Nigerians have been doing well in all sporting activities in recent times, including boxing, with Anthony Joshua emerging as one of the richest boxers in the world according to their net worth.
In January 2022, we saw a record-breaking purse bid of £31 million from Frank Warren’s Queensbury Promotions to stage Tyson Fury vs Dillian Whyte.
In boxing, the roar of the crowds and the knockout punches often translate into multi-million dollar paychecks, propelling fighters into the upper echelons of wealth.
A report done by PUNCH Sports Extra shows Joshua and others as the top ten richest boxers in the world and here is the full list:
1. Canelo Alvarez
Mexico’s Canelo Alvarez, the wealthiest active boxer worldwide, boasts an astronomical net worth of $180m.
Alvarez, 33 years old, has won multiple world championships in four weight classes from light middleweight to light heavyweight, including unified titles in three of those weight classes and lineal titles in two.
2. Anthony Joshua
34 years old Joshua’s meteoric ascent to the upper echelons of financial prowess parallels his ferocity within the squared circle. Renowned for his explosive punches and an impressive record of 26 victories in 29 bouts, with a staggering 23 of those triumphs ending by knockout, the Watford-born pugilist has showcased his dominance against renowned adversaries like Wladimir Klitschko, Dillian White and Charles Martin.
3. Tyson Fury
The British heavyweight maestro, Tyson Fury, 35, stands tall in third place with a net worth of $65m. With 33 victories in 34 bouts, including 24 knockouts, Fury’s showdowns against Wilder and Derek Chisora have added luster to his illustrious career.
4. Oleksandr Usyk
Ukrainian sensation, Oleksandr Usyk, 36, has accumulated a net worth of $50m and is fourth in the list. Renowned for his speed and ring craft, Usyk has held multiple world championships in two weight classes, including the unified heavyweight titles in 2021, and the Ring magazine title since 2022.
5. Deontay Wilder
Coming up in fifth place on the list is Alabama-born Deontay Wilder, 36, commanding a net worth of $30m. Wilder has fought against some of the biggest names in boxing, including Tyson Fury and Luis Ortiz. He has won 42 of his 45 fights, with 41 of those wins coming by knockout.
Wilder is known for his powerful right hand which has earned the former WBC heavyweight champion a reputation as a knockout specialist.
6. Gennady Golovkin
Golovkin from Kazakhstan in sixth place with a net worth of $30m, Sonny Bill Williams in seventh with a net worth of $25m, and former world champion Andy Ruiz Jr. in 8th place worth $10m.
7. Sonny Williams
Williams is in seventh with a net worth of $25m.
8. Andy Ruiz Jr.
Former world champion Ruiz is in 8th place and is worth $10m. Ruiz famously shocked Joshua in 2019 by stripping him of the world titles with a technical knockout at the Madison Square Garden.
9. Sergio Martinez
Argentine pugilist Martinez, aged 48 and the oldest on the list, holds a net worth of $10m in joint eighth position with Ruiz. Martinez has held multiple world championships in two weight classes, including the unified middleweight titles from 2010 to 2014.
10. Ryan Garcia
25-year-old Garcia is the youngest boxer on this list and worth $10m. Garcia has fought against some of the biggest names in boxing, including Luke Campbell and Francisco Fonseca. He has won 22 of his 23 professional fights, with 18 of those wins coming by knockout.
[Punch]
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]
After an eventful 1-1 draw against Manchester City, Liverpool will cough up £8.5m to Benfica for striker Darwin Nunez who made his 60th appearance for the club.
The Uruguayan striker joined Klopp’s side for a transfer worth £85m, of which £64m was fixed and £21m in add-ons, of which £8.5m had to be paid when the striker played 60 games for his new club.
The former Almeria striker has scored 22 goals and provided 10 assists in 60 official appearances for Liverpoool, 36 of them starts.
It’s been a strong start for the former Benfica man this season, having registered 12 goals and seven assists in 16 starts for club and country so far.
Liverpool managed to snatch a point from Manchester City in a thrilling Premier League match after Alexander-Arnold’s late goal cancelled out Erling Haaland’s record-breaking opener
- 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.
