Business
Dollar Remittance: Presidency Wades Into CBN, NNPC ‘Feud’
The presidency has waded into the controversy raging between the Central Bank of Nigeria (CBN) and the Nigeria National Petroleum Corporation Limited (NNPC) over the dwindling fortune of the naira, Daily Trust gathered from reliable sources yesterday.
The CBN on Friday blamed the non-remittance of dollars to foreign reserves by NNPC as the reason for the plunge of the naira in the official and parallel markets.
At the time of the allegation, the naira traded for N700/$1 at the parallel market and N415.96/$1 at the official market.
But in what could be seen as contradicting the CBN claim, a document from the NNPC on Sunday showed that the company remitted a total of $2.7bn into its accounts with the CBN from January to June this year.
Financial experts and some Nigerians were taken aback at the counterclaims by the federal government institutions with some of them describing the development as “an embarrassment” to the country.
‘Controversy being resolved’
Although the spokesman for the CBN, Mr Osita Nwanisobi, was not immediately available for comments, some top officials of the apex bank said the presidency had waded into the matter.
One of them said, “As we speak, there is a meeting over this issue at the presidency to resolve the anomaly because the report that they (NNPC) remitted $2.7bn to the federation is misconceived as money to the government.
“The fund they remitted is not oil imports,” he said.
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According to him, “The money they remitted was not even up to the forex they require for the importation of white products and that was why they sought augmentation to meet the threshold.”
Another official said it was normal for the NNPC to have operational accounts with the CBN but that remittances into the FAAC were halted by NNPC Ltd for several months as it has been using the fund for the importation of petrol at a subsidised rate.
Daily Trust could not establish the identities of the people in the presidency discussing with leaders of the two establishments but it was learnt that “There was no big deal in the two versions of the story.”
A source said, “Both the CBN and the NNPC are meant to serve the public and we have a big problem at hand: the dwindling fortunes of the naira and the high cost of importing fuel for domestic consumption.
“While the CBN desperately needs the US dollar to stabilise the economy, the NNPC is equally battling hard to ensure that there is no relapse in fuel supply in the country. The two of them don’t want to be found wanting.
“But, of course, you know that failure has no father and this is basically why they are trying to shift the blame. Gladly, with the intervention of the presidency, the controversy will soon fizzle out,” he said.
Daily Trust found that so far, the NNPC had spent N1.1 trillion this year on petrol subsidy just as the government budgeted N4trn to cover petrol subsidy for the 2022 fiscal year ending May 2023.
Despite that, the agency had remitted some funds as explained by officials.
The remittance process
One of the CBN officials explained the remittance process that is generating controversy. The management official said: “What they (NNPC) sent so far in seven months this year is $1.6 million.
“CBN had to guarantee to give them additional funds so they can have enough forex for their imports.”
Further enquiries by this newspaper to top officials of CBN, NNPC Ltd and other agencies indicated that the remittance by the national oil company was funds meant for operations and not as accrued revenues to the government.
Before now, NNPC, a national oil corporation does business and remits oil sales proceeds to the Consolidated Revenue Fund (CRF), which is part of the funds shared monthly by the Federation Accounts Allocation Committee (FAAC) to the federal, state and local governments.
However, since January, there has been no known contribution from the NNPC Ltd to the FAAC funds according to the monthly FAAC data report and official pronouncements.
How the controversy started
The CBN Governor, Godwin Emefiele was summoned by the Senate last week over the rate at which the naira was crashing. This followed the adoption of a motion by Senator Olubunmi Adetunmbi (APC, Ekiti North).
Contributing to the debate, Senator Sani Musa (Niger East), said the naira would appreciate if Nigerians consume what they produce.
Senator Biodun Olujimi (Ekiti South) said, “The time has come for us to look holistically into what is happening. What is happening to the dollar is a replica of what is happening to Nigeria,” she said.
The Senate thereafter asked the CBN to stop the rapid decline of the value of the naira.
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It was after the resolution of the Senate that the CBN governor brought in the NNPC angle to the matter.
While the CBN said there had been a “zero-dollar” remittance to the country’s foreign reserve by the NNPC Ltd, the report attributed to the NNPC payment document at the weekend stated that the corporation had remitted $2.7 billion into its accounts with the CBN from January to June this year, which could strengthen the naira.
According to the document, $645 million was for dividends paid by the Nigerian Liquefied Natural Gas Company Ltd, while $1.786bn was from the NNPC operational activities.
A breakdown of the NNPC remittances showed that funds into the NNPC accounts included; $18,770,418.97 paid into its account with CBN in January; $194,563,276.49 paid in February and $373,232,875.20 paid in March 2022. In April, NNPC Ltd paid $247,884,295.52; paid $591,565,425.41 in May and $880,906,761.81 in June.
When contacted to explain what is happening, the Group General Manager, Group Public Affairs Division at NNPC Ltd, Garbadeen Mohammed, confirmed the payment to this paper but stated that he does not know the exact amount and also said the payment was made to the NNPC account with the CBN.
This indicates that the payment was not a cash inflow to the federal account or to FAAC which is shared by the three tiers of government.
“I cannot confirm the exact figure but it is true that NNPC Ltd has remitted over two billion dollars into NNPC’s accounts with the CBN in the last six months,” he said.
Data from FAAC showed that NNPC ought to remit N122.7bn every month to FAAC this year from its trade and so far, it has not remitted for six months.
During a side-line interview a fortnight ago at the unveiling of the commercialised NNPC Ltd by President Muhammadu Buhari, the Group CEO of NNPC Ltd, Mele Kyari, said: “We are now a private company. Will MTN go to FAAC? We will pay our taxes; we will pay our royalties and we will deliver dividends to our shareholders.”
On the arrears before the July 19 transition, the GCEO said, “Which arrears? That was the Nigerian National Petroleum Corporation.”
Finance minister mum
When contacted for clarification on the $2.7bn NNPC payments by NNPC and why it did not reflect in the June FAAC report, the Minister of Finance, Budget and National Planning, Mrs Zainab Ahmed, did not respond to a text message sent to her mobile line and WhatsApp.
However, at the public consultation on the 2023 – 2025 Medium Term Expenditure Framework and Fiscal Strategic Paper (MTEF and FSP) in Abuja recently, she explained why the NNPC stopped remittances to FAAC.
She had said, “The new arrangement (is that) NNPC will not be contributing to FAAC on a monthly basis, but NNPC will still be paying taxes, royalties and dividends.
“But let me also say that prior to the NNPC transiting, for about eight months we have not been receiving any revenues. Why are we not receiving any revenues from the NNPC? (It is) because the NNPC has been instructed to cover the cost of fuel subsidy on behalf of the federation.”
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Auto
Jetour Nigeria Unveils RELY R8, Rugged Luxury Pickup Built to Dominate Work, Adventure
Jetour Nigeria Unveils RELY R8, Rugged Luxury Pickup Built to Dominate Work, Adventure
Jetour Nigeria has unveiled the RELY R8, a premium pickup truck designed to combine rugged performance with luxury, advanced technology and exceptional versatility, setting a new benchmark for work and recreational vehicles in Nigeria.
Engineered to thrive in the country’s demanding terrain, the RELY R8 is built for agriculture, construction, logistics, security escort operations and weekend adventures, offering the toughness of a workhorse without sacrificing the comfort and refinement of a modern SUV.
The pickup boasts high ground clearance, impressive approach and departure angles, and a reinforced chassis designed to withstand harsh road conditions while delivering excellent stability, even in strong crosswinds.
Its all-terrain capability is enhanced by multiple driving modes, allowing drivers to switch effortlessly between mud, sand and paved roads. Whether tackling heavy-duty tasks or venturing off the beaten path, the RELY R8 is built to perform with confidence.
Inside, the vehicle departs from the traditional utilitarian pickup design, featuring a spacious SUV-inspired cabin that comfortably accommodates five adults while offering a premium driving experience.
Speaking on the new model, Jetour Nigeria representative, Kemi Adeola, described the RELY R8 as a perfect blend of strength, innovation and comfort.
