Nigerian National Petroleum Company (NNPC)

NNPC's Paulinus Okoronkwo Forfeits $2.5M Mansion In U.S. Ruling

NNPC Executive, Okoronkwo Forfeits $2.5 Million U.S. Mansion

United States court orders Nigerian oil executive Paulinus Okoronkwo to surrender a $2.5 million Los Angeles mansion after conviction for money laundering.

A senior official of the Nigerian National Petroleum Company (NNPC), Paulinus Okoronkwo, has been ordered by a U.S. court to forfeit a $2.5 million mansion in Los Angeles following his conviction on money laundering charges.

The ruling, delivered on October 3, 2025, by Judge John Walter of the U.S. District Court for the Central District of California, forms part of Okoronkwo’s sentencing in Case No. 2:24-CR-20(A)-JFW. The luxury property, located at 25340 Twin Oaks Place in Valencia, California, …

Why Nigeria Cannot Continue Subsidy From 2022 – Minister

Why Nigeria Cannot Continue Subsidy From 2022 – Minister

The Minister of Finance, Budget, and National Planning, Zainab Ahmed, has revealed that with the Nigerian National Petroleum Company (NNPC) remitting almost zero Naira to the federation, the government can no longer sustain petroleum subsidy cost which currently stands at about ₦250 billion monthly.

Speaking to State House Correspondents on Wednesday shortly after the week’s Federal Executive Council (FEC) meeting which presided over by President Muhammadu Buhari, at the Presidential Villa, Abuja, the Minister insisted that subsidy must be removed by 2022 and replaced with ₦5000-a-month transportation grant to the poorest Nigerians, saying that subsidy was no longer sustainable.

Ahmed