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Forum dismisses claims of N210tn missing in NNPC accounts

A coalition of professionals under the Ajiyya Solidarity Forum has dismissed allegations that about N210tn is missing from the accounts of the Nigerian National Petroleum Company Limited.

Addressing journalists on Thursday, ASF National Coordinator, Usman Hamza, described the claim as “mathematically impossible” and politically motivated.

The group’s position is in response to a recent claim by the Chairman of the Senate Public Accounts Committee, Ahmed Wadada, that the NNPC Limited could not account for about N210tn.
Hamza said such a figure was misleading.

“Senator Wadada’s claim of N210tn ‘unaccounted for’ funds is a mathematical impossibility designed to shock the public,” Hamza said.

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He argued that the claim did not align with Nigeria’s fiscal reality, noting that the country’s entire 2024 national budget stood at about N28.7tn.

“To suggest that a single entity ‘lost’ nearly eight times the national budget is an insult to the intelligence of Nigerians,” he added.

The forum also condemned threats of arrest warrants against former officials of NNPCL, including former Chief Financial Officer, Umar Ajiya, describing the move as part of a coordinated campaign of political blackmail.

According to the group, the Senate committee may have misinterpreted financial figures by combining accrued expenses and receivables in a way that falsely suggests missing funds.

“We consider that the committee has erroneously ‘netted’ N103tn in accrued expenses, largely joint venture liabilities, with N107tn in receivables owed to NNPCL. Labelling money owed to a company as ‘missing funds’ is a professional travesty,” Hamza stated.

During the ongoing review of the financial records of Nigerian National Petroleum Company Limited, the Senate Public Accounts Committee, chaired by Wadada, had raised concerns over alleged discrepancies running into trillions of naira.

The ASF maintained that the allegations ignored the broader financial and structural reforms undertaken by the national oil company in recent years.

Furthermore, Hamza mentioned that the tenure of former CFO Ajiya coincided with the transition of the national oil firm into a commercial entity under the Petroleum Industry Act, a reform that ended decades of opaque financial reporting.

“Mr Ajiya’s tenure saw the transition of NNPC into a commercially driven entity and the publication of the first audited financial statements in 43 years,” the forum stated.

ASF defended the N5.9bn cost incurred during the transition process of NNPC to NNPC Limited, saying it covered complex legal and structural reforms required to transform the former state corporation into a limited liability company.

The forum warned that politicising the Senate’s oversight role could damage Nigeria’s credibility in the eyes of international investors.

“Using the Senate’s hallowed chambers to pursue personal vendettas damages Nigeria’s reputation with international investors,” Hamza said.

The forum further called on the leadership of the Senate to institute an independent ethics investigation into what it described as an alleged demand for bribes linked to the ongoing oversight process.

“We call on the Senate leadership and its Ethics Committee to investigate the alleged bribe demand connected to this oversight exercise,” he said.

He urged lawmakers to stop what he described as the harassment of officials who have already submitted several technical responses to the committee.

“Public accountability should be pursued through a sober forensic review of facts, not through sensational claims and phantom numbers,” he added.

by admin — March 13, 2026 in News 0

Maritime stakeholders raise alarm over $4,000 cargo surcharge

There seems to be tension in the nation’s maritime sector following the introduction of up to a $4,000 war surcharge on Nigeria-bound cargoes by MSC Shipping Company.

Last week, MSC, in a post on its website seen by The PUNCH, announced that with effect from March 5 till further notice, it will introduce a war risk surcharge of up to $4,000 for cargo shipments to Nigeria, other African countries, and Indian Ocean islands from the Indian subcontinent and Gulf countries.

“The evolving security situation in the Middle East is affecting maritime traffic in the Straits of Hormuz and Bab El-Mandeb and causing disruption throughout our network. Consequently, MSC Mediterranean Shipping Company will implement a War Risk Surcharge for all cargoes moving from the Arabian Peninsula (Bahrain, Iraq, Kuwait, Oman, Qatar, Saudi Arabia, UAE to West Africa, East Africa, South Africa, Mozambique, and the Indian Ocean Islands.

“The surcharge will be effective as of 05 March 2026 (gate-in date) local time until further notice, and will be charged as follows: $2,000 for 20ft, $3,000 for 40ft, and $4,000 for reefer cargoes. MSC continues to closely monitor the situation and is working with relevant authorities to ensure the safety of its operations. We thank you for your understanding and patience, and we will keep you updated with further developments,” it stated.

Reacting to the development, a former acting National President of the National Association of Nigerian Licensed Customs Agents, Mr Kayode Farinto, in a chat with The PUNCH on Thursday, said shipping companies would likely add the surcharge.

“Because, whether you like it or not, there’s nothing anybody can do. Any shipping company that is bringing cargo will want to charge, and most of the insurance companies are dropping insurance policies because of this war.

“And the route that they are taking is being taken over by Iran. So it’s expected, except there should be a reasonable thing that they want to charge for the insurance. $4,000 is high, but it’s expected, it’s normal. There’s nothing anybody can do about it. The whole world is at war. That’s what it means. So if you are bringing your goods and taking a high risk, because they cannot take the Straits of Hormuz now, they will have to go and manoeuvre and take another route, maybe to South Africa,” Farinto said.

According to him, the development will definitely lead to a drop in cargo. “It means that our cargo volume will drop, but nobody wants to take risks. Secondly, the freight will increase, and thirdly, the goods will increase. Because whoever is managing to bring goods will add the overhead costs and the insurance premiums. So definitely, things will start increasing.”

Farinto added that the development is likely to lead to an increase in the price of products from the Dangote Refinery.

He added that the impact would be felt more in the coming weeks. Also speaking, the Chief Executive Officer of the Centre for the Promotion of Private Enterprise, Muda Yusuf, admitted that the development will affect trade in the country, especially the region.

“It’s going to affect trade significantly because cost will go up, and in fact cost has gone up and may even go higher. And if the cost is going up that much, then the volume of trade will drop. If the volume of trade drops, that is less business for the maritime industry.

“Because with that kind of cost, I don’t know how many businesses will be viable anymore. So this part will be very severe in the maritime sector. And if there is a drop in activities in maritime, that means loss of jobs, loss of income, and a whole lot of issues that will affect the maritime sector,” he said.

Also speaking, the Secretary of Manufacturers Association of Nigeria Export Group, Dr Benedict Obhiosa, said, “The recent increment in charges by the Mediterranean Shipping Company will lead to further weakening of the competitiveness of manufactured products in the international market space.

“However, exporters may decide to consider exporting by road as there is an alternative. In general, the hike in prices will discourage further export and that will, by extension, affect the volume and value of non-oil export in this concluding quarter and even the next if the problem is not resolved by the Nigerian government and shipping authorities.”

Meanwhile, the Africa Association of Professional Freight Forwarders and Logistics of Nigeria has expressed grave concern over the newly introduced surcharge.

In a statement on Thursday signed by its National President, Frank Ogunojemite, obtained by The PUNCH, APFFLON described the surcharge as a major economic “shock that could further worsen Nigeria’s already fragile import-dependent economy.”

He noted that Nigeria relies heavily on maritime transport for over 80 per cent of its international trade, “meaning that any sudden increase in shipping costs automatically translates to higher prices of goods, inflationary pressure, and increased cost of doing business.”

Ogunojemite warned that the surcharge will have far-reaching consequences for Nigeria’s maritime sector and the broader economy, including “sharp increases in food and pharmaceutical prices. Refrigerated containers (reefers), which carry essential goods such as frozen foods, dairy products, fish, and pharmaceuticals, will be the most affected by the $4,000 surcharge.”

He urged the Federal Government, the Ministry of Marine and Blue Economy, the Nigerian Shippers’ Council, and other relevant maritime regulators to urgently engage international shipping lines and global maritime stakeholders to mitigate the impact of these war-induced surcharges on Nigerian trade.

by admin — March 13, 2026 in Business 0

Equities market rebounds with N649bn gain

The Nigerian stock market reversed the negative trend witnessed in the previous two trading sessions, recording a gain of N649bn on Thursday.

The All-Share Index rose by 1,010.22 points, representing an increase of 0.52 per cent to close at 196,908.76 points. Market capitalisation gained N649bn to close at N126.399tn.

The upturn was driven by gains in medium and large-cap stocks, including Transcorp Hotels, BUA Cement, Fidson Healthcare, CAP, and Guinness Nigeria.

Of the 132 traded stocks, 30 advanced, 30 declined, and 62 closed unchanged, indicating a mixed market breadth. FTN Cocoa Processors recorded the highest price gain of 10 per cent to close at N6.27 per share.

Fidson Healthcare followed with a gain of 9.97 per cent to close at N105.35, while DEAP Capital Management & Trust was up by 9.89 per cent to close at N7.00 per share.

Caverton Offshore Support Group rose 9.40 per cent to close at N6.40, while Livestock Feeds appreciated 9.30 per cent to close at N7.05 per share.

On the other hand, Eterna and Omatek Ventures led the losers’ chart with a 10 per cent decline each, closing at N42.30 and N2.52, respectively. SCOA Nigeria followed with a decline of 9.94 per cent to close at N22.65 per share.

Fortis Global Insurance depreciated 9.24 per cent to close at N1.08, while Sovereign Trust Insurance declined 9.09 per cent to close at N2.10 per share.

Meanwhile, the total volume traded declined by 25.84 per cent to 549.781 million units, valued at N44.736bn across 55,465 deals. Transactions in the shares of Fortis Global Insurance topped the activity chart with 32.182 million shares valued at N34.775m.

Access Holdings followed with 28.124 million shares worth N700.986m, while First Holdco traded 27.722 million shares valued at N1.385bn.

Zenith Bank traded 27.483 million shares valued at N2.559bn, while Dangote Cement saw 26.893 million shares worth N20.671bn traded.

Regarding market performance, Imperial Asset Managers Limited stated, “Overall, the session reflects a return of investor confidence, supported by selective accumulation of fundamentally strong stocks amid a positive macroeconomic environment and above-par corporate earnings released so far for the 2025 full-year season.”

by admin — March 13, 2026 in Business 0

NB acquires 29% stake in Ogun plastic recycling project

Nigerian Breweries Plc has acquired 29% stake in a recycled Polyethene Terephthalate production facility in Ogun State.

The brewers formally notified the Nigerian Exchange of its entry into a strategic partnership to establish a food-grade recycling venture, in a major move to bolster its sustainability credentials and navigate a tightening regulatory environment.

The project, which marks a significant investment in Nigeria’s circular economy, sees the brewing giant taking a 29% minority stake in the venture.

The facility will be developed and operated by global sustainable chemical leader Indorama Ventures Public Company Limited, acting as the majority partner, and the Genesis Energy Group.

The announcement follows the Federal Government’s recent shift from voluntary to mandatory waste management policies.

Speaking on the strategic necessity of the deal, Nigerian Breweries highlighted the long-term operational benefits: “The partnership secures a reliable future supply of rPET for NB operations, in line with the roadmap for mandatory usage under national policy.”

By securing a 29 per cent stake, NB ensures it has priority access to high-quality recycled plastic, which is essential for meeting the National Policy on Plastic Waste Management. This policy now holds brand owners legally accountable for the entire lifecycle of their packaging.

The facility will be managed through a special purpose vehicle, Indorama Ventures Recycling Solutions Limited. While NB is a significant investor, the company clarified its role within the corporate structure:

“Nigerian Breweries will remain a minority investor in the partnership and will not participate in the control or management of the business,” according to a statement.

The venture is expected to strengthen the local recycling value chain by converting post-consumer PET bottles into food-grade resin safe for beverage packaging. The company noted that the project is a cornerstone of its broader environmental strategy: “The venture aligns with our sustainability goals, supports the growth of Nigeria’s local recycling industry, and remains subject to the necessary approvals and operational requirements.”

The timing of the partnership coincides with a period of strong financial recovery for the brewer. After a challenging 2024, the company’s FY2025 results revealed a rebound to a N161bn pre-tax profit, supported by a 35.32% surge in sales to N1.4tn.

Although NB shares saw a marginal midday dip of 1.39% following the announcement, market analysts point to the company’s year-to-date growth of over three per cent as a sign of investor confidence in its “Beyond Beer” and sustainability-led expansion plans.

by admin — March 13, 2026 in Business 0

[ICYMI] Opay addresses report of office closure, says NRS notice affects entire industry

OPay Digital Services Limited has dismissed reports that its offices in Lagos and Abuja were sealed by the Nigeria Revenue Service over alleged non-compliance with tax obligations, describing the claims as false and misleading.

Reports had circulated on social media and online platforms alleging that the NRS sealed OPay’s Lagos and Abuja offices over non-compliance with Value Added Tax and Company Income Tax obligations under the Nigeria Tax Act 2025.

The fintech company said in a statement on Thursday that its offices across Nigeria remain open and fully operational, and that it continues to serve customers, partners and merchants without disruption.

“Our attention has been drawn to recent reports circulating on online platforms and social media claiming that our offices in Lagos and Abuja were sealed by the Nigeria Revenue Service (NRS) over alleged non-compliance with Value Added Tax (VAT) and Company Income Tax under the Nigeria Tax Act 2025.

“Our offices across Nigeria, including Lagos and Abuja, remain open and fully operational, and we continue to serve our customers, partners, and merchants without disruption.

