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Against Emefiele’s claims, facts reveal NNPC remitted $2.7bn to its CBN accounts in six months
Against Emefiele’s claims, facts reveal NNPC remitted $2.7bn to its CBN accounts in six months
Despite claims by the Central Bank of Nigeria Governor, Mr Godwin Emefiele, that the crisis being experienced by the Naira was due to non-remittances by the Nigerian National Petroleum Company Ltd, fresh facts revealed that the national oil company actually remitted a whopping sum of $2.7bn into its account with the apex bank during the first six months of this year.
The inflow into the NNPC’s account with the CBN, according to records seen by this website, was made between January and June this year.
The CBN has in a report titled: “The forex question in Nigeria: Fact sheet”, accused the NNPC Ltd of being behind the Naira crisis in Nigeria.
Specifically, the report stated that “domestically, there has been zero-dollar remittance to the country’s foreign reserve by the NNPC.”
But investigations by this newspaper showed that out of the $2.7bn remittance into the NNPC account with the CBN, the sum of $645m was for dividend paid by the Nigerian Liquefied Natural Gas Company Ltd, while $1.786bn was remitted from the operational activities of the NNPC Ltd.
Further analysis showed that the sum of $18,770,418.97 was remitted into the NNPC account with CBN in January, while February, and March had inflows of $194, 563, 276. 49 and $373, 232,875.20 respectively.
Investigations further revealed that in the month of April, the inflow into the NNPC’s account with the apex bank was $247,884,295.52, May $591, 565, 425. 41 and June $880, 906, 761.81
Recall, this newspaper had reported how the Naira had depreciated to its lowest level in history to about N730 a dollar on the parallel market under the leadership of Emefiele as the CBN Governor.
The apex bank governor had in recent times put the blame of the declining value of the currency on different stakeholders.
For instance, in 2018, the CBN Governor said that the huge appetite of Nigerians for importation was responsible for the declining value of the Naira. He thereafter placed a ban on Forex accessibility for importation of 41 items.
In July 2021, Emefiele also hit at Bureau De Change (BDC) operators accusing them that their illegal forex trading was having a negative impact on the Naira.
In September 2021, Emefiele blamed Aboki FX for the naira depreciation the country had suffered then and threatened to arrest the brain behind the forex intelligence firm.
Early this year, the CBN governor again blamed the Naira depreciation on activities of those involved in money laundering, financing of terrorism as well as politicians.
This week, he has shifted the blame to the Nigerian National Petroluem Company Ltd.
The National Youth Council of Nigeria (NYCN) had while reacting to the latest onslaught of the CBN Governor claimed that he has been working with opposition political parties and other groups to sabotage the Nigerian economy under President Muhammadu Buhari.
The Group made the accusation in a statement issued on Sunday and signed by its President, Solomon Adodo.
In the statement which was made available to THE WHISTLER, the NYCN claimed that the poor economic management policies of the apex bank under the leadership of Emefiele was responsible for the recent free-fall of the naira.
The NYCN said in the statement that the inability of CBN to promptly release Joint Venture (JV) cash-call funding from the Treasury Single Account (TSA) even when the NNPC had adequate cash cover, had led to loss of JV Partners’ confidence to restore production and reap the benefits of today’s improved oil prices.
Adodo said in the statement that as of date, over three months dollar-denominated cash call payment amounting to over $400m properly processed are yet to be paid by CBN.
The group flayed Emefiele for completely failing to concentrate on his core mandate of price stability as a CBN Governor, pointing out that with inflation hitting about 19 per cent and the exchange rate at close to N750 to a dollar, the CBN governor has pushed more Nigerians into poverty.
The action of the CBN governor, the statement said, negates President Muhammadu Buhari’s objective to take 100 million people out of poverty.
He said, “The combined impact of CBN’s inability to promptly release JV cash-call to restore production, the increasing losses due to crude oil theft and production deferments has culminated to significant crude oil output losses of over 600, 000 barrels per day.
“At the current year-to-date average crude oil price of $107 per barrel, Nigeria is counting opportunity loses translating to over $64m per day, and a monumental impact of about $2bn per month.
“To its credit, NNPC has recorded significant gains on production ramp up including attaining ‘first oil’ production from the Anyala – Madu Fields and most recently Ikike fields which cumulatively boost national oil production by almost 80, 000 barrels per day.
“Furthermore, NNPC’s efforts towards attaining additional combined production of over 100, 000 barrels from fields like Obodo , Utapate etc has never abated despite the global setback recorded as a result of the effects of COVID-19 pandemic.”
