General News
FG May Lose $12Bn to Oil Theft this Year

Revenue earned by Nigeria this year may be as much as $12 billion short of budget estimates as theft of crude and output disruptions persist in the oil-rich Niger River delta, according to Ngozi Okonjo-Iweala, minister of Finance
Nigeria depends largely on proceeds from crude oil but crude theft, which a report by the London-based Chatham House blamed on a cabal of politicians, officials of international oil companies (IOCs) and military formations in the Niger Delta has been a major problem for the Nigeria’s economy.
Okonjo-Iweala said in an interview with Bloomberg in Abuja that the government will draw down its oil savings in the Excess Crude Account to compensate for the drop in revenue to keep the budget deficit under control.
Savings in the special crude account have dropped by half as President Goodluck Jonathan’s government tries to make up for the drop in oil revenue and fund a deficit that has reached 2.5 percent, according to the Central Bank.
With a 2013 budget based on a daily output of 2.53 million barrels and an oil price of $79 a barrel, Nigeria expected revenue of almost $80 billion from exports.
In the first half of the year, oil receipts amounted to $28.2 billion, more than $7 billion below the estimate, according to central bank figures.
“What is amazing now is that we’ve had this quantity of shock and we were able to weather it,” Okonjo-Iweala said. “You can say theft, but it’s still a quantity shock.”
Nigeria depends on crude exports for about 80 per cent of government revenue and 95 percent of export income.
Criminal gangs tapping oil from pipelines for illegal sale have posed the biggest threat to output since a government amnesty in 2009 reduced armed attacks led by rebels fighting for greater control of the region’s resources.
The revenue shortfall due to output disruptions will probably be between $6 billion and $12 billion, said Bright Okogu, director of the Budget Office, who sat in on the interview with the finance minister.
The government saves the balance of oil revenue above the budgeted price in the Excess Crude Account, which had a balance of just under $5 billion, down from about $9 billion at the beginning of the year, according to the minister.
Nigeria’s vulnerability to shocks is heightened because of lower government revenue from oil, putting pressure on the currency, central bank Governor Lamido Sanusi said in an interview in Oslo.
“The great challenge now is that the fiscal buffers are not as strong as they would be because of the revenue shortfall,” Sanusi said. “If there are any adverse external developments that would feed into this weak revenue profile and put pressure on exchange rates.”
The Central Bank draws down its foreign-currency reserves to sell dollars at twice-weekly auctions to keep the naira within a band of 3 percent around 155 per dollar. The naira gained 0.2 percent to 158.73 against the dollar on the interbank market as of 2:09 p.m. in Lagos, the commercial capital.
“This increases the pressure on the external balance which means the external reserves and exchange rate will be under pressure,” Bismarck Rewane, chief executive officer at Financial Derivatives Co., said by phone from Lagos today. “Once the external balance is under pressure, there is an underlying threat that will manifest in speculative attack against the currency.”
Okonjo-Iweala is seeking to meet a budget deficit target of 1.9 percent of gross domestic product this year. The shortfall reached 2.5 percent in the second quarter during the peak of the output outages, according to data from the central bank.
President Goodluck Jonathan is due to present his 2014 budget to lawmakers on Nov. 12. ”When there’s a breakage the impact is that the pipes are shut down, the effect is that 400,000 barrels are shut down,” Okonjo-Iweala said. “The actual theft is like 70 to 80,000 barrels a day.”
The average price of Nigeria’s light, sweet crude has stayed above $100 a barrel this year. The official selling price of Nigeria’s benchmark Qua Iboe crude for November loading was set at $3.50 a barrel more than dated Brent, the European benchmark, according to state-run Nigerian National Petroleum Corp. Dated Brent was priced at $108.92 a barrel at 9:18 a.m. in London. Income earned by Nigeria from crude exports, taxes and other sources are shared among the three tiers of government, including the federal, 36 state governments and 774 local councils.
At allocation meetings in August and September, funds received were not enough to meet expected allocations, prompting complaints from some state officials. The disputes over allocations “are over,” Okonjo-Iweala said. “Everybody realizes that we have to allocate what comes into the coffers.”
General News
Conoil Bonanza Winners Emerge

Conoil Plc is spreading joy this Valentine season as the first group of winners in its Valentine Bonanza promotion have been announced and rewarded. Launched on February 14, the campaign continues to delight customers at participating retail outlets.

