Oil and Gas
Senate To Commence Public Hearing As Nation Loses $9 billion yearly On Mineral Resources
The Senate Committee’s would commence a 3-day public hearing Monday 13th September, 2021 on mineral resources owing to smuggling and illegal mining in the country.
The motion that is sponsored by the former governor of Abia State and Senator representing Abia North Senatorial District, Orji Uzor Kalu would focus on smuggling and illegal mining across the mineral resources endowed States
The cost of smuggling and illegal mining of gold was put at about $9 billion yearly in Nigeria which the Nigerian Senate expressed concern through a motion.
Relevant government and regulatory agencies in the sector would be grilled in a public hearing that will be chaired by the Chairman, Senate Committee on Solid Minerals, Mines, Steel Development and Metallurgy, Tanko Al-Makura.
According to a notice signed by Al-Makura, the Committee extended invitations to state governors; Central Bank of Nigeria; ministers of Mines and Steel Development; Finance and Budget; DGs/CEOs of parastatals and agencies under the Ministry of Mines and Steel Development; Executive Secretary of NEITI; Nigeria Labour Congress, Nigeria Immigration, among others.
Senator Kalu who is also the Chief Whip of the Senate had disclosed in the motion that mineral deposits were capable of sustaining Nigeria’s gross earnings, if smuggling and illegal activities were contained in the sector noting that Nigeria loses an estimated $54 billion from 2012 to 2018.
The lawmaker lamented the activities of unlicensed miners and incessant smuggling of the solid minerals out of the country by middlemen given the huge revenue losses, adding that over 250,000 jobs could be generated with over $500 million royalties and taxes paid to the Federal Government.
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Oil and Gas
KOSOPADEC Pledges Purposeful Governance For Development Needs Of Host Communities
From Joseph Amedu, Lokoja
The Kogi State Oil Producing Area Development Commission (Kosopadec) has assured of running a purposeful governance that will prioritize the welfare and developmental needs of the host communities and the state.
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This was disclosed by the commission on a 4 day peer review tour of Imo State Oil Producing Area Development Commission (Isopadec) in Owerre, Imo state capital.
The Chairman of the Commission , Comrade Suleiman Ndalayi Abdullahi noted that the visit was to compare notes , cooperate and work in synergy for the benefits of Kogi and Imo states.
He said as a young commission,to understudy the older ones has become imperative to tap into their opportunities and filter their challenges.
The Chairman added that the tour has given him the needed guides that will be judiciously applied in the running of the commission, which he said, will fast track development to the people
He assured the people of kogi state that the Commission has a mutual relationship between the Management and the Board and promised to work as a team to deliver visions and missions set by Governor Usman Ahmed Ododo to deliver development for the interest of the communities and the state
He added that the interest of the communities is uppermost for the Commission.and as such the knowledge gathered from the interaction has equipped them with the ingredients to make a difference and have resolved to ward- off rumours with tendencies to impinge on the smooth running of the commission.
He commended Governor Ododo for given the commission the needed apparatus to take off on sound footing and thanked Governor of Imo State, Hope Uzodinma for graciously approving the visit.
Meanwhile, the Managing Director of Kosopadec, James Omonu Jackson noted that the strategic position of Isopadec and the mutual relationship between kogi and Imo state governments were the reason for the choice of Imo state as first state to be visited
He explained that the Management and Board members have to undertake the study tour of Isopadec because of its wealth of experience and long standing development which it has been offering the people, which is worths emulating for the success of the commission
He said “the experience that the Isopadec had gathered since it’s inauguration had made it a force for a newer commission like Kosopadec to understudy for the benefits of tightening potential loose ends to fast tract development by the commission.
” Out of the commissions earmarked for visit , Isopadec was chosen to be the first to be visited This is as a result of a long standing relationship between the two states. Our coming here today, whatever experience we gather will be replicated in our state. We have seen the advancement so far made and we are prepared to bring the idea back home” He emphasized.
The MD assured the state that the commission is well prepared to upscale the activities of the commission to meet the yearnings and aspirations of the people.
Meanwhile, the host Chairman, HRH Amuzienwa Dele Odigbo, and ex. Sole Administration Joakis Uzoka together with some of his officials in an interactive sessions, emphasized the need to establish functional departments such as Administration, Finance and Accounts, Works, Education, planning, Monitoring and Evaluation, legal and Agriculture Departments to assist in the translation of the programmes and projects into reality.
He advised for cooperation on the issues of procurement and process of tendering to avoid friction stressing that if not handled properly could undermine all the successes so far recorded.
While advising for adherence to the extant Act, said, no two laws are the same, as they are promulgated for the specific needs of the commissions, he,however said , there is room for amendment.
According to him, The Chairman of the Board as a matter of necessity should work harmoniously with the MD, who is the Chief Executive Officer and saddled with the day to day running of the commission.
The two must follow due process in all they do . Any attempt to subjugate each others functions may spell doom and will do no one good.
Therefore every one , from the Commissioners and in the case of Kogi , Executive Directors, Secretary and the civil servants must observe highest level of professionalism.
