The Nation Newspaper

Category: Commentaries

  • Ighodalo’s crass hyperbole

    Ighodalo’s crass hyperbole

    Don’t know if the Edo have any equivalent quip, but the Yoruba have a saying that a sheep that wanders with dogs will in time eat faeces. 

    That about sums up the claim by Asue Ighodalo, the defeated PDP candidate in the September 21 Edo gubernatorial election, that that election was the “worst” in Nigerian history!  Is the technocrat Ighodalo such a green horn in Nigerian politics?

    Did he ever hear of a certain fellow called “The Fixer”, the late Chief Tony Anenih, incidentally Ighodalo’s Esan political ancestor?  If he ever heard of Anenih’s satanic talents at fixing elections, he’d never have permitted himself that infernal hyperbole.

    Even before becoming former President Olusegun Obasanjo’s election fixer-in-chief, Anenih had gathered enough notoriety in the aborted 3rd Republic, by leading the Shehu Musa Yar’Adua storm-troopers to trade off Chief MKO Abiola’s June 12, 1993 presidential mandate for Ernest Shonekan’s Interim National Government (ING).

    Anenih was the first and only national chairman of a political party in Nigeria — the defunct Social Democratic Party (SDP) — to pawn his party’s win; and thereafter, declare he and his gang were beatified!  Of course, apart from the late Yar’Adua, he also worked hand-in-glove with Obasanjo, whose abiding life ethos is he cannot look good unless he makes others look bad.

    After the June 12 conspiracy ended in definitive defeat for the political military, the Army Arrangement that smuggled in Obasanjo as beneficiary-in-chief, of the same democracy he actively worked against, both Anenih and Obasanjo inherited the new 4th Republic — the one as fixer-in-chief, helping the other, as commander-in-chief. 

    Between them, they managed the outrageous 2003 and 2007 presidential elections: the one, an introduction to hell; the other electoral hell itself raw and sore, which nevertheless signalled the beginning of the end for the notorious vote-robbing PDP.

    Read Also: Tinubu to citizens: your sacrifices will soon yield enduring economic benefits

    Indeed — need Ighodalo be told? — the off-cycle Edo election he contested and got mauled emanated from the failure of Anenih and co to steal Adams Oshiomhole’s victory in 2007.  That the one they call Oshio-Baba clawed back in court what he won fair and square at the polls started the off-cycle polls in Edo, Ondo, Ekiti, Osun (all results from the checkmated electoral heists of 2007) and later, Anambra.

    In fact, it was the returned “Edo steal” that led to the Oshiomhole whoop that he had vanquished the Edo (election-thieving) godfathers, of which Anenih was No. 1.  So, next time Ighodalo makes claims of “worst election”, he must benchmark such against the all-time rot of Anenih and co.

    Besides, the 2007 heist — which supposed “winner”, the late Umaru Musa Yar’Adua, was so ashamed of —  triggered the electoral reforms that birthed today’s IT guard rails.  So, no matter how bad losers paint today’s elections, they can’t be anything near the Obasanjo/Anenih era.

    That’s the thing, though.  Ighodalo’s political socialization, under Godwin Obaseki’s wing, is far from stellar — which was why Obaseki would echo Obasanjo’s do-or-die credo of 2007.  Well, his candidate “died” while Monday Okpebolo of the APC “did”. 

    It was crushing defeat anxiously waiting to happen, given how Obaseki was busy fighting everyone.

  • Remembering Bala Usman

    Remembering Bala Usman

    • By Bishir Dauda Sabuwar

    Sir: Today, Tuesday, September 23 marks 19 years since the demise of a historian par excellence, and a social crusader, Dr. Yusufu Bala Usman.

    Bala Usman was a critic of capitalism and neo-liberalism. He wrote and presented many seminal papers in which with facts and figures, he identified neo-liberal economic policies as inappropriate to African countries, including Nigeria. He also interrogated and challenged theories put forward by western and liberal scholars. For instance, in his classic book, For the Liberation of Nigeria, Dr. Bala argued that poverty in Nigeria cannot be explained by the theory of scarcity. According to him, the dog eats dog system that exacerbates exploitation of the masses, fuels corruption and filthy wealth accumulation by a class of tiny elites, is the reason for widespread poverty in Nigeria. He rightly accused the Nigerian ruling class of being agents of imperialism. They are intermediaries who fed fat on the national cake through exploitation and expropriation.

    When Nigeria under the military dictatorship of Ibrahim Badamasi Babangida, wanted to collect IMF loan, Dr. Yusufu Bala Usman was amongst the foremost activists who expressed genuine resistance. He authored a book titled: Nigeria Against the IMF: The Home Market Strategy. He condemned the Structural Adjustment Programme (SAP) with its attendant massive job losses, currency devaluation, collapse of the manufacturing sector, dependency, among others.

    Read Also: Senate, House opt for joint probe of oil sector

    Instead of Nigeria’s continuous implementation of copied policies that over time failed to work, Dr. Bala proposed an alternative economic system which he called “Home Market Strategy”. This involved shifting from focusing more on exporting raw material to the western capitals to a more inward-looking oriented economy whose focus was more on harnessing local resources to meet local needs. He coherently showed how Nigeria could become a self-sufficient nation in everything.

    The home market strategy is very relevant even today and if it is implemented, will lessen Nigeria’s dependency on foreign products, break the vicious debt circle, revive our manufacturing industries, strengthen our currency, etc.

    I hope our leaders at all levels will study the Home Market Strategy and make use of the lofty recommendations therein to tackle the challenges facing our country.

    •Comrade Bishir Dauda Sabuwar,

    Unguwa Katsina.