The initial raffle draw, conducted on February 21, saw fortunate customers receive ₦10,000 worth of free petrol each. The draw was carried out publicly, with media representatives present to ensure full transparency. With the promotion still ongoing, more customers have the opportunity to join in and potentially be among the next winners.
A Conoil Management spokesperson explained that the initiative is a way to show appreciation to loyal customers for their ongoing support. “Our customers have responded impressively to the bonanza, with strong participation recorded across our stations,” the spokesperson said.
The second and final phase of the promotion is now in motion. Customers who purchase at least 10 litres of petrol at any participating Conoil station remain eligible to win in the grand finale raffle.
The grand finale is set for February 28 at 12 noon. Motorists in Lagos and Ogun states are encouraged to visit Conoil outlets to collect their tickets and take part in the exciting conclusion of this Valentine celebration.
General News
PalmPay Couples Show How Love Is Funded Digitally

PalmPay users took to the #LoveWithPalmPay campaign to show how experiences are powered through seamless banking.

It’s the month of love and social media has been filled with couples showing affection with gifts. As digital payments become embedded in everyday life, the way relationships are planned, funded, and experienced is evolving.
Recent insights from SBM Intelligence 2025 ‘Love in the Air’ report show that despite economic pressures, most Nigerians still set aside dedicated budgets for Valentine’s Day, with the largest percentage planning to spend between N51,000 and N100,000, while less than 5% are willing to spend above N500,000.
This growing intentionality highlights the need for platforms that help people manage their money more effectively, offering features like free transfers and tools that make it easier to send, track, and preserve funds while still showing up for meaningful moments.
Through the #LoveWithPalmPay campaign, PalmPay set out to show how the platform is enabling users to plan, pay, and celebrate meaningful moments with greater ease.
During the Valentine’s season, PalmPay invited couples across Nigeria to share their stories through the #LoveWithPalmPay campaign, celebrating how digital banking supports their individual expressions of love.
The campaign saw strong participation, with many PalmPay couples submitting entries that showcased how they use the app to plan surprises, pay for outings, and stay connected through everyday transactions.
From these entries, four couples were selected, each showcasing how PalmPay has enabled fast and reliable transactions in key moments.
One video from @simply.omotoshan, one of the selected couples, captures the role of seamless payments in making their spontaneous moments possible.
She said in her entry video: “Our cutest money moment with PalmPay was when we planned our Valentine’s picnic and realized we had forgotten half of the things we needed; literally, half of everything. We rushed to the mall to get cakes, food, decorations, and all the essentials. When it was time to pay, we used PalmPay.
“The transaction was smooth, fast, and stress-free. In no time, we were done setting up our Valentine-themed picnic with everything perfectly ready. Honestly, all our experiences with PalmPay have been easy and satisfying, but this one is definitely our cutest money moment. Thank you, PalmPay.”
A testimonial from the fourth selected couple, Mohammed and his wife, reflects his excitement: “Hello PalmPay, thank you so much for selecting us as one of the winners of the #LoveWithPalmPay campaign. We truly appreciate this. My wife and I are very grateful. Thank you, PalmPay, for the love and support. We’re so happy and thankful for the N100,000 reward. We love you, PalmPay, and long live PalmPay. Thank you so much.”
Beyond the feel-good stories, the campaign reflects a broader shift: fintech is no longer just about transactions, it’s about enabling experiences. Reliable payments, fast transactions, and accessible financial tools reduce the friction that can disrupt important moments, allowing users to focus on connection rather than logistics.
From paying for dinner to managing other expenses, PalmPay continues to demonstrate how digital financial services support modern relationships, proving that in today’s economy, love is not only felt, it’s funded digitally.
General News
KPMG Strengthens Africa Leadership to Support Long‑term Growth Across the Continent

KPMG has appointed Tola Adeyemi as Chief Executive Officer for KPMG in Africa, alongside the addition of Professor Olayinka David‑West and George Njenga as independent members of the Africa Governance Council (AGC).

Effective from March 2026, the appointments reinforce the firm’s leadership expertise, underscore a long‑term commitment to Africa and highlight confidence in the continent’s growth potential.
“Africa is one of the most dynamic and promising regions in the global economