The Federal Government is set to commence a fresh audit of the N2.8tn fuel subsidy claim by the Nigerian National Petroleum Company Limited.

An audit firm, KPMG had conducted an initial audit reducing the claims from N6tn to N2.7tn.

The Federal Government is also considering either engaging an external audit firm or directing the Office of the Auditor General of the Federation to verify the claims made by the corporation regarding the amount the government owes the oil firm.

The latest plan was revealed in the minutes of the Federal Account Allocation Committee meeting held in March 2024, a copy of which was obtained by our correspondent.

On May 30, 2023, a few hours after the “subsidy is gone” declaration by President Bola Tinubu, the NNPCL Group Chief Executive Officer, Mele Kyari, told State House correspondents that the federal government still owes the firm the sum of N2.8tn spent on petrol subsidy.

While saying the NNPCL footed petrol subsidy bills from its cash flow, Kyari said the government had so far been unable to pay back the N2.8tn.

He said “Since the provision of the N6tn in 2022, and N3.7tn in 2023, we have not have not received any payment whatsoever from the Federation.

“That means they (the Federal Government) are unable to pay and we’ve continued to support this subsidy from the cash flow of the NNPC. We are waiting for them to settle up to N2.8tn of NNPC’s cash flow from the subsidy regime and we can’t continue to build this.”

But giving an update on the issue during the FAAC meeting, the Minister of Finance and Chairman of the committee, Wale Edun, said Tinubu was committed to ensuring that the forensic audit of NNPC Limited was conducted and the results analysed.

NNPC’s claim

He stated that the audit would span from 2015 to 2021, aiming to verify the authenticity of NNPC/Federation Account claims on the N2.7tn.

Edun further proposed that the OAuGF be considered for the fresh audit over any other external audit, considering their expertise in auditing.

The minutes read in part, “The Chairman informed the members of Mr President’s commitment to ensuring that the forensic audit of NNPC Limited was conducted. He, however, proposed that since the Office of the Auditor-General for the Federation had expertise in the areas of auditing, the Office would be considered first before any other external audit firm. He added that where external support would be required, an independent firm could be engaged, accordingly.”

However, the suggestion was dismissed by the Ogun State Commissioner for Finance, Dapo Okubadejo, who argued that engaging an independent auditor would mitigate potential conflicts of interest during the exercise.

Other commissioners, such as Isaac Kamalu of Rivers State and Lawal A. Maikano of Niger State, contributed additional perspectives to the discussion.

Ultimately, consensus was reached to prioritise the OAuGF, with the proviso to engage an external audit firm when deemed necessary for additional support.

The minute later read in part, “The HCF, Ogun State observed that given the diverse nature and objectives of the proposed audit exercise and to prevent conflict of interest, it would be better to engage an independent auditor to conduct the exercise so that other tiers of government will benefit from that level of independence. The HCF, Niger State supported the position and stressed the need to ensure inclusiveness and objectivity in conducting the exercise. On his part, the HCF, Rivers State observed that the engagement of an independent auditor would not necessarily guarantee the success of the exercise. He, therefore, suggested the need to combine both OAuGF and external firms to ensure the success of the exercise.

Federation account

“Contributing, the Federal Commissioner, Revenue Mobilization, Allocation and Fiscal Commission/Chairman, Indices and Disbursement observed that the proposed audit was in respect of some outstanding claims which include the N6tn against NNPC Limited that was subsequently reduced to N2.7tn after initial reconciliation. He informed members that KPMG which carried out the earlier audit exercise of NNPC had looked at some of the claims and recommended further audit to resolve them.

“Concluding, the meeting agreed that OAuGF would be considered first and an external audit firm would be engaged when necessary to provide additional support.”

Efforts to reach the Chief Corporate Communications Officer, NNPC Ltd., Olufemi Soneye, for comments, proved abortive as of press time on Wednesday. He neither picked up calls made to his telephone line nor replied his WhatsApp messages.

Meanwhile, the Commissioner of Finance, Delta State, Okenmor Tilije, at the meeting, raised concerns over the alleged utilisation of multiple exchange rates by agencies of the Federal Government in the conversion of revenue inflow.

According to him, the practice affects the revenue remitted into the Federation Account.

The commissioner claimed that NNPC Limited applied three different rates to convert the revenue earnings from oil, saying this cumulated in an exchange rate differential of about N2.83tn between August 2023 and February 2024.

He highlighted the different rates including the CBN Mandated Exchange Rate of N1,185, the rate of N853 applied to Domestic Oil Payables, and the Weighted Average Rate of N714.50 on NNPC Limited Royalty and Taxes.

