admin, Author at seemberg.com

All Posts in "admin"

Zenith Pensions Custodian Limited (ZPC) Partners with Greatlife Changers Foundation to Support 400 Widows This Festive Season

Zenith Pensions Custodian Limited (ZPC), one of Nigeria’s leading Pension Fund Custodian, is proud to announce the successful execution of its 2025 Corporate Social Responsibility (CSR) initiative. In a heart-led partnership with the Greatlife Changers Foundation, the organization donated essential raw food materials and festive gifts to over 400 widows to ensure they had a joyful Christmas celebration.

The event, which took place on the 20th of December, 2025, in the AGPC Auditorium at 1 Bakare Avenue, Palmgrove, Lagos addressed the immediate needs of one of society’s most vulnerable groups, providing “joy boxes” containing rice and other cooking condiments. Beyond the material donations, the event served as a platform for emotional support and community bonding, ensuring that these women feel valued and celebrated during the festive season.

The team oversaw the distribution of the items and engaged with the beneficiaries. The Managing Director, Mr. Peters Eledu, emphasized: “Our 2025 CSR strategy is rooted in the belief that corporate success is hollow without community impact. For us at ZPC, this isn’t just about charity; it’s about acknowledging the resilience of these widows and ensuring they experience warmth and dignity this festive season.”

The President, Great Life Changers Foundation, Bishop Chioma Grace Dauji expressed deep gratitude, noting that the collaboration significantly scaled their ability to reach those in need. For many of the beneficiaries, the partnership provided the only festive support they would receive in the year.

The partnership with Greatlife Changers Foundation underscores ZPC’s commitment to social equity and its tradition of giving back to the Nigerian community. As a subsidiary of Zenith Bank Plc, ZPC continues to lead by example, proving that the nation’s most preferred pension fund custodian is also one of its most compassionate.

by admin — December 31, 2025 in News 0

Kano LG chairmen back Kwankwaso, Gov Yusuf’s defection to APC

Chairmen of 31 local government areas in Kano State have declared their support for calls urging the leader of the New Nigeria People’s Party (NNPP), Senator Rabiu Musa Kwankwaso and the Kano State Governor, Abba Kabir Yusuf to defect to the All Progressives Congress (APC).

The position followed a series of stakeholders’ meetings held across the local government areas between Sunday and Monday during which the chairmen presented their views on the political future of the party in the state.

Information gathered indicates that 31 local government areas endorsed a defection from the NNPP to the APC. However, chairmen of two local government areas; Kura and Tsanyawa expressed their decision to remain in the NNPP alongside its leader, Senator Rabiu Musa Kwankwaso, reaffirming their loyalty to the party’s ideals.

Meanwhile, as of the time of filing this report, 11 local government areas had yet to publicly declare their positions on the matter.

Kano State has a total of 44 local government areas, and attention remains on the remaining local government chairmen who are yet to state their positions as the political situation continues to attract widespread public interest across the state.

by admin — December 30, 2025 in Uncategorized 0

NNPP sacks Kano party chairman

Executive members of the New Nigeria Peoples Party, NNPP, in Gargari Ward, Dawakin Tofa Local Government Area of Kano State, have removed and expelled the state party chairman, Hashimu Dungurawa, from the party, barely two weeks after his re-election.

A resolution signed by 27 ward executives said the decision was taken during the ward’s second executive meeting, led by the Ward Chairman, Shuaibu Hassan, with the secretary, Yahaya Saidu Dungurawa, in attendance.

According to the resolution, Dungurawa was removed over allegations of causing division within the party, fueling internal crises, failing to pay party dues, and making abusive comments against the Kano State Governor.

The executives said his alleged actions were unacceptable and harmful to the image, unity, and progress of the NNPP.

They stated that the decision followed the party’s constitution and was aimed at maintaining discipline, unity, and internal harmony within the party.

The ward leadership said copies of the resolution had been sent to the party’s local government, state, and national offices for further action.

“The decision had been communicated to the party’s national leader, Senator Rabiu Musa Kwankwaso, and the Kano State Governor, Alhaji Abba Kabir Yusuf”.

The ward executives said the move was meant to warn party members who abuse their positions and act as if they are above party rules.

