Reports
Nigeria’s Oil Industry Overhaul – Governance Intel
Although Nigeria is Africa’s largest oil and gas producer, its petroleum sector has long suffered from frequent scandals, severe mismanagement and a lack of coherent guidelines and regulations.
Furthermore, Nigeria’s state oil company, the Nigerian National Petroleum Corporation (NNPC), has become synonymous with corruption in Nigeria. Widely accepted as being one of the world’s most opaque national oil companies, the NNPC has gained a reputation for its hazy finances and its penchant for engaging in non-transparent business dealings with both domestic and international corporations.
While these failings are openly acknowledged, successive governments have failed to effectively initiate a much-needed overhaul of Nigeria’s oil and gas industry. Until now.
On 25th May 2017, Nigeria’s Senate passed the Petroleum Industry Governance Bill (PIGB), a new legal framework that seeks to reform how Nigeria’s oil and gas industry is structured, regulated and funded.
More specifically the PIGB aims to ensure value addition and internationalisation of Nigeria’s petroleum industry through the creation of both efficient and effective governing institutions, with clear and separate roles and commercially oriented and profit driven entities. It also seeks to promote transparency and accountability in the administration of petroleum resources and foster a conducive business environment for petroleum industry operations.
Petroleum Industry Governance Bill
The PIGB is the first of at least three bills that originally composed the old Petroleum Industry Bill (PIB) – which for years remained on the floor of the National Assembly undergoing a long and drawn out process of continued negotiations and re-drafting as various stakeholders and International Oil Companies (IOCs) continued to object and disagree over different sections.
To address these issues, and ease the reforms’ passage, in 2016 the current Buhari administration broke the original idea of the PIB into at least three parts, effectively isolating the contentious issues into separate bills. Notably, both the Petroleum Industry Fiscal Bill and the Host Community Development Bill are currently before the Senate.
Further bills may be introduced in the coming months and years as the government continues its attempts to overhaul Nigeria’s petroleum sector.
The PIGB itself aims to reform how Nigeria’s oil and gas industry is structured, regulated and funded – largely through the restructuring and reorganising of the NNPC – in order to boost investment and production.
Therefore, a key objective of the PIGB is to turn Nigeria’s national petroleum company into a successful, profitably commercial entity. In February 2016, the NNPC published its first annual financial data since 2005. Not only did the figures show a loss US $1.34 billion in 2015, but there was a clear lack of transparency around oil and fuel sales.
Furthermore, independent non-profit organisation, the Natural Resources Governance Institute (NRGI), has also drawn attention to some of the NNPC’s questionable activities – most notably, the “earnings by its subsidiaries, the costs of its operations and its significant spending on non-commercial activities”.
While much of the power is currently concentrated in the NNPC and the Petroleum Resources Ministry, the PIGB attempts to spread out the authority and power in Nigeria’s petroleum sector, and increase accountability and transparency. Conversely, there are fears that breaking up the NNPC into smaller units will actually create new levels of bureaucracy and increase opportunities for corruption.
The NNPC itself will be split into two limited liability companies – the National Petroleum Assets Management Commission (NPAMC) and the National Petroleum Company (NPC) – both of which will be responsible for the managements of assets currently held by the NNPC. Furthermore, a third entity – the Nigeria Petroleum Liability Management Company (NPLMC) – will be established to assume and manage the liabilities of the NNPC in order not to financially encumber the newly created NPAMC and NPC.
While both the NPAMC and the NPC will be initially wholly owned by the government, in the long-term at least 40 percent of the shares of the NPC will be divested to the public. Notably, it is unclear whether these shares will be listed on any stock exchange. Not only will the sale of stakes in the NPC generate much-needed funds for the central government, it is anticipated that a diversified shareholder structure – hopefully comprised of both domestic and international private investors – will significantly reduce the risk of future corruption within the petroleum company.