  • PBAT: Don’t scrap Humanitarian Ministry

    PBAT: Don’t scrap Humanitarian Ministry

    • By Mukhtar Ya’u Madobi

    Sir: One issue that have caught the attention of citizens is the speculations around the plan by President Bola Ahmed Tinubu to scrap the Ministry of Humanitarian Affairs and Poverty Alleviation. This speculation has raised concerns among various sectors of the populace, especially looking at the strategic roles played by the ministry in uplifting the lives of Nigerians.

    While the administration’s pursuit of efficiency and the fight against corruption is commendable, the decision to dissolve a ministry that addresses the welfare of Nigeria’s most vulnerable citizens would be a grave mistake and at the same time counterproductive.

    President Tinubu should consider reforming and reinvigorating it to serve as a tool for improving the lives of millions of Nigerians thereby serving the purpose of its creation.

    The ministry which was established in 2019 by the administration of former President Muhammadu Buhari was designed to provide essential services to Nigeria’s most disadvantaged population, including people with special needs, displaced persons, and those living in abject poverty. The ministry’s scope spans a wide range of humanitarian efforts, from managing social safety nets and alleviating poverty to responding to natural disasters and emergencies.

    In a country with widespread poverty, high unemployment, and ongoing humanitarian crises, occasioned by insecurity and natural disasters such as flooding, the ministry plays a crucial role in ensuring that vulnerable Nigerians do not fall through the cracks.

    Nigeria has a staggering population of internally displaced persons (IDPs) due to terrorism, banditry, and natural disasters. As of December 2023, Displacement Tracking Matrix (DTM) reported a total of 3,397,531 internally displaced persons (IDPs), 1,874,283 IDP returnees, and 209,552 refugee returnees living in more than 3,900 locations across 14 states in Nigeria.

    Based on statistics, disbanding the ministry would lead to a vacuum in the delivery of humanitarian services, particularly to IDPs, people living with disabilities, and marginalized communities who depend on government interventions for survival.

    Read Also: Tinubu to citizens: your sacrifices will soon yield enduring economic benefits

    Moreover, scrapping the ministry would erode the capacity to coordinate responses during disasters such as floods, pandemics, and other emergencies, leaving Nigeria less equipped to handle crises. The existence of a dedicated humanitarian ministry serves as an institutional framework that can effectively mobilize resources, both from within and outside the country, to manage these challenges.

    No doubt, for the past years, the ministry has been marred by allegations of corruption and mismanagement, notably involving the immediate past minister, Sadiya Farouq, and more recently, the suspended minister, Dr. Betta Edu. However, corruption in the ministry should not justify its dissolution. Instead, it underscores the need for a stronger leadership structure—one based on transparency, accountability, and commitment to humanitarian ideals.

    Therefore, President Tinubu’s administration, with its pledge to tackle corruption and restore public trust, should prioritize appointing an individual who embodies the values of integrity, dedication, and genuine concern for the plight of the underprivileged.

    Only such a leader could transform the ministry into an efficient vehicle for poverty alleviation, disaster management, and humanitarian assistance, thereby restoring the confidence of Nigerians in the government’s commitment to their welfare.

    In the broader context of national development, the ministry can help address Nigeria’s pressing socio-economic challenges. Poverty and inequality remain critical issues that demand focused government intervention. Effective humanitarian assistance and poverty alleviation efforts can mitigate the effects of these problems, contributing to national stability and growth.

    The Tinubu administration has an opportunity to turn this moment of uncertainty into one of promise by re-envisioning the Ministry of Humanitarian Affairs as a cornerstone of its social agenda.

    Therefore, reforming the ministry by assigning a capable leadership, the Tinubu administration can leave a lasting legacy that reflects its commitment to building a fairer, more just society.

    •Mukhtar Ya’u Madobi,

    Kano.

  • Is Anambra ready for its local government election?

    Is Anambra ready for its local government election?

    • By Chiedu Uche Okoye

    Sir: There are ominous signs that the forthcoming Anambra’s local government election will end in fiasco and legal battles. The ruling party’s intractable internal crisis and some opposition parties’ planned boycott of the poll are portents of political trouble for Anambra State.

    Like most political parties, APGA has always been wracked with troubles and internal strife. At a time in the past, Chief Chekwas Okorie, daringly, took on the party’s big cheese in a litigation battle. Now, the party is riven down the middle with members of Edozie Njoku’s faction of APGA claiming that their faction is duly recognized by INEC while members of the Governor Chukwuma Soludo’s faction are rebutting and controverting the claim of the other faction.

    In the midst of the scuffle and tussle for the control of APGA by its stalwarts, the Supreme Court gave a ruling, which granted financial autonomy to local government areas in Nigeria. The ruling has stampeded Governor Soludo into taking action to conduct council polls in Anambra State. But is the Anambra State government prepared for the conduct of the local government election? Is the APGA’s internal troubles and the litigation trailing the forthcoming September 28 Anambra local government election not portents of political trouble for the state?

    Again, the Labour Party and APC leaders have said that their parties would not participate in the council poll because Soludo’s constitution of the electoral committee and announcement of date for the election breached the electoral law. The parties had instituted cases in courts to prove that the conduct of the election would amount to the execution of an act of illegality.

    Incredibly, in spite of the clouds of uncertainty hanging over the proposed conduct of the election, the candidates of APGA and PDP are always on the hustings to tell the electorate how they will bring the dividends of democracy to them if elected into offices. And public buildings are adorned with campaign posters of those candidates vying for councillorship and chairmanship positions on the platforms of APGA, PDP, and others.

    However, some people have taken a dim view of the proposed election. They hold the view that Soludo will use the immense power at his disposal to manipulate the poll in favour of his APGA faction. Their entertainment of doubts that Soludo’s impartiality regarding the election cannot be guaranteed stems from the fact that ANSIEC staff are at his beck and call. They posit that a person who pays the piper calls the tune.

    Read Also: Senate, House opt for joint probe of oil sector

    But the stark and indisputable fact is that the stage is being set for the judicial disputation of the election results that will emanate from the conduct of the September 28 election. And some political parties’ strivings for the invalidation or stoppage of the conduct of the council election will distract Governor Soludo from carrying out the gargantuan duties of his office.

    Therefore, it is incumbent on Soludo to navigate this landmine of local government election deftly, justly, and judiciously to avert a harvest of unintended disasters that might result from his conduct of the election. We know that he is hastening the processes for the conduct of the election to avert the federal government’s sanction, which will encumber the Anambra local government areas’ carrying out of their statutory functions.

    But he should balance the overriding imperativeness of conducting the election and the consequences of side-lining and alienating some political parties.

    It will not be an injudicious decision if he reschedules the conduct of the election, co-opt members of other political parties into the election committee, and revitalise the state’s electoral body (ANSIEC) with training for its workers.

    •Chiedu Uche Okoye,

    Uruowulu-Obosi, Anambra State.

  • This time too shall pass away

    This time too shall pass away

    By Opeyemi Bamidele

    Let me most sincerely welcome all my colleagues back from our annual recess, a period we, as a tradition, suspend plenaries for dispassionate field engagements. It was no doubt a period of wider consultations in preparation for the tasks ahead. It was also a period of intense engagement with critical stakeholders nationwide with a view to getting feedback from our constituents; identifying issues of public interests and presenting the feedback for policy consideration in the 2025 fiscal year.

    A lot of events indeed happened between the period we went on annual recess and now. The events obviously ranged from the nationwide protests to the return of long queues to our filling stations; festering instability in the foreign exchange market and flood disaster that escalated humanitarian crises in some states of the federation. Each of these public concerns, again, reminded us about the complexity of our socio-economic challenges; people’s desperation for multi-pronged antidotes and the crucial tasks of transforming Nigeria to a federation we shall all be proud of someday.

    At the National Assembly, we clearly understand all these public concerns and the rights of the people to demand explanations, especially at the time of national crises. We also understand that governments at all levels are under obligation to listen to public grievances and work out strategies to address them. But are these challenges peculiar to us as a people? Is Nigeria the only country facing hard times worldwide?

    Of course, countries – developed, emerging and underdeveloped – are going through turbulent times, economically and politically, across the globe. For example, Ghana and Kenya in East Africa, Argentina and Venezuela in South America, Japan and Pakistan in the Pacific, Iran and Saudi Arabia in the Middle East as well as Greece and Spain, among others, are all neck-deep either into intractable crises that their governments are working hard to reverse or considerably address.

    Read Also: Tinubu to citizens: your sacrifices will soon yield lasting economic benefits

    These countries are, like Nigeria, methodically and painstakingly responding to their challenges not just to meet public expectations, but also to create enabling environments for real growth and sustainable development. This is not, in any way, to make an excuse for the governments. Rather, it is to show that the world has entered into another era of turbulence, first started with the outbreak of COVID-19 in 2020; followed by the escalation of the Russia-Ukraine conflict in 2022 and compounded by the renewed hostility between Israel and Palestine in 2023. 

    Each of these geo-political dynamics has grave implications for import-dependent economies like Nigeria and their internal stability. As we are all aware, the escalation of the Russia-Ukraine conflict disrupted the importation of grains to Africa. Consequently, it triggered chronic food inflation in most African economies because most of them sourced 50% of their grain needs and 70% of their wheat requirements from Russia and Ukraine. They could not because the war disrupted grain shipment.

    Nigeria was not exempted from this grain supply distortion. Her grain supply constraint was compounded by internal instability that further decapitated her food production capacity long before the current administration office.That explained why food inflation was as high as 40.87% in June 2024 before it dropped to 39.53% in July 2024 and further to 37.52% in August 2024. What does this decline truly suggest? It simply suggests that the multi-pronged responses of all government arms have started yielding positive outcomes. This time shall surely pass away.

    These geo-political dynamics, likewise, escalated the prices of crude oil in the international market. For us, as one of the world’s oil producers, this increase should ordinarily be a blessing rather than a headache. Again, the failure to significantly and strategically invest in the development of the midstream petroleum infrastructure  turned us to a victim of the geo-political conflicts. And we were faced with the realities of either returning to a vicious subsidy regime or bracing up for the escalating fuel pump prices that eventually constrained people’s living standard. We are now gradually navigating through this thorny path that our fear to decisively act constricted us. 

    This was the indisputable geo-political context that an import-dependent Nigeria found herself, even before the inauguration of the 10th National Assembly. These challenges became more excruciating and grievous within the first year of our four-year tenure. These are the grim and disturbing realities from which we cannot run away. As public servants, we took up the gauntlets and began addressing our heinous national challenges from the very foundation.

    Fellow countrymen, we have been responding to these challenges, considering creative and innovative parliamentary initiatives. As legislators, we firmly share a conviction that the initiatives will, in no small measure, add value to the lives of over 133 millions, whom the World Bank Group classified to be multidimensionally poor. And we are committed to this vital national mission for which we were elected to undertake.

    But Nigerians must trust us with the power they had already entrusted to us. This is not the time to play politics with all these issues of national significance, all in the name of strategising to win the 2027 contest. We must remember that there must be 2025 before 2026  and 2026 before 2027. What Nigerians are demanding from us is the demonstration of patriotic spirit and not the display of parochial political agenda that will never improve the lives of our people, whether in the North or South. We must not miss this period of national challenge. It is the best time to act collectively, decisively and reasonably.