They reaffirmed their loyalty to the NNPP national leadership under Kwankwaso and pledged continued support for Governor Abba Kabir Yusuf, while stressing their commitment to peace, unity, and the growth of the party.

by admin — December 30, 2025 in News 0

Anthony Joshua: Ogun govt provides update on boxer’s health after accident in Nigeria

World boxing champion, Anthony Joshua is recovering in hospital after a road accident on the Lagos-Ibadan Expressway.
The crash happened around midday and involved a Toyota Lexus jeep carrying Joshua and three other people.

Two passengers died in the accident. They were identified as Ayodele Kelvin Olu, 36, a Nigerian-British citizen, and Gami Sina, 36, a British citizen.

The Ogun State Government confirmed the incident and sent condolences to the families of the victims in a statement signed by the Special Adviser on Information and Strategy, Hon. Kayode Akinmade.

“Upon receiving information about the accident, Ogun State Governor, Prince Dapo Abiodun, visited the hospital where Joshua was receiving treatment.”

“He was later joined by Lagos State Governor, Mr. Babajide Sanwo-Olu. Both governors remained at the hospital for several hours to oversee the situation and ensure that appropriate medical care was provided.”

Speaking further, Governor Abiodun said he personally followed Joshua’s treatment after getting the report.

“As soon as I was informed, I headed straight to the hospital and was later joined by the Lagos State Governor, Babajide Sanwo-Olu. We both took charge of the situation, oversaw Anthony Joshua’s care, and remained at the hospital for over seven hours,” he said.

Other top officials who visited the hospital included the Inspector-General of Police, Mr. Kayode Egbetokun, and the Director-General of the National Sports Commission, Mr. Bukola Olopade.

President Bola Ahmed Tinubu was fully briefed on the incident.

Government sources said the President spoke separately with Anthony Joshua, his mother, and Governor Abiodun, offering his sympathy and condolences.

The British High Commission was also informed. Its Deputy Head of Mission, Mr. Simon Field, visited the hospital and met with Joshua and the two governors, while the families of the deceased were contacted through the Mission.

The Ogun State Government said Joshua is in a stable condition and receiving proper medical care.

“We are comfortable with the doctors and the quality of care at the hospital, and we appreciate the medical team for their professionalism,” Governor Abiodun said.

Authorities have ordered a full investigation into the cause of the accident, with findings to be made public later. The state government said it would continue to give updates as necessary.

Quoting President Tinubu, Governor Abiodun added, “This immense tragedy has cast a deep shadow over this season. These are very difficult moments, and we must stand firm, united, and encourage one another as brothers and sisters with a shared destiny.”

by admin — December 30, 2025 in News 0

NDLEA uncovers warehouse, recovers 347kg Cannabis Sativa in Ogun

The National Drug Law Enforcement Agency, NDLEA, in Ogun State has uncovered a warehouse used for the storage of illicit substances, along with a haul of Cannabis Sativa concealed inside a Honda Ridgeline pickup vehicle in the Rounder area of Abeokuta.

The command’s Public Relations Officer, Haris Musa, said in a statement obtained by DAILY POST on Monday that the discovery was made at about 10:00 pm on Sunday.

Musa revealed that the operation also led to the arrest of a 49-year-old man, identified as Fatokun Rahmon, with a total of 347 kilograms of Cannabis Sativa recovered.

He said, “Acting on actionable intelligence, operatives of the Command, on December 28, 2025, at about 10 pm, conducted a targeted operation at the Rounder, Abeokuta, Ogun State, where a warehouse used for the storage of illicit substances was uncovered.

“During the operation, operatives discovered a haul of Cannabis Sativa concealed inside a Honda Ridgeline pickup vehicle.

“The operation culminated in the arrest of one Fatokun Rahmon, 49 years of age, while a total of 347 kilograms of Cannabis Sativa were recovered.”

While reiterating the command’s unwavering commitment to suppressing illicit drug trafficking within the state, Musa noted that the interception highlights the operational alertness, intelligence-driven strategy, and relentless enforcement posture of the command, even as the year drew to a close.

Musa asserted that the command remains steadfast in sustaining this tempo as part of its mandate to curb the menace of drug abuse and illicit trafficking.

by admin — December 30, 2025 in News 0

ICYMI: Meet Anthony Joshua’s close friends who died in Lagos-Ibadan Expressway crash

Two close friends and team members of world-renowned boxer, Anthony Joshua, have been identified as the victims of the fatal road crash that occurred along the Lagos-Ibadan Expressway on Monday.

Anthony Joshua’s promoter, Matchroom Boxing, confirmed in a statement that the deceased were Sina Ghami and Latif “Latz” Ayodele, both of whom worked closely with the boxer for several years.

