petroleum sector

The Economic and Financial Crimes Commission has arraigned a former Nigerian Railway Corporation chief over $385,000 fraud allegations, while courts handle separate cases involving a $2.6 million petroleum debt and fresh forgery charges against prominent lawyer Mike Ozekhome.

Nigerian National Petroleum Company's improved financial performance conceals mounting liabilities of N6.3 trillion, while consumption data reveals Lagos accounts for more fuel usage than 11 Nigerian states combined, exposing infrastructure and distribution imbalances.

Africa's largest refinery and Nigeria's state oil company commit to collaboration aimed at strengthening the nation's energy independence and industrial capacity, signalling a potential end to months of commercial tensions.

The Revenue Mobilisation Allocation and Fiscal Commission and Petroleum and Natural Gas Senior Staff Association endorse President Tinubu's executive order mandating direct oil revenue remittance, citing improved fiscal transparency and potential for enhanced investor confidence.

The Revenue Mobilisation Allocation and Fiscal Commission has thrown its weight behind President Tinubu's directive requiring oil and gas revenues to flow directly into government accounts, marking a significant shift in Nigeria's fiscal management framework.

Prof. Wunmi Iledare has urged President Tinubu to consult lawmakers and industry stakeholders on executive orders mandating direct oil revenue remittance, warning that statutory coherence must be maintained to avoid fiscal and regulatory disruption.

The Capital Market Academics of Nigeria has endorsed President Tinubu's Executive Order requiring direct remittance of oil and gas revenues to the Federation Account, calling it a significant fiscal transparency measure while recommending its extension to joint venture assets.

President Bola Tinubu has signed an executive order requiring direct remittance of oil and gas revenues to the Federation Account Allocation Committee, bypassing intermediary agencies in a reform aimed at plugging revenue leakages.

President Tinubu signs Executive Order requiring immediate transfer of petroleum revenues to central treasury, marking significant shift in Nigeria's oil revenue management framework.

Nigeria's state oil company posted record 2025 revenue of N60.5 trillion with N5.7 trillion profit, while Cross River State moves toward reinstatement as oil-producing territory, potentially reshaping federal revenue allocation.