Connect with us

News

Compel NNPCL To Account For Missing N500bn, SERAP Tells Court

Published

on

“The World Bank recently disclosed that out of the N1.1 trillion revenue from crude sales and other income in 2024, the NNPC only remitted N600 billion, leaving a deficit of N500 billion unaccounted for,” SERAP stated. No date has been fixed for the hearing of the suit.

 

Socio-Economic Rights and Accountability Project (SERAP) has asked a Federal High Court in Lagos for an order of mandamus directing the Nigerian National Petroleum Company (NNPC) Limited to account for the alleged missing N500 billion, which it allegedly failed to remit to the Federation Account between October 2024 and December 2024.”

 

SERAP is also urging the court to compel the NNPCL to invite appropriate anti-corruption agencies to investigate the spending and whereabouts of the N500 billion and ensure the prompt recovery and remittance of the money to the Federation Account.

 

The civil society organisation is further praying the court to direct NNPCL to identify those suspected to be responsible for the alleged missing oil funds, surcharge them for the full amount involved, and hand them over to appropriate anti-corruption agencies for investigation and prosecution.

 

SERAP filed the suit, which is yet to be assigned to a judge, after the oil company failed to act on its Freedom of Information request regarding the alleged missing funds.

 

However, in the suit, the plaintiff argued that the NNPCL is responsible for complying with the 1999 Nigerian Constitution 1999, the Freedom of Information Act, and the country’s international human rights and anticorruption obligations in exercising its statutory functions.

 

It also submitted that the Supreme Court, in a groundbreaking judgment, recently declared that the Freedom of Information Act applies to the Federation’s public records, including those kept by the NNPCL.

 

SERAP further stated that the missing oil revenues have further damaged the country’s already precarious economy, contributed to high government deficit spending, and caused the country’s crippling debt crisis.

 

The plaintiff maintained that the missing oil revenue reflects a failure of NNPCL’s accountability more generally and is directly linked to the institution’s continuing inability to uphold the principles of transparency and accountability.

 

SERAP also insisted that the NNPCL’s failure to remit the money to the Federation Account is a grave violation of public trust, the provisions of the Nigerian Constitution, national anti-corruption laws, and the country’s anti-corruption obligations.

 

It further averred that there is a legitimate public interest in providing the details sought and that the respondent has a legal responsibility to account for and explain the whereabouts of the missing oil money.

 

SERAP stated, “The revenue and other income were expected to be paid into the Federation Account and shared by all levels of government, but the NNPCL reportedly failed to do so.

 

“SERAP submitted that Section 15(5) of the Nigerian Constitution requires public institutions to abolish all corrupt practices and abuse of power.

 

“Section 13 of the Nigerian Constitution imposes clear responsibility on the NNPCL to conform to, observe, and apply the provisions of Chapter 2 of the Constitution.

 

“Nigeria has made legally binding commitments under the UN Convention against Corruption to ensure accountability in the management of public resources. Articles 5 and 9 of the UN Convention against Corruption also impose legal obligations on the NNPCL to ensure proper public affairs and funds management.

 

“The missing oil revenue has also impeded Nigerians’ ability to enjoy their economic and social rights and denied them access to essential public goods and services, especially during the cost of living crisis in the country.

 

“Had the NNPCL accounted for and remitted the alleged missing N500 billion to the Federation Account, it is likely that more funds would have been allocated to the fulfilment of economic and social rights, such as increased spending on public goods and services.

 

“The Freedom of Information Act, Section 39 of the Nigerian Constitution, Article 9 of the African Charter on Human and Peoples’ Rights and Article 19 of the International Covenant on Civil and Political Rights guarantee to everyone the right to information on the whereabouts of the missing N500 billion of oil revenue.

 

“The country’s oil wealth ought to be used solely for the benefit of the Nigerian people and the present and future generations.

 

“Without the full recovery and remittance of the missing N500 billion oil revenues, the dire economic situation may worsen. Nigerians will continue to be denied access to basic public goods and services.

 

“Nigerians have the right to know why the NNPCL failed to remit the subsidy removal savings to the Federation Account and why the NNPCL is deliberately denying states and local governments their allocations from the Account, contrary to the provisions of the Nigerian Constitution.