“The RELY R8 delivers strength, reliability and advanced technology in one vehicle. It offers the capability of a modern workhorse without compromising on premium comfort or safety,” she said.
The pickup is equipped with a high-performance processor that powers its L2+ intelligent driving assistance system. It also features a 12.3-inch HD touchscreen infotainment system with Apple CarPlay, Android Auto and remote engine start for enhanced convenience.
Safety is another major highlight of the RELY R8, with features including Intelligent Cruise Control, Lane Keeping Assist and Autonomous Emergency Braking, all designed to provide greater confidence and protection on every journey.
Jetour Nigeria has continued to strengthen its presence in the country’s automotive market, earning recognition as the Fastest Growing Auto Brand in Nigeria, while its Jetour Dashing SUV won the prestigious Car of the Year award. The company has served as the sole authorised distributor of Jetour vehicles in Nigeria since 2022.
The RELY R8 is backed by comprehensive manufacturer support, genuine spare parts and professional after-sales service through Jetour Nigeria’s network of authorised dealers, including Elizade Nigeria Limited, New Era Autovehicle Services Limited, Kojo Motors, Germaine Auto Centre, R.T. Briscoe Plc, TAB Autos Limited and Mandilas Motors.
Jetour Nigeria has invited prospective customers to visit any of its authorised dealerships nationwide to book a test drive and experience firsthand the RELY R8’s blend of rugged capability, cutting-edge technology and premium comfort.
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Auto
No Hiding Place for Traffic Offenders as FRSC Unleashes 12 Special Operations Nationwide
No Hiding Place for Traffic Offenders as FRSC Unleashes 12 Special Operations Nationwide
The Federal Road Safety Corps (FRSC) has launched one of the most ambitious nationwide road safety operations in its history, deploying 12 intelligence-driven, code-named special enforcement campaigns across the country’s Zonal Commands in a decisive bid to curb road crashes, crack down on traffic offenders and save lives.
The coordinated initiative, known as the Zonal Special Intervention Patrol (ZSIP), commenced on July 20, with all 12 Zonal Commands simultaneously rolling out operations specifically designed to tackle the peculiar road safety challenges within their jurisdictions.
The operations are peration Fushin Zuma (Anger of the Bee) in Kaduna, Operation Ride Safe in Bauchi, Operation Shark Smile in Port Harcourt, Operation ABO (Safe Passage) in Lagos, Operation Sauka Lafia in Abuja, Operation Kasolayo in Ilorin, Operation Kwushi Ihe Mberede in Enugu, Operation Sanity in Osogbo, Operation Total Compliance in Benin, Operation Harbin Kunama (Scorpion Sting) in Yola, Operation Hadarin Kalangu in Jos, and Operation Daidaita Loading in Zone 10.
The Corps said the coordinated intervention reflects its determination to confront the major causes of road traffic crashes through intelligence-led enforcement, aggressive public enlightenment, enhanced operational visibility, stakeholder engagement and strategic collaboration with other security agencies.
Approved by the Corps Marshal, Shehu Mohammed, the Special Intervention Patrol is designed to empower each Zonal Command to tackle the unique crash patterns and traffic violations prevalent in its area of responsibility.
According to the Corps Marshal, the initiative marks a significant departure from conventional traffic enforcement, shifting instead to targeted, intelligence-based operations capable of delivering measurable results in reducing road crashes and fatalities.
He explained that each operation had been carefully crafted to address dangerous driving behaviours and recurring traffic offences responsible for avoidable deaths and injuries on Nigerian roads.
Mohammed disclosed that the operations would witness massive deployment of FRSC personnel to highways, motor parks, loading points and other critical traffic corridors across the country.
The enforcement exercise, he added, would be complemented by sustained public awareness campaigns, stakeholder engagement and close collaboration with sister security agencies to ensure effective enforcement and prompt emergency response.
He warned motorists, commercial vehicle operators and fleet owners that there would be no hiding place for traffic offenders, stressing that anyone found violating traffic regulations would face firm but professional enforcement in line with the Corps’ statutory mandate.
The Corps Marshal, however, assured law-abiding road users that the operations were not designed to harass or punish responsible motorists but to safeguard lives and property.
