Echotitbits – Nigeria News

Tag: audit

  • NNPC Directors’ Pay Jumps to N4.1bn, Renewing Corporate Governance Questions

    NNPC Directors’ Pay Jumps to N4.1bn, Renewing Corporate Governance Questions

    Photo Credit: The Punch
    2025-12-26 07:20:00

    In a report published by *PUNCH*, the Nigerian National Petroleum Company (NNPC) Limited’s directors’ fees and expenses reportedly increased sharply, reigniting scrutiny of cost discipline and transparency at the state-backed energy giant.

    The report is likely to energise debate around value-for-money, board oversight standards, and how corporate governance practices are evolving under the “commercial” NNPC Limited framework.

    For citizens, the optics matter: in a period of tight public finances and cost-of-living strain, governance headlines at strategic national companies quickly turn into political accountability tests.

    Market watchers will look for clearer disclosure context—what drove the increase, how it compares to peer benchmarks, and whether board performance metrics are publicly defensible.

    *PUNCH* reported directors’ pay “soars 58% to N4.1bn.”

    Echotitbits take: Governance credibility is part of energy-sector reform. Watch for fuller annual-report disclosures, audit commentary, and whether oversight bodies demand stronger explanations for board-related cost movements.

    Source: The Punch — Dec 26, 2025 (https://punchng.com/nnpc-directors-pay-soars-58-to-n4-1bn/)

  • Reps set January deadline for CBN to reconcile alleged ₦5.2trn unremitted surplus

    Reps set January deadline for CBN to reconcile alleged ₦5.2trn unremitted surplus

    Photo Credit: Punch
    2025-12-16

    Nigeria’s House of Representatives committee investigating public revenue flows has fixed January deadlines for the Central Bank of Nigeria to submit reconciliation reports over an alleged ₦5.2 trillion unremitted operating surplus.

    According to the committee’s position, the reconciliation is to be completed with the Ministry of Finance and the Fiscal Responsibility Commission, after which the CBN governor is expected to appear before lawmakers for further clarification.

    The dispute goes to the heart of fiscal transparency: how government revenues are recorded, what qualifies as ‘operating surplus’, and whether remittances are made on time into the federation’s accounts.

    While investigations can improve accountability, they also raise questions about institutional friction between fiscal authorities and the apex bank at a time Nigeria needs coherent policy messaging to investors.

    The Guardian: Wale Edun said “Federal Government revenue is a critical aspect of government operations… We need clarity and accuracy in both fiscal and monetary management.”

    Channels TV: “The resolution was reached following a motion alleging non-remittance of over ₦5 trillion operating surplus and ₦11 trillion government revenue by the CBN.”

    Analysis/Echotitbits take: Expect more hearings and document requests — and possibly legislative pressure for quick remittances. Watch the reconciliation timeline, any updated figures, and whether this spills into broader debates about CBN governance and oversight.

    Source: Punch — December 16, 2025 — https://punchng.com/reps-give-cbn-deadline-to-reconcile-n5-2tn-unremitted-operating-surplus/

     

  • Reps committee summons three DisCos over ₦100bn unpaid remittances

    Reps committee summons three DisCos over ₦100bn unpaid remittances

    PunchNG (illustrative image on article page)
    2025-12-16

    According to The Punch, the House of Representatives Public Accounts Committee summoned IBEDC, BEDC and PHEDC over alleged failure to remit more than ₦100bn owed to the Federal Government.

    The committee said the move is about protecting public resources and warned that ignoring summons can attract penalties under the law.

    The matter sits within broader debates on market shortfalls and cashflow constraints in the power sector.

    ThisDay: “summoned… over N100bn payment default.”

    BusinessDay: “summons… over N100bn debt to FG.”

    Analysis/Echotitbits take: This could force repayment plans—or fade without enforcement. Watch for sanctions, structured recovery agreements, and whether regulators address the deeper revenue-collection and tariff issues driving remittance gaps.

    Source: The Punch — December 16, 2025 (https://punchng.com/n100bn-unpaid-reps-move-against-three-discos/)

  • Reps Give NNPCL Dec. 15 Deadline on 2021 Audit Queries

    The House of Representatives Public Accounts Committee has given NNPCL a final December 15, 2025 deadline to respond to 2021 audit queries, citing repeated non-appearance and incomplete documentation.

    Lawmakers warned that continued disregard for oversight could trigger stronger legislative action as scrutiny of national oil-sector governance intensifies.

    2025-12-08

    The Nation

    2025-12-08