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Against Emefiele’s claims, facts reveal NNPC remitted $2.7bn to its CBN accounts in six months

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CBN

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.

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Aliko Dangote Foundation, WEF Unveil 2026 YGL Aliko Dangote Fellows

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Titans and Trailblazers: Nigeria’s Great Entrepreneurs from Abiola to Dangote — The Story of Wealth, Influence, and National Impact. By George Omagbemi Sylvester | Published by saharaweeklyng.com 

Aliko Dangote Foundation, WEF Unveil 2026 YGL Aliko Dangote Fellows

…Spotlighting Africa’s Next Generation of Change Leaders

 

 

 

World Economic Forum (WEF) in partnership with the Aliko Dangote Foundation (ADF) has announced the 2026 cohort of the Young Global Leaders (YGL) Aliko Dangote Fellows, highlighting a new generation of African leaders committed to expanding opportunity and strengthening institutions across the African continent.

 

 

 

The Fellowship serves as a critical bridge between Africa’s emerging changemakers and the global Young Global Leaders network, fostering collaboration, knowledge exchange, and sustainable development. The YGL Aliko Dangote Fellowship supports high-impact African leaders by enabling their full participation in the Forum of Young Global Leaders (YGL) programme and broader WEF activities.

 

WEF said the 2026 YGL Aliko Dangote Fellows represent diverse professional backgrounds spanning healthcare, technology, entrepreneurship, and advocacy across sub-Saharan Africa. The newly selected fellows are Dr. Esperance Luvindao; Charlot Magayi, Founder of Mukuru Clean Stoves; Rewa Udoji, Founder of Cranstoun; Dr. Stephen Modise; Dr. Musa Kika; Hatim Eltayeb; Kemi Lala Akindoju; and Vimbai Masiyiwa.

 

 

 

With a strong emphasis on empowering women leaders, the Fellowship is designed to support Africans shaping solutions to pressing social and economic challenges while strengthening leadership capacity across key sectors.

 

 

 

Over the past 14 years, the Aliko Dangote Foundation–powered Fellowship has supported more than 130 young African leaders, providing access to Davos meetings, executive education opportunities, and influential peer networks that amplify African voices on the global stage.

 

 

 

Commenting on the announcement, Fatima Aliko Dangote, Trustee of the Aliko Dangote Foundation and Group Executive Director, Oil & Gas, Dangote Industries Limited, described the 2026 fellows as “leaders who will expand opportunity and strengthen institutions, advancing Africa on its own terms.”

 

She added: “Africa’s future will be defined by the strength of its people. When the right leaders—especially women—are empowered and given a global voice, they do not just lead; they reshape what is possible. That is why we invest in people: because it is the surest path to lasting global prosperity, stability, and self-determination. The 2026 cohort embodies this vision.”

 

According to her: the 2026 YGL Aliko Dangote Fellows represent that future leaders who will expand opportunity and strengthen institutions, advancing Africa on its own terms while helping define a world whose future will be shaped by the continent.

 

 

 

 

 

She explained that the idea behind the YGL Aliko Dangote Fellowship is to cultivate, empower, and support exceptional African leaders under 40, ensuring they have the resources to participate in the World Economic Forum (WEF)’s Young Global Leaders (YGL) community. It specifically aims to accelerate their impact on the continent and globally.

 

 

 

 

 

Details of the new fellows in the announcement indicated that; Hatim Eltayeb, is the Chief Executive Officer of African Leadership Academy, strengthening one of the continent’s most important leadership institutions; Dr Esperance Luvindao, Namibia’s Minister of Health and Social Services, combining clinical experience with digital health and grassroots innovation; Charlot Magayi, the Kenyan founder of Mukuru Clean Stoves, linking clean energy, public health and livelihoods; Dr Stephen Modise, Botswana’s Minister of Health, bringing a data-driven approach to public health reform.

 

 

 

 

 

Dr Musa Kika, Executive Director of the Institute for Human Rights and Development in Africa, using law to defend constitutionalism and civic space; Rewa Udoji, the Nigerian artist and finance professional whose work bridges culture, capital and women’s economic literacy; Kemi Lala Akindoju, the Nigerian producer and actor helping reshape the creative economy through talent development, financing and more grounded storytelling; and Ms Vimbai Masiyiwa, co-founder and Chief Executive Officer of Batoka Africa, building a model of tourism rooted in sustainability, community ownership and women’s empowerment. Together, they reflect the range of leadership the fellowship is designed to support public leaders, entrepreneurs, institution-builders and cultural actors already shaping systems in very different ways.

 

 

 

It would be recalled that Aliko Dangote YGL Fellowship has supported more than 90 Fellows from over 25 African countries, thus enabling full participation in the World Economic Forum’s Young Global Leaders programme through access to convenings, executive education, peer networks and global platforms.

 

Over that period, Fellows have taken part in more than 400 engagements across Annual Meetings, regional summits and learning modules, contributing to debates on finance, climate, health, technology and governance.

