FEATURES
The retired Catholic Archbishop of Abuja and former President of the Christian Association of Nigeria (CAN), Cardinal John Onaiyekan, has said lots of Nigerians need psychological attention because of the problems facing the country.
According to Onaiyekan, Nigerians are battling socio-economic crises and depression as never before and require the Church to step in to avoid a total breakdown of the fabric of the nation.
Onaiyekan made the remarks in Abuja during the foundation laying ceremony of the Building and Remodeling of the Dominic Cardinal Ignatius Ekandem Villa which houses the Gaudium et Spe Institute, Asokoro Abuja.
The Abuja Catholic Arch. Bishop, Kaigama Ignatius performed the foundation laying ceremony of the building which would cost the Catholic Community about N1.6 billion.
Speaking with newsmen, Onaiyekan said Nigerians are going through lots of challenges and difficulties beyond spiritual, health, educational, and physical problems which had over time engaged the attention of the Church.
According to him:” People are facing difficulties, and there are many problems in our country now, so beyond spiritual support, we need to provide psychological support for the people.
“The church has always impacted the lives of the people in many ways, we build schools to educate children and adults, health facilities to give physical treatment in hospitals, even the major job we do as religious leaders, we deal with the spiritual problem of the people.
“This particular project is beyond, health, education, spiritual and physical because it is also for psycho-spiritual work to help people who do not have only spiritual problems but have psycho problems.”
Onaiyekan explained the project when completed would take care of people with various social challenges as the Catholic Community and Church had trained lots of people to attend to such needs.
Kaigama commended the project Committee headed by Senator Ndoma Egba for their commitment so far, saying the building was in honour of the late Dominic Cardinal Ekandem who devoted his life to the services of the people.
“We are hoping by the grace of God and generosity of good-spirited people to erect this building in honour of his eminence, the Late Dominic Cardinal Ekandem.
“This was where he was to live before he died. This place is being transformed into a spiritual home., where people can come and get help, do retreat and prayers, and engage in psychotherapy, counseling, amongst others,” Kaigama said.
[ThisDay]
It was a windy Wednesday morning in Kyiv a fortnight ago and 14 journalists from Africa were visiting the National Museum of the Holodomor Genocide.
While learning about the genocide and how the ongoing war in Ukraine reminds Ukrainians of the Holodomor, an air raid alert went off and the tour guide started to look frantic.
Our tour ended immediately with the guide informing us that the museum had no shelter and we had to leave for the shelter in the metro station close by. Already, Ukrainians whose lives may have changed forever were trooping out of the museum.
This reporter and 13 other journalists from Africa made their way to the shelter in the metro station. On getting there, a lot of Ukrainians were already seated, some standing and waiting for the alert to go off.
While in the shelter, there was Nataliya Chernenko, a 56-year-old retired music teacher who had also come to the shelter in the metro as a result of the air raid alert. But this was not her first time; in fact, she spent three hours in the same spot the day before.
Mrs Chernenko told PREMIUM TIMES and other journalists present that she wanted Ukraine’s President Volodymyr Zelenskyy to make peace with Russia’s Vladimir Putin and end the war even if Ukraine did not get back its occupied territories.
“We have lost more people than territories, so I would rather we make peace than lose more people,” she said.
Mrs Chernenko is depressed by the war. Yet, she has to be strong for her ailing mother and husband whom she believes became sick as a result of the war.
“They were fine before the war started and now they have cancer and I have to take them to the hospital every other day.”
She has completely lost hope; in the first days of the war, many Ukrainians including Mrs Chernenko felt it would end quickly but the feeling has changed as the war continues.
Stuck in the metro station while trying to take her ailing mother to the hospital, Mrs Chernenko soon broke down in tears while talking to journalists.
She said she believed the war in her country was a hybrid warfare.
“It feels like someone is engineering this, someone who makes more drones and missiles; compared to what I heard about the Second World War, it is the other form of the war,” Mrs Chernenko said.
Having lived 33 days in occupation, she fears very little these days. When asked if she wanted her name mentioned in the journalists’ article, she retorted “I am in my country.”
She narrated how her family had fled Kyiv, Ukraine’s capital, on 24 February 2022 when the first missiles came down destroying parts of the city.
“We thought Kyiv would be subdued and so we ran to Brkyiv, a suburb 70 kilometres from Kyiv. On 26 February 2022, the Russians came in and occupied the town for 33 days,” Mrs Chernenko narrated.
According to her, there were two types of Russians during the occupation: the ones who just occupied and did nothing and the others who killed people just because they could.
While Mrs Chernenko wants the war to end, there is 50-year-old ‘Spanish’, as he is fondly called, who does not want his country to concede. The only option he sees is to get more weapons and air defence systems to win the war.
Spanish used to be an engineer before the war broke out. For love of country, he became a volunteer soldier defending his country at the frontline in the Donetsk region.
On joining the military, he and other volunteers received five weeks of simulation training in the UK before they were deployed to the war front. He is now injured and has returned to Kyiv to be treated.
Talking about his experience at the frontline, Spanish said he felt inadequate defending his country with just a gun compared to the artillery wielded by Russia.
Despite this challenge, he refused to leave the fighting but for the injury that forced him to return home.
When asked why he did not quit fighting, he asked “How can I do that?”
Spanish insists that Russia is not a country you negotiate with and so Ukraine must continue to fight with more air defence systems.
The ongoing war in Ukraine has lasted for 21 months with no end in sight as several propositions for peace have failed.
The war has oftentimes been referred to as a frozen conflict including recently by Slovakia’s new prime minister, Robert Fico.
Similarly, Ukraine’s military commander-in-chief General Valerii Zaluzhnyi in October told The Economist that the war has reached a stalemate.
Ukraine’s President Volodymyr Zelenskyy rejected Mr Zaluzhnyi’s position saying that a stalemate is unacceptable.
[Premium Times]
The Nigerian entertainment industry is projected to experience a revenue growth from $4 billion in 2013 to an estimated $14.82 billion in 2025. This is, according to the recently released NECLive report.
The report provides an in-depth analysis of the financial performance across various industry sectors over the past decade, spanning from the music industry to film, fashion, and comedy.
