Business
Missing $20 bn: Again, NNPC fails to refund $1.48 bn
For the umpteenth time, the Nigerian National Petroleum Corporation, NNPC, on Tuesday failed to refund to the Federation Account $1.48 billion balance of an alleged missing $20 billion oil money.
An audit ordered by the Goodluck Jonathan administration recommended that $1.48 billion be paid by NNPC to the government.
The review followed an allegation by a former governor of the Central Bank of Nigeria, Lamido Sanusi, who accused the NNPC of failing to account for $20 billion oil money.
Since the submission of the audit report February, Nigeria’s 36 state governments have been clamouring for the money to be quickly paid by the NNPC and shared between the federal and state governments.
But the oil company has failed to pay the comply during past revenue sharing meetings between the states and the federal government.
On Tuesday, the Permanent Secretary, Federal Ministry of Finance, Anastasia Daniel-Nwokobia, said at the end of the Federation Accounts Allocation Committee (FAAC) meeting for May, that no explanation was given by the corporation for its inability to remit the money as recommended.
“The issue of the refund of the $1.48 bn recommended in the forensic audit report was not discussed, and so no refund was made, apart from the N6.33 bn refunded as part of the N450 bn oil revenue it owed the Federal Government since 2011,” Mrs. Daniel-Nwokobia said.
At the end of the meeting, the Permanent Secretary said gross revenue receipt for the month was about N324.06 bn, which was higher than the N282.062 bn received in May by about N41.999 bn. Total distributable revenues between the Federal and the 36 state governments put about N409.5 bn.
Details of the allocation released at the end of the meeting showed that mineral revenue was N225.167 bn, while non-mineral revenue was N98.89 bn.
Net statutory allocation, she said, stood at N317.236 bn, which included N2.403 bn as 4% cost of collection by the Federal Inland Revenue Service (FIRS), N2.88 bn as 7% cost of collection for the Nigeria Customs Service (NCS) and N1.54 bn as 4% cost of collection by the Department of Petroleum Resources (DPR).
The Federal Government received about N151.805 bn, while the states received N76.98 bn and Local Governments N59.36 bn. The nine oil mineral producing states were allocated N29.7 bn.
There was also exchange gain of N31.24 bn proposed for distribution, while value added tax realised for the month was N418.452 bn.
According to the Permanent Secretary, delays in the issuance of the third quarter 2015 Export Permit lead to a drop of about 160,000 barrels of oil per day in April, apart from several shutdowns and shut-ins of the trunk and pipelines at oil terminals, which continued to negatively impact crude oil revenue.
However, she said an increase in the average price of crude oil from $56.04 per barrel in March 2015 to $59.88 per barrel in April brought $19.7 mn revenue gain for the month, while non-oil revenues are expected to perform better in the later art of the year due to some mechanisms put in place by the FIRS.
On the balance of the excess crude account (ECA), she said the amount stood at $2.078 bn.
On why the FAAC was shifted from the earlier schedule of June 15 and 16, Mrs. Daniel-Nwokobia said since the governments at all levels have in the country have been in transition after the May 29 handover to a new administration, there was need to wait.
“Most of the states are yet to appoint their commissioners and reconstitute their executive councils. The FAAC secretariat had to liaise with the states to know who would be representing them at the meeting
Again a few days to the FAAC meeting, the Accountant General of the Federation retired on June 12, necessitating clearance to be sought on who should take the office, in view of the critical role it has to play in the meeting,” she said
Harmony Gardens’ Ibeju-Lekki Portfolio Crosses $1bn
Harmony Garden & Estate Development Limited has expanded its development activities across Ibeju-Lekki, pushing the projected long-term value of its estate portfolio beyond $1 billion.
Led by Chief Executive Officer Hon. Dr. Audullahi Saheed Mosadoluwa, popularly know Saheed Ibile, the company is developing seven estates within the Lekki–Ibeju corridor. Details available on Harmony Garden & Estate Development show a portfolio spanning land assets and ongoing residential construction across key growth locations.
A major component is Lekki Aviation Town, where urban living meets neighborhood charm, located near the proposed Lekki International Airport and valued internally at over $250 million. The development forms part of the company’s broader phased expansion strategy within the axis.
Other estates in the corridor tagged as the “Citadel of Joy” (Ogba-idunnu) include Granville Estate, Majestic Bay Estate, The Parliament Phase I & II, and Harmony Casa Phase I & II.
With multiple projects active, the rollout of the Ibile Traditional Mortgage System, and structured expansion underway, Harmony Garden & Estate Development Ltd continues to deepen its presence within the fast-growing Ibeju-Lekki real estate market.
Business
BUA Group Showcases Food Manufacturing Strength at 62nd Paris International Agricultural Show
BUA Group Showcases Food Manufacturing Strength at 62nd Paris International Agricultural Show
BUA Group, one of Africa’s leading diversified conglomerates, is maintaining a strong presence at the ongoing 62nd edition of the Paris International Agricultural Show in France, participating as a premium sponsor and supporting the Nigeria Pavilion at one of the world’s most respected agricultural gatherings.
