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NNPCL Demands N4.7tn Petrol Imports Refund

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NNPCL demands N4.7tn petrol imports refund

 

The Nigerian National Petroleum Company Limited has demanded a refund of N4.71tn from the Federal Government to settle outstanding debts used to import Premium Motor Spirit, popularly called petrol, into the country.

The claim was listed as “Exchange rate differential on PMS and other joint venture taxes” on petrol products imported by the company between August 2023 to June 2024.

This was disclosed by the Minister of Finance and the Coordinating Minister of the Economy, Wale Edun, at the June meeting of the Federation Accounts Allocation Committee. Our correspondent obtained the minutes of the meeting on Thursday.

Exchange rate differentials refer to the income accrued to banks or government agencies from the difference in value between two currencies at different times through foreign exchange’s sale and purchase prices.

For example, if you exchange one United States dollar for 0.9 euros today, and tomorrow you get $1 for 0.8 euros, the exchange rate differential is the change between these two rates.

This development also means that the government will support fuel imports by covering the difference between the projected rate and the actual expenses incurred by the NNPC for importing petroleum products into the country.

This difference in cost, which ordinarily should be reflected in the retail price of the product and borne by final consumers, contradicts the government’s claims that subsidies have been eliminated.

This revelation also comes amid challenges faced by the petroleum company to ensure the adequate supply of PMS to marketers for distribution nationwide.

Speaking at the meeting, the minister explained to the state commissioners of finance that the national oil company received presidential approval to carry out this duty using the “Weighted Average Rate” from October 2023 to March 2024.

Edun added that the company had also sought an extension of the period to cover the differential rate but was advised to write to the National Economic Council requesting approval.

The minutes read, “NNPC Limited Exchange Rate Differentials on PMS Importation and Other Joint Venture Taxes for the period August 2023 to April 2024.

“The chairman, PMSC (Post Mortem Sub-Committee) reported that NNPC Limited informed the sub-committee that it had an outstanding claim of N2,689,898,039,105.53 against the federation as a result of the use of ‘Weighted Average Rate’ as of May 2024.

“Furthermore, he disclosed that the sub-committee was able to establish that there was Presidential approval to use the ‘Weighted Average Rate’ from October 2023 to March 2024.”

It was gathered that the government through the National Economic Council had granted the NNPC permission to import fuel at an exchange rate of N650 to $1 at retail coastal pump prices from June 2023 but the devaluation of the naira surged the price to N1,200, indicating a difference of N550 as exchange difference.

On May 29, 2023, during his inauguration, President Bola Tinubu publicly declared that “subsidy is gone,” signaling the end of barriers that had been restricting the nation’s economic growth.

However, this claim has been contested by the International Monetary Fund, the World Bank, and other authoritative figures, who argue that the government had quietly reintroduced fuel subsidies.

In June, a proposed economic stabilisation plan document stated that the government planned to spend about N5.4tn on fuel subsidies.

Also, oil marketers had stated that with a landing cost of ₦1,117 per litre for PMS, the monthly subsidy on the commodity had risen to approximately N707bn.

Commenting, the commissioner of Finance, Akwa Ibom State, Linus Nkan, queried how the N2.6tn exchange rate differentials against the federation came about, seeking further clarification.

“The Commissioner of Finance, Akwa Ibom State, referred to paragraphs 3.01 and 5.01 of the PMSC report and requested clarifications as to how the N2.6tn exchange rate differentials against the Federation came about,” the minute said.

Reacting, the General Manager, FAAC office at the NNPCL, Joshua Danjuma, confirmed that the amount claimed by the company was to cover the landing cost of PMS.

He added that cost has also significantly increased by May 2024 due to changes in the exchange rate.

He said, “Reacting to the issue of the N2.6tn claim of NNPC Ltd against the Federation, the representative of NNPC Limited confirmed that the figure had increased significantly as of May 2024 due to the change in the rate at which the company was sourcing for the Forex to pay for the landing cost of PMS.”

Confirming this, an additional document obtained by The PUNCH indicated that the figure increased to N4.71tn as of June 2024.

A month-by-month breakdown indicated that the debt with an outstanding balance of N1.18tn increased to N1.24tn in August 2023, N1.3tn in September 2023, and N1.51tn in October 2023. By November, these claims increased by N570bn to N2.08tn and by another N550bn to N2.63tn in December 2023.

The document further indicated that the figure increased to N3.19tn in January 2024, N3.29tn in February, N3.55tn in March, N4.02tn in April and N4.29tn in May and N4.71tn as of June 2024.

Also, the Chairman, Revenue Mobilisation Allocation and Fiscal Commission, Mohammed Bello, making a presentation during the meeting revealed the reason for the rate difference, saying, “Following the removal of subsidy on PMS on 29th May 2023, NNPCL made requisite pricing adjustments using an exchange rate benchmark of N650 to 1 US Dollar to arrive at retail coastal pump prices from June 2023.

“Furthermore, NNPCL sought and obtained approval of His Excellency, Mr. President, for the freezing of the Proforma Invoice Ex-coastal transfer price at N524.99 from August 2023 to March 31st 2024, using exchange rate modulation to sustain the supply of petroleum products and ensure National Energy Security.

“NNPCL equally reported that the Company had obtained another approval to extend the use of the weighted Average Rate from April to June 2024, though the Sub-Committee is yet to see the document. As of June 2024, NNPCL reported the outstanding against the Federation in respect of the exchange rate differential.

“The Sub-Committee also observed from NNPCL June 2024 report to FAAC that the weighted average exchange rate for the month was N1,200, which they said was the estimated rate as against the N650 that was sought for in the NEC extract.

“It was also observed from the analysis that the volume, price and sales value were not provided to justify the exchange rate differential recorded.

“NNPCL responded that additional information could be provided to the Sub-Committee to clarify the issues raised but based on request. The Chairman of the Commission, who chaired the meeting, agreed to write to NNPCL requesting the relevant information to resolve the issue.”

Meanwhile, the Commissioner for Finance, Niger State, Lawal Maikano, lamented the inadequacy of revenue-generating agencies to meet its revenue target, stressing that only 50 per cent of the budgeted revenue for the current year has been achieved.

“The HCF, Niger State referred to the Communique and observed that only about 50 per cent of the budgeted revenue for the current year was being achieved by the RGAs and described it as a poor budget performance.”

He, therefore, harped on the need to adjust the FAAC revenue budget projection to a figure that would be realistic for the RGAs to achieve.

He also called on the Agencies to put more effort into revenue generation.

Similarly, the HCF, Kaduna State, Shizzer Bada, raised concern over the accumulation of outstanding arrears of revenue by RGAs against the Federation Account, which was running into trillions of naira between 2023 and 2024. She, therefore, advised on the need to expedite action in concluding the reconciliation with Agencies.

On the forensic audit of the N2.7tn subsidy claim, the Director of Home Finance, Ali Mohammed, reported that the Office of the Auditor-General of the Federation was working on the Forensic Audit exercise of NNPC Limited as mandated which a report was expected to be made available to FAAC after the assignment.

Reacting to this, a professor, Wumi Iledare, said he would not understand the basis for the NNPC asking the government to pay it differentials when it sells oil in foreign currency on behalf of the government.

According to the energy expert, the NNPC is supposed to pay royalties to the government like other oil companies.

“What is the basis for the NNPC asking the government to give them money back? Is the NNPC claiming it overpaid them? If the NNPC is really going to follow its new status, what they need to pay to the government is royalty, Nigerian hydrocarbon tax, and corporate income tax. They need to pay the way international companies pay the government. If the agreement is in dollars, then the NNPC needs to pay the government in dollars. What the government does with the dollars is the responsibility of the government.

“If you look at the taxes paid by the international oil companies, they are tax oil which NNPC sells on behalf of the government and gives the government the dollar. So, it is very difficult for me to understand why the Federal Government has to return any money to NNPC unless NNPC is saying that it is the one funding the government in dollar equivalent, and since the government is changing the exchange rate to the tune of N1,500, the government cannot keep the windfall profit because the government now has more than when the exchange rate was N700,” Iledare stated.

The scholar added, “It is very difficult for me to comprehend the rationale because the government is the owner of the equity, the government owns the tax oil, and the government is the owner of the royalty oil that the NNPC is selling on its behalf.”

However, he said this may be a kind of under-recovery for the importation of petrol

“If the argument is about what they call under-recovery, that means NNPC spent dollars on behalf of the government to import fuel and the government is giving them the under-recovery in naira, which I’m not sure of. It is very complicated to understand.

“That is why the Petroleum Industry Act, wanted to sever a relationship where the Federal Government is dependent on the NNPC. By the way, the Federal Government is not necessarily the owner of NNPC. It is the federation that is the owner of the NNPC,” he submitted.

 

-PUNCH

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Access Bank, Fifth Chukker and UNICEF Renew Commitment to Expanding Educational Opportunities for Nigeria’s Most Vulnerable Children

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PHOTO CAPTION L- R; Ifeyinwa Osime, Chairman, Access Bank; Ofovwe Aig-Imoukhuede, Co-Founder, Aig-Imoukhuede Foundation; Aigboje Aig-Imoukhuede, Chairman, Access Holdings; Adolfo Cambiaso, a professional polo player; Dikko Umaru Radda, Katsina State Governor; Uba Sanni, Kaduna State Governor, and Mohammed Umar Bago, Niger State Governor. Front Row: , Hamza Bello and Maryam Dauda, students of Access Bank Fifth Chukker School, at the Access Bank UK Polo Day in Windsor, United Kingdom…Saturday

Access Bank, Fifth Chukker and UNICEF Renew Commitment to Expanding Educational Opportunities for Nigeria’s Most Vulnerable Children

IMG-20260706-WA0006-1024x682 Access Bank, Fifth Chukker and UNICEF Renew Commitment to Expanding Educational Opportunities for Nigeria’s Most Vulnerable Children

London, United Kingdom – July 6, 2026: The transformative power of collective action in expanding access to education took centre stage in London as Access Bank UK, Fifth Chukker, UNICEF and the Kaduna State Government reaffirmed their shared commitment to creating brighter futures for Nigeria’s most vulnerable children.

Hosted by Access Bank UK, Access UK Polo Day celebrated more than 15 years of impact driven by a shared vision to expand educational opportunities for underserved children. What began as a modest initiative has evolved into one of Africa’s most impactful education programmes, with the Access Bank Fifth Chukker School in Kaduna State and its associated interventions positively impacting more than 14,000 children across underserved communities in Northern Nigeria.

At the heart of this transformation is the Access Bank Fifth Chukker School, where investments in educational infrastructure, learning resources and student support have created lasting opportunities for thousands of children. Between 2018 and 2026 alone, the school recorded 2,538 graduates, with female pupils accounting for more than 54 per cent of the total, underscoring the programme’s contribution to advancing girls’ education and promoting inclusive access to learning.

More than 1,000 pupils benefit from the school’s internationally recognised foundational learning programme each year, contributing to improved literacy and numeracy outcomes and a reported 15 per cent increase in learning performance. Students continue to secure admission into leading secondary schools, while teachers receive ongoing professional development and digital learning support. Enhanced infrastructural facilities and expanded learning resources have further strengthened the overall learning environment, helping to sustain the programme’s long-term impact.

This year’s event reinforced a compelling message: Every pledge should lead to a classroom, every classroom should empower a child, and every child should have the opportunity to shape a brighter future.

Speaking at the event, the Managing Director and Chief Executive Officer of Access Bank Plc, Roosevelt Ogbonna, reflected on the remarkable growth of the initiative and the unwavering commitment of its supporters.

“What began as a dream to transform the lives of 100 children has grown into a movement that has positively impacted more than 14,000 young people. We want to return next year talking about 28,000 children. Education remains the greatest leveller, giving every child a genuine opportunity to realise their potential and contribute meaningfully to society.”

Ogbonna expressed appreciation to donors and partners whose support has sustained the initiative, noting that investment in education creates lasting intergenerational impact.

Kaduna State Governor Uba Sani described education as one of the most valuable investments any society can make. He praised the longstanding alliance between Access Bank, Fifth Chukker and UNICEF, noting that it has restored hope and opportunity to thousands of children from underserved communities.

Highlighting Kaduna State’s ongoing education reforms, the Governor revealed that approximately 300,000 out-of-school children had been returned to classrooms over the past year through partnerships with organisations including UNICEF and other development partners. He also announced plans to construct an additional 120 classrooms at the Fifth Chukker Access Bank UNICEF School, enabling even more children to access quality education.

“What we are doing here is about humanity. By giving children access to quality education, we are empowering them to dream, to lead and to build a better future for themselves and their communities.”

Governor Sani also paid tribute to the late Herbert Wigwe, acknowledging his vision, leadership and enduring commitment to improving educational outcomes for underserved populations.

For Aigboje Aig-Imoukhuede, Chairman of Access Holdings, the true success of the initiative is reflected in the lives being transformed.

“The most meaningful measure of success is not the number of buildings we construct, but the opportunities we create. Every child who receives an education, every young person who discovers their potential, and every community strengthened through learning represents the lasting impact of this partnership. Together, we are proving that when purpose meets collaboration, we can create opportunities that change lives for generations.”

Welcoming guests, Jamie Simmonds, Chief Executive Officer of The Access Bank UK, described the gathering as polo with purpose, a celebration not only of sport but of a shared mission to create opportunity through education. He highlighted the institution’s commitment to supporting initiatives that deliver sustainable social impact and broaden access to learning for underserved children.

The event concluded with a renewed commitment from all stakeholders to deepen investment in education as a catalyst for national development and social progress. The Access Bank Fifth Chukker School continues to demonstrate the impact of sustained collaboration among the private sector, government and development partners, delivering measurable outcomes for vulnerable children in Northern Nigeria.

 

Screenshot_20240317-230340-1024x289 Access Bank, Fifth Chukker and UNICEF Renew Commitment to Expanding Educational Opportunities for Nigeria’s Most Vulnerable Children

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HumanManager Equips UNILAG Students with Practical Digital HR Skills Through NextGen HR Initiative

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Photo Caption: HumanManager Equips Future HR Leaders at UNILAG L-R: Renee Julius-Pollyn, Customer Experience Consultant, HumanManager Limited; Dr. Ekwoada Joy Onyinyechi, Senior Lecturer, Department of Employment Relations & Human Resource Management, UNILAG; Dr. Mariam Gbajumo-Sheriff, Senior Lecturer, Department of Employment Relations & Human Resource Management, UNILAG; Jerry Adeyeri, Lead, Brands & Marketing, HumanManager Limited; and Dr. Dayo Badejo, Senior Lecturer, Department of Employment Relations & Human Resource Management, UNILAG, at the HumanManager NextGen HR Initiative 2026, held at the University of Lagos, on Wednesday, June 17th, 2026

HumanManager Equips UNILAG Students with Practical Digital HR Skills Through NextGen HR Initiative

image-1024x471 HumanManager Equips UNILAG Students with Practical Digital HR Skills Through NextGen HR Initiative

HumanManager, a leading HR and payroll technology company, has reaffirmed its commitment to developing Nigeria’s future workforce through the 2026 edition of its NextGen HR Initiative, a capacity development programme designed to equip future HR professionals with practical digital skills. Held on Wednesday, 17 June 2026, at the Faculty of Management Sciences, University of Lagos (UNILAG), the event exposed participants to hands-on training using HumanManager’s HR software, bridging the gap between classroom learning and workplace practice.
Now in its third consecutive year at the University of Lagos, the initiative was delivered under the theme, “HR in a Digital-First World: From HR Theory to Digital Practice.” Through practical simulations and live demonstrations, participants explored digital HR workflows, automation, employee data management, leave administration, attendance management, reporting, compliance and other technology-driven processes that are transforming how organisations manage their workforce.
Speaking during the programme, Jerry Adeyeri, Lead, Brands & Marketing at HumanManager Limited, said the initiative demonstrates the company’s commitment to building a future-ready workforce while giving back to society through meaningful corporate social responsibility.
“The world of work is changing rapidly, and today’s HR professionals need more than theoretical knowledge. They must understand the digital systems that power modern organisations. Through the HumanManager NextGen HR Initiative, we are bridging the gap between what students learn in the classroom and what they will encounter in the workplace by giving them practical exposure to HR technology. Ultimately, this is our way of investing in society, strengthening Nigeria’s talent pipeline and helping young professionals graduate with the skills employers increasingly expect,” He noted.
Throughout the interactive workshop, students explored how technology is transforming modern human resource management through live demonstrations of HumanManager’s HR platform. Commending the initiative, Dr Mariam Gbagumo-Sheriff, Senior Lecturer, Department of Employment Relations and Human Resource Management, University of Lagos, described HumanManager as a dependable industry partner whose sustained commitment has significantly enriched students’ learning experience.
“HumanManager has supported this practical training for several years, and it has been invaluable. Teaching Human Resource Information Systems without access to a live platform would be extremely difficult because students need practical experience, not just theory. What stands out is the consistency of the partnership. This year, HumanManager reached out to us before we even made contact, demonstrating a genuine commitment to preparing our students for the realities of the workplace. Our students consistently provide positive feedback after every session, and experiences like these make their transition into the workplace much easier,” She acknowledged.
Sharing his experience, Ayeni Damilare, a 300-Level student and Class Governor, said the programme transformed his understanding of modern HR practice, noting that: “The session completely changed my perception of HR. We experienced practical functions such as leave management, reporting and auditing on a live platform, showing us how technology simplifies HR operations. It gave us a clearer understanding of how HR works in the real world and the skills we will need, whether we build our own businesses or work within established organisations.”
Temitope Obidike, Products Lead at HumanManager, also shared insights into how artificial intelligence is reshaping HR technology. She noted that the company is “actively exploring AI capabilities across recruitment, employee database management and payroll processing through strategic partnerships and in-house innovation, ensuring it continues to evolve in line with global AI trends while delivering greater value to organisations and HR professionals.”
As organisations increasingly embrace automation, artificial intelligence and digital workforce management, initiatives such as this are helping ensure that tomorrow’s HR professionals graduate with both theoretical knowledge and practical workplace competence. Through sustained collaboration with academic institutions, HumanManager continues to contribute to a future-ready workforce while advancing the adoption of modern HR technology across Africa.
About HumanManager
HumanManager is a leading HR and payroll technology platform powering workforce operations across Africa. With over 30 years of experience, the platform helps organisations streamline employee data, manage payroll and compliance, and build operational confidence as they grow. HumanManager supports businesses of all sizes across multiple African countries, enabling efficient, compliant and people-centred workplaces.

