CBN, NCC propose instant refunds for failed airtime, data

CBN headquartersThe Central Bank of Nigeria and the Nigerian Communications Commission have proposed that customers must receive refunds within 30 seconds for failed airtime and data purchases to curb persistent billing complaints in the telecommunications sector.

This was indicated in the Exposure Draft of the Joint CBN–NCC Framework for Resolution of Failed Airtime and Data Purchase Transactions, which was published on the website of the CBN on Monday.

The landmark exposure draft, dated 5 February 2026, seeks to “institutionalise clear accountability” and establish a “coordinated approach to consumer redress” across the financial and telecommunications sectors.

The most significant shift in the proposed framework is the introduction of standardised, automated timelines for resolving failed transactions. Currently, Nigerians often face long delays when airtime purchases fail at the bank, aggregator, or Mobile Network Operator level.

To solve this, the regulators have proposed a 30-second window for automated reversals. Section 6.0 (ii) of the draft exposure, which dwelt on failed transactions, especially as it relates to unfulfilled airtime/data delivery, proposes a time to refund the purchaser of 30 seconds “if the transaction failed at the bank level… Failed transaction delivery from NCC Authorised Licensees… Failed transaction delivery from MNO to the NCC Authorised Licensee.”

The draft emphasised that stakeholders must “automate reversal processes across all stakeholders” to ensure that refunds require no human intervention from the customer. The draft exposure also stated that “all parties involved in airtime and data transactions shall take the following actions to ease usage and facilitate consumer satisfaction: a. Stakeholders must immediately connect ONLY to relevant authorised licensees of the NCC and CBN. b. MNOs and banks must only connect to NCC Authorised Licensees/MNO digital channel partners for airtime and data vending… Notifications of failure create final settlement obligations between MNO and NCC-authorised licensees… The NCC and CBN will audit stakeholder compliance jointly or individually at quarterly or other intervals as may be determined.”

From a business and oversight perspective, the regulators are proposing a Central Monitoring Dashboard to be hosted jointly by the CBN and NCC, which will track reversals, Service Level Agreement breaches, and customer complaints in real-time.

“There shall be a Central Monitoring Dashboard hosted by CBN/NCC for tracking reversals, SLA breaches, and customer complaints. This will facilitate the establishment of a real-time national ‘Failed Transactions Dashboard’ with a uniform error code with end-to-end visibility across the value chain’, read the draft exposure.

This is designed to eliminate the “unclear ownership of liability” that often occurs when banks and telcos blame each other for failed recharges. To support this, banks and MNOs will be required to maintain and share daily reports of successful and failed cases.

The proposed framework also addresses the common problem of “lost” money when customers recharge ported phone numbers. The draft mandates that MNOs must validate a phone number against the ported number database before processing any recharge. If the system identifies a number as ported out or invalid, it must “proactively stop recharges” and send a failure code back to the bank to ensure the customer is not debited.

For erroneous recharges sent to the wrong person, the framework sets clear protocols: below N20,000, MNOs will request the recipient’s consent before a reversal, and when it is above N20,000, an affidavit of indemnity or notarised letter is required to process the recovery.

The CBN and NCC in the exposure draft signalled they will take a firm stance on compliance. Both agencies will conduct joint quarterly audits of all stakeholders, including banks, payment service providers, and MNOs, to verify compliance with the new rules. The regulators have warned they will “impose penalties for any breach” of the framework’s provisions.

Banks and other financial institutions have until 10 February 2026 to submit their inputs on the draft before it is finalised. Once implemented, the framework is expected to significantly restore “subscriber trust” in Nigeria’s digital financial ecosystem.

Zamfara political realignments continue as Hajiya Mariam dumps PDP for APC

A prominent female political figure in Maru Local Government Area of Zamfara State, Hajiya Mariam Usman Shehu Yaro (Zarar Maru), has formally defected from the People’s Democratic Party (PDP) to the All Progressives Congress (APC).

