Business
FG orders probe on NNPC over unaccounted N3.8trillion
The Federal government yesterday June 29th constituted a four-man committee to probe NNPC over N3.8 trillion unaccounted for by the corporation in the last three years. According to the Edo state governor, who is part of the 4-man probe committee, investigations by the federal government show that NNPC made N8.1 trillion from 2012-2015, paid N4.3 trillion to the federal government and withheld N3.8 trillion which the management of the corporation have not accounted for.
The probe panel was constituted by the National Economic Council which was inaugurated by President Buhari yesterday June 29th
“We are talking about transparency, we are talking about change and what we saw from those numbers I believe that Nigerians are entitled to know, is that whereas NNPC claimed to have earned N8.1trn, what was paid into the Federation Account from 2012 to May 2015 was N4.3trn. What it means is that NNPC withheld and spent N3.8trn. The major revelation here is that the amount NNPC paid into the federation account for distribution to the three tiers of government came to N4.3trn and the corporation alone took and spent N3.8trn. This means the cost of running NNPC is much more than the cost of running the Federal Government. That tells you how much is missing; what is mismanaged; what is stolen. These are huge figures. There is no enterprise manager who goes to the market and sells and just begin to spend, otherwise nobody needs to budget,” he said.
He added that if the Federal Government cannot spend without appropriation, agencies of government cannot not also spend money without appropriation
“This is what the constitution provided for. And this is what President Buhari has promised to do that henceforth all monies must go to the Federation Account. What do you need budget for; Nigeria cannot continue with you earn the money and spend it. Where is transparency? Where is the role of the National Assembly? So if you were doing that you won’t have a situation where the NNPC alone will spend N3.8trn and remit to the federal, states and local governments N4.3trn which means NNPC is taking about 47 per cent and that explains all the leakages you are talking about. We looked at the numbers for the Excess Crude Account. The last time the Minister of Finance and Coordinating Minister of the Economy, reported to the Council and it is in the minute, she reported that by November 2014, we had $4.1bn but today the Accountant General Office reported we have $2bn, which means the Honourable Minister spent $2.1bn without authority of the NEC.”he said
Other members of the probe panel includes governors of Kaduna, Zamfara and AkwaIbom states.
Fidelity Bank Plc Wins 2025 DBN Innovation Award for MSME Support
In recognition of its exceptional contributions to innovative financial solutions for Micro, Small, and Medium Enterprises (MSMEs), Fidelity Bank Plc has been awarded the 2025 Development Bank of Nigeria (DBN) Innovation Award in the Deposit Money Bank (DMB) category.
This prestigious accolade celebrates Fidelity Bank’s commitment to addressing the unique challenges faced by MSMEs, a vital segment in Nigeria’s economic growth.
Dr. Nneka Onyeali-Ikpe, MD/CEO of Fidelity Bank Plc, commented on the award, reaffirming the bank’s dedication to empowering Nigerian entrepreneurs: “At Fidelity Bank, innovation is at the heart of our strategy to support MSMEs. This recognition underscores our commitment to developing scalable, inclusive, and technology-driven financial solutions that create positive outcomes for our nation’s entrepreneurs. We are honored to receive the DBN award and dedicate it to our loyal customers for their continued support.”
The award was presented at the 2025 Service Ambassadors’ Awards ceremony in Lagos, themed ‘Enhancing Partnership for MSME Resilience and Growth.’ Tony Okpanachi, Managing Director of DBN, emphasized the importance of financial institutions in transforming unbankable ideas into viable businesses through advisory services.
“You, our partners, are acknowledged and celebrated for your outreach to entrepreneurs and businesses seeking to scale. We appreciate you for your role in converting unbankable ideas into bankable businesses,” Okpanachi stated.
He noted that the award aims to recognize partners who make a significant impact, focusing on storytelling and the positive changes they bring to Nigeria.
This award joins a series of landmark initiatives by Fidelity Bank aimed at supporting MSMEs. Earlier in May, the bank signed a Memorandum of Understanding (MOU) with the Small and Medium Enterprises Development Agency of Nigeria (SMEDAN) to facilitate the expansion of Nigerian MSMEs across Africa.
Additionally, Fidelity Bank launched the Fidelity SME Hub in Gbagada, Lagos—a multifunctional facility equipped with training halls, meeting rooms, networking spaces, and studios for music, photography, and content production. This hub is designed to foster innovation, collaboration, and capacity-building, essential elements for strengthening Nigeria’s SME ecosystem and driving economic growth.
Ranked among the best banks in Nigeria, Fidelity Bank Plc is a full-fledged Commercial Deposit Money Bank serving over 9.1 million customers through digital banking channels, its 255 business offices in Nigeria and United Kingdom subsidiary, FidBank UK Limited.
The Bank is the 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.
Business
Adron Homes Launches Grand Ileya Promo with Massive Discounts, Star Appearances & Festive Gifts
Wear It All Luxury Opens New Abuja Boutique with Star-Studded Ceremony
Four years after successfully reopening its flagship store in Lekki Phase 1, Lagos, following a major renovation, Wear It All Luxury, the upscale fashion brand owned by renowned entrepreneur, Sodiq Babatunde Rufai, has expanded its presence with the launch of a new boutique in Abuja.
The grand opening, held on Thursday, 22nd May 2025, at Libreville Crescent, Wuse 2, Abuja was a star-studded affair that brought together influential personalities from the fashion, entertainment, and business worlds. Among the high-profile guests in attendance was Afrobeats superstar Davido, whose presence added further glamour to the launch event.
Located in the heart of the capital, the new Abuja boutique is poised to offer the same top-tier fashion experience the brand is known for, curated luxury pieces, exclusive designer wear, and impeccable customer service tailored for Nigeria’s elite fashion lovers.
Speaking at the event, Sodiq Babatunde Rufai expressed his excitement about the brand’s expansion, stating, “This is more than just a store opening, it’s a statement that Nigerian fashion continues to grow and thrive. We’re proud to bring the Wear It All experience to Abuja, and we remain committed to setting the pace in luxury fashion across the country.”
The Abuja outlet joins the Lagos boutique in offering high-end fashion collections from globally recognized brands, as well as unique pieces under the Wear It All Luxury private label.
Guests were treated to a private showcase of the brand’s latest collections, light entertainment, and a luxurious atmosphere that perfectly reflected the Wear It All Luxury ethos.
As the fashion house continues to expand, industry watchers say the brand’s entry into the Abuja market marks another major milestone in Nigeria’s growing luxury fashion landscape.
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