“With profound sadness, it has been confirmed that two close friends and team members Sina Ghami and Latif Ayodele have tragically passed away,” Matchroom Boxing said.

The company added that Joshua sustained injuries in the accident and was taken to hospital for checks and treatment, noting that he was in a stable condition and would remain under observation.

The BBC also confirmed that the two men killed in the crash were Joshua’s teammates, adding that both were part of his inner circle.

PUNCH Online reports that just hours before the accident, Joshua had posted an Instagram story showing him playing table tennis with Latif Ayodele, popularly known as Latz.

Who were they?

Sina Ghami

Sina Ghami was Joshua’s strength and conditioning coach for more than a decade.

He also co-founded Evolve Gym in London.

BBC reports that Ghami is a qualified sports and exercise rehabilitator who specialises in musculoskeletal injuries and corrective exercise.

Ghami had worked with athletes across several sports, including the National Football League, National Basketball Association and the Michigan State University football team.

The BBC reports that Ghami, who specialised in sports rehabilitation and injury prevention, had shared social media posts from Lagos shortly before the crash and frequently posted photos with Joshua.

Latif “Latz” Ayodele

Latif Ayodele, widely known as Latz, was Joshua’s personal trainer.

His social media pages reflected a deep passion for fitness and a strong commitment to Islam.

Ayodele regularly posted photos with Joshua on his Instagram page and was seen with the boxer shortly before the accident.

How the crash happened

As earlier reported by PUNCH Online, Joshua was involved in the road accident around 11 am on Monday at Makun, near the Danco Filling Station, before the Sagamu Interchange inward Ibadan on the Lagos-Ibadan Expressway.

*Anthony Joshua is helped out of his Lexus SUV following a crash on the Lagos-Ibadan Expressway on Monday. Photo: Adeniyi Orojo*

“It was a two-vehicle convoy: a Lexus SUV and a Pajero SUV. Joshua was seated behind the driver, with another person beside him. There was also a passenger sitting beside the driver, making four occupants in the Lexus that crashed. His security detail was in the vehicle behind them before the crash.

“Other eyewitnesses and I began the rescue and flagged down oncoming vehicles to assist. A few minutes after the crash, officials of the Federal Road Safety Corps arrived,” he said.

He added that the passenger beside the driver and the occupant beside Joshua died on the spot, while Joshua sustained minor injuries.

Officials of the Federal Road Safety Corps later arrived at the scene and commenced rescue and investigation efforts.

Official reactions

The Ogun State Police Command confirmed the incident, stating that two passengers died at the scene while Joshua and one other person were hospitalised.

In a statement shared on X, the police said the deceased had been conveyed to the Livewell Hospital Morgue in Sagamu, while investigations into the circumstances surrounding the crash had commenced.

The Federal Road Safety Corps, in its preliminary findings, attributed the crash to excessive speed and wrongful overtaking, noting that the Lexus SUV lost control before colliding with the stationary truck.

Joshua, who was born to British-Nigerian parents, attended a boarding school in Ikenne, a few kilometres from where the accident occurred.

Messages of condolence have continued to pour in from fans and public figures, while tributes have flooded social media for Ghami and Ayodele.

by admin — December 30, 2025 in News 0

NAFDAC warns of fake condoms in Lagos, Abuja, other markets

The National Agency for Food and Drug Administration and Control has issued a public alert warning Nigerians about the circulation of counterfeit Kiss brand condoms in major markets across the country.

In a statement published on its website on Monday and referenced as Public Alert No. 042/2025, the agency said it received the information from DKT International Nigeria, a leading non-governmental organisation involved in contraceptive social marketing and HIV/AIDS prevention.

NAFDAC stated, “The National Agency for Food and Drug Administration and Control is notifying the public about the sale and distribution of fake Kiss condoms in various Nigerian markets.

“The information was received from the MAH-DKT International Nigeria, a leading non-governmental organisation focused on contraceptive social marketing. Its mission is to provide Nigerians with affordable and safe options for family planning and HIV/AIDS prevention.

“The fake Kiss condoms have been reported to be found in Onitsha Market, Idumota Market, Trade Fair Market, and various markets in Kano, Abuja, Uyo, Gombe, Enugu, and others.”

Kiss condom is a brand of male latex condoms designed for sexual protection, mainly to help prevent unwanted pregnancy and sexually transmitted infections such as HIV, gonorrhoea and syphilis.

