News

Oil Sector In Shambles – APC Stakeholders Write Tinubu, Seek Removal Of Kyari, 2 Others

Published

2 years ago

August 14, 2024

Editor

Some stakeholders within the ruling All Progressives Congress (APC), under the aegis of the Tinubu Legacy Coalition (TLC), have called on President Bola Tinubu to remove the heads of the nation’s oil and gas regulatory agencies over alleged failure to effectively manage the sector.

The group made the call in a letter to the president, which was jointly signed by Hon Bala Abu, Convener/National President, Dr. Jeremmiah Okino, Co-Convener, Comrade Gabriel Gbana, Secretary, Dr. Thomas Terna, Princess Ajibola, and 95 others.

The party stakeholders urged the president to remove Mele Kyari, Gbenga Komolafe, and Farouk Ahmed as heads of the Nigerian National Petroleum Company Limited (NNPCL), Nigerian Upstream Petroleum Regulatory Commission (NUPRC), and Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA), respectively.

Among other issues, the APC group cited the incessant fuel crisis resulting in constant queues at filling stations across the country, pipeline vandalism, and oil theft as part of the failures of Kyari and other officials in the oil sector.

There are also reports that the refinery under the management of the NNPCL in Rivers State has again failed to commence its operations after about six postponements.

The group also alleged that the oil and gas sector’s contribution to the nation’s GDP has dwindled, stressing that the country’s reputation is being tarnished globally.

Part of the letter reads, “We are compelled to express our deep concern over the state of the nation’s oil and gas industry. Despite the sector’s potential to drive economic growth, it has been plagued by inefficiencies, corruption, and mismanagement.

“The continued stay in office of Mele Kyari, Engr. Gbenga Komolafe, and Farouk Ahmed has done more harm than good to the image of President Tinubu,” the letter said.

“The oil and gas sector is in shambles, with fuel scarcity, pipeline vandalism, and oil theft rampant.

“The sector’s contribution to the nation’s GDP has dwindled, and the country’s reputation has been tarnished.

“The lack of transparency and accountability in the sector has led to widespread corruption, with billions of dollars lost to fraudulent activities.”

News

Transfer: Premier League Clubs Scramble For Dele-Bashiru

Published

9 minutes 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

31 minutes 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

3 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.