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Why IOCs Are Divesting From Nigeria — Tony Elumelu

Nigerian businessman, Tony Elumelu, has said oil theft largely contributed to the reasons International Oil Companies (IOCs) are divesting their interests from Nigeria to other countries.
Elumelu stated this in an interview published by the Financial Times on Friday.
According to him, the government and security agents in Nigeria should be able expose those responsible for stealing the country’s crude oil.
His recent outburst follows that of 2022 when he tweeted about how the country lost a huge amount of its crude oil to oil thieves.
“How can we be losing over 95 per cent of oil production to thieves? Look at the Bonny Terminal which should be receiving over 200,000 barrels of crude oil daily. Instead, it receives less than 3,000 barrels, leading the operator Shell to declare force majeure.
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“It is clear that the reason Nigeria is unable to meet its OPEC production quota is not because of low investment but because of theft, pure and simple!
“Meanwhile, oil-producing countries are smiling as their foreign reserves are rising. What is Nigeria’s problem? We need to hold our leaders more accountable!” the founder of Heirs Holdings tweeted in 2022.
However, speaking with Financial Times, Elumelu said oil thieves still take away 18 per cent of crude from his field.
“42,000 barrels of crude are pumped out daily. Theft still takes away about 18 per cent of production,” he stated.
Asked who was behind the theft, he replied, “This is oil theft; we’re not talking about stealing a bottle of Coke you can put in your pocket. The government should know; they should tell us.
“Look at America — Donald Trump was shot at and quickly they knew the background of who shot him. Our security agencies should tell us who is stealing our oil. You bring vessels to our territorial waters and we don’t know?”
He recalled how the previous administration of Muhammadu Buhari, allegedly stopped him from acquiring an oilfield.
He disclosed that Heirs Holdings had been looking to purchase the oilfield since 2017, having raised $2.5 billion to purchase a different one.
But in a twist, he claimed that former President Buhari and his late Chief of Staff, Abba Kyari, blocked the deal.
In May, the Chief Executive, of Nigeria Upstream Petroleum Regulatory Commission, Gbenga Komolafe, during an industry dialogue on divestments by IOCs in Abuja, said international oil companies including Shell Petroleum Development Company, Nigeria Agip Oil Company, Mobil Producing Nigeria Unlimited, and Equinor were set to divest their investments in 26 oil blocks in Nigeria to indigenous firms.
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He said, “A total of 26 blocks are proposed to be divested. These blocks have an estimated total reserve of 8.211 million barrels of oil, 2,699 million barrels of condensate, 44,110 billion cubic feet of associated gas and 46,604 billion cubic feet of non-associated gas. This is a significant contribution to the nation’s hydrocarbon resources.
“Additionally, these blocks contain P3 reserves estimated at 5,557 million barrels of oil, 1,221 million barrels of condensate, 14,296 billion cubic feet of associated gas and 13,518 billion cubic feet of non-Associated Gas.
“It is worth noting that a substantial part of the P3 reserves is located in or near producing assets. This means that a competent successor could easily mature them to 2P reserves.”
The NUPRC boss further stated that the current average production from these blocks was 346,290 barrels per day.
Providing a breakdown of this figure, Komolafe stated that the average oil production from NAOC was 28,018 bpd; MPNU, 159,378 bpd; Equinor, 36,155 bpd; and SPDC, 122,739 bpd.
“But the technical production potential is much higher – standing at 643,054 barrels (NAOC -147,481 bpd, MPNU – 244,268 bpd, Equinor – 39,203 bpd, and SPDC -212,102 bpd).
“These blocks have the potential to significantly boost our national production, which would benefit all stakeholders,” he said.
News
Jonathan To Meet Tinubu Over Nnamdi Kanu’s Detention — Sowore