The minute read, “The HCF, Delta State raised concerns over the multiple exchange rate being applied by the agencies to convert the revenue inflow due to the Federation. He pointed out that NNPC Limited applied three different rates to convert the revenue earnings from oil. He observed that the sum of N2.83tn was the Exchange Rate Differentials from August 2023 to February 2024 and stressed the need to put in place a single exchange rate that would be applicable across the board.

David Akanmu, who was the Best Graduating Student at the 54th convocation ceremony of the University of Lagos, UNILAG, has been selected as a 2024 Knight-Hennessy Scholar at Stanford University in the United States.

Akanmu’s selection was announced yesterday.

It was the third time a graduate of the university would be clinching the award.

UNILAG is the only African university among the 60 from where the 2024 cohort of 90 new scholars emerged.

According to the announcement, Akanmu is one of five Africans, the only one from an African-based tertiary institution, selected to join the 2024 cohort, which is is the seventh and largest cohort since the inception of the award.

Perfect CGPA

He will be pursuing a Ph.D in Energy Science and Engineering at the Stanford Doerr School of Sustainability.

He graduated with a perfect Cumulative Grade Point Average, CGPA, of 5.0 in Civil Engineering at the UNILAG Convocation Ceremonies held in January.

Knight-Hennessy Scholars is a multidisciplinary, multicultural graduate fellowship programme spanning all seven schools at Stanford University.

Knight-Hennessy scholars receive up to three years of financial support to pursue graduate studies at Stanford while engaging in experiences that prepare them to be visionary, courageous, and collaborative leaders who address complex challenges facing the world.

Scholars are selected based on their demonstration of independence of thought, purposeful leadership, and a civic mindset.

Application for the 2025 cohort will open on June 1, 2024, and end on October 9, 2024.

The Vice-Chancellor, UNILAG, Prof. Folasade Ogunsola, has congratulated Akanmu on his feat.

The father of the late 12 year-old student of Dowen College, Lagos who was allegedly bullied to death by some students of the same school, Sylvester Oromoni Snr, has rejected the Coroner’s report on the death of the young boy, accusing the coroner of “covering up the cause of death” of his son.

In the five page review of the Coroner’s Report made available to Vangaurd, the father of the deceased said: “During the reading of the verdict of 325 pages, the Coroner shed crocodile tears not less than seven times in open court. In fact, he had to rise twice and retired into his chambers to cry more than the bereaved. The coroner claimed that my son died of natural cause. The Coroner deliberately delayed the case in order to cover up the cause of the tragic death of my son as I will explain below”.

Mr Oromoni said this “dubious verdict” will not discourage him from pursuing justice especially to ensure that all other students in Dowen College and other schools do not suffer the same fate his late son did.

While narrating what happened at the inquest, Mr Oromoni disclosed that despite the request of his legal team led by Senior Advocate of Nigeria, Mr. Femi Falana, for a visit to Dowen College to enable the Coroner to ascertain the state of the school before the death of his son, it took the Coroner about 17 months to finally carry out the visit, ostensibly to give the management enough time to fix up the physical deficiencies in the school.

“In his desperate bid to exonerate Dowen College of any liability, the Coroner turned round in his verdict to applaud the authorities of the school for upgrading the facilities during the proceedings,” Oromoni Senior stated.

He also accused the Coroner of suppressing material facts of the bullying of his son by a clique of students, in order to further exonerate the management of Dowen College of any liability.

Mr Oromoni noted that though the coroner proceeded to blame the cause of death on “parental negligence”, it is on record that no witness indicted him as he took all steps recommended by the family doctor to save the life of his son.

In rejecting what he called “the wicked and heartless conclusion of the Coroner”, Mr Oromoni detailed areas in the Coroner’s findings where he alleged vital evidences were suppressed as well as the alleged negligence of Dowen College which led to his son’s death.

He also narrated how his son was allegedly killed as well as the role of the Lagos State Directorate of Public Prosecution which gave two contradictory legal opinions, one recommending the prosecution of Dowen College and another exonerating the school and its management even in the absence of fresh proof to back same.

While thanking the good people of Nigeria who stood by the family, Oromoni Senior also called on the Lagos State Government to investigate several cases of bullying in Dowen College.

He said, “Since the coroner decided to cover up the killers of my son, we shall take appropriate actions to unravel the mystery surrounding his death. Finally, I am compelled to call on the Lagos State Government to take urgent steps to investigate the several cases of bullying of students in Dowen College. The students and management staff involved in inflicting torture on helpless students in the school should be brought to book without any delay”.

Nigerian singer, Inetimi Timaya Odon, popularly known as Timaya pulled an unusual stunt during a recent performance.

In the video, Timaya was seen leading praise and worship at a club in Lagos.

In the viral footage, Timaya initially performed his 2008 classic, “Ogologoma,” from his debut album.

However, he abruptly transitioned into singing a worship song, “It shall be permanent, what the Lord has done for me.”