“As a responsible financial technology company operating in Nigeria, we are compliant with all applicable tax obligations and regulatory requirements. We work closely and transparently with all relevant government agencies and regulatory authorities to ensure that our operations consistently meet statutory standards,” the company’s management said.

OPay said the notice at the centre of the reports arose from an industry-wide directive by the NRS requesting payment platforms to separately display certain statutory charges on their applications to aid reconciliation and transparency.

The company said the directive affected multiple operators across the payment industry and was not directed at OPay alone, adding that suggestions that the notice indicated non-payment of taxes were “factually incorrect and misleading.”

OPay also criticised what it described as the selective singling out of the company in a matter that concerned the broader industry, saying such reporting appeared calculated to damage its reputation.

“The notice referenced in the reports arose from a recent industry-wide directive by the NRS requesting payment platforms to distinctly separate certain statutory charges on their applications for easier reconciliation and transparency.

“This administrative clarification affects multiple operators across the industry, not OPay alone.

“The suggestion that the notice indicates non-payment of taxes is therefore factually incorrect and misleading. Equally troubling is the selective and deliberate singling out of OPay in a matter that concerns the wider industry.

“Such reporting not only distorts the facts but also appears calculated to undermine the reputation of a company that has consistently demonstrated strong compliance, transparency, and cooperation with regulators,” the statement read.

The company said it works closely with all relevant government agencies and regulatory authorities to ensure its operations meet statutory standards, adding that it remains committed to supporting Nigeria’s digital economy through secure and inclusive financial services.

“For the avoidance of doubt, the information currently circulating online suggesting that OPay is shutting down or our offices have been shut down should be disregarded, as it does not reflect the true situation.

“OPay remains committed to supporting Nigeria’s digital economy by providing secure, reliable, and inclusive financial services to millions of users nationwide,” the statement concluded.

by admin — March 13, 2026 in Business 0

Sokoto ex-gov, Aminu Tambuwal quits PDP for ADC

Former Sokoto State governor, Aminu Tambuwal, has resigned his membership of the Peoples Democratic Party, PDP.

Tambuwal, who currently represents Sokoto South in the Senate, conveyed his decision in a letter dated March 11, addressed to the PDP ward chairman in Tambuwal/Shinfiri ward.

The former Speaker of the House of Representatives cited the lingering internal crisis and divisions within the party as the reason for his exit.

He announced in the early hours of Thursday that he had official registered to the African Democratic Congress (ADC), saying the move came after careful consideration and wide consultations.

“The leadership disagreements and divisions within the party at various levels have made it increasingly difficult for me to continue my active participation and commitment as a member.

“The ongoing conflicts have, unfortunately, weakened the unity and direction that once defined the party,” he wrote.

Tambuwal, however, expressed appreciation to the PDP for the opportunities it gave him to serve the country in different capacities.

He added that his decision was driven by his belief that Nigeria needs “a stronger political platform built on integrity, accountability, inclusiveness, and a clear commitment to national development.”

by admin — March 12, 2026 in News 0

Sokoto ex-governorship candidate, Sa’idu Umar resigns from PDP

Mallam Sa’idu Umar, the 2023 governorship candidate of the Peoples Democratic Party in Sokoto State, has officially resigned his membership from the party, citing unresolved leadership crises at the national level.

Umar announced his resignation in a letter dated March 10, 2026, and addressed to the chairman of the PDP in Sarkin Adar Kofar Atiku Ward, Sokoto South Local Government Area.

In the letter, the politician said his decision followed “careful reflection on the lingering legal challenges and the existence of parallel leadership within the party at the national level,” which he noted had remained unresolved and was hindering unity and effective political engagement within the party.

“This decision follows careful reflection on the lingering legal challenges and the existence of parallel leadership within the party at national level, which has unfortunately remained unresolved and continue to hinder unity, stability, and effective political engagement within the party structure,” he wrote.

Umar expressed gratitude to the PDP leadership and members for the opportunity to contest the 2023 governorship election in Sokoto State under the party’s platform.

“I remain sincerely grateful to the party for the confidence reposed in me through the opportunity to contest as its gubernatorial candidate in the 2023 General Elections in Sokoto State. I deeply appreciate the support of the leadership, members, and supporters who stood with us throughout the journey,” he stated.

Despite stepping down from the party, Umar reaffirmed his commitment to democratic ideals and the development of Sokoto State and Nigeria.

“While I step aside from the formal membership of the party, I remain committed to the pursuit of good governance, democratic values, and the continued development of our dear state and nation,” he added.