However, NAFDAC warned that the counterfeit versions pose serious health risks due to poor quality, lack of sterilisation, inadequate lubrication, wrong labelling and the absence of proper regulatory compliance.

The agency cautioned that the use of fake condoms increases the risk of breakage, infections, allergic reactions and ineffective protection, giving users a false sense of safety.

According to NAFDAC, the counterfeit product differs significantly from the authentic Kiss condom in packaging, labelling, colour shade, manufacturer address details, the absence of medical device information, incomplete caution instructions and generally poor-quality condom structure.

It said the fake version usually comes in a darker pack with a distorted design and often carries incorrect or incomplete manufacturer addresses.

The agency added that the counterfeit product lacks proper medical device labelling and caution information, while the packaging quality is poor with noticeable barcode inconsistencies.

In addition, the fake condoms are made with thinner latex, have a smaller teat end and contain less lubrication than the genuine product.

NAFDAC said its zonal and state offices have been directed to intensify surveillance and mop-up operations to remove the counterfeit condoms from circulation.

The agency urged distributors, retailers, healthcare professionals and consumers to remain vigilant and ensure that medical products are purchased only from licensed and authorised suppliers.

“Healthcare professionals and consumers are advised to report any suspicion of the sale of substandard and falsified medicines or medical devices to the nearest NAFDAC office, NAFDAC on 0800-162-3322 or via email: sf.alert@nafdac.gov.ng.

“Similarly, healthcare professionals and patients are encouraged to report adverse events or side effects related to the use of medicinal products or medical devices to the nearest NAFDAC office, or through the e-reporting platforms available on the NAFDAC website, www.nafdac.gov.ng, or via the Med-safety application available for download on Android and iOS stores, or by email at pharmacovigilance@nafdac.gov.ng.

“Furthermore, note that this notice will be uploaded to the World Health Organisation Global Surveillance and Monitoring System,” NAFDAC added.

by admin — December 30, 2025 in News 0

FCMB-TLG Private Debt Fund gets approval for Series II issuance

FCMB Asset Management Limited has received regulatory approval for the FCMB-TLG Private Debt Fund Series II issuance of up to N20bn.

In a statement on Monday, it was indicated that the approval marked a significant milestone in the Fund’s growth strategy. Upon the receipt of regulatory approval, a formal signing ceremony was held in Lagos to execute the relevant transaction documents, signalling the imminent launch of the Fund’s Series II Issuance.

The PUNCH reports that the FCMB-TLG Private Debt Fund, launched in May 2024, is a 10-year, closed-ended fund registered with the Securities and Exchange Commission. It is managed by FCMB Asset Management with technical support from TLG Capital. The fund achieved an N10bn first series as part of an N100bn programme. It is Nigeria’s first naira-denominated private debt fund.

Speaking at the signing ceremony, Chief Executive Officer of FCMB Asset Management, James Ilori, stated, “The approval of the Fund’s Series II Issuance is a validation of the confidence the Securities and Exchange Commission has in our ability to successfully manage the Fund, deepen the private debt market, create value for our investors, and support investee companies. Our aim is to continue to support those sectors of the Nigerian economy that promote economic growth and development.”

The CEO further thanked the professional parties and the regulator for their various roles in ensuring the successful registration of the Fund’s Series II Issuance and assured them of the commitment of FCMBAM, together with its technical partner, TLG Capital Investments Limited, to ensure the success of the Series II Offer, which is expected to open in January 2026, subject to the relevant regulatory clearance.

Isha Doshi of TLG Capital Investments Limited also said, “This Series II approval reflects the strengthening partnership between TLG Capital and FCMB Asset Management with a shared focus on building a robust local private credit ecosystem. Through this collaboration, we are helping to deepen the asset class, catalyse domestic capital, and support Nigerian businesses with long-term, well-structured financing that underpins sustainable growth.”

The statement added that, similar to the Fund’s Series I and building on its success, Series II has been designed to raise capital from qualified institutional investors as well as High Net Worth Individuals and deploy the same as corporate debt to mid-sized corporate organisations in sectors of the Nigerian economy that are aligned to the United Nations Sustainable Development Goals. Specifically, Series II will focus on supporting businesses in agriculture, clean energy, education, healthcare, IT/technology, and transport/logistics.

“In line with global best practices, Series II will integrate environmental, social, and governance principles into its investment strategy. This ensures that capital deployment not only delivers competitive risk-adjusted returns but also promotes responsible investing and long-term impact,” concluded the statement.

