Foreign
NNPCL not transparent on subsidy, dollar revenues – W’Bank
The Nigeria National Petroleum Corporation Limited is not transparent about the financial gains from fuel subsidy removal, the World Bank has disclosed.
This is the Minister of Finance and Coordinating Minister of Economy, Wale Edun, revealed that the government was ready to scrutinise the revenue flow from the NNPCL.
According to the World Bank, while revenue gains from the exchange rate reforms are visible, more clarity is needed on oil revenues, including the fiscal benefits from the PMS subsidy reforms.
It declared, “nominal oil revenue gains have been evident since June; these are mostly categorised as “exchange rate gains”, suggesting that they are due to the naira depreciation.
“Except for the exchange rate-related increases, however, there is a lack of transparency regarding oil revenues, especially the financial gains of the Nigeria National Petroleum Corporation from the subsidy removal, the subsidy arrears that are still being deducted, and the impact of this on Federation revenues. It is also unclear why retail petrol prices have not changed much since August, despite fluctuations in the exchange rate and global oil prices.”
The Bretton Woods institution further expanded that gains in net oil revenue of the federation were lower than what they should have been considering what the removal of fuel subsidy should have added to the accounts.
It stated that fuel subsidy cost the federation about N380bn a month, and once removed, the federation account should have recorded an increase in net oil revenues.
It said, “However, most of the gains in the oil revenues in H2 2023, as reported by OAGF, can be attributed to exchange rate gains. Without exchange rate gains, net oil revenue between January and August would have declined by 0.2 of a percentage point of full-year GDP yoy, all materialising in the July–August period.
“In August, additional revenue from 40 per cent profit of Production Sharing Contracts and the interim yearly dividend were reflected in the accounts. However, these were not as high as what the gains from removing the gasoline subsidy should have been. Given that petrol pump prices have not changed in line with market fundamentals (notably exchange rate movements and global oil prices), there is a risk that the implicit fuel subsidy has reemerged, potentially keeping net oil revenues lower than expected.”
The institution further noted that the reform of fuel subsidy should help the NNPCL to settle its arrears and start paying fully for the Federation’s share of costs in joint venture operations, thereby allowing oil production to gradually increase over time.
Also speaking at the presentation of the report, the Coordinating Minister of the Economy, Edun noted that the removal of fuel subsidy saved the government’s finances.
He stated that while expectations that subsidy removal should boost the government’s revenue, it was faced with debt funding and a high fiscal deficit.
He said, “In terms of the government’s finances, you have rightly pointed out that following the removal of subsidy, there is an expectation that there would be fiscal dividends and it’s fair to say that without it, government finances will be in total disarray now. However, there is debt funding, pressure on fiscal deficit, and on government finances, and borrowings which have been inherited.
“Our levels of borrowing are being reduced and there is a plan to reduce that fiscal deficit over time. On the revenue side, the first source is oil, and I expect that there will be serious scrutiny on oil revenue and production and insistence on raising oil production and similarly that the revenues are brought into the federation account following the constitution. I think there will be added scrutiny, and I am sure NNPC is getting ready for that.”
Edun further declared that there would be a robust rollout of measures to raise tax revenue soon. He, however, highlighted that tax rates would not be increased but a lot would be done regarding efficiency, digitalisation, and improved collection.
He added that waivers and tax incentives would be scrutinised to revamp it and save leakages, particularly among ministries, departments and agencies.
Subsidy removal and controversies
On May 29, President Bola Tinubu announced the removal of fuel subsidy with, “Subsidy is gone,” to free up foreign exchange earnings.
In his August 1 national address, Tinubu disclosed that the Federal Government had saved about N1tn in two months after the removal of the petrol subsidy freeing up funds for other things in the economy.
He said, “In a little over two months, we have saved over a N1tn that would have been squandered on the unproductive fuel subsidy which only benefitted smugglers and fraudsters.”
According to him, the funds saved from subsidy removal “will now be used more directly and more beneficially for you and your families.”