In a statement she personally signed,  Hajiya Mariam said the defection was witnessed by top APC stakeholders in Zamfara State, including the former APC governorship candidate in the 2019 general election, His Excellency Mukhtar Shehu Idris, and the member of the House of Representatives representing Maru/Bungudu Federal Constituency, Hon. Abdulmalik Zubairu (Zannan Bungudu).

Leaders of the APC from across the major political blocs in the state were also present, including representatives from the camp of former Governor Senator Abdulaziz Yari Abubakar, as well as allies of the Minister of State for Defence, Dr. Bello Mohammed Matawalle. Notable stakeholders such as Lawal M. Liman (Gabdon Kauran Namoda) and Alhaji Tukur Danfulani (Gusau) also attended.

Hajiya Mariam Yaro previously served as Managing Director of the Zamfara State Investment and Property Development Company, where she played a key role in promoting trade, investment, and economic development initiatives within the state.

Political realignments have continued to intensify across Zamfara State, with defections occurring across party lines.

Speaking on her decision, Hajiya Mariam Yaro stated that her move to the APC was driven by a renewed commitment to service, unity, and development for the people of Zamfara State, emphasizing that politics must remain a vehicle for improving lives, strengthening communities, and creating opportunities for sustainable growth.

Kano 2027: Mixed reactions as Kwankwaso, Yusuf set for epic battle

The New Nigerian Peoples Party, NNPP, last month lost the only state they controlled to the All Progressives Congress, APC, after Governor Abba Yusuf joined numerous other state governors seeking survival ahead of the 2027 general elections.

DAILY POST reported that Kano recently faced biggest political defection as Governor Yusuf parted ways with Dr. Rabiu Kwankwaso and aligned himself with Kwankwaso’s longtime rival or what some people have called political enemy, Abdullahi Ganduje.

For NNPP loyalists, the governor chose shelter over loyalty, power over pedigree and survival over structure.

There have also been questions about Kwankwaso being overbearing, a reason attributed to a similar decision from Ganduje when he was governor.

In his letter of resignation from the party that brought him to power,  Yusuf said he could no longer stay in the NNPP because of persistent internal crisis, unresolved leadership disputes at state and national levels, prolonged court cases involving party leadership, deep divisions and disenfranchisement of members, a belief that the cracks in the party had become irreconcilable, adding that his staying in the party would no longer serve the best interest of Kano State.

Kwankwaso, a former minister of defence, former governor and the leader of the Kwankwasiyya group and the NNPP, could not hide tears over Yusuf’s defection.

The former governor  described Monday, January 26, 2026, the day Abba Yusuf, also known as Abba Gida-Gida formally joined APC, as one that should be marked in the world as a day of ‘betrayal’.

Speaking after the Governor’s defection, the 2023 presidential candidate of the NNPP, said, “Today, as the leader of this movement, I declared the 23rd of January as Betrayal Day.

“We believe that day should be permanently recorded in history to ensure global awareness of betrayal and the breaking of trust exists”.

In a separate interview with the BBC Hausa, Kwankwaso said by allowing Ganduje to raise his hand publicly, Abba Yusuf will not win the governorship election in 2027.

He said, “When I saw Ganduje raising Abba’s hand, I knew automatically that Abba would not win any election. People of Kano don’t support Gandujiyya. Ganduje lost the 2019 election, and his candidate also lost in 2023. So, Abba will not win in 2027.”

The APC in the state immediately countered this through its Director of Publicity, Bala Ibrahim, saying, “Ganduje has raised the hands of many governorship candidates, and they have emerged victorious.

“He has supported the governors of Imo, Kogi, Osun, and others, and his backing has consistently translated into wins. Kwankwaso needs to examine the number of hands raised by both himself and Ganduje, and the resulting victories. Abba cannot be an exception.

“The hands of Ganduje are truly hands of victory. Victoria ascerta. Our party is popular in Kano; it enjoys the support of the people because of the laudable achievements through the Renewed Hope Agenda. So victory is certain for our party and candidates in 2027.

“Kwankwaso has contested against the APC in the past and lost. Losing to the APC is therefore not a new development. No rhetoric can change the trajectory of the people, and it is clear that there is no victory in the direction of the opposition party and Kwankwaso in Kano State.”

