Connect with us

News

$2.4bn Crude Oil Theft: Reps Threaten To Summon Ahmed, Malami

Published

on

The House of Representatives has threatened to serve the Minister of Finance, Budget and National Planning, Zainab Ahmed; and Minister of Justice and Attorney-General of the Federation, Abubakar Malami (SAN), with summons over their failure to answer queries on alleged illegal sale of crude oil to China and utilisation of funds recovered through whistle-blowers without National Assembly appropriation.

The House’ Ad Hoc Committee to Investigate Alleged Loss of Over $2.4 Billion in Revenue from Illegal Sale of 48 Million Barrels of Crude Oil Export in 2015 Including All Crude Oil Exports and Sales by Nigeria from 2014 Till Date, which reinvited the ministers at its continued investigative hearing in Abuja on Wednesday, threatened to use its constitutional powers to compel them to appear before it.

Top officials of the Federal Government had failed to appear before the committee at its last sitting on April 11, 2023.

The committee was to grill ministers and other heads of ministries, departments and agencies of the Federal Government as well as oil companies and banks. However, only the National Intelligence Agency and the Code of Conduct Bureau sent representatives on the government side.

Consequently, the committee reinvited Ahmed, Malami; Secretary to the Government of the Federation, Boss Mustapha, among others.

Chairman of the committee, Mark Gbillah, in his ruling at the end of the day’s sitting, had noted that the Central Bank of Nigeria and the Office of the Accountant-General of the Federation had indicted several officials and agencies in their memoranda to the panel.

Gbillah noted that the committee is probing into the 48 million barrels of crude oil allegedly sold in China, crude oil exports in general from Nigeria for the period under review and the whistle-blower revelations and recoveries “which the Federal Government has publicly declared they had made recoveries from.”

However, the FG officials failed to show up at the hearing again on Wednesday.

Miffed by the development, Gbillah said, “We have not been getting cooperation from the Ministry of Finance and Attorney-General’s office with regards to salient issues that this committee is investigating. We have seen documentation from the Accountant-General’s office that shows that the Honourable Minister of Finance approved the payment of a significant and substantial amount of money to so-called whistle-blowers where details of monies recovered were not provided.”

The Chairman of the committee added, “We have heard media reports by the Federal Government indicating that millions of dollars were recovered through whistle-blower revelations on behalf of the country. But we as a parliament have not seen where those monies were routed through the constitutional appropriation process before they were expended.

The constitution is very clear about the receipt and expenditure of Nigeria’s money. But we have not seen evidence from the Honourable Minister of Finance or from the Attorney-General’s office, and we have not seen any statutory power provided to the Attorney-General to be involved in the expenditure of Nigeria’s commonwealth.

“There was an incident that was revealed by a whistle-blower who made a formal report to the Nigerian Financial Intelligence Unit (NFIU). About $200m paid into two companies’ accounts – Biz Plus and GSCL – allegedly for consultancy services, which allegedly were approved, they said, by the Attorney-General’s office on the approval of Mr President.”

Gbillah stressed the need for government officials to explain the issues surrounding the funds, especially as they had been accused of authorising the spending.

“We need the Honourable Minister of Finance and the Attorney-General of the Federation to appear before this House to provide clarity on the inflows that have come in from whistle-blowers’ recoveries and to provide clarification about these monies that have recovered. And the CBN as well will be required to provide information that has been provided by these whistle-blowers about such substantial amounts of monies that were paid supposedly and allegedly for consultancy services, when there is no record of any agreement of any sort entered into for those services.

“These are very weighty allegations and as a responsible House, we owe everybody fair hearing and a benefit of the doubt, which is what we have been seeking to accord those who have been mentioned in these allegations.

But we find it ‘unfashionable’ that the Honourable Minister of Finance and Attorney-General have not bothered to respond to any of the correspondence from the committee, and this in our opinion shows a lack of regard for the institution, not only of House, but also of the National Assembly as a whole.

