Business

Reps Invite Ministers, Firms Over $2.4bn Oil Sale

Published

2 years ago

March 28, 2023

The House of Representatives’ will on April 11, 2023, grill ministers and other heads of ministries, departments and agencies of the Federal Government as well as oil companies and banks over the alleged illegal sale of 48 million barrels of crude oil valued at $2.4bn.

The House’ Ad Hoc Committee to Investigate Alleged Loss of Over $2.4bn 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 is handling the probe.

The committee, in a notice to the invitees on Monday, also demanded memoranda from whistle-blowers who’s alarm had led to recovery of public funds from corrupt individuals and organisations.

The committee invited 100 individuals, organisations and groups, including the Nigerian National Petroleum Company Limited; Group Chief Executive Officer, NNPCL; Federal Ministry of Finance, Budget and National Planning; Attorney General of the Federation; Director of Public Prosecutions of the Federation; Central Bank of Nigeria; Nigerian Upstream Petroleum Regulatory Commission; Chief Executive, NUPRC; former Chairman, Presidential Committee on Recovery of Missing Crude Oil; former Director-General, DSS, Lawal Musa Daura; Department of State Services; Nigeria Police Force; INTERPOL National Central Bureau, Nigeria, among others.

The oil and telecommunication firms as well as banks for appearance include Dangote Industries Limited/Dangote Refinery; MTN Nigeria Limited; 9Mobile Nigeria Limited; Airtel Nigeria Limited; United Bank for Africa; Guaranty Trust Bank; Access Bank; Ecobank; Fidelity Bank; and Zenith Bank; Famfa Oil Limited; Seplat Petroleum; Addax Petroleum; Total Energies; Chevron; Shell (SNEPCO & SPDC); Sahara Energy Resources; Conoil; AITEO; Agip/NAOC; Heirs Petroleum; ExxonMobil/ESSO Petroleum; Oando; Oriental; SAPETRO and all other JV, PSC and marginal field operators.

Other top government officials have also been invited.

The notice partly read, “In the unlikely event that formal correspondence from the committee does not reach any of those listed above, please consider this publication as a formal invitation to the public hearing.

“Individuals, agencies, civil society and non-governmental organisations, companies and all other entities who are privy to or have provided whistle-blower information to the Nigerian Government about corruption and proceeds of corruption (whether or not such information has led to recovery by the government) are also, hereby, requested to submit memoranda with the following information to the committee’s secretariat:

The committee had held an investigative hearing at least twice during which invitees, including the Nigeria Police Force and INTERPOL we’re grilled.

The Chairman of the committee, Mark Gbillah, who was contacted on the telephone on Monday, said the panel had not been officially inaugurated as Speaker of the House, Femi Gbajabiamila, was not available to declare the hearing open.

Gbillah said the Speaker would now inaugurate the committee on April 11.

When asked of the possibility of the committee concluding the investigation before the 9th National Assembly winds down in June, the chairman disclosed that the probe might be continued in the 10th Assembly.

He said, “Yes, we believe we have enough time to look at the critical issues. But anything outstanding – that is why government) is a continuum – we can always make a recommendation in the report that the next House should take over from here and there. But it is too-important an issue for us to not try to conclude on.”

The House had on December 20, 2022, resolved to constitute an ad hoc committee to investigate a whistle-blower’s allegation of illegal sale of 48 million barrels of Nigeria’s Bonny Light crude in China in 2015 and the insurance status of the cargo.

The committee was also to investigate all crude oil exports and sales by Nigeria from 2014 to date, with regards to quantity, insurance, revenue generated, remittances into the Federation Account or other accounts as well as utilisation of the revenue for the period under review.

In addition, the panel would investigate all proceeds recovered through the Whistle-Blowers Policy of the regime led by the President, Major General Muhammadu Buhari (retd.), and the level of compliance with the policy.

The committee was to report back within four weeks for further legislative action.
PUNCH

Business

Naira Records Three Straight Depreciations Against Dollar As Foreign Reserves Drop

Published

6 days ago

July 24, 2025

Editor

Nigeria’s naira continued its depreciation streak against the dollar at the official foreign exchange market on Wednesday for the third straight time this week.

The Central Bank of Nigeria’s exchange data disclosed that the naira dropped again to N1,535.61 per dollar on Wednesday from N1,535.24 traded on Tuesday.