Also, the Secretary of the NNPP Board of Trustees, Buba Galadima, told Arise News that the Governor moved to APC on his own personal interest and not Kano.

“Had Governor Yusuf moved from NNPP to another platform other than APC, I would have said he moved well. But in this case, it is only a matter of survival, not the Kano people, not the peace in Kano he wanted us to swallow.

“And I want to say with clarity that this betrayal is the third in the history of the whole world, one by Judas against Jesus, the second was Brutus against the Caesars. Now the third one that ought to go to the world Guinness Book of Records, is the one just announced by Governor Yusuf of Kano.

“That’s why our leader had asked that we should declare every 23rd of January the world’s greatest betrayal day. I’m well above 75, and if I could shed tears on anything, it must have touched me beyond expression, because I don’t give into sentiments just like that.”

Asked what becomes of Kwankwaso, Amb. Auwal Musa Muhammad, the National Youth Leader, NNPP, told DAILY POST, “The NNPP structure across the federation—at national, state, LGA, ward, and grassroots levels—remains firmly loyal to Kwankwaso. This loyalty is built on trust, ideology, consistency, and proven leadership over the years.

“The NNPP cannot be weakened by political decisions driven by personal interest or convenience. Senator Rabiu Musa Kwankwaso is not a political accident.

“He is a tested, consistent, and results-oriented leader whose political journey spans decades of service, sacrifice, and people-focused governance. His achievements as Governor of Kano State remain visible and verifiable.

“The decision of His Excellency, Abba Kabir Yusuf, Governor of Kano State, to move to the APC is his personal political decision, and we wish him well. That is politics.

“However, this decision does not in any way affect Senator Rabiu Musa Kwankwaso, the NNPP structure, or its political strength—either in Kano State or nationwide.

“Senator Kwankwaso is not in competition with defectors. He operates from a position of ideology, legacy, and a solid political base built over time. Political relevance is earned through service, consistency, and the confidence of the people— not by changing political platforms.

“NNPP remains intact, united, disciplined, and unwaveringly loyal to Senator Rabiu Musa Kwankwaso. It is a party built on structure, ideology, and grassroots strength, not on convenience.

“No defection can erase history. No individual decision can dismantle structure. NNPP is strong,  united and remains loyal.”

Also speaking to DAILY POST, a former presidential candidate and activist, Chief Peter Ameh, said that there was no way Governor Yusuf would return to power after the 2027 governorship election.

“I think those who are judging Kwankwaso as somebody who has fallen are mistaking the facts. The facts are very clear, and they are stubborn.

“The fact that in 2019, Kwankwaso put Yusuf on the line to become governor. Himself was not a governor. They relied on the structure of the Kwankwasiyya and fought very seriously to try to defeat the APC structure, including the authority and power of state; they won the election but it was rigged.

“There was retreat but there was no surrender. In 2023 they got back. They contested the election, and they won against Ganduje with all the federal might and all the federal structure and with all the power of the state, which is the federal government might.

“So what made Abba Yusuf governor is Kwankwaso because nobody knew him in Nigeria. He became governor because of the Kwankwasiyya movement.

“And as long as Kwankwaso remains in NNPP and does not join APC, Yusuf should be afraid of the consequences of his action, because Kwankwaso is the person pioneering and piloting the affairs of the conversation.

“So I believe that as angry as I can see the people of Kano, who are politically inclined against what obtains in other parts of this country, I’m very sure that in 2027 Abba Yusuf will be taught a lesson.

“Our election dynamics have changed. It has changed from people rigging, stuffing ballot boxes and rewriting results without the vote, democratic theft of electoral mandates.”

Meanwhile, the Kano State Government has maintained that Abba Yusuf will cruise to victory in the 2027 general election with or without Kwankwaso.

The government rubbished claims that Yusuf cannot secure a second term without the backing of political godfathers, insisting that his re-election prospects rest on performance and popular support.

The Commissioner for Information and Internal Affairs, Ibrahim Waiya, in a statement, while responding to remarks attributed to Galadima, said that supporters of the governor should sleep with their two eyes closed as victory is assured.

