An audit report reveals ₦313 billion in unaccounted funds from Nigerian petroleum regulators, exposing financial mismanagement and urging recovery of lost government revenue. A recent audit by Nigeria’s Auditor General has revealed significant financial mismanagement within two key petroleum regulatory agencies, the Nigerian Upstream Petroleum Regulatory Commission (NUPRC) and the Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA). The audit indicates that over ₦313 billion and $2.28 billion in revenue were unaccounted for, resulting in substantial government losses. The audit, focusing on activities in 2021, identified poor regulatory oversight and violations of financial regulations. Among the highlighted issues were outstanding royalties, unremitted bridging allowances, and inconsistencies in marketers’ debt records. Despite explanations provided by both agencies, many responses were deemed inadequate by the Auditor General. Key Findings: Recommendations: The Auditor General has directed the Chief Executive Officers of both NUPRC and NMDPRA to recover the outstanding amounts and ensure compliance with financial regulations. READ ALSO: Follow the LMSINT MEDIA channel on WhatsApp: Join Our WhatsApp Group Hear: Chat on WhatsApp Join our Telegram Chanel.
The Kwara Transparency and Accountability Initiative (KTAI) has called on the Economic and Financial Crimes Commission (EFCC) to investigate alleged financial mismanagement by two key officials in Kwara State. Dr. AbdulWasiu Tejidini, head of the Kwara State Social Investment Programme (KWASSIP), and Baba Okanla, Chairman of the Kwara State Independent Electoral Commission (KWASIEC), are accused of misappropriating N14.2 billion in public funds. Breakdown of Allegations In a detailed petition sent to EFCC Chairman Ola Olukoyede on November 28, 2024, and obtained by The Guardian, the Executive Director of KTAI, Nurudeen Adebayo, outlined grave concerns: Call for Accountability Adebayo emphasized the importance of holding these officials accountable, arguing that their actions undermine federal efforts to combat corruption and alleviate poverty. He urged the EFCC to act swiftly by arresting and prosecuting those responsible to restore public trust. “These offices, which should drive development, have allegedly become channels for siphoning public funds, worsening hunger, frustration, and disenfranchisement among citizens,” Adebayo stated. Concerns Over Local EFCC Office In a notable move, the petition bypassed the EFCC’s Ilorin Zonal Office, citing fears of undue influence from the Kwara State Governor. Adebayo warned of an alleged alliance between the governor and the Ilorin office, which could compromise investigations. Instead, the petition was directed to EFCC Headquarters in Abuja, urging decisive intervention. Public Outcry Over Corruption The allegations come at a time when EFCC Chairman Olanipekun Olukoyede has reiterated that corruption remains one of Africa’s biggest obstacles to development. KTAI’s petition paints a picture of a state administration plagued by corruption, with citizens bearing the brunt of its consequences. “This administration appears to be the most corrupt in Kwara State’s history. It’s time for decisive action to end this trend and hold public officers accountable,” the petition concluded. Key Takeaways The ball is now in the EFCC’s court to address these pressing allegations and deliver justice to the people of Kwara State. READ ALSO:
