Senate committee uncovers $300bn missing crude oil revenue - Newstrends
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Senate committee uncovers $300bn missing crude oil revenue

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crude oil price

Senate committee uncovers $300bn missing crude oil revenue

The Senate has received the interim report from its ad hoc committee tasked with investigating crude oil theft and sabotage in the Niger Delta region.

The report was presented during Wednesday’s plenary session by Senator Ned Nwoko, who represents Delta North and chairs the investigative committee.

Nwoko said the committee’s findings so far indicate “massive” revenue losses of more than $300 billion from unaccounted-for crude oil proceeds over the years.

The senator said the report recommends strict enforcement of internationally recognised crude oil measurement standards at all production sites and export terminals.

The senator said the report recommends strict enforcement of internationally recognised crude oil measurement standards at all production sites and export terminals.

He said the Nigerian Upstream Petroleum Regulatory Commission (NUPRC) should be mandated to acquire modern measuring technology or the responsibility should be restored to the weights and measures department under the federal ministry of industry, trade and investment.

The lawmaker said the federal government should deploy surveillance technology, including unmanned aerial vehicles, to support security agencies in tackling oil theft.

He said the report also calls for the establishment of a maritime trust fund to improve maritime training, safety, and security.

“The federal government should set up a special court to promptly prosecute crude oil thieves properly and their collaborators,” Nwoko said.

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“The federal government should immediately implement the host communities development trust fund under the Petroleum Industry Act, PIA, to reduce sabotage.

“All abandoned and decommissioned wells should be completely ceded to NUPRC who should in turn hand such wells to modular refineries to reduce sabotage and increase crude availability for local
consumption.

“The ad hoc committee should be given the mandate to track, trace and recover all proceeds of stolen crude oil both locally and internationally, as forensic review by the consultant shows over $22 billion, $81 billion and $200 billion remains unaccounted.”

He said the committee should be empowered to “track and trace” proceeds of stolen crude oil locally and internationally, noting that consultant reviews suggest over $22 billion, $81 billion, and $200 billion in different periods remain unaccounted.

Abdul Ningi, senator representing Bauchi central, said the committee can trace and document losses but does not have the mandate to recover stolen funds.

Solomon Adeola, senator representing Ogun west, said the consultant must provide specific names of companies and individuals involved.

“The funds mentioned in this report, if put together, we are talking about $300 billion dollars. The consultant should come up with a detailed list of those who carried out these actions,” he said.

Ibrahim Dankwambo, senator representing Gombe north, said the final report must identify the actors involved and the specific wells, rigs, and locations where losses occurred.

Enyinnaya Abaribe, senator representing Abia south, said the document should be received as an interim report pending further action.

Lola Ashiru, senator representing Kwara south, said the estimated losses amount to “almost 10 years of Nigeria’s budget” and urged the committee to continue its work.

Senate President Godswill Akpabio commended the committee and said the upper legislative chamber will consider recommendations after the final report is submitted.

He instructed the committee to continue its investigation and present a comprehensive final report in due course.

Senate committee uncovers $300bn missing crude oil revenue

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Tinubu Marks 74th Birthday with Special Fund for Soldiers, Fallen Heroes’ Families

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President Bola Ahmed Tinubu

Tinubu Marks 74th Birthday with Special Fund for Soldiers, Fallen Heroes’ Families

President Bola Ahmed Tinubu has announced the creation of a special fund to support members of the Nigerian Armed Forces, including personnel wounded in active service and families of soldiers who died defending the nation.

The President made the disclosure in a statement issued on Sunday to commemorate his 74th birthday, describing the initiative as a personal commitment to honour the sacrifices of military personnel.

According to him, he has directed the Accountant-General of the Federation to establish a dedicated account that will serve as the financial base for the intervention.

“On this my 74th birthday, I celebrate the valiant men and women of our Armed Forces,” Tinubu stated, paying tribute to the courage and dedication of Nigeria’s military.

He explained that the fund is designed to cater to soldiers injured in the line of duty as well as dependents of those who lost their lives while serving the country.

“Today, I have directed the Accountant-General of the Federation to establish a special account for a fund dedicated to those who serve, those wounded in the line of duty, and the families of those who have paid the ultimate price,” he said.

In a significant personal gesture, the President also pledged to donate all his salaries since assuming office to serve as seed funding for the initiative. He noted that this contribution would be made irrespective of existing insurance and welfare provisions available to members of the armed forces.

“As a personal commitment, all my salaries since assuming office will be paid into this account as seed funding,” he added.

Tinubu further called on state governors, members of the National Assembly, private sector stakeholders and well-meaning Nigerians to support the initiative in order to strengthen welfare support for military personnel and their families.

The announcement has been widely seen as part of ongoing efforts by the administration to boost morale within the armed forces amid persistent security challenges across the country.

Tinubu Marks 74th Birthday with Special Fund for Soldiers, Fallen Heroes’ Families

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From Royal Wedding to Courtroom War: Gana’s Son, Wife in Explosive Split

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From Royal Wedding to Courtroom War: Gana’s Son, Wife in Explosive Split

What began as one of Nigeria’s most glamorous society weddings in 2014 has reportedly unraveled into a tense legal showdown, marked by allegations, silence, and an escalating custody dispute.

When James Gana, son of elder statesman and former Minister of Information Jerry Gana, married Akwa Ibom royal figure Jessica Edet, the ceremony drew national attention. Political heavyweights, traditional rulers, and high society figures gathered in Akwa Ibom State to witness what many described as a symbolic union of influence and prestige.

More than a decade later, that image of unity has sharply faded.

Cracks Beneath the Surface

Multiple sources familiar with the situation indicate that the marriage had been under strain for some time before the situation escalated into formal legal action. While details remain closely guarded, insiders suggest that irreconcilable differences may have led to the breakdown.

It is alleged that James Gana filed for divorce, though official court documents have not been made public to confirm this claim.

Custody Battle Emerges

At the center of the dispute is the couple’s son, with both parties reportedly seeking custody. Legal observers note that such battles, especially among high-profile families, often become prolonged and emotionally charged.

Family law practitioners contacted by our correspondent explain that Nigerian courts typically prioritize the welfare of the child, but outcomes can vary depending on circumstances presented during proceedings.

Allegations and Social Media Noise

The case has also been complicated by a wave of unverified claims circulating online, including controversial accusations targeted at Jessica Edet. Terms and insinuations trending on social media have added a layer of public scrutiny, though none of these claims have been substantiated in court.

Observers warn that such narratives, often amplified without evidence, risk distorting public perception and inflaming an already delicate situation.

Silence from Key Parties

Efforts to obtain official statements from both James Gana and Jessica Edet have so far yielded no response. Associates close to the families have also declined to comment, citing the sensitivity of the matter and ongoing legal proceedings.

From Celebration to Litigation

The reported breakdown of the marriage highlights how even the most celebrated unions can face private challenges far removed from public glamour. What was once a widely admired relationship has now become a subject of legal scrutiny and public speculation.

As proceedings continue, attention remains fixed on the courtroom, where the final outcome—particularly regarding custody—will likely define the next chapter of this high-profile separation.

From Royal Wedding to Courtroom War: Gana’s Son, Wife in Explosive Split

 

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Three Feared Dead as Journalists’ Bus Crashes on Enugu–Onitsha Expressway

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Three Feared Dead as Journalists’ Bus Crashes on Enugu–Onitsha Expressway

At least three persons have been confirmed dead following a tragic motor accident along the notorious Onyeama Hills axis of the Enugu–Onitsha Expressway in Enugu.

The accident involved a black Toyota Sienna bus conveying journalists who were reportedly on an official assignment to Igbo-Etiti Local Government Area of the state. Several occupants of the vehicle sustained injuries of varying degrees.

Among those injured are Chimaroke Ugwu, a reporter with Nigerian Television Authority and Chairman of the NTA Chapel, alongside his cameraman, Jerry. Also affected are Kelechi Ehirim, a reporter with African Independent Television and Secretary of the Private Broadcast Chapel, as well as his cameraman, Ifeanyi Ogbodo.

The identities of the deceased victims were yet to be confirmed as of the time of filing this report.

Officials of the Federal Road Safety Corps and the police were at the scene carrying out rescue operations and managing traffic to prevent further incidents.

The Onyeama Hills stretch of the expressway has long been regarded as a high-risk corridor due to its steep terrain and frequent record of accidents. Authorities have commenced investigations to determine the immediate and remote causes of the crash.

Further updates are expected as more details emerge.

 

Three Feared Dead as Journalists’ Bus Crashes on Enugu–Onitsha Expressway

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