However, there have been concerns that the dividend of subsidy removal has not trickled down to the average Nigerian.
Recently, a former Governor of the Central Bank of Nigeria, Sanusi Lamido Sanusi, alleged that the NNPCL might not be remitting enough dollars to the federation account despite subsidy’s removal.
Speaking during the Bank Directors Summit organised by the Bank Directors Association of Nigeria recently, Sanusi, said, “The exchange rate needs to be stabilised and we have to address the fundamental question, why is there no money coming in?
“Why is the NNPCL not able to bring in dollars? Am sorry this is the question that cost me my job and I will continue asking this question until NNPCL fixes it up or until I die. Where are the dollars? We need to shine a light on the NNPCL. The finance minister cannot tell you because he doesn’t have a monitoring system that reports to him.
“The finance minister can’t tell you how many barrels of petrol we produce and export. It is only the NNPCL that can give those figures. The finance ministry needs to know how much oil we produce daily, how much we sell, and where the money is going. We are no longer paying subsidies so where are the dollars? It was under recovery during the subsidy era and that has been stopped, so where is the money?”
Sanusi noted that the NNPCL was opaque about its dealings, shrouding many of its dealings in secrecy.
A Nigerian-born Roman Catholic priest, Anthony Odiong, has been convicted by a jury in Texas, United States, for sexually assaulting women under his spiritual care, The Guardian reports.
Odiong, 57, was found guilty on one count of first-degree sexual assault and two counts of second-degree sexual assault after a trial in Waco, Texas.
The jury, made up of eight women and four men, delivered its verdict after about two hours of deliberation on Friday.
The court heard testimony from two women who said Odiong used his role as a priest to manipulate and pressure them into sexual relationships.
He was accused of exploiting his position as a Catholic priest to pursue sexual relationships with women he was providing spiritual direction.
Odiong, who pleaded not guilty, could face life imprisonment on the first-degree charge when sentencing begins on Monday.
Prosecutors said the offences involved two women who testified in court that the priest abused his clerical authority during periods of emotional vulnerability.
One of the women, identified in court documents as Mary Doe, told the jury that Odiong began a sexual relationship with her while providing spiritual counselling during a difficult divorce.
She also testified that her son once walked in on her and Odiong during intercourse at her home.
Another woman, Jane Doe, testified that he pressured her into sexual acts under the guise of spiritual guidance.
The case followed a 2024 report by The Guardian, which first documented allegations of sexual misconduct and coercion against the priest during his ministry in Texas and Louisiana.
Prosecutors said that report prompted one of the victims to come forward to police with further allegations.
Investigators later gathered additional evidence, including DNA linked to a child fathered by Odiong during his time in Louisiana.
Odiong, a naturalised US citizen, was ordained in Nigeria in 1993 and later served in Catholic parishes in Texas and Louisiana.
Authorities said he was suspended from the ministry in 2019 following earlier allegations of misconduct.
His lawyers argued during the trial that the relationships were consensual, but prosecutors maintained that he abused his position of authority as a clergy member.
A United States-based 23 year old tech-developer, Tony Kabilan Okeke, led a five-man team of Drexel University, Philadelphia, Penn., U.S. alumni and students to develop Xploit, an automated cybersecurity testing tool for AI agents, an ambitious concept that addresses a growing problem in AI landscape.
Beside Tony Okeke who is the Team Lead, other members of the team are Kamdi Okeke, Kiitan Fawole, Dalu Okonkwo and Michael Moemeke.
Speaking to our reporter on the development, Tony said, “As more businesses deploy AI agents that can take actions and use tools on behalf of customers, these systems become potential security risks. Unlike simple AI assistants, agents have access to tools and can perform real actions – meaning a security vulnerability isn’t just a PR problem, it could have serious real-world consequences.”