‘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.
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.
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]
Napoli manager, Walter Mazzarri hopes Victor Osimhen returns to his best as soon as possible after the Nigerian inspired a 2-1 away win at Atalanta on Saturday night.
Osimhen stepped up from the bench to teed up Elf Elmas for the winning goal at the Gewiss Stadium, Bergamo.
It was the striker’s first goal for the Serie A champions since he sustained a hamstring injury on international duty last month.
Mazzarri, who took charge of the Serie A champions last week has kind words for the talismanic striker.
“I didn’t need to be the Napoli coach to know that Osimhen is an excellent striker, I had watched him play!
“Fortunately he is back, I hope he gets his form back as soon as possible,” he said.
The 24-year-old has scored six goals in nine appearances for Napoli this season.
[DailyPost]
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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]
Indications emerged on Saturday that the chief executive officers and other top executives of Deposit Money Banks had begun moves to raise fresh capital to bolster their respective institutions’ capital base in line with the pronouncement of the Governor of the Central Bank of Nigeria, Dr Olayemi Cardoso.
Sunday PUNCH gathered from top sources in the banking industry that the top executives might have also commenced preliminary merger and acquisition talks, as some of the big banks are eyeing some weaker ones for possible acquisition, while some middle strength and weak ones are looking for alliances that may result in mergers.
Cardoso had said in Lagos on Friday that the apex bank would be asking the DMBs to increase their capital base in order to service the $1tn economy projected by President Bola Tinubu.
Speaking at the 58th Annual Dinner of the Chartered Institute of Bankers of Nigeria where he was the special guest of honour, Cardoso said, “In my recent speech at the 370th Bankers’ Committee meeting, I highlighted the economic agenda of the President. The administration has set an ambitious goal of achieving a GDP of $1tn over the next seven years.
“It is not just about its current stability. We need to ask ourselves, can Nigerian banks have sufficient capital relative to the finance system needs in servicing a $1tn economy in the near future, in my opinion, the answer is no, unless we take action. As a first test, the central bank will be directing banks to increase their capital.
“Therefore, we must make difficult decisions regarding capital adequacy. As the first step, the CBN will be directing banks to increase their capital.”
He added, “The removal of petrol subsidy and the adoption of a floating exchange rate and other government policies are anticipated to have a positive effect on the economy in the medium term.
“These measures are expected to enhance investors’ confidence, attract capital inflow, stimulate domestic investors and ultimately improve the level of external reserves. Additionally, they are expected to contribute to the stability of the local economy.
“Despite the challenging global and local economic environment, Nigeria’s financial sector has demonstrated resilience in 2023 with key indications of financial soundness largely meeting regulatory benchmarks.
“Stress test conducted on the banking industry also indicates its strength under mild to moderate scenario on sustained economic and financial stress. Although there is room for further strengthening and enhancing resilience to shocks. Therefore, there is still much to be done in fortifying the industry for future challenges.”
A bank CEO, who spoke to Sunday PUNCH, welcomed the CBN policy direction regarding the recapitalisation of the banks and said his institution was ready to raise fresh capital though it had yet to conclude the modality.
“Even before the CBN governor made the pronouncement, our bank was already considering raising fresh capital to significantly increase the capital base. This should happen in the first quarter of 2024. So, we are in tune with the CBN governor,” the CEO of a Tier-1 lender told one of our correspondents on Saturday.
In the last few months, First Bank of Nigeria Holdings, Wema Bank and Jaiz Bank have proposed Rights Issues, while Fidelity Bank announced plans to raise additional capital via the issuance of 13,200 billion ordinary shares via public offer and rights issue.
An executive director in a bank with regional presence told Sunday PUNCH on condition of anonymity that the announcement by Cardoso did not come as a surprise, but said the current state of the economy might make raising adequate capital a bit of a challenge, adding that his institution was planning to talk to others for possible merger.
When asked when the talks would begin, the executive director said preliminary discussions would begin this week, but such would be accelerated when the CBN releases the guidelines for the new capital base and how much would be considered as adequate.