The FCMB Asset Management Limited, the asset management arm of FCMB Group Plc, has been in operation since 2000, providing portfolio management and investment advisory services to a broad base of individual and institutional clients. TLG Capital Investments Limited is a private, employee‑owned, and London‑based investment firm specialising in Sub‑Saharan Africa since 2009. The TLG Group manages assets in excess of $180m across private credit and growth strategies and recently announced the launch of Africa Growth Impact Fund II with a $75m first close anchored by IFC, Swedfund, Norfund and Bpifrance.

by admin — December 30, 2025 in Business 0

NGX gains N542bn as Ecobank leads rally

The Nigerian Exchange recorded a positive start to trading on Monday, gaining N542bn in market value as investors returned from the holiday break. The market capitalisation of the exchange now stands at N98.4tn, reflecting renewed investor confidence ahead of the year-end.

A total of 1,468,187,076 shares were traded in 47,873 deals, corresponding to a turnover of N35.53bn. Compared with the last trading session on Wednesday, December 24, trading volume declined by 16 per cent, while turnover rose by 22 per cent and the number of deals improved by 147 per cent.

In total, 128 equities participated in trading, with 41 gainers and 37 losers. Ecobank Transnational Inc. led the gainers with a 10 per cent share price increase, closing at N41.80 per share. Austin Laz & Company also rose by 10 per cent, while Eunisell Interlinked gained 9.95 per cent and Honeywell Flour Mill rose by 9.86 per cent. Guinness Nigeria added 9.82 per cent, and Morison Industries rose by 9.81 per cent.

On the losing side, International Energy Insurance recorded the highest decline, falling 10 per cent to close at N2.34 per share. Meyer Plc and E-Tranzact International both shed 9.92 per cent, while Livestock Feeds declined 9.60 per cent. Cileasing and FirstHoldCo also recorded losses of 8.06 per cent and 6.98 per cent, respectively.

In terms of trading volume, Access Bank led with 594 million shares exchanged for a value of N12.36bn. Champion Breweries followed with 122 million shares worth N1.84bn, while FCMB Group traded 116 million shares valued at N1.26bn. Japaul Gold and Ventures recorded 66 million shares traded at N155.25m, and FirstHoldCo traded 51 million shares worth N2.56bn.

Zenith Bank, Champion Breweries, FirstHoldCo, and WAPCO were also among the top value stocks, reflecting strong investor activity in major market players.

Market analysts said the performance reflected a combination of year-end portfolio adjustments by institutional investors and renewed interest in high-performing stocks such as Ecobank, Guinness, and Honeywell Flour Mill.

The market’s gain of N542bn in a single session signals optimism as the year draws to a close, with investors keenly watching for opportunities in blue-chip stocks and high-volume counters.

by admin — December 30, 2025 in Business 0

NNPC writes off N4.01tn subsidy, other FG debts

The Nigerian National Petroleum Company Limited has cancelled subsidy arrears and other debts owed by the Federal Government totalling N4.01tn, following a reconciliation of accounts between both parties, an analysis of official FAAC documents has shown.

The debt write-off formed part of an agreement approving the cancellation of a substantial portion of outstanding liabilities by the government and was detailed in documents submitted by the NNPCL to the Federal Allocation Accounts Committee at its October and November 2025 meetings. Our correspondent obtained the document on Monday.

Recall that The PUNCH exclusively reported on Monday that President Bola Tinubu has approved the cancellation of a substantial portion of the debts owed by the NNPCL to the Federation Account, wiping off about $1.42bn and N5.57tn after a reconciliation of records between both parties.

The report, titled “Report of October 2025 Revenue Collection Presented at the Federation Account Allocation Committee Meeting Held on 18th November 2025.”

In the section headed “Recovery from NNPC Ltd Outstanding Obligations,” the commission said the debts earlier reported at the October 2025 FAAC meeting stood at “$1,480,610,652.58 and N6,332,884,316,237.13 for PSC, DSDP, RA & MCA Liftings and JV & PSC Royalty Receivables respectively.”

It disclosed that the Presidency had now approved that most of those balances be removed from the Federation’s books.

A further analysis of the NNPCL document revealed that the amount forgiven by the national oil company represents the difference between NNPCL’s payables to the Federation as at the October 2025 FAAC meeting and the revised figure presented at the November 2025 meeting.

