Business
NNPC boss defends $21bn withdrawal from NLNG account
Nigeria National Petroleum Corporation (NNPC) has said the withdrawal of over $21 billion from the Nigeria Liquefied Natural Gas (NLNG) dividends account is legal.
The NNPC Group Managing Director, Malam Mele Kyari, stated this before the House of Representatives Committee on Public Accounts in Abuja.
He said the withdrawn funds were the Federal Government’s share of revenues from oil shared among the federal, state and local governments.
Kyari, represented by Mr Umar Ajiya, explained, “Though the NNPC sits on the board (of NLNG) on behalf of the federal government, proceeds from the investment are managed and disbursed or dispensed or utilised, based on the instruction of the federal government.
“When I say the federal government, I do not mean NNPC. Ordinarily, it’s the Federal Ministry of Finance that directs the utilisation. We (NNPC) are merely the agents of the Federal Government.
“All withdrawals (from NLNG dividends fund) were based on approved mandates of the relevant authorities. As far as NNPC is concerned, investments in NLNG were done on behalf of the federal government. I was the treasurer of NLNG, so I was aware of the federal government’s investment in the project.”
He said the matter had come up at the Federal Executive Council (FEC) and was referred to a committee headed by the governor of Kaduna State, arguing that the federal government, through the NNPC, is the true owner of the investment and that the dividends accrued to the federal government, not the Federation Account.
“There is no question of illegal withdrawal. Nobody can withdraw from the account illegally. The CBN governor can be invited to attest to that,” he said firmly.
On queries from the Office of the Auditor-General of the Federation on the alleged unauthorised deduction of over N1.2 trillion in 2014 from proceeds from oil, he said that “the NNPC couldn’t have remitted all its earnings” at the time to the Federation Account.
The committee, headed by Hon. Wole Oke, however, resolved to summon the Minister of Finance, Budget and National Planning, Mrs. Zainab Ahmed; Governor of Central Bank of Nigeria (CBN), Mr. Godwin Emefiele; and the Accountant-General of the Federation, Mr. Ahmed Idris, to clarify the claims by Kyari on the utilisation of the NLNG fund.
Business
NNPCL to deliver 12 CNG stations, LNG mini plants
NNPCL to deliver 12 CNG stations, LNG mini plants
Mele Kyari, Group Chief Executive Officer (GCEO) of Nigerian National Petroleum Corporation (NNPC Ltd), has stated that the company has finalised plans to deliver 12 Compressed Natural Gas (CNG) Mother Stations and Mini LNG Plants as part of efforts to increase the existing 1.6 billion cubic feet of gas supply for the domestic market.
In a statement issued on Monday, the NNPCL’s Chief Corporate Communications Officer (CCCO), Olufemi Soneye, quoted Kyari as saying this at the opening ceremony of the 42nd Nigeria Association of Petroleum Explorationists (NAPE) Annual International Conference and Exhibition, themed “Resolving the Nigeria Energy Trilemma: Energy Security, Sustainable Growth, and Affordability,” held in Lagos.
He said, “The energy trilemma is a profound responsibility we shoulder as stewards of Nigeria’s energy future. NNPC Ltd is working tirelessly to improve our supply chain, develop new refining capacities and expand our retail network.”
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He added that the NNPC Ltd is set to collaborate with private refineries to ensure affordable and sustainable petroleum products supply, naira-for-crude transactions as parts of efforts to stabilise the naira as well as regulate forex markets which he said will bring about expansion of gas infrastructure such as the Ajaokuta-Kaduna-Kano (AKK) Gas Pipeline and the Obiafu-Obrikom-Oben (OB3) Gas Pipelines projects and the development of cleaner energy alternatives, such as Liquiefied Natural Gas (LNG) and Compressed Natural Gas (CNG).
He continued, “Currently, NNPC Ltd supplies over 1.6 billion standard cubic feet (bscf) of gas per day to the domestic market through infrastructure we either own outright or operate with partners. This distribution network is entirely managed on NNPC Ltd.’s balance sheet.”
While reacting to the claims that national oil company is sabotaging the efforts of domestic refineries, the NNPCL boss said the NNPC Ltd is part-owners of the Dangote Refinery describing it as an investment and strategic move aimed at strengthening domestic fuel supply across the country.
NNPCL to deliver 12 CNG stations, LNG mini plants
Business
HDAN to Wike: Adopt responsible approach to land allocation in FCT
HDAN to Wike: Adopt responsible approach to land allocation in FCT
By Dada Jackson
The Housing Development Advocacy Network (HDAN) has expressed serious concerns over the recent allocation of over 200 acres of land in Abuja’s Phase 5 area for mass housing.
This allocation, reportedly granted to a single organization, has sparked debates on the current state of housing policy, land use, and urban planning within the Federal Capital Territory (FCT).
HDAN Executive Director, Festus Adebayo, at a briefing with journalists, urged the Minister of the FCT, Nyesom Wike, to adopt a more inclusive, balanced approach that prioritizes sustainable housing development, economic growth, and job creation over immediate revenue generation.
