Economy
Indian billionaires indicted for corruption in India flourish in Nigeria
At a ceremony in November, the Nigerian government celebrated the discovery of as many as 1 billion barrels of oil in the country’s arid northeast, almost 1,000 kilometers (621 miles) away from the crude-rich Niger Delta.
The state’s partners in the multi-billion dollar project in the impoverished, landlocked corner of the country is a company founded by two brothers from India.
The siblings have built the largest independent oil company in Africa’s biggest crude producing nation even as India pursues them as criminals — accusing them of perpetrating “one of the largest economic scams in the country.”
Now, as newly elected President Bola Tinubu sets ambitious targets for Nigeria’s hydrocarbons sector, companies created by the brothers, Nitin and Chetan Sandesara, seem poised for an increasingly prominent role — especially as international oil giants such Shell Plc and ExxonMobil Corp. retreat from the West African country.
“This discovery will provide a multiplicity of opportunity and great prosperity for Nigeria,” Tinubu said at the November event. Sworn in on May 29, he was the ruling party’s presidential candidate at the time.
The selection of a firm owned by the family of the duo branded as fugitives by India to drill wells for the project is just the latest sign of how Nigeria has provided the brothers a haven, effectively insulating them from troubles back home. Indian Prime Minister Narendra Modi’s government has accused the tycoons of absconding after defrauding public banks of more than $1.7 billion. Nigeria has refused India’s request to extradite them.
The Sandesara brothers, Gujarati businessmen who left India in 2017, deny cheating their lenders and say they are victims of political persecution. Having ventured into the Nigerian oil industry almost 20 years ago when they won two onshore licenses in the delta, the brothers — faced with problems in India — have shifted their focus to Lagos. They even applied for Nigerian citizenship, according to India’s Central Bureau of Investigation, or CBI, the country’s top investigating agency. It’s not clear if they succeeded. The brothers’ lawyer and Nigerian authorities didn’t respond to queries on the matter.
While the brothers fight fraud charges and non-bailable warrants from India, the Sandesara businesses are flourishing in Nigeria. The African nation refused to arrest them four years ago saying the Indian allegations “appeared to be political in nature,” according to a letter published by the Organized Crime and Corruption Reporting Project.
In India, the brothers’ private jet, swanky cars and star-studded parties at a 60,000-square-foot farmhouse in Ampad village in Gujarat, routinely provided fodder for tabloids and social media sites, according to news outlet The Print. From a sanctuary on Lagos’s upscale Victoria Island, one of their Nigerian companies has continued that glitzy tradition, sponsoring annual Diwali celebrations that are the talk of the city’s small Indian community, even flying in Bollywood singers like Shreya Ghoshal to perform.
The family’s Nigerian oil and gas business — with the slogan “Success is Natural” — is thriving. The group’s subsidiaries — Sterling Oil Exploration & Production Co. and Sterling Global Oil Resources Ltd. — pump about 50,000 barrels of crude a day in the delta via contracts with the state-owned Nigerian National Petroleum Co. Another unit expects to bring a third block into production this year that will eventually raise total daily output to above 100,000 barrels.
Other than the international majors such as Shell and Chevron Corp., the Sandesara family is the top exporter of oil from Nigeria. Its firms’ taxes contributed 2% of the Nigerian government’s revenue, Nitin said in 2019. An export system of transporting crude on barges to a floating storage vessel in the Atlantic Ocean — rather than relying on pipelines that are vulnerable to thieves — has enabled the family’s companies to maintain a consistent performance as other producers have floundered.
The brothers have hired the plugged-in former head of the Nigerian government’s oil regulator to head their energy operations, and concluded major contracts with the state. Two years ago, Sterling Oil sealed a separate deal with the NNPC for the commercialization of the gas within one of its oil blocks in a project designed to boost the anemic power supply in Africa’s biggest economy.
“You are a very reliable partner because when you say things, you get them done,” NNPC Chief Executive Mele Kyari said of Sterling Oil, announcing the deal.
Indian authorities take a less rosy view of the Sandesaras’s practices.
Beginning in the 1980s, the brothers transformed a family tea-trading business into a Mumbai-headquartered conglomerate spanning oil and gas, health care, construction and engineering and owning one of the world’s largest manufacturers of pharmaceutical grade gelatin. By the early 2010s, the group said it was valued at almost $7 billion.
Some of that expansion was bankrolled by a “well calculated economic fraud” that left the group owing more than 140 billion rupees ($1.71 billion) to public lenders including State Bank of India, Bank of Baroda and Union Bank of India, the CBI told the country’s Supreme Court a year ago.
Among accusations leveled against them include the use of “false and fabricated documents” to secure bank loans and the diversion of funds overseas. The same lenders also provided credit lines to the entity that owned the Nigerian oil business, the CBI said in a December 2019 charge sheet.
State-backed lenders, including Bank of India, won two judgments from UK courts — in 2018 and 2021 — ordering Sandesara companies providing services to Sterling Oil to pay almost $60 million after they defaulted on loans.
India’s Enforcement Directorate (ED), which investigates money laundering and forex violation cases, said in 2019 that it wanted to seize the brothers’ overseas assets, including a Nigerian oil field, four drilling rigs and a Gulfstream aircraft. The group’s flagship business Sterling Biotech Ltd was sold to California-based alt-dairy firm Perfect Day Inc. in November for about $78 million in a transaction approved by India’s bankruptcy court.
Following a petition by the Sandesaras to quash the CBI and ED cases against them, India’s Supreme Court paused proceedings last year. The brothers said they wanted to reach a financial resolution with creditors. But the investigating agencies have said any settlement “cannot absolve the criminal liability of the accused.”
The brothers, who told the court their Indian companies have repaid more than was disbursed to them in loans, say the agencies’ “sole aim is to browbeat, harass, harangue and humiliate” them, and claimed they were declared fugitives in “a grossly illegal manner.” They say the Modi government has a vendetta against the Sandesaras because of their ties to opposition and Muslim politicians, according to media reports that cite their filings in other court cases.
An Indian lawyer for the Sandesaras didn’t respond to multiple emails requesting comment. The group chairman and two directors of the Nigerian oil companies didn’t reply to questions sent by Bloomberg. The CBI, ED and the Sandesaras’ main creditors also didn’t address queries on the status of the proceedings against the brothers.
Ironically, even as the Indian government was building its case against the pair, their Nigerian companies supplied cargoes of crude worth almost $1.5 billion to India’s state-owned refineries in the seven years to January 2020, the brothers said in court filings.
With their troubles in India showing no signs of abating, the brothers’ ties in Nigeria are deepening.
In Indian court filings in September 2022, the brothers claim ownership of Sterling Oil, the subsidiary responsible for most of the group’s crude production, touting it as a “very prominent company of Nigeria.” An online registry for Nigerian natural resources companies lists another family member — Devak Patel, the 31-year-old son of Chetan Sandesara’s brother-in-law — as the owner. Patel didn’t respond to queries seeking clarity on the company’s ownership.
Where the brothers currently spend their time is unclear. The ED accused them in 2020 of “shifting their base from one country to another to escape the clutches of law” and said they were presumed to be in Nigeria, the UK, the US or the UAE. They have also obtained Albanian passports, according to The Wire and other Indian media outlets. The brothers have neither confirmed nor denied the reports. Chetan signed an affidavit for the Indian court from Lagos in August.
Meanwhile, the Sandesaras’ participation in the new development in Nigeria’s north — a pet project of former President Muhammadu Buhari, who stepped down this month — may be yet another sign that their future lies in the West African country.
Sterling Oil will carry out the venture with the NNPC and another public company controlled by Nigeria’s 19 northern states to bring oil production to the upper part of the country for the first time. Almost all of Nigeria’s crude currently comes from the Niger Delta and off its shores.
“It is to the credit of this administration that at a time when there is near-zero appetite for investment in fossil fuel energy, coupled with the location challenges, we are able to attract investment of over $3 billion to this project,” Buhari said at the November ceremony.