This unexpected shift sparked enthusiasm among the audience, who eagerly joined in singing along to the song.

Watch the video below:

The Nigerian military has pulled out of Okuama community in Ughelli South Local Government Area of Delta State.

According to sources in neighbouring Akugbene and Okoloba communities in Bomadi local government area, the soldiers pulled out of the embattled community, Tuesday, 7th May, 2023, suddenly without any prior information to do so.

Confirming the development, Governor Oborevwori expressed appreciation to President Bola Tinubu and the military high command for the withdrawal.

“My dear good people of Delta state, I have the pleasure to announce to you that, upon many deliberations and collaborations between the state government and the military leadership, the Nigerian Army has agreed to withdraw its officers and men from Okuama.

“I spoke with the Chief of Army Staff, Lt. Gen. Taoreed Lagbaja on Monday, 6th of May, and as at today, 8th of May, 2024, the military have withdrawn from Okuama.

“With this development, the people of Okuama can now safely return to their homes and begin the process of reintegration and rebuilding their homes.

“I want to express my deep and profound gratitude to Mr. President, the Chief of Army Staff, and the hierarchy of the Nigerian Army for their understanding and cooperation.

“In my engagements with them, they demonstrated the highest level of concern and care for the plight of the displaced persons. To God be the glory that we have achieved an amicable resolution,” Oborevwori said.

He also commended members of the National Assembly, other distinguished Nigerians, traditional rulers and other leaders of thought who stood with the state throughout the Okuama saga.

He added, “Let me assure all Deltans and residents in the state that this administration is irrevocably committed to enhanced peace and security in the state as contained in our MORE agenda.

“It is also pertinent to point out that matters of security are better handled with tact, wisdom and patience; it is not meant to be a subject of daily media discourse as some would have wanted.

“As the people of Okuama start the process of returning to their homes, I pledge the commitment of the Delta State Government to make that process smooth and seamless.

“We shall render all the necessary assistance they need to enable them settle down quickly and joyfully in Okuama,” the governor said.

He prayed that Delta State would never “experience the kind of tragedy that happened in Okuama.”

“Security, as we all know, is a shared responsibility. So, we will continue to count on the support and cooperation of every citizen to ensure that our state remains safe and peaceful.

“Once again, I commiserate with the families of victims of the Okuama incident,” the governor stated.

The House of Representatives has opted against proceeding with the proposal to suspend the cybersecurity levy.

Naija News reported that CBN had issued a new directive to all financial institutions, including commercial, merchant, non-interest banks, payment service banks, and mobile money operators, mandating the implementation of a 0.5% cybersecurity levy on all electronic transactions.

This move is in line with the provisions of the recently amended Cybercrime (Prohibition, Prevention, etc.) Act 2024.

The directive, detailed in a circular, instructs that the levy be applied at the point of electronic transfer origination, with the deducted amount to be reflected in the customer’s account as a “Cybersecurity Levy.”

The cybersecurity levy has received criticism from Nigerians.

During Wednesday’s session, lawmaker Manu Soro expressed concern over the proposed levy, citing its inappropriate timing given the ongoing challenges facing many Nigerians.

The lawmakers argued that the National Security Adviser (NSA) should not be responsible for handling funds as it is a political role.

However, the Speaker of the House, Tajudeen Abbas, encouraged the lawmaker to withdraw the motion.

He said that the House leadership will discuss the situation and determine the best course of action.

The naira further depreciated against the US dollar despite the Economic and Financial Crimes Commission’s clampdown on foreign currency speculators in the FX market.

FMDQ data showed that the naira dipped to N1,421 per dollar on Wednesday from N1416.57 on Tuesday.

The figure represents a N4.46 depreciation against the dollar on a day-to-day basis.

Similarly, the naira dropped to N1438 per dollar on Wednesday from N1430 the previous day in the parallel market section.

A Bureau De Change operator in Zone 4 Abuja, Mistila Dayyabu, told DAILY POST that operators of the anti-graft agency raided and arrested some BDC operators on Wednesday.

“EFCC operators came again today; they arrested selected BDC operators who have cash. On Wednesday, the dollar was sold at N1438 and bought at N1432,” he said.

DAILY POST recalls that EFCC resumed clampdown on illegal BDC operators and cryptocurrency platforms to defeat the FX crisis.

On Tuesday, the Securities and Exchange Commission delisted naira from the cryptocurrency market to tackle naira instability in the FX market.

Togolese President Faure Gnassingbe has signed a controversial new constitution that abolishes presidential elections.

The new constitution has been widely condemned by the opponents and civil societies saying it would allow his family to extend their six-decade-long rule.

According to a statement from Gnassingbe’s office on Monday, under teh new legislation, only the parliament will have the power to select the president, eliminating direct elections.