“Kano operates on its own historical rhythm, civic memory and political consciousness.

“Power in the state ultimately rests with the electorate, whose loyalty has always been conditional on performance, character, trust and credibility,” he said.

However, warning the Governor of an impending doom, the NNPP,  through its National Publicity Secretary, Ladipo Johnson, reminded him that, “this is not the first time such a betrayal has occurred in the political history of Kano.

“In the early 1980s, Alhaji Abubakar Rimi defected from the People’s Redemption Party, PRP, to the Nigerian People’s Party, NPP, taking with him the vast majority of elected officials—including nearly all local government chairmen and councillors, 120 out of 126 members of the Kano State House of Assembly, and most Kano representatives in the National Assembly.

“Yet, the electorate delivered a resounding verdict: In the 1983 gubernatorial election, Rimi was humiliatingly defeated by Mallam Aliyu Sabo Bakin Zuwo of the PRP, finishing second. Even more telling, of the 120 state assembly members who joined Rimi’s defection, only one was re-elected— an outcome that should serve as a sobering lesson to any politician contemplating the path of disloyalty.

“History has consistently shown that those who trade loyalty for expediency, and honour for deceit, rarely escape the judgment of the people. The truth endures, and the loyalty of Kano’s masses to principled leadership will ultimately prevail.”

Kwankwaso and Yusuf tested their popularity at Singer Market in Kano on Thursday when both men made separate appearances to sympathize with traders after a devastating fire incident.

Kwankwaso was the first to arrive at the market and was hailed by a crowd of supporters and a few hours later, Governor Yusuf paid his own visit and was similarly welcomed by a crowd.

Governor Yusuf offered immediate government intervention and pledged financial support to the affected traders, while Kwankwaso’s appearance and reception served as a reminder that the godfather’s influence still permeates the state.

Tinubu’s women’s health aide seeks broad partnerships to tackle maternal mortality, others

The Senior Special Assistant to President Bola Tinubu on Women’s Health, Dr Adanna Steinacker, has called for elaborate collaboration and institutional partnerships among stakeholders to improve health outcomes for women and girls across Nigeria.

At a meeting with the Medical Women’s Association of Nigeria, MWAN, Dr Steinacker said Nigeria’s scale and population make women’s health a shared national responsibility rather than the duty of a single office or individual.

She noted that the high maternal mortality burden in some parts of the country makes maternal health the top priority for her office, alongside family planning and mental health awareness, stressing that interventions will be implemented through existing institutions and professional bodies to avoid duplication.

“The goal is to align, strengthen systems and ensure sustainable locally owned programmes that improve women’s health without duplicating existing efforts.

“This is the first time there’s an office for women’s health. We are looking to fill the gaps of accurate advocacy, raising health literacy. and maternal health, sexual and reproductive health, as well as mental health.

Dr Steinacker pointed out that digital media and advocacy will be a national voice for women’s health, relying on organisations like MWAN to collect accurate information and distribute them among their networks, programmes and campaigns.

“We need digital media and advocacy to improve health literacy, geopolitically anchored campaigns on maternal, sexual and reproductive, and mental health, and high-level summits and coalition-building with government, civil society, the private sector, and global partners.”

In her response, the President of the Medical Women’s Association of Nigeria, MWAN, Dr Zainab Kwaru Muhammed, said the body has a strong network across Nigeria and is well disposed to help the federal government achieve its objectives.

She highlighted MWAN’s ongoing initiatives on maternal and child health and said support from the presidency would enhance their reach and effectiveness.

“We believe we have a ready tool to carry out campaigns, we have a strong network across the states. We look forward to engaging with your office to carry this out. As medical women, we’re in the digital age and need resources to carry out campaigns.”

30 die in Kano trailer crash as Governor orders emergency relief

No fewer than 30 passengers were reportedly killed in a road accident involving a trailer, even as Governor Abba Kabir Yusuf ordered immediate medical intervention for those who survived the fatal crash.

According to reports, the accident involved a trailer heading towards Gujungu which allegedly crashed as a result of reckless driving, leading to the death of over 30 persons, while many others sustained serious injuries.