He added, “In 2021, Emefiele blamed Aboki FX for the naira depreciation the country suffered then, it thereafter blamed members of the Association Bureau De Change, which led to the stoppage of dollar sales to the group, at another time, Emefiele blamed the naira depreciation on activities of money laundering, financing of terrorism as well as politicians.
“Today, he has shifted the blame to the NNPC. This is clearly a case of a bad workman who blames every other person for his inability to deliver.”
The Group alleged that since his failed presidential bid, Emefiele has been working with various groups in the opposition to sabotage the government .
The statement added, “To us at the NYCN, Emefiele is tired and should be relieved of his appointment.
“From all indications since his failed presidential bid as well as his rejection by the All Progressives Congress, a partisan Emefiele has been doing all to rubbish the achievements of President Muhammadu Buhari.
“There are also allegations that Emefiele has been hobnobbing with the opposition Peoples Democratic Party since his failed presidential bid.
“We are all witness to the fact that from August 2020 to July 2022, official exchange rate has moved from N381 to N415/$, representing only nine per cent increase.
“However, the parallel market has moved from N470 to N710 within the same period representing 51 per cent increase and a record 71 per cent arbitrage with the official exchange rate creating a huge incentive for round tripping, price gouging, sharp market practices and inflation.
“The NYCN is therefore shocked by the comment of the Governor associating the free-fall of the parallel market rates to NNPC, even though it is purely a monetary policy issue and outside the purview of the NNPC.
“We advise that the CBN considers among other options, the World Bank’s recommendation of adopting a single market-responsive sustainable exchange rate, improving access to forex through well-defined periodic forex auctions and signaling a renewed commitment to price stability as a primary goal of the apex bank.”
According to Adodo, Emefiele and the CBN were aware of OPEC’s reduction of Nigeria’s oil production quota which led to reduction of the country’s production level from 2.1 million barrels per day to 1.4 million in May 2020.
Furthermore, Adodo pointed out that insecurity and huge oil theft in the Niger Delta have continued to challenge the oil industry, causing massive losses and declaration of force majeure across the country’s major onshore production export facilities of Bonny, Brass and Forcados.
The NYCN president also stated that Nigeria’s rising petrol subsidy cost as well as rising cost of external debt servicing are all obligations affecting the economy.
These, it added, affected the NNPC’s remittances to the Federation Account. From January to June 2022, the cost of Premium Motor Spirit subsidy rose to N2.2trn.
Subsidy is being estimated to hit N5trn and N6trn in 2023.
“Apart from government decision to defer the implementation of PMS deregulation, the subsidy profile is significantly influenced by CBN foreign exchange management,” he added.
The NYCN president also drew the attention of Nigerians to the decision by Emirates Airlines, flag carrier of the United Arab Emirates (UAE), to reduce its flight operations to Nigeria over the inability of the CBN to repatriate about $85m in revenue.
“Was the failure to repatriate Emirates funds also caused by the NNPC,” Adodo queried.
The International Air Transport Association (IATA) had said Nigeria was withholding revenue worth about $450m earned by foreign airlines operating in the country.
Emirates said the planned reductions in its operations in Nigeria would take effect from August 15, 2022.
Adodo added, “Emirates clearly stated in that its letter to the Minister of Aviation that it made every effort to work with the CBN to find a solution to this issue and its Senior Vice-President met with the Deputy Governor of the CBN in May and followed up on the meeting by letter to the Governor himself the following month, however no positive response was received.
“The NYCN views this development as embarrassing to the federal government.”
However, the NYCN leader expressed optimism that the NNPC’s transitioning into a limited liability entity in line with the provisions of the Petroleum Industry Act (PIA) and its regulation now in line with the provisions of the Companies and Allied Matters Act (CAMA) would help resolve cash call payments delays as the company is now exempted from TSA, among others.
Also, the company would be able to compete favourably with its peers globally. This, it added, would translate to more foreign exchange to the country as well as improved national energy security.
FirstBank Makes Home Ownership Possible for Nigerians with Single-Digit Interest Rate Loan
For millions of Nigerians, homeownership has long felt like an ambition deferred. Squeezed by rising property prices, persistent double-digit inflation and high commercial lending rates, the dream of owning a home has remained just that – a dream.
But that narrative is quietly changing. Thanks to FirstBank.
The N1 Trillion Intervention Reshaping Access
In partnership with the Ministry of Finance Incorporated Real Estate Investment Fund (MREIF), FirstBank has unveiled a mortgage opportunity that could redefine access to housing finance in Nigeria.
Backed by the Federal Government’s N1trillion mortgage fund, the initiative is designed to empower Nigerians with affordable, long-term credit to own their homes.
9.75% Interest Rate in a 30% Lending Environment
MREIF is priced at 9.75% per annum, dramatically lower than prevailing commercial loan rates. Eligible Nigerians can access up to N100 million and repay within 20 years. This translates into significantly more manageable monthly repayments and greater long-term financial stability.
