Policy analyst Christopher Ogunmodede examines former Nigerian President Muhammadu Buhari’s triumphs and challenges as a military officer and civilian president.
Tuesday, July 15, 2025
Video - Analyst reflects on late Nigerian President Buhari's legacy
Policy analyst Christopher Ogunmodede examines former Nigerian President Muhammadu Buhari’s triumphs and challenges as a military officer and civilian president.
Friday, July 11, 2025
Billions wasted on broken refineries - Africa's richest man tells his side of the story
He did this at his own oil refinery, where he gave members of the Global CEO Africa from the Lagos Business School a tour of the facility while highlighting the ludicrous amount already spent on reviving the state-owned refineries.
Dangote specified that his refinery, which he initiated after the country's 16th head of state, the late President Umar Yar'adua's cancelled his plans to acquire government refineries, now produces more than 50% of its output in the form of Premium Motor Spirit (petrol), while even government refineries only devote 22% of their output to this product.
“The refineries that we bought before, which were owned by Nigeria, were doing about 22 per cent of PMS. We bought the refineries in January 2007. Then we had to return them to the government because there was a change of government,” he stated.
“And the managing director at that time convinced Yar’adua that the refineries would work. They said they just gave them to us as a parting gift or so.
And as of today, they have spent about $18bn on those refineries, and they are still not working. And I don’t think, and I doubt very much if they will work,” he added.
The Nigerian billionaire emphasized that the refineries' turnaround maintenance was similar to attempting to update a car that was manufactured forty years ago, even though technology had since evolved, as reported by the Punch.
“(The turnaround maintenance) is like you trying to modernize a car that was built 40 years ago, when technology and everything have changed.
Even if you change the engine, the body will not be able to take the shock of that new technology engine,” he elaborated.
Dangote's statement corroborated the claims of Yar’adua predecessor, former president Olusegun Obasanjo last year on the refineries, two of which were closed when Mele Kyari, the former NNPC Group Managing Director, declared them open.
The NNPC understood it was unable to handle the refineries, according to Obasanjo, who further stated that when he asked foreign oil corporations like Shell to run the facilities, they refused.
Aliko Dangote and other Nigerians had invested $750 million to gain control of the refineries, but his successor Yar'adua annulled the agreement, according to Obasanjo.
What Obasanjo had said
“So, why do we do this kind of thing to ourselves? NNPC knew that they could not do it, but they knew they could eat and carry on with the corruption that was going on in NNPC. When people were there to do it, they put pressure. In a civilized society, those people should be in jail,”
Obasanjo had stated. Again, in January, Obasanjo said, “I was told not too long ago that since that time, more than $2bn have been squandered on the refineries and they still will not work.
“If a company like Shell tells me what they told me, I will believe them. If anybody tells you now that it (the refinery) is working, why are they now with Aliko (Dangote)? And Aliko will make his refinery work; not only make it work, he will make it deliver.”
“So, why do we do this kind of thing to ourselves? NNPC knew that they could not do it, but they knew they could eat and carry on with the corruption that was going on in NNPC. When people were there to do it, they put pressure. In a civilized society, those people should be in jail,”
Obasanjo had stated. Again, in January, Obasanjo said, “I was told not too long ago that since that time, more than $2bn have been squandered on the refineries and they still will not work.
“If a company like Shell tells me what they told me, I will believe them. If anybody tells you now that it (the refinery) is working, why are they now with Aliko (Dangote)? And Aliko will make his refinery work; not only make it work, he will make it deliver.”
By Chinedu Okafor, Business Insider Africa
Security forces kill 30 gunmen after armed attacks in northwest Nigeria
Nigerian security forces have killed at least 30 gunmen after armed attacks in the country’s troubled northwest, authorities said Thursday.
The joint police and military operation occurred Wednesday after hundreds of armed men attacked several villages, State Commissioner for Home Affairs Nasir Mua’zu said in a statement.
Mua’zu said three police officers and two soldiers died during the counter-attack which was launched against the gunmen who attacked the villages Tuesday evening.
“We are working tirelessly with federal security agencies to ensure the safety of all citizens,” he said.
In recent months, the northwestern and north-central regions of Nigeria have recorded an uptick in attacks by armed gangs on communities in these regions. Hundreds have been killed and injured in the attacks.