He urged Nigerians to cooperate with FRSC patrol teams by obeying traffic regulations, avoiding dangerous practices such as overloading, mixed loading and reckless driving, while encouraging members of the public to report unsafe road users.
Mohammed also called on transport operators to embrace voluntary compliance, noting that road safety remains a shared responsibility requiring the collective commitment of government, transport stakeholders and every road user.
Summing up the Corps’ renewed determination to reduce road carnage on Nigerian highways, he declared: “Every Zone has a mission. Every patrol has a purpose. Every operation is a commitment to saving lives.”
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Auto
Jetour Nigeria Extends Winning Streak, Clinches Auto Brand of the Year Award
Jetour Nigeria Extends Winning Streak, Clinches Auto Brand of the Year Award
Jetour Nigeria has reinforced its growing dominance in Nigeria’s automotive market after emerging Auto Brand of the Year at the 12th Nigeria Transport Lecture and Awards, adding yet another prestigious honour to its expanding list of industry accolades.
The award, presented at the Transport Day Media event held at the Radisson Blu Hotel, Ikeja, Lagos, recognises the company’s remarkable market growth, expanding customer base and commitment to delivering innovative mobility solutions backed by reliable after-sales support.
This latest recognition comes on the heels of Jetour Nigeria’s recent Market Share Leadership Award 2025 from Jetour International, further underscoring the brand’s rapid ascent as one of the country’s fastest-growing automobile brands.
A Rapid Rise to the Top
The award highlights Jetour Nigeria’s explosive growth trajectory, soaring market acceptance, and unwavering commitment to tech-driven vehicles and premium after-sales support.
Speaking on the decision to honour the brand, Publisher of Transport Day Media, Mr. Frank Kintum, noted that Jetour’s disruptive impact on the market made it impossible to ignore.
“The Jetour brand has made a remarkable impact on the Nigerian market since its introduction, and they have consistently sustained that momentum,” Kintum stated.
“It was therefore difficult to overlook the brand for this prestigious recognition.”
Power of Authenticity
This latest accolade underscores Jetour Nigeria’s position as the sole authorized distributor of the global brand. Officially appointed by Jetour International in 2022, the company holds the exclusive rights to import, distribute, and service the entire Jetour lineup in Nigeria.
To protect consumer investments, Jetour Nigeria has built a comprehensive automotive ecosystem. By purchasing through the official network, customers are guaranteed genuine spare parts, expert factory-trained technical support, and valid manufacturer warranties.
Global Recognition/ Diverse Lineup
Jetour Nigeria says in a statement tgst its aggressive market strategy is not just winning local awards, it is turning heads globally.
At the 2026 Jetour Global Conference, Jetour International presented the Nigerian team with the Market Share Leadership Award 2025, crowning it the brand’s top-performing market in Africa.
This joins an already packed trophy cabinet, which includes the Nigeria Auto Journalists Association (NAJA) New Entrant of the Year, Fastest Growing Auto Brand, and the NAJA Car of the Year for the sleek Jetour Dashing.
Jetour’s rapidly expanding portfolio caters to a new generation of Nigerian drivers, blending rugged capability with eco-conscious innovation-the Flagship- G700 stands at the apex of the lineup as a luxury off-roader that delivers highly efficient running costs thanks to its advanced Plug-in Hybrid Electric Vehicle (PHEV) powertrain.
The SUVs & Crossovers are the X50, X70 Plus, X90 Plus, T1 and the award-winning Dashing.
Rugged & Hybrid Capability-The rugged Jetour T2 (alongside its PHEV variant) and the X70 PHEV.
Nationwide Reach via Elite Dealerships
To ensure seamless, nationwide access to sales and premium maintenance, Jetour Nigeria operates through a carefully selected network of seven authorized dealership partners.
These remain the only entities officially recognized by both Jetour International and Jetour Nigeria to sell and service Jetour vehicles across the country, they are Elizade Nigeria Limited, New Era Autovehicle Services Limite, Kojo Motors, Germaine Auto Centre, R.T. Briscoe Plc, TAB Autos Limited, and Mandilas Motors.
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