A statement by NECLive Report said, the industry boasts an impressive track record of milestones, projecting its superstars, projects, and creative works onto the global stage. Recent findings from the PWC report (Africa Entertainment and Media Outlook 2023 – 2027) underscore the remarkable growth of the Nigerian entertainment and media market compared to key competing countries like South Africa and Kenya.
Projections indicate an impressive 16.5 per cent Compound Annual Growth Rate (CAGR) in revenue over the next five years. This growth is attributed to various factors, including the rising internet accessibility among mobile users, with an expected increase from 54 million to 78 million subscribers within this timeframe. Additionally, the surge in streaming platforms and the integration of innovative technology like Generative AI are poised to drive a double-digit revenue growth.
The industry has undergone a remarkable shift from struggling to sell music tapes and gain airplay on radio stations to a phase where artists, managers, producers, directors, and labels are thriving on established structures, leading to increased international recognition and acceptance. This paradigm shift highlights that music isn’t merely an art form but a substantial source of revenue.
The film and comedy sectors have become intricately linked, transitioning to online platforms to adapt to modern technologies, fostering sectoral growth.
The film sector’s evolution from producing and distributing 1,800 films worth $5.1 billion in 2013 to 2,500 films valued at $6.4 billion currently has positioned Nigeria as the world’s second-largest film producer.
The Nigerian entertainment industry has undergone significant expansion and exponential growth in recent years.
The era of cassette tapes and DVDs has given way to a thriving scene marked by sold-out global concerts and tours, international and local awards such as the Grammys, Billboard, BET, MTV Europe Music Awards, and AMVCA, exclusive movie premieres and cinema viewings, topping charts and grossing billions through extensive streaming on digital platforms like IrokoTV, ShowMax, Netflix, and Amazon Prime Video.
The sector has moved from the production and distribution of 1,800 films worth $5.1 billion in 2013 to 2,500 films worth $6.4 billion and counting. This makes Nigeria the 2nd largest film producer in the world.
Amidst progress, there are challenges that once plagued the entertainment industry, such as high cases of piracy which crippled profitability, and limited funding that hampered creativity as well as lack of international exposure.
However, today’s landscape, shaped by the internet, streaming platforms like IrokoTV, Billboard, Netflix, and social media giants like Instagram, Twitter, TikTok, Youtube, Facebook, and Snapchat, along with forums like the Nigerian Entertainment Conference (NECLive), which has for the past decade served as gathering for the industry giants, facilitated dialogues, provided solutions, and steered transformative changes within the industry.
Ayeni Adekunle Samuel, the founder of NECLive, recalls, “In 2012, the industry encountered formidable challenges, causing frustration and disillusionment. However, that very frustration became the catalyst for a transformative spark, giving birth to the visionary concept of NECLive. This audacious initiative aimed to unite the nation’s finest creative and industry minds, facilitating dynamic brainstorming sessions, fostering invaluable networking opportunities, and showcasing exceptional talent. In 2013, the realisation of this dream became a remarkable reality.”
[Leadership]
Davido’s logistics manager, Israel DMW has revealed how his boss rescued him from falling deep into depression.
Recall that Israel and his wife, Sheila have gone their separate ways, a year after organising an elaborate wedding in October 2022.
Israel on Saturday detailed the crisis that ended his marriage with Sheila, while the estranged wife reacted by explaining her side of the story, accusing her husband of beating her mother.
Making clarifications on his marital trouble, the 002-performing artist in a post on his Instagram story, revealed he fell into depression but was saved by his boss, Davido.
He said: “I immediately fell into serious depression. Thanks for Oga, who would always call to check up on me and make me laugh.”
[Newsguru]
The Socio-Economic Rights and Accountability Project (SERAP) has urged the World Bank President, Mr Ajay Banga, to promptly, transparently and effectively conduct investigation into spending of loans and other facilities by the country’s 36 state governors and to suspend any loans and funding “if there is relevant admissible evidence of mismanagement or diversion of public funds by any of the states.”
In the letter dated 25 November 2023 and signed by SERAP deputy director Kolawole Oluwadare, the group also urged the Bank to suspend further applications for loans and any other funding to the 36 states until these states are able to satisfactorily explain details of spending of loans and other facilities obtained from the Bank and its partners.
Many of the country’s 36 states are allegedly mismanaging public funds which may include loans obtained from the Bank and its partners, and allocations from the Federal Government, which may also include loans obtained from the Bank.
SERAP said the World Bank and its partners cannot continue to give loans and other funding to these states where there are credible allegations of mismanagement or diversion of public funds.
According to the group, they are concerned that there is a significant risk of mismanagement or diversion of funds linked to the Bank’s investments in many of the country’s 36 states.
SERAP stated that it is neither appropriate nor responsible lending to give loans to these states only for the loans to be misspent.
The letter, read in part: “The World Bank’s lending, and support for these states may create the impression of complicity in the allegations of mismanagement or diversion of public funds by the states which may include loans from the Bank and its partners, and federal allocations.
“We would consider the option of pursuing legal action should the World Bank fail or fail to implement the recommendations contained in this letter, and we may join the country’s 36 states in any such suit.
“According to Nigeria’s Debt Management Office, total public debt portfolio for the country’s 36 states and the Federal Capital Territory is N9.17 trillion. The Federal Government’s total public debt portfolio is N78.2 trillion.
“SERAP also urges you to demand expressed commitment from Nigeria’s 36 governors to address credible allegations of mismanagement or diversion of public funds in their states and provide guarantees that loans and funding from the Bank and its partners would not be used to fund the luxurious lifestyles of politicians.
“SERAP urges the Bank to send independent monitors to the 36 states to monitor the spending of the loans and other funding obtained from the Bank and its partners to remove the risks of mismanagement or diversion of public funds by these states.
“The World Bank currently has a portfolio of about $8.5 billion spread across the country. The Bank has also approved several loans and other funding facilities to the country’s 36 states including the recent $750 million credit line meant to the states carry out reforms to attract investment and create jobs.
“The accounts of Nigeria’s 36 states are generally not open to public scrutiny as many of them continue to refuse freedom of information requests seeking transparency and accountability in the spending of public funds.
“The World Bank and its partners need to make clear to Nigeria’s state governors that it would not tolerate any mismanagement or diversion of public funds by immediately suspending any pending loans and other funding to them until the allegations of mismanagement or diversion of public funds are investigated.
