Customize Consent Preferences

We use cookies to help you navigate efficiently and perform certain functions. You will find detailed information about all cookies under each consent category below.

The cookies that are categorized as "Necessary" are stored on your browser as they are essential for enabling the basic functionalities of the site. ... 

Always Active

Necessary cookies are required to enable the basic features of this site, such as providing secure log-in or adjusting your consent preferences. These cookies do not store any personally identifiable data.

No cookies to display.

Functional cookies help perform certain functionalities like sharing the content of the website on social media platforms, collecting feedback, and other third-party features.

No cookies to display.

Analytical cookies are used to understand how visitors interact with the website. These cookies help provide information on metrics such as the number of visitors, bounce rate, traffic source, etc.

No cookies to display.

Performance cookies are used to understand and analyze the key performance indexes of the website which helps in delivering a better user experience for the visitors.

No cookies to display.

Advertisement cookies are used to provide visitors with customized advertisements based on the pages you visited previously and to analyze the effectiveness of the ad campaigns.

No cookies to display.

Connect with us

General News

APC Claims NNPC ‘Missing’ Funds Exceed $1.48Bn

Published

on

Diezani Alison-Madueke,Minister of Petroleum Resources
Kindly share this post

The controversy over alleged missing oil remittances took another turn as All Progressives Congress (APC), claimed that it has evidence that the sum is pretty much higher than the $1.48 billion dollars in the forensic report.

Diezani Alison-Madueke, minister of Petroleum Resources had on Wednesday told State House Correspondents that the $1.48 billion is already being refunded to the Federation Account.

The forensic audit was conducted by an international audit firm, PriceWaterHouse Cooper (PwC), after the then Governor of the Central Bank of Nigeria (CBN), now Emir of Kano, His Highness Muhammad 11, caused an uproar that about $49 billion had been misappropriated from the account of the Nigerian National Petroleum Corporation (NNPC).

He later brought the figure down to $20 billion at a Senate hearing on the allegation, while the Minister of Finance, Ngozi Okonjo-Iweala put it at $10.8 billion.

But faulting the amount, Dr. Kayode Fayemi, the APC Presidential Campaign director, Policy, Research and Strategy, told Bloomberg that the NNPC would need to refund more than $1.48 billion.

Fayemi added that the incoming APC administration of General Muhammadu Buhari (rtd) would publish the full audit report of the NNPC and expects that the corporation will need to repay the government more than previously recommended.

The APC had during the recent election campaign asked the PDP-led Federal Government to publish the full report of the audit report, not the abridged version that was released by the office of the Accountant General of the Federation (AGF).

Fayemi said: “I have a figure that’s more than $1.5 billion that’s been talked about. We’ve seen credible information that what PwC says is more than that. We will release the report. We’ll make it available to Nigerians as soon as we have full information on this.”

Fayemi disclosed that the APC may also reorganise the NNPC, adding “NNPC will not be in the form or shape it’s currently in. Some measure of unbundling will happen.”

But Alison-Madueke disclosed that the NNPC had started refunding $1.48bn into the Federation Account as recommended by PwC.

She however did not disclose how much had so far been refunded by the corporation. The Federation Account Allocation Committee had on Monday night constituted a committee to find out the reasons for the delay in the refund of the sum.

Alison-Madueke however explained that the unremitted fund was owed by NPDC for a block that had been assigned from NNPC to NPDC.

She said: “The PriceWater- House Coopers forensic audit that was done a few weeks ago, in its recommendation mentioned that $1.48bn was owed by NPDC for a block that had hitherto been assigned from the NNPC to NPDC which is its subsidiary.

“They felt that the right process would be that NPDC will refund that money to the Federation Account. NPDC has apparently started those refunds and it is also in discussion with NNPC and DPR on same. So the refund has actually begun.” While saying that the payment was being done under her directives, she insisted that the sum was not missing but transferred by the NNPC to NPDC which is a subsidiary


Kindly share this post

Nigeria CommunicationsWeek believes that technology makes life more exciting and helps improve the lives of people around Nigeria and indeed the world. So since 2007, we have devoted our energy to independent reportage of technology and how they affect lives.

General News

University Don Seeks Ban of Smartphones, Social Media in Schools

Published

on

Kindly share this post

Dr Saeed Olorunnisola, interim Dean of the Faculty of Agriculture at Al-Hikmah University in Ilorin, Kwara State, has urged the federal and state governments to prohibit the use of smartphones in secondary and tertiary schools.

University Don Seeks Ban of Smartphones, Social Media in Schools

Olorunnisola stated that the prohibition will help students concentrate in class.

He stated this during the mission for the eradication of examination malpractice’s (MEEM) second national symposium in Osogbo, Osun State, at the weekend.

Olorunnisola expressed concern about the impact of examination malpractices on education and national development, citing social media as a major impediment to students’ concentration even in secondary schools.

“Social media is causing distraction in secondary schools. Tertiary institutions are the worst.  Students don’t care any longer. Some of them are taking photo shot of notes and they will not read them. They are usually on social media.