Governor Alhaji Yusuf expressed deep sympathy and condolences to the families of those who lost their lives in the tragic road accident that occurred early Sunday morning at Kwanar Barde in Gezawa Local Government Area of the state.

This was contained in a statement signed by the governor’s spokesperson, Sunusi Bature Dawakin Tofa, on Sunday.

The governor described the incident as heartbreaking and a grave loss, not only to the affected families but to the entire people of Kano State.

Governor Yusuf prayed for the repose of the souls of the deceased and asked Allah to grant their families the fortitude to bear the painful loss.

He also prayed for the speedy recovery of those currently receiving treatment in various hospitals across the state.

The governor has directed the Kano State Ministry of Health to ensure that all victims of the accident admitted in hospitals receive free and adequate medical care without delay.

He further directed the Office of the Special Adviser on Humanitarian Affairs to immediately assess the casualties and propose measures to support the families of the victims.

Governor Yusuf also cautioned motorists, particularly drivers of heavy-duty vehicles, to shun reckless driving and strictly adhere to traffic regulations in order to prevent similar tragedies in the future.

NiMet forecasts 3-day sunshine, cloudiness from Monday

The Nigerian Meteorological Agency, NiMet, has forecast cloudiness and sunshine from Monday to Wednesday across the country.

NiMet’s weather outlook released on Sunday in Abuja predicted sunny and cloudy skies over the northern region throughout the forecast period.

The agency anticipated sunny and cloudy skies over the region throughout the forecast period.

NiMet envisaged sunny skies over the southern region with patches of clouds over the region and chances of isolated thunderstorms accompanied with light rains over parts of Bayelsa, Rivers, Akwa Ibom, and Cross River states later in the day.

According to the agency, for Tuesday, sunny and hazy skies are anticipated over the northern and central regions during the forecast period while sunny skies with patches of clouds are anticipated over the southern region.

‎It added that there are chances of thunderstorms with light rains over parts of Ogun, Lagos, Rivers, Bayelsa, Akwa Ibom, and Cross Rivers States during the morning hours.

Later in the day, NiMet added that thunderstorms are expected  over parts of Ondo, Ogun, Imo, Delta, Cross River, Akwa Ibom, Rivers and Bayelsa States,” it said.

The agency predicted sunny and hazy skies over the northern region on Wednesday during the morning hours with dust haze  over the region during the afternoon and evening periods.

‎ It forecast sunny and hazy skies over the central region during the forecast period.

NiMet predicted cloudy skies over the southern region with sunny intervals over the region in the morning hours with chances of isolated thunderstorms and light over parts of Anambra, Imo, Abia, Edo, Bayelsa, Delta, Cross River, Akwa Ibom and Rivers States.

The agency advised people with asthmatic health condition and other respiratory issues to take heed of the present weather condition.

‎It also cautioned against driving under the rain, advising airline operators to get airport-specific weather reports (flight documentation) from NiMet for effective planning in their operations.

Army probes alleged military protection of drug peddlers in Lagos

Nigerian-ArmyThe 81 Division of the Nigerian Army said on Sunday that it would investigate allegations that some military officers were shielding drug peddlers in the Apapa-Iganmu Local Council Development Area of Lagos State.

This followed accusations by the chairman of the LCDA, Jimoh Saliu, who alleged that some top military officers were protecting illicit drug peddlers in the area.

In a statement on Sunday, Saliu claimed that a place known as Gidan Drama in the Marine Beach community of Apapa, which is not far from the Tego Army Barracks, served as a hub for illicit drug activities.

Describing the area as a hideout for notorious criminals, the LCDA chairman said various criminal activities were being perpetrated there, including the sale of illicit drugs and stolen goods.

Speaking at an event marking the 70th anniversary of the Corona Schools Trust Council at St Theresa Nursery and Primary School, Marine Beach, Saliu urged the state government and well-meaning organisations to acquire the area for the construction of a secondary school.

“The security situation in the LCDA is so bad and porous that even here in Marine Beach, there is a place called Gidan Drama, which is a nightmare to our existence.

