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Why IOCs Are Divesting From Nigeria — Tony Elumelu

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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.

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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.

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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.

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“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.

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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.

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“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.

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“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.

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Edo Deputy Governor, Others, bags Africa Peace Icon Award In Rwanda

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Edo State Deputy Governor, Hon. Dennis Idahosa (Right) receiving the award.

The deputy governor of Edo state, Hon. Dennis Idahosa, has been recognised as one of the 100 most notable peace icons in Africa.

Idahosa was honored alongside other prominent Nigerians and Africans at the recently concluded 100 most notable Africans leadership and business summit held in Kigali, Rwanda.

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The event celebrated individuals recognised as the “100 most notable peace icons in Africa” for their impactful contributions to nation-building and peace promotion across the continent.

Other notable awardees included Umar Namadi, the governor of Jigawa state, Imane Kendili, the chief executive officer (CEO) of African Global Health in Morocco; Nicaise Ndembi, regional director at the Institute of Human Virology, University of Maryland School of Medicine; and Ibrahim Zanna.

READ ALSO: Edo Deputy Governor, Idahosa Preaches Unity As Honour For Martyrs Of June 12

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The list of honourees also featured personalities such as Mthuli Ncube, Pedzai Scott Pakupwanya, Torhile A. Uchi, and Angel Nationota, among others.

Kingsley Amafibe, project director for Africa for the awards, said the recognition was to encourage recipients to continue leveraging their platforms to foster peace and development in Africa.

Amafibe said the continent’s progress depends heavily on peace and stability, urging collective efforts to strengthen unity and brotherhood.

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The awards attracted a diverse group of leaders from various sectors, including politics, academia, health, and business.

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Mohbad: Coroner Recommends Prosecution Of Nurse For Medical Negligence

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The Coroner’s Inquest established by the Lagos State Government to investigate the circumstances surrounding the death of Afrobeats star Ilerioluwa Aloba, popularly known as Mohbad, has concluded that his demise was caused by medical negligence and has recommended the prosecution of the auxiliary nurse who treated him.

Delivering the ruling on Friday at the Magistrates’ Court in Ikorodu, the Coroner, Magistrate Adedayo Shotobi, stated that although the exact cause of death could not be medically certified due to the state of the body, available evidence points to severe reactions following an injection administered by auxiliary nurse, Feyisayo Ogedengbe.

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I cannot certify a true cause of death, but I draw a link from the sudden reaction of the deceased after being injected by the nurse. The death is not linked to any evidence of foul play, but medical negligence, ” Magistrate Shotobi declared.

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According to the findings, Mohbad, 26, died on September 12, 2023, two days after sustaining an injury to his right arm.

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He reportedly suffered convulsions shortly after being injected at his Lekki residence.

The inquest, which relied on the testimony of 19 witnesses, including two pathologists, noted that although decomposition affected conclusive autopsy results, expert evidence suggested that complications from the injection could have led to the singer’s sudden death.

Addressing public speculation, the Coroner said there was no direct link between Mohbad’s death and his former promoter, Azeez Fashola (aka Naira Marley), or associate, Sam Larry, despite allegations of harassment.

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The Coroner criticised the singer’s father, Joseph Aloba, for a hasty burial without following medical or legal protocols, despite financial support from singer Davido.

She also faulted Mohbad’s wife for failing to seek proper medical intervention or report the father’s actions.

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The late singer was failed by many institutions, including his family and the music industry,” Shotobi said.

She further called for a dignified reburial, stricter regulation of injection administration, anti-bullying policies in the entertainment sector, better emergency healthcare, and mandatory investigations into the sudden deaths of young people.

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What May Change As Lagos Tenancy Bill Passes Second Reading

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The Lagos State Tenancy Bill passed its second reading during plenary this week, marking a significant step forward in the Lagos State House of Assembly’s efforts to overhaul rental housing laws.

In addition to streamlining rental agreements and dispute resolution procedures, the Lagos tenancy bill seeks to reinterpret the legal relationship between landlords, tenants, and agents.

