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We must transform NNPC to global oil company – Buhari

Published

5 years ago

October 8, 2021

President Muhammadu Buhari Friday received the certificate of incorporation of the Nigeria National Petroleum Company Limited.

The President, while speaking, said the country expects nothing less from the Board of Directors, the Chief Executive Officer, and the Chief Finance Officer, “than the realization of a global national oil company that this nation desires and deserves.”

Presidential spokesman Femi Adesina in a statement said under the recently signed Petroleum Industry Act (PIA), the Nigerian National Petroleum Corporation (NNPC), was expected to transform to a limited liability company which had been accomplished.

President Buhari described the incorporation as “a significant milestone in our quest to create an enduring National Energy Company that can compete with its global peers and deliver value to its shareholders, the Nigerian people.”

He said his expectation was for a speedy transition through taking all steps required to transfer assets, human and material, “and without wasting time to capitalize the company as required by the Petroleum Industry Act.”

President Buhari said he was happy to note that the National Assembly had confirmed his nominations for the Board and Management of the two regulatory institutions, and expected immediate take-off to facilitate effective implementation of the provisions of the PIA “on accelerated gas development and optimization of oil production and support for energy transition.”

In his remarks, Group Managing Director of NNPC, Mele Kolo Kyari, said the incorporation was “history made again, a massive transformation from what we know, to where we are going,” under the leadership of President Buhari.

He added that lots of values had been delivered in the past six years, “and we still have further accountability and values to deliver.”

Registrar/Chief Executive Officer of the Corporate Affairs Commission, Alhaji Garba Abubakar, said the registration, accomplished within 24 hours, had complied with all requirements of the Companies and Allied Matters Act (CAMA), and the PIA, disclosing that the new company is one with largest capitalization of N200 billion in the country.

He added that the registration in the short time, “underscores strong collaborations among agencies of government.”

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NRS Boss Blasts $279 Million Frontier Fund Fraud Claims as Sponsored Fake News

Published

3 hours ago

August 10, 2026

Trends Admin

Executive Chairman of the Nigeria Revenue Service (NRS) , Zacch Adedeji

NRS Boss Blasts $279 Million Frontier Fund Fraud Claims as Sponsored Fake News

Zacch Adedeji calls reports “cheap journalism” lacking ethics, clarifies legal framework of the Frontier Exploration Fund under PIA 2021

The Executive Chairman of the Nigeria Revenue Service (NRS) , Zacch Adedeji, has firmly dismissed online reports alleging that $279 million was illegally transferred from the Frontier Exploration Fund to unnamed accounts, describing the claims as sponsored fake news orchestrated by individuals bent on tarnishing his reputation and that of the service. In a telephone interview, Adedeji categorically denied any wrongdoing, stating that the report was not only false but also exhibited hallmarks of a coordinated smear campaign. He declared, “That report is not true in any way. It is pure fake news sponsored by some jobless persons whose pastime is to throw mud at high performers in the President Tinubu government. I consider it to be a brand of cheap journalism lacking in ethics and professionalism but heavy with malicious intentions.” Adedeji pointed to stylistic consistencies across multiple online platforms as evidence of a single author behind the allegations, suggesting the story was deliberately planted to mislead the public. “To prove to you that it was sponsored, take a critical look at the storyline and language. They are the same language and style in all the reports, meaning that one person wrote it and distributed it across gullible online platforms,” he added.

To contextualize the controversy, Adedeji explained that the alleged fraud narrative stems from a fundamental misunderstanding of what the Frontier Exploration Fund entails and how it is disbursed. The Frontier Exploration Fund was legally established under Section 9 of the Petroleum Industry Act (PIA) 2021, a landmark legislation that reformed Nigeria’s oil and gas sector. The Fund is specifically designed to finance petroleum exploration activities in frontier basins—areas where commercially viable hydrocarbon reserves are yet to be fully established. These frontier basins include the Bida Basin, Benue Trough, Anambra Basin, Chad Basin, Sokoto Basin, and Dahomey Basin. The Fund is meant to cover critical exploration expenses such as geological mapping, seismic surveys, exploratory drilling, appraisal wells, basin studies, and other exploration activities, all of which are essential for expanding Nigeria’s proven hydrocarbon reserves and securing the country’s energy future.