His successor Tinubu has promised to increase daily oil output by more than 60% to 2.6 million barrels by 2027 and to 4 million barrels by 2030 – an aspiration many analysts believe to be implausible. If the incoming government intends to achieve these goals, it will have to lean on independent producers such as Seplat Energy Plc and Sterling Oil since the likes of Shell and Exxon are trying to sell their onshore and shallow water assets.
At the ceremony last year, Sterling Oil Chief Operating Officer Mohit Barot told Buhari that the company had secured funding to drill the wells and build a complex to produce fuel, fertilizer and electricity.
“We assure you, Mr. President, that we will deliver on our commitments and your expectations…,” Barot said. “Today is just the start of our long journey together.” Read more.
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Tier-one Lender, Fidelity Bank Plc., has announced the resumption of international transactions on its Naira Debit Cards.
This recommencement gives customers the freedom to make seamless payments abroad, online, and at ATMs outside the country.
The Divisional Head of eBanking, Fidelity Bank, Ifeoma Onibuje, shed light on the development.
Onibuje said: “We are delighted to inform the public that Fidelity Naira Cards are now enabled for global use.
“This means that our travelling customers can now utilize their Naira Debit cards outside the country to shop, spend and withdraw internationally without hassles.”
“Consequently, our customers can now spend up to $1,000 quarterly for international POS and online transactions; and withdraw up to $500 quarterly on international ATMs.”
The announcement offers Fidelity Bank customers another way to complete international transactions, in addition to the Bank’s existing foreign currency debit and credit cards.
The bank stated that it further reinforces its commitment to delivering solutions that fit seamlessly into customers’ lifestyles.
With Fidelity Bank’s VISA and Mastercard Naira Debit Cards, Nigerians can now enjoy effortless global access.
Beyond payments, Fidelity VISA cardholders, one of the variants of the bank’s card offerings, also enjoy premium travel and lifestyle benefits.
The benefits range from airport lounge and spa access via the Visa Airport Companion App, to fast-track immigration lanes and 20% discounts on SIXT car rentals worldwide.
This move, the bank said, also reflects its commitment to provide secure, convenient, and reliable banking services that empower customers in Nigeria and beyond.
The bank noted that it has deliberately made the process of getting a Fidelity Naira card seamless.
It stressed that customers can easily apply for their Fidelity VISA or Mastercard Naira Debit card via the Fidelity Mobile App or simply visit the nearest Fidelity bank branch to request for one and they can start transacting globally with ease.
Ranked among the best banks in Nigeria, Fidelity Bank Plc is a full-fledged Commercial Deposit Money Bank serving over 9.1 million customers through digital banking channels, its 255 business offices in Nigeria and United Kingdom subsidiary, FidBank UK Limited.
The Bank is the recipient of multiple local and international Awards, including the 2024 Excellence in Digital Transformation & MSME Banking Award by BusinessDay Banks and Financial Institutions (BAFI) Awards; the 2024 Most Innovative Mobile Banking Application award for its Fidelity Mobile App by Global Business Outlook, and the 2024 Most Innovative Investment Banking Service Provider award by Global Brands Magazine.
Additionally, the Bank was recognized as the Best Bank for SMEs in Nigeria by the Euromoney Awards for Excellence and as the Export Financing Bank of the Year by the BusinessDay Banks and Financial Institutions (BAFI) Awards.
A Nigerian TikTok sensation known as “Geh Geh” has stunned the internet after pulling in over $30,000 from a single live session that attracted more than 177,000 viewers.
The young entertainer, who calls his platform the “University of Wisdom and Understanding,” has quickly built a cult following with his raw and unfiltered lectures about women, money, and survival in Nigeria.
During the live broadcast on Thursday, August 21, viewers showered him with virtual gifts that he later calculated to be worth over $30,000.
The milestone instantly pushed him into the spotlight as one of Nigeria’s fastest-rising online personalities.
Reacting in disbelief after the stream, Geh Geh said:
“More than 177,000 people watch my lectures today. Jesus! University of wisdom and understanding, the only university where once you graduate, woman go fear to ask you for money.”
Despite not having a formal education, Geh Geh proudly calls himself “the first illiterate to find a university in the history of Nigeria.” In a video after the viral live, he reminded fans of his humble background:
“I no be graduate too, but by the grace of God, I don find school. I be orphan, but now Nigerians don show me love.”