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Titled ‘A Bill for a Law to Regulate the Relationship between Landlords and Tenants in Lagos State, Including the Procedure for the Recovery of Premises and for Connected Purposes’, the proposed legislation is expected to overhaul the legal framework governing tenancy in Lagos, one of Africa’s most densely populated cities.

If passed, the Lagos tenancy bill could bring significant changes to the rental landscape, offering tenants greater clarity on their rights and protections, while also outlining responsibilities for landlords and agents in clearer terms.

One of the most notable changes proposed is the formal structuring of rent payment options, allowing tenants to choose between monthly and yearly payment plans.

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During plenary, Hon Sa’ad Olumoh, one of the lawmakers championing the bill, stressed that the bill seeks to bring sanity and structure to the often tense landlord-tenant relationship.

READ ALSO: Lagos Police Deploys 30,000 Officers For LG Polls

According to him, a key goal of the bill is to eliminate ambiguity in tenancy agreements, especially in areas relating to eviction notices, rent increment timelines, and agent responsibilities.

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The Lagos tenancy bill also introduces guidelines to prevent arbitrary eviction, providing clearer legal steps that landlords must take before recovering premises. Lawmakers believe this will protect tenants from sudden displacement and abusive practices that are currently common in the informal rental market.

Hon Aro Moshood praised the bill as timely and people-centred. He advocated for an enforcement mechanism that would discipline landlords who impose exploitative rent demands or who fail to comply with legally prescribed procedures. He argued that such measures would restore fairness and balance to the housing sector.

On his part, Hon Stephen Ogundipe echoed this sentiment, describing the bill as inclusive and comprehensive.

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He highlighted that it addresses all major aspects of tenancy—from agent engagement and rent terms to resolution of disputes—while maintaining legal fairness for all parties involved.

Hon Femi Saheed pointed out that the proposed legislation also protects landlords’ interests. He noted that it outlines landlord rights concerning tenement rates, land use charges, and other levies. More importantly, it defines the limits of tenant obligations, reducing the potential for conflict or exploitation on both sides.

READ ALSO: Lagos LG Poll: Police Re-adjust Movement Restriction

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Another key provision in the Lagos tenancy bill is the formal regulation of estate agents. Lawmakers argued that agents have often operated in a loosely regulated space, sometimes causing friction or financial loss for tenants and landlords alike. The bill aims to standardise their conduct and hold them accountable for their roles in tenancy contracts.

Hon Ajayi Oladele emphasised the bill’s role in addressing long-standing disputes often caused by estate agents.

“For the first time, all stakeholders will have a clear understanding of their legal positions,” he stated, adding that the legislation would reduce grey areas that cause frequent conflicts.

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Commending the bill’s emphasis on fairness, Hon Omolara Olumegbon pointed out that it also takes into account tenants’ financial planning needs. By offering flexibility in rent timelines—monthly or yearly—the bill ensures that tenants can choose what works best for them without fear of exploitation or sudden eviction.

The Speaker of the House, Rt. Hon. Mudashiru Obasa remarked on the significance of crafting a bill that recognises the economic realities of both tenants and landlords.

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He urged his colleagues to consider tenants who often rely on year-end bonuses or leave allowances to meet rent obligations.

Obasa also touched on the challenges faced by landlords, especially in the face of rising costs of building materials. He stressed the importance of rental income for many Lagosians, particularly retirees who depend on property as their primary source of livelihood.

In addition to protecting both parties, Obasa called on the government to review its housing delivery promises. He noted that an improved supply of affordable housing would ultimately ease pressure on the rental market and reduce disputes over high rent costs.

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Following a thorough discussion, the House sent the bill to the Housing Committee for additional legislative action. The committee has three weeks to evaluate the bill and report back to the House for additional consideration.

Given Lagos’s ongoing growth and population, policymakers believe that this measure might signal a shift in the state’s rental housing policies and usher in a new era of justice, transparency, and legal protection for all parties engaged in the housing system.
(TRIBUNE)

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