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Subsidy removal: where are the dollars, Sanusi doubts remittance by NNPCL

Published

3 years ago

December 8, 2023

•Ex-emir entitled to his opinion, NNPCL remains focused, says spokesman

A former Governor of the Central Bank of Nigeria, Sanusi Lamido Sanusi, has advised President Bola Tinubu against occupying the office of the Minister for Petroleum Resources, saying such arrangement will make it difficult for the country to hold the Nigerian National Petroleum Corporation Limited accountable.

He made this known while delivering his remarks at the Bank Directors Summit organised by the Bank Directors Association of Nigeria on Thursday in Abuja.

Sanusi who was the CBN governor from June 2009 to February 2014, also adjudged the NNPC as the “most opaque oil company in the world.”

The vocal economist slammed the NNPCL for allegedly failing to remit enough foreign exchange into the government coffers despite the removal of fuel subsidy by the current administration.

The former Emir of Kano also stressing the need to stabilise the foreign exchange market, noting that monetary policies in the last eight years had led to rising inflation and economic downturn in the country.

According to him, the idea of the president occupying the petroleum minister office will make it difficult for anyone to raise the question of accountability.

He 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? This was the issue I raised for which I was suspended, well you can suspend me again. The NNPCL is the most opaque oil company in the world. When I was in the central bank for 15 years, they had not been audited. We have to follow the money from production to export to return, where is the money going? We paid N11tn in subsidy and there is no accountability up till now. The National Assembly called the NNPCL to bring the documents, but they refused.

He added, “By the way, let me advise that the idea of the President becoming a petroleum minister is not a good idea. The last president was the minister of petroleum for eight years. When I was governor of the central bank we had a minister of petroleum so when I talk about the NNPCL, I could attack Diezani Madueke. Now, nobody can talk about petroleum because for eight years if you talk, you are attacking the president. We need that buffer, somebody has to be there, so a minister has to be there who is held accountable by Nigerians.”

In August, about three months after his inauguration, President Bola Tinubu split the Ministry of Petroleum Resources with the appointment of Ekperipe Ekpo as Minister of State, Gas Resources; and Heineken Lokpobiri as Minister of State, Petroleum Resources.

However, President Tinubu, in an apparent tradition of his predecessor, ex-President Muhammadu Buhari, kept the position of the substantive Minister of Petroleum Resources to himself.

CBN Act amendment

Sanusi also called for a proper audit of the Nigerian National Petroleum Company Limited to unravel the country’s daily oil production, export and the accrued revenue, noting that this call was what cost him his job at the apex bank.

He maintained that the banking sector must shore up its trust deficit in the eyes of the public and that there is no need to amend the CBN Act to keep the apex bank free of political influences.

He stated, “It is important to talk about the current conversation emanating especially from the National Assembly, to amend the Central Bank Act. Let me add my voice to those who have said there is nothing wrong with the Central Bank of Nigeria Act. There is nothing wrong with BOFIA. The CBN Act is one of the best central banking laws in the world. In fact when we reviewed central bank laws, the only laws we saw that we would learn a few things from was Bank Negara of Malaysia.

“Now if people who are supposed to implement a law don’t implement it, the solution is not to change the law, and this reaction is kneejerk if you take away the independence of the central bank and bring it under political control. You would hurt the system and on long-term, you are institutionalising the lack of autonomy. The reality is, you have an independent autonomous central bank whose independence was undermined by a combination of politicians and central bank actors. It is time to go back to what the central bank is supposed to do and implement the law.”

NNPC replies Sanusi

Meanwhile, the NNPC said it was focused at the moment on delivering the task that had been set for the national oil company, stressing that everyone was free to air their opinion.

NNPC’s Chief Corporate Communications Officer, Olufemi Soneye, told one of our correspondent that there would be no need for an official response to the claims made by the ex-CBN boss.

He explained that constant responses could hinder the enormous task before the oil company, adding that NNPC would rather concentrate in handling the work that it was established to deliver.

“Everyone is entitled to their opinion. Constant responses to every individual can hinder our work. Our focus remains on delivering energy security, managing ongoing projects, and implementing reforms,” Soneye stated.

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News

Court Orders DSS Probe as Prosecutors Link VeryDarkMan to Alleged Leak of Coup Trial Evidence

Published

9 hours ago

June 24, 2026

Everydaynewsngr

The trial of six men accused of plotting to overthrow the administration of President Bola Tinubu took a dramatic turn on Tuesday after the Federal High Court in Abuja ordered the Department of State Services (DSS) to investigate the alleged leakage of sensitive court evidence to social media.

During proceedings, prosecuting counsel, Rotimi Oyedepo (SAN), informed the court that video recordings already tendered as evidence had surfaced online. He alleged that the materials were published by social media activist Martins Vincent Otse, popularly known as VeryDarkMan, and noted that the activist was present in court during the hearing.

Oyedepo urged the court to investigate how the videos were obtained and made public.

In response, Justice Joyce Abdulmalik directed the DSS to immediately probe the alleged leak. The judge ordered security operatives to determine whether any protected court materials were released in breach of existing witness-protection orders and to identify those responsible.