The 62nd Paris International Agricultural Show, taking place from February 21 to March 1, 2026, at Porte de Versailles in Paris, convenes global leaders across farming, agro processing, technology, finance, and policy. The event serves as a strategic platform for industry engagement, knowledge exchange, and commercial partnerships shaping the future of global food systems.
BUA Group’s participation reflects its long term commitment to strengthening the entire food production value chain. Through sustained investments in large scale processing, value addition, and branded consumer products, the Group continues to reinforce its role in advancing food security, industrial growth, and regional trade integration.
Speaking on the Group’s participation, the Executive Chairman of BUA Group, Abdul Samad Rabiu CFR, said, “BUA’s presence at the Paris International Agricultural Show reflects our belief that Africa must be an active participant in shaping the future of global food systems. We have invested significantly in local production capacity because we understand that food security, industrial growth, and economic resilience are interconnected. Platforms like this allow us to build partnerships that strengthen Nigeria’s competitiveness and expand our reach beyond our borders.”
BUA Foods, a subsidiary of BUA Group, maintains a strong footprint in flour, pasta, spaghetti, sugar, and rice production, serving millions of consumers within Nigeria and across neighbouring African markets. The Managing Director of BUA Foods, Engr. Abioye Ayodele, representing the Executive Chairman, is attending the event at the Nigeria Pavilion, engaging industry stakeholders and showcasing the company’s manufacturing capabilities.
Also speaking at the show, Engr. Ayodele stated, “BUA Foods has built scale across key staple categories that are central to household consumption. Our participation at this Show allows us to demonstrate the quality, consistency, and operational strength behind our products. We are also engaging global stakeholders with a clear message that Nigerian manufacturing can meet international standards while serving both domestic and regional markets efficiently.”
The Show provides BUA Group with an opportunity to deepen trade relationships, explore new export pathways, and reinforce Nigeria’s growing relevance within the global agricultural and food ecosystem.
BUA Group remains focused on building enduring institutions, expanding productive capacity, and positioning African enterprise competitively within global markets.
Nigeria’s Inflation Drops to 15.10% as NBS Reports Deflationary Trend
Nigeria’s headline inflation rate declined to 15.10 per cent in January 2026, marking a significant drop from 27.61 per cent recorded in January 2025, according to the latest Consumer Price Index (CPI) report released by the National Bureau of Statistics.
The report also showed that month-on-month inflation recorded a deflationary trend of –2.88 per cent, representing a 3.42 percentage-point decrease compared to December 2025. Analysts say the development signals easing price pressures across key sectors of the economy.
Food inflation stood at 8.89 per cent year-on-year, down from 29.63 per cent in January 2025. On a month-on-month basis, food prices declined by 6.02 per cent, reflecting lower costs in several staple commodities.
The data suggests a sustained downward trajectory in inflation over the past 12 months, pointing to improving macroeconomic stability.
The administration of President Bola Ahmed Tinubu has consistently attributed recent economic adjustments to ongoing fiscal and monetary reforms aimed at stabilising prices, boosting agricultural output, and strengthening domestic supply chains.
Economic analysts note that while the latest figures indicate progress, sustaining the downward trend will depend on continued policy discipline, exchange rate stability, and improvements in food production and distribution.
The January report provides one of the clearest indications yet that inflationary pressures, which surged in early 2025, may be moderating.
Nigeria’s headline inflation rate declined to 15.10 per cent in January 2026, marking a significant drop from 27.61 per cent recorded in January 2025, according to the latest Consumer Price Index (CPI) report released by the National Bureau of Statistics.
The report also showed that month-on-month inflation recorded a deflationary trend of –2.88 per cent, representing a 3.42 percentage-point decrease compared to December 2025. Analysts say the development signals easing price pressures across key sectors of the economy.
Food inflation stood at 8.89 per cent year-on-year, down from 29.63 per cent in January 2025. On a month-on-month basis, food prices declined by 6.02 per cent, reflecting lower costs in several staple commodities.
The data suggests a sustained downward trajectory in inflation over the past 12 months, pointing to improving macroeconomic stability.
The administration of President Bola Ahmed Tinubu has consistently attributed recent economic adjustments to ongoing fiscal and monetary reforms aimed at stabilising prices, boosting agricultural output, and strengthening domestic supply chains.
Economic analysts note that while the latest figures indicate progress, sustaining the downward trend will depend on continued policy discipline, exchange rate stability, and improvements in food production and distribution.
The January report provides one of the clearest indications yet that inflationary pressures, which surged in early 2025, may be moderating.
-
celebrity radar - gossips6 months agoWhy Babangida’s Hilltop Home Became Nigeria’s Political “Mecca”
-
society5 months agoReligion: Africa’s Oldest Weapon of Enslavement and the Forgotten Truth
-
society6 months agoPower is a Loan, Not a Possession: The Sacred Duty of Planting People
-
news6 months agoTHE APPOINTMENT OF WASIU AYINDE BY THE FEDERAL GOVERNMENT AS AN AMBASSADOR SOUNDS EMBARRASSING
You must be logged in to post a comment Login