Furthermore, under the currently proposed PIGB, both entities will be able to retain their revenues accrued from their operations – and only disburse to the central government its dividends accruable in respect of its shares – enhancing the ability of both entities to operate commercially.
Additionally, the PIGB will also establish a new regulatory agency – the NPRC – which will serve as a regulatory entity for the entire petroleum industry (upstream, midstream and downstream) and will absorb all existing regulatory bodies – including the of Petroleum Inspectorate (PI), the Department of Petroleum Resources (DPR) and the Petroleum Products Pricing Regulatory Agency (PPPRA).
Notably, the Minister of Petroleum will not have a seat on the Governing Board of the NPRC, whose members – other than those representing the Ministries of Petroleum, Finance and Environment – shall be appointed by the President subject to the approval of the Senate.
Interestingly, while the Minister will still possess significant powers – retaining the responsibility for the general supervision over the affairs and operations of the petroleum industry – the bill will limit the Minister’s role to essentially that of policy maker, and they will no longer have the power to grant, amend, renew, extend or revoke any licence or lease required for petroleum exploration or production (the powers of which will be transferred to the newly-created NPRC).
By establishing the NPRC as the sole industry regulator, the government hopes to eliminate the overlapping regulatory functions of the previous bodies, promote transparency, simplicity and accountability, and reduce bureaucracy in a sector that is already notorious for its unnecessary, expensive and cumbersome regulatory processes.
Outlook
Continued delays in the passage of the PIB – as well as a lack of much needed reforms over the last decade and the ongoing regulatory uncertainties – have created a climate of uncertainty in Nigeria’s petroleum sector, which has not been conducive to attracting further investment and the interest of IOCs. Emmanuel Ibe Kachikwu, the Petroleum Minister, estimates that the delays have actually cost the country as much as US $15 billion a year in lost investment.
Therefore, there are high hopes that the passing of the PIGB will demonstrate the government’s desire to open up the sector to more and better business opportunities through increased transparency, better accountability and clearer regulations.
Overall, the PIGB has the capacity to create a conducive business environment for petroleum operations and establish commercially-oriented and profit driven oil and gas entities to encourage the growth of investment in the sector.
In particular, establishing an efficient regulatory commission, couple with improved corporate governance, accountability and transparency in the sector, will serve to improve investor confidence and attract foreign investment, which in turn should – in theory – spur wider economic growth.
However, while the passing of the PIGB has been widely viewed by industry stakeholders as a step in the right direction, there are still serious concerns over the clarity and some of the details of the bill.
For example, the bill includes the establishment of the Ministry of Petroleum Incorporated (MOPI); but it remains unclear what the relationship will be between MOPI and the current Ministry of Petroleum Resources.
Notably, two key unions in Nigeria’s petroleum sector, PENGASSAN and NUPENG, have also voiced their concerns about labour issues that might arise from the merging of the DPR, PPPRA and PI into the NPRC, and the lack of clarity on how the transfer of employees will happen.
Furthermore, it will be interesting to see who will fill the new roles within these newly created entities. It is more than likely that some of these positions will be filled with familiar faces from the NNPC, increasing concerns that the deeply-entrenched issues of corruption, cronyism and rent-seeking will infiltrate the newly restructured petroleum sector.
Finally, without the passing of other aspects of the original PIB, the PIGB – even if passed into law – will be unable to deliver the full benefits of the intended reforms and restructurings of Nigeria’s petroleum sector. Therefore, it is vital that the Senate make passing both the Petroleum Industry Fiscal Bill and the Host Community Development Bill a priority.
The PIGB really only seeks to strengthen the governance and institutional structure of Nigeria’s oil and gas industry, and therefore does not directly address the largely fiscal concerns of IOCs. IOC’s are more likely to be interested in the Petroleum Industry Fiscal Bill, for example, which defines the revenue and tax structure of the sector.