Another top bank executive told one of our correspondents that lenders had been exploring merger talks on the periphery before now, but that would be escalated now and that the banks might look more towards institutional investors rather than raise money through public listing due to the current economic situation in the country.
The President, Association of Corporate and Marketing Communications Professionals in Banks, Rasheed Bolarinwa, advised members of the public to wait for the formal unveiling of the recapitalisation plan so as to know the detail.
He told Sunday PUNCH, “Why don’t you wait until this get actualised? Let us wait for a formal announcement with clear guidelines; until then, why not hold your breath.”
On insinuations that a fresh capital raise might shrink the industry, he said, “This observation may happen or not depending on how investors react when the banks go to the market. What is not in contention is that going by the performance of bank stocks on the Nigerian bourse, investors will be receptive to the banks if they approach the market to recapitalise.
“If you look at the capitalise base of some banks, are they not already overcapitalised? And what if those who choose to approach the market perform creditably due to investor confidence in bank stocks?
“The regulator is well resourced and knows what it needs to do at any point in time in managing Nigeria’s banking sector, including the recapitalisation process, which was mulled yesterday (Friday) in Lagos.”
Experts advise banks
The Chief Executive Officer, Centre for the Promotion of Private Enterprise, Dr Muda Yusuf, welcome the move to increase banks’ capital base, adding that the current capital base was grossly inadequate.
He said, “The minimum capital requirements of the banking industry need to be reviewed in the light of the considerable loss of value amid depreciating domestic currency. During the banking consolidation of 2004, the minimum capital requirement for banks was raised from N2bn to N25bn. The revised capital requirement was an equivalent of $187m. Today, the same N25bn is an equivalent of just $32.5m.
“This is a clear indication of the phenomenal erosion of the capital base of the banks. Recapitalisation of the banks has therefore become imperative. It is important to ensure that the capital base of banks can support their current exposures in the interest of the stability of the financial system.”
A professor of Capital Market at the Nasarawa State University, Uche Uwaleke, urged the CBN not to coerce banks into increasing their capital base as was the case during the last recapitalisation drive; rather, they should be incentivised.
“The idea of recapitalisation of banks is a welcome one. It goes without saying that capital is needed to finance big-ticket projects, especially when the government is targeting a $1tn economy in a few years’ time. But I think the strategy should be somewhat different from the approach adopted in 2005. It should be more about incentives than coercion,” he said.
He said, “Some DMBs (especially many in the FUGAZ category) are already making efforts to increase their capital base. The CBN can use prudential guidelines to strengthen the present tiered arrangements. The use of the CAR (the ratio of a bank’s capital to risk weighted assets) is a good example.
“The apex bank can also use differential cash reserve requirements as well as preferential participation in the forex market for well-capitalised banks as some of the incentives. For whatever it is worth, smaller banks playing at the regional level should not be regulated out of existence.”
Echoing Uwaleke’s stance, an economist and former Vice-Chancellor of the University of Uyo, Prof Akpan Ekpo, warned that the planned move might lead to mergers and acquisitions, creating unemployment, economic uncertainty and discouraging investors.
Rather, Ekpo said the banks should be incentivised to stay vibrant, adding, “Well, the central bank has to be careful because you don’t force banks to recapitalise. The last time this happened, there was a serious problem. You will have to give them incentives for those who will want to go through that process, but never should the apex bank force them to recapitalise.
“Otherwise, it will result in mergers and acquisitions, and that will create unemployment, adding to the already high rate in the country, which will send uncertainty and anxiety into the system. That is not good for the economy. The CBN governor talked about the plan by the current administration to create a $1tn economy, but don’t hound banks to recapitalise; rather, give them incentives.
“The last CBN governor printed so much money through Ways and Means. What they have to do is stick to the rule, which says that the CBN can only give the government five per cent of the previous year’s annual revenue. Once that is adhered to, there will be no issues, but I don’t think it’s a good idea to force banks to recapitalise.”
Another economist, Leo Ukpong, said bank recapitalisation meant raising the capital base through more borrowing or the issue of new equity of banks.
