Business
NNPC breaks the jinx, pays N123bn interim dividend to FAAC
NNPC breaks the jinx, pays N123bn interim dividend to FAAC
IN a move to consolidate its post Petroleum Industry Act (PIA) 2021 status as an income generating company, the Nigerian National Petroleum Company Limited (NNPCL), on Thursday commenced the payment of interim dividend and PSC profit oil into the Federation Account Allocation Committee (FAAC).
Recalled that on Thursday, FAAC shared N907 billion into the coffers of the three tiers of government with the nation’s oil giant contributing N81 billion as a monthly interim dividend and N42 billion as 40 per cent PSC profit oil totaling N123 billion.
This payment according to inside sources “is in addition to compliance on payment of royalties and taxes”.
The move, which is a marked departure from previous years of sleaze and wastages, according to a top NNPCL source is to set the track for future profitability and global best practices designed to build the company into a world class oil company in the ranks of Saudi Aramco, China Petroleum & Chemical Corp., Exxon Mobil Corp., and others.
“The goal of the Mallam Mele Kyari led NNPCL is to set the nation’s oil company on the path of profitability and sustainable growth. Since the transformation of the NNPC from a loss making organization pre-PIA to a robust profit making company post-PIA, the company under the Group Chief Executive Officer (GECO) has pursued global governance best practices aimed at repositioning the company for greater growth,” another source at the NNPC Limited said on Friday.
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The source that spoke on condition of anonymity said the payment to FAAC“ clearly shows that the company under the leadership of Kyari is moving in a positive trajectory as enshrined in the PIA”.
A statement issued by Bawa Mokwa Director (Press and Public Relations), on the FAAC sharing said the N907.054 billion total distributable revenue comprised distributable statutory revenue of N301.501 billion, distributable Value Added Tax (VAT) revenue of N273.225 billion, Electronic Money Transfer Levy (EMTL) revenue of N11.436 billion and Exchange Difference revenue of N320.892 billion.
He said in June 2023, the total deductions for cost of collection was N73.235 billion and total deductions for savings, transfers and refunds was N979.078 billion noting that the balance in the Excess Crude Account (ECA) was $473,754.57
The communiqué which was issued at the end of the FAAC meeting chaired by the Accountant General of the Federation (AGF) Dr Oluwatoyin Madein stated that from the total distributable revenue of N907.054 billion; the Federal Government received N345.564 billion, the State Governments received N295.948 billion and the Local Government Councils received N218.064 billion. A total sum of N47.478 billion was shared to the relevant States as 13% derivation revenue.
Gross statutory revenue of N1,152.921 billion was received for the month of June 2023. This was higher than the sum of N701.787 billion received in the previous month by N451.134 billion.
From the N301.501 billion distributable statutory revenue, the Federal Government received N146.710 billion, the State Governments received N74.413 billion and the Local Government Councils received N57.370 billion. The sum of N23.008 billion was shared to the relevant States as 13% derivation revenue.
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For the month of June 2023, the gross revenue available from the Value Added Tax (VAT) was N293.411 billion. This was higher than the N270.197 billion available in the month of May 2023 by N23.214 billion.
The Federal Government received N40.984 billion, the State Governments received N136.613 billion and the Local Government Councils received N95.629 billion from the N273.225 billion distributable Value Added Tax (VAT) revenue.
The N11.436 billion Electronic Money Transfer Levy (EMTL) was shared as follows: the Federal Government received N1.715 billion, the State Governments received N5.718 billion and the Local Government Councils received N4.003 billion.
From the N320.892 billion Exchange Difference revenue, the Federal Government received N156.155 billion, the State Governments received N79.204 billion, the Local Government Councils received N61.063 billion and the sum of N24.470 billion was shared to the relevant States as 13 percent mineral revenue.
According to the communiqué, in the month of June 2023, Companies Income Tax (CIT) recorded tremendous increase. Import and Excise Duties, Value Added Tax (VAT), Oil and Gas Royalties increased significantly, while Petroleum Profit Tax (PPT) and Electronic Money Transfer Levy (EMTL) decreased considerably.
