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Alison-Madueke, Shell in $380Bn “Shady” Oil Deal-Reps

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House of Representatives, Thursday accused Mrs. Diezani Alison-Madueke, minister of Petroleum Resources; Shell Petroleum Development Company Limited; and officials of the Nigerian Petroleum Development Corporation (NPDC) of “secret and arbitrary farm-out” of oil mining leases.

The House has also asked its ad-hoc committee to investigate the alleged shady oil deal which it put at some $380 billion.

According to the House, the deal include; oil mining leases 4, 26, 30, 34, 38, 41 and 42 to two firms, Atlantic Energy Drilling Concept Limited and Septa Energy Limited, without  due process.

The legislators alleged deliberate exclusion of indigenous operators from exercising their rights of first refusal before selections were made, adding that the exercise was carried out in violation of sections 3 ( 1), (2) and 5 of the Nigerian Oil and Gas industry content Act N0 2 of 2010.

They said the federal government would have earned $800 million in upfront payments instead of the $50 million it received, if there had be an open competitive bidding in accordance with the Public Procurement Act.

Mr. Victor Ogene, member of the House from Anambra State, who raised the issue under matters of urgent public importance, recalled that the deal was the reason protesters from oil producing communities in Delta State marched on the National Assembly on April 25, 2013.

Ogene alleged that Alison-Madueke, SPDC and NPDC officials worked in collaboration with the firms to farm out the marginal oil fields.

“A colossal sum of $380 billion or N59 trillion and $15.72 trillion worth of gas assets were alleged to be at stake in the shady deal.” He added

According to him, “This is an action, which obviated the need for an open and competitive bidding in favour of Atlantic Energy Drilling Concept Ltd, which neither tendered nor bided for the (oil) blocks allocated to it,”

He noted that the entire deal became possible through a mischievous process of hinging the transaction on the ‘Strategic Alliance Agreement’ an action which was deliberately designed to circumvent due process and transparency in contravention of Section 3 of the Nigerian Extractive Industry Transparent Initiative, NEITI, Act 2005, the Public Procurement Act and the Nigerian Oil and Gas Industry Content Act (No 2) 2010.

The House did not debate the motion before endorsing it for investigation.

In passing the motion, the House urged stakeholders, authorities or bodies to cooperate and assist the committee in it investigation and findings.

Mr. Emeka Ihedioha, deputy speaker of the House, who presided over Thursday’s sitting, observed that debating it could make lawmakers to pass judgments ahead of the investigation.

“We have to guard against debating this motion so that comments are not made that will prejudice the outcome of the investigation,” Ihedioha said.

The investigation will be conducted within four weeks.

 


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Taraba Adopts Electronic Case Management System

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Taraba State in Nigeria has developed an electronic platform for filing criminal cases in the state’s High Courts, marking the implementation of the new National Case Management System.

The launch, announced on Monday, marks a move from manual to electronic filing of criminal cases and is part of attempts to reform court processes and expand access to justice using technology.

Governor Agbu Kefas stated that the action underlines the government’s dedication to institutional strengthening, the rule of law, and effective governance.

Kefas pledged continued government support for the judiciary, noting that technology is essential for delivering swift, fair and transparent justice.

He also stated that the state would give the resources and infrastructure required to maintain the ongoing judicial reforms.

Justice Joel Agya, Chief Judge of Taraba State, stated that the e-filing facility will enable the electronic filing of originating processes and subsequent applications.

He explained that the system would enhance case tracking from filing to final determination while reducing delays caused by manual registry procedures.

Justice Agya went on to say that the platform would improve the security and accessibility of court records, as well as help judges manage dockets and time better.

He emphasised that the platform is intended to supplement rather than replace judicial decision-making, ensuring that administrative procedures do not impede the delivery of speedy justice.

The development is consistent with a broader national push to digitalise judicial processes across Nigerian courts, which has already been implemented in several regions.


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Cybersecurity Firm Detects a Wave of Crypto Phishing Following BlockFi Bankruptcy

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Kaspersky has detected a wave of phishing attacks preying on former customers of the bankrupt crypto lending platform BlockFi.

