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JUST IN: Nigerian National Petroleum Company Limited (NNPCL) Under Scrutiny For Spending £14 Million On London Office

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The Nigerian National Petroleum Company Limited (NNPCL) is facing intense scrutiny over its financial practices following the release of the Auditor-General’s 2022 audit report, which flagged a failure to account for £14.3 million spent on its London office during the 2021 financial year.....TAP TO CONTINUE READING

The Auditor-General’s report, which contains interim observations, detailed significant regulatory failures and a disregard for due process and accountability standards.

The audit observed that a total of £14,322,426.59 was expended by the London Office on personnel costs, fixed contracts, and other operational expenses.

However, audit officials were reportedly: Not provided with the necessary documents or supporting schedules; Not allowed to confirm how the funds were utilized; Unable to ascertain whether the expenditures were made in line with due process and economy.

The transaction, the report noted, contravenes Paragraph 112 of the Financial Regulations (FR) (2009), which states: “The functions of the Accounting Officer shall include: …(i) ensuring internal guides, rules, regulations, procedures are adequately provided for the security and effective check on the assessment, collection and accounting for revenue.”

Furthermore, Paragraph 415 of the FR (2009) states: “The Federal Government requires all officers responsible for expenditure to exercise due economy. Money must not be spent merely because it has been voted.”

Similarly, Paragraph 603(1) of the FR (2009) states: “All vouchers shall contain full particulars of each service such as dates, numbers, quantities, distances and rates, to enable them to be checked without reference to any other documents and will invariably be supported by relevant documents such as local purchase orders, invoices, special letters of authority, time sheets, etc.”

The Auditor-General warned that the inherent risk in such undocumented transactions includes the diversion and misappropriation of public funds, attributing the anomalies to weaknesses in the NNPCL’s internal control system.

In its defense, NNPCL management claimed that the London office operates as a service unit with an approved annual budget of £14.3 million, which was executed in line with operational and financial requirements.

The management argued that: “While the audit findings raise concerns about unaccounted expenditures, it is important to note that details of specific transactions or line items under scrutiny were not provided. Without specific references or documentation requirements, it is challenging to provide tailored evidence or clarity of particular expenditure.”

The NNPCL asserted that detailed records for personnel costs, fixed contracts, and other operational expenditures exist and could be made available upon request.

The NNPCL said: “These records can be made available upon request for audit review to verify compliance with financial regulations and ensure alignment with due process and economy.

“The NNPC remains committed to maintaining and strengthening internal control systems across all units, including the London Office, to ensure transparency, compliance with financial regulations and the prevention of anomalies in expenditure management.”

However, the Auditor-General deemed the response unsatisfactory, stating that the findings remain valid until management implements the recommendations.

According to Premium Times, the report directed the Group Chief Executive Officer (GCEO) to: Recover and remit the full sum of £14.3 million to the national treasury; If the amount is not recovered, sanctions relating to irregular payments and failure to account for public funds, as specified in paragraphs 3106 and 3115 of the Financial Regulations (2009), should apply.

The NNPCL is simultaneously facing probes over other financial irregularities detailed in the same audit report, including: Over $51 million in questionable settlements; Approximately N684 million in questionable expenditures on abandoned projects and irregular procurements; A Senate probe over N210 trillion allegedly unaccounted for between 2017 and 2023.

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JUST IN: Malami releases Salami report indicting EFCC chairman

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Former Attorney-General of the Federation, Abubakar Malami, mhas released excerpts of the Justice Ayo Salami judicial commission of inquiry report which he says indict the chairman of the Economic and Financial Crimes Commission (EFCC), Ola Olukoyede.....TAP TO CONTINUE READING

In a statement issued on Tuesday by Mohammed Bello Doka, his media aide, Malami said chapter nine of the Salami report shows a clear conflict of interest that makes the EFCC chairman’s continued involvement in matters relating to him untenable.

Malami said the Salami judicial commission of inquiry was established under his supervision to investigate allegations of corruption and abuse of office within the EFCC.

He said the current EFCC chairman served as secretary to the commission at the time.

According to the statement, chapter nine of the report examined the conduct and responsibilities of senior EFCC officials and created personal and professional exposure for individuals now exercising prosecutorial authority over Malami.

Malami said the EFCC’s actions against him could not be reasonably interpreted as neutral law enforcement but amounted to a personal vendetta rooted in unresolved issues arising from the report.

He said the law on recusal is settled and is based on the test of reasonable apprehension of bias rather than proof of actual malice.

Malami said any reasonable observer aware of the circumstances surrounding chapter nine of the Salami report would conclude that he cannot receive an impartial investigation under the current leadership of the EFCC.

