Business

Senate asks NPA to refund $37.6m, N67.51bn ‘unremitted’ revenues

Published

4 years ago

July 15, 2021

The Senate has asked the Nigerian Ports Authority to refund the sum of $37.67 million to the Federal Government coffers having discovered lack of diligence in the review of the agency’s charges on a contract of towage services.
The upper chamber said the non-remittance of N67.51 billion for 2013 and 2014 into the consolidated revenue fund (CRF), being 25 percent of its internally generated revenue (IGR) contravened the Fiscal Responsibility Act 2007.
It added that the failure to remit capitalised interest to the CRF, “totalling” N99.71 million, between 2013 and 2014 contravened Rule 236 of the Financial Regulations.
In May 2021, the senate committee on finance had invited heads of 60 government-owned firms, including the ports authority, to explain the failure to remit various funds running into about N3 trillion to the federal government’s account.
In a statement signed by the Special Assistant (Press) to the Senate President, Ezrel Tabiowo, on Wednesday, the upper chamber mandated the Economic and Financial Crimes Commission (EFCC) to investigate the accounting officer under Rule 3112 (I and II) of the Financial Regulations.
The Senate demanded that the director-general who authorised the disbursement of contingency provision on the contract for the rehabilitation of Lagos Habour moles to the tune of N417,099,309.06 without federal executive council approval to be reported to President Muhammadu Buhari under Rule 3103 of the Financial Regulations.
It also directed the NPA to refund diverted funds of N1.08 billion, $2.30 million (N946.35 million), and €196,257.42 (N94.90 million) meant for the presidential implementation committee on marine safety and security (PICOMSS) to the account of the National Security Adviser (NIA) to the president.
The Senate said the funds were diverted contrary to a directive approved by FEC on February 21, 2007.
These are part of the 59 recommendations adopted by the Senate on the annual report of the auditor-general for the year ended 31st December 2015.
On unretired advances involving 39 ministries, departments and agencies (MDAs) to the tune of N2,296,567,084.37 billion, the upper chamber demanded the sanctioning of accounting officers of MDAs in accordance with the provision of rule 3124 of financial regulations.
It also called on the accountant-general of the federation, Ahmed Idris, a deadline of 90 days to identify and sanction officers responsible for the mismanagement of public funds to the tune of N54,151,360,000 billion ($274,280,000.00) as exchange loss on external loans.
The accountant-general is expected to report back to the senate committee on public accounts within ninety days.
In addition, the Senate gave another 90 days timeline for the office of the accountant-general of the federation to set in motion the process of recovery of internal loans made from other funds, which stands at N390,288,085,668.92 billion and to be paid back into the special funds accounts.
The source of the loans is from the Development of Natural Resources Account, Stabilization Fund Account, 25 percent Husked Brown Rice Levy, one per cent Comprehensive Supervision Scheme (CISS) Pool Levy, 15 percent Wheat Grain Levy, and 10 percent Rice Levy.
The upper also chamber directed the accountant-general of the federation to recover the sum of N378,879,674.99 tax revenue from Webb Fontaine Ltd and remit same to the Federal Inland Revenue Service within six months.
It also called for a review of all companies that were paid from the out-flow of one per cent CISS Account, which amounted to N39,557,671,843.97.

Business

More heads to roll in NNPCL, subsidiaries as Ojulari assumes office

Published

15 minutes ago

April 3, 2025

Trends Admin

Engineer Bashir Bayo Ojulari

More heads to roll in NNPCL, subsidiaries as Ojulari assumes office

There are indications that more heads will roll in the Nigerian National Petroleum Company Limited, NNPCL and its subsidiaries as Engineer Bayo Ojulari yesterday assumed office as the new Group Chief Executive Officer.

Business

NNPCL hikes petrol pump price to N950/litre

Published

38 minutes ago

April 3, 2025

Trends Admin

NNPCL hikes petrol pump price to N950/litre

The Nigerian National Petroleum Company Limited (NNPCL) has raised petrol prices to N925 per litre in Lagos and N950 per litre in Abuja, effective April 2, 2025.

This represents an N65 increase from the previous price of N860 per litre in Lagos and an N70 increase from the previous price of N880 in the North.

Last week, MRS and other independent marketers increased the price of petrol, raising its pump price to ₦930 per litre in Lagos and ₦960 for residents living in the northern part of the country.

Industry experts stated that the new increase is a direct fallout of the recent suspension of sales of petroleum products in naira by the Dangote refinery.

The adjustment reflects changes in Nigeria’s deregulated fuel market, including competition, supply costs, and global oil price trends.

It also coincides with the appointment of new leadership at the national oil firm, NNPCL, by President Bola Tinubu on Wednesday. The board was also restructured.

NNPCL hikes petrol pump price to N950/litre

Auto

Toyota corporation taps on Winpart by CFAO to distribute CWorks batteries in Nigeria

Published

2 hours ago

April 3, 2025

Trends Admin

Toyota corporation taps on Winpart by CFAO to distribute CWorks batteries in Nigeria

Leading distributor and importer of high-quality automotive spare parts and lubricants in Nigeria, Winpart by CFAO, has commenced the distribution of Cworks batteries in Nigeria.

Cworks is a premium automotive battery brand from Toyota Tsusho Corporation.

This introduction marks a new era of reliability, durability, and high performance for Nigerian motorists and businesses, Winpart by CFAO says.
The firm in a statement obtained by newstrends.ng says as an official distributor and importer of top-quality automotive spare parts, Winpart by CFAO has continued to bring globally trusted brands to Nigeria, ensuring that vehicle owners and businesses have access to world-class solutions.

Developed under the renowned Toyota Tsusho Corporation, CWORKS batteries are engineered to deliver superior power, a longer lifespan, and consistent performance in all driving conditions.

Winpart by CFAO says CWorks is a product of “renowned Toyota Tsusho excellence, designed to meet global automotive standards; long-lasting performance, built for durability and resilience on Nigerian roads and weather conditions.”
The company disclosing that the batteries are now available through Winpart by CFAO outlets added that the product would facilitate “reliable power supply, ensuring smooth engine starts and sustained power for all vehicle types”.
General Manager of Winpart by CFAO, Mohamed TALEB, said, “We are excited to introduce Cworks batteries to Nigerian motorists. As a brand from Toyota Tsusho Corporation, Cworks battery reflects the same commitment to quality and performance that Toyota is known for worldwide.

“With Winpart by CFAO, Nigerians can now enjoy a battery that delivers reliability, longevity, and value.”

According to the firm, through Winpart by CFAO, Cworks batteries will be available across Nigeria via authorized dealers and service centres, ensuring easy access to high-quality battery solutions.
The company added that more information on CWORKS Batteries, can be obtained from its website- www.winpart.com.ng.