Nigeria Times

***Lauds Reforms on Transparency, Improved Crude Production

The Coalition of Civil Society for Transparency in the Extractive Industry (CCSTEI) has highly commended the Group Chief Executive Officer (GCEO) of the Nigerian National Petroleum Company Limited (NNPC Ltd), Engr. Bashir Bayo Ojulari, for his transformative leadership in Nigeria’s oil and gas sector.

Speaking at a press conference in Abuja. the coalition’s National Coordinator, Dr. Agabi Emanuel praised Ojulari’s bold reforms that have enhanced transparency, boosted operational efficiency, and driven significant improvements in crude oil production.

The CCSTEI highlighted that since Ojulari’s appointment in April 2025, NNPC Ltd has shifted from longstanding perceptions of opacity and inefficiency to a more commercially driven and accountable entity.

Key achievements noted include the consistent publication of monthly performance reports, which have fostered real-time stakeholder oversight.
Financially, the coalition applauded the company’s 2024 audited results, which showed a record revenue of ₦45.1 trillion and a profit after tax of ₦5.4 trillion – marking a 64% year-on-year growth in profit.

On the production front, the group celebrated the milestone reached by NNPC Exploration and Production Limited (NEPL), the company’s upstream subsidiary, which hit a daily crude oil output of 355,000 barrels on December 1, 2025 – the highest in 36 years.

This contributed to an average daily production increase of 52%, from 203,000 barrels per day in 2023 to 312,000 barrels per day in 2025.

The statement also acknowledged ongoing investments in gas infrastructure, including progress on projects like the Ajaokuta-Kaduna-Kano (AKK) pipeline, Escravos-Lagos Pipeline System (ELPS), and Obiafu-Obrikom-Oben (OB3) pipeline, aimed at achieving ambitious targets of 10 billion cubic feet per day by 2027 and 12 billion by 2030.

While recognizing persistent challenges such as lingering public skepticism, oil theft, and global energy transitions, the CCSTEI called for continued support for Ojulari’s leadership.

It recommended further enhancements in public engagement, third-party audits, anti-corruption measures, local content development, and alignment with energy transition goals.

Concluding the appraisal, Dr. Emanuel stated: “Bashir Bayo Ojulari and his team for restoring confidence in NNPC Limited after many challenging years.

“You have proven that visionary leadership, coupled with accountability and performance excellence, can redefine an institution for the better. We charge you to soldier on undeterred.

“The Nigerian people are watching, and with your continued resolve, NNPC Limited will not only drive economic prosperity but also serve as a beacon of transparent governance in Africa.”

A group of inter-faith religious leaders from northern Nigeria, styling themselves as the Concerned Northern Inter-Faith Clergy for Peace, has urgently called on President Bola Tinubu to order the immediate arrest and prosecution of former governors Attahiru Bafarawa of Sokoto State and Ahmed Sani Yerima of Zamfara State.

The clerics led by Bishop Sunday Bawa in a press conference in Abuja alleged that the two ex-governors bear responsibility for laying the foundations of the rampant banditry terrorising the North-West region.

The appeal, issued in a strongly worded statement during the Yuletide season, references a widely circulated video released earlier this month by notorious bandit kingpin Bello Turji.

In the video, Turji accused Bafarawa and Yerima of seizing and selling vast grazing reserves designated for herders and arming vigilante groups, known as Yan Banga, which he claimed targeted and killed Fulani communities.

These actions, Turji alleged, sparked ethnic tensions and cycles of reprisal attacks that escalated into the current wave of kidnappings, massacres, and cattle rustling.

“Even though Turji is a confessed terrorist… we cannot ignore his words,” the clergy said in statement signed by Imam Sheikh Yusuf Sarki, Bishop Pius Dauda and 10 others.

The group emphasised that the allegations point to deep-rooted issues of land dispossession and armed vigilantism that allowed criminal gangs to evolve into the “monsters” now plaguing the region.

The inter-faith body, comprising imams, pastors, bishops, and other spiritual leaders, expressed solidarity with bereaved families who have also petitioned President Tinubu for an investigation into the claims.

These families, many of whom have lost loved ones to bandit attacks, described the president as their “last hope” for justice after local efforts yielded no results.

Bawa highlighted the devastating toll of banditry, describing it as an “unfolding genocide.”

They cited figures indicating over 13,485 deaths from banditry between 2010 and May 2023, with at least 2,266 killed in the first half of 2025 alone—surpassing the total for all of 2024.

Reports from bodies like Amnesty International and the National Human Rights Commission document thousands kidnapped, injured, or displaced, while economic losses run into trillions of naira due to disrupted farming, trade, and ransoms.

