$9.3bn loss: NIMASA DG faces arrest over $5m legal fee – Newstrends
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$9.3bn loss: NIMASA DG faces arrest over $5m legal fee

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3 years ago

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The Director-General of the Nigerian Maritime and Safety Agency, Dr Bashir Jamoh, faces arrest for allegedly paying $5 million to a legal firm as a professional fee for the recovery of a $9.3bn loss.

The Senate Panel on Public Accounts on Sunday ordered the arrest of the NIMASA DG.
The $5m was paid for the intelligence-based tracking of a global movement of Nigerian hydrocarbon and recovery of loss by the Federal Government of Nigeria in the sum of $9.3bn between 2013 and 2014.
The Chairman of the committee, Senator Matthew Urhogbide, at a briefing on Sunday, was furious with the agency over the failure of NIMASA to appear before the panel, saying that the panel had no other option than to issue a warrant of arrest on the DG of NIMASA.
He said, “We have invited NIMASA up to three times, but they have failed to honour our invitations. This committee has no other option than to issue a warrant of arrest against the Director General of the agency. They can come to the National Assembly for fund appropriation, but when it is time to give account they will be nowhere to be found.
“The committee had invited NIMASA up to three times for the explanation on the payment of $5 million as professional fee and details of $9.3bn loss by the Federal Government, but the agency declined the invitation.”
The Auditor General’s report seen by our correspondent revealed that all efforts by the Auditor General of the Federation to get the details of the $9.3bn loss by the Federal government for thorough scrutiny were not granted by NIMASA.
According to AuGF report, the money was paid from Zenith Bank (UK)’s dollar account.
The query read, “Audit observed that the agency engaged the service of a legal firm through a letter with reference number NIMASA/DG/KP/2014/001, dated 24th January 2014 for the intelligence-based tracking of a global movement of Nigerian Hydro-Carbon and recovery of loss by the Federal Government of Nigeria in the sum of $9.3bn between 2013 and 2014, with a start-off cost of $5m and five per cent of all sums recovered.
“Payment instruction with reference number NIMASA/2007/DFS/WJ/5.500/VOL.11/341 dated April 2014 showed that the firm was paid the sum of $4,523,809.52 (Four million five hundred and twenty-three thousand eight hundred and nine dollars fifty-two cents only) net as professional fees from Zenith Bank (UK) Dollar account.
“The naira equivalent of this amount was N741,904,761.28 at an exchange rate of N164 to a dollar as of that date.
“No evidence of recovery of either part or the entire sum of the 9.3 Billion US Dollars was presented at the time of the periodic check-in in February 2018, despite the huge amount of money already paid to this effect.
“It is instructive to note that details of the transaction leading to the loss of $9.3bn to the Federal Government which only came to audit attention through the review of the letter from the agency to the legal firm so as to ascertain what could have transpired, resulting in such a huge loss were not presented for audit.”
“Ordinarily, the firm should have deducted its fees from the amounts recovered for the FGN, and not receive fees in advance in lieu of the recoveries.
It added, “Audit is concerned that payments were made for service not rendered and this may be a deliberate attempt to divert government funds for personal use.
“The Director-General is required to justify the payment for service not rendered, failing which the sum of N741,904,761.28 should be recovered from the legal firm and paid into the CRF, forwarding evidence of payment to the Public Account Committees of the National Assembly and to the Office of Auditor-General for the Federation for verification. Sanctions stated in FR 3104 should apply. He is also required to provide details of the transaction(s) leading to the loss of 9.3 Billion US Dollars for thorough scrutiny.”

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CBN posts $23bn net FX reserve, strongest in three years

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20 hours ago

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April 2, 2025

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CBN Governor, Olayemi Cardoso

CBN posts $23bn net FX reserve, strongest in three years

The Central Bank of Nigeria (CBN) has achieved its strongest foreign exchange reserve position in over three years, posting an impressive $23.11 billion in net reserves at the end of 2024.