    How has the National Assembly been responding to all these national challenges? This is a vital question that deserves a detailed response. But I will point out a few areas that we have, independently or interdependently, addressing all these challenges. First, we have a clear understanding with all federal agencies we are oversighting that we will not tax citizens, who are multidimensionally poor. We are committed to this promise because we are in government for the people and not against the people.

    This truly explains why we introduced windfall tax under the 2023 Finance Act. This legislation, specifically, imposes a one-year tax on the realised foreign exchange profits derived by commercial banks in the 2023 fiscal year. This practice is not peculiar to Nigeria alone. Countries going through turbulent economic times have  embraced it in Europe and beyond, though with the sole purpose of resolving their fiscal challenges. In 2022, for instance, the Parliament of the United Kingdom introduced a 25% Energy Profits Levy, which it imposed on its oil multinationals.

    The levy was increased to 35% in 2023 when the UK effectively slid into another meltdown. Within this time, this tax was introduced in 25 member-states of the European Union. In Greece, it was as high as 60%; 70% in Slovakia; 75% in Ireland; 90% in France; 90% in Austria and 100% in Belgium, each of which purely targeted electricity and oil giants that made super profits. If these countries could go this far, why can we not do the same in the national interest? It is a progressive tax aimed at taking from the wealthy to fund pro-people projects and programmes.

    Consistent with our mandate under Section 59 of the 1999 Constitution, we also reviewed highly fundamental sections of the 2024 Appropriation Act to address thorny issues that could have created funding gaps and further compound our socio-economic challenges. This review enabled the Parliament to mandate the Executive to significantly scale up its social support to the poorest of the poor due to acute food inflation that the nation witnessed for 12 consecutive months. In addition, the Executive further suspended import duty on food products, also with a view to making food more accessible, available and affordable.

    At the time of the national labour dispute, also, the Parliament meaningfully engaged the leadership of the Nigeria Labour Congress (NLC) and Trade Union Congress (TUC). The engagement was designed and structured to assure the labour leaders of our unflinching support; promise them our unbiased interventions and persuade them from shutting the economy that we are all working together to strengthen. Even when they did not, in entirety, trust our resolve, we proved them wrong; honoured their agreement with the Executive and sped up the enactment of the 2024 National Minimum Wage Act.

    We truly committed our energy, intellect and time to make all these initiatives happen. Our drive is nothing, but mirrors our allegiance to all our constituents nationwide and undying passion to ease vicious fiscal challenges under which our nation is reeling. We made critical interventions in the interest of all our countrymen regardless of their socio-economic status. We are still committed to more creative legislative interventions that will positively impact our economy and polity in future.

    As we return fully to the parliamentary sessions, the National Assembly will, without ambiguity, revisit its decision to decisively address challenges in the petroleum industry. The industry is not optimal in its performance. This may not be unconnected to crude oil theft, endless turn around maintenance of public refineries, importation of substandard petroleum products and disruption of fuel supply, among others. Before we went on annual recess, the President of the Senate, His Excellency, Senator Godswill Akpabio, GCON, constituted an ad-hoc committee to beam searchlights on all these issues. The Senate later expanded the scope of the committee to deal with diverse allegations of economic sabotage in the petroleum industry.

    Contrary to some media reports, the Senate never suspended its Ad-hoc Committee to Investigate Alleged Economic Sabotage in the Nigerian Petroleum Industry, but postponed its public hearing due to the need to address issues that border on the Rules of the National Assembly. Today, both chambers of the National Assembly will resolve the issues and possibly constitute a joint committee that will continue with the investigation from where the ad-hoc committee stopped. We are committed to unearthing the roots of economic sabotage in the petroleum industry in the national interest and developing institutional mechanisms that will make the industry more efficient and functional.  

    We are expecting a new medium term expenditure framework (MTEF) from the Executive. MTEF is an integral part of our budget culture that emphasises a multi-year public expenditure planning exercise; sets out the future budget requirements for existing services and assess the resource implications of future policy changes. The consideration of MTEF occupies a prime place on the rung of our legislative agenda. This is simply because MTEF must be ready before the 2025 Appropriation Bill can be laid before the National Assembly.

    We are equally preoccupied with the review of the 1999 Constitution. In the Senate, the Constitution Review Committee is chaired by Deputy President of the Senate, Senator Barau I. Jibrin, CON. In the coming weeks, the Committee will hold retreats and strategy sessions; call for memoranda and organise zonal meetings on some sections of our grundnorm that should be amended. Given the pedigrees of all its members, this exercise no doubt promises a truly federative approach that will redefine and reinvent public governance in this country.

    We have all these legislative initiatives before the Parliament for consideration in coming weeks. Each of the initiatives is designed to develop an efficient and functional political system that works for all and not for the few. We therefore plead for more cooperation and understanding to act in the best interest of all Nigerians. As a people, we must all share the conviction that the task of nation-building is not individualistic or unilateral in nature. But it must be collectively driven at building one indivisible, resilient and united nation. We must rise above parochialism and sectionalism to reposition Nigeria for a global role for this time too shall soon pass away.

    • Bamidele, Leader of the 10th Senate, writes from Abuja

  • Wale Tinubu: Defying odds, building West Africa’s energy giant

    Wale Tinubu: Defying odds, building West Africa’s energy giant

    By Chima Obiora

    In Nigeria’s challenging business environment, any company that operates profitably for just a decade is considered exceptional. Oando Energy, which started from humble beginnings over 30 years ago, has successfully breasted several finish lines  and now tops the oil and gas sector pyramid in Nigeria and indeed in West Africa.