“The whole area has been troubled by these bad boys, and I have been working with the police to track them down. If you go there now, you will find top military and police officers making it difficult to arrest drug peddlers and other criminal elements operating in the area.

“When they commit any criminal act, they run into the place, and when you get there, they are protected and arrest is prevented.

“With this situation, the future of our children is uncertain. We have many millionaires and billionaires in this community, yet none is investing in its future or development. If you go to Gidan Drama at night, you will see people bringing out bales of naira to buy all sorts of illicit drugs. If any local government official goes there, they are threatened or arrested.

“I recall that three staff members of the Apapa-Iganmu LCDA were arrested two weeks ago and taken to the Naval Dockyard. I had to contact the commander to explain that they were on an intelligence visit to Gidan Drama before they were released,” he said.

Saliu commended the Corona Schools Trust Council for its initiative in investing in the education and future of children.

When contacted over the allegations made by the council chairman, the spokesperson for the 81 Division of the Nigerian Army, Lt Col Musa Yahaya, said the chairman needed to be specific about which arm of the military he was referring to in order to aid investigations.

“When you say ‘military,’ you are referring to the Army, Navy, and Air Force. The military is a very large organisation.

“I speak for the 81 Division of the Nigerian Army. Issues like this require investigation before any response. I cannot speak on it for now, but I will make inquiries,” he told The PUNCH in a telephone interview on Sunday.

Shareholders approve Lasaco Assurance’s recapitalisation plans

LASACO Assurance PlcLasaco Assurance Plc has received formal commitment letters from shareholders following its recent Extraordinary General Meeting, strengthening confidence in the company’s plan to raise additional capital in line with regulatory requirements and ongoing insurance sector reforms.

This was indicated in a statement made available to The PUNCH on Sunday.

The PUNCH reports that Lasaco Assurance Plc recently received regulatory approval for six newly developed insurance products aimed at expanding the financial protection available to individuals and businesses across Nigeria.

Speaking on the development, the Acting Managing Director of Lasaco Assurance Plc, Ademoye Shobo, said the confirmation from shareholders provides clarity and certainty as the company moves to execute its approved capital-raising strategy.

“The commitment letters from our shareholders give us the confidence to proceed with our capitalisation plans in line with the Nigerian Insurance Industry Reform Act and other regulatory requirements guiding the insurance industry.

We will leverage all available opportunities to raise the approved capital, and our existing shareholders should watch out for our rights issue as part of the process,” Mr Shobo said.

With shareholders’ backing now formally documented, Lasaco Assurance Plc plans to actively pursue available funding options to deliver the approved capital raise. The company plans to deploy a mix of market-based instruments, including a rights issue and other permissible fundraising structures, to ensure timely and effective capital mobilisation.

The company noted that the commitment letters reinforce investor confidence in the company’s growth strategy, governance framework, and long-term outlook.

The capital raise is expected to support balance sheet strengthening, improve underwriting capacity, and provide greater flexibility for business expansion across core insurance segments.

As part of the process, existing shareholders have been advised to watch out for the forthcoming rights issue, which will provide them with the opportunity to participate in the capital expansion.

Lasaco Assurance Plc added that it viewed the capitalisation drive as a strategic step toward sustaining competitiveness, enhancing risk-bearing capacity, and positioning the company for future growth within Nigeria’s insurance market.

The deadline for the recapitalisation in the insurance sector is June 2026.

Idle refineries gulp N13tn as NNPC admits waste

GCEO NNPC Ltd, Mr Bashir Bayo Ojulari addresses the staff of the company during his inaugural town hall meeting held at the NNPC Towers, on Thursday. CREDIT: NNPCLThe Nigerian National Petroleum Company Limited injected an estimated N13.2tn into the country’s three state-owned refineries in 2023 and 2024, largely to fund turnaround maintenance, operations, and associated bank charges.

This was even as the facilities continued to post heavy losses and failed to operate at commercially sustainable levels.

Recall that the Group Chief Executive Officer of NNPC, Bayo Ojulari, on Wednesday, publicly acknowledged that the refineries had become a major financial drain on the country, operating at what he described as a “monumental loss” to Nigeria.