Built for Salary Earners, Entrepreneurs and the Diaspora
The MREIF mortgage facility has been structured to be inclusive. It is available to salary account holders, business owners and diaspora customers. Whether you are a young professional aiming to exit the rent cycle, an entrepreneur building generational stability, or you’re a Nigerian abroad looking to secure assets locally, the product opens a pathway that has historically been out of reach for many.
Taking the First Step
For those who have been waiting for the right time, this is definitely it. The question is no longer whether homeownership is possible. The real question is: will you act before the window narrows?
Visit https://www.firstbanknigeria.com/personal/loans/mreif-home-loan/ and in no time you could be the latest homeowner in town.
Alpha Morgan Bank Deepens Presence in Abuja with New Branch in Utako
Marking another milestone in its expansion drive, Alpha Morgan Bank has opened a new branch in Utako, Abuja, reinforcing its strategy of building closer institutional ties within key business communities and bringing its financial expertise closer to individuals, and enterprises driving the city’s growth.
The new branch, located at Plot 1121 Obafemi Awolowo Way, Utako, Abuja is strategically positioned to serve individuals, entrepreneurs, and corporate clients within Utako and surrounding districts.
The expansion follows the Bank’s recently concluded Economic Review Webinar held in February 2026, as the bank continues to position as a thought-leader in the financial services industry.
Speaking on the opening, Ade Buraimo, Managing Director of Alpha Morgan Bank, said the move underscores the Bank’s commitment to accessibility and service excellence.
“Proximity matters in banking. As communities grow and commercial activity expands, financial institutions also evolve to meet customers where they are. The Utako Branch allows us to deliver our services to people in that community efficiently while maintaining the high standards our customers expect,”
The Utako location will provide a full suite of retail and corporate banking services, including account opening, deposits, transfers, business banking solutions, and financial advisory support.
Customers and members of the public are invited to visit the new Utako Branch to experience the Bank’s approach to satisfying banking.
Dangote Refinery Prioritises Domestic Supply Amid Global Energy Turbulence
By George Omagbemi Sylvester | Published by SaharaWeeklyNG
“Nigeria insulated from international fuel shocks as Dangote Petroleum commits to uninterrupted local delivery.”
Dangote Petroleum Refinery and Petrochemicals has reaffirmed its commitment to prioritising the domestic market, pledging to shield Nigerians from the ripple effects of ongoing global energy disruptions. The assurance, delivered in Lagos on 5 March 2026, comes as international refinery operations experience shutdowns or reduced output due to escalating Middle East geopolitical tensions, which have sent crude oil and petroleum product prices soaring worldwide.
“Our mandate remains clear: Nigeria’s local market takes precedence. In times of global supply shocks, we will continue to ensure that domestic availability of petrol, diesel, and kerosene is uninterrupted,” said Mr. Folorunsho Alakija, spokesperson for Dangote Petroleum Refinery.
The refinery’s declaration arrives amid mounting concerns over fuel scarcity, triggered by export restrictions imposed by major international producers, including China, and shipping delays that have further tightened global petroleum supply chains. Industry analysts have hailed the domestic focus as a critical buffer against volatility that could otherwise push Nigeria into deeper energy insecurity.
Domestic Shield Against Global Disruption
Dangote Refinery, Africa’s largest oil processing facility, has leveraged its multi-million-barrel refining capacity to mitigate Nigeria’s historical dependence on imported petroleum products. The company emphasised that prioritising local supply provides a strategic advantage in insulating the nation from international market shocks.
“Our refinery’s scale allows Nigeria to withstand short-term external disruptions. We have the infrastructure and capacity to meet local demand even when global supply chains falter,” explained Mr. Chijioke Okonkwo, Operations Director at Dangote Refinery.
The proactive approach is particularly significant as several international refineries have either reduced throughput or temporarily halted operations, causing a global scarcity of refined products. Experts warn that without domestic cushioning, fuel prices in Nigeria could have surged sharply, exacerbating inflationary pressures in a fragile economy.
Managing Costs While Prioritising Supply
In response to rising procurement costs for crude oil amid the international crisis, Dangote Refinery introduced a modest ₦100 per litre increase in the ex-depot price of Premium Motor Spirit (PMS), absorbing roughly 20 percent of the cost escalation to lessen the impact on consumers.
“We are balancing operational sustainability with affordability. While global prices have risen sharply, we have chosen to absorb a significant portion to protect Nigerian households and businesses,” noted Mr. Emmanuel Adeyemi, Chief Finance Officer.
