latest
“Oil Revenue Shake-Up: Stakeholders Speak Out As Tension Hits NNPCL”.
Energy experts and petroleum industry stakeholders have offered recommendations to President Bola Ahmed Tinubu following the issuance of Executive Order 09, which directs all oil revenues to be remitted into the federation account.....KINDLY READ THE FULL STORY HERE▶
News reports that the directive, announced last Wednesday by the President’s spokesman, Bayo Onanuga, has caused unease within Nigeria’s oil sector.
The order halts two revenue streams previously retained by the Nigerian National Petroleum Company Limited (NNPCL): the 30 percent management fee on profit oil and gas, and the Frontier Exploration Fund. It also mandates that gas flaring penalties and other income sources of the state-owned company be redirected to the federation account.
According to the Federal Government, the move is expected to boost the federation account by around ₦14 trillion while enhancing transparency in the operations of the national oil company.
However, the executive order has sparked debate among industry stakeholders, especially regarding its compatibility with the Petroleum Industry Act (PIA) 2021. The directive has also reportedly created uncertainty within NNPCL’s leadership about its operational future.
Last week, Festus Osifo, President of the Petroleum and Natural Gas Senior Staff Association of Nigeria (PENGASSAN), called on President Tinubu to revoke the order, warning that it could undermine the PIA and deter investors.
Contrastingly, energy expert and Professor Emeritus of Petroleum Economics, Wumi Iledare, criticized PENGASSAN’s position, noting that the union was directing its advocacy in the wrong way. He acknowledged that some provisions of the order overlap with the PIA but highlighted its broader potential benefits.
The Presidency, through Bayo Onanuga, defended the executive order on Monday, insisting that it is fully consistent with the Nigerian Constitution.
In separate interviews with DAILY POST, energy expert Tim Okon, Managing Partner of TENO Energy Resources Limited, and Billy Gillis-Harry, President of the Petroleum Products Retail Outlets Owners Association of Nigeria, advised that the next step should involve engaging the National Assembly to amend the PIA.
Dr. Okon explained that legislative action would be a more appropriate path than relying solely on an executive order.
“But I would actually state that if the aim is to amend a law, it should go through the National Assembly. They draft and amend laws, so the proper way to make changes to the PIA is via legislative amendment rather than executive orders,” he said.
Gillis-Harry described the order as a preliminary step toward legislative reforms of the PIA.
“This is one of the steps. Executive Order 09 will catalyze the process of removing critical and harmful provisions of the PIA through the National Assembly. I am optimistic because it shows that the President is recognizing what has gone wrong in Nigeria,” he said.
He also highlighted long-standing issues of unremitted and missing oil revenues, noting that publicly available reports reveal staggering financial losses over the years.
“If you search for ‘stolen money’ or ‘missing money in Nigeria,’ you’ll be shocked by the billions and trillions that were never remitted,” he added.
DAILY POST reports that NNPCL, under Managing Director Bayo Ojulari, has yet to account for ₦210 trillion flagged as unremitted funds in audited statements covering 2017 to 2023—a matter previously raised by the Senate Committee on Public Accounts chaired by Aliyu Wadada.
latest
Police Arrest NSCDC Officer With Pistol, 17 Bullets At Abuja Kubwa Market.
An officer of the Nigeria Security and Civil Defence Corps (NSCDC) has been arrested for allegedly firing gunshots into the air during a confrontation with traders at Kubwa Market in Abuja.....KINDLY READ THE FULL STORY HERE▶
The officer, identified as Onoja Samuel, reportedly arrived at the market armed with a pistol following allegations that some traders had assaulted his wife.
The Federal Capital Territory (FCT) Commissioner of Police, Ahmed Mohammed Sanusi, disclosed the incident while addressing journalists at the command on Wednesday, Naija News reports.
Sanusi said the police received a distress call from Kubwa Market, located in the Bwari Area Council, reporting that a man was shooting into the air.
Following the report, officers attached to the Kubwa Police Division were deployed to the scene, where they arrested the suspect.
According to the police commissioner, preliminary investigations revealed that Samuel holds the rank of Deputy Superintendent of Corps (DSC) in the NSCDC.
He explained that the officer allegedly fired several shots during an argument with the traders.
“During the ensuing argument with the traders, Onoja Samuel, who is a DSC with the NSCDC, fired several shots into the air,” Sanusi said.
The police recovered a CZ pistol and 17 rounds of live 9mm ammunition from the suspect.
Sanusi added that Samuel remained in police custody and would be charged in court upon the conclusion of investigations.