Justice Abdulmalik ruled that the investigation should proceed alongside the ongoing criminal trial, stressing that neither the defendants nor their legal representatives had admitted involvement in the alleged publication.

Counsel to the six defendants denied any connection to the leaked materials. Some members of the defence team argued that the prosecution should file a formal application supported by an affidavit if it wished to pursue the matter before the court.

The hearing also featured testimony from the prosecution’s fourth witness, identified only as “DDD,” who maintained that the defendants voluntarily made their statements and were neither tortured nor coerced during interrogation.

The witness dismissed claims that the accused were chained while giving statements, stating that they walked into the interview room unassisted. He further told the court that none of the defendants requested the presence of lawyers, family members, Legal Aid Council officials, or a Justice of the Peace before making their statements.

Following the testimony, the prosecution closed its case in the trial-within-trial after calling four witnesses.

The court adjourned proceedings to June 25 and June 30 for the first three defendants to open their defence, while the remaining defendants are scheduled to present theirs on July 1 and July 2.

Justice Abdulmalik also fixed July 20 for a ruling on the defendants’ bail applications.

The six men remain on trial over allegations of participating in a plot to topple the Tinubu administration—claims they have denied and which the court has yet to determine.

News

Good Governance: Nwoye Harps on Prudent Management of Public Funds, Engagement of Competent Hands

Published

9 hours ago

June 24, 2026

Everydaynewsngr

A Senior Lecturer at the Institute of Peace, Conflict and Development Studies (IPCDS), Enugu State University of Science and Technology (ESUT), Dr. Ben Nwoye, has emphasized the need for managers of public institutions, especially government-owned establishments, to prioritize prudent management of resources and the engagement of competent personnel.

Nwoye also stressed that placing qualified and capable individuals in positions of responsibility remains one of the surest ways to achieve good governance and sustainable development in any society.

The former Chairman of the All Progressives Congress (APC) in Enugu State and current Deputy National Chairman (South) of the party made the remarks on Monday during a good governance facility tour to the remodeled Government Technical College (GTC), Enugu, alongside PhD students of IPCDS.

He commended Enugu State Governor, Dr. Peter Mbah, for the transformation of GTC Enugu under the leadership of Dr. Amaka Ngene, Chairman of the Science, Technical and Vocational Schools Management Board (STVSMB), noting that the institution has been transformed from a dilapidated facility into a modern learning centre.

According to Nwoye, the visit was aimed at assessing the progress made since a similar tour of the school in 2025.

He described education as the bedrock of national development and stressed the need for governments to continue investing heavily in the sector.

“The massive transformation that has taken place at GTC Enugu would not have been possible without prudent management of resources and the appointment of capable leadership,” he said.

“When we first visited, what we saw were merely buildings and classrooms without teachers or students. We were also shown videos and photographs depicting the terrible state of the institution before the intervention of the Enugu State Government.

“Today, barely a year later, we have returned to see whether the state-of-the-art facilities have become functional, and we are impressed by what we have seen. There are teachers, students, and fully operational departments.

“This success is largely due to the quality of leadership driving the school board. The desired transformation has truly taken place, and this goes beyond politics. It is about commitment, competence, and prudent management of public funds.”

Nwoye noted that the beneficiaries of the reforms are young people whose lives are being positively impacted through quality education and vocational training.

“We must commend Governor Peter Mbah for providing the enabling environment and resources needed to achieve this. More importantly, we must acknowledge the efforts of the Board Chairman, Dr. Amaka Ngene, who has driven the entire process.”

He added that practical examples such as GTC Enugu provide valuable learning opportunities for students studying governance and leadership.

“The challenge in our country is not the absence of laws but our failure to implement them. Previous boards allowed this institution to remain in a deplorable condition. What we are seeing today demonstrates what is possible when competent individuals are entrusted with leadership responsibilities.”

Nwoye expressed satisfaction with the outcome of the tour, stating that his students were impressed by the level of transformation witnessed across the institution.

“It is gratifying because when we teach governance principles in the classroom, we can now point to practical examples where those principles are being applied successfully. Sustainable development can only be achieved when education is treated as a priority,” he said.

Speaking during the tour, Dr. Ngene attributed the board’s achievements to a fortified database system, zero tolerance for corruption, truancy, and absenteeism, as well as a commitment to accountability and efficiency.

She also praised Governor Mbah for his commitment to education, describing the ongoing reforms as an education revolution in Enugu State.

According to her, the state’s investment in education has surpassed the UNESCO recommendation of 15 to 20 per cent budgetary allocation to the sector.

“Over the last three years, Enugu State has consistently allocated an average of 23 per cent of its budget to education, reflecting the governor’s commitment to human capital development,” she disclosed.

During the facility tour, the visiting students inspected several functional departments, including the automobile repair workshop, welding and fabrication unit, computer laboratory, garment-making section, and hospitality and catering department.

The facilities provide practical vocational training for senior students, equipping them with employable skills and entrepreneurial opportunities for the future.

Dr. Ngene maintained that Governor Mbah’s administration has demonstrated the impact of good governance through strategic investments in education and human capital development, adding that the results are already evident across the state.