He said, “If additional funds are acquired from borrowing more debt, the debt level of the company will rise compared to equity. This could raise the default riskiness of such banks. If it’s done through the issuance of new stocks to investors, this will raise the equity ratio of the bank and spread future profit or loss among more investors. In other words, raising additional capital through new equity could reduce the default risk of banks.”
Listing the advantages of such a move, the financial economist stated that a raise in capital would imply more available funds for loans and private investments.
He explained, “More loans could be made to the private sector investors and the public sector for national infrastructural development, and for household consumer loans. It will help spread the lending or default risks among several investors and risks diversification.
“Also, it could be more of a window dressing to give the investors the impression that the bank is now larger and more stable.”
He, however, added a caveat that “all banks must channel the additional funds raised through recapitalisation to the capital projects and not lend the funds to state and federal governments to be used for buying SUVs for legislators and presidential yachts.”
A former Chief Economist at Zenith Bank Plc, Marcel Okeke, argued that before looking at the banks, the apex bank needed to look inwards at some of its policies, those of the Federal Government and their unintended consequences, which were casting a shadow over the economy.
Okeke said, “All that the CBN governor has said is right and he also acknowledged some of the policies, which will have unintended consequences on the economy. If care is not taken, that will preoccupy them for a long time. As we speak the government is battling with what we call the palliatives. Before the present government came in place, who was talking about palliatives? It shows that something is fundamentally wrong and they are just trying to patch things up.
“The journey to achieve a $1tn economy has not even started. The productive sector is dying. Look at the GDP growth rate for example. The real sector is functioning sub-optimally because of the policies that have been put in place. The CBN governor also mentioned the level of insecurity in the land. Has that been tackled? Handling insecurity is a precondition for other sectors to thrive in Nigeria. He also mentioned agriculture. Many of the farmlands are left desolate because of insecurity and other social ills. These things are tied together. It’s not just talking about the $1tn economy. The question is, how do you get there?”
Okeke also raised concerns as to how the economy would be able to support a recapitalisation drive.
He said, “On recapitalisation, banks are supposed to be sources of funding for activities or projects that will drive that $1tn economy. If the banks are financially strong, they will drive and contribute seriously to it. You can also imagine when all the banks are trying to meet capital in today’s economy.
“He (Cardoso) didn’t mention a timeline or set any deadline, so the race has started. I don’t know where the market will go with it. The economy has a trust deficit already. There are question marks all over the place. The CBN should be encouraging export and it has to be policy-driven.”
A professor of Development Economics, Abayomi Adebayo, faulted the recapitalisation plan, saying Cardoso should rather be worried about the foreign exchange market and concentrate more on how to facilitate productivity in the economy.
He further advised the CBN governor to engage intelligent people in the country on how to develop productivity, and an active financing of the economy, adding that entrepreneurship should be encouraged in order to solve the petrol problem by building internal refineries to tackle the crisis.
Adebayo stated, “I don’t know what he wants to achieve with that. Is it that the banks are distressed now? Where is he going to get the capital from? Is it the people who are still struggling to eat that will put money in the account now? What was our experience with the shares that we bought? All of us see it as not better than ordinary paper because of the amount that each clocked for that share and what they command in the market today. Who is the right-thinking person in this economy who will think of buying shares that cannot be guaranteed how it will turn out in the future buy what we have experienced before?
“Every step in economics has assumptions around it, but to me as a person, I feel he should bother about facilitating real sector productivity. Motivating and cultivating how the refined rate will wipe off the importation of refined fuel in Nigeria. These are issues that could remove pressure on dollars and others rather than looking for paper function on the table. You know there were some people speculating about redenomination. If you remove two zeros, is it the one that will produce in the economy? Is it decimalisation causing the naira to be falling? Is it the psychological feeling that the naira is big that you want?
“I thank God we have a government that is listening so that as we are bringing ideas; they are not the government that will just close their eyes and mind. That is why we should begin to think together because we are running an economy that is very complex and challenging so all of us must think to find direction to make sure things work.’