    But for a while, there have been various public narratives on Oando and its Group Chief Executive Officer, Wale Tinubu, with certain persons attempting to turn facts on their head.

    Not the least of these imputations is that the Wale Tinubu-led Oando is being favoured by the government because of his familial relationship with the current Nigerian leader, Bola Tinubu.

    Apparently coloured with in politics, the recent seeming attacks on Oando’s business operations vis-à-vis its acquisition and thereafter divestment in OVH as well as its acquisition of Nigerian Agip Oil Company (NAOC), have been nothing but baseless.

    As it is, the facts do not support the perception in certain quarters, especially sentiments expressed by  former Vice President Atiku Abubakar that the company is thriving as a result of the undue favour it is getting from the Bola Tinubu administration.

    This is because the Oando story did not start with the current government. In fact, there were other landmark achievements, including several acquisitions by the company before the Tinubu administration,  which is barely 16 months old.

    But these forces have continued to push the flawed narrative that the Oando Plc chief executive is being favoured in his business acquisitions by the government because the president is his uncle.

    Read Also; Ofone!

    Oando is sub-Saharan Africa’s foremost indigenous energy group with a primary listing on the Nigerian Stock Exchange and a cross-border listing on the Johannesburg Stock Exchange.

    Its story goes back to 1956 when ESSO West Africa Incorporated, a petroleum marketing subsidiary of Exxon Corporation, which was then acquired by the federal government in 1976 and rebranded as Unipetrol Nigeria Limited. This  eventually gave birth to Oando.

    The real transformative journey of Oando began with the establishment of Ocean and Oil Services Limited, whose focus was on the supply and trade of petroleum products both locally and internationally.

     In 2000, Ocean and Oil Holdings acquired a 30 per cent controlling interest in Unipetrol, later increasing it to 42 per cent in 2001. Following a further acquisition of a 60 per cent stake in Agip Nigeria Plc in 2002, Unipetrol and Agip Nigeria were merged in 2003, resulting in the formation of Oando.

    Over the next decade, Oando subsequently built the largest indigenous integrated energy company in Sub-Saharan Africa.

    These comprised Oando Marketing Limited, one of the largest downstream petroleum marketing companies in Nigeria with over 500 retail outlets across Nigeria, Ghana, and Togo.

    There’s also Oando Supply and Trading Limited, incorporated in 2004, one of the largest independent traders of crude and refined petroleum products in sub-Saharan Africa.

     Besides, Oando Gas & Power Limited incorporated in 2004, is a pioneer in the development of Nigeria’s foremost gas distribution network, spanning 264km and serving over 150 industrial and commercial customers in Lagos, Calabar and Port Harcourt.

    For Oando Energy Services Limited incorporated in 2005, it is Nigeria’s largest indigenous oilfield services provider, enhancing indigenous participation with a fleet of five rigs while Oando Energy Resources is regarded one of Nigeria’s foremost indigenous upstream oil and gas companies.

    On its oil and gas upstream journey, this commenced 20 years ago, when in 2004, the company secured a 42.75 per cent interest in the marginal field, Oil Mining Licence (OML) 56. Subsequently, in 2007, it acquired a 15 per cent stake in OML 125 & OML 134.

    Hungry for further success, in 2008, Oando acquired a 30 per cent interest in the Akepo marginal field, OML 90. This continued in 2009, when it further acquired an 81.5 per cent interest in Equator Exploration Limited, while in 2012, the Company was awarded a 100 per cent in Blocks in Sao Tome EEZ.

    In 2014, the company achieved a significant milestone by acquiring ConocoPhillips Nigerian assets for $1.8 billion, inclusive of working capital, securing a 20 per cent interest in the NAOC-Joint Venture.

    It augmented its total net 2P reserves to 503 million barrels of oil equivalent (mmboe), with peak net production levels of 45,000 barrels of oil equivalent per day (kboep/d).

    In 2016, the company took a strategic decision, to divest from its naira earning businesses and to focus on its dollar earning portfolio, resulting in the phased sale of its interest in the downstream between 2016 to 2019, and its stake in the midstream in 2017.

    Besides, in 2021, Oando Clean Energy Limited was established to design and deliver clean energy projects towards the realisation of the nation’s energy requirements and the United Nation’s Race to Net Zero.

    Now a big player in the industry, in August 2024, 10 years after the purchase of ConocoPhillips Nigerian assets, Oando completed the acquisition of 100 per cent of Eni’s interest in NAOC, the operating company of the JV, further increasing its stake in the JV from 20 per cent to 40 per cent, securing operatorship of the JV and doubling its 2P reserves to 996.2 mmboe.

    This acquisition also resulted in the expansion of the company’s exploratory asset base portfolio.

    Today, the company’s strategic focus lies on expanding its dollar earning portfolio and positioning itself for the energy transition through the development of its renewable energy business.

    This significant milestone of the successful acquisition of Eni’s Nigerian subsidiary, NAOC for $783 million, achieved in a signing ceremony in London,  marked a new era for the Nigerian energy sector, describing it as a watershed moment for indigenous oil and gas players.

    Sixty eight years after the discovery of oil in Oloibiri, Oando is  now poised to lead and operate oil and gas assets previously dominated by International Oil Companies (IOCs) in Nigeria.

    Despite the thorough trashing of the allegations by the former vice president , which also included alleged underhand dealings in the NNPC’s acquisition of OVH, the matter continues to still continue to take some space in public discourse.

     According to Atiku, the retention of Mr. Mele Kyari as the Group Chief Executive Officer of NNPC was a compensation for the alleged acquisition of NNPC Retail Ltd by OVH in which he claimed Mr Wale Tinubu held 49 per cent stake.