“The Bank has a legal responsibility to ensure that suspected perpetrators are brought to justice, and that any mismanaged or diverted public funds are returned to the treasuries of the states.
“The World Bank has the legal obligations to observe and promote compliance with the Nigerian Constitution 1999 [as amended] and domestic laws including the Fiscal Responsibility Act of 2007.
“Nigeria’s total public debt stock, including external and domestic debts, increased to N46.25 trillion or $103.11 billion in the fourth quarter of 2022.
“Many states reportedly owe civil servants’ salaries and pensions. Several states are borrowing to pay salaries. Millions of Nigerians resident in these states continue to be denied access to basic public goods and services such as quality education and healthcare.
“Several state governors are also reportedly spending public funds which may include funding obtained from the Bank and its partners and allocations from the Federal Government to fund unnecessary travels, buy exotic and bulletproof cars and generally fund the lavish lifestyles of politicians.
“The country’s 36 states have reportedly spent N1.71tn on recurrent expenditures, including allowances, foreign trips, office stationery, and aircraft maintenance in the first nine months of 2023.
“In Abia State, the government reportedly spent N397,520,734.84 on ‘feeding and welfare’ and N223,389,889.84 on ‘refreshments and meals.’
“The Akwa Ibom State government has reportedly spent N92.54bn on allowances and social contributions, social benefits, travel and transport, utilities such as electricity chargers, Internet access charges, and on materials and supplies such as office stationery, drugs, laboratory and medical supplies, maintenance, training in the first two quarters alone.
“The government has also reportedly spent N10m on hosting/mobilisation of political associations and interest groups, and N841.83m on entertainment at meetings.
“The Adamawa State government has reportedly spent N40.90bn on non-salary expenditure as of the end of quarter three, 2023 including on furniture allowance, travel and training, domestic and foreign, office stationery and consumables, and refreshments and meals.
“The Anambra State government also reportedly spent N15.17bn frivolous items, as of the end of quarter two, 2023. While Bauchi State government reportedly spent N70.25bn on frivolous items, Bayelsa State government spent N58.26 on travel, welfare packages, burial logistics, meeting expenses, ‘praise night/thanksgiving expenses’, and ‘marriage ceremony support’.
“In Lagos State, N440,750,000 was reportedly awarded to the Office of the Chief of Staff for the “procurement of a brand new bullet-proof Lexus LX 600 for use in the pool of the Office of Chief of Staff.” Some N2bn was also reportedly budgeted to buy rechargeable fans, rechargeable lights and fridge in the Office of the Deputy Governor.
“The Benue State government reportedly spent N34.44bn on ‘special day celebrations’ ‘welfare packages’, ‘security votes’, and materials and supplies such as office stationery, and books.
“According to reports, Borno, Cross Rivers, Delta, Ebonyi states also respectively spent N32.63bn, N43.71bn, N152.15bn, N30.91bn, and N41.11bn on frivolous items and the public funds may have been mismanaged or diverted.
“Ekiti State reportedly spent N31.33bn on local and international travel and transport, miscellaneous such welfare packages, refreshments, honorarium and sitting allowances. According to reports, both Enugu and Gombe states respectively spent N33.36bn and N24.73bn on frivolous items and the public funds may have been mismanaged or diverted.
“Imo State government reportedly spent N58.21bn on refreshments and meals, welfare packages, and other allowances. Jigawa State reportedly spent N49.64bn on transport and travelling, materials and supplies including drugs, vaccines, medical supplies, and stationeries.
“According to reports, Kaduna, Kano, Katsina, Kebbi, Kwara and Kogi states also respectively spent N27.87bn, N17.79bn, N40.49bn, N24.51bn, N41.19bn, and N58.02bn on frivolous items and the public funds may have been mismanaged or diverted.
“Section 41 of the Fiscal Responsibility Act provides: ‘Government at all tiers shall only borrow for capital expenditure and human development.’
“Section 44 of the Fiscal Responsibility Act provides: ‘Any Government in the Federation or its agencies and corporations desirous of borrowing shall, specify the purpose for which the borrowing is intended and present a cost-benefit analysis, detailing the economic and social benefits of the purpose to which the intended borrowing is to be applied.’
“Under Section 45, ‘All banks and financial institutions shall request and obtain proof of compliance with the provisions of this Part before lending to any Government in the Federation. 2) Lending by banks and financial institutions in contravention of this Part shall be unlawful.’
“The World Bank and its partners have obligations under international anticorruption and human rights law, including a responsibility to promote transparency and accountability in the management of public funds, prevent mismanagement or diversion of public funds, and redress any abuse of public trust that they may have contributed to.
“As a UN specialized agency, the World Bank also has an obligation to promote transparency and accountability in the management of public resources and effective implementation of the UN Convention against Corruption to which Nigeria is a state party.
“The World Bank’s board of executive directors also has an obligation to ensure that the policies and decisions of the Bank are consistent with their own statutes and governments’ transparency and accountability obligations.”
[NaijaNews]
Rite Foods Ltd, a Nigerian consumer-packaged goods company, committed to delighting its consumers with innovative beverages in the non-alcoholic segment and sausage rolls has announced the appointment of new members to the Board of the Company to propel growth.
The new Board members include Mr. Kunle Elebute and Isa Mohammed Inuwa as Independent Non-Executive Directors; Raheem Owodeyi as Non-Executive Director and Dr Kehinde Onijingin as Executive Director.
This strategic move is aimed at positioning the business for accelerated growth and enhanced market presence as the Company takes giant strides into the next phase of its growth strategy.
Chairman of Rite Foods Ltd, Dr Sulaiman Adebola Adegunwa, OFR says the Board is “delighted to welcome a distinguished and experienced group of individuals to the Board of Directors. The collective intelligence, expertise and experience of the new Board members, working with the old members of the Board will be instrumental to guiding Rite Foods to new heights of success.
Dr. Sulaiman Adebola Adegunwa
The Board members are professionals with varied experience from both the private and public sectors in Nigeria and beyond. They include:
The Chairman of the Board, Dr. Adegunwa, OFR is an accomplished industrialist of 60 years’ experience with diversified interests in Photography, Food and Beverage, Insurance, Agriculture and printing. He has served on several Boards and was the Chairman of Sterling Bank Limited from 2007 to 2014.