3rd from right, Team lead, Tony, Kamdi, Dalu, flanked by UEV partners
The team envisioned a tool that could automatically test an AI agent for vulnerabilities – essentially playing the role of a digital attacker to identify weaknesses before real threats could exploit them. This was the outcome of their brainstorming on November 21, 2025, when Tony led the group to build and pitch Xploit in the “Start-Up In a Weekend” Hackathon hosted on November 21 – 23, 2025 in Philadelphia, by The Foundry & Velric, a Philadelphia-based founder-first community that act as a startup ecosystem catalyst.
Tony designed the system’s architecture and created the initial prototype of the user interface (UI). The UI concept was crucial: it needed to visually show how their automated attacker was thinking, strategizing, and attempting different approaches in real-time, all displayed through interactive graph showing the attack process as it unfolded.
Responsibilities were strategically divided amongst the team. Some members created sample AI agents to serve as “victims” for testing. Tony developed the core attacking system. One person refined the user interface, and others handled the technical infrastructure connecting all the pieces together.
The attacking system itself works like a strategic game player. It would first choose an attack strategy, then create a detailed plan, execute that plan step-by-step by sending messages to the target AI agent, and analyze the responses to determine whether to continue or try a different approach. Throughout this process, the web interface displayed everything happening in real-time, allowing users to watch the automated tester work.
The team then integrated everything — making the attacker communicate with the victim AI agent systems, ensuring the automated testing loop ran smoothly, and polishing the final product. They recorded their demo video and submitted their project before the 9 am deadline on November 23, 2025.
During the afternoon judging session, the team delivered their pitch, framing their project around a massive, unaddressed market shift, highlighting a critical market gap: while the explosion of AI agents in 2025 has seen enterprises deploy them to manage everything from infrastructure to sensitive tasks like financial analysis and customer support, small and medium-sized businesses (SMBs) are left vulnerable because they cannot afford to test them for security flaws. Unlike tech giants, SMBs lack the resources for dedicated AI security teams. Xploit, automated cybersecurity tool, directly addresses this need, positioning itself within a booming continuous automated red-teaming market projected to skyrocket from $495 million in 2024 to $4.9 billion by 2032. Xploit democratizes AI safety, levels the playing field, allowing any business to automatically test and secure their AI agents before deployment.
The judges were impressed enough that they took an unusual step — they asked to see the team’s code and development history to verify the project had actually been built during the hackathon weekend. This verification was necessary because the judges found it hard to believe such a polished product could be created in just one weekend.
The team won the “new project track” award and $1,500 in prize money.
“What made the achievement particularly remarkable” according to Kamdi Okeke, “wasn’t just that we built it over a weekend — it was that, competing amongst a diverse group of 100+ of Philadelphia’s most driven creators, we built Xploit in less than a day of actual development time, transforming an abstract idea into a working, polished prototype through focused collaboration and strategic planning.”
Speaking further, Tony said, “The experience at yet another hackathon, UEV’s Venture Building Weekend hosted in Philadelphia, March 12 – 14, 2026, was a turning point for us. The mentorship and feedback we received from industry operators helped sharpen how we think about the problem and where our approach fits in the market.”
United Effects Ventures (UEV) is a Philadelphia-based pre-seed venture studio. Through its Venture Building Weekend, a competitive hackathon, focused on problem validation and go-to-market strategy, teams refined their ideas with guidance from experienced operators and investors. After a grueling 48-hour sprint, Xploit came tops, outperformed 15 other competing teams, earning a cash award and two advisory sessions with partners at UEV; and most importantly, industry experts validated Xploit’s focus on continuous red-teaming as a strong approach to discovering vulnerabilities in AI-powered products.
Mentors at the hackathon validated both the team’s identification of the problem – the growing security risks posed by AI agents operating autonomously in enterprise environment – and their approach of framing the product as continuous red-teaming platform, which could support an ongoing service model.
The accusation comes after US Central Command said its forces had on Monday attacked missile sites and boats in southern Iran that were trying to lay mines in the Gulf, while Iran’s Revolutionary Guards said it fired at US aircraft trying to enter its airspace.