FAAC records showed that NNPCL’s payables to the Federation stood at N4.72tn as at October 2025. However, by the November 2025 FAAC meeting, the outstanding amount had dropped sharply to N706.32bn, implying a cancellation of N4.01tn.

“The NNPC Ltd Payables to Federation amounted to N4,716,488,337,458.65 as at October 2025 FAAC. The NNPC LTD payables to the Federation are N706,317,894,682.09 as at November 2025 FAAC,” the report noted.

The documents, however, indicated that the forgiven sum was lower than earlier subsidy arrears figures, following the wiping off of about $1.42bn and N5.57tn after an extensive reconciliation of records between the Federal Government and the national oil company.

The discrepancy between figures earlier cited by the Nigerian Upstream Petroleum Regulatory Commission and those presented by the Nigerian National Petroleum Company Limited was also clarified in the documents submitted to FAAC.

According to the records, the total equivalent outstanding liabilities in naira stood at N4.72tn, while the grand total outstanding amounted to N6.75tn.

The documents explained that the variation arose largely from how certain legacy obligations were treated. Specifically, outstanding liabilities for the period up to May 2023 relating to royalty, tax, and 40 per cent Production Sharing Contract profit due to the Federation had already been captured under the Presidential Approved Stakeholder Alignment Committee framework.

It further noted that the sum of N2.03tn, covering royalty payments of N1.19tn and tax obligations of N843.28bn for the period from June to December 2023, was excluded from NNPCL’s liabilities and is to be accounted for by the Office of the Accountant-General of the Federation.

“The outstandings for the period up to May 2023 for Royalty, Tax, & 40% PSC Profit due to Federation were included in the Presidential Approved Stakeholder Alignment Committee. The sum of N2,032,479,380,677.87, comprising Royalty of N1,189,200,005,557.13 & Tax of N843,279,375,120.73 from June to Dec 2023, is to be accounted for by OAGF

“The USD was converted based on CBN advised exchange rate of the lifting month,” the report added.

According to the explanation, the difference arose because NNPC maintained that part of the variance should be accounted for by the Office of the Accountant-General of the Federation, rather than the national oil company.

Breakdowns in the FAAC submission showed that total crude oil and gas export receipts and other inflows stood at $23.40m and N3.58bn during the period under review. These inflows formed part of the broader reconciliation of government take and remittances to the Federation Account.

The subsidy debt cancellations come against the backdrop of Nigeria’s long-running fuel subsidy regime, which gulped trillions of naira annually before its removal in mid-2023. For years, NNPC had been the sole importer of petrol, often carrying subsidy costs on its books as under-recoveries owed by the Federal Government.

The latest write-off reflects ongoing efforts to clean up legacy subsidy obligations, improve transparency around oil revenue remittances, and present a clearer financial position for the national oil company, especially as it positions itself for greater commercial credibility and potential capital market transactions.

Despite the reconciliation, concerns remain among experts over the impact of such large debt cancellations on federal revenues and the clarity of inter-agency accounting, particularly between NNPCL, NUPRC, and the Office of the Accountant-General of the Federation.

An analysis of the figures shows that the presidential directive wiped out about 96 per cent of the dollar-denominated debt and about 88 per cent of the naira-denominated obligations previously reported as outstanding.

The document indicates that the approval followed the recommendations of the Stakeholder Alignment Committee on the Reconciliation of Indebtedness between NNPC Ltd and the Federation, which reviewed the company’s royalty and lifting-related liabilities up to December 31, 2024.

Despite the cancellation of the legacy balances, fresh debts built up in 2025 remain. In a separate section titled “NNPC Ltd Outstanding Obligations,” the regulator disclosed that statutory obligations arising between January and October 2025 still stood at “$56,808,752.32 and N1,021,550,672,578.87 for PSC & MCA Liftings and JV Royalty Receivables respectively.”

The commission added that part of the dollar component was recovered in the month under review, stating: “However, the commission received $55,003,997.00 in the month under review from the outstanding, leaving a balance of $1,804,755.32 and N1,021,550,672,578.87. The amount of $55,003,997.00 received is part of the total collection reported above for sharing by the Federation this month.”

The NUPRC confirmed that it had already implemented the directive in the Federation Account, noting that “the Commission has passed the appropriate accounting entries as approved.”

The approval effectively resolves long-running disputes over NNPC’s legacy indebtedness to the Federation, while current liabilities from ongoing operations continue to be tracked for future recovery.

by admin — December 30, 2025 in Business 0