Bandit groups are known for mass killings and kidnappings for ransom in the country’s conflict-battered north. Most of the groups are made up of former herders in conflict with settled communities.
Dozens of armed groups take advantage of the limited security presence in Nigeria’s mineral-rich northwestern region, carrying out attacks on villages and along major roads. Kidnappings for ransom have become a lucrative way for bandit groups to fund other crimes and control villages.
Aside from the conflict in the country’s north-central and northwest, Nigeria is battling to contain an insurgency in the northeast where some 35,000 civilians have been killed and more than 2 million displaced, according to the U.N.
By, Dyepkazah Shibayan, AP
The joint police and military operation occurred Wednesday after hundreds of armed men attacked several villages, State Commissioner for Home Affairs Nasir Mua’zu said in a statement.
Mua’zu said three police officers and two soldiers died during the counter-attack which was launched against the gunmen who attacked the villages Tuesday evening.
“We are working tirelessly with federal security agencies to ensure the safety of all citizens,” he said.
In recent months, the northwestern and north-central regions of Nigeria have recorded an uptick in attacks by armed gangs on communities in these regions. Hundreds have been killed and injured in the attacks.
Bandit groups are known for mass killings and kidnappings for ransom in the country’s conflict-battered north. Most of the groups are made up of former herders in conflict with settled communities.
Dozens of armed groups take advantage of the limited security presence in Nigeria’s mineral-rich northwestern region, carrying out attacks on villages and along major roads. Kidnappings for ransom have become a lucrative way for bandit groups to fund other crimes and control villages.
Aside from the conflict in the country’s north-central and northwest, Nigeria is battling to contain an insurgency in the northeast where some 35,000 civilians have been killed and more than 2 million displaced, according to the U.N.
Nigeria rejects US push to accept Venezuelan deportees
Nigeria has pushed back on accepting Venezuelans deported from the United States, after US media reported President Donald Trump was urging African countries to take in deportees from around the world.
Deporting people to third countries has been a hallmark of the Trump administration's crackdown on undocumented migrants, notably by sending hundreds to a notorious prison in El Salvador.
"The US is mounting considerable pressure on African countries to accept Venezuelans to be deported from the US, some straight out of prisons," Nigerian Foreign Minister Yusuf Tuggar said in an interview with Channels Television on Thursday.
"It will be difficult for Nigeria to accept Venezuelan prisoners. We have enough problems of our own," he added.
Tuggar also suggested the US motivation for threatening tariffs against the Brics political bloc – of which Nigeria is a member – was related to the issue of deportations.
Trump has announced a 10 percent tariff on Nigerian goods exported to the US.
Deporting people to third countries has been a hallmark of the Trump administration's crackdown on undocumented migrants, notably by sending hundreds to a notorious prison in El Salvador.
"The US is mounting considerable pressure on African countries to accept Venezuelans to be deported from the US, some straight out of prisons," Nigerian Foreign Minister Yusuf Tuggar said in an interview with Channels Television on Thursday.
"It will be difficult for Nigeria to accept Venezuelan prisoners. We have enough problems of our own," he added.
Tuggar also suggested the US motivation for threatening tariffs against the Brics political bloc – of which Nigeria is a member – was related to the issue of deportations.
Trump has announced a 10 percent tariff on Nigerian goods exported to the US.
Contentious deportations
The president of Guinea-Bissau told reporters that Trump had raised the issue of deportations to third-countries but "he didn't ask us to take immigrants back".
The president of Guinea-Bissau told reporters that Trump had raised the issue of deportations to third-countries but "he didn't ask us to take immigrants back".
Thursday, July 10, 2025
We’ve uncovered massive fraud in Nigeria’s oil and gas industry – EFCC
The Chairman of the Economic and Financial Crimes Commission (EFCC), Ola Olukoyede, said the agency conducted a preliminary probe into Nigeria’s oil and gas sector and discovered ‘mind-boggling’ corruption cases.
Mr Olukoyede disclosed this on Wednesday during the third day of the National Conference on Public Accounts and Fiscal Governance, organised by the Public Accounts Committees of the Senate and House of Representatives in Abuja.