“What we have right now is a misuse of technology and it must be taken away. We have a university that has banned their undergraduate from using mobile phones,” he said.

Speaking on the need for government to act and assist young learners to concentrate in class, the don said ban on the use of smartphones by a particular university that he did not disclose eventually assisted its students to concentrate more in class.

In his remarks, Prof Buniyameen Abdulkareem, chairman of the MEEM Board of Trustees, stated that the group, a non-governmental organisation founded by the Muslim Students’ Society of Nigeria B-Zone, organised the symposium for policymakers, students, and teachers after realising the need to stem the tide of rising examination malpractices in the country.


Kindly share this post
Continue Reading

General News

Amid Rising Investor Confidence in Nigeria, Woodhall Capital Foundation Trains Captains of Industry

Published

on

L-r: Head, Brand and Marketing, Woodhall Capital, Mrs. Onyinyechi Aderibigbe; President, Woodhall Capital, Mrs. Mojisola Hunponu-Wusu; Ag. Managing Director, NOVA Bank, Mrs. Chinwe Iloghalu, and the Founder, Mentor Intro Africa, Mrs. Fola Niyi-Duale during the Captains of Industry mentorship programme at the Ebony Live Studios, Victoria Island, Lagos on Friday April 5.
Kindly share this post

As business confidence in Nigeria rose to the highest level in 14 months signalling a rising demand for their goods and services, Woodhall Capital International Foundation (WCIF), a subsidiary of Woodhall Capital, a leading financial advisory firm, in partnership with Mentor Intro Africa, a premier platform for connecting with the world’s foremost mentors, has commenced the training of a new generation of Captains of Industry through an ongoing 6-week intensive mentorship programme.

Speaking about the programme which commenced with forty shortlisted mentees on Friday March 5 at EbonyLive Studios, Victoria Island, Lagos, the President of Woodhall Capital, Mrs. Mojisola Hunponu-Wusu, noted, “We are very excited to bring together 40 Captains of Industry and share ideas and visions on how to build sustainable businesses in Nigeria.

It’s been a wholesome experience from 9am to 3pm. It’s so heartwarming to have found Captains of Industry who are indigenous to Africa and others who are going global. We shared ideas on how exactly we can accomplish these, the peculiarities of doing business in Nigeria, and the possibilities of Africans building offices around the world. That’s what we have started on Friday.”

Reinforcing what the partnership means to her, the Founder of Mentor Intro Africa, Mrs. Fola Niyi-Duale, remarked, “What we set out to do is to bridge the gap between career professionals and those who have already walked the path.

“It means we created a structured virtual platform where experienced industry leaders can guide, support, and inspire professionals and entrepreneurs on their journey to greatness. This is big because it epitomizes impact and we’re leaving a legacy for people to see and enjoy a future that we may not even be a part of, but we have laid the foundation.”

Both partners reiterated that the mentorship is not for the optics and its impact upon completion would far-reaching.

One of the mentees, Co-founder/Chief Technical Officer, Blue Sands STEM LabsOveral, Kingsley Okechukwu, excitedly said, “I’m glad I got the opportunity to be part of this mentorship. Our first session reinforced the significance of visionary leadership, employee retention, continuous innovation, and strategic positioning in ensuring long-term business success.”

This collaboration between Mentor Intro Africa and Woodhall Capital Foundation brings together visionary leaders, seasoned professionals, and the next generation of changemakers in an empowering initiative designed to bridge mentorship with high-impact leadership.

Together, the partners aim to spotlight industry pioneers, foster meaningful dialogues, and create lasting impact across Africa’s business and professional landscape.


Kindly share this post
Continue Reading

General News

NASRDA Commences Space Regulation Mandate with N20Bn Fund

Published

on

Kindly share this post

National Space Research and Development Agency (NASRDA) is set to commence the implementation of its space regulation and licensing mandate following the approval of a N20 billion take-off fund by President Bola Tinubu.

NASRDA Commences Space Regulation Mandate with N20Bn Fund

Speaking in an interview, Dr. Matthew Adepoju, director-general, NASRDA, emphasised that the agency’s regulatory functions, as outlined in the NASRDA Act (2010), have remained unfulfilled since its establishment in 1999.

To address this, Adepoju submitted a memorandum to President Tinubu advocating for enforcement of space regulation, leading to the recent approval of funds.

Adepoju highlighted the urgency of regulating Nigeria’s space sector to prevent misuse, particularly regarding security-sensitive activities.

The regulatory framework will oversee:

Satellite image providers

Geographic information system operators

Satellite-based telecommunications and broadcasting services

He warned that unregulated geographical data intelligence could be exploited by non-state actors, underscoring the importance of strict oversight.

NASRDA has set up a licensing platform open to public and private sector operators in the space industry.

The regulation will cover Nigeria’s three space segments:

Upstream – Deep space activities

Midstream – Satellites and orbital objects

Downstream – Ground stations and space service users

Although the agency has yet to access the N20 billion fund, Adepoju confirmed that regulatory and licensing functions have commenced.

 


Kindly share this post
Continue Reading

Trending