The TikTok star admitted he was overwhelmed by the generosity of his supporters.
“See gift I made over… more gift when they give me today is worth about $30,000. I no go take this love for granted, because I no really do anything for am.”
His rise has been hailed as proof of how social media is transforming lives in Nigeria. With no degree, no rich background, and no industry connection, Geh Geh has managed to build a fanbase that now calls themselves “students” of his unusual university.
Still, his controversial views on women and relationships continue to spark heated debates. While some dismiss his advice as reckless, others insist his boldness speaks directly to Nigeria’s frustrated youth.
Reflecting on his sudden fame, Geh Geh compared himself to great thinkers:
“If Nigeria be country wey value great people, by now them suppose dey compare people like me with Aristotle, Wole Soyinka, Einstein… but I thank God say people dey see my head and my own difference.”
From an orphan with no prospects to a viral star earning in dollars, Geh Geh’s story has become one of digital empowerment.
His journey shows how platforms like TikTok are creating new forms of fame, money, and influence for Nigerians especially those once written off by society.
The United Kingdom has once again cemented its position as Nigeria’s leading source of foreign capital, accounting for more than N5.5 trillion in inflows during the first quarter of 2025, according to the latest data from the National Bureau of Statistics (NBS).
Figures from the Capital Importation Report show that capital from the UK rose to $3.68bn (N5.52tn) in Q1 2025, representing 65.26% of Nigeria’s total $5.64bn inflows for the quarter.
This marked a 29.2% rise from the $2.85bn recorded in Q4 2024 and more than double the $1.81bn inflows seen in Q1 2024.
This underscores Britain’s dominance in Nigeria’s external financing profile and highlights the strong bilateral financial ties between both nations.
Breakdown of Q1 2025 Capital Inflows by Country
United Kingdom: $3.68bn (65.26%)
South Africa: $501.29m (8.88%)
Mauritius: $394.51m (6.99%)
United States: $368.92m (6.54%)
United Arab Emirates: $301.72m (5.35%)
Together, these top five countries accounted for over 92% of Nigeria’s capital inflows, reflecting both the concentration of Nigeria’s foreign investments and the risks of over-dependence on limited markets.
Other contributors included:
Cayman Islands: $114.76m (up sharply from $0.64m in Q4 2024)
Belgium: $70.54m
France: $47.33m
Netherlands: $42.68m (down significantly from $425.61m in Q4 2024)
Singapore: $36.79m
Overall, capital importation into Nigeria stood at $5.64bn in Q1 2025, up 10.9% from Q4 2024’s $5.09bn, and a remarkable 67.1% higher than the $3.38bn recorded in Q1 2024.
The NBS noted:
“Capital Importation during the reference period originated largely from the United Kingdom with $3,681.96m, showing 65.26 per cent of the total capital imported.”
A separate survey by Strategy Management Partners (UK) reveals that British companies are increasingly targeting Africa as a strategic growth frontier.
50% of UK firms with annual turnover above £20m are already operational in Africa and planning expansions.
Another 28% of executives said they are interested but remain cautious about entry strategies.
Africa’s appeal lies in its resource wealth and demographic potential:
30% of the world’s mineral reserves
8% of natural gas reserves
12% of oil reserves
65% of the world’s arable land
Projected to host 25% of the global workforce by 2035
Seven key sectors remain magnets for foreign capital inflows into Nigeria and Africa at large:
1. Technology
2. Oil & Gas
3. Power and Renewable Energy
4. Agriculture
5. Manufacturing
6. Infrastructure
7. Strategic Minerals
Analysts warn that while Nigeria’s reliance on UK-driven inflows reflects strong global confidence, the concentration of sources exposes the economy to external shocks if investor sentiment shifts in these countries.
Diversification of investment partnerships particularly within Asi
a, the Americas, and intra-African trade will be crucial to ensuring long-term resilience in capital inflows.
The United States government has said that Nigeria’s new N70,000 minimum wage has lost real value due to the sharp fall of the naira, leaving millions of workers trapped in poverty.