This pricing strategy underscores the refinery’s dual focus: ensuring uninterrupted supply while cushioning the public from abrupt spikes that could destabilize economic activity. Industry observers have lauded the approach as pragmatic, considering the volatility in international oil markets.
Strategic Distribution Initiatives
Beyond refining, Dangote Petroleum has initiated Compressed Natural Gas (CNG) powered trucks to enhance nationwide distribution efficiency. The initiative seeks to reduce logistics costs and carbon emissions while ensuring a more reliable delivery network to petrol stations across urban and rural areas.
“Logistics is a critical part of the energy supply chain. By deploying CNG-powered trucks, we reduce dependency on expensive diesel, lower delivery costs, and improve supply reliability across the country,” explained Ms. Funke Adedoyin, Head of Logistics Operations.
This strategic move reflects a broader commitment to modernising Nigeria’s petroleum distribution infrastructure, reducing bottlenecks that have historically contributed to scarcity at retail outlets.
Implications for National Energy Security
Nigeria has historically struggled with fuel imports to meet domestic demand, making the country vulnerable to international market fluctuations. Dangote Refinery’s prioritisation of local supply mitigates this vulnerability by leveraging home-grown refining capacity, which allows for timely access to petroleum products and less reliance on foreign shipments.
“With Dangote Refinery leading local prioritisation, Nigeria is less exposed to global fuel shocks. The country is moving towards self-reliance in petroleum product supply,” commented Dr. Halima Suleiman, energy sector analyst.
Experts note that sustained operations at the refinery not only enhance energy security but also preserve foreign exchange, reduce import bills, and stabilise domestic market prices.
Corporate Social Responsibility and Market Stability
The refinery’s commitment is part of a broader corporate responsibility framework. Dangote Petroleum continues to engage with government agencies and regulatory bodies, ensuring that domestic supply is coordinated with Nigeria’s Petroleum Product Pricing and Regulatory Agency (PPPRA) to prevent panic buying and market distortions.
“We are in constant consultation with the government to ensure that our supply strategies align with national economic priorities,” said Mr. Alakija.
Such collaboration helps avert artificial shortages, stabilises pump prices, and maintains confidence in the domestic fuel market. Analysts argue that this approach exemplifies how private sector capabilities can complement governmental policies to enhance national resilience.
Navigating Global Uncertainties
The refinery operates in a complex global environment, where geopolitical crises, shipping constraints, and crude oil volatility can trigger disruptions. Dangote Petroleum’s domestic-first approach positions Nigeria to weather such crises more effectively.
“Global uncertainties are unavoidable, but our infrastructure and strategy ensure that Nigerians remain insulated from immediate shocks,” said Mr. Okonkwo.
This emphasis on resilience aligns with global best practices, where national refining capacity is leveraged to protect local markets from international supply disruptions.
Stakeholder Reactions
The government, civil society, and industry stakeholders have welcomed Dangote Petroleum’s strategy. Officials from the Federal Ministry of Petroleum Resources noted that prioritising local supply aligns with Nigeria’s energy security policies and reduces the burden of foreign exchange expenditures on crude imports.
“Dangote Refinery is demonstrating leadership. Its domestic prioritisation ensures that the Nigerian economy remains insulated during turbulent global markets,” said Dr. Tunji Olumide, Special Adviser on Energy.
Consumers have also expressed cautious optimism. Retail operators and commuters reported steadier fuel availability in Lagos and other cities, though concerns remain about sustained pricing and distribution efficiency.
The Road Ahead
While Dangote Refinery’s strategy provides immediate relief, experts argue that long-term stability requires further investments in alternative energy, diversified refining infrastructure, and strategic reserves. This ensures that Nigeria can withstand global shocks without relying excessively on imports or temporary supply adjustments.
“Short-term measures like prioritising local supply are critical, but long-term energy security demands diversification, renewables adoption, and consistent policy implementation,” said Dr. Suleiman.
The refinery is exploring additional initiatives, including expanding storage capacity, upgrading pipeline networks, and adopting technology-driven monitoring systems to ensure supply continuity across the country.
Final Take
By prioritising domestic fuel supply amid global market turbulence, Dangote Petroleum Refinery and Petrochemicals has demonstrated its role as a stabilising force in Nigeria’s energy sector. Through strategic logistics, modest pricing adjustments, and engagement with government regulators, the refinery is insulating the nation from international shocks while maintaining operational sustainability.
“Our responsibility extends beyond profitability; it’s about ensuring Nigerians have reliable access to essential fuel. We take that mandate seriously,” concluded Mr. Adeyemi.
The refinery’s actions offer a blueprint for how large-scale domestic capacity can protect national economies in times of global energy instability, underscoring the critical intersection of private sector resilience, public policy, and national energy security.
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