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Account For Missing N500Billion Or Face Legal Action, SERAP Tells NNPCL CEO, Ojulari

According to the World Bank, this sum was not remitted to the Federation Account between October and December 2024.
The Socio-Economic Rights and Accountability Project (SERAP) has called on Mr. Bayo Bashir Ojulari, the Group Chief Executive Officer of the Nigerian National Petroleum Company (NNPCL) Limited, to provide clarification regarding the missing N500 billion.
According to the World Bank, this sum was not remitted to the Federation Account between October and December 2024.
SERAP is urging accountability and transparency in addressing this financial discrepancy.
SERAP urged Mr Ojulari “to identify those suspected to be involved, surcharge them for the full amount involved, and hand them over to the Independent Corrupt Practices and Other Related Offences Commission (ICPC) and the Economic and Financial Crimes Commission (EFCC) for investigation and prosecution.”
SERAP also urged Mr Ojulari “to invite the EFCC and ICPC to investigate the spending and whereabouts of the N500 billion, and to ensure the full recovery and remittance of the money to the Federation Account without further delay.
Last week, the World Bank 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. The International Monetary Fund (IMF) also recently called for the subsidy removal savings to be transferred to the national budget.
In the Freedom of Information request dated 17 May 2025 and signed by SERAP deputy director Kolawole Oluwadare, the organisation said: “There is a legitimate public interest in explaining the whereabouts of the alleged missing N500 billion oil money and grave violations of the Nigerian Constitution 1999 [as amended]’
“The country’s oil wealth ought to be used solely for the benefit of the Nigerian people, and for the sake of the present and future generations.”
According to SERAP, Nigerians have the right to know why the NNPCL failed to remit the subsidy removal savings to the Federation Account.
“We would be grateful if the recommended measures are taken within 7 days of the receipt and/or publication of this letter. If we have not heard from you by then, SERAP shall consider appropriate legal actions to compel the NNPCL to comply with our requests in the public interest,” the letter read in part.
“Without the full recovery and remittance of the missing N500 billion of oil revenue, the dire economic situation may worsen and Nigerians will continue to be denied access to basic public goods and services,” it read.
“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.”
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Imo pastor arrested for allegedly raping worshipper during prayer session

The Imo Police Command has detained 32-year-old Ikenna Emmanuel, a pastor, and his alleged accomplice, one Franklin Chizoba, for allegedly raping a 20-year-old lady under the pretext of organising prayers for her.
The command’s Spokesman, DSP Henry Okoye, disclosed this in a statement issued in Owerri and made available to newsmen on Thursday.
Okoye alleged that the pastor, who is in-charge of Authentic Power City Church, hails from Umuobom, Ideato-South Local Government Area of the state.
He stated that on June 30, Chizoba lured the lady to the pastor, who allegedly offered the victim a drink laced with drugs in his residence.
“Shortly afterwards, she became dizzy, after which both suspects had unlawful carnal knowledge of her.
“Following the report, operatives from Orlu Division promptly arrested the duo.
“During interrogation, both suspects confessed to the offence and further admitted to engaging in homosexual acts.
“They were subsequently charged to court on Aug. 12, and remanded at the Correctional Facility, Owerri, pending trial,” Okoye stated.
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Keyamo Makes Compassionate Moves in Aviation Sector, Announces Release of Emmanson, Reduction of Kwam 1’s Ban

The Minister of Aviation, Festus Keyamo, has announced a series of decisions regarding recent unruly passenger incidents at Nigerian airports. After consulting with stakeholders, Keyamo has decided to withdraw a criminal complaint against Ms. Comfort Emmanson, who was involved in an altercation with Ibom Air staff.
The complaint against Ms. Emmanson will be withdrawn, and she is expected to be released from Kirikiri Prisons.
The Airline Operators of Nigeria (AON) has agreed to lift the lifelong flying ban imposed on Ms. Emmanson.
The flight ban for musician Kwam 1 (Wasiu Ayinde Marshall) will be reduced to one month.
Kwam 1 is expected to be engaged as an ambassador for proper airport security protocol by the Federal Airports Authority of Nigeria (FAAN).
The Nigerian Civil Aviation Authority (NCAA) will restore the licenses of ValueJet pilots Captain Oluranti Ogoyi and First Officer Ivan Oloba after a one-month ban.
Minister’s Statement on X: Formerly Twitter
Keyamo stated that the decisions were made after reviewing the incidents and consulting with stakeholders.
He emphasized that safety and security in the aviation sector will be taken seriously, but also showed compassion in the cases of Emmanson and Kwam.
Keyamo had previously criticized Kwam 1’s behavior as “totally unacceptable” and likened it to a hostage situation
A retreat will be held next week to retrain aviation security personnel on handling errant passengers and de-escalating potentially explosive situations.
Airlines will also hold a session to focus on staff conduct and attitude towards passengers ².
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Court awards N5m in damages against Ecobank for account restriction

The Court of Appeal sitting in Owerri has delivered a landmark judgment affirming that Ecobank Nigeria Limited acted unlawfully in restricting a customer’s account without a court order.
It described the bank’s actions as a gross violation of customer rights and a breach of fiduciary duty.
The judgment arose from an appeal filed by Ecobank against a decision of the trial court, which had earlier ruled in favour of the Respondent, its customer, and awarded N10 million in general damages.
Justice Ntong Ntong, who delivered the lead judgment, agreed with the lower court’s findings but reduced the damages to N5 million, deeming the original sum excessive in light of the evidence presented.
In resolving the first issue, Justice Ntong emphasised that no bank has the power to freeze or restrict a customer’s account without a valid court order, regardless of internal policies or compliance procedures such as the Central Bank of Nigeria’s Know Your Customer, KYC, regulations.
The court held that while Ecobank claimed it acted under regulatory obligations after a $65,000 cash deposit raised red flags, it failed to demonstrate that such compliance required unilateral restriction of the account.
It cited relevant precedents, including FBN v. DKN Investments Ltd and GTB v. Joshua, to reinforce the principle that banking institutions must operate within the confines of the law, warning against the use of internal policies to override constitutional rights.
On the second issue, the appellate court found that Ecobank had no legal or contractual basis to assert a right of lien over $10,000 in the respondent’s account, which was allegedly owed to a foreign trading partner, Unique International Trading Ltd.
The bank had argued that it restricted the funds to protect itself from potential litigation threatened by the trading firm.
However, the court ruled that Ecobank’s reliance on the threat of legal action by a third party could not justify the exercise of any lien, especially in the absence of any contractual agreement or court order to that effect.
“Self-help has no place in the civilized world,” the court warned, rejecting the bank’s justification as “misconceived and untenable in law.”
On the final issue, it affirmed that Ecobank had breached its duty of care by unlawfully restricting access to the customer’s funds and dishonouring cheques.
However, it found no sufficient evidence to support the customer’s claim of lost business and goodwill due to the restriction.
Accordingly, the appellate court reduced the general damages from N10 million to N5 million, emphasising that while there was a breach warranting compensation, the initial sum was excessive.
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