At present, it is unclear how the House of Representatives will approach the PIGB, and what changes will be made in the coming months. However, what is clear is that the passing of the PIGB appears to be the first significant step taken over the last several decades that appears to be going in the right direction to reposition Nigeria’s petroleum sector as a serious competitor on the global stage.
By Shadow Governance Intel
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(DDM) – A dramatic scene unfolded in Aku community, Imo State, as a family burial turned chaotic over allegations of financial settlement demands by the deceased’s first son.
Diaspora Digital Media (DDM) gathered that the first son, identified as Uzoma Nwawere, reportedly blocked the burial of his late mother, insisting that his married sisters and their husbands must “settle” him before interment could proceed.
The incident occurred at the family compound where a large crowd gathered for the ceremony, only for the event to descend into confusion.
Eyewitnesses said Uzoma argued that his late mother and sisters had allegedly disrespected him while she was alive, depriving him of the recognition traditionally accorded to a first son.
A retired police officer at the scene narrated in Igbo that the deceased’s husband, Godwin Nwawere, had passed away earlier, leaving behind Uzoma as the first son and several daughters now married into different families.
The officer alleged that Uzoma had lived in the family compound for years, claiming he was left to fend for himself “on credit” while his sisters enjoyed better treatment.
He accused the daughters of conspiring with their late mother to undermine Uzoma’s status as heir to the family property, a situation that allegedly fueled tensions even before her death.
Reports indicated that Uzoma insisted the burial could not hold in the family compound, which he now claims as inheritance, unless his in-laws complied with his demands for settlement.
A viral video from the scene showed mourners and family members exchanging heated words near a freshly dug grave as light rain drizzled over the area.
In the footage, relatives and sympathizers were seen pleading with Uzoma to allow the burial to proceed, but he reportedly stood his ground.
The argument quickly attracted onlookers, causing embarrassment for the family and disrupting what was expected to be a solemn ceremony.
Cultural analysts say disputes over inheritance and burial rites are common in parts of Igbo land, particularly when tensions exist between sons and married daughters.
They note that first sons traditionally hold significant authority in family affairs, including burial decisions, but such authority can spark conflicts when perceived to be misused.
Social media reactions to the incident have been mixed, with some condemning Uzoma’s action as insensitive, while others argue that cultural norms were ignored by the deceased’s daughters.
As of press time, it was unclear whether the burial was eventually completed or postponed, as efforts to reach the family for clarification were unsuccessful.
(DDM) – The Economic and Financial Crimes Commission (EFCC) has confirmed the arrest of thirty-six suspected internet fraudsters in Port Harcourt, Rivers State.
Diaspora Digital Media (DDM) gathered that the operation was carried out by operatives of the Port Harcourt Zonal Directorate of the anti-graft agency.
The sting operation reportedly took place on Tuesday, August 19, 2025, at various locations within Port Harcourt.
According to EFCC officials, the arrests followed credible intelligence linking the suspects to widespread internet-related fraud.
Authorities disclosed that the crackdown was part of ongoing efforts to curb cybercrime in Nigeria’s southern region.
Recovered items from the suspects included exotic vehicles, a Q-link motorcycle, and several high-end mobile phones.
Laptop computers reportedly containing incriminating documents were also seized during the coordinated raid.
EFCC stated that investigations are ongoing to determine the scale of the fraudulent activities uncovered.
The suspects are expected to face charges in court as soon as preliminary investigations are concluded.
The anti-graft commission maintained that no one would be spared in its fight against cybercrime and financial malfeasance.
Background of EFCC’s operations
The EFCC has intensified its clampdown on internet fraud across Nigeria in recent years.
In 2024, the agency recorded multiple arrests in Lagos, Abuja, and Benin City as part of its cybercrime crackdown.
Cybercrime, popularly called “Yahoo Yahoo” in Nigeria, has continued to tarnish the nation’s international image.
According to law enforcement data, billions of naira are lost annually to internet scams originating from Nigeria.
