News

JUST IN: Reps Grill Malami Over $2.4bn Illegal Oil Sale

Published

3 years ago

May 25, 2023

Editor

The House of Representatives is currently grilling the Minister of Justice and Attorney-General of the Federation, Abubakar Malami (SAN), over the alleged illegal sale of 48 million barrels of crude oil in China valued at over $2.4bn.

Malami, in company with the Permanent Secretary, Ministry of Justice/Solicitor-General of the Federation, Beatrice Jedy-Agba, is appearing before the House’ Ad Hoc Committee to Investigate Alleged Loss of Over $2.4 Billion in Revenue from Illegal Sale of 48 Million Barrels of Crude Oil Export in 2015 Including All Crude Oil Exports and Sales by Nigeria from 2014 Till Date.

While the ministry made a written presentation to the committee, Malami restated his earlier position about the allegation and the probe. He asked the lawmakers to avail him of documents and facts at their disposal to assist him in aiding the investigation.

It is the second time that Malami and Jedy-Agba will be appearing since the probe began.

The minister, when he first appeared before the committee on April 27, 2023, had told the lawmakers that the allegation that 48 million barrels of crude oil valued at over $2.4bn was illegally sold to China is false.

Malami stated, “Mr Chairman, let me state on record and for the benefit of Nigerians and the committee, that the allegations relating to the 48 million barrels are baseless. The allegation is unfounded. It is lacking in merit, and indeed lacking in substance. It is in its own right – the allegation – devoid of any reasonable ground pointing to a material suspicion that is cogent enough to invoke the constitutional oversight of the committee.

“Why do I say so? Sometimes in 2016, allegations were rife and hyped on social media. There were allegations of the existence of stolen 48 million barrels of Nigerian crude oil in China, said to have been valued at $2.4bn. President Muhammadu Buhari informally requested the Attorney-General – making reference to my humble person; (the then Group Managing Director, Nigerian National Petroleum Corporation) Mele Kyari; former Director-General, Department of State Services, Lawal Daura; and the late Abba Kyari (the then Chief of Staff to the President) to look into it and advise.

“But unfortunately, Mr Chairman, for there to be a reasonable ground for suspicion, at least you require certain basic facts. If you are talking about a product, you cannot establish the substance relating thereto without confirming the origin of the purported product in China. If you talk of a product in China, is it of Nigerian origin? That can be established by way of samples and specifications. Is it Bonny Light which you know apparently emanates from Nigeria? The basic detail of the existence of the product and connecting it to Nigeria was not there at all.”

According to The PUNCH, the minister had added that there were no particulars of the vessels that transported the fuel to China.

“They were not available at our disposal at all,” he stated, adding that no Chinese authorities confirmed receipt and custody of the product in China.

Details later…

News

Transfer: Premier League Clubs Scramble For Dele-Bashiru

Published

4 hours ago

May 6, 2026

Editor

Lazio midfielder, Fisayo Dele-Bashiru is a subject of interest from three Premier League clubs, according to Sky Sports.

Lazio reportedly rejected offers from Nottingham Forest and Bournemouth for the Nigeria international in January.

La Biancolesti are bracing for more interest in Dele-Bashiru ahead of the summer transfer window, according to Sky Sports.

The 24-year-old has two years left on his contract with the Serie A club.

The attacking midfielder joined the Rome-based club from Turkish Super Lig outfit Hatayspor in 2024.

He has been a regular feature for Lazio this season.

News

Xenophobic Attacks: Nigerian Students To Picket MTN, MultiChoice, Other Businesses

Published

4 hours ago

May 6, 2026

Editor

The leadership of the National Association of Nigerian Students, NANS South-West Zone D, has announced plans to picket South African companies in Nigeria following the ongoing xenophobic attacks in the country.

DAILY POST reports that some Nigerians were recently killed in South Africa over the violent attacks.

A statement issued to newsmen by Comrade Adeyemo Josiah Kayode, Coordinator, NANS South-West, Zone D, said that the association is mobilizing to take decisive and lawful action by organizing peaceful picketing and mass advocacy against South African business interests operating in Nigeria.

“We categorically state that the continued targeting of Nigerians under any guise is unacceptable and must come to an immediate end.

“This will include major corporations such as MTN Group and MultiChoice Group. It is morally indefensible for businesses to thrive in an environment where the lives of Nigerians are protected, while Nigerians are subjected to fear and violence elsewhere.

“This contradiction will no longer be tolerated,” the statement said.

News

N5m, N10m Zero-interest Loans: SheVentures Opens Applications For Women Entrepreneurs

Published

6 hours ago

May 6, 2026

Editor

First City Monument Bank (FCMB) has opened a new round of applications for its SheVentures proposition, offering zero-interest loans of up to ₦10 million to women entrepreneurs to ease access to working capital and support business growth.

The facility provides loans ranging from ₦500,000 to ₦5 million under a general category, and ₦5 million to ₦10 million for sector-specific businesses, with funding capped at up to 50% of an applicant’s average monthly turnover.

At the centre of the offering is a 0% interest rate, with all charges embedded in a transparent structure.

Repayment is structured over four or six months, allowing businesses to match obligations with their cash flow cycles.

Yemisi Edun, Managing Director and Chief Executive of First City Monument Bank (FCMB), said the initiative reflects a deliberate approach to inclusive growth.

“Inclusive growth requires access to capital and the right conditions for businesses to deploy that capital effectively.

“Women-led enterprises are critical to economic activity, yet they face structural barriers.

This intervention aims to help close that gap by providing financing that supports job creation, business expansion, and long-term sustainability for women entrepreneurs.”

“Access to affordable finance remains a major constraint for women entrepreneurs,” said Nnenna Jacob-Ogogo, Group Head, SheVentures and Impact Segments at First City Monument Bank (FCMB).

“By removing the cost barrier and offering quick, flexible funding, this zero-interest loan is designed to safeguard existing jobs, enable businesses to invest in growth initiatives, and foster resilience in challenging economic conditions.”

Women-owned businesses account for a significant share of Nigeria’s small and medium-sized enterprises but continue to face high borrowing costs and limited access to credit.

Through these efforts, SheVentures tackles persistent financing gaps facing women-led businesses, combining targeted funding with broader support to empower women entrepreneurs, encourage business innovation, and enhance their ability to compete on a national scale.

Applications for the zero-interest loan are now open.Apply now.