Ojulari spoke in Abuja during a fireside chat titled ‘Securing Nigeria’s Energy Future’ at the Nigeria International Energy Summit 2026, where he offered rare insight into the commercial realities behind the long-troubled refining assets.

Figures from NNPC’s 2024 financial statements show that the Port Harcourt, Warri, and Kaduna refineries together owed the national oil company about N4.52tn in 2023. The indebtedness of the plants was put at N8.67tn by the end of 2024. The summation of both figures gives about N13.2tn.

NNPC explained in the accounts that the rising balances represented the funding of refinery operations and bank charges, especially as the past GCEO, Mele Kyari, made efforts to revamp the moribund refineries.

But his successor, Ojulari, indicated that these efforts to awaken the refineries were a mere waste of resources. “The first thing that became clear, and I want to say this very clearly, is that we were running at a monumental loss to Nigeria.

We were just wasting money. I can say that confidently now,” Ojulari said.

According to him, public anger over the refineries was justified, given the scale of funds committed to their rehabilitation over the years and the expectations that local refining would ease fuel supply challenges.

The financial statements show that the Port Harcourt refinery absorbed the largest share of funding. Its obligations to NNPC rose from about N1.99tn in 2023 to N4.22tn in 2024, an increase of more than N2.22tn in one year.

Despite the scale of spending, the refinery recorded no receivables in either year, indicating that the funds advanced for maintenance and operations were not offset by refinery revenues during the period.

At the Warri refinery, the amount owed to NNPC climbed from about N1.17tn in 2023 to N2.06tn in 2024. While Warri still recorded N81.64bn in amounts owed to it by other NNPC entities in 2023, suggesting limited internal activity, this disappeared entirely in 2024 as costs rose and operations failed to generate material income.

The Kaduna refinery, which has faced prolonged operational and security challenges, saw its obligations increase from about N1.36tn in 2023 to N2.39tn in 2024, reflecting continued spending on maintenance, staffing, security, and finance costs during the turnaround maintenance phase.

Ojulari revealed that despite the heavy spending, the refineries were being fed with crude oil on a regular basis, yet performance remained weak. “We were pumping crude into the refineries every month. But utilisation was around 50 to 55 per cent. We were spending a lot of money on operations and contractors. But when you look at the net, we were just leaking away value,” he said.

He added that what troubled the new management most was the lack of a credible path to recovery, despite the scale of investment. “Sometimes you make a loss during investment, but you have a line of sight to recovery. That line of sight was not clear here. On the refineries, Nigerians were angry. A lot of money has been spent, and expectations were very high. So we were under extreme pressure, extreme pressure,” Ojulari said.

According to him, the gravity of the losses informed one of the first major decisions of his administration: halting refinery operations to prevent further erosion of value and allow for a comprehensive reassessment of the assets.

As of the end of 2024, the three refineries still carried N8.67tn in outstanding obligations to NNPC, underscoring the financial weight of the turnaround maintenance programme and the challenge of translating years of spending into viable, self-sustaining refinery operations.

For the two years, N13.2tn went into operating the refineries and paying bank charges: N4.5tn in 2023 and N8.6tn in 2024. These funds were categorised as debt owed to the NNPC by its subsidiaries.

The figures suggest that while turnaround maintenance was ongoing in both years, the refineries remained net cost centres, relying entirely on NNPC’s balance sheet.

The PUNCH recalls that the 60,000 bpd-capacity Port Harcourt refinery resumed operations in November 2024 after years of inactivity. The NNPC’s former GCEO, Kyari, said the newly rehabilitated complex of the old Port Harcourt refinery, which had reportedly been revamped and upgraded with modern equipment, was operating at a refining capacity of 70 per cent of its installed capacity.

He added that diesel and fuel oil would be the highest outputs from the refinery, with a daily capacity of 1.5 million litres and 2.1 million litres, respectively.