“The US terrorist army, continuing its illegal and unjustified actions since the ceasefire… has, in the past 48 hours, committed a gross violation of the ceasefire in the Hormozgan region,” the Iranian foreign ministry said in a statement.
It added that Tehran “will not leave any evil unanswered and will not hesitate to defend the Iranian nation,” without elaborating.
Tuesday’s statement came as a top Iranian delegation was in Qatar for talks as part of a “diplomatic process” aimed at ending the war with the United States, which broke out on February 28.
AFP
Iranian authorities held mass public weddings in Tehran for couples who signed up to a state-sponsored scheme declaring their readiness to sacrifice their lives in the war against the US and Israel.
The ceremonies conducted late on Monday involved hundreds of couples in several major squares in the capital, including more than 100 in the vast Imam Hossein square in central Tehran, according to reports in Iranian media.
They were broadcast on state TV in a bid to boost wartime morale, with US President Donald Trump repeatedly threatening new military action against Iran amid a shaky ceasefire which halted the fighting that began on February 28.
Those involved had signed up, according to Iranian media, for the so-called “self-sacrifice” scheme (janfada in Persian) where people pledged to put their lives on the line in the war by, for example, forming human chains outside power stations.
Iranian authorities say millions of people, including top figures such as the speaker of parliament, Mohammad Bagher Ghalibaf, and President Masoud Pezeshkian, have put their names forward.
Couples arrived at the Imam Hossein square in military jeeps with mounted machine guns and were married on a stage in a ceremony presided over by a cleric, AFP images showed.
The stage was festooned with balloons and with a giant image of Supreme Leader Mojtaba Khamenei, who has yet to appear in public since being elevated to the position after the killing of his father and predecessor, Ali Khamenei, on the first day of the war.
“Certainly, the country is at war, but young people also have the right to marry,” one young woman in a white Islamic bridal dress, who was not named, said beside her groom in footage published by the Mehr news agency.
A man in a dark suit, beside his bride-to-be, said they were happy the occasion marked the anniversary of the marriage of the Prophet Ali, revered by Shia Muslims, to Fatima, the daughter of the Prophet Mohammed.
“We received their blessings. Furthermore, we came to offer our best wishes to the people in the streets,” he said.
Mehr said 110 couples had taken part in the Imam Hossein Square ceremony alone. The AFP images showed crowds of well-wishers clasping roses and watching on.
Since the start of the war, Iranian authorities have held, on a near-daily basis, major pro-government gatherings in a bid to highlight popular mobilisation amid the conflict.
AFP
The Nigerian community in the United States has been thrown into mourning following the sudden death of Eric Ezeokoli, a student of California State University, Long Beach.
Ezeokoli, who was born on October 6, 1960, reportedly died on Friday, April 11, 2026, at Saint Mary’s Hospital after a brief illness.
Until his death, he was studying Engineering at the university, also known as Long Beach State University. Sources disclosed that he had previously lived in San Jose before relocating to the Los Angeles area.
Tragically, at the time of his passing, Ezeokoli was said to be homeless and living in his car, with no fixed address.
The deceased was originally from Anambra State, although details about his exact hometown remain unclear. There are indications he may have hailed from Aguata, but this has not been officially confirmed.
Efforts are currently underway to locate his family members and relatives in Nigeria. Members of the Nigerian community and concerned individuals are appealing to anyone with useful information about Ezeokoli’s background or family to come forward.
A contact person, Paul Kizito Eze, has been designated to receive information that could help trace the deceased’s relatives.
The appeal has also been extended to people from Anambra State, particularly those familiar with communities in Aguata, to assist in identifying and notifying the family.
The situation has sparked renewed concern over the welfare of some Nigerians living abroad, especially those facing hardship and isolation.
Anyone with relevant information is urged to reach out urgently to assist in reconnecting the late Ezeokoli with his family for proper burial arrangements.
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