Mr. Seleem Adegunwa, is the Managing Director/Chief Executive Officer of Rite Foods. The pioneer Managing Director of Rite Foods, with 27 years’ experience in leadership and business, has a first degree in Mechanical Engineering and an MBA degree in International Business from Birmingham City University and the University of Bristol, respectively. His leadership and business acumen have positioned Rite Foods Ltd as a household name in the Food and Beverage sector in a very short time
Mr. Elebute is a chartered accountant with over 40 years’ experience in Consulting. He was Senior Partner/CEO of KPMG Nigeria and Chairman of KPMG West Africa. He has served on the Board of several not-for-profit organisations.
Mr. Inuwa is a former Deputy Managing Director of Nigeria Liquified Natural Gas Limited and former Chief Operating Officer/Executive Director, Support Services at the Nigerian National Petroleum Corporation (NNPC) where he retired. Inuwa, with experience spanning over 35 years, has a degree in Accounting and Masters in Accounting and Finance. He has served on the Boards of many organisations in the Education, Banking, Food & Beverage, and Oil & Gas industries.
Mr. Owodeyi, an Economist, is currently an Executive Director/Chief Operating Officer of Sterling Bank Ltd and comes with over 32 years’ experience in the Financial Services Industry.
Mrs Kudirat Balogun, an accountant with over 25 years’ experience, is the Chief Financial Officer of Rite Foods. She has a first degree from the University of Lagos in Computer Science and trained as an accountant in the UK. She is a Fellow of the Association of Chartered Certified Accountants, UK as well as a Fellow of the Institute of Chartered Accountants of Nigeria. She also holds an MBA from Cass Business School, UK.
Dr. Onijingin is currently the Chief Operating Officer at Rite Foods. He has two doctorate degrees in Human Resource Management and Strategic Management and comes with over 21 years’ experience in manufacturing and financial services.
The Chairman is confident that Rite Foods will capitalize on the collective expertise and industry insights of the new directors to achieve great milestones.
[Nairametrics]
Popular comedian, Bright Okpocha, aka Basketmouth says he has sent an invitation to his former rival and colleague, AY Makun to attend his concert in Lagos this Sunday.
He made the gesture weeks after publicly apologising to AY and squashing their 17-year-old rift.
He, however, said AY won’t be performing or making a cameo on stage at the event holding at the Eko Hotel & Suites tonight because it is scripted.
Speaking in a recent interview with Arise TV, Basketmouth said, “AY is not on the bill to perform but he has got a ticket. He’s attending. I sent him his ticket a few days ago.
“I knew a lot of people have been asking, ‘Is he [AY] gonna perform?’ He’s not on the bill.
“In actual fact, I don’t have that many comedians on the bill. I know Bovi is introducing me. Senator, Dan The Humorous and Aproko from Abuja are performing. I got a few people from Ghana as well.
“AY can’t even make a cameo because my show is already designed. We are recording for TV so it’s a three-hour set. As we speak the guys directing and producing they just came into the country about a few days ago.
“And before they even landed, we had already sealed the whole flow of the show. It’s not the kind of show where anybody would just get on stage. It’s not that kind of show. Everything is timed. Precision to perfection.” (Sic)
[DailyPost]
A media personality, Yeni and first child of Afrobeat pioneer, Fela Kuti has recalled how being the daughter of the controversial musician once cost her relationship and that of her brother.
According to a recent interview with Yeni, she said being Fela’s child wasn’t easy for her.
The well-known singer and dancer also shared how a lady once broke up with her younger brother, Femi, after finding out he is Fela’s child.
She said, “Femi had a girlfriend and immediately they knew he was Fela’s son, they broke up the relationship. A girl warned my cousin never to introduce her to such a type of person [Fela’s family].
“People did not want to know us because at the time Fela was in and out of jail.
However, I can say that being Fela’s child then and now are two totally different things. Then it was not really a good thing to be Fela’s child which I did not care about but now it is a good thing. We have been through a phase.”
Yeni also added: “I remember one guy that I really liked. I mean, I really liked him but his mother walked me out of their house. The woman was yelling, ‘Don’t come near my son again. You want to destroy my son’s life.’ it was really not cool those times.”
[NaijaTimes]
- Benedict Peters
Benedict Peters is an African billionaire businessman with extensive assets in the oil and gas and mining industries. He is the founder and CEO of Aiteo Group, Nigeria’s largest indigenous oil producer, and Bravura Holdings, a vertically integrated mining company developing platinum, lithium, steel, copper, and gold assets in countries throughout Africa, including Ghana, Democratic Republic of Congo, Zambia, Nigeria, Zimbabwe, Namibia, Mozambique, Côte d’Ivoire, Sierra Leone, Guinea Bissau, and South Africa. His estimated net worth as of November 2014 was $2.7 billion. Ventures Africa ranked Peters as the 17th richest person in Africa and the seventh richest in Nigeria. He is a born-again Christian and a prominent financier of the gospel of Jesus Christ.
Aiteo Group is an integrated, global-focused Nigerian energy company founded in February 2008. It is the successor entity to Sigmund Communnecci Limited. The company focuses on oil and gas exploration and production; bulk petroleum storage; refining of petroleum products; trading, marketing, and supply as well as power generation and distribution
- Mike Adenuga
Mike Adenuga is a Nigerian billionaire businessman and the third richest person in Africa. He built his fortune through Telecom and oil production. In 1990, he received a drilling license and in 1991, his Consolidated Oil struck oil in the shallow waters of Southwestern Ondo State, making him the first indigenous oil company to do so in commercial quantity. His oil exploration firm, Conoil Production, operates 6 oil blocks in the Niger Delta. His current net worth is $3.2 billion.
Today, his oil and gas company is known for extracting, producing, and selling crude oil, as well as a range of lubricants, greases, and bitumen. It also supplies petrol, aviation turbine kerosene, dual-purpose kerosene, low-pour fuel oil, and automotive gasoline/grease oil. In 2016, the revenue of the company was 85 billion naira.