This would be followed by a daily output of straight-run gasoline (naphtha) blended into 1.4 million litres of premium motor spirit (petrol), 900,000 litres of kerosene, and 2.1 million litres of low-pour fuel oil. It was stated then that about 200 trucks of petrol would be released into the Nigerian market daily from the refinery.

However, the facility was shut down again in May 2024, a month after Kyari left office.

Similarly, the Warri refinery, which was declared open in December, also went comatose again barely a month after the Kyari-claimed reopening. The former GCEO promised to reopen the Kaduna refinery and the new Port Harcourt refinery complex, but this could not be achieved until he was asked to go by President Bola Tinubu.

Last year, the President of the Dangote Group, Alhaji Aliko Dangote, said the government refineries may never work again despite $18bn spent on the facilities. Former President Olusegun Obasanjo shared similar sentiments, wondering why the NNPC kept pushing that it could revamp the plants when it knew it could not.

Consequently, the organised private sector advised the NNPC to sell off the refineries instead of retaining them as drainpipes to the country’s resources.

Reacting, Ojulari rejected the advice, boasting that the refineries would work again.

Nigerians are waiting to see what becomes of the three refineries under Ojulari’s watch.

World Bank cuts CBN grant to $6.8m

World-BankThe World Bank has reduced the size of a planned grant to the Central Bank of Nigeria from $10.50m to $6.80m, with board consideration for the project now scheduled for March 27, according to updated project information reviewed by The PUNCH.

The funding, which remains a grant and not a loan, is for the CBN Technical Assistance Facility, a project designed to strengthen the apex bank’s technology-enabled, data-driven supervision of the banking sector and to improve oversight of domestic payment and remittance systems.

Updated information from the World Bank website indicates that the project has reached the decision meeting stage, the final internal stage before approval by the World Bank Group’s board.

This marks a clear advancement from its earlier concept review stage, when The PUNCH first reported the project in April 2025.

The approval date is now listed as March 27, 2026, a shift from the earlier June 12, 2025, timeline associated with the initial $10.50m grant proposal.

The revised commitment amount of $6.80m will be financed entirely through the Finance for Development Multi-Donor Trust Fund, with no involvement of the International Development Association or the International Bank for Reconstruction and Development, confirming that the project does not add to Nigeria’s external debt.

The Central Bank of Nigeria is listed as the implementing agency. According to the project overview, the facility is designed to integrate advanced tools and data science into the CBN’s regulatory and supervisory processes, addressing both long-standing and emerging risks in Nigeria’s evolving financial system.

The development objective is “to strengthen CBN’s technology-enabled and data-driven oversight of the banking sector and deepen understanding of payment and remittance systems in Nigeria,” the World Bank noted on its website.

The project carries a moderate environmental and social risk rating and is expected to close on February 28, 2029. While the updated information does not state why the grant size was cut, the progression from concept review to decision meeting suggests that the project has been refined, even as its financing envelope has been adjusted.

Commenting on the reduction and changes reflected on the project page, a top source at the World Bank office in Nigeria told The PUNCH that such revisions were normal at this stage.

“Please note that projects or operations under preparation, as indicated on the World Bank website, can be subject to changes,” the source said. “Until the World Bank Board approves them, elements such as design, components, and financing envelopes may be revised or adjusted. This is normal for projects in the preparation stage.”

If approved next month, the grant will formalise a partnership focused on strengthening the CBN’s supervisory capacity through technology, data analytics, and improved oversight of the payment system in Africa’s largest economy.

The World Bank Group remains Nigeria’s largest single creditor, accounting for $19.39bn of the country’s total external debt, comprising $18.04bn from the IDA and $1.35bn from the IBRD. This represents 41.3 per cent of the country’s external debt, underscoring the bank’s dominant role in financing Nigeria’s development initiatives.

The PUNCH earlier reported that World Bank loans to Nigeria between 2023 and 2025 are projected to reach $9.65bn by the end of this year as fresh approvals, ongoing negotiations, and disbursements gather pace across key sectors.

The amount covers International Bank for Reconstruction and Development and International Development Association loans, according to an analysis of data on the bank’s website by The PUNCH. When grants are added, total World Bank support rises to about $9.77bn within the three-year window.