According to the 2024 Country Reports on Human Rights Practices, released by the U.S. Department of State’s Bureau of Democracy, Human Rights, and Labour, the wage translates to just $47.90 per month.
The report noted that currency devaluation and weak enforcement have undermined the wage increase.
The report also revealed that many states are yet to implement the new wage law. Several governors cited financial challenges as the main excuse.
Even where the law exists, compliance remains poor because of limited labor inspectors and weak oversight from authorities.
Wage Devaluation and Exclusion
The report highlighted that firms with fewer than 25 workers are excluded from the minimum wage law, leaving millions of employees without protection.
This also explained that about 70 to 80 percent of Nigeria’s workforce operates in the informal sector, where wage and labor rights are almost never enforced.
This means a majority of Nigerians continue to earn far below the national benchmark, despite the government’s approval of N70,000 as the new minimum wage.
The U.S. report stressed that the naira’s sharp decline, trading above N1,500 to the dollar, had worsened the wage erosion. This has left workers unable to afford basic needs, pushing many deeper into poverty.
Human Rights and Labor Challenges
The document pointed out that weak enforcement of labor laws contributes to worsening poverty levels in the country.
Workers in the informal sector, such as street vendors, artisans, and small traders, rarely benefit from labor protections.
The report also noted that Nigeria’s minimum wage is rarely sufficient to cover basic food, housing, and transport needs.
This has further exposed structural gaps in the government’s approach to economic reforms and poverty reduction.
Governors Push Investment Platform
Meanwhile, the Nigeria Governors’ Forum (NGF) has launched a new investment initiative called NGF Investopedia.
The platform seeks to attract capital flows into bankable projects across all 36 states, with the goal of tackling Nigeria’s annual $100 billion infrastructure financing deficit.
The launch event in Abuja gathered governors, international partners, and investors. The forum described the platform as a long-term strategy to unlock growth opportunities across states and strengthen Nigeria’s subnational economies.
NGF Chairman and Kwara State Governor, Abdulrahman AbdulRazaq, said Nigeria must urgently leverage its human and natural resources to address poverty and joblessness.
“Here is Africa’s largest economy, endowed with abundant human and natural resources,” he said, stressing that state governments must play a bigger role in attracting investments and supporting local industries.
A Widening Gap
The contrast between the U.S. report on wage decline and the governors’ push for investment highlights Nigeria’s economic paradox.
While authorities promote foreign capital inflow, millions of workers continue to survive on wages that have lost most of their value.
With inflation rising, food prices soaring, and the naira weakening, the gap between earnings and cost of living keeps widening.
Unless enforcement improves and the informal sector is integrated into wage protections, the N70,000 benchmark may remain symbolic rather than effective.
Fidelity Bank may have hit another milestone the Fidelity Naira Card is now accepted globally.
This was disclosed in a message sent to Diaspora Digital Media (DDM) via email on Monday.
According to the statement entitled “Your Fidelity Naira Card Now Works Globally; Shop, Pay and Withdraw with Ease!“, customers can buy favourite global brands online using their Fidelity Naira Card.
The band also stated that they can equally pay at POS terminals abroad and make cash withdrawals at ATMs as they travel.
The message reads:
“We’re excited to let you know that your Fidelity Naira Card is now enabled for global use — so you can shop, spend and withdraw internationally with confidence.
“Here’s what you now enjoy every quarter:
|
Channel |
Transaction Limit |
| ATM Withdrawal abroad | $500 |
| Online/Web & POS Payments | $ 1,000 |
“What does this mean for you?
- Shop your favourite global brands online
- Pay at POS terminals abroad with ease
- Withdraw cash at ATMs when you travel.”
The statement, however, noted that the $1,000 quarterly limit applies to all international transactions combined, including ATM withdrawals, online purchases, and POS payments.
The bank urged customers who may need assistance with setting card limits or activating their cards for global use, to contact the bank’s customers care “Centre Trueserve”, which is available round the clock, whether in Nigeria, or outside the country.
“Your world, your card — spend smart, spend globally with Fidelity,” the message concludes.
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