News

Reps Probe Alleged $4bn Crude Oil Theft

Published

3 years ago

July 13, 2023

Editor

The House of Representatives has resolved to investigate crude oil theft to the tune of $4 billion, with a view to curbing economic loss to the country and ensuring that everyone involved was brought to book.

The resolution of the House followed the adoption of a motion on the: “Need to Investigate Crude Oil Theft and Loss of Revenue Accrued from the Oil and Gas Sector in Nigeria” brought by Philip Agbese.

Agbese stated that in recent times, the media had been replete with news of the loss of trillions of naira as a result of crude oil theft and loss of revenue from oil and gas exploration in the country.

He said: “According to reports, about 40 per cent of crude oil loss is due to inaccuracies in measurement, and theft as metering errors continue to occur as a result of poor maintenance of metering facilities, thus resulting in lack of transparency in hydrocarbon accounting.”

He said reports revealed that in 2021 alone, Nigeria lost $4 billion to oil theft at the rate of 200,000 barrels per day, adding that the figures had risen since then.

According to him, security agencies are allegedly complicit and largely responsible for facilitating most of the oil theft in the Niger Delta.

Agbese stressed further that the military had been accused severally of being behind 99 per cent of oil theft, wondering why the federal government had not taken action to address the malfeasance.

“A 2022 report by the Nigerian Extractive Industry Transparency Initiative, NEITI, revealed that about 619.7 million barrels of crude oil, valued at $46.1 6billion have been stolen in the last 12 years, while stakeholders have often described crude oil theft in the country as an organized crime perpetrated by the elite.

“In spite of the huge funds appropriated to adequately equip Nigeria’s security and intelligence agencies, their performance in terms of curbing oil theft has been abysmal.

”Despite the enormous resources at the disposal of the NNPC Ltd and the Nigerian Upstream Petroleum Regulatory Commission, NUPRC, they have, in active connivance with national and multinational oil and gas companies, allegedly continued to sabotage every effort to ensure an effective running of metering facilities at the well heads, flow stations, loading platforms.

“If crude oil theft is allowed to go on unhindered, it will result in, not only devastating consequences to the country’s economy, but will also gravely impact the environment, health and social life of the host communities,” he said.

The motion was referred to a yet-to-be-constituted ad hoc committee when constituted, to report back to the House within four weeks.

News

Transfer: Premier League Clubs Scramble For Dele-Bashiru

Published

56 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

1 hour 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.