“We will make this further appeal to the Honourable Minister of Finance and the Attorney General of the Federation, and all others who have not responded or who have not honoured the committee’s invitations to do so in the national interest. And in the event that they fail to do so, we will be constrained to proceed to summons and other statutory powers that the committee and the National Assembly can exercise in this regard.

“So, we want to make this a formal and final notice to those concerned – the Honourable Minister of Finance and the Attorney General of the Federation – to cause appearance before the committee, to give evidence with regards to the allegations that have been made, with regards to the questions that the committee has requested them to answer and to respond to,” he said.

Continue Reading
Click to comment

Leave a Reply

Your email address will not be published. Required fields are marked *

News

ZENITH BANK CHAMPIONS ENVIRONMENTAL SUSTAINABILITY WITH TWO-PHASE CLEAN-UP IN LAGOS

Published

on

In line with its commitment to environmental sustainability and responsible business practices, Zenith Bank Plc has commemorated the 2026 World Environment Day with a two-phase environmental clean-up initiative in Lagos State, held under the global theme “Inspired by Nature. For Climate. For Our Future.”

The first phase was a morning clean-up conducted by staff of the Bank on Wednesday, 3 June 2026, along Ajose Adeogun Street, Victoria Island, Lagos. The exercise mobilised employees to clear waste, sensitise residents on proper disposal practices, and reinforce the Bank’s culture of community service and environmental stewardship.

The second phase, on Thursday, 4 June 2026, featured a waterways clean-up at the Falomo Waterways, Ikoyi, Lagos, executed in collaboration with the Lagos Waste Management Authority (LAWMA) and the Lagos State Waterways Authority (LASWA). The joint effort focused on removing marine debris, promoting cleaner waterways, and supporting the State’s broader climate-resilience agenda.

Speaking on the initiative, Dame Dr. Adaora Umeoji, OON, Group Managing Director/CEO of Zenith Bank Plc, said: “At Zenith Bank, sustainability is integral to how we operate. Clearing our streets and our waterways is a practical reminder that protecting the environment is a shared responsibility – and one we are proud to take up alongside LAWMA and LASWA. Through these exercises, we are taking deliberate action to preserve our communities, support climate action, and inspire others to act. Our operations will continue to align with global environmental standards as we build a more sustainable future for Nigeria and Africa.”Zenith Bank remains committed to embedding Environmental, Social and Governance (ESG) principles across its operations, investing in green initiatives, energy efficiency, and community-focused programmes. These efforts advance the United Nations Sustainable Development Goals – particularly SDG 7 (Affordable and Clean Energy), SDG 11 (Sustainable Cities and Communities) and SDG 13 (Climate Action). Sustainability remains an operational imperative across the Bank’s Nigerian base and its broader African, UK and European footprints.

Continue Reading

News

ZENITH BANK APPOINTS ENGR. MUSTAFA BELLO AS CHAIRMAN AT ANNUAL GENERAL MEETING

Published

on

Zenith Bank Plc has announced the appointment of Engr. Mustafa Bello as the Chairman of its Board of Directors. The appointment, which takes immediate effect, has been approved by the Central Bank of Nigeria (CBN) and ratified by shareholders at the Annual General Meeting held on May 5, 2026.

Engr. Bello’s appointment represents a strategic step to ensure the continuity, stability, and sustained effectiveness of the Board, while reinforcing the high standards of corporate governance, regulatory compliance, and strategic oversight for which Zenith Bank is widely respected. He joined the Board of Zenith Bank Plc on 29 December 2017 and has served on several Board committees, including the Board Audit and Compliance Committee, Board Governance, Nomination and Renumeration Committee and as Chairman of the Board Risk Management Committee until his appointment as Chairman of the Board of Directors.

He has extensive leadership experience at Board and executive levels, a strong understanding of corporate governance principles and regulatory expectations, and a proven track record in strategic oversight and organisational growth. He has consistently demonstrated integrity, independence and sound judgement, qualities that distinguished him as the natural choice to lead the Board into its next chapter.