News

Post-Election Cleanup: Enugu Cracks Down on Unauthorized Outdoor Advertising

Published

1 day ago

June 23, 2026

Everydaynewsngr

With the successful conclusion of the Enugu North Senatorial District by-election, the Enugu State Structures for Signage and Advertisement Agency (ENSSAA) has announced plans to commence a statewide enforcement exercise against unauthorized outdoor advertisements across the state.

The Agency said the operation would target illegally displayed posters, billboards, political campaign materials, banners, and other outdoor advertisements erected without the approval and requisite permits of ENSSAA.

In a statement issued on Monday by the General Manager of the Agency, Mr. Francis Aninwike, ENSSAA said the enforcement exercise would be carried out across Enugu metropolis and all the local government areas of the state in accordance with the provisions of the ENSSAA Law 2016, which regulates outdoor advertising and signage in Enugu State.

Aninwike explained that the Agency deliberately suspended the enforcement exercise in recent weeks to allow the Enugu North Senatorial District by-election to be concluded and to avoid giving political coloration to what is essentially a long-overdue regulatory exercise aimed at restoring order, sanity, and environmental aesthetics within the state’s outdoor advertising space.

He stressed that no individual, political party, candidate, organization, or business is permitted to erect, display, or paste advertisements, including political campaign materials, without first obtaining the approval of the Agency.

According to him, political parties, candidates, and other stakeholders are advised to immediately regularize their advertisements and obtain the necessary permits before displaying campaign materials or other outdoor advertisements in any part of the state.

The General Manager noted that the proliferation of unauthorized advertisements constitutes a violation of the law, contributes to visual pollution, defaces public infrastructure, and undermines the beauty of the environment.

He emphasized that the enforcement exercise is neither targeted at any individual nor directed against any political group.

“This enforcement exercise is not targeted at any individual or political group. It is a routine regulatory action aimed at ensuring compliance with the law and maintaining a clean, orderly, and aesthetically pleasing environment across the state,” Aninwike stated.

To ensure a smooth and peaceful operation, ENSSAA said it has secured armed police escorts for its enforcement teams. The exercise will be conducted daily between 8:00 a.m. and 6:00 p.m.

The Agency urged members of the public to comply with extant regulations and refrain from obstructing officials carrying out their lawful duties.

Aninwike reiterated ENSSAA’s commitment to sanitizing the outdoor advertising sector, enforcing compliance with relevant laws, and ensuring that outdoor advertisements across Enugu State conform to approved standards.

News

US opens applications to support Nigerians seeking admission abroad

Published

2 days ago

June 22, 2026

Everydaynewsngr

The United States Mission in Nigeria has opened applications for the 2026 cohort of the EducationUSA Nigeria Opportunity Fund Programme, inviting qualified Nigerian students seeking higher education opportunities in the US to apply.

The application is open from June 15 and will close on June 30, 2026, according to a notice published by the U.S. Embassy and Consulate in Nigeria.

The programme, coordinated by the Public Diplomacy Section of the U.S. Mission through EducationUSA Nigeria, is designed to assist academically outstanding Nigerian students with leadership potential in pursuing higher education in the United States.

According to the mission, the initiative supports access to U.S. higher education while advancing “American leadership, commercial diplomacy, and the shared economic interests of the United States and Nigeria.”

It added that the 2026 cohort aligns with the Freedom 250 celebration, marking 250 years of American leadership, innovation and democratic values.

The statement read, “Freedom250 marks 250 years of American leadership, innovation, and democratic values, and the OFP 2026 cohort will advance these priorities by preparing globally competitive talents aligned with U.S. economic and strategic interests.”

The mission said the programme also reinforces U.S. priorities on “secure, lawful, and well-managed student participation” in American higher education institutions.

It stated, “The program reinforces U.S. priorities on secure, lawful, and well-managed student participation of U.S. higher education systems, ensuring participants understand and uphold the proper use of student visas and full compliance with U.S. immigration regulations.”

Priority consideration, according to the statement, will be given to high-performing students pursuing fields that align with U.S. strategic interests.

It noted, “Priority consideration will be given to the highest-performing students whose academic profiles and career trajectories align with U.S. strategic interests in STEM, AI, and critical emerging technologies.”

The Opportunity Fund Programme provides financial support for essential upfront application costs, including standardised testing fees, application fees and other related expenses.

To qualify, applicants must demonstrate academic excellence, leadership potential, a clear intention to pursue post-secondary education in the United States, notable achievements, research capability, and a commitment to visa compliance and responsible participation in U.S. exchange programmes.

The statement further stressed that participants would be expected to maintain high ethical standards throughout the programme.

It said, “Participants are expected to uphold the highest standards of integrity, compliance, and accountability, including adherence to all U.S. visa regulations.

Applicants are required to submit a completed application form, academic records, a personal statement, evidence of achievements, leadership and research capability, as well as other supporting documents before the June 30 deadline.

Apply here: EducationUSA Nigeria Opportunity Fund Program (OFP) 2026 – U.S. Embassy and Consulate in Nigeria