These scams leverage the ongoing distribution of customer assets following BlockFi’s 2022 bankruptcy, tricking victims into surrendering cryptocurrency wallet seed phrases, potentially leading to financial losses.

BlockFi, once a prominent provider of high-yield interest accounts and crypto-backed loans, announced bankruptcy in November 2022. The company began disbursing repayments to affected clients in 2024 as part of its restructuring plan.

Kaspersky has detected fraudulent emails mimicking BlockFi’s official branding, which falsely invite recipients to “claim the payment” they are “entitled to.” After clicking on the link, users land on a phishing page and are prompted to “connect their wallet”.

The attackers suggest that users import their existing wallet by typing in the secret phrase – this grants attackers direct access to the funds in the victim’s wallet.

“Phishing attacks like this are widespread, capitalising on real-world events to build trust and urgency. Victims who fall for these scams risk exposing their crypto wallets to theft. It’s critical for individuals to verify any communications directly through official channels and to check the address from where the email originates for legitimacy,” comments Roman Dedenok, anti-spam expert at Kaspersky.

The phishing emails feature convincing logos, colour schemes, and language, making them difficult to spot at first glance. Kaspersky recommends the following steps to avoid falling victim to this or similar scams:

  • Do not click on links or respond to unsolicited emails.
  • Protect Sensitive Information: Never share banking credentials, wallet seed phrases, or other private keys in response to an email or online form.
  • Use Security Tools: Enable two-factor authentication (2FA) on all financial accounts, employ reputable security software like Kaspersky Premium, and consider using a password manager to safeguard credentials.

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Universal Insurance to Raise N15bn to Meet Capital Rules

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Universal Insurance Plc has secured the approval of its shareholders to raise additional capital of N15 billion through a proposed recapitalisation exercise, as the insurer intensifies efforts to strengthen its balance sheet and position the company for long-term sustainability.

The approval will be granted at an Extraordinary General Meeting (EGM) scheduled for February 5, 2026 in Lagos.

Currently, Universal Insurance’s share capital stands at N8 billion, with 16 billion ordinary shares held by existing shareholders on the NGX. The board is seeking to revalidate, authorise, and regularise 14 billion unissued ordinary shares for the planned capital raise and also secure approval to list and admit the new shares for trading

Following resolutions passed at the Extraordinary General Meeting (EGM), Universal Insurance Plc is moving forward with a comprehensive recapitalisation programme aimed at reinforcing its capital base and improving its capacity to underwrite larger and more diversified risks.

Shareholders approved the plan to raise new equity through a combination of capital market instruments, subject to regulatory approvals, as part of efforts to meet industry capital requirements and support future growth.

Gross premium written rose to N18.59 billion, up from N12.29 billion a year earlier, driven by increased underwriting activity across key insurance segments. Insurance revenue also grew to N14.68 billion, compared with N9.85 billion in the prior period, reflecting stronger risk acceptance and improved pricing discipline.

Despite higher insurance service expenses, the company posted an insurance service result of N1.13 billion, while net investment income surged to N2.79 billion, supported largely by fair value gains on financial assets. As a result, net insurance and investment income increased to N5.18 billion, nearly double the N2.61 billion recorded in the same period of 2024.

On the balance sheet, total assets expanded to N21.82 billion as at September 30, 2025, from N18.14 billion a year earlier, supported by growth in financial assets and investment properties. Shareholders’ funds rose to N14.38 billion, up from N12.33 billion, reflecting improved profitability and reserve accumulation.

Investors have also responded positively to Universal Insurance’s performance, with its stock delivering an 83.33 percent return in 2025, rising from N0.66 to N1.21 per share, and trading volumes exceeding 6 billion shares.

The recapitalisation initiative, combined with the improving financial performance recorded in Q3’25, underscores Universal Insurance Plc’s determination to reposition itself as a more resilient and competitive player in Nigeria’s insurance industry.

The company aims to deliver improved value to policyholders, investors, and partners, while supporting broader economic activity and generating sustainable returns for shareholders.


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