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Under the PIA 2021, the Frontier Exploration Fund is financed through a statutory allocation of 30% of NNPC Limited’s profit oil and profit gas derived from production sharing contracts (PSCs). These funds are channeled into a dedicated escrow account and must be strictly applied to frontier exploration and development, subject to appropriation by the National Assembly. This legal structure ensures transparency and accountability, with multiple oversight layers built into the disbursement process. However, the Fund has been at the center of several policy debates in recent months, adding complexity to the current allegations.

One major development was the signing of Executive Order No. 9 in February 2026 by President Bola Tinubu, which suspended the statutory 30% allocation from NNPC’s profit oil and gas to the Frontier Exploration Fund, rerouting the funds directly to the Federation Account. This move drew sharp criticism from energy analysts, including Professor Emeritus Wunmi Iledare, who warned that the order prioritizes “immediate distributable revenue over long-term reserves sustainability.” The order also suspended NNPC’s 30% management fee, a decision critics argue undermines the company’s commercial autonomy as established under the PIA 2021. These policy shifts have fueled public scrutiny and created an environment where misinformation about the Fund can easily gain traction.

Meanwhile, the Nigerian Upstream Petroleum Regulatory Commission (NUPRC) , which administers the Frontier Exploration Fund, previously denied withholding the funds, confirming that over $185 million and N14.9 billion** had already been released to **NNPC Limited** as of late 2025. These releases included a **$140 million tranche approved on November 27, 2025. However, concerns about disbursement delays have persisted. The Minister of Petroleum Resources (Oil), Heineken Lokpobiri, publicly directed NUPRC and NNPCL to deploy the accrued funds to support seismic and appraisal work in frontier basins, lamenting that the Fund had not been meaningfully utilized since his assumption of office. Industry analysts have warned that bureaucratic inertia in releasing the funds is stalling essential exploration activities and weakening investor confidence, making the Fund a recurring flashpoint in Nigeria’s energy sector discourse.

Adding another layer to the controversy, the National Association of Nigerian Students (NANS) has called on anti-graft agencies—the Economic and Financial Crimes Commission (EFCC) , the Independent Corrupt Practices and Other Related Offences Commission (ICPC) , and the National Assembly—to investigate the alleged $279 million transfer. Jamilu Hussaini Ebbo, NANS’ Forum Chairman, linked the controversy to the hardships faced by Nigerian students, stating that “the unapproved movement of public funds is a direct attack on the future of Nigerian youth.” NANS has urged a forensic audit of the Frontier Exploration Fund account to ensure transparency and accountability, a move that has gained traction among civil society groups concerned about the prudent management of public resources.

In his final rebuttal, Adedeji dismissed the allegations as baseless, reiterating that the Nigeria Revenue Service has no role in the administration or disbursement of the Frontier Exploration Fund, as the Fund falls under the purview of NUPRC and NNPC Limited. He called on media practitioners to uphold ethical standards and verify facts before publishing, warning that sponsored fake news undermines public trust and destabilizes governance. His firm stance underscores the growing challenge of misinformation in Nigeria’s digital media landscape and the need for greater journalistic responsibility.

As the story continues to develop, key takeaways remain clear: no evidence supports the alleged $279 million illegal transfer from the **Frontier Exploration Fund**; the Fund is legally established under **Section 9 of the PIA 2021** and is strictly regulated; **NRS Chairman Zacch Adedeji** has no oversight over the Fund, making the allegations against him factually incorrect; **NUPRC** has confirmed that over **$185 million** has already been disbursed to NNPC Limited for frontier exploration; Executive Order No. 9 has temporarily suspended allocations to the Fund, redirecting revenue to the Federation Account; and NANS continues to push for a forensic audit to ensure public funds are properly accounted for. Updates will be provided as more information becomes available.

