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Nigeria Writes Off $1.42bn, N5.57trn Legacy NNPCL Debts After Reconciliation
Nigeria Writes Off $1.42bn, N5.57trn Legacy NNPCL Debts After Reconciliation
The Nigerian Government has written off the bulk of legacy debts owed by the Nigerian National Petroleum Company Limited (NNPCL) to the Federation Account, clearing about $1.42 billion and N5.57 trillion following a reconciliation exercise approved by President Bola Tinubu.
The decision is contained in a regulatory document prepared by the Nigerian Upstream Petroleum Regulatory Commission (NUPRC) and presented at the November meeting of the Federation Account Allocation Committee (FAAC).
The move effectively settles long-standing balances arising from crude oil liftings, production-sharing contracts and joint venture royalties accumulated up to December 31, 2024.
According to the commission, the approval followed the recommendations of a stakeholder committee constituted to reconcile claims between the national oil company and the Federal Government.
“However, the commission recently received a Presidential Approval to nil off the outstanding obligations of NNPC Ltd as at 31st December 2024 as submitted by the Stakeholder Alignment Committee on the Reconciliation of Indebtedness between NNPC Ltd and the Federation,” the document stated.
Before the adjustment, outstanding obligations reported to FAAC stood at about $1.48 billion and N6.33 trillion.
Following the reconciliation, most of the balances were removed from the Federation’s books.
“Consequently, out of $1,480,610,652.58 and N6,332,884,316,237.13, the affected outstanding obligations that have been nil off are $1,421,727,723.00 and N5,573,895,769,388.45. The commission has passed the appropriate accounting entries as approved,” the regulator said.
An analysis of the figures shows that the write-off represents about 96 per cent of the dollar-denominated debt and roughly 88 per cent of the naira obligations previously classified as outstanding.
Officials familiar with the process said the decision was aimed at resolving years of disputes over historical claims between the parties and allowing both the Federation and NNPCL to operate with cleaner balance sheets going forward.
The NUPRC, however, clarified that the approval does not cover liabilities incurred in 2025.
Statutory obligations arising between January and October this year remain outstanding, with balances of about $56.8 million and N1.02 trillion linked to lifting-related charges and joint venture royalties.
The commission disclosed that part of the dollar-denominated liabilities had been recovered during the period under review.
“However, the commission received $55,003,997.00 in the month under review from the outstanding, leaving a balance of $1,804,755.32 and N1,021,550,672,578.87. The amount of $55,003,997.00 received is part of the total collection reported above for sharing by the Federation this month,” the document added.
The debt relief comes against the backdrop of weaker upstream revenue performance.
Data in the same FAAC document show that the commission fell short of its approved monthly revenue target for November by more than N540 billion, largely due to lower-than-expected royalty receipts from oil and gas production.
Actual collections in the month also declined compared with October levels.
News
Imo Ex-Lawmaker’s Son Irvin Ibejiako Called to Nigerian Bar
Imo Ex-Lawmaker’s Son Irvin Ibejiako Called to Nigerian Bar
By Boniface Ihiasota
Irvin Ibejiako has been formally called to the Nigerian Bar, marking the successful completion of his legal training after years of academic and professional preparation.
Speaking after the ceremony in Abuja, the newly inducted lawyer described the occasion as the reward for years of hard work, discipline and perseverance.
“There were moments during this journey when the finish line felt very far away,” he said.
“The path from university lecture halls to the Nigerian Bar demanded sacrifices, long nights, discipline and resilience that often went unseen.”
He added that the achievement was not his alone but a reflection of the support he received from his family and well-wishers.
“Standing here today, I carry not only my own dreams but also the prayers, sacrifices and hopes of my parents, family and everyone who believed in me,” he said.
Ibejiako noted that being called to the Bar comes with a greater responsibility to uphold the rule of law and serve society.
“Being called to the Bar is a reminder that perseverance has a way of rewarding those who refuse to quit. I am grateful for the journey, humbled by the moment and excited for the responsibility that comes with wearing the wig and gown,” he added.
Irvin is the son of the Imo State Commissioner for Culture and Tourism and former member of the House of Representatives for Owerri Federal Constituency, Rt. Hon. Ernest Ibejiako.