 

“Despite the country’s enormous oil wealth, ordinary Nigerians have derived minimal benefit from oil money primarily because of widespread grand corruption and the entrenched culture of impunity of perpetrators.

 

“Combating the corruption epidemic in the oil sector would alleviate poverty, improve access of Nigerians to basic public goods and services, and enhance the ability of the government to meet its human rights and anti-corruption obligations.

 

“The Nigerian Constitution, Freedom of Information Act, and the country’s anti-corruption and human rights obligations rest on the principle that citizens should have access to information regarding the spending of their commonwealth.

 

“The Auditor-General of the Federation and Nigeria Extractive Industries Transparency Initiative (NEITI) have documented reports of the disappearance of oil money from the NNPCL for many years.

 

“The World Bank recently disclosed that out of the N1.1 trillion revenue from crude sales and other income in 2024, the NNPC only remitted N600 billion, leaving a deficit of N500 billion unaccounted for,” SERAP stated. No date has been fixed for the hearing of the suit.

 

-Leadership

News

Polaris Bank Champions Girls’ Hygiene Awareness with Female Hygiene Essentials Distribution in Kuramo & Victoria Island Junior and Senior Secondary Schools

Published

on

Polaris Bank has continued its commitment to empowering the Nigerian girl-child through health education and essential support, with the successful distribution of female hygiene essentials to female students of Kuramo and Victoria Island Junior and Senior Secondary Schools, Lagos. 

 

This initiative stems from Polaris Bank’s 2025 International Women’s Day celebration and forms part of our ongoing Adolescent Health and Hygiene Support Programme.

 

Through the Bank’s Girl-Child Support and Hygiene Education Initiative, the outreach aims to improve menstrual hygiene education, build confidence and dignity among young girls, and reduce school absenteeism resulting from lack of access to sanitary products.

 

Speaking at the event, Group Head, Customer Experience & Value Management, Polaris Bank, Mrs. Bukola Oluyadi, delivered a practical health talk to the girls, emphasizing the importance of maintaining proper hygiene during their menstrual cycle and in their daily lives.

 

She advised the students on essential personal care practices including the appropriate use of sanitary pads, the importance of daily use of clean underwear, and maintaining good body hygiene with deodorants and regular washing, especially during puberty when their bodies are developing.

 

“Your body is precious, and how you take care of it determines your confidence and wellbeing,” Mrs. Oluyadi told the students. “Good hygiene is not just about looking clean; it is about staying healthy, feeling comfortable, and showing up confidently in school and everywhere you go.”

 

She also encouraged the girls to cultivate life-long healthy habits, be informed about their bodies, and speak confidently about their health needs.

 

Also present at the distribution was the Non-Executive Director of Polaris Bank, Mrs. Subulade Giwa-Amu, who delivered a powerful motivational session on self-care, confidence, and self-presentation.

 

In her address, she reminded the girls that taking care of their appearance and hygiene contributes significantly to building a successful future.

 

“A clean girl equals a successful woman,” Mrs. Giwa-Amu affirmed. “Success is not only about your academic performance; it is also about how you present yourself. People see you before they know you, and first impressions always last. Loving yourself and caring for yourself should be a daily habit.”

 

She further encouraged the students to build confidence from within, stay self-assured, and always be conscious of their personal hygiene as young girls stepping into womanhood.

“Confidence starts with knowing who you are and being proud of yourself,” she added.

 

“When you take care of your body, you build respect for yourself, and others see that confidence reflected in how you speak, walk, and show up in the world.”

 

Polaris Bank’s support for the girl-child aligns with the Bank’s broader Sustainability and CSR strategy, which includes empowering young girls through education, access to essential learning materials, and social support systems that improve their health and academic performance.

 

The Bank believes that sustained investment in girls’ wellbeing ensures equal opportunity, reduces school dropout rates, and helps drive long-term social and economic development.

 

The female hygiene essentials distribution initiative directly addresses barriers that affect school attendance among adolescent girls, especially those who lack access to basic hygiene products.