“In the last three weeks, we launched a commission-wide investigation into the extractive industry, particularly the oil and gas sector. What we have discovered is mind-boggling. And we have only just opened the books. If this is what we’re seeing at the surface, imagine what lies beneath,” he said.
The EFCC chairman argued that the corruption in Nigeria’s oil and gas sector directly contributes to rising insecurity across the country.
“There is a very strong connection between the mismanagement of our resources and insecurity. When you look at banditry, kidnapping, terrorism, trace it back, and you will find a pattern of corrupt practices and diversion of funds meant to improve people’s lives,” he stated.
PREMIUM TIMES reports that this is not the first time corruption in Nigeria’s oil and gas sector has been uncovered. The Nigerian National Petroleum Company Limited (NNPC Ltd), the key player in the country’s oil industry, is currently facing scrutiny from the National Assembly.
In June, the Senate Committee on Public Accounts queried the company over N210 trillion allegedly unaccounted for in its audited financial statements between 2017 and 2023.
During a hearing, the committee demanded detailed explanations from the NNPC’s Chief Financial Officer, Adedapo Segun, and other top officials, directing them to provide a detailed explanation regarding the whereabouts of the funds within seven days.
However, the agency failed to meet the initial seven-day deadline because its top officials were attending a retreat at the time and requested an additional 20 days to review relevant documents. The committee rejected the request and issued another 10-working-day ultimatum, which will expire tomorrow. As of now, it remains unclear whether the NNPC will comply.
Culture of impunity and poor oversight
The EFCC boss condemned the culture of impunity in the country, noting that individuals under investigation for financial crimes are often celebrated in public spaces.
“We see people who have stolen our money. We have shown you evidence. We’ve traced where the money went. We are already in court. Yet, they’re being celebrated all over the place. Does that show we’re serious?” he asked.
He also questioned the National Assembly’s ability to effectively oversee more than 700 federal Ministries, Departments, and Agencies (MDAs), many of which operate without adequate internal controls.
“How many books can you check? How many files will you read? We need to build strong internal compliance systems that can proactively checkmate corruption.
“That money could have built hospitals, schools, and supported millions of Nigerian students from primary to tertiary level,” he said. “Nigeria has no business borrowing to survive, given the natural and mineral wealth it possesses.”
He urged political leaders to put aside ethnic and party divisions and unite against the scourge of corruption.
“If we execute even 60 per cent of our capital budget efficiently between 2025 and 2026, we will empower small and medium-scale industries. We’ll build infrastructure. We’ll be fine,” he said.
“What we need is transparency in revenue generation and accountability in public expenditure.”
By Abdulqudus Ogundapo, Premium Times
Mr Olukoyede disclosed this on Wednesday during the third day of the National Conference on Public Accounts and Fiscal Governance, organised by the Public Accounts Committees of the Senate and House of Representatives in Abuja.
“In the last three weeks, we launched a commission-wide investigation into the extractive industry, particularly the oil and gas sector. What we have discovered is mind-boggling. And we have only just opened the books. If this is what we’re seeing at the surface, imagine what lies beneath,” he said.
The EFCC chairman argued that the corruption in Nigeria’s oil and gas sector directly contributes to rising insecurity across the country.
“There is a very strong connection between the mismanagement of our resources and insecurity. When you look at banditry, kidnapping, terrorism, trace it back, and you will find a pattern of corrupt practices and diversion of funds meant to improve people’s lives,” he stated.
PREMIUM TIMES reports that this is not the first time corruption in Nigeria’s oil and gas sector has been uncovered. The Nigerian National Petroleum Company Limited (NNPC Ltd), the key player in the country’s oil industry, is currently facing scrutiny from the National Assembly.
In June, the Senate Committee on Public Accounts queried the company over N210 trillion allegedly unaccounted for in its audited financial statements between 2017 and 2023.
During a hearing, the committee demanded detailed explanations from the NNPC’s Chief Financial Officer, Adedapo Segun, and other top officials, directing them to provide a detailed explanation regarding the whereabouts of the funds within seven days.
However, the agency failed to meet the initial seven-day deadline because its top officials were attending a retreat at the time and requested an additional 20 days to review relevant documents. The committee rejected the request and issued another 10-working-day ultimatum, which will expire tomorrow. As of now, it remains unclear whether the NNPC will comply.