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Auto
Policy Bottlenecks Threaten Nigeria’s Clean Mobility Drive, LCCI Warns
Policy Bottlenecks Threaten Nigeria’s Clean Mobility Drive, LCCI Warns
The Chairman of the Auto and Allied Sector Group of the Lagos Chamber of Commerce and Industry (LCCI), Dr. Femi Eguahide, has warned that policy inconsistencies, regulatory bottlenecks and weak coordination between the public and private sectors could derail Nigeria’s clean mobility ambitions, urging the Federal Government to deepen collaboration with industry stakeholders to accelerate the transition to Compressed Natural Gas (CNG) and Electric Vehicles (EVs).
Speaking at the 3rd Nigeria Auto Industry Summit in Lagos on Thursday, Eguahide said the success of the Federal Government’s clean mobility agenda would depend on sustained stakeholder collaboration, policy consistency and the removal of operational challenges slowing investment and implementation.
The summit, organised by the Nigeria Auto Journalists Association (NAJA) under the theme, “Nigeria’s Clean Mobility Future: The EV and CNG Journey Under the Bola Tinubu Administration,” brought together policymakers, regulators, automobile manufacturers, financiers, transport operators, researchers, safety agencies and development partners to chart a roadmap for accelerating Nigeria’s transition to cleaner transportation.
Eguahide acknowledged the Federal Government’s commitment to alternative energy solutions through the Presidential Initiative on Compressed Natural Gas and Electric Vehicles (Pi-CNG & EV), but stressed that translating policy into tangible results would require stronger coordination between government institutions and private investors.
According to him, the automotive industry remains a critical driver of industrialisation, job creation and economic growth, making it imperative for government agencies to work closely with manufacturers, assemblers, financiers and technology providers to create a more predictable and investment-friendly operating environment.
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He said effective policy implementation must be backed by continuous stakeholder engagement capable of resolving challenges surrounding vehicle conversion, local manufacturing, infrastructure development, financing and technology deployment.
Eguahide maintained that Nigeria possesses enormous potential to build a globally competitive clean mobility ecosystem, but cautioned that fragmented policies and institutional inefficiencies could slow the country’s progress if left unresolved.
He therefore urged government agencies to deepen engagement with the organised private sector to develop practical solutions that would accelerate the rollout of CNG refuelling infrastructure, EV charging networks and local automotive production.
Earlier, the Federal Government reaffirmed its commitment to expanding Nigeria’s clean mobility ecosystem through increased investment in infrastructure, local manufacturing and strategic partnerships.
Speaking on behalf of the Executive Chairman and Chief Executive Officer of the Presidential Initiative on Compressed Natural Gas and Electric Vehicles (Pi-CNG & EV), Barrister Ismaeel Ahmed, the Initiative’s Chief Compliance Officer, Engr. Zayyanu Tamberi Yabo, said the programme had evolved into a key pillar of President Bola Tinubu’s transport and energy reform agenda.
According to Ahmed, the Presidential Initiative was established not merely to promote alternative fuels but to build an integrated ecosystem covering infrastructure development, investment, vehicle conversion, local manufacturing, technical capacity building and consumer confidence.
“Our approach from the beginning has been to build the foundations of a sustainable industry rather than pursue isolated interventions,” he said.
He disclosed that certified CNG conversion centres had expanded significantly across the country over the past two years, while new refuelling stations were being developed through public and private sector investments.
Ahmed added that vehicle conversions continue to rise as commercial transport operators and private motorists increasingly embrace CNG because of its lower operating costs.
He also highlighted partnerships with financial institutions, energy companies and automobile manufacturers aimed at improving access to financing and accelerating the adoption of clean mobility technologies.
Despite the progress, he identified infrastructure expansion, consumer financing, local manufacturing capacity, technical training, research, innovation and standardisation as priority areas requiring sustained attention.