- Tein Jack-Rich
Jack-Rich was born on the 28th day of January 1975, to a humble family of Elder and Mrs. Teinbo Saturday Seliyefubara Jack-Rich, in Rivers State, Nigeria. At the age of just ten, the responsibility to become a man was naturally bestowed on young Jack-Rich who at the time had lost both parents and without any guardian except God Almighty to chart his path. After twelve years of hard work, Jack-Rich founded J+G Global Gas & Oilfield Limited in 1998 and other subsidiaries to provide oil and gas-related services. Today he is the President/Founder of Belemaoil Producing Limited, the first indigenous oil Exploration and Production Company in Nigeria to emerge from an oil Producing Community in the heart of the Niger Delta. Belemaoil Producing Limited (BPL) acquired the entire 40% participating interest in OML-55 from Chevron Nigeria Limited in a competitive bidding process in 2013 and consequently became the operator of the OML-55 Asset in the Joint Venture between Belemaoil Producing Limited and Nigerian National Petroleum Corporation (NNPC). As of 2023, his network is $1.5 billion.
- Theophilus Danjuma
Theophilus Danjuma is a former Nigerian defense minister and the founder of the oil exploration company South Atlantic Petroleum, which owns upstream assets in Nigeria, the Republic of Benin, the Central African Republic, and Madagascar. In 1998, Gen Theophilus Yakubu Danjuma was awarded an oil block by then military dictator, Gen Sani Abacha. The deal would go on to make Danjuma “one of a handful of Nigerians made extraordinarily wealthy from the country’s energy reserves”, Bloomberg writes. To acquire the block at the time, Dajuma paid $ 25 million for an oil field exploration license. In the years that followed, Danjuma gradually made the shift from deep-water oil fields to other spheres where he amassed more power and fortune. In 2006, Danjuma’s South Atlantic Petroleum Ltd. sold almost half its contractor rights for a section of Nigeria’s coast to a state-backed Chinese firm for $1.8 billion. From 1998 to the present day, Danjuma has become a billionaire who owns hotels and real estate in Nigeria and across the world. 80-year-old Danjuma is now worth $1.2 billion, according to the Bloomberg Billionaires Index.
- Mohammed Indimi
Mohammed Indimi is the chairman and leading shareholder of Oriental Energy Resources, a privately held Nigerian oil exploration and production company he founded in 1990. Oriental currently has three projects offshore of Nigeria’s Niger Delta region. Six of his children serve on the company’s board. His net worth dropped from an estimated $670 million a year ago due to ongoing low oil prices. He got an oil prospecting license in 1990 to acquire a minimum of up to 1000 km of seismic data and to drill at least three exploratory wells.
Oriental Energy has also developed an offshore production hub centered on the established Ebok Terminal which is used for the storage and offloading of crude oil. His net worth is currently $500 million
- Wale Tinubu
Jubril Adewale “Wale” Tinubu CON (born 26 June 1967) is a Nigerian business executive and lawyer, who is the group chief executive of Oando PLC.
Wale Tinubu has a proven track record in building successful businesses across the energy value chain. In 1993, he co-founded Ocean and Oil Group, one of the first indigenous trading companies with extensive operations exporting Nigerian petroleum products. In 2000, during the Nigerian Government’s privatization exercise, Wale Tinubu led Ocean and Oil’s successful bid for a stake in Unipetrol. Two years later, he led the largest-ever acquisition of a quoted Nigerian company, with Unipetrol PLC’s purchase of Agip Nigeria PLC. The group was rebranded to Oando PLC in 2003. Wale Tinubu is globally recognized for his successful transformation of Oando from a petroleum marketing company to an integrated energy group, including in the downstream – OVH Energy (formerly Oando Marketing) and Oando Trading; midstream – Axxela Limited (formerly Oando Gas and Power) and upstream – Oando Energy Services and Oando Energy Resources. Under his leadership, the strength of the Oando brand name and her subsidiaries was brought to the fore when in 2016 unhindered by a repressed economy, strategic partnerships in Oando PLC’s downstream and midstream businesses (OVH Energy and Axxela) pulled in $300 million in capital investment into Nigeria’s economy.
His business acumen led to the pioneering development of the first privately owned mid-stream jetty in West Africa which sits within OVH Energy’s business portfolio. The $150 million investment was designed to eliminate the operational constraints and inefficiencies in petroleum product importation into Nigeria. In the same year, Oando concluded its phased divestment from Axxela to a vehicle owned by Helios Investment Partners LLP (“Helios”), a premier Africa-focused private investment firm, for a total of ~ $160 million. Axxela is the developer of Nigeria’s foremost natural gas distribution network and captive power solutions. The company pioneered the private sector piping and distribution of natural gas to industrial and commercial consumers, successfully reviving private sector participation in Nigeria’s gas distribution business. Today, Oando PLC is made up of Oando Energy Resources (OER) its upstream subsidiary.
- Folorunsho Alakija
Folorunsho Alakija is vice chair of Famfa Oil, a Nigerian oil exploration company with a stake in Agbami Oilfield, a prolific offshore asset. Famfa Oil’s partners include Chevron and Petrobras. The Nigerian government awarded Alakija’s company an oil prospecting license in 1993, which was later converted to an oil mining lease. Her current net worth is $1B. Famfa Oil Limited is one of the largest indigenous exporters of Crude Oil in Nigeria. Famfa Oil is committed to developing one of the deepest and largest offshore discoveries in the Gulf. The Agbami field contains 1 bbl of recoverable reserves and has been in production with Famfa Oil’s partners since 2008. At its peak production, the Agbami field yields up to 250,000.00 barrels of oil per day, which has accounted for over 10% of Nigeria’s total daily production capacity. This has been possible through the Agbami FPSO, (Floating Production Storage and Offloading) vessel, which is located 75 miles off the coast of Nigeria at a depth of 4,800 ft. To date, Agbami is one of the largest and deepest offshore reservoirs in West Africa. Famfa Oil is committed to investing in the pan-African space of the oil industry either through an investment of other similar assets or the development of its core capabilities and skills that are required to be a world-class company.
- Tunde Afolabi
Chief Tunde J. Afolabi is the Chairman/CEO of Amni International Petroleum Development Company Ltd1. He received his BA in Geology in 1973 from Franklin & Marshall College, Lancaster Pennsylvania US, and an MSc in Geology in 1975 from Tulane University, New Orleans, Louisiana, US1. He started his career with Texaco Inc. in New Orleans, Louisiana in 1974 and continued with Mobil Inc. in Dallas, Texas in 19791. He is a professional Geologist with over 40 years of oil and gas exploration and production experience from international and independent oil and gas companies.