 

By equipping students with knowledge and materials, Polaris Bank is helping to normalize conversations around menstruation, reduce stigma, and support healthier outcomes for young girls.

Continue Reading

News

Sterling Bank Champions Collective Action……to Accelerate Nigeria’s Renewable Energy Transition

Published

on

Sterling Bank Limited has brought together stakeholders in the renewable energy industry to explore ways to accelerate action in the sector. 

 

The premier colloquium, held in Lagos on Monday, aimed to identify priority areas for action to increase energy access and drive economic growth in the quest to attain a one trillion-dollar economy.

 

Managing Director and CEO of Sterling Bank Limited, Mr. Abubakar Suleiman, gave the charge in his address at the colloquium organized with the theme: Beyond The Grid; Unlocking New Frontiers in Renewable Energy.

 

The CEO, who was represented by Dele Faseemo, Group Executive, Corporate & Investment Banking, explained that Sterling Bank will be paying closer attention to policy actions in two or three key priority areas, especially regulation and financing.

 

He noted that by focusing on these areas, the Bank can do more to drive progress and expand access to energy, which he described as essential for supporting economic growth and overall development.

 

In a keynote address titled Scaling Electrification in Nigeria, The REA Impact, Managing Director and CEO of The Rural Electrification Agency (REA), Dr. Abba Aliyu, spoke on the vision, mission and mandate of the agency.

 

He noted that Nigeria requires about $26 billion to address its energy deficit. He said the energy transition in Nigeria is a strategic shift towards achieving universal, reliable and sustainable energy access by integrating the grid, mini-grid and off grid technologies while aligning with national development and climate goals.

 

The CEO who was represented by Mr. Abba Hayatudden, Senior Advisor to the MD, said “REA is strategically expanding and optimizing channels to accelerate the adoption and sustainable growth of renewable energy acrossthe country in the areas of value chain development, regulation enhancement, funding windows, alternative resources and technical standardization.”

 

Minister of Power, Adebayo Adelabu, commended Sterling Bank for convening the conversation on renewable energy.

 

He stated that the Federal Government has placed renewable energy and rural electrification at the heart of the Renewed Hope Agenda.

 

The minister who was represented by Engineer Samuel Ayangeaor said, “The Federal Ministry of Power has continued to expand electricity access to underserved communities in a bid to drive economic growth, foster industrial activity and create jobs across the nation.”

 

In his goodwill message, Mr. Biodun Ogunleye, Lagos State Commissioner for Energy and Mineral Resources, noted that the current administration is implementing the most ambitious energy transformation ever undertaken.

 

He highlighted the state’s efforts in renewable energy and sustainability, including the two-gigawatt Lagos grid scale solar project.

 

The CEO of Sterling One Foundation, Mrs. Olapeju Ibekwe, emphasized the need for collective action. She urged participants not to allow the day’s deliberations to end as mere conversations or points documented in a communiqué.

 

Instead, she encouraged everyone to leverage the strength of their networks, act with intention, and remain focused on delivering meaningful impact.

 

The colloquium featured two panel sessions on financing and scaling green energy solutions in Africa, among others.

 

//Ends.

 

 

About Sterling BankSterling Bank Limited is a full-service national commercial bank in Nigeria and a member of Sterling Financial Holdings Group.

 

With a heritage of more than 60 years, the bank has evolved from Nigeria’s pre-eminent investment banking institution to a trusted provider of retail, commercial, and corporate banking services.

 

Sterling is a forward-thinking financial institution committed to transforming lives through innovative solutions, exceptional service, unwavering integrity, and a steadfast focus on its HEART strategy, which centers on Health, Education, Agriculture, Renewable Energy, and Transportation. As pioneers in digital banking and financial inclusion, Sterling continues to lead by example, showing how purpose-driven leadership can deliver transformative outcomes for individuals, businesses, and society at at large.

 

Guided by a culture of innovation and a passion for excellence, Sterling Bank remains dedicated to redefining the banking experience for millions of customers across Nigeria.