The former AGF accused the commission of violating his fundamental rights through unlawful restrictions on liberty and denial of fair hearing.

He also alleged a sustained trial by media through selective leaks and public commentary aimed at securing public condemnation before judicial determination.

Malami said the pattern of conduct by the EFCC reflects an attempt to criminalise lawful policy decisions taken while he was in office.

He said he is willing to submit himself to a neutral and independent investigative process and to face trial only before a court of competent jurisdiction.

Malami demanded the immediate recusal of the EFCC chairman from all matters relating to him.

“This is not a personal dispute; it is a constitutional issue. If the EFCC is allowed to function as an instrument for the settlement of personal scores and grievances, then the rule of law itself is imperilled.

“Abubakar Malami, SAN, will continue to insist on justice according to law and due process, not persecution by power,” the statement said.

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2026 World Cup: Trump’s fresh visa restriction to affect Nigerians

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President Donald Trump’s fresh visa restrictions is set to affect Nigerians who are planning to travel to the US for the 2026 World Cup.....TAP TO CONTINUE READING

On Tuesday, Trump signed a Proclamation which restricts entry to the United States for citizens of countries deemed high-risk due to “demonstrated, persistent, and severe deficiencies in screening, vetting, and information-sharing” that threaten U.S. national security and public safety.

Nigeria is among the 15 additional countries now subject to partial restrictions.

This means that Nigerians with Immigrants and Non-Immigrants visas in the categories of B-1, B‑2, B-1/B-2, F, M, and J visas are hereby suspended.

Officials at the American Embassy have also instructed to reduce the validity for any other Non-Immigrant visas that have already been issued to Nigerians.

Another reason for the decision of the American government is the fact that some Nigerians overstay their visas when they visit the US.

This comes amid reports that the Super Eagles could possibly still play at next year’s World Cup if their appeal to FIFA questioning the eligibility of some DR Congo players is successful.

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Nigeria Set To Buy 24 Italian Fighter Jets In €1.2billion Deal, Biggest Purchase In West Africa – Report

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Business Inside Africa reported on Tuesday that the agreement was reached with Italian aerospace and defence giant, Leonardo S.p.A., as part of Nigeria’s expanding military modernisation programme aimed at strengthening the Nigerian Air Force.....TAP TO CONTINUE READING

Nigeria has moved to significantly boost its air power with the acquisition of 24 M-346FA light fighter aircraft from Italy in a deal estimated at €1.2 billion, marking the largest single purchase of military jets by any country in West Africa.

Business Inside Africa reported on Tuesday that the agreement was reached with Italian aerospace and defence giant, Leonardo S.p.A., as part of Nigeria’s expanding military modernisation programme aimed at strengthening the Nigerian Air Force.

Beyond the delivery of the aircraft, the deal includes maintenance, logistics and long-term technical support, a move analysts say signals the Nigerian government’s intention to sustain combat readiness rather than rely on short-term military upgrades.

The purchase follows earlier approval by the Federal Executive Council for a $618 million borrowing plan to finance the acquisition of the Italian-made M-346 attack jets and associated munitions.

The latest procurement comes as Nigeria continues to grapple with deepening internal security crises, including a protracted jihadist insurgency in the North-East, worsening banditry in the North-West, and persistent communal violence in the Middle Belt.

These conflicts have placed enormous pressure on government resources, displaced millions of citizens and severely disrupted economic activities across large swathes of the country.

Security officials believe the M-346FA jets would enhance aerial surveillance, close air support and precision strike capabilities, giving the military greater operational flexibility in its fight against insurgent and criminal groups.

Nigeria’s growing military footprint is also unfolding against a fragile regional backdrop.

Recently, Nigerian troops were deployed to neighbouring Benin following an attempted coup in which mutinous soldiers briefly seized key locations in Cotonou.

The deployment, carried out at the request of Benin’s authorities and approved by the Nigerian Senate, reportedly helped restore constitutional order and underscored Abuja’s readiness to project military power beyond its borders amid rising political instability and military takeovers across parts of West Africa.

Observers say the choice of Italy as a major defence supplier reflects a strategic shift in Nigeria’s arms procurement policy.

By turning to Italian manufacturers, Nigeria appears to be seeking more modern equipment, competitive pricing and stronger after-sales support, while gradually reducing its dependence on traditional arms suppliers such as the United States, Russia and China.

The massive arms purchase, however, is likely to reignite debates over government spending priorities at a time when Nigerians continue to face severe economic hardship, rising debt and worsening social conditions.

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