The don added, “I don’t know how successful that recapitalisation will be. If people who have stolen money think they can go and buy banks and begin to be proud that they are the owner of a particular bank now. I’m talking about over 80 per cent of salary earners who will say they want to buy shares when they haven’t eaten in their house and when fuelling their cars to work is very difficult.”
A professor of Economics at the Olabisi Onabanjo University, Sheriffdeen Tella, stated that a positive result would be achieved for the economy if the CBN governor could match words with actions.
Tella said, “What he has presented are the right things to do if he backs it up with action, the desired result will be achieved. The central bank under Emefiele engaged in rigid banking like giving loans and others. It is not the duty of the central bank. The banks created for that purpose are the Bank of Industry, Bank of Agriculture, and others. The central bank should have channelled the money through those banks and monitored them. The CBN under Emefiele gave out such loans and made noise on the difficulty of recovering the loans. In the first instance, it is not their duty to issue such loans.
On recapitalisation, he said, “There is a need to recapitalise and the CBN governor has said because inflation and depreciation have affected the initial capitalisation, there is a need to recapitalise and revalue to make them stronger and be able to compete globally.
“It depends on how the recapitalisation will be and how big the banks are, but some banks will still have to merge and others take over. Some others can absorb those that don’t have the opportunity of merger. Also, the central bank may carry the process out in such a way that all of them may not have the same capitalisation.”
A professor of Economics at the University of Uyo, Edet Akpakpan called on the CBN governor to do whatever was necessary to alleviate the sufferings of Nigerians.
He said, “I am sorry, I have not seen much seriousness in what he has said. He needs to show us the plan of what he wants to do and how he wants to go about it. It is not enough to roll out policy. I am happy he mentioned that he is working with the minister of finance and coordinating minister of the economy. They should both get solid economic teams in place and work together to set the economy in place to alleviate the suffering of common Nigerians.”
[Punch]
A friend, a foremost sports journalist, called me up last week from Abuja to inform me that he was racing to the office of the Minister of Sports to inform him of his decision to lead a national campaign to sack Jose Paseiro, the Portuguese coach of the Super Eagles. He wanted my urgent opinion.
Of course, I do not take decisions in a hurry, nor in a panic mode. I also do not swim with the tide of opinion based on emotional or sentimental outbursts, or be part of a mob action baying for the blood of a foreign or local coach, when everything around is skewed against any form of success.
I politely told him I had no opinion yet on the matter and would make it public when I do. That’s what I am doing now.
A new star is born!
I have traversed a similar path in the past, and got burnt by the power of narrower interests and personalities that have run and ruined Nigerian football for many years.
The core of the matter is that the Super Eagles are not winning their matches. Even easy ones. As far as the people are concerned, these last two drawn matches are ‘failures’ and someone must pay for them.
That person is Jose Paseiro. I won’t completely fall for such sentiments now. The Super Eagles should win AFCON 2023. They should also qualify for the 2026 FIFA World Cup. Let’s look at some of the issues that can truncate these goals.
Domestic Nigerian football.
There is no depth to the country’s domestic football. They were neglected for too long by successive football federation boards. The boards concentrated on the more personally ‘lucrative’ Super Eagles. They feasted on the fruits without properly feeding the roots. The tree eventually and inevitably weakened and withered, having been deprived of nutrients essential for development of players for a career in the domestic leagues – good nurseries, organisation, integrity, infrastructure, capacity building programs, adequate funding, great welfare packages, and so on. The only available ingredient has been the endless sea of young uncut diamonds in Nigerian players. Ironically, these players are doing everything to flee the country for greener pastures and better opportunities in other parts of the world, and not to strengthen the domestic leagues.
This uncontrolled migration has made nonsense of any attempt to build a serious national team of local players. The failure of the big clubs in the country to win any continental laurels confirms this. That is why all the recent foreign coaches employed don’t take the route of the domestic leagues to seek players for the national teams. The calibre of players is just not there.