He highlighted the demolition at the Phase 5, where over 100 housing units had already been brought down on the minister’s orders.
According to him, the demolition stems from the fact that this area has yet to be officially designated as a development zone.
He cautioned that the hurried allocation and clearing of land in such an unplanned area sets a concerning precedent, with negative implications for property owners, developers, and the economy of the FCT.
He emphasized the need for comprehensive planning before large-scale housing developments are sanctioned, citing that Phase 5’s lack of formal planning had led to unnecessary property destruction and financial loss.
HDAN’s investigation also revealed that many of the land recipients in the Phase 5 allocation intend to sell their parcels rather than develop them.
“Why allocate land to individuals or entities that may lack the resources or intention to build?” Adebayo questioned.
He argued that allocating large portions of land to those who prioritized profit over development undermined the larger goals of housing policy and urban growth.
He also spoke on policy inconsistency, stating that the FCT’s mass housing policy generally restricts allocations to a maximum of 10 hectares in urban areas and 20 hectares in rural areas. Ol’
The recent over 200-acre allocation clearly deviates from this policy, raising questions about its legality and oversight.
Adebayo voiced concerns over organisations that are in partnership with AMAC, and some of these organizations’ land had been taken over in the course of the recent allocations.
He said, “From the records made available to HDAN, we have found out that some of those allocations have been made some years ago where the concerned developers have also paid compensation and even received invoice for payments from the development control.
“There will be a need for the FCDA to look into the loss of these investors, who have already paid compensation to the settlers of this land.
“We need clarification on whether AMAC and FCDA will address these losses faced by those partners in housing developments.”
HDAN urged Minister Wike to use land resources to address the housing shortage, foster job creation, and strengthen the FCT’s economy.
Adebayo appealed to the FCT minister to consider land use as a tool for public good, advocating for projects that could generate employment, increase housing access, and drive overall economic development.
“This is a unique opportunity for the Minister to reposition the Urban and Regional Planning Department within the FCT,” Adebayo said, emphasizing that past failures to effectively manage planning had contributed to today’s housing crisis.
HDAN further suggested that any future mass housing allocation should be preceded by consultations with stakeholders and professional bodies to align on urban planning goals and ensure accountability.
Calling for a shift in focus, Adebayo encouraged Minister Wike to view land management not just as a source of revenue but as a means to drive sustainable development within the FCT.
HDAN is a research, non-profit, volunteer and non-governmental organization that is promoting affordable housing in Africa, with over 5,000 members drawn from all professions in the housing and construction industry.
Business
Lagos State requires about $33bn investment to meet energy needs – Official
Lagos State requires about $33bn investment to meet energy needs – Official
The Lagos State Government has projected an investment requirement of $14 billion to $33 billion to address its energy generation needs by 2030.
This was disclosed by Mr. Kamaldeen Balogun, General Manager of the Lagos State Electricity Board, during the 15th Ralph Alabi Memorial Lecture and the induction of new corporate members of the Nigerian Society of Engineers (NSE) Ikeja Chapter.
The event, themed “Opportunities in Emerging Power Sector: A Panacea for Economic Stability and Industrialisation”, highlighted the importance of innovative solutions in the power sector for economic growth and industrialisation.
In his keynote address, Balogun stated that the Lagos Bureau of Statistics provided the investment figures, underscoring energy supply as Lagos State’s most significant infrastructure and developmental challenge.
“Lagos State is poised to ensure adequate and reliable power supply to its citizens through the Lagos Electricity Market,” he said.
Currently, Lagos receives only 1,000 megawatts of power daily, available for an average of 12 hours, against the state’s requirement of 9,000 megawatts.
Opportunities in the Power Sector
- Balogun noted that the power deficit presents vast opportunities for investment in the generation, transmission, distribution, and retailing segments of the power value chain.
- He explained that the Lagos power sector offers investment opportunities in Independent Power Plants (IPPs), renewable energy (particularly solar), off-grid and mini-grid solutions for underserved areas, and energy storage systems to improve reliability.
“Emerging sectors like electric vehicle infrastructure and waste-to-energy projects offer long-term potential,” Balogun added.
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Leveraging the 2023 Electricity Act
- He further highlighted the significance of the 2023 Electricity Act, which empowers states to generate, transmit, and distribute energy within their jurisdictions.
- According to him, this legal framework positions Lagos to take bold steps toward improving power supply through the Lagos Electricity Market.
“The Lagos Electricity Market Implementation Plan is a key initiative to enhance power generation and distribution, with a target to generate 3,000 megawatts of electricity within the next 30 months,” he said.
Balogun explained that the plan focuses on:
- Grid Modernisation: Upgrading infrastructure with smart technologies to improve reliability and efficiency.
- Renewable Energy Integration: Targeting 1,000 megawatts of power from solar and off-grid solutions to diversify the energy mix.
- Public-Private Partnerships (PPPs): Encouraging private sector involvement to finance energy projects and expand infrastructure.
“It includes a strong focus on capacity building, ensuring workforce training for engineers, technicians, and craftsmen in the power sector,” Balogun stated.
Lagos State requires about $33bn investment to meet energy needs – Official
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