In his welcome address, NAJA Chairman Theodore Opara described the summit as a strategic platform for shaping the future of Nigeria’s automotive industry.
He said reforms introduced by the Tinubu administration had created fresh momentum for CNG, electric vehicles and local automotive manufacturing, adding that stronger collaboration among government, industry players and the media would be critical to sustaining the gains.
Also speaking, the Director-General of the Standards Organisation of Nigeria (SON), Dr. Ifeanyi Chukwunonso Okeke, represented by Engr. Olalekan Omoniyi, said strict compliance with internationally recognised standards would determine the success of Nigeria’s transition to EVs and CNG-powered transportation.
He disclosed that SON had developed more than 80 Nigerian Industrial Standards for CNG vehicles and equipment, as well as 87 additional standards and the National Nigeria Guideline (NNG 1214:2024) for CNG vehicle conversions.
The SON boss warned against the proliferation of uncertified conversion centres and substandard equipment, urging mandatory certification for imported and locally assembled EVs, CNG vehicles, conversion kits and charging infrastructure.
Policy Bottlenecks Threaten Nigeria’s Clean Mobility Drive, LCCI Warns
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Auto
FRSC Pledges Robust Safety Measures as Nigeria Accelerates EV, CNG Mobility Drive
FRSC Pledges Robust Safety Measures as Nigeria Accelerates EV, CNG Mobility Drive
The Federal Road Safety Corps (FRSC) has declared that road safety will remain at the heart of Nigeria’s transition to Electric Vehicles (EVs) and Compressed Natural Gas (CNG)-powered transportation, pledging to strengthen regulations, enforcement and stakeholder collaboration to ensure the shift to cleaner mobility does not compromise public safety.
The Corps Marshal of ghe FRSC, Shehu Mohammed, made the declaration while delivering a keynote address at the 3rd Nigeria Auto Industry Summit organised by the Nigeria Auto Journalists Association (NAJA) in Lagos.
The summit, themed “Nigeria’s Clean Mobility Future: The EV and CNG Journey Under the Bola Tinubu Administration,” brought together government officials, regulators, manufacturers, energy companies and other industry stakeholders to chart the future of sustainable transportation in Nigeria.
Mohammed said the growing adoption of EVs and CNG-powered vehicles presents significant opportunities for cleaner transportation, lower operating costs and improved energy security, but warned that these benefits can only be fully realised through robust safety regulations, effective enforcement and continuous collaboration among stakeholders.
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He noted that as alternative-fuel vehicles become more prevalent on Nigerian roads, regulatory institutions must evolve to address emerging technologies through specialised training, updated operational guidelines and stronger enforcement frameworks.
According to him, the FRSC has already begun positioning itself for the transition by strengthening safety regulations, engaging key stakeholders and developing operational frameworks specifically designed for EVs and CNG-powered vehicles.
The Corps Marshal stressed that Nigeria’s clean mobility agenda should not only focus on reducing carbon emissions but also on improving road safety, raising vehicle standards and building public confidence in emerging transport technologies.
He added that achieving a safe and sustainable transition would require the active participation of road users, transport operators, vehicle manufacturers, conversion centres, regulators and other critical stakeholders.
Mohammed reaffirmed the FRSC‘s commitment to working closely with government agencies, industry players and development partners to ensure that Nigeria’s journey towards cleaner transportation delivers lasting safety, environmental and economic benefits for the country.
FRSC Pledges Robust Safety Measures as Nigeria Accelerates EV, CNG Mobility Drive
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Auto
Pi-CNG boss: Clean mobility will cut transport cost, create jobs, power Nigeria’s economic growth
Pi-CNG boss: Clean mobility will cut transport cost, create jobs, power Nigeria’s economic growth
The Federal Government has declared that Nigeria’s transition to compressed natural gas (CNG) and electric vehicles (EVs) is no longer an environmental ambition but a critical economic strategy to slash transportation costs, strengthen energy security, create jobs and unlock new investments across the automotive value chain.