While speaking on the importance of Youth, women and traditional institution in the oil producing communities, noted that their interest must be factored into the plans and program of the commission for seamless peace and tranquility.
He warned that any attempt to undermine them could lead to unmitigated restiveness that could retard the growth and development of the commission.
He called for frequent exchanges and nurturing of relevant ideas that will galvanize the commissions for utmost performances.
In the same token, APC woman leader, Princes Chinwe Njoku stated that as an interventionist Agency , all hands must be on deck in prioritizing the welfare of the Youths, women and traditional rulers to stem the tide of crisis that may arise from lack of effective communication.
She suggested that Liaison offices should be created both at the Local Government Council and the state to feed the Commission with the special needs of the communities.
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News
Former EFCC Chairman Abdulrasheed Bawa Justifies PMS Subsidy Removal in a New Book
By AbdulRahman Obaje
The Former chairman of Economic and Financial Crimes Commission (EFCC) Abdulrasheed Bawa has justifies the removal of Petroleum Motor Spirit (PMS) by the current administration of President Bola Ahmed Tinubu in his new explosive book on Nigeria’s fuel subsidy fraud.
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Bawa, in his groundbreaking new book titled ‘The Shadow of Loot & Losses: Uncovering Nigeria’s Petroleum Subsidy Fraud’., give a powerful exposé providing the most authoritative account yet of Nigeria’s multi-trillion-naira fuel subsidy scandal, exposing the inner workings of one of the country’s most pervasive financial crimes.
In the book published by CableBooks, an imprint of Cable Media & Publishing Ltd, Bawa Drawing from his firsthand experience as a key investigator on the EFCC’s special team that probed the 2012 subsidy fraud, reveals the staggering scale, complexity, and audacity of the schemes used to siphon public funds under the guise of fuel subsidy payments. His insider narrative chronicles how billions of naira were recovered and several culprits brought to justice, while also shedding light on how entrenched corruption allowed the fraud to flourish for years.
He details multiple fraudulent strategies as ghost importing and over-invoicing whereby Companies submitted claims for fuel that was never imported or inflated shipment volumes to receive excessive subsidy payouts.
Manipulation of bills of lading which is By altering shipping documents, fraudsters exploited international price fluctuations to claim higher subsidies.
Round-tripping and double claims whereby Single shipments were often used to obtain multiple subsidy payments.
He further revealed that there was also the problem of diversion and smuggling whereby subsidised fuel was frequently diverted to black markets or smuggled out of Nigeria for profit.
In a statement, Bawa said, “The Shadow of Loot & Losses is not just a chronicle of fraud, it is a call to action — a demand for transparency, accountability, and reform in Nigeria’s public finance management, especially in the oil sector.”
These practices, Bawa explains, were enabled by forged documents, weak regulatory oversight, and systemic collusion between corrupt government officials and private sector actors.
Having served as EFCC chairman from 2021 to 2023, Bawa brings rare credibility and insight into the institutional challenges and political dynamics that have shaped the anti-corruption fight in Nigeria. His book is both a revelation and a reckoning — offering evidence-based analysis and personal reflections on one of the most controversial chapters in Nigeria’s recent history.
President Bola Ahmed Tinubu had announced removal of fuel subsidy during his inauguration speech citing that the economy can no longer sustain it.
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Oil and Gas
Nigeria’s Oil Production Reaches 1.53m bpd in January, Meets OPEC Quota
By AbdulRahman Obaje
For the first time since it was set for the 2024 period, Nigeria has met the Organisation of Petroleum Exporting Countries (OPEC) production quota of 1.5 million bpd.
According to OPEC’s monthly oil market report, Nigeria’s crude oil production reached an average of 1.
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The report explained that the country’s production increased by 3.6% from December’s output of 1.48 million bpd. This development solidifies Nigeria’s position as Africa’s largest oil producer, surpassing Algeria, which produced 907,000 bpd in January.
Vangaurd reports that the quota, initially set in November 2023, was extended to 2026 due to Nigeria’s struggles to meet the target in 2024. However, the recent increase in production indicates a positive turnaround.
OPEC gathers oil production data from two sources: direct communication with Nigerian officials and secondary sources such as energy intelligence platforms. While direct figures confirm that Nigeria met its quota, secondary sources report a slight decline of 2% in January to 1.49 million bpd from 1.52 million bpd in December.
The report also highlights that Nigeria’s oil production is expected to rise further as the Dangote Refinery nears full capacity. Once fully operational, the refinery will process 650,000 barrels of crude daily, potentially stabilising petroleum supply and lowering fuel prices.
“…the oil sector remains central to the economy, and the Dangote Refinery reaching full production capacity should help stabilize the petroleum product supply and possibly lower petrol prices,” OPEC said.
On February 10, Edwin Devakumar, Vice-President of Dangote Industries Limited, stated that the refinery is expected to reach full operations within 30 days. Meanwhile, Minister of State for Petroleum Resources (Oil).
Heineken Lokpobiri reaffirmed the federal government’s plan to increase crude oil production to three million barrels per day by 2025.
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