Engr. Mustafa Bello is a distinguished engineer, statesman and corporate leader. His career spans more than four decades across the public and private sectors of the Nigerian economy. He served as Minister of Commerce of the Federal Republic of Nigeria from 1999 to 2002 under President Olusegun Obasanjo, GCFR, where he led the development of Nigeria’s WTO-consistent Trade Policy. He also oversaw the Corporate Affairs Commission (CAC) online project of 2002, which modernised the way businesses register and operate in the country. From November 2003 to February 2014, he served as Executive Secretary and Chief Executive Officer of the Nigerian Investments Promotion Commission (NIPC), where he was instrumental in attracting foreign direct investment into Nigeria, building multilateral and bilateral partnerships, and representing the Federal Government at international conferences and missions.

He graduated from Ahmadu Bello University (ABU), Zaria, in 1978 with a B.Engr. in Civil Engineering (Second Class Upper Division), winning the Shell Prize for the best project and thesis in the Faculty of Engineering. He began his career with the Nigerian Army’s Directorate of Quartering and Engineering Service from 1978 to 1979, before joining the Niger State Housing Corporation as a Senior Civil Engineer from 1980 to 1983.

He is currently the Chairman of Invest-in-Northern Nigeria Limited, a special purpose vehicle for the economic and social transformation of the Northern Nigerian economy, and has previously served on the boards of Eskom Holdings Limited of the Republic of South Africa (2004 to 2008) and FrieslandCampina WAMCO Nigeria Plc as an Independent Non-Executive Director. He is a Fellow of the Nigerian Society of Engineers and a Registered Member of Council for the Regulation of Engineering in Nigeria (COREN) as well as Fellow of the Academy of Natural Sciences & Engineering in Nigeria (ANSEN).Zenith Bank stands among Africa’s leading financial institutions, with a strong capital base and operations across Nigeria, the United Kingdom, the United Arab Emirates, Ghana, Sierra Leone, The Gambia and Côte d’Ivoire.

Continue Reading

News

FirstBank Confirms Appointment of Olayinka Ijabiyi as Group Head, Marketing and Corporate Communications

Published

on

FirstBank, West Africa’s premier financial institution and financial inclusion service provider, has confirmed the appointment of Olayinka Ijabiyi as the substantive Group Head, Marketing and Corporate Communications. The appointment takes immediate effect and reinforces strong corporate governance at a pivotal point in the Bank’s growth and transformation journey.

Olayinka Thomas Ijabiyi is a seasoned marketing and corporate communications professional with over 25 years of experience driving brand transformation, strategic visibility, and stakeholder engagement across financial services, telecommunications, media, and international development sectors.

Ijabiyi joined FirstBank in 2011 and has served in acting capacity as the Group Head of Marketing and Corporate Communications from December 2024 until his recent confirmation. In his role, he leads the development and execution of integrated marketing and corporate communications strategies across the Group’s markets. He oversees brand and reputation management, executive positioning, Corporate Responsibility and Sustainability as well as strategic communications initiatives aligned to the Bank’s business objectives/aspirations.

Prior to his current role, Ijabiyi has held leadership positions within the Marketing and Corporate Communications Department in FirstBank, including Head Brand Strategy and Special Projects, Head Digital Marketing and Head Brand and Stakeholder Management. 

Before joining FirstBank, Ijabiyi built a diverse career across leading organizations including British Council, Multichoice, MTN and Etisalat Nigeria, where he played key roles in brand building, corporate communications and digital transformation initiatives.

Widely recognized for his strategic mindset, leadership ability to translate business objectives into impactful marketing and communications strategies, he has successfully led major brand initiatives, including milestone anniversary campaigns and brand refresh programs, while consistently delivering efficiencies and enhancing brand equity.

Ijabiyi holds a Master’s degree in Public and International Affairs from the University of Lagos and a Bachelor’s degree in English Language from the former Ondo State University, Ado Ekiti. He is a Fellow of the National Institute of Marketing of Nigeria (NIMN) and a member of the Nigerian Institute of Public Relations (NIPR), amongst other industry bodies.

Continue Reading

Trending

Copyright © 2017 Zox News Theme. Theme by MVP Themes, powered by WordPress.