Making the declaration at the 3rd Nigeria Auto Industry Summit (NAISU) organised by the Nigeria Auto Journalists Association (NAJA) in Lagos, the Executive Chairman and Chief Executive Officer of the Presidential Initiative on Compressed Natural Gas and Electric Vehicles (Pi-CNG & EV), Barrister Ismaeel Ahmed, said clean mobility had become a central pillar of President Bola Ahmed Tinubu’s transport and energy reforms.
Delivering a keynote address titled, “Nigeria’s Clean Mobility Future: The EV and CNG Journey Under the Bola Tinubu Administration,” Ahmed said the Presidential Initiative was established to coordinate Nigeria’s transition to cleaner transportation by building a sustainable ecosystem for CNG and electric mobility.
He explained that the Initiative’s mandate extended beyond promoting alternative fuels to attracting investments, expanding refuelling and charging infrastructure, supporting vehicle conversion, strengthening local manufacturing, developing technical skills and boosting consumer confidence.
According to him, the programme was conceived following the removal of fuel subsidy to provide Nigerians with a practical and affordable transport alternative by leveraging the country’s abundant natural gas resources.
“Our focus from the beginning has been to build the foundation of a sustainable industry rather than pursue isolated interventions,” Ahmed said, noting that Pi-CNG & EV has worked closely with regulators, investors, vehicle manufacturers, conversion firms, financial institutions, development partners, transport unions and state governments.
Reviewing the Initiative’s achievements over the past two years, he said Nigeria’s CNG ecosystem has expanded rapidly, with more certified conversion centres established across the country and refuelling infrastructure growing through public and private sector investments.
He added that vehicle conversions have continued to rise as commercial transport operators and private motorists increasingly embrace the lower operating costs of CNG, while thousands of technicians have been trained to ensure safe and professional conversion services nationwide.
Ahmed also disclosed that strategic partnerships with financial institutions, energy companies, vehicle manufacturers and state governments are helping to improve access to financing, stimulate infrastructure development and accelerate the adoption of clean mobility solutions.
To strengthen safety and regulatory compliance, he announced the introduction of the Nigeria Gas Vehicle Monitoring System, which he said would enhance transparency, improve regulatory oversight and build public confidence in the conversion industry.
While acknowledging the remarkable progress recorded in CNG adoption, Ahmed stressed that the Initiative remains equally committed to advancing electric mobility, saying Nigeria’s long-term transport future would be powered by multiple clean-energy technologies.
He revealed that government is engaging manufacturers, investors and development partners on electric vehicle deployment, charging infrastructure, local assembly and policy reforms aimed at accelerating market growth.
Despite the progress, Ahmed identified infrastructure expansion, consumer financing, local manufacturing, technical capacity development, research, innovation and standardisation as key areas requiring sustained investment and collaboration.
He urged government agencies, investors, manufacturers, transport operators, financial institutions, development partners and the media to work together to overcome these challenges and build a sustainable clean mobility ecosystem.
Describing the media as a strategic partner, Ahmed called on members of the Nigeria Auto Journalists Association to intensify public education on the economic, environmental and technological benefits of clean mobility.
“The transition to clean mobility is as much an information challenge as it is an infrastructure challenge. Public understanding influences public acceptance, while market confidence is built on accurate, timely and responsible information,” he said.
He pledged deeper engagement with journalists through regular technical briefings, industry dialogues and improved access to credible data to combat misinformation and promote informed public discourse.
Ahmed said Pi-CNG & EV would continue expanding CNG infrastructure nationwide, strengthen the regulatory framework, support local manufacturing and vehicle conversion capacity, deepen financing partnerships and collaborate with stakeholders to build a commercially viable clean mobility industry.
According to him, the true measure of the Initiative’s success will not be the number of conversion centres or refuelling stations established, but its ability to reduce transport costs, improve energy security, generate employment, stimulate industrial growth and improve the quality of life of Nigerians.
He commended NAJA for providing a platform for robust industry dialogue, saying stronger collaboration among government, industry players and the media would be essential to accelerating Nigeria’s clean mobility transition.
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