NRS Boss Blasts $279 Million Frontier Fund Fraud Claims as Sponsored Fake News

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Nigeria Immigration Deploys Passport Intervention Team to UK to Clear Application Backlog

Published

6 hours ago

August 10, 2026

Trends Admin

Nigeria Immigration Deploys Passport Intervention Team to UK to Clear Application Backlog

The Nigeria Immigration Service has sent a dedicated team to the United Kingdom to process pending, new, and renewal passport applications for Nigerians in the diaspora, with operations beginning August 10, 2026.

The Nigeria Immigration Service (NIS) has deployed a dedicated Passport Intervention Team to the United Kingdom to ease and streamline passport applications for Nigerians living in the diaspora. The initiative, directed by the Minister of Interior, Olubunmi Tunji-Ojo, is part of ongoing efforts to address the challenges Nigerians abroad face in obtaining or renewing their travel documents. The intervention team, comprising personnel from the NIS headquarters in Abuja, arrived in the United Kingdom on Monday, August 10, 2026. The team will work in collaboration with the Nigerian High Commission to facilitate the processing and issuance of pending, new, and renewal passport applications. This deployment follows recent complaints from Nigerians in the UK about delays in passport processing and poor communication at the High Commission, concerns the NIS had earlier addressed by highlighting the availability of its digital platforms.

As part of the exercise, the intervention team will visit designated cities across the United Kingdom to conduct passport enrolment and processing. This approach is designed to bring services closer to eligible applicants in different parts of the country, reducing the burden of travelling long distances to a central location. The intervention is open to three categories of applicants: applicants with pending passport applications who are waiting for processing; new applicants applying for a Nigerian passport for the first time; and holders of passports with less than one year remaining before expiry who wish to apply for renewal. During enrolment, applicants are required to present their completed application forms and proof of payment.

Nigeria Immigration Deploys Passport Intervention Team to UK to Clear Application Backlog

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Italy-Based Businessman Excretes 98 Wraps of Cocaine at Enugu Airport

Published

24 hours ago

August 9, 2026

Trends Admin

Italy-Based Businessman Excretes 98 Wraps of Cocaine at Enugu Airport

In a major breakthrough, operatives of the National Drug Law Enforcement Agency (NDLEA) have arrested a 30-year-old Italy-based businessman at the Akanu Ibiam International Airport (AIIA), Enugu, after he excreted 98 wraps of cocaine weighing 1.510 kilograms while attempting to board a flight to Europe. The suspect, Joseph Cyril, was nabbed on August 2, 2026, at the departure hall of the Enugu airport during the outward clearance of passengers on Ethiopian Airlines flight ET930, which was en route to Italy via Addis Ababa and France. According to a statement by NDLEA Director of Media and Advocacy, Mr. Femi Babafemi, Cyril was immediately placed under excretion observation, during which he expelled all 98 pellets of the banned substance. The total weight of the recovered cocaine was put at 1.510 kilograms. Investigations revealed that Cyril had arrived in Nigeria from Italy on July 13, 2026, and ingested the drug at a hotel in Awka, Anambra State, before proceeding to Enugu to catch his return flight to Europe on August 2.

In his confessional statement, the suspect disclosed that he had been running a legitimate business in Italy for several years before agreeing to traffic the cocaine consignment. He claimed he accepted the task in exchange for €3,500 (about ₦5.8 million) to help him raise funds to relocate to Germany, where his immediate family is based. The NDLEA noted that the arrest is part of the agency’s intensified efforts to curb drug trafficking through Nigerian airports and land borders.

Beyond the Enugu operation, the NDLEA recorded several other significant seizures across the country within the same period, demonstrating the widespread nature of the agency’s crackdown. In Lagos, operatives thwarted attempts by trafficking syndicates to export 1.2 kilograms of cocaine concealed inside 25 pieces of phone chargers destined for Saudi Arabia through a courier company. In a similar operation, officers intercepted 500 grams of cocaine hidden in the false bottom of a backpack that was being shipped to Italy via another logistics firm on August 3, 2026. Also in Lagos, a consignment containing 2.3 kilograms of Loud — a potent synthetic strain of cannabis — originating from the United States, was seized at a shipping company on August 4, 2026.