    He further alleged that the NNPC Retail and OVH acquisition deal was part of a grand scheme by Tinubu to integrate his personal business interests into Nigeria’s public enterprises at the federal level.

    Separately, the 2023 Peoples Democratic Party (PDP) presidential candidate,  challenged the government to clarify how Oando Plc allegedly received accelerated approval to acquire the onshore assets of NAOC.

    But those who should know better, especially government agencies in the sector have come out to explain why other divestment deals slowed down and why the Oando transaction appeared to have been faster compared to those ones.

    For instance, the Nigerian Upstream Petroleum Regulatory Commission (NUPRC) in an explanatory note, said the approval of the divestment deal between Oando and NAOC followed due process and was done in compliance with existing regulations.

    As for the divestment by Mobil Producing Nigeria Unlimited (MPNU) to Seplat Energy Offshore Limited (Seplat), referenced by Atiku, the statement noted that it was undergoing the same consent approval process and is expected to be completed within the 120-day timeline provided by the Petroleum Industry Act (PIA).

    “It is worth pointing out that NNPC’s right to pre-emption and consent under the NNPCL/MPNU Joint Venture Joint Operating Agreement was the subject of Suit No: FCT/HC/BW/173/2022 NNPC versus Mobil Producing Nigeria Unlimited, Mobil Development Nigeria Inc., Mobil Exploration Nigeria Inc. and NUPRC,” it added.

    On OVH, the NNPC sought to push back on allegations by Atiku that the president as well as Wale Tinubu had underhand dealings in the national oil company’s acquisition of OVH.

    Contrary to the “false alarm” raised, the NNPC stated that neither Wale Tinubu nor the president has any interest in the OVH acquisition, stressing that the process of renaming OVH NNPC Retail after its acquisition was ongoing.

    As it is today, the post-merger renaming had been completed, meaning that  OVH Energy Marketing Limited is now NNPC Retail Limited and  this has been accepted by the Corporate Affairs Commission (CAC).

    Indeed, it is only those who do not know Wale Tinubu well that will insinuate that he will push to get anything done on a platter. That would be very much unlike him.

    Wale has never been a pushover. From all available pointers, Bola Tinubu was not the president when Wale acquired those aforementioned assets spanning decades.

    Many can still remember Mofe Boyo alongside Jite Okoloko who along with Wale Tinubu birthed what has today become the energy sector behemoth to beat. These three musketeers became the poster boys of the privatisation programme then.

    Wale started early school in Nigeria before proceeding to University of Liverpool, England for his tertiary studies where he earned a bachelor’s degree in law (LLB). Subsequently, he went to the London School of Economics where he bagged a master’s degree (LLM) specialising in International Business Law in 1989 and was called to the Nigerian Bar in 1990.

    He began his career in 1990 as a legal practitioner and later achieved a track record as a serial energy entrepreneur with a proven reputation in building energy companies and institutions.

    An astute business leader, and a visionary with a track record of having raised over $4 billion from international financiers for various growth, acquisitions, and development projects. He sits on the board of various companies.

    In 1993, he co-founded Ocean & Oil Group leading its growth from an oil trading and shipping company to a fully diversified Oil & Gas Company. In 2000, Ocean & Oil acquired a controlling interest in Unipetrol PLC and two years later, he led the largest ever acquisition of a quoted Nigerian company, with Unipetrol PLC’s purchase of Agip Nig PLC, thereafter rebranded as Oando.

    He is globally recognised for the successful transformation of Oando from a petroleum marketing company to sub-Saharan Africa’s foremost integrated energy group.

    Under his leadership, Oando Marketing became the nation’s leading distributor of petroleum products with a network of over 130,000MT tank storage capacity and over 400 retail outlets.

    He also pioneered the construction of a state-of the art mid-stream jetty designed to eliminate operational inefficiencies in petroleum product importation, resulting in millions of dollars cost savings for the industry.

     For Oando Gas and Power, he developed the nation’s foremost natural gas distribution company with circa 300km of gas pipelines delivering cleaner energy to over 150 commercial customers in Lagos, Calabar and Port-Harcourt.

     In 2014, he completed the $1.8 billion landmark acquisition of Conoco Phillips  Nigerian businesses, fortifying the company’s as one of the largest indigenous oil & gas companies in Nigeria.

    Today, OER has interests in 15 licenses with extensive infrastructure across the Niger Delta & West Africa in addition to being a strategic national gas supplier as it is the 2nd largest gas supplier to the LNG and the domestic market as well as being a dominant power supplier to the nation via its Okpai Power Plant Phase 1 & 2.

    • Obiora is a Lagos-based public affairs commentator

  • Call for proactive disaster management

    Call for proactive disaster management

    Sir: Disasters could be man-made like civil unrest, wars, pollution or natural like floods, erosions, landslides and earthquakes. The recent flood disaster in Maiduguri ravished the city and caused monumental damage. Many lives and property were lost, with many people yet to find their loved ones. There are also fears of a major disease outbreak. The flood highlights the need for Nigeria to shift to a more proactive emergency management system which involves paying more attention to the mitigation, and preparedness. Effective emergency management goes beyond just announcing the possibility of a disaster occurring and distributing reliefs when they occur.

    Mitigation aims to reduce the likelihood or impact of disasters . It involves measures such as having early warning system in place restricting development in high-risk areas, promoting proper waste disposal to prevent blockages in drainage systems, ensuring people don’t build on water ways, fortifying infrastructure like dams, reinforcing critical structures, preventing deforestation to curb erosion, gathering intelligence to identify and address underlying grievances that may lead to civil conflicts.

    Preparedness involves having comprehensive response plans, training personnel, and having all the resources in place to respond to emergencies. It requires agility. For example, since there were warning signals about the flood in Maiduguri, plan should have been in place to evacuate people living in high risk areas to safe camps.