Copies of the resignation letter were also sent to the PDP chairmen in Sokoto South Local Government Area and Sokoto State.

by admin — March 12, 2026 in News 0

I didn’t want to throw Nigeria into turmoil – Tinubu on why he signed Electoral Act

President Bola Ahmed Tinubu has said he had “no choice” but to sign the Electoral Act, explaining that the bill was passed with overwhelming support by the National Assembly of Nigeria.

According to Tinubu, he chose to respect the rule of law rather than plunge the country into political turmoil.

He made the remarks while addressing the All Progressives Congress, APC, leaders and the Inter-Party Advisory Council (IPAC) on Wednesday at the State House, Abuja, where he reflected on the challenges of governance and the nature of politics in a democratic system.

Speaking on the Electoral Act, the president said he chose to respect the decision of the National Assembly of Nigeria, which passed the legislation with overwhelming support.

“I had no choice. I didn’t want to throw the country into turmoil of argument,” Tinubu said.

“There was an overwhelming majority in the National Assembly that passed the law. If I had serious questions or reservations, I would have raised them. But I submitted myself to the principle of the rule of law and democracy. I signed, and the rest is history.”

The president stressed that democracy requires compromise and mutual support among political actors, noting that political competition often feels rewarding only when one is victorious.

“The game of politics is sweet only when you’re winning,” he said.

Tinubu added that leaders and citizens alike must learn to accommodate and support one another in order to strengthen democratic institutions.

“We must accommodate one another. We must help one another. We must strengthen the platform. But in democracy, yes, there must be peace, stability, and commitment to the rule of law,” he said.

by admin — March 12, 2026 in News 0

Graduates, undergraduates undergoing rehabilitation in our Abia Centre – NDLEA

The National Drug Law Enforcement Agency, NDLEA, Abia State Command, has disclosed that about fifty persons, including graduates and undergraduates, are undergoing rehabilitation at its centre in Aba, Abia State.

According to the command, those undergoing rehabilitation were previously involved in drug addiction or abuse and were brought to the centre by their families and relatives for treatment by the NDLEA.

The disclosure was made by Deputy Commander of Narcotics, Bekwele Chukwu, in Umuahia when he delivered a lecture at a sensitisation programme organised by the Nigerian Army for the troops of 14 Brigade, Ohafia.

He noted that through the efforts of the NDLEA, youths and community leaders are being sensitised about the dangers of drug abuse and other harmful substances.

DCN Chukwu, who stood in for the Abia State NDLEA Commander, CN Chigbu Odoemelam Chilee, gave an in-depth presentation on the various categories of illicit and psychoactive substances, their psychological and physiological effects, and the grave consequences of substance abuse on operational efficiency, discipline, and national security.

He emphasized that drug abuse within the military undermines professionalism, compromises judgment, and endangers lives. He encouraged troops of 14 Brigade to remain vigilant, uphold integrity, and seek help where necessary, stressing that prevention remains the most effective approach.

by admin — March 12, 2026 in News 0

FUTMINNA Bosso Campus: Tension heightens as students, staff oppose Niger Govt takeover

Thousands of students and staff at the Federal University of Technology, Minna, FUTMINNA, face uncertainty as the Niger State Government moves to gain access to the Bosso Campus amid ongoing exams and academic activities.

The campus has become the center of a heated dispute after letters from the state government demanded that the university vacate the property.

The state claims the campus was leased for 30 years and that the lease had expired, intending to reallocate it for pioneer medical students at the state-owned Ibrahim Badamasi Babangida University Lapai, Teaching Hospital (IBBUTH).

Students and staff, however, rejected the claim, insisting the campus remains active and fully functional.

The dispute, unfolding during continuous assessments and exam preparations, has caused significant anxiety, as many rely on Bosso for classrooms, laboratories and hostels.

“We are writing continuous assessments now and preparing for exams. If we are asked to leave the campus suddenly, it will seriously affect our academic progress,” a student at Bosso Campus told DAILY POST on condition of anonymity.

Other students stressed that sudden relocation would disrupt access to essential academic resources and could affect deadlines.

Many emphasized that Bosso Campus is critical for laboratory work, library access and hostel accommodation for both male and female students.

DAILY POST Visits Bosso Campus

A visit by DAILY POST confirmed that academic activities continue despite tensions. Laboratories, classrooms and administrative offices were operational, contradicting claims by the State that the campus had been abandoned for years.

Interactions with students highlighted Bosso Campus as central to both academic and social infrastructure, underscoring potential disruption if the dispute escalates.

by admin — March 12, 2026 in News 0