The statement criticised responses from Bafarawa and Yerima as “empty echoes” and denials, noting that the former governors claimed no significant banditry existed when they left office in 2007 and questioned the timing of the accusations.

“Time heals no guilt,” the clerics retorted, arguing that evasion only fuels suspicion and impunity.
In a direct Yuletide appeal to President Tinubu, the group urged him to “immediately direct the arrest and prosecution” of the two former governors for “alleged acts that laid the foundations of this terror.”

They further called for a transparent, independent probe—possibly with international oversight—into the allegations, alongside measures to address root causes like poverty and land disputes.

Nigeria’s drive toward stronger financial accountability and institutional transparency took centre stage as the Financial Reporting Council of Nigeria (FRC) engaged civil society leaders and accountability stakeholders at the 2nd Edition of the Roundtable Engagement on Strengthening Nigeria’s Financial Integrity Framework.

The high-level forum, organised by the New Era for Sustainable Leadership and Accountability Initiative (NESLAI), brought together regulators, reform advocates, and civil society organisations in a strategic dialogue aimed at reinforcing trust, credibility, and ethical leadership within Nigeria’s financial system.

Speaking on behalf of the Executive Secretary and Chief Executive Officer of the FRC, Dr. Rabiu Olowo, Mr. Titus Osawe, Coordinating Director, Directorate of Corporate Governance and Directorate of Inspection and Monitoring, outlined the Council’s expanding regulatory mandate, recent achievements, and emerging challenges.

Mr. Osawe reaffirmed the FRC’s commitment to building a resilient economy anchored on credible financial reporting, sound corporate governance, and sustainability disclosures. He explained that the Council operates on two critical pillars: financial reporting standards, covering accounting, auditing, valuation, and actuarial practices; and non-financial reporting, which includes sustainability and corporate governance.

According to him, the development and enforcement of standards, codes, and regulations remain central to the FRC’s mandate, alongside ensuring strict compliance by regulated entities and professionals.

A major highlight of the engagement was the FRC’s evolving enforcement framework, particularly the implementation of FRC Rule 14 on Non-Compliance with Laws and Regulations (NOCLAR), scheduled to take effect from January 1, 2025. The rule expands the responsibilities of external auditors, requiring them to proactively identify, assess, and respond to both direct and indirect non-compliance issues that may materially affect financial statements.

The Council noted that the new rule closes long-standing regulatory gaps, strengthens investor protection, and enhances public confidence in audited financial reports. It further warned that financial statements signed with invalid FRC registration numbers or unresolved compliance issues would no longer be accepted, while auditors who fail to confirm compliance risk sanctions under the Council’s inspection and monitoring framework.

Mr. Osawe also disclosed that the FRC has fully operationalised its seven statutory directorates, including the Valuation Standards Directorate and the Actuarial Standards Directorate, which were recently activated. As part of this progress, the Council issued a Valuation Regulation and embarked on nationwide advocacy engagements across Lagos, Abuja, Owerri, and Kano, targeting estate valuers, engineers, quantity surveyors, and other valuation professionals to deepen understanding and compliance.

Addressing the Small and Medium Enterprises (SMEs) sector, Mr. Osawe described it as a critical pillar of Nigeria’s economy, noting that SMEs account for over 40 million entities, employ nearly 80 percent of the workforce, and contribute about 50 percent to GDP. He explained that the FRC introduced a Code of Corporate Governance for SMEs to address structural weaknesses that often limit business sustainability.

In addition, the Council rolled out free training programmes on International Financial Reporting Standards (IFRS) for SMEs, targeting both business owners and auditors. He stressed that all SME-focused engagements are provided at no cost, as part of the FRC’s developmental responsibility.

On sustainability reporting, the FRC highlighted Nigeria’s early and comprehensive adoption of the IFRS Sustainability Standards S1 and S2. Mr. Osawe disclosed that Nigeria’s sustained advocacy and sector-by-sector engagement earned the country international recognition from UNCTAD-ISAR, a United Nations body, for advancing sustainability reporting beyond regional benchmarks.

Welcoming participants, Comrade Edwin Olorunfemi, Executive Director of NESLAI, described the roundtable as a defining moment in Nigeria’s accountability journey, stressing that ethical financial systems are fundamental to sustainable development and global competitiveness.

“When financial systems fail, trust erodes, institutions collapse, and hope is weakened. But when financial integrity is protected, nations rise,” he stated, commending the FRC for its consistency in promoting ethical standards across both public and private sectors.

While acknowledging progress, the FRC also raised concerns over resistance from some regulated entities and limited public understanding of its mandate. Mr. Osawe called on civil society organisations to strengthen advocacy efforts, noting that credibility, transparency, and trust cannot be achieved by regulators alone.

In his closing remarks, Comrade Richard Otitoleke, Programme Coordinator of NESLAI, urged participants to translate dialogue into concrete action. He reaffirmed the commitment of NESLAI and allied civil society organisations to supporting the FRC in advancing accountability reforms and protecting Nigeria’s financial future.

As the roundtable concluded, stakeholders agreed that Nigeria cannot build a resilient economy without clean books, ethical leadership, and sustained collaboration between regulators and civil society, united in their resolve to place integrity at the centre of national development.

Any idea that the anti-open grazing law will be repealed is unrealistic.

Firstly, I will use dialogue and education.

I will deliberately engage all those who are directly concerned under the law to understand the importance of the law.

I will defend Benue people and no part of our land will be taken. The law does not preclude self-defence.

I will protect not just Benue people but anyone living here.

-Chief Michael Kaase Aondoakaa, SAN
” IVAANAYANGE I TIV”

….As Roundtable Reviews Achievements, Challenges and Prospects of Nigeria’s Financial Integrity Framework

Nigeria’s drive toward stronger financial accountability took centre stage as the Financial Reporting Council of Nigeria (FRC) and civil society leaders converged for the 2nd Edition of the Roundtable Engagement on Strengthening Nigeria’s Financial Integrity Framework, a high-level forum focused on the achievements, challenges, and future prospects of the FRC.

The engagement which was organised by the New Era for Sustainable Leadership and Accountability Initiative (NESLAI) on Tuesday in Abuja, brought together regulators, reform advocates, accountability champions, and civil society organisations in what participants described as a timely and strategic convergence aimed at rebuilding trust in Nigeria’s financial system.

At the heart of discussions was the FRC’s evolving regulatory role, particularly the enforcement of FRC Rule 14 on Non-Compliance with Laws and Regulations, which takes effect from January 1, 2025. The rule mandates stricter responsibilities for external auditors, requiring them to actively identify, assess, and respond to both direct and indirect non-compliance with laws and regulations that may affect financial statements. The Council noted that the new framework closes long-standing gaps that previously limited auditors’ obligations and, in doing so, strengthens investor protection and public confidence.

Welcoming participants, Comrade Edwin Olorunfemi, Executive Director of NESLAI, described the roundtable not as a routine policy dialogue, but as a defining moment in Nigeria’s accountability journey.

“This engagement is not merely another meeting; it is a strategic convergence of regulators, reform advocates, and accountability champions, united by a shared resolve to advance transparency, responsibility, and trust in Nigeria’s financial ecosystem,” he said.

Olorunfemi commended the FRC for its consistency in promoting ethical standards and sound financial reporting across both public and private sectors, stressing that Nigeria’s aspiration for sustainable development and global competitiveness rests on the integrity of its financial systems.

The roundtable critically examined persistent challenges undermining financial integrity, including inconsistent compliance across sectors, limited public understanding of financial reporting standards, and the rising complexity of economic crimes and financial misconduct. Participants agreed that these realities reinforce the need for a stronger, more structured partnership between regulators and civil society.

Underscoring the broader implications of financial integrity, Olorunfemi warned that failures in financial systems extend far beyond balance sheets.

“When financial systems fail, lives are affected, trust erodes, institutions collapse, and hope is weakened. But when financial integrity is protected, nations rise,” he stated.

The FRC, through its regulatory instruments and enforcement mechanisms, reiterated that financial statements signed with invalid FRC registration numbers or by entities with unresolved compliance issues would no longer be acceptable. The Council further emphasized that auditors who fail to confirm compliance before signing audit opinions risk sanctions under its inspection and monitoring guidelines.
Observers at the engagement described the collaboration between the FRC and civil society as the defining strength of the roundtable, symbolising two riders moving in the same direction: NESLAI driving civic vigilance and public accountability, and the FRC providing regulatory authority and enforcement, both aligned toward safeguarding Nigeria’s financial future.

In a closing remark, the Program Coordinator Comrade Richard Otitoleke, urged participants to translate dialogue into concrete action. He reaffirmed on behalf of NESLAI and allied civil society organisations, an unwavering commitment to supporting the FRC in fulfilling its mandate and protecting Nigeria’s financial future.

As the roundtable concluded, stakeholders agreed that Nigeria’s journey toward a resilient and transparent economy depends on sustained cooperation between regulators and civil society. two great riders, riding together, determined to place integrity at the centre of national development.

…..Calls for Policy on Domestic Schooling for Officials’ Children

The Civil Society Budget Implementation, Assessment, Monitoring and Evaluation Committee (CBIAMEC) has called on President Bola Ahmed Tinubu to take urgent action over corruption allegations leveled against the Chief Executive Officer of the Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA), Mr. Farouk Ahmed.

In a press statement signed by its representative, Amb. Agbonkpolor Splendor on Monday, the group expressed deep concern over claims made by Africa’s foremost industrialist and founder of the Dangote Group, Alhaji Aliko Dangote, alleging that the NMDPRA boss spent about five million United States dollars on secondary school education for his four children in Switzerland over a six-year period.

CBIAMEC said the allegation, which was reportedly made by Dangote during a media briefing at the Dangote Petroleum Refinery and Fertiliser Plant in Lekki, Lagos, raises serious ethical and integrity questions, particularly given Nigeria’s current economic challenges and widespread public distrust in governance.

The group noted that such expenditure appears inconsistent with the known earnings of a public servant, especially one heading a key regulatory agency in the petroleum sector. According to CBIAMEC, regulatory institutions are expected to operate at the highest standards of transparency and accountability, warning that any perception of personal enrichment could undermine public confidence and the credibility of the NMDPRA.

CBIAMEC also aligned with Dangote’s reference to his own children attending secondary schools in Nigeria, describing it as a moral example that highlights the possibility of quality education within the country when leaders are committed to strengthening local institutions.

Beyond the specific allegations, the civil society group called for the introduction of a clear national policy requiring children of government officials and political appointees to attend primary and secondary schools in Nigeria, except in clearly justified and transparent circumstances. It argued that such a policy would strengthen confidence in the nation’s education system, reduce capital flight through foreign school fees, encourage investment in local institutions, and promote patriotism and shared national responsibility.

On the allegations against the NMDPRA CEO, CBIAMEC urged President Tinubu to immediately relieve Mr. Ahmed of his position pending a full, independent, and transparent investigation. The group stressed that allowing officials facing serious allegations to remain in sensitive offices weakens Nigeria’s anti-corruption efforts.

According to the statement, decisive action by the President would reaffirm his administration’s commitment to accountability, restore public confidence, and send a strong signal that no public official is above scrutiny.

CBIAMEC reaffirmed its commitment to civic engagement, budget transparency, and the protection of public interest, adding that it would continue to monitor developments and engage relevant authorities to ensure accountability and justice.

…Accuse Dangote of Undermining Regulatory Independence

More than 50 civil society organisations (CSOs) have publicly defended the Chief Executive Officer of the Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA), Mr. Farouk Ahmed, dismissing corruption allegations attributed to the Chairman of Dangote Industries Limited, Mr. Aliko Dangote, as unsubstantiated.

The CSOs made their position known on Monday at a joint press conference in Abuja, where they described the allegations as lacking evidence and said they appeared aimed at discrediting the leadership of the NMDPRA amid regulatory decisions affecting Nigeria’s midstream and downstream petroleum sector.

Speaking on behalf of the coalition, the Convener, Comrade Ibrahim Bello—also National Coordinator of the Centre for Fiscal Transparency and Public Integrity (CFTPI)—said the organisations had reviewed the allegations and found no factual basis to support claims of corruption against the NMDPRA chief.

According to Bello, the coalition’s assessment showed that Ahmed’s tenure has focused on strengthening regulatory transparency, promoting competition, and ensuring compliance with the Petroleum Industry Act (PIA).

“Our review indicates that the leadership of the NMDPRA under Mr. Farouk Ahmed has prioritised fairness, efficiency and competition in the downstream sector, in line with the objectives of the Petroleum Industry Act,” Bello said.

The CSOs also addressed claims attributed to Dangote alleging that the NMDPRA CEO paid $5 million in school fees for his children in Switzerland. They said no verifiable evidence had been presented to support the allegation.

The coalition cautioned that making serious allegations through the media without following due process could undermine public confidence in regulatory institutions and affect ongoing reforms in the petroleum sector.

Several civil society leaders endorsed the position, including representatives of Citizens Watch for Good Governance, the Accountability and Democratic Values Initiative, the Nigerian Coalition Against Corruption and Waste, the Voice of Conscience Foundation, and other organisations from different regions of the country.

According to the CSOs, criticism directed at the NMDPRA leadership may be connected to the agency’s enforcement of regulatory standards and its resistance to practices perceived as capable of limiting competition in the downstream petroleum industry.

The coalition reaffirmed its commitment to transparency and accountability and urged individuals or corporate entities with grievances to pursue established legal and institutional channels rather than engaging in public accusations.

They called on Nigerians to exercise caution regarding unproven allegations, urged stakeholders in the petroleum sector to respect regulatory institutions, and appealed to the Federal Government to continue supporting the independence of regulatory agencies.

The CSOs concluded by expressing confidence in Ahmed’s leadership, stating that his actions have strengthened regulatory credibility, enhanced stakeholder confidence, and safeguarded the national interest in Nigeria’s midstream and downstream petroleum sector.