He was conferred with a Doctor of Technology (Honoris Causa) by Ladoke Akintola University, Ogbomosho, Osun State, Nigeria in 2009, and a Doctor of Geology (Honoris Causa) at Ajayi Crowther University, Oyo, Nigeria, in 20171. He is a member of several professional bodies and an active supporter of non-partisan socio-political engagements across Africa. Amni International Petroleum Development Company Limited (Amni) is an Independent Oil and gas Exploration and production (E&P) company with its head office in Lagos, Nigeria. Amni pioneered the participation of independent companies in offshore oil and gas fields in West Africa.
The company has entered a growth phase, as it actively seeks out new assets, expanding into Ghana and other parts of Africa as the first part of this phase. With its 3.5 trillion cubic feet (tcf) of gas reserves, Amni is positioned to be a player in this rapidly expanding market.
- Seinye O.B. Lulu-Briggs
Dr. Seinye O.B. Lulu-Briggs is a notable figure in the Nigerian oil industry. She is the Chairman and Chief Executive Officer of Moni Pulo Limited, a top indigenous player in the upstream sector of Nigeria’s oil and gas industry. Moni Pulo Limited is a Nigerian independent and wholly indigenous exploration and production company, founded in 1992 by her late husband, High Chief Olu Benson Lulu-Briggs.
Before joining the oil industry, Dr. Seinye Lulu-Briggs started her career in 1981 as a pioneer staff of the Computer Services Department of the Central Bank of Nigeria2. She later joined the private sector where her business acumen and strength to navigate the murky waters of high finance and business became sharpened.
Through her stakeholding and diversified investments in critical sectors of the Nigerian economy, ranging from the upstream sector of the oil and gas industry to the beverage, hospitality, and agricultural sectors, Mrs. Lulu-Briggs has continued to make far-reaching positive impacts in both the lives of the people of the Niger Delta region and the Nigerian economy.
She is also the MD and CEO of La Sien Bottling Company, a foods and beverages firm producing premium and refreshing beverage products for consumers across Nigeria. As MD and CEO, Dr. Mrs Seinye O. B. Lulu-Briggs presides over the affairs of Soliyama Limited, a multifunctional haulage, asset-leasing and manpower management company that simplifies and streamlines resource management for clients in Nigeria’s oil and gas sector.
Although her net worth is not publicly disclosed, her late husband, High Chief Olu Benson Lulu-Briggs, was ranked among the Forbes list of the first 40 richest Africans. As for the performance and valuation of Moni Pulo Limited, specific financial details are not publicly available. However, the company has been successful in securing significant upstream positions in frontier plays in Nigeria.
- Tope Shonubi
Tope Shonubi is a co-founder and Executive Director of Sahara Group1. He co-founded Sahara Energy Resource Ltd, an oil and gas company, with Tonye Cole and Ade Odunsi in 19961. He is known for his clinical business vision and unfussy moral rigor. He was introduced to the oil business and started selling to several companies, including Wale Tinubu’s OANDO.
Before his success in the oil industry, Shonubi was a Special Assistant to Olusegun Obasanjo, the former President of the Federal Republic of Nigeria on International Affairs. He attended Kings College in Lagos State, the University of Lagos, and Middlesex University in the UK. He was recognized as a Young Global Champion at the 16th Annual Thisday Awards in 20111.
Asharami Energy is an Exploration and Production company with a strategy to deliver sustainable growth through the acquisition and development of viable assets across Sub-Saharan Africa. The company has assets at various stages ranging from exploratory fields to mature producing fields with a capacity to produce at least 15,000 BOPD and plans to boost production to at least 100,000 BOPD over the next five years.
Asharami Energy has been awarded an “A” rating by the Energy Regulation Board of Zambia in recognition of its exceptional performance and quality service to customers in the region. While Shonubi’s exact net worth is not publicly disclosed, he is recognized as a successful entrepreneur in Nigeria’s oil industry.
[billionaires.africa]
The Kogi governorship election petition tribunal has ordered the Independent National Electoral Commission (INEC) to provide certified copies of materials used in the conduct of the November 11 off-cycle election in the state.
The tribunal asked the electoral umpire to provide the materials to the Social Democratic Party (SDP) within 48 hours.
The materials include Bimodal Voter Accreditation System (BVAS) and result sheets for Adavi, Okene, Okehi, Ogori-Magongo, Ajaokuta, Lokoja, Kogi and Bassa LGAs of the state.
Ado Birnin-Kudu, chairman of the tribunal, gave the order on Saturday following two ex-parte motions filed on November 19 by the SDP and Murtala Yakubu-Ajaka, its governorship candidate.
John Adele, lead counsel to SDP and Ajaka, told the court that efforts made to obtain certified copies of materials used in six LGAs of the state from INEC was futile.
“Time is of essence in this matter, and that was why we filed the motions to your lordship to help to salvage the situation,” Adele said.
“Each time we approached INEC since November 13, its officials failed to avail us with even one of the electoral materials for which we requested.
“We believe that if your lordship grants our application, INEC will do the needful to enable us to prosecute this case within the time limit.”
The tribunal also ordered INEC to allow SDP’s forensic experts to examine some electoral materials.
“The order is in compliance with Nigeria’s 1999 Constitution (as amended) and with the Electoral Act (2022),” NAN quoted Birnin-Kudu as saying.
“INEC is hereby ordered to produce all the documents being sought by the plaintiffs within 48 hours to enable proceedings to go smoothly and without hitches.”
The tribunal adjourned the case to November 29 for submission of report of compliance by INEC and continuation of the hearing.
The SDP and Ajaka are challenging the victory of Usman Ododo, candidate of the All Progressives Congress (APC).
INEC declared Ododo as winner of the November 11 election with 446,237 votes, while Yakubu-Ajaka came second with 259,052 votes.
More...
‘Ondo Deputy Governor Signs Undertaking As Tinubu Blocks Moves To Remove Akeredolu As Governor’
AdminPresident Bola Tinubu has stepped in to settle the prolonged political dispute in Ondo State.