Bill to criminalise unexplained wealth
The EFCC chairman called on members of the National Assembly to pass a bill that would criminalise unexplained wealth as part of the strategy to reduce fraudulent financial practices by Nigeria’s public officers,
“Help me pass the Unexplained Wealth Bill. I’ve been begging for the past year. This same bill was thrown out in the last Assembly. If we don’t make individuals accountable for what they own, we’ll never get it right,” he added.
Mr Olukoyede mentioned a scenario involving a civil servant who had accumulated five properties in Maitama and Asokoro, areas which are considered as part of the most expensive neighbourhoods in Abuja.
“Someone has worked in a ministry for 20 years. We calculate their entire salary and allowances. Then we find five properties—two in Maitama, three in Asokoro. Yet we’re told to go and prove a predicate offence before we can act. That is absurd.”
The EFCC chairman called on members of the National Assembly to pass a bill that would criminalise unexplained wealth as part of the strategy to reduce fraudulent financial practices by Nigeria’s public officers,
“Help me pass the Unexplained Wealth Bill. I’ve been begging for the past year. This same bill was thrown out in the last Assembly. If we don’t make individuals accountable for what they own, we’ll never get it right,” he added.
Mr Olukoyede mentioned a scenario involving a civil servant who had accumulated five properties in Maitama and Asokoro, areas which are considered as part of the most expensive neighbourhoods in Abuja.
“Someone has worked in a ministry for 20 years. We calculate their entire salary and allowances. Then we find five properties—two in Maitama, three in Asokoro. Yet we’re told to go and prove a predicate offence before we can act. That is absurd.”
EFCC tracks illicit assets abroad
Mr Olukoyede also announced that the commission is expanding its asset recovery drive to other countries, noting that several assets acquired through illicit means by Nigerians have been traced overseas.
“Last month alone, I visited four or five countries chasing Nigeria’s stolen assets. An ambassador even told me they discovered an estate in Iceland owned by a Nigerian. Iceland of all places!” he exclaimed.
Despite these efforts, he acknowledged the limits of what the EFCC can achieve in recovering stolen funds.
“There is no amount of capacity I can build, no level of effort I can put in, that will enable me to recover even half of what has been stolen from Nigeria, because the custodians of those assets in foreign countries don’t want to let go. Under international law, the custodian of stolen assets is just as guilty as the original thief,” he said.
Mr Olukoyede also announced that the commission is expanding its asset recovery drive to other countries, noting that several assets acquired through illicit means by Nigerians have been traced overseas.
“Last month alone, I visited four or five countries chasing Nigeria’s stolen assets. An ambassador even told me they discovered an estate in Iceland owned by a Nigerian. Iceland of all places!” he exclaimed.
Despite these efforts, he acknowledged the limits of what the EFCC can achieve in recovering stolen funds.
“There is no amount of capacity I can build, no level of effort I can put in, that will enable me to recover even half of what has been stolen from Nigeria, because the custodians of those assets in foreign countries don’t want to let go. Under international law, the custodian of stolen assets is just as guilty as the original thief,” he said.
Culture of impunity and poor oversight
The EFCC boss condemned the culture of impunity in the country, noting that individuals under investigation for financial crimes are often celebrated in public spaces.
“We see people who have stolen our money. We have shown you evidence. We’ve traced where the money went. We are already in court. Yet, they’re being celebrated all over the place. Does that show we’re serious?” he asked.
He also questioned the National Assembly’s ability to effectively oversee more than 700 federal Ministries, Departments, and Agencies (MDAs), many of which operate without adequate internal controls.
“How many books can you check? How many files will you read? We need to build strong internal compliance systems that can proactively checkmate corruption.
“That money could have built hospitals, schools, and supported millions of Nigerian students from primary to tertiary level,” he said. “Nigeria has no business borrowing to survive, given the natural and mineral wealth it possesses.”
He urged political leaders to put aside ethnic and party divisions and unite against the scourge of corruption.
“If we execute even 60 per cent of our capital budget efficiently between 2025 and 2026, we will empower small and medium-scale industries. We’ll build infrastructure. We’ll be fine,” he said.
“What we need is transparency in revenue generation and accountability in public expenditure.”
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