Continue Reading

Education

Polaris Bank, Evolve Charity Trust empower 1,000 students with school essentials

Published

on

Polaris Bank, in partnership with Evolve Charity Trust, has successfully concluded its 2025 nationwide distribution of school essentials to 1,000 students across ten public secondary schools in five states, including the Federal Capital Territory (FCT). The initiative is part of the Bank’s sustained Corporate Social Responsibility (CSR) efforts to keep more children, especially the girl child, in school.

 

This year’s exercise adds to a growing intervention that has supported more than 24,000 students in public schools across 49 locations since 2021.

 

This year’s beneficiaries received a complete learning kit consisting of a school uniform, school bag, a pair of sandals, six exercise books and pens. According to school authorities, these materials continue to improve attendance, boost confidence and support academic performance.

 

In delivering the programme, Polaris Bank also stimulated the local economy by sourcing uniforms from local tailors, procuring books from bookshops and purchasing sandals and bags from community traders, thereby supporting small businesses across the beneficiary states.

 

Polaris Bank’s Managing Director/CEO, Mr. Kayode Lawal, reaffirmed the Bank’s five-year promise to champion the education of Nigeria’s girl child, noting that the materials are symbols of belief in the students’ potential to become scholars, innovators and future leaders.

 

School administrators across the country expressed gratitude for the timely support, noting that the essentials meet real and urgent needs, ease the burden on families and positively impact academic performance. Many students come from homes where parents cannot afford these items and the gesture has restored pride among beneficiaries.

 

Representatives of the Bank reiterated their commitment to improving access to education, championing access to quality learning, and encouraging students to make the best use of the materials and stay committed to success.

 

The 2025 distribution covered the following schools: Government Girls Secondary School, Kundila, Kano; Model Junior Secondary School, Maitama, Abuja; Government Junior Secondary School, Area 10, Garki, Abuja; Fortune Secondary School, Lokoja, Kogi State; National High School, Arondizuogu, Imo State; Iheme Memorial Secondary School, Iheme, Imo State; Akokwa High School, Akokwa, Imo State; Opebi Junior Grammar School, Opebi, Lagos; Gbaja Girls Junior Secondary School, Surulere, Lagos; and Gbaja Girls Senior Secondary School, Surulere, Lagos.

 

Expressing gratitude for the timely support, Hajiya Aisha Shehu Yakasai, Principal of Government Girls Secondary School in Kundila, Kano, said the essentials “meet real and urgent needs” and have eased the burden on families. Aso, Madam Maji-Abu Omanyo Esther, Principal of Fortune Secondary School, Lokoja, described the gesture as one that “brought joy and will positively impact academic performance.”

 

Commending the Bank for restoring pride among beneficiaries, Mrs. Erdoo Lortyom, Vice Principal at Model Junior Secondary School, Maitama, Abuja, noted that many students come from homes where parents cannot afford these items while Mrs. Dabiri Nwabuoku Adetoun Iyabo, Principal of Gbaja Girls Junior and Senior Secondary Schools, Surulere, thanked Polaris Bank for its “consistent yearly gesture,” assuring that the materials will be put to excellent use.

 

Representatives of the Bank reiterated their commitment to improving access to education.

 

In Kano, Branch Head, Mr. Madiebo Godwin, reaffirmed the Bank’s dedication to “championing access to quality learning,” while in Lokoja, Business Development Manager, David Ojonugwa, encouraged students to “make the best use of the materials and stay committed to success.”

 

Speaking in Imo State, the Bank’s Business Development Manager for Urualla Branch, Mr. Peter Nnamani, urged students to aim high, noting that every career dream “begins with dedication in school.”

 

 

 

Project Manager of Evolve Charity Trust, Mr. Godwin Ejeh, noted that investing in a child’s education “lights a candle that brightens entire communities,” noting the ripple effect witnessed across states visited during the distribution.

 

 

 

The initiative aligns with the United Nations Sustainable Development Goals, particularly SDG 4: Quality Education and SDG 5: Gender Equality, by promoting inclusive access to education and reducing gender-based barriers that keep girls out of school.

 

 

 

Polaris Bank affirmed its continued commitment to partnering with credible development organisations to deliver sustainable educational impact across Nigeria.

Continue Reading

Trending

bigwin777