Human rights activist and former presidential candidate, Omoyele Sowore, said former President Goodluck Jonathan has agreed to engage President Bola Tinubu on the continued detention of the leader of the Indigenous People of Biafra, Nnamdi Kanu.
Sowore disclosed this on Friday via his X handle after meeting with Jonathan in Abuja.
According to him, their discussion centred on the “urgent and compelling need” to address Kanu’s case “decisively and justly.”
Sowore said, “Earlier today in Abuja, I met with former President @GEJonathan (Goodluck Jonathan) to discuss the continued incarceration of Mazi @NnamdiKanu
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“President Jonathan agreed that there is an urgent and compelling need to address this matter decisively and justly. I thank him sincerely for recognising the importance of resolving Kanu’s case in the interest of peace, fairness, and national healing.
“Particularly assuring was that he promised to meet @officialabat (President Bola Tinubu) to discuss this issue as soon as possible.”
He noted that with this development, Jonathan joins a growing list of Nigerians who have called for justice in Nnamdi Kanu’s case.
“A list that already includes ex-Vice President @atiku, Femi Falana SAN, Senator @ShehuSani, and many others across political and regional divides,” Sowore said.
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The activist reiterated his call for Kanu’s release, saying the IPOB leader “remains in detention today because he took up the just cause of confronting the long-standing issue of marginalisation in Nigeria.”
He also urged political, cultural, and religious leaders, including Peter Obi, Chukwuma Soludo, Alex Otti, Francis Nwifuru, Peter Mbah, Hope Uzodinma, Oby Ezekwesili, and Ohanaeze Ndigbo’s John Mbata, to join the campaign for Kanu’s release.
Kanu has been in detention since 2021 after being re-arrested abroad and returned to Nigeria to face trial on charges bordering on terrorism and treasonable felony.
Several court orders granting him bail or ordering his release have yet to be implemented.
News
Yiaga Africa, Kukah Centre, Others Demand Live Broadcast Of INEC Chair Screening

Civil society organisations (CSOs) in Nigeria have appealed to the Senate to ensure that the screening of Professor Joash Amupitan (SAN) for the position of Chairman of the Independent National Electoral Commission (INEC) is broadcast live to the public.
According to the groups, a live broadcast of the screening would promote transparency, accountability, and public confidence in the process of appointing the head of the nation’s electoral body.
In a statement made available to The Guardian on Friday, they emphasised that, given the crucial role INEC plays in safeguarding Nigeria’s democracy, citizens have a right to witness and assess the integrity, competence, and independence of the nominee being considered for such a sensitive position.
The CSOs include Yiaga Africa, Women Rights Advancement Protection Alternative (WRAPA), International Press Centre, The Kukah Centre, Centre for Media and Society, TAF Africa, African Centre for Leadership, Strategy & Development (Centre LSD), Nigeria Women Trust Fund, Accountability Lab Nigeria, and YERP Naija Campaign.
According to the organisations, live coverage would help dispel any suspicion of bias or backroom dealings, while allowing Nigerians to engage more meaningfully in discussions about electoral reforms and leadership within the electoral body.
“We call on the Senate to ensure that its confirmation hearings are transparent, televised, and inclusive of citizen and civil society input through memoranda, petitions, and participation in the confirmation hearings.
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“The Senate should undertake a rigorous examination of his competence, public records, vision for electoral reform, INEC’s institutional strengthening, as well as his capacity to resist political interference and uphold electoral integrity.
“The Senate should also interrogate the nominee’s plans to address systemic challenges, including voter registration, result transmission, and enforcement of INEC’s regulations and guidelines.
“Nigerians expect the Senate confirmation process to be open to citizens’ participation in line with the Framework for Citizens’ Engagement in the INEC Appointment Process previously submitted to the Senate by the undersigned civil society organisations. This includes full disclosure of the nominee’s credentials, public service history, and capacity to manage elections without political interference,” the statement reads.
While acknowledging Professor Amupitan’s academic and professional accomplishments, they declared that they have no objection to his nomination, even as they tasked him to “demonstrate moral courage and resistance to political interference,” if confirmed by the Senate.
(GUARDIAN)
News
Recruitment: NCS sets Date For Final Exam

The Nigeria Customs Service (NCS) has announced that the final computer-based examination for all successful Superintendent Cadre applicants will hold on Tuesday, 14 October, across the six geopolitical zones of the country.
According to a statement posted on the NCS recruitment update portal, the examination will be conducted simultaneously in designated states and centres based on candidates’ states of origin.
The service advised shortlisted applicants to log in with their National Identification Number (NIN) at https://updates.customs.gov.ng](https://updates.customs.gov.ng) to access their examination details, including assigned centres. Candidates are required to print their coloured examination slips for presentation at the venue.
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The designated centres for the examination include Lagos and Osun (South West), Enugu and Abia (South East), Rivers and Edo (South South), Abuja and Kwara (North Central), Bauchi and Adamawa (North East), and Kaduna and Sokoto (North West).
NCS warned that failure to report at assigned centres could result in disqualification. Further details and specific instructions will be communicated through the recruitment update portal.
The agency stressed that the stage is strictly for successful applicants under the Superintendent Cadre category.
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