So, Paseiro, like the others before him, concentrates on observing Nigerian players in the various leagues in Europe. He assembles the best of them that he finds to form the country’s Super Eagles. He also only has two days before most matches to work with the players before matches, making it impossible to build a team with any level of organised play, pattern and understanding. You do not build solid teams that way. They must have some time to train together, understand each other, be infused with a planned style and philosophy, and made to play several matches. That’s the only way a good team can emerge.
Under the present circumstances, the Super Eagles do not have such luxury. Coaches have been on this impossible mission for well over a decade.
AFCON and the World Cup are the only championships that provide a little time for the team to train together, to play some friendlies, to become a unit. The team uses the earlier group matches of the championship to get better.
That’s what happened during the transition between Gernot Rohr and Austin Eguavoen. A good team started to evolve during the group matches of AFCON 2021, only for the process to be disrupted by a difficult match and a costly error that saw the Eagles exit rather uncharacteristically ‘prematurely’. The baby and the bath water were thereafter thrown into the gully of history. The result is to begin-again.
That’s how Jose Paseiro came in to inherit an impossible and unchangeable situation. For as long as the present system is not changed, no coach in the world can change the fortunes of the Super Eagles. The best he can do is what Gernot Rohr and, now, Jose Paseiro have been doing – not wasting time on the local players from the domestic league (they are not good enough for the national team without additional exposure and training in Europe), scanning Europe for players of Nigerian descent, assembling the best of them for the short periods of time before matches that can NEVER make them a good team with organizational depth, and then going on their knees to pray for undeserved victories. They win some and lose most!
So, Nigerians are disappointed and angry, and bay for the blood of successive coaches.
Yet, deep down, the issues have roots in other issues. A proper study by proper experts is necessary.
Arm-chair critics masquerading as experts whose noise-making rises above the din of common sense and more careful interrogations blur proper and more meaningful conversations.
Meanwhile, the present Super Eagles are not strong in two major areas of the field – the mid-field and goalkeeping.
There is little that can be done about the team’s strength without the influence of a few players with exceptional skills and ability in certain areas of the team. Presently, there is a dearth of creative and attacking midfield players who can hold and distribute the balls well.
Goalkeeping has become a problem only because Paseiro refuses to see the difference between an efficient goalkeeper and one whose only qualification is his physical frame.
The last goal conceded against Zimbabwe, scored directly from a free kick 30 metres from his goal clearly exposed Uzoho’s weakness. It is an elementary goalkeeping error.
Finally, Nigeria should not panic and take decisions that will not impact anything, will not change the Super Eagles and will not provide guaranteed outcomes.
This is the time to be cool, calm and calculated.
Nigeria is blessed with a lot of good players presently. With a little bit of luck, more patience and the time shortly before AFCON 2023 used properly to build a stronger team, plus the return of one of the deadliest strikers on the planet, Victor Osimhen, in the team, Nigeria shall improve steadily into AFCON 2023.
In January, the team will use the group matches of the championship to get better, and possibly go on to win AFCON 2023. They will then gain the essential confidence to play more consistently and (at the end of AFCON) establish a stronger team that shall be able to go into the World Cup qualifying matches with more strength and purpose, and qualify for the World Cup as true champions of African football.
Barcelona remain third in La Liga after a late own goal rescued a draw at Rayo Vallecano.
Trailing at the break to Unai Lopez’s stunning strike, Barca dominated the second half but missed good chances.
They finally got their reward when Florian Lejeune bundled into his own net under pressure from Robert Lewandowski.
Second-placed Real Madrid face Cadiz on Sunday while leaders Girona host Athletic Bilbao on Monday.
Barcelona made six changes from the side that came from behind to beat Alaves before the international break, with goalkeeper Marc-Andre ter Stegen absent through injury.
His replacement, Inaki Pena, looked shaky from the off and was beaten by Lopez’s ferocious right-foot effort midway through the first half.
Frustrated by a disjointed display, boss Xavi turned to former Manchester City captain Ilkay Gundogan from the bench and Barcelona dominated the second half.
However, despite taking 10 shots to Rayo’s three after the break, they still needed the help of Lejeune in the 82nd minute, as he clumsily steered the ball past his own goalkeeper with Lewandowski waiting to pounce.
[Leadership]