“Without the full recovery and remittance of the missing N500 billion in oil revenues, the dire economic situation may worsen, and 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.
The failure by the NNPCL to remit the money to the Federation Account is a grave violation of the public trust and the provisions of the Nigerian Constitution, national anticorruption laws, and the country’s anticorruption obligations.
Despite the country’s enormous oil wealth, ordinary Nigerians have derived very little 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, the 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 the Nigeria Extractive Industries Transparency Initiative (NEITI) have, for many years, documented reports of the disappearance of oil money from the NNPCL.
The World Bank recently disclosed that out of the N1.1tn revenue from crude sales and other income in 2024, the NNPCL only remitted N600bn, leaving a deficit of N500bn unaccounted for.
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.”
“ThisDay” newspaper of June 2, 2025. Front page Headline: “FG SIGNS N165BN DEALS WITH 10 FIRMS TO BOOST GAS INFRASTRUCTURE” (from Emmanuel Addeh in Abuja)
“The federal government has signed separate deals with 10 midstream oil and gas companies, leading to the release of over N165 billion in equity investments under the Midstream and Downstream Gas Infrastructure Fund (MDGIF) to expand the country’s gas infrastructure.
The fund is expected to deepen Nigeria’s gas value chain and will go directly to Original Equipment Manufacturers (OEMs), vetted by the MDGIF, to ensure strict compliance with standards and timelines.
“Despite the country’s enormous oil wealth, ordinary Nigerians have derived very little benefit from oil money primarily because of widespread grand corruption and the entrenched culture of impunity of perpetrators.”
At a formal signing ceremony in Abuja, the Minister of State for Petroleum Resources (Gas), Ekperikpe Ekpo, said the event marked a key milestone in President Bola Tinubu’s agenda to unlock the full potential of Nigeria’s gas sector and strengthen the country’s position in the global energy transition programme.
“This is a resounding affirmation of the President’s visionary leadership and dedication to building a resilient, gas-powered economy. With the inclusion of these 10 equity partners, we are injecting this vehicle with the fuel it needs: confidence, capital, and strategic collaboration.
Pipelines laid, facilities commissioned, jobs created, and energy supplied to millions – let these be our collective measure of success. We must act decisively and avoid business-as-usual delays,” he said.
The MDGIF was established to promote strategic investments in midstream and downstream gas facilities and reduce the country’s dependence on imported fuels. The projects, spread across the six geopolitical zones, form part of efforts to bridge critical infrastructure gaps in the gas value chain.
The equity partners will execute six gas processing plants, two of which will utilise flare gas, and three Compressed Natural Gas (CNG) refuelling facilities. One is expected to deploy bulk Liquefied Petroleum Gas (LPG) storage infrastructure.
In all, they are expected to enhance domestic energy security, reduce gas flaring, and support Nigeria’s transition to cleaner fuels.
According to Ekpo, the initiative is more than just about infrastructure but about building an inclusive, energy-secure future that empowers industries and creates jobs.
The beneficiaries of the N165 billion deal include ANT Energy Ltd, Sub Sea 9 Gas, Wishnefisky Global, Waterdance Int’l Concepts, Geospectra Energy, Deemah Integrated Services, Amari Energy Resources, VTT LNG West Africa, LNG Arete, and SSonic Petroleum.
Ekpo added that the essence of the agreements was to accelerate gas infrastructure development and deliver tangible economic benefits across agriculture, manufacturing, transport, and more.
In his remarks, the Executive Director of the MDGIF, Oluwole Adama, described the agreement as a product of months of due diligence and strategic engagement with prospective partners. He said the deals provided a structured framework for implementation, risk management, and returns on investment.
“The joint venture agreements—covering operations, equity, and financial accounts—are tailored to ensure transparency, efficiency, and long-term sustainability. This is not just about documents. It’s about building trust, partnerships, and tangible infrastructure,” Adama said.
He noted that the benefits of the partnerships include access to capital, enhanced market positions, risk sharing, and operational efficiency.
The 10 projects are expected to generate jobs, drive industrial growth, and catalyse economic development across regions, while also strengthening Nigeria’s positioning in the evolving global energy landscape.
