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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.
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Barca’s Gavi To Miss Up To Five Months After Knee Surgery
Barcelona midfielder Gavi is set to miss up to five months after undergoing surgery on a knee injury, the club said Tuesday.
“Gavi has had an arthroscopy to resolve a medial meniscus injury, which was sutured to preserve the meniscus. Recovery time is estimated at around 4-5 months,” Barcelona said in a statement.
The 21-year-old Spain international suffered a torn cruciate ligament in 2023 in the same knee.
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Gavi has not played since August, with Barcelona initially hoping conservative treatment would resolve the problem, without needing to resort to surgery.
Barca travel to face Real Oviedo on Thursday in La Liga before welcoming Real Sociedad on Sunday, and then hosting Paris Saint-Germain next week in the Champions League.
Gavi is not set to return until early 2026, a year in which Spain are likely to be among the favourites to win the World Cup in the United States, Mexico and Canada.
AFP
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DSS Grills Malami Over Attack On His Convoy In Kebbi
The Department of State Services, DSS, has invited and interrogated former Attorney-General of the Federation and Minister of Justice, Abubakar Malami, in connection with the attack on his convoy in Kebbi State.
Recall that Malami’s convoy was attacked by suspected political thugs in Birnin Kebbi on September 1, 2025, shortly after he returned from a condolence visit to the family of the late Chief Imam of Dr Bello Haliru Jumu’ah Mosque.
In a post on his Facebook page on Monday, Malami confirmed that he had honoured the invitation to support the DSS investigation.
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“I can confirm that I have been invited by the Department of State Services, DSS, to support investigation over the attack on my person and convoy in Kebbi State on the 1st of September, 2025,” he wrote.
Malami alleged that the petition which prompted the DSS invitation was instigated by opposition political figures in the state.
However, he commended the DSS for the professional and transparent manner in which the inquiry was conducted. “I was treated with dignity and respect, and I remain committed to cooperating fully with the Department to ensure that their investigation is concluded successfully,” he added.
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Uncontrolled High Blood Pressure Kills 10 Million Annually, WHO Warns
The World Health Organisation has warned that uncontrolled high blood pressure could put over 1.4 billion people at risk of premature death.
WHO, in its second Global Hypertension Report, released on Tuesday, showed that 1.4 billion people lived with hypertension in 2024, yet just over one in five have it under control either through medication or addressing modifiable health risks.
The new report was released at an event co-hosted by WHO, Bloomberg Philanthropies, and Resolve to Save Lives during the 80th United Nations General Assembly in New York.
It also reveals that only 28 per cent of low-income countries report that all WHO-recommended hypertension medicines are generally available in pharmacies or primary care facilities.
Hypertension is a leading cause of heart attack, stroke, chronic kidney disease, and dementia.
It is both preventable and treatable – but without urgent action, millions of people will continue to die prematurely, and countries will face mounting economic losses.
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From 2011 to 2025, cardiovascular diseases—including hypertension—are projected to cost low- and middle-income countries approximately US$3.7 trillion, equivalent to around 2 per cent of their combined GDP.
“Every hour, more than 1000 lives are lost to strokes and heart attacks from high blood pressure, and most of these deaths are preventable,” Dr Tedros Ghebreyesus, WHO Director-General, said.
“Countries have the tools to change this narrative. With political will, ongoing investment, and reforms to embed hypertension control in health services, we can save millions and ensure universal health coverage for all.”
“Uncontrolled high blood pressure claims more than 10 million lives every year, despite being both preventable and treatable.
“Countries that integrate hypertension care into universal health coverage and primary care are making real progress, but too many low- and middle-income countries are still left behind,” Dr Kelly Henning, who leads the Bloomberg Philanthropies Public Health Program.
“Strong policies that raise awareness and expand access to treatment are critical to reducing cardiovascular disease and preventable deaths.”
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Analysis of data from 195 countries and territories shows that 99 of them have national hypertension control rates below 20 per cent. The majority of the affected people live in low- and middle-income countries, where health systems face resource constraints.
The report highlights major gaps in hypertension prevention, diagnosis, treatment, and long-term care.
Key barriers include weak health promotion policies (on risk factors such as alcohol, tobacco use, physical inactivity, salt, and trans fats), limited access to validated blood pressure devices, lack of standardised treatment protocols and trained primary care teams.
Other barriers are unreliable supply chains and costly medicines, inadequate financial protection for patients, and insufficient information systems to monitor trends.
Blood pressure medication is one of the most cost-effective public health tools. Yet only seven out of 25 (28 per cent) of low-income countries report general availability of all WHO-recommended medicines, compared to 93 per cent of high-income countries.
The report explores the barriers and strategies for improving access to hypertension medication through better regulatory systems, pricing and reimbursement, procurement and supply chain management, and improved prescribing and dispensing of these medicines.
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“Safe, effective, low-cost medicines to control blood pressure exist, but far too many people can’t get them,” said Dr Tom Frieden, President & CEO of Resolve to Save Lives.
“Closing that gap will save lives and save billions of dollars every year.”
In spite of barriers, progress is possible. Bangladesh, the Philippines, and South Korea have made significant progress by integrating hypertension care into universal health coverage, investing in primary care, and engaging communities:
Bangladesh increased hypertension control from 15 per cent to 56 per cent in some regions between 2019 and 2025 through embedding hypertension treatment services in its essential health service package and strengthening screening and follow-up care.
The Philippines has effectively incorporated the WHO’s HEARTS technical package into community-level services nationwide.
South Korea has integrated health reforms, including low costs for antihypertensive medications and limiting patient fees, which have resulted in a high rate of blood pressure control nationally: 59 per cent in 2022.
WHO, however, called on all countries to embed hypertension control in UHC reforms.
Implementing the measures recommended in the report could prevent millions of premature deaths and ease the massive social and economic toll of uncontrolled high blood pressure.
(NAN)
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