Experts link the rise of internet fraud to unemployment, economic hardship, and greed among youths.
EFCC has repeatedly urged young Nigerians to explore legitimate sources of income rather than resort to fraudulent schemes.
Port Harcourt under spotlight
Port Harcourt, a major commercial hub in the Niger Delta, has seen a surge in cybercrime activities in recent years.
Authorities believe the city’s thriving nightlife and influx of oil wealth make it a hotspot for fraud syndicates.
Previous raids in 2023 and 2024 led to the arrest of over 150 suspects, with many facing prosecution.
The EFCC warned that more sting operations would follow as part of its ongoing anti-fraud campaign.
Conclusion
The latest arrests signal a renewed drive by the EFCC to dismantle cybercrime networks across Nigeria.
The agency has promised to release further updates as investigations progress and suspects face legal proceedings.
News
Anambra Govt Arrests, Beats Up 18 Journalists Monitoring Senatorial Bye-Election
By Chuks Collins, Awka
The Anambra State Government has reportedly arrested eighteen journalists, who were touring electoral Wards and communities of the 7 Councils that made up the Anambra South senatorial zone where the bye-elections were held on Saturday, August 16, 2025.
Our correspondent reported that the journalists were arrested and detained at gunpoint by the operatives of the Anambra State Vigilante Service, generally known as Udo-Gachi.
The journalists had gone to Nnewi, in Nnewi North, as well as Ukpor, Osumenyi, Ezinifite, Amichi and other communities in Nnewi South LGA of the State to monitor proceedings in the bye-elections.
The journalists, it was learnt, were rushing after the All Progressives Congress (APC) governorship flag bearer, Prince Nicholas Ukachukwu, for his remarks on the day’s process after covering the day’s proceedings.
At a spot, described as Eke Orsumenyi, they were jolted when their vehicle was forcefully stopped.
They were, thereafter, detained for more than three hours, allegedly on the orders of the State ‘s Deputy Governor, Dr. Onyekachukwu Gilbert Ibezim, according to the security operatives.
“Journalists are the problem of Nigeria, they write whatever they like and deceive the people.
“We will deal with you people today,” an overzealous Udogachi operative threatened the journalists.
Some of the journalists and their cameramen were arrested and detained by the vigilante goons.
The journalists include correspondents of The Guardian, Daily Independent, Authority Newspaper, Anambra Broadcasting Service (ABS) Arise TV, TVC, National Vision and National Daily newspapers.
The leader of the over one hundred vigilante operatives who kept surging in with about 20 vehicles said that the arrest was on the instruction of the Anambra State Deputy Governor.
As the altercations continued, the Deputy Governor, in company of Nnewi South LGA Mayor, arrived the scene and ordered a thorough search of the media practitioners.
Information of the development later got to the APC gubernatorial candidate in the November 8 Anambra State governorship election.
Prince Ukachukwu quickly arrived the scene and ensured that the detained journalists were released, insisting that they we’re merely doing their normal civic duties.
Meanwhile, the Independent National Electoral Commission (INEC) has commenced the collation of the bye-election in the seven local government areas that constitute the Anambra South senatorial zone.
(DDM) – Popular Nollywood actor Segun Remi, widely known by his stage name Chief Kanran, has passed away at the age of 72.
The news of his death was confirmed by celebrity journalist Seun Oloketuyi in an Instagram post on Friday morning, though details surrounding the cause of his passing have yet to be disclosed.
Chief Kanran was a celebrated figure in the Yoruba film industry, known for his distinctive style, sharp humor, and commanding presence that endeared him to audiences over several decades.
He was recognized for his memorable performances in numerous stage plays and films, often portraying authoritative and affluent characters, and was considered a household name in Nigerian cinema.
Segun Remi began his career in the arts in the mid-1970s and gained popularity with notable roles in Ola Rotimi’s play “Kurunmi,” and the Lagos Television drama “Aláàfin Kanran” in 1988.