The development signals a robust recovery and enhanced financial stability for the country’s economy. It also reflects a substantial improvement in the country’s external liquidity, reduced short-term obligations, and renewed investor confidence.

According to the CBN, NFER (Net foreign exchange reserve) stood at $23.11 billion, a marked increase from $3.99 billion at year-end 2023, $8.19 billion in 2022, and $14.59 billion in 2021. NFER, which adjusts gross reserves to account for near-term liabilities such as FX swaps and forward contracts, is widely regarded as a more accurate indicator of the foreign exchange buffers available to meet immediate external obligations.

Gross external reserves also increased to $40.19 billion, compared to $33.22 billion at the close of 2023.

The increase in reserves reflects a combination of strategic measures undertaken by the CBN, including a deliberate and substantial reduction in short-term foreign exchange liabilities – notably swaps and forward obligations. The strengthening was also spurred by policy actions to rebuild confidence in the FX market and increase reserve buffers, along with recent improved foreign exchange inflows – particularly from non-oil sources.

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The result is a stronger and more transparent reserves position that better equips Nigeria to withstand external shocks. The expansion occurred even as the CBN continued to reduce short-term liabilities, thereby improving the overall quality of the reserve position.

“This improvement in our net reserves is not accidental; it is the outcome of deliberate policy choices aimed at rebuilding confidence, reducing vulnerabilities, and laying the foundation for long-term stability,” Governor of the Central Bank of Nigeria, Olayemi Cardoso, commented. “We remain focused on sustaining this progress through transparency, discipline, and market-driven reforms.”

Reserves have continued to strengthen in 2025. While the first quarter figures reflected some seasonal and transitional adjustments, including significant interest payments on foreign-denominated debt, underlying fundamentals remain intact, and reserves are expected to continue improving over the second quarter of this year.

Going forward, the CBN anticipates a steady uptick in reserves, underpinned by improved oil production levels, and a more supporting export growth environment expected to boost non-oil FX earnings and diversify external inflows.

The CBN remains committed to prudent reserve management, transparent reporting, and macroeconomic policies that support a stable exchange rate, attract investment, and build long-term resilience.

 

CBN posts $23bn net FX reserve, strongest in three years

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Petrol: Dangote refinery resumes loading trucks after payment

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2 days ago

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April 1, 2025

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Petrol: Dangote refinery resumes loading trucks after payment

Dangote Petroleum Refinery has resumed loading of the Premium Motor Spirit, PMS, also known as petrol on trucks for oil marketers.

With the suspension of Naira for crude programme, rising price of crude oil and foreign exchange issues, the 650,000 barrels per day, bpd refinery stopped loading of trucks, based on Naira.

While loading by ships on dollar basis continued, the $20 billion refinery requested oil marketers, having an arrangements with it to “top up” payment so they can be supplied petrol.

However, checks by Vanguard indicated that many companies, including MRS Oil & Gas, which complied, were being loaded at N880 per litre, yesterday.

A reliable industry source, who confirmed the development, said: “Loading by trucks has commenced for oil marketing companies, which have added more monies.”

Meanwhile, petrol prices have risen across the country, with new pump and depot prices reaching up to N960 per litre and N900 per litre, according to the latest price list, obtained from MRS Oil and Gas.

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The adjustments, which became effective from March 28, 2025, indicated higher prices across major cities, with Lagos having the lowest rates and northern states recording the highest.

In Lagos, petrol will sell for N930 per litre, while states in the South West, including Ogun, Oyo, Osun, Ekiti, Kwara, and Ondo, will pay N940 per litre.

Also, in the South South and South East regions, including Edo, Abia, Akwa Ibom, Bayelsa, Rivers, Cross River, and Enugu, the product would be sold at N960 per litre.

In Abuja, Kaduna, Benue, Kogi, Niger, Sokoto, Kebbi, and Nasarawa will pay N950 per litre, while Zamfara, Kano, Jos, Bauchi, Taraba, Adamawa, Borno, Katsina, Jigawa, Gombe, and Yobe will pay N960 per litre.
The naira-for-crude arrangement was originally designed to enhance domestic fuel supply, curb import costs, and stabilise pump prices.

