy bill accumulated to up to N3.736trillion as of May 31st 2023.
With respect to gas-to-power debts, the non-payment of NNPCL’s share of upstream joint venture gas supplied to the government-owned plants had led to the accumulation of indebtedness of N174.07 billion by the Federation.
Similarly, the receivables due from the federation to NNPC Exploration & Production Limited (NEPL) as of 31st May 2023 amounted to $712million (equivalent to N309.07 billion at N434.08/US$1) for revenues not remitted to NEPL but paid into the Federation account.
While the Federation owed NNPCL the sum of N4.207trillion as net indebtedness, the Company was only indebted to the Federation in the sum of N2.852 trillion, made up mainly of outstanding Good and Valuable Consideration (GVC) in respect of government upstream divestments, royalties and Petroleum Profit Taxes (PPT).
We would like to also use this opportunity to clarify that over the years, our relationship with NEITI has been very cordial, as seen in August 2020 when we became an EITI supporting company in 2020, joining a group of over 65 extractives companies, state-owned enterprises (SOEs), commodity traders, financial institutions and industry partners committed to observing the EITI’s supporting company expectations.
Indeed, aside being a signatory to several EITI’s global ethics and standards, NNPC Ltd had on the sidelines of the United Nation’s General Assembly (UNGA) in Washington DC, in September this year, signed up to the United Nations Global Compact on human rights, labour, environment, and anti-corruption, thereby becoming the first state-owned oil company to join the global initiative.
NNPC Ltd’s book remains open to all our stakeholders as we remain committed to delivering value to Nigerians with integrity and as espoused in our principles of Transparency, Accountability and Performance Excellence (TAPE), the bulwark of the Mele Kyari leadership of the company.
Eid-el-Kabir: JANDOR Felicitates with Lagosians, Expresses Hope in Nigeria’s Future
AJAGBE ADEYEMI TESLIM
SPONSORED BY: H&H
The Lead Visioner of the Lagos4Lagos Movement and former PDP Governorship Candidate in Lagos State, Dr. Abdul-Azeez Olajide Adediran (JANDOR), extends warm greetings to all Muslim faithful and the good people of Lagos State on the occasion of Eid-el-Kabir.
Jandor
Dr. Adediran describes the essence of the celebration as an act of obedience and total submission to the will of the Almighty Allah. He notes that the unwavering trust exhibited by Prophet Ibrahim by his willingness to sacrifice his son as a show of total respect to God is an assurance to all Lagosians that whosoever put his trust in God will not be put to shame.
He acknowledges the Nigerian economic rebound as a fulfillment of promises made by Mr. President at the early stage of this administration when the removal of the fuel subsidy and Forex unification took their toll on the Nation’s economy.
JANDOR posits that while the road may seem tough today, there are genuine efforts being made by the President Bola Ahmed Tinubu-led administration to reposition the country and make life better for all Nigerians.
He urges citizens to remain steadfast and supportive of initiatives aimed at reforming key sectors of the economy, improving infrastructure, and ensuring security across the country.
“Let us continue to stay united and resilient as we journey toward a more prosperous Nigeria. Lagosians have always shown strength in difficult times, and I believe our collective resolve will help shape a brighter tomorrow. I wish all Muslim Ummah a peaceful and joyous celebration as we pray for continuous peace, progress, and prosperity in Lagos State and Nigeria at large,” he said.
Ileya Festival: Olori Afolabi launches food bank, distributes rice to Apomu people
AJAGBE ADEYEMI TESLIM
SPONSORED BY: H&H
Olori Janet Afolabi, CNN award winning journalist and Queen of Apomu Kingdom, has distributed 150 bags of 50kg rice to Apomu people for the celebration of Ileya Festival, just as she launched a foot bank in the ancient city in Osun State.
Olori Afolabi said the food distribution is in response to the pressing issue of hunger in rural communities.
She said: “It is aimed at providing immediate relief to those in need and support rural families.
“Every package of rice represents a moment of relief.
“As we distribute the food we are not just meeting a basic need we are offering compassion, care and kindness.
“We are not just filling stomachs, we are filling hearts with hope because every act of kindness no matter how small can have a profound impact.”
The rice was distributed at the launch of Olori Janet Afolabi Foundation Food Bank on June 3, 2024 at the palace of the Alapomu of Apomu, the headquarters of Isokan Local Government Area of Osun State.
Olori Afolabi said: “We are honoured to launch this food bank to address hunger and promote well being in our community.
“We recognise that hunger is a reality for many in our community and we want to do something about.
“The food bank will offer a range of services, which include: food distribution to indigent families and support programmes on nutrition education and counselling.
“Our Food bank is more than a pantry.
“It is a symbol of hope.
“We are reminding those in need that they are seen, heard, and valued.
“The food bank is a testament of our dedication to serve the community.”
Minister of Information to Chair GOCOP Book Launch in Abuja
Lago
AJAGBE ADEYEMI TESLIM
SPONSORED BY: H&H
The Minister of Information and National Orientation, Alhaji Mohammed Idris, is to chair the public presentation of the book Nigeria Media Renaissance: GOCOP Perspective on Online Publishing, a publication of Guild of Corporate Online Publishers (GOCOP).
Idris
The event is scheduled for 110am on Tuesday June 17, 2025 at the Continental Hotel, Abuja.
President of GOCOP, Maureen Chigbo, who confirmed this development said the book presentation will be graced by eminent personalities from all walks of life, including government officials, captains of industry, media practitioners and other professionals, representatives of international organisations, directors of non-governmental organisations.
Alhaji Idris was sworn in as Minister of Information and National Orientation on August 21, 2023, following his appointment by President Bola Ahmed Tinubu. With over three decades of experience in broadcasting, newspapering, public relations, and advertising, Idris has brought a wealth of expertise to the role.
His academic background includes degrees in English Studies from Uthman Danfodio University, Sokoto, and Bayero University, Kano. As an entrepreneur, he established notable media outlets such as Blueprint, WE FM radio station, and Rapid Television in Abuja. He is a prominent figure in professional associations such as National Institute of Public Relations, African Public Relations Association, Public Relations Consultants Association of Nigeria, and Newspaper Proprietors Association of Nigeria.
As the founder of Bifocal Communications, a leading public relations and communications consultancy, Idris has served both local and transnational corporations.
Beyond his professional endeavours, Idris is committed to social responsibility through the Mohammed Idris Malagi (MIM) Foundation, which has positively impacted many lives. As a reward for his contributions to the development of his immediate environment and beyond, The Etsu Nupe conferred “Kaakaki Nupe” on him.
A press statement by the GOCOP Publicity Secretary, Ogbuefi Remmy Nweke, quoted the GOCOP president as saying that the proceeds of the book will be used to fund the N2.3 billion GOCOP MEDIA CENTRE, a multi-purpose resource centre comprising a secretariat, a 21st Century library and event halls, among others.
Nweke further noted that the Guild of Corporate Online Publishers (GOCOP) was established to promote professionalism in online publishing, ensuring its members uphold the fundamental principles of journalism.
Comprising seasoned editors and senior journalists with distinguished career in print and electronic media, GOCOP’s membership has traversed the online publishing, recognizing its pivotal role in shaping the future of journalism globally. With 120 corporate publishers as members, GOCOP continues to uphold the highest standards of online journalism