His extensive filmography includes several acclaimed Yoruba films such as “Vigilante,” “Ose-Sango,” “Eri Okan,” “Itunnu,” and “Orire,” among others.
Despite his success, Chief Kanran faced significant personal challenges, including devastating fire incidents that destroyed his home, studio, and equipment, which left him struggling and at one point homeless.
His contributions to Nollywood have been widely celebrated, with colleagues and fans mourning the loss of a veteran actor who left an indelible mark on the Nigerian entertainment industry.
This news comes as the Nollywood community recently mourned other actors, adding to the list of notable film personalities who have passed away this year.
Chief Kanran’s legacy as a pioneer and beloved actor will continue to be remembered by fans and the wider film fraternity.
In a major crackdown on cybercrime, the Economic and Financial Crimes Commission (EFCC) has secured the convictions of three internet fraudsters following a sweeping operation at a hotel located within the precincts of the former President Olusegun Obasanjo Presidential Library (OOPL) complex in Abeokuta.
The operation, which initially saw 93 suspects apprehended, has shone a spotlight on the rising tide of cybercriminal activities in high-profile Nigerian locations, underscoring the agency’s commitment to combating financial crimes in the country’s digital age.
The suspects, Isaac Akinwale, Ibrahim Azeez Olatunji, and Habeeb Oladipupo Oshundairo, pleaded guilty to an array of charges linked to false pretence, identity theft, and illicit acquisition of funds, contravening provisions of the Cybercrimes (Prohibition, Prevention, etc.) Act, 2015 and the EFCC Act, 2004.
Presiding over the proceedings as a vacation judge, Justice Dehinde Dipeolu handed down measured sentences designed both as punishment and deterrence, reflecting the seriousness with which the judiciary views such offences.
EFCC operative Umar Shuaibu revealed that Isaac Akinwale operated a celebrity scam on WhatsApp under female pseudonyms, defrauding a victim of $500.
The court accepted multiple exhibits tendered by prosecution counsel Franklin Ofoma, including a 2007 Toyota Camry, a Samsung Galaxy smartphone, and a N400,000 bank draft, as proceeds and instruments of crime.
Justice Dipeolu sentenced Akinwale to three months imprisonment or an alternative fine of N1million.
Olatunji, convicted for running a romance scam, was sentenced to one month imprisonment or a N500,000 fine.
Oshundairo, who posed as an expert in service certificates and tax preparation through a fraudulent Gmail account, was ordered to perform 30 days community service.
His punishment is publicly symbolic: he must carry a banner with the cautionary message, “Cybercrime Does Not Pay. Stay Away from Cybercrime”.
In a notable twist, fourth defendant Onunoye Fawas Olamilekan entered a not guilty plea to charges of impersonating a nurse on Facebook and controlling $50 acquired via fraudulent transactions.
His counsel disputed the validity of the charges under the Cybercrimes Act, prompting the court to remand him at the Ikoyi Correctional Centre pending further trial in October 2025.
The EFCC had flagged a total of 23 suspects for arraignment, but only four were accommodated by the court during its session, indicating broadening investigations and prosecutions may follow.
This operation marks one of the EFCC’s largest anti-fraud sweeps from a single Nigerian location in recent memory.
The prominence of the Obasanjo Presidential Library as the scene of the arrests dramatically heightened public awareness, raising questions about the security and due diligence in hospitality establishments across the country.
Nigerian authorities continue to escalate efforts against cybercriminals, aiming to assert the rule of law over digital spaces.
The EFCC, empowered by the Cybercrimes (Prohibition, Prevention, etc.) Act and other statutes, urges citizens to remain vigilant online and to report suspicious activities.
With growing internet adoption in Nigeria, law enforcement faces an evolving battle against increasingly sophisticated scams, making deterrent convictions like these a critical step in restoring confidence in Nigeria’s digital ecosystem.
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