During a weekend meeting, he instructed that the existing leadership structure should remain unchanged.
Following President Tinubu’s decision, Governor Rotimi Akeredolu will continue in his role, and Deputy Governor Lucky Aiyedatiwa will also retain his office, despite previous opposition from Akeredolu’s supporters.
The directive states that Deputy Governor Aiyedatiwa’s retention is conditional upon his commitment to maintaining peace in the state.
He is expected to sign a pledge of good behaviour, and the President has reportedly appointed three individuals to oversee his actions and report back.
The resolution followed a lengthy, private meeting held by President Tinubu with the involved parties at Aso Rock Villa, lasting over six hours.
Sources who spoke with Vanguard revealed that the President’s directive was to keep the current state of affairs as it is.
One of the sources said, “The President frowned at the move to declare Aiyedatiwa as acting governor and warned that such must never happen in the state.
“President Tinubu directed that the deputy governor should go and resume work as deputy governor and not as acting governor.
“He also directed that the State Executive Council should remain intact; ditto for the party exco, contrary to threats.
“The President went further to ask Aiyedatiwa to do a letter of undertaking and maintain peace in the state.
“Mr. President also appointed the SSG, Princess Oladunni, Party Chairman, Adetimehin and the Speaker of the House, Oladiji to monitor and report the deputy governor if he deviated from the resolution reached at the meeting.”
[NaijaNews]
Chairman of Dangote Group, Aliko Dangote confirmed his refinery startup in December 2023, saying that 350,000 barrels per day is the first target of the refinery.
He said this to the Financial Times (FT) in a November 25 interview.
According to Dangote, the long-awaited refinery is starting with 350,000 barrels a day, He also confirmed that a deal had already been clinched for the first cargo of about 6 million barrels of crude for delivery in December 2023.
He said:
- “We are starting with 350,000 barrels a day. The challenges that we faced, I don’t know whether other people can face these challenges and even survive. It is either we sink, or we sail through. And we thank Almighty that at least we have arrived at the destination.”
Recall that Nairametrics reported on November 2, that the Nigerian National Petroleum Company Limited will supply 6 million barrels of crude oil totalling 200,000 barrels of oil per day to the Dangote refinery next month as part of a one-year supply agreement.
In his interview with the Financial Times, Dangote shared that he held a strong belief in the refinery’s capability to achieve its maximum output of 650,000 barrels per day by the end of 2024.
Emphasizing that the company had successfully resolved all challenges related to crude oil supply, he disclosed plans for the Dangote refinery to eventually become an independent entity listed on the Lagos Stock Exchange.
Expanding on the refinery project, Dangote expressed that this kind of project won’t emerge in Nigeria within the next twenty years.
He also said the company did not cut corners or seek applause, but the project was done for the sake of posterity.
During the FT interview, Dangote dismissed the idea that the Nigerian National Petroleum Corporation (NNPC) was pushing for a larger stake in the refinery project. He mentioned that once fully operational, the refinery is estimated to generate a substantial annual revenue of $25 billion. Dangote expressed confidence that NNPC is content with the shares already allocated to them in the project.
What you should know
In its World Energy Outlook for October 2023, the International Energy Agency (IEA) highlighted the significant impact expected from the Dangote refinery, which boasts a substantial capacity of 650,000 barrels per day.
This refinery is anticipated to play a crucial role in driving oil demand growth, particularly for African countries that rely heavily on imported refined energy products.
The report underlined the prevailing situation in African nations, which heavily depend on imports for refined energy products.
However, with the establishment of the Dangote refinery, there’s potential for a transformation in this landscape.
The IEA emphasized that Africa presently produces around 7 million barrels of oil each day, a significant portion of which—approximately 40%—is exported.
[Nairametrics]
• Stakeholders urge FG to tackle challenges against investment
• Demand details of pact on overhauling refineries
• What Nigeria stands to gain from the deal, by Fawibe
Some stakeholders have expressed cautious optimism about the reported plans by Saudi Arabia to invest in Nigeria’s oil and gas industry, especially in overhauling the refineries, and are calling on the Federal Government to make public details of the agreements between the two countries on the deal.
They said the plan might not materialise except the Nigeria government urgently take steps to tackle some challenges in the local oil and gas sector that scare investors.
In a move that could see the oil-reach Arab country expanding its presence in Africa, Saudi Arabia is reportedly planning to spend about $25 billion in Nigeria and other African countries in the next seven years. It was learnt that about $10 billion has been voted to finance and insure Saudi exports through 2030, and an additional $5 billion has been set aside for development financing.
The stakeholders in Nigeria expect the olive branch from Saudi Arabia to force the President Bola Ahmed Tinubu administration to address the lingering challenges in the oil and gas industry in Nigeria. They lamented that while the country is looking for fund across the world, the companies operating locally are exiting the country due to security challenges, unfriendly foreign exchange management, corruption, poor regulatory environment, fiscal policies, multiple taxes, subsidy payment on petrol, among others.
The stakeholders urge the Federal Government to reveal the details of the deals with Saudi Arabia, saying the plan must be transparent and properly communicated to Nigerians to guide their expectations.
Last week, Nigeria and Saudi Arabia agreed to a number of investment and cooperation deals. One of the agreements is for Saudi government to provide finance for overhauling the refineries, a project that is estimated to cost $2.2 billion. The agreements were reached during a meeting between President Tinubu and Saudi Crown Prince, Mohammed bin Salman, while the Saudi-Africa summit was holding in Riyadh.
Amidst Nigeria’s total debt profile of over N87 trillion, low crude oil production while the bulk of the revenue is going into debt servicing, the nation’s economy has been in the doldrums, with both federal and state governments falling into bankruptcy.
Port Harcourt Refinery
After years of running at a loss, Nigeria’s refineries in Warri, Port Harcourt and Kaduna were shut down about three years ago. The government later awarded the contract for the rehabilitation of the facilities for about $2.2 billion. Raising fund for the Nigerian National Petroleum Company Limited (NNPC), which recently borrowed $3 billion to tackle the free fall of the naira, has been a challenge as the country is facing investment apathy due to legacy issues that are now forcing oil companies to divest.
This is not the first time Nigeria is turning to Saudi Arabia. The immediate past President Muhammadu Buhari, in 2019, had directed the then Minister of State for Petroleum Resources, Dr. Emmanuel Ibe Kachikwu to attract investments from Saudi Arabia to Nigeria, leveraging the visit of a Minister of Energy Industry and Mineral Resources of the Kingdom of Saudi Arabia, Khalid Al Falih to Abuja in 2018, and discussions with the King of Saudi Arabia, Salman bin Abdulaziz Al Saud, and the Crown Prince, Mohammed bin Salman bin Abdulaziz Al Saud earlier in 2015.
Then, top executives from key parastatals in the Ministry of Petroleum Resources, numbering about 30, were in Saudi Arabia to explore areas of cooperation and collaboration in the oil and gas industry between both countries. Their discussions were mainly on the downstream sector, refineries and petrochemicals, gas and mid-stream infrastructure, knowledge sharing, command and control as well as stabilisation of the global oil market. But there was nothing significant gained from the visit. Earlier this year, the total volume of trade between Nigeria and Saudi Arabia was a dismal $600 million.
Former President of the Chartered Institute of Bankers of Nigeria (CIBN) and professor of Economics at Babcock University, Segun Ajibola, said the government needed to follow through with investment.
“There is a need to also urgently address the few industry and environmental challenges to improve the ease of doing business rating. Security concerns, militancy, infrastructural deficits scare away investors in the oil and gas sector,” Ajibola said.
To him, there is also the need for faithful implementation of the provisions of the Petroleum Industry Act (PIA) in all ramifications. He noted that other things affecting foreign capital importation and foreign exchange remittances are already being addressed.
Ajibola explained that the essence of the Petroleum Industry Act is to attract new investors into the industry by removing the known bottlenecks. According to him, Nigeria remains a beautiful bride to investors across the globe, not only in the oil and gas sector but also in the agriculture, manufacturing, hospitality, tourism, education and health sectors.
“The Saudi investors led by Aramco, no doubt, see prospects in the oil and gas industry as governed by the provisions of the new PIA. Inflow of foreign direct investment is surely a good omen for Nigeria, especially into a critical sector as oil and gas,” he said.
The professor believes that the experience and expertise of the Saudi investors in oil and gas sector, especially in the management of refineries, would bring value additions to Nigeria.
He lamented the impact of importation of refined products on the nation’s fragile foreign exchange market, predicting that if the Saudi investors join hands with the Nigeria government to bring the currently moribund refineries back to life, combined with the efforts of the private refineries, Nigeria’s economy would become healthier.
“It is also hoped that the foray of the Saudi investors into Nigeria’s oil and gas business will help develop local capacity in terms of technology and human resources for the industry,” Ajibade said.
President of the Nigerian Economic Society (NES) and an energy Economist at the University of Ibadan, Prof. Adeola Adenikinju described the current move as encouraging, noting that Nigeria needs “all the help at getting the domestic refineries back to work.”
According to him, the development would save Nigeria from the huge foreign exchange being expended on importation of products and also boost government revenue.
“I also think if the Saudis were to invest in Nigeria’s petroleum sector, it would provide a huge boost to the sector and the economy, as well as increase foreign direct investment in the downstream sector, especially the refineries. This will eliminate our import dependence, provide opportunity for us to serve as a hub for refined products export, and generate employment and revenues for the economy.
“However, since there is no free lunch anywhere, we need to know the conditions attached to the support. Are we handling the refineries to them for management after the completion of the ongoing repairs? Is this a loan that has to be paid back at some time in the near future? What would be the implications of the support on subsidy policy, and so on? Hence, it will be nice to know the terms of the agreement,” Adenikinju said.
A policy analyst and immediate past Chairman, Society of Petroleum Engineers (SPE), Nigeria Council, Joe Nwakwue also stated that the details of the plans are critical, otherwise the move remains only on paper.
“The thing about these promises is that they remain promises, nice sweet words from a gracious host to a guest who needs help. Until concrete steps beyond diplomatese are taken to mature them to desired outcomes, the devil they say, are in the details,” he said.
Composite image of President Bola Tinubu (left) and NNPC head Mele Kyari.
The development, which is coming at a time Nigerian National Petroleum Company Limited (NNPCL) is reportedly planning to import 110, 000 barrels of crude oil per day from Venezuela or Saudi Arabia to operate the Kaduna Refinery due to come on stream next year, elicts lamentations over years of wastage of oil wealth in Nigeria.
The Chairman/CEO of International Energy Services (IES) Ltd, Dr. Diran Fawibe, said: “There is a fundamental basis and platform for strategic cooperation between the two countries having a close and robust relationship as fellow members of the Organisation of Petroleum Exporting Countries (OPEC).
“Apart from securing funds to expand our non-performing refineries and to establish petrochemical plants, Nigeria stands to learn a lot from Saudi Arabia in the deployment of technology to monitor our upstream assets with a view to eliminating current malpractices in the oil fields and to maximise efficiency in oil and gas production,” Fawibe noted.
[Guardian]
Troops of the Nigerian military attached to the air component of the Operation Hadin Kai, Nigerian Air Force, have neutralised scores of terrorists hibernating on the popular Mandara Mountain, Daily Trust on Sunday reports.
The terrorists, according to the Nigerian Air Force, were killed at the isolated location consisting of 3 zinced structures amid several trees where they were holding a meeting in preparation to carry major attack on innocent citizens.
NAF spokesman, Edward Gabkwet, explained that over 100 heavily armed terrorists were observed throwing banters and moving randomly around the structures, which also had 4 troop carriers.
Air Commodore Gabkwet told newsmen that the aftermath of the airstrikes revealed that 2 out of the 3 structures, as well as the entire troop carriers were destroyed in operation.
He listed Abu Asad, a key figure killed in the Ali Ngulde group under Boko Haram, adding that other terrorists like Ibrahim Nakeeb, Mujaheed Dimtu, Mustafa Munzir and several fighters were among the scores of terrorists eliminated.
Commenting on the operation, the Chief of Air Staff, Air Marshal Hassan Abubakar, charged his air troops to ensure that there is a continuation of synergy with the land components.
Abubakar also urged the component and his men to maintain the momentum in keeping the terrorists on their toes.
[DailyTrust]