Deadly blast in Nigeria affects several suburbs

A massive explosion in the Nigerian city of Ibadan killed two people and injured 77 others overnight.

Rescue and recovery efforts are ongoing in seven suburbs of Nigeria's third most-populous city.

The cause of the blast is still unclear, but the authorities suspect that it may have been triggered by mining explosives stored in a house.


Photos show buildings reduced to near rubble and vehicles destroyed by shells.

Dramatic videos have been shared on social media, with one witness describing a mall being destroyed in Bodija, a residential district of the city.

"We hear a loud bang around 07:30pm. Dominoes Pizza and Ace Mall in Bodija were destroyed," he said.

Police have promised a swift inquiry into the explosion.

"Preliminary investigations by the security agencies revealed that illegal miners occupying one of the houses in Bodija had stored explosive devices there which caused the blast," the regional governor Seyi Makinde said.

BBC

Video - Central Bank of Nigeria gives guidelines on cryptocurrency

The Central bank in Nigeria has released guidelines for banks opening cryptocurrency accounts after it lifted its ban on crypto assets. However, there are calls for the government to embark on crypto-awareness campaigns among young people as a way to boost the economy. 

CGTN

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Nigeria set to recover £6.9m looted during Boko Haram incursions

Nigeria will receive some of its stolen assets believed to be worth £6.9m ($8.9m). This is following the verdict of an American court, which ruled that the source of the funds is ambiguous and believed to have been looted. Negotiations with the Nigerian government would precede the return of the stolen loot.

According to a report by the BBC, funds valued at £6.9 million ($8.9 million) were looted from Nigeria’s coffers and deposited in a Jersey bank in 2014. The crime is said to have been perpetrated by some members of the Nigerian government at the time.

“The transfer of money was disguised as government-sanctioned contracts for arms purchases during incursions by Boko Haram in Nigeria between 2009 and 2015,” the BBC report reads in part.

According to the report, Jersey’s government disclosed that the fund, which was originally intended for legitimate arms deals was rerouted via “foreign bank accounts to and from shell companies.”

Based on the statement from the office of the Attorney General, the money was thought to have gone to family members of the administration in question and was distributed among its party members during the 2015 Nigerian general elections.

Representing the Nigerian people’s interest, the Nigerian government has been working closely with Jersey officials to retrieve the stolen property, as disclosed by Mark Temple KC, His Majesty's Attorney General.

"This case again demonstrates the effectiveness of the 2018 Forfeiture Law in recovering the proceeds of corruption and restoring that money to victims of crime,” the Attorney General stated,

"I now intend to negotiate an asset return agreement with the Federal Republic of Nigeria," he added.

By Chinedu Okafor, Business Insider Africa

Nigeria seeks operators for state-owned Port Harcourt oil refinery

Nigeria's state-owned oil company NNPC Ltd on Monday tendered for operators of its Port Harcourt oil refinery in the Niger Delta, which is expected to begin production in the first quarter of this year, the company said.

The refinery, which is undergoing an upgrade, will begin by processing 60,000 barrels per day (bpd), and NNPC expects to operate at the full capacity of 210,000 bpd later this year.

NNPC said in a public notice that it wanted to engage reputable and credible operations firms "to operate and maintain one of its refineries, Port Harcourt Refining Company, to ensure reliability and sustainability towards meeting the nation's fuel supply and energy security obligations".

The oil company said prospective operators should have a turnover of at least $2 billion since 2019, evidence of their latest credit rating and experience in running refineries.

NNPC said on Jan. 4 that it would complete test runs at the Port Harcourt refinery this month before resuming production.

The refinery, which was shut five years ago, is among state-owned refineries that have been mothballed for years, but which the Nigerian government is trying to revive to end the country's reliance on imported refined products.

By MacDonald Dzirutwe, Reuters

Shell to Sell Nigeria Onshore Oil Business for $1.3 Billion

Shell Plc agreed to sell its Nigerian onshore oil business to a consortium of local companies for more than $1.3 billion.

If approved by the government, the transaction would fulfill Shell’s long-term goal of extracting itself from a challenging operating environment in the Niger Delta region, while retaining a presence elsewhere in the country. Beyond the initial price tag, Shell said it will receive additional cash payments of as much as $1.1 billion on completion.

“This agreement marks an important milestone for Shell in Nigeria,” Zoe Yujnovich, integrated gas and upstream director, said in a statement on Tuesday. The deal is “simplifying our portfolio and focusing future disciplined investment in Nigeria on our deepwater and integrated gas positions”

The buyer of the asset, known as Renaissance, is formed of exploration and production companies ND Western, Aradel Energy, First E&P, Waltersmith and Petrolin, all of which are based in Nigeria, according to the statement.

The announcement comes after a labored sales process that had to be halted in 2022 after a court ruling ordered Shell Petroleum Development Company of Nigeria Ltd. to pause its divestment plans pending the outcome of a court case related to allegations of pollution. Earlier this month, Nigeria’s Supreme Court upheld Shell’s appeal against this ruling.

Shell has pumped oil in Nigeria for more than half a century, but almost three years ago then-Chief Executive Officer Ben van Beurden signaled the company’s intention to exit its onshore oil positions. These operations have become increasingly difficult, with accusations of environmental pollution by local communities, as well as persistent oil theft that caused damage to infrastructure.

Following the sale, Shell will continue operating in the country through its deep-water oil business, Shell Nigeria Exploration and Production Company Ltd. Another unit that provides gas to domestic industrial and commercial customers, Shell Nigeria Gas Ltd., will continue operating as will solar firm Daystar Power Group. Shell will retain its 25.6% stake in Nigeria LNG, which produces and exports liquefied natural gas.

By Laura Hurst, Bloomberg