The Senate Committee on Public Accounts says the Nigerian National Petroleum Company (NNPCL), has responded to 19 queries raised against it in the audit reports of 2017 to 2023.

Chairman of the Committee Sen. Aliyu Wadada made the clarification in an interview with newsmen in Abuja.
Wadada said that NNPCL had responded to the queries, adding that the committee is yet to critically look at the responses provided by NNPCL.

The committee had on July 29, gave the Chief Executive Officer of NNPCL, Mr Bayo Ojulari, three weeks to respond to 19 queries on the N210 trillion yet to be accounted for, in the audited account of company.

“While we were on recess, management of NNPCL wrote to the committee, requesting an extension of time to enable them compile data and respond comprehensively to the questions we raised and we granted that request.

“They had since responded and we now have answers to all 19 questions we sent to them; however, the report is yet to be presented before the committee.

“That is why, as chairman, I have refrained from making any public statement on the matter until it is properly laid before members.

“But let me assure you, as I promised earlier on behalf of the committee, we will do justice to the matter.”

He said that beyond the audited financial statements, there were other issues emerging around the NNPCL.
According to him, the first of such issues is production sharing contracts.

“Specifically, the production cost to Nigeria which must be clearly defined, and the public deserves to know what portion goes to the NNPCL, what goes to the international oil companies (IOCs) and what accrues to the government under the production sharing arrangement.

“Furthermore, the committee has been informed that NNPCL Retail has declared a loss.

“This development is also of concern to us and to the public, we find it difficult to understand why NNPCL retail should record a loss, but we will seek clarification when the corporation appears before us.

“As far as the audited financial statements are concerned which cover the period between 2017 and 2023. NNPC has submitted its responses to the 19 questions we asked. Nigerians and the media will be informed of the contents in due course.

“Out of those answers, the ones that make sense and those that do not will be evident to the public”, he stressed.

The Federal Government is to partner with the Agro-Climatic Resilience in Semi-Arid Landscapes (ACReSAL) project to restore degraded lands and promote sustainable livelihoods in the semi-arid region of the country.

This resolution was taken during the Federal Technical Committee (FTC) meeting of the Agro-Climatic Resilience in Semi-Arid Landscapes (ACReSAL) Project, held with the Federal Ministry of Environment in Abuja on Wednesday.

The meeting was attended by stakeholders to review the project’s progress and examine its Annual Work Plan for the upcoming implementation year.

This is as the Project has restored 800,000 hectares of degraded landscapes and its activities impacted over eight million persons in Northern Nigeria.

ACReSAL is a World Bank-financed project designed to tackle the pressing issues of land degradation and climate change in 19 states of Northern Nigeria.

Mr Mahmud Kambari, Permanent Secretary in the Ministry of Environment described the gathering as a defining moment in Nigeria’s pursuit of environmental sustainability and community resilience.

“As we confront the realities of climate change, drought, and food insecurity, our shared vision through ACReSAL is transforming into concrete action.

“This plan embodies our collective responsibility to restore degraded lands, strengthen livelihoods, and secure a sustainable future for millions of Nigerians,” Kambari said.

Also speaking, Dr Marcus Ogunbiyi, the Permanent Secretary in the Ministry of Agriculture and Food Security, reaffirmed the ministry’s full support for the project’s objectives.

“The ACReSAL project aligns perfectly with our mission to strengthen food security through climate-smart agriculture.

“By promoting drought-tolerant crops, soil restoration, and improved farming practices, we are empowering small holder farmers and building resilience in rural communities. Together, we can ensure that our agricultural sector continues to thrive despite environmental challenges,” Ogunbiyi assured.

Also, Mr Richard Pheelangwah, the Permanent Secretary in the Ministry of Water Resources and Sanitation, highlighted the project’s critical role in protecting Nigeria’s water ecosystems and improving sanitation standards in semi-arid regions.

“ACReSAL offers a comprehensive approach to managing our fragile water systems, through watershed rehabilitation, sustainable irrigation, and rainwater harvesting.

“We are not only preserving water resources but also enhancing public health and agricultural productivity. Our ministry remains committed to providing the technical leadership necessary to advance water security across the country,” Pheelangwah assured.

Mr Abdulhamid Umar, the National Project Coordinator of ACReSAL, delivered a presentation on the project’s current status and impact across the participating states.

He said that ACReSAL’s interventions are technologically driven and encompasses afforestation, reforestation, ecosystem restoration, erosion and flood control livelihood initiatives, climate-smart agriculture, water management, capacity building and policy development.,

“Strategic catchment management planning, institutional strengthening, and environmental education initiatives, are all geared toward long-term impacts and sustainable environments,” Umar said.

He sais that so far, the project has restored over 800,000 hectares of degraded landscapes adding that civil works have reached an almost completion stage in some states.

He further stated that out of the wide range of impactful activities implemented in the state, 8,708,291 persons have benefited from the project intervention, with 4,120,649 being women.

Umar stated that ACReSAL has successfully addressed numerous environmental challenges, including those that once plagued communities in the Nguru Wetlands and Hadejia axis of the Northeast, now cited as classical examples of the project’s transformative impact.

The ACReSAL project seeks to mitigate the impacts of climate change in northern Nigeria by restoring degraded lands, improving water management, increasing agricultural yields, and promoting sustainable livelihoods.

The meeting concluded with a collective call for continued inter-ministerial synergy to ensure that ACReSAL delivers measurable benefits to communities most affected by desertification, drought, and land degradation.

The Nigerian Equities market continued its bullish trend on Tuesday with N110 billion gain.
This marked the 8th consecutive session of uptrend.

Accordingly, the market capitalisation, which opened at N91.921 trillion, gained N110 billion or 0.12 per cent to close at N92.031 trillion.
The All-Share Index also added 0.12 per cent or 172.48 points to settle at 144,995.26, against 144,822.78 recorded on Monday.

Sustained investors’ interest in stocks like Cornerstone Insurance, Consolidated Hallmark Holdings, CHAMS, VFD Group, International Energy Insurance, and 34 other stocks drove the market performance higher.
Meanwhile, the market breadth closed positive with 39 gainers against 34 losers.

On the advancers’ chart, Cornerstone Insurance led by 9.92 per cent, ending the session at N6.65, Consolidated Hallmark Holdings followed by 9.52 per cent, closing at N4.37 while CHAMS grew by 9.22 per cent, settling at N4.62 per share.

Also, VFD Group increased by 9.17 per cent, finishing at N11.90, and International Energy Insurance rose by 8.82 per cent, closing at N2.96 per share.

On the other side, Livingtrust Mortgage Bank led the decliners’ chart by 10 per cent, finishing at N5.94 while Austin Laz dropped by 9.74 per cent, settling at N3.15 per share.
Juli dipped by 9.60 per cent, ending the session at N8.95 and Livestock Feeds shed by 7.50 per cent, to close at N7.40 per share.
Also, Tantalizer fell by 6.45 per cent, closing at N2.32 per share.
Analysis of the market activity revealed an improvement in the market value with a decline in the market deals and volume as 507.41 million shares worth N24.29 billion were traded across 30,681 deals.
This is compared to 519.92 million shares valued at N14.55 billion that was exchanged across 35,490 transactions earlier on Monday.

Transactions in the shares of Access Corporation topped the activity chart in volume with N45.86 million shares valued at N1.19 billion.

Ellah Lakes followed with 39.49 million shares worth N594.3 million while CHAMS sold 30.8 million shares valued at N140.17 million.

Sovereign Trust Insurance transacted 27.79 million shares worth N86.69 million, and Aradel Holdings traded 22.58 million shares valued at N13.16 billion.