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    Better funding, coordination, collaboration and information exchange among key stakeholders, including the National Emergency Management Agency, State Emergency Management Agencies, local authorities, Fire Services, NIMET, and Security Agencies, are essential for a more proactive effective management system in Nigeria. It is imperative to involve professional project managers to ensure objectives are met.

    There is need for robust data gathering and analysis to enable effective identification of vulnerabilities. risk assessment and streamlining mitigation and response strategies. Nigeria should embrace the use of more technology in emergency management as the use of advanced tools like Geographical Information Systems, remote sensing, predictive modelling improve hazard monitoring and early warning capabilities.

    The flood in Maiduguri has highlighted the need to rejig Nigeria’s emergency management system to be more proactive and agile in order to significantly reduce the risk of occurrence and impact of disasters. It involves a holistic approach, by ensuring proper town planning, carrying out integrity test on critical infrastructures like dams and fortifying when necessary, having early warning signal and evacuation plans, etc. Enough of the avoidable loss of lives and properties in Nigeria.

    •Kenechukwu Aguolum Kenerel1@gmail.com

  • Unchecked rise of estate developer fraud

    Unchecked rise of estate developer fraud

    Sir: The provision of adequate housing is a cornerstone of societal development, and its importance cannot be overstated. Collaboration between the public, private, and corporate sectors is crucial to advancing the housing sector, enhancing citizens’ quality of life, and promoting national growth. Nigeria’s real estate industry has experienced remarkable growth, driven by increasing demand for housing and commercial spaces.

    However, beneath this booming market lies a disturbing trend: estate developers defrauding unsuspecting Nigerians of their hard-earned money.

    Fraudulent estate developers employ various tactics to swindle their victims. They misrepresent projects as completed or nearing completion when, in reality, construction has barely begun or not started at all. Some sell plots or units in non-existent estates using fake documents and convincing marketing materials. Others collect payments from buyers for delayed or abandoned projects, leaving investors stranded, and inflate prices to make properties unaffordable.

    This unfortunate practice is a common trend in the country, especially in Lagos, where some Lagos-based estate developers have been known to deceive unsuspecting buyers through a so-called ‘Buy Back’ arrangement. This scam involves providing readymade accommodation with the promise that if the developer fails to meet agreed-upon terms within a specified timeframe, they will repurchase the property. Meanwhile, these unscrupulous developers often relocate their families to the UK, boasting of their supposed untouchability due to alleged connections with influential politicians.

    The impact of these fraudulent activities is far-reaching and devastating. Victims lose life savings, inheritance, or loans, plunging them into financial distress that can lead to emotional trauma, stress, disappointment, mental health challenges, strained relationships, and loss of trust. The country’s economic prosperity also suffers. Estimates suggest that over 50% of real estate transactions in Nigeria involve some form of fraud, with the government recovering billions of naira from fraudulent activities in recent years.

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    Several factors contribute to this pervasive issue. The lack of regulation creates inadequate oversight and enforcement, enabling fraudulent developers to operate with impunity. Nigeria’s economic instability provides opportunities for unscrupulous developers to exploit desperate investors. Additionally, buyers often lack knowledge of the real estate market, making them vulnerable to false promises.

    To address these fraudulent activities, it is essential to strengthen regulatory bodies by empowering agencies like the Federal Ministry of Works and Housing to monitor and enforce regulations. The Economic and Financial Crimes Commission (EFCC) should also beam its shining light on the fraudulent activities of the estate developers. The government should also encourage transparency and mandate developers to provide detailed project information, including timelines, budgets, and completion guarantees. This will help authorities track fraudulent activities.

    Creating awareness and promoting financial literacy through public campaigns, media engagement, and workshops is also crucial. Collaboration with law enforcement is necessary to ensure swift apprehension and prosecution of fraudulent developers, serving as a deterrent. Establishing dispute resolution centres to mediate and resolve disputes between developers and buyers will also help.

    The scourge of estate developers’ fraud in Nigeria demands urgent attention. Regulatory bodies, law enforcement, and the public must work in tandem to prevent these crimes and protect innocent Nigerians. By promoting transparency, education, and accountability, we can restore trust in the real estate industry.

    To protect themselves, prospective buyers should conduct thorough research to verify developers’ credentials and project legitimacy. Seeking professional advice from lawyers, architects, and financial experts is also advisable. Buyers should insist on written agreements, project plans, and completion guarantees and be cautious of unusually low prices. Reporting suspicious activities to regulatory bodies or law enforcement will ensure a safer and more secure real estate market in Nigeria.

    Under Section 43 of the 1999 Constitution of the Federal Republic of Nigeria, which guarantees every citizen’s right to acquire and own immovable property anywhere in Nigeria, buyers must exercise diligence. By doing so, Nigerians can invest in their dreams without fear of deception, and the real estate industry can reclaim its integrity.

    •Victor Akaa,Lagos

  • Silent struggle with underemployment

    Silent struggle with underemployment

    Sir: In Nigeria today, underemployment is emerging as a low-intensity war. Everyone knows it exists but no one will speak of it. The question is no longer whether people can find jobs, but whether those jobs utilize their skills, offer sufficient wages, or provide stability. Reports indicate that the streets are filled with university graduates riding motorbikes for hire, while skilled professionals languish in jobs far below their qualifications. This isn’t just a job crisis; it’s a crisis of underemployment.

    According to the International Labour Organisation (ILO), “Underemployment reflects underutilization of the productive capacity of the employed population, including those which arise from a deficient national or local economic system.” In other words, underemployment is a phenomenon where people work in roles that barely scratch the surface of their potential. The real struggle is not about joblessness; it’s about being trapped in low-paying, unfulfilling jobs, a reality that haunts the modern Nigerian worker. Underemployment is the real silent struggle.