This means that the marginal weakening to 0.37 against the dollar on a day-to-day basis.

From Monday to Wednesday this week, the naira has shed N3.07 against the dollar at the official exchange market.

Meanwhile, at the black market, the naira remained stable at N1,540 per dollar on Wednesday, the same rate as the previous day for the majority of Bureau De Change Operators in Wuse Zone 4, Abuja.

This comes as the Central Bank of Nigeria Governor, Olayemi Cardoso, in his communique after the 301st Monetary Policy Committee held this week, said the country’s external reserves stood at $40.1 billion as of July 18, 2025.

However, checks on CBN’s website on Thursday showed that Nigeria’s external reserves had dropped to $38.37 billion as of July 22, 2025.

Business

French Media Giant Acquires MultiChoice In $3bn Deal, Gains Full Control Of DStv, GOtv

Published

7 days ago

July 23, 2025

Editor

French media conglomerate Canal+ has officially acquired full ownership of MultiChoice Group, the parent company of DStv and GOtv, in a landmark $3 billion (approx. 55 billion rand) deal. The acquisition, which gives Canal+ the remaining 55% stake it did not previously own, was approved by South Africa’s Competition Tribunal on Wednesday, July 23.

The approval comes after months of intense negotiations and regulatory reviews, and paves the way for the deal to be finalized by October 8, 2025. While the Tribunal gave the green light, it imposed several public interest conditions to protect local content and maintain South Africa’s media sovereignty.

For Canal+, the deal represents a major strategic expansion into Africa’s booming media and entertainment market. Already operating in 25 African countries with over eight million subscribers, Canal+ is now positioned to significantly scale up its presence, targeting 50 to 100 million subscribers across the continent in the coming years.

MultiChoice, Africa’s largest pay-TV broadcaster, brings more than 14.5 million subscribers in 50 sub-Saharan African countries, as well as flagship platforms like DStv and GOtv. The company is also home to premium content brands such as SuperSport, making it an attractive acquisition for the French media powerhouse.

Describing the deal as transformative, Canal+ CEO Maxime Saada said: “The combined group will benefit from enhanced scale, greater exposure to high-growth markets and the ability to deliver meaningful synergies.”

One of the key benefits of the merger is the integration of Canal+’s French-language content with MultiChoice’s dominant English and Portuguese offerings—creating a multilingual media powerhouse capable of serving diverse African audiences.

Beyond strategic value, the acquisition is also a timely boost for MultiChoice. The deal is expected to inject fresh capital into the South African broadcaster, enabling deeper investment in local content production, technology upgrades, and digital innovation.

As part of the Competition Tribunal’s conditional approval, Canal+ has committed to spend approximately 26 billion rand over the next three years on initiatives aligned with South Africa’s public interest objectives. These include retaining MultiChoice’s headquarters in South Africa, maintaining investment in local content and sports broadcasting, and supporting local content creators.

In a joint statement, both companies reaffirmed their commitment to the South African media ecosystem: “We will maintain funding for South African general entertainment and sports content, providing local content creators with a strong foundation for future success.”

Canal+ began its takeover bid in 2023 with a mandatory buyout offer of 125 rand per share, valuing MultiChoice at around $3 billion. With full ownership now secured, the French media giant is poised to redefine Africa’s pay-TV industry, tapping into its vast potential and shifting the competitive

Business

JUST IN: Again, NNPCL Reduces Fuel Price

Published

1 week ago

July 23, 2025

Editor

Nigerian National Petroleum Company Limited has reduced its premium motor spirit price for the second time in one week.

It was observed on Wednesday, that the state-owned oil firm has adjusted its petrol price to N890 per litre from N895.

This represents an N5 per litre downward price review when compared to its earlier N895 pump price.

NNPCL retail outlets along Kubwa Expressway, Gwarimpa, Wuse Zone 4, and others in Abuja have adjusted their pumps to the new price.

The latest adjustment comes barely a week after the company implemented a retail price slash.

While NNPCL retail outlets dispense fuel at N890 per litre, Dangote Refinery’s retail partners, such as AP Ardova, Optima, MRS, and Bovas filling stations, sell at N885 per litre.

The Independent Petroleum Marketers Association of Nigeria’s National President Abubakar Maigandi told DAILY POST earlier that fuel prices will continue to fluctuate because of the deregulation of the oil and gas downstream sector.