 

Screenshot_20240317-230340-1024x289 HumanManager Equips UNILAG Students with Practical Digital HR Skills Through NextGen HR Initiative

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Access Bank UK Polo Day Drives Global Support for Education of Vulnerable Children

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Access Bank UK Polo Day Drives Global Support for Education of Vulnerable Children

 

Bank-logo-png-1000x244-1 Access Bank UK Polo Day Drives Global Support for Education of Vulnerable Children
London, United Kingdom – June 30, 2026: For many children, the biggest barrier to success is not talent; it is access. Across parts of Nigeria and other underserved communities, the absence of basic educational resources continues to limit what is possible for thousands of young people. Access Bank UK Polo Day has, over the years, positioned itself as a platform designed to address that gap.

Scheduled for July 4, 2026, in Windsor, the event will convene a global audience of business leaders, philanthropists, royalty, and high-net-worth individuals. While it remains one of the most anticipated fixtures on the social calendar, its focus is clear: to mobilise resources and partnerships that support education for vulnerable children.

What sets the Polo Day apart is how it converts visibility into impact. The event brings together a network of influence and directs it towards practical outcomes, funding classrooms, supporting learning programmes, and enabling children to stay in school. Through its collaboration with UNICEF and local partners, funds generated have supported education initiatives that target some of the most pressing challenges, including access to facilities, materials, and consistent schooling. These interventions have helped thousands of children continue their education despite economic and social barriers.

The objective for 2026 is to extend this reach, raising more support and improving the scale and quality of interventions. At its core, the initiative is driven by a simple idea: that education should be accessible, regardless of circumstance.

This year’s event will also host His Royal Highness, Alhaji Abdulmumini Kabir Usman, as Special Guest of Honour. He will present the Emir’s Cup, adding a layer of heritage and continuity to the occasion.

A respected figure in both sport and community leadership, the Emir represents a long-standing polo tradition in Nigeria and a broader commitment to social development. His participation reflects the event’s broader purpose: connecting influence, legacy, and impact.

Jamie Simmonds, Managing Director of The Access Bank UK, highlighted the importance of the initiative: “This event is about using our platform to create access

where it is most needed. By bringing together the right partners and supporters, we are able to deliver outcomes that can make a real difference in the lives of many children.”

Over time, the Polo Day has evolved into more than an annual event. It has become a consistent channel for mobilising support and delivering measurable social impact, demonstrating how corporate platforms can be used to address real challenges.

As preparations continue, the significance of the 2026 edition lies in what it enables. At the end of it all, the real outcome is simple: more children in school, more opportunities created, and better futures made possible.

 

Screenshot_20240317-230340-1024x289 Access Bank UK Polo Day Drives Global Support for Education of Vulnerable Children
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IMG-20260508-WA00321-1000x1000-1 Access Bank UK Polo Day Drives Global Support for Education of Vulnerable Children

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