    As of the last quarter of 2022, Nigeria’s unemployment rate was a staggering 33 per cent, but the underemployment rate, at 22 per cent, painted an even more insidious problem. This is particularly concerning because underemployment reflects a deeper structural issue in the economy: while people may technically be working, the roles they hold fail to utilize their skills, education, or potential fully.

    Today, underemployment driven by a variety of factors. The most significant factor is the mismatch between education and job market needs. Universities, today, produce graduates in fields with limited job opportunities, leading to underemployment.

    Also, the informal sector is dominant. Over 60 per cent of Nigeria’s workforce operates within the informal sector, offering low-paying and unstable jobs.

    Then there are systemic challenges, such as economic instability and limited industrial growth. The lack of development in key sectors such as manufacturing, agriculture, and technology has further contributed to the underemployment crisis.

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    Moreover, there is the issue of technological disruption. Take, banking for instance, digital platforms and automated services have displaced many traditional roles. Bank tellers, for example, have seen their numbers drastically reduced as mobile banking has taken off. While technology has created new opportunities, it has also displaced many workers, leaving them unemployed or forced into lower-wage jobs.

    Today, the rise of the gig economy has introduced new forms of employment, particularly among Nigeria’s youth. Freelancers in digital marketing, software development, and graphic design often find themselves underpaid and overworked, with little to no job security. The promise of flexibility has come at the cost of security and sustainability.

    The consequences are dire. Underemployment stifles economic growth by limiting the productivity and innovation that comes from utilizing skilled labour. When a large portion of the workforce is underemployed, the nation’s output diminishes, leading to slower economic growth.

    This creates a vicious cycle in which underemployment further depresses job creation, keeping the economy from fully recovering.

    To effectively combat underemployment, Nigeria needs to address the root causes of the issue.

    Firstly, it is time to revamp the education system. Nigeria’s educational institutions must align more closely with the needs of the labour market. This means focusing on practical skills, vocational training, and STEM education. Universities should collaborate with industries to create programs that equip students with the skills required for high-demand jobs.

     Secondly, talks of diversifying the economy must now move beyond talks. The government must prioritize diversification; it must move away from an over-reliance on oil and gas. Sectors like agriculture, manufacturing, and technology hold tremendous potential for job creation and should be supported through targeted policies, incentives, and investments.

    There must be a deliberate effort to support entrepreneurship. Encouraging entrepreneurship and small business growth can create new job opportunities for Nigerians. It requires providing better access to finance, business training, and mentorship, especially for young people seeking to build sustainable businesses.

    The gig economy is ripe for regulation.  The rise of gig and freelance work demands stronger labour protections. Offering social safety nets like health insurance, retirement savings plans, and standardizing pay structures for freelance workers, are issues that require attention.

    Underemployment, rather than unemployment, has quietly become the defining crisis for the Nigerian labour market today. As more workers find themselves stuck in roles that fail to utilize their talents or offer meaningful financial rewards, the economic and social consequences are becoming increasingly apparent. Without a concerted effort to address underemployment, Nigeria risks stifling its potential for growth, innovation, and stability.

    •Elvis Eromosele,  elviseroms@gmail.com

  • NAFDAC and miracle vendors

    NAFDAC and miracle vendors

    A Delta State-based cleric, Jeremiah Omoto, and his church, Christ Mercy Land Deliverance Ministries, have been vending to the public products that they claimed have miracle powers. Now they need a miracle to get out of regulatory tangle with the National Agency for Food and Drug Administration and Control (NAFDAC), which is the body empowered by law to patent such products for consumption.

    The agency recently said it had summoned officials of the church located on Effurun-Sapele Road for questioning over sales of unregistered miracle  soap and  water to the public. NAFDAC explained that it acted following petitions it received from members of the public who raised concerns over the products that Omoto promoted to his congregation and on social media as having powers to heal barrenness. He said women would carry twins if they used the soap, allegedly claiming that both the miracle water and soap were NAFDAC-registered. That claim, according to NAFDAC, prompted members of the public to approach its offices for verification.

    In its statement, NAFDAC detailed measures it had taken to interrogate the miracle vending including its Delta officials covertly procuring the miracle water through a transaction that was duly receipted, and visiting the church to conduct regulatory assessment of its production facilities. This led to the agency sealing off a water factory with which the church had a production contract agreement without its regulatory approval. In-between, the agency added, it repeatedly invited leaders of the church for questioning but the invitations were not honoured as church officials prevaricated by filing unpleaded documents.

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    “NAFDAC wishes to inform the public that none of these products being advertised and sold are registered with NAFDAC. The public is also being advised to stop patronising any of these miracle products. NAFDAC is a scientific organisation that is guided by verifiable scientific facts before registering any product,” the Director-General of the agency, Professor Mojisola Adeyeye, said in her statement. She assured that investigation of the matter would continue and warned faith groups against production of regulated product without requisite regulatory verification.

    It isn’t that the church has been quiet. Omoto posted a statement on Facebook saying the ministry was law-abiding and guided by the Nigerian constitution guaranteeing freedom of religion, and that the miracle items were part of its religious beliefs. “We have been using certain spiritual items in the expression of our religious beliefs,” the church argued inter alia, denying that it used NAFDAC’s name to deceive the public.

    It must be because NAFDAC’s mandate centres on regulating products that it has only clamped down on the miracle water factory while yet trading narratives with the church. But instrumentality in illegality should also be a matter for regulatory interest. If it gets ascertained that the church sold unregistered miracle water and soap to the public, Omoto and his assistants should be made to answer in court.