According to Africa News, the election commission on Saturday announced that Gnassingbe’s ruling party had won a majority of seats in the nation’s parliament.

The report revealed that there was a crackdown on civic and media freedoms ahead of the vote, as the government banned protests against the proposed new constitution and arrested opposition figures.

Also, the electoral commission banned the Catholic Church from deploying election observers.

In mid-April, a French journalist who arrived to cover the elections was arrested, assaulted and expelled. Togo’s media regulator later suspended the accreditation process for foreign journalists.

Provisional results showed the ruling Union for the Republic (UNIR) party won 108 out of 113 seats in parliament, and 137 out of 179 positions in the senate.

The new constitution also increases presidential terms from five to six years and introduces a single-term limit.

However, the almost 20 years that Gnassingbe has already served in office would not count toward that tally.

Togo has been ruled by the same family for 57 years, initially by Eyadema Gnassingbe and then by his son, Faure Gnassingbe, who took office after elections that the opposition described as a “sham.”

The political opposition, religious leaders and civil society say the proposed new constitution makes it likely that Gnassingbe will stay on when his mandate expires in 2025.

They also fear that the creation of a figure similar to a prime minister, to be selected from the ruling party, could become another avenue for Gnassingbe to extend his grip on power even beyond that new term.

A group of about 20 civil society organizations in Togo have called for protests to defend and reinstate the country’s constitution.

“We will never accept this new constitution, even after its promulgation. The Togolese people must decisively look towards 2025,” said David Dosseh, a spokesperson for the civil society groups.

“At that point, a presidential election is absolutely necessary for the people to choose a new president and finally achieve a democratic transition in Togo.”

The lawmaker representing Ondo South Senatorial District in the National Assembly, Jimoh Ibrahim, has asked President Bola Tinubu to dissolve his cabinet.

The chieftain of the All Progressives Congress (APC) stated this during an interview on Channels Television’s Politics Today programme on Wednesday.

Ibrahim asked the President to drop some ministers from his cabinet and appoint knowledgeable and competent persons.

He stated that the current ministers don’t fall within the country’s “Grade A” and are not the best for the country, as seen so far since their appointment by the President.

The Ondo South Senator also opined that some of the ministers who have been accused of corruption should be dropped.

He said: “If you fail to do that, you will be carrying their burdens and that will be terrible for our country.

”You have to dissolve the cabinet, you have to come up with knowledgeable people, the cabinet is too cold and some of them accused of corruption should be dropped.”

Speaking further, Senator Ibrahim reiterated his reasons for describing the APC governorship primary election in Ondo state as a mega fraud.

He said: ‘The Governor of Kogi State Ahmed Ododo wrote a letter to INEC requesting a change of collation centre …. he didn’t communicate in that letter the new collation centre.’‘

A troubling report from the International Rescue Committee (IRC) and its partners forecasts that approximately 16 per cent of Nigerians (32 million people) will grapple with severe food insecurity between June and August 2024.

Naija News reports that the study signals an escalating crisis in hunger and deteriorating living conditions not only in Nigeria but across West and Central Africa.

The report indicates an increase from last year’s figures, with the 2024 projection showing a concerning rise in food insecurity during what is traditionally known as the lean season.

The report read, “Looking ahead, the projected outlook for the period June-August 2024 appears even more severe: nearly 52 million people across the 17 analyzed countries are anticipated to face phases 3 to 5 during the lean season of June-August. This translates to 12% of the analyzed population struggling to meet their basic food and nutrition requirements.

“These countries include Mauritania (656 652, 14%), Burkina Faso (2 734 196, 12%), Niger (3 436,892, 13%), Chad (3,364,453, 20%), Sierra Leone (1,569,895, 20%), and Nigeria (31,758,164, 16%).”

A staggering 52 million people across the region are expected to face acute hunger during this period, constituting about 12% of the population analyzed.

For Nigeria specifically, the figures are even more dire, with an estimated 32 million people facing crisis-level or emergency food insecurity conditions.

The situation is particularly critical in the northern states of Sokoto and Zamfara, where over 15% of children are reported to be suffering from acute malnutrition, according to the Integrated Food Security Phase Classification (IPC) analysis.

The report also highlights that several other countries within the region are expected to suffer significant food security challenges.

These include Chad, where 20% of the population could face severe food shortages, and Sierra Leone, which shows similar percentages. Mauritania, Burkina Faso, and Niger are also on the list of nations facing daunting food security challenges.

The IRC has attributed the rising severity of food insecurity across the Sahelian belt to a combination of factors, including increased insecurity, adverse effects of climate change, and deteriorating macroeconomic conditions marked by high inflation rates.

In January 2024, the average inflation rate in the region was recorded at 21%, up from 18% in the previous year. Sierra Leone, in particular, has experienced a dramatic increase, with inflation rates soaring to 54%.