News

Why IOCs Are Divesting From Nigeria — Tony Elumelu

Published

10 months ago

August 11, 2024

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.

“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.

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

Idahosa Hosts NBA, Assures Of Government’s Collaboration

Published

6 hours ago

June 17, 2025

Editor

Edo State deputy governor, Hon. Dennis Idahosa, has assured of the Governor Monday Okpebholo-led administration’s desire to reduce crime and criminality in the state while also upholding the rule of law.

According to a press statement by Friday Aghedo, the Chief Press Secretary to the deputy governor, Idahosa gave the assurance when he played host to members of the Benin branch of the Nigerian Bar Association (NBA) in Benin on Tuesday.

During the interface with the body of lawyers, also referred to as “Lion Bar,” the deputy governor solicited their collaboration to help rid the state of violent crimes.

“Indeed, the state we met was plagued with security challenges such as kidnapping, cultism and its related issues, and other vices for which the governor needed to take decisive action to address these menaces which plagued society.

“To the glory of God and with your support, we have done reasonably well at reducing crime in Edo State,” he stated.

He informed the lawyers that their collaboration with the administration would assist at stamping out crimes and criminality and boost investors confidence in the state.

Idahosa also promised the government support to the lawyers in whatever capacity to assist in carrying out their functions efficiently.

Speaking earlier, the Benin NBA branch, Idemudia Osifo, congratulated and commended Governor Okpebholo, his deputy, Dennis Idahosa, on their inauguration and efforts at eradicating security challenges in the state.

He said the NBA maintained cordiality with the seat of power in order to form a solid partnership geared towards the delivery of dividends of democracy to the people of the state.

He further commended the Okpebholo-led administration for appointing members of the Bar to key positions of his government.

Speaking on the rule of law, Osifo said that the Bar believed that the administration would deliver, especially against the background of swearing in the three judges denied the same action by the immediate past administration

“That singular action showed the willingness of this administration to reposition Edo State in terms of Justice delivery and the rule of law,” he stated.

He expressed the willingness of the Benin Branch of the NBA to support the government to fight crime and criminality

News

Police Quiz Pastor Paul Adefarasin Over ‘Gun-like Object’ Video

Published

7 hours ago

June 17, 2025

Editor

The Lagos State Police Command has confirmed that Pastor Paul Adefarasin, founder of the House on the Rock Church, has turned himself in for questioning over a viral video that appeared to show him holding a gun-like object during a roadside encounter.

The Command, in a post shared via its official X (formerly Twitter) account on Tuesday, stated, “No one is above the law!

“Pastor Paul Adefarasin has turned himself in at the Lagos State Police Command Headquarters, Ikeja and is currently being interrogated by detectives who have commenced investigation on the case since a video surfaced online showing the pastor holding a gun-like object against another road user, while driving in an unregistered vehicle.

“The outcome of the investigation will be made public.”

The video, which surfaced earlier, shows Adefarasin holding a metallic object while speaking to a passerby who appeared to be recording him.

The clip has since gone viral, with several social media users alleging that the object was a firearm.

Responding to the allegations, Adefarasin in a message to his congregation posted on his verified social media pages, he denied brandishing a weapon.

He described the incident as a misunderstanding.

According to the cleric, the object in question was not a firearm, and at no point was it pointed at anyone.

News

How Trailer Sent To Kill Me Fell Flat, Dented — Iwo Monarch

Published

10 hours ago

June 17, 2025

Editor

The Oluwo of Iwo, Oba AbdulRasheed Akanbi, said the trailer that was sent to kill him upon hitting him fell flat and got extremely dented.

The Osun monarch made the revelation while testifying to the power of God in a now-trending video on Tuesday.

While Oba Akanbi didn’t give details or the location of the incident, he noted that after the trailer hit him, he saw some angels of God dragging it.

“A trailer that was sent to kill us, hit us and fell flat and extremely dented. It was dragged away by angels of God. Except you do not choose God. Don’t have doubts while trusting God.”