The commissioner also urged personnel of other security agencies operating in the FCT to exercise restraint and notify the police divisions responsible for their areas before conducting authorised operations.
He stressed that effective coordination among security agencies was essential to preventing confrontations and maintaining peace across the territory.
latest
‘We Don’t Want Another Mohbad Case’ – Laolu Gbenjo Speaks On Toluwanisings.
Nigerian gospel singer Laolu Gbenjo has cautioned the public against spreading unverified information about the circumstances surrounding the death of his colleague, Bayonile Bolaji, popularly known as Toluwanisings.....KINDLY READ THE FULL STORY HERE▶
Gbenjo’s warning comes amid growing controversy surrounding the late singer’s death and burial arrangements, with reports of disagreements among members of his family.
The gospel singer spoke on Tuesday during a night of tributes held in honour of Toluwanisings in Ibadan, Oyo State. He warned against allowing the situation to degenerate into a controversy similar to the one that followed the death of Nigerian singer Mohbad.
Describing the deceased as a devoted Christian and a genuine servant of God, Gbenjo said Toluwanisings was passionate about his faith and had a good relationship with people.
He urged the public to stop fuelling unnecessary controversy over the late singer’s death, particularly through social media platforms such as TikTok and Instagram.
“You can never see Toluwani in the midst of jobless people. He had a good heart. He was a friend to everybody. He served the Lord with all his heart. Don’t turn Toluwani into Mohbad. That madness on TikTok and Instagram must stop. If you are jobless, go and look for a job,” Gbenjo said.
Meanwhile, comedians Ayobami Ajewole, popularly known as Woli Agba, and Olamide Oladimeji, also known as Dele Omo Woli, have threatened legal action against individuals allegedly linking them to Toluwanisings’ death.
Woli Agba disclosed this in a public notice shared on his Instagram page on Sunday.
In the notice issued by their solicitors, Gemgold, the comedians warned members of the public against publishing or circulating allegations they described as false and defamatory against them.
The legal notice maintained that the allegations were baseless and intended to damage the reputations of the two entertainers.
latest
El-Rufai’s ₦1bn Legal Battle Takes New Turn As Court Fixes Judgment Date.
The Federal High Court in Abuja has fixed December 2, 2026, for judgment in the ₦1 billion fundamental rights suit filed by former Kaduna State Governor, Nasir El-Rufai, against the Independent Corrupt Practices and Other Related Offences Commission (ICPC) and other respondents.....KINDLY READ THE FULL STORY HERE▶
Justice Joyce Abdulmalik set the date after lawyers representing the parties adopted their respective court processes.
However, El-Rufai’s lawyer was absent when the case was initially called. The judge subsequently deemed the former governor’s filed processes adopted.
Counsel to the ICPC, Abdul Mohammed (SAN), adopted the commission’s court processes and urged the judge to dismiss the suit in its entirety.
Similarly, the lawyer representing the Inspector-General of Police, ACP Ezekiel Rimamsomte, and Maimuna Lami-Shiru, Director of Civil Litigation and Public Law, who appeared on behalf of the Attorney-General of the Federation (AGF), adopted their respective processes and asked the court to dismiss the case.
During the proceedings, El-Rufai’s lawyer, Ubong Akpan, arrived in court and apologised for his lateness.
When Akpan sought the court’s permission to adopt his client’s processes, Justice Abdulmalik informed him that the documents had already been deemed adopted.
The judge subsequently adjourned the matter until December 2, 2026, when judgment is expected to be delivered.
-
latest1 year ago“Social Media Erupts As Jim Iyke Declares Rita Dominic Nollywood’s Most Beautiful”
-
latest3 years agoEdo Political Showdown: Oshiomhole Appears At Presidential Villa As Tinubu Hands APC Gubernatorial Flag To Okpebholo (Photos & Video)
-
entertainment3 years agoLove Knows No Age American Woman Defends Marriage To Young Nigerian Man “I’m Not 70”
-
latest3 years agoOlumide Akpata Strikes Again: Drops Killer Track, Sends Edo State Into Frenzy!(Video)
-
Politics3 years agoNigerians React As Pastor Adeboye Foresees Passing Away On A Sunday After Enjoying A Satisfying Meal Of Pounded Yam
-
latest3 years agoFG Identifies 31 States At Risk Of Heavy Flooding In 2024: See Full List
-
Politics3 years agoBREAKING: Inspector-General Of Police Summons Top Police Commanders For Crucial-Security Challenges
-
latest3 years ago5 NYSC Corpers Perish In Fatal Road Accident Returning From Camp