Following the ceremony, family members, friends and associates held a reception in his honour at Icheku Gardens Villa in Owerri Municipal, where they celebrated his admission into the legal profession.
Guests at the event described the achievement as a source of pride for the Ibejiako family and the Owerri community, expressing confidence that the young lawyer would contribute meaningfully to the administration of justice in Nigeria.
Extra
Uddy, Kylie celebrate colourful Igbo-American traditional wedding in California
Uddy, Kylie celebrate colourful Igbo-American traditional wedding in California
Uddy Osuagwu and Kylie Bechtold have celebrated their traditional wedding in Concord, California, in a colourful ceremony that showcased the rich cultural heritage of the Igbo people alongside American family traditions.
The event, held at the Concord Center, brought together family members, friends and guests from different parts of the United States and beyond to witness the union of the couple in a celebration marked by culture, fashion and entertainment.
The wedding united the families of Chief Magzy and Lolo Ada Osuagwu and Mr. Scott and Mrs. Jodi Bechtold, symbolising a blend of Nigerian and American cultures.
Guests were treated to a vibrant display of Igbo traditional rites, with the couple adorned in elegant traditional attire, coral beads and isi agu regalia, while the ceremony featured music, dance and cultural performances.
Among the dignitaries in attendance was the Chairman of ABC Transport Plc, Mr. Frank Nneji, alongside business leaders, community elders and members of the Nigerian diaspora from across the United States.
The celebration also attracted well-wishers from Nigeria and other parts of the world, showcasing the couple’s extensive personal and professional connections.
Speaking during the event, family members described the marriage as a pointer to the power of love to transcend cultural and geographical boundaries.
The ceremony was covered by the United States-based Excel Magazine International crew led by its Publisher, Boniface Ihiasota, who documented the event for audiences across Africa, Europe and North America.
The colourful wedding featured traditional Igbo marriage rites, cultural displays and a reception that extended into the evening, with guests celebrating the couple’s new journey together.
The event has been widely described by attendees as one of the memorable diaspora traditional weddings of the season, spotlighting the enduring bond between Nigerian cultural heritage and global multicultural communities.
News
MbaiseUSA DMV chapter hosts Ahiara bishop ahead of 2026 convention
MbaiseUSA DMV chapter hosts Ahiara bishop ahead of 2026 convention
By Boniface Ihiasota, Washington DC
The President of the Mbaise Progressive Union Washington DC Metro Area Inc., Hon. Sir Goddy Ugbor, has hosted the Catholic Bishop of Ahiara Diocese, Rt. Rev. Simeon Okezuo Nwobi, at a private dinner in Bowie, Maryland, ahead of the bishop’s maiden episcopal visit to the Washington DC metropolitan area.
The dinner, held on July 11, 2026, at the residence of Ugbor and his wife, Dr. Lady Madonna Ugbor, brought together members of the clergy and community leaders as part of activities preceding the bishop’s public Mass at St. Matthias Catholic Church.
Ugbor, who also serves as the Host President of the MbaiseUSA Convention 2026, said the gathering underscored the Washington DC Metro chapter’s commitment to promoting unity, faith and service among Mbaise indigenes in the diaspora.
He described the bishop’s visit as significant for the Mbaise community in North America, noting that preparations had reached an advanced stage for the MbaiseUSA Convention scheduled to hold from July 22 to July 25 at the Baltimore Convention Center.
“The Bishop’s presence in our home was a blessing to our family and to the entire DMV community. We are honoured to welcome our shepherd as we prepare to host Ndi Mbaise from across the world this July,” Ugbor said.
Community leaders at the event described the dinner as an opportunity to strengthen relationships within the Mbaise community while discussing the role of faith and leadership in advancing development among members in the diaspora.
The bishop was accompanied by Rev. Fr. John Ekeocha, Rev. Fr. Leo Ugbor, Rev. Fr. Chris Opara and Rev. Sr. Judith.
The Washington DC Metro chapter is the official host chapter for the 2026 MbaiseUSA Convention, which organisers expect will attract more than 2,000 delegates from different parts of the world.
The dinner formed part of activities marking Bishop Nwobi’s visit and the countdown to the annual convention, which aims to foster cultural ties, community development and engagement among Mbaise people in the diaspora.
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