 

 

 

 

 

 

 

 

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Norwegian Sovereign Wealth Fund Eyes Partnership with Dangote Group on Africa Investments

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Norwegian Sovereign Wealth Fund Eyes Partnership with Dangote Group on Africa Investments

 

The President/Chief Executive of Dangote Group, Aliko Dangote has held a high-level meeting with Nicolai Tangen, the Chief Executive Officer of Norges Bank Investment Management, the world’s largest sovereign wealth fund manager, overseeing assets valued at approximately $1.9 trillion.

 

At the meeting, the Norwegian investment institution expressed strong interest in partnering with Dangote Group to expand its footprint across the African continent, with a focus on strategic sectors including power, energy, renewables, agriculture, fertiliser and cement.

 

Also present at the meeting were Svein Tore Holsether, Chief Executive Officer of Yara International, one of the world’s leading fertiliser and agricultural companies, and Terje Pilskog, Chief Executive Officer of Scatec, a global renewable energy company.

 

The engagement shows growing global investor confidence in Africa’s industrial and infrastructure potential, as well as the increasing role of indigenous conglomerates such as Dangote Group in driving large-scale economic transformation.

 

For Dangote Group, the potential partnership represents a significant opportunity to deepen its investments across key sectors critical to Africa’s development, particularly in energy transition, food security and industrial capacity expansion.

 

The Norwegian sovereign wealth fund, widely regarded as a benchmark for global institutional investment, has in recent years shown increased interest in emerging markets, with Africa seen as a frontier for long-term value creation.

 

The collaboration between the fund and Dangote Group could unlock substantial capital flows into critical infrastructure and industrial projects, further accelerating economic growth and regional integration across the continent.

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Fidelity Bank Provides Critical Funding Support to Abuja Special Needs Orphanage

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Fidelity Bank Provides Critical Funding Support to Abuja Special Needs Orphanage

 

Leading financial institution, Fidelity Bank Plc, through the Fidelity Helping Hands Programme (FHHP), has funded critical support for the JKS Special Needs Academy in Abuja to ensure continued shelter and care for vulnerable children.

 

 

 

The intervention was facilitated by a group of the bank’s newly recruited employees known as Team Valorem, as part of their induction activities. Through the FHHP, employees are empowered to actively contribute to social development by dedicating their time, resources and skills to impactful projects. Projects executed under the initiative are employee-driven, with teams encouraged to identify causes, contribute fifty percent of the project funding, while the bank matches the contribution.

 

Speaking during the outreach, Divisional Head, Brand and Communications Division, Fidelity Bank Plc, Dr Meksley Nwagboh, highlighted that the initiative aligns with the Bank’s CSR pillars focused on health & social welfare, and youth empowerment.

 

“This intervention reflects our belief that building a better society is a shared responsibility. Through the Fidelity Helping Hands Programme, we empower our employees to actively contribute to meaningful social causes. The funding provided will secure the orphanage’s accommodation for an additional year, ensuring a stable and safe environment for the children. This support guarantees that these children continue to have a place they can call home,” Nwagboh remarked.

 

He also commended caregivers at the facility for their dedication and called for increased focus on empowerment and skill development for children with special needs.

 

“Beyond providing basic needs, we must provide these children with opportunities to develop skills and become self-reliant. Everyone, regardless of their physical or socio-economic status, has a role to play in the society,” he said.

 

In her response, Director of JKS Special Needs Academy, Mrs. Nifemi Ajileye, expressed deep appreciation to Fidelity Bank and its staff for the timely intervention.

 

“We are truly grateful to Fidelity Bank for this support. It will significantly improve the welfare of the children under our care and help us sustain our operations,” she said.

 

Ajileye highlighted the high cost of caring for children with disabilities, stating that, “Many of the children require continuous medical attention and therapy, which are quite expensive. Support like this helps us bridge critical gaps and continue delivering quality care. This support from Fidelity Bank is timely and it means the world to us and to these children. It will help us continue our work and secure a better future for them,” she added, while calling for sustained support from other organisations.

 

As an institution with a heart for people, Fidelity Bank continues to demonstrate its commitment to social responsibility by driving inclusive growth and social impact through initiatives that empower communities and improve lives across Nigeria.

 

Ranked among the best banks in Nigeria, Fidelity Bank Plc is a full-fledged Commercial Deposit Money Bank serving over 10 million customers through digital banking channels, its 255 business offices in Nigeria and United Kingdom subsidiary, FidBank UK.

 

The Bank is a recipient of multiple local and international Awards, including the 2024 Excellence in Digital Transformation & MSME Banking Award by BusinessDay Banks and Financial Institutions (BAFI) Awards; the 2024 Most Innovative Mobile Banking Application award for its Fidelity Mobile App by Global Business Outlook, and the 2024 Most Innovative Investment Banking Service Provider award by Global Brands Magazine. Additionally, the Bank was recognized as the Best Bank for SMEs in Nigeria by the Euromoney Awards for Excellence and as the Export Financing Bank of the Year by the BusinessDay Banks and Financial Institutions (BAFI) Awards.

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