Under the scheme, Dangote Refinery has received 48 million barrels of crude oil in naira since October 2024, with an overall supply of 84 million barrels since it began operations in 2023.

Meanwhile, in a report obtained from its website, the Dangote Petroleum Refinery stated that “The Refinery will meet 100% of the Nigerian requirement of all refined products and also have a surplus of each of these products for export.

“Dangote Petroleum Refinery is a multi-billion-dollar project that will create a market for $21 Billion per annum of Nigerian Crude. It is designed to process Nigerian crude with the ability to also process other crudes.”

 

Petrol: Dangote refinery resumes loading trucks after payment

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CFAO subsidiary LOXEA unveils BYD electric vehicles in Nigeria

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2 days ago

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March 31, 2025

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Left to Right: Pierre Touloute, CFAO Group BYD brand Manager; Gbenga Oyebode, Chairman, CFAO Nigeria; Folasade Ambrose, Commissioner for Trade, Commerce and Investment, Lagos State; Mehdi Slimani, Managing Director, LOXEA Nigeria and Ramy Yao, BYD Sales Director, Africa and Middle East during the launch of BYD Electric vehicles in Lagos, by CFAO Mobility Nigeria held in Ikoyi, Lagos... Friday, March 28, 2025

CFAO subsidiary LOXEA unveils BYD electric vehicles in Nigeria

A subsidiary of CFAO Mobility, LOXEA Nigeria, has introduced the BYD brand of electric vehicles to the Nigerian market.

LOXEA has thus become the pioneer in bringing the renowned electric vehicles (EVs) manufactured by BYD (Build Your Dreams) into the country.

BYD is a high-tech multinational company and the world leader in electric and plug-in hybrid vehicles.

“As a Fortune Global 500 enterprise, BYD relentlessly innovates to create a sustainable future,” said the automaker.

“In November 2024, BYD becomes the first company in the world to achieve the milestone with the roll-off of its 10-millionth NEV.

“BYD achieves 4.27 million new energy vehicle sales in 2024, claiming the global sales champion in the third consecutive year.”

Managing Director of LOXEA Nigeria, Mr. Mehdi Slimani, stated, “We are proud to distribute this type of electric vehicle and all its associated services.

“Our upcoming showroom in Victoria Island, Lagos will be a place dedicated to the discovery of BYD vehicles, combining modernity, comfort, and economy of use. “It is very important for CFAO Mobility in Nigeria to participate in this way in the country’s energy transition and support our customers who wish to make the switch to electric.”

Chief Executive Officer of CFAO Mobility, Marc Hirschfeld, spoke on the importance of this launch for both the company and the country, saying, “BYD is one of the world’s leading manufacturers of electric vehicles, with a level of innovation know-how that now matches the expectations of our markets in Africa.

“A whole new ecosystem has to be designed around mobility in African cities.

“This applies not only to individual and corporate customers, but also to stakeholders including urban public transport networks and government agencies.

LOXEA specialises in providing innovative mobility solutions across Africa.

With a commitment to sustainability and excellence, it delivers high-quality mobility services, from electric vehicle leasing to fleet management and infrastructure support.

LOXEA is a leading player in innovative mobility solutions in Africa, offering clients a range of 100% electric vehicles from BYD.

As a pioneer in the deployment of electric vehicle solutions across the continent, LOXEA is bringing to Nigeria a comprehensive suite of services associated with electric vehicles.

This includes the installation of electric charging stations, vehicle maintenance, repair services, and the provision of spare parts.

In addition to providing an inaugural charging station at the upcoming LOXEA Victoria Island showroom, the company is also offering an adaptable solution that allows customers to charge their EVs conveniently at home.

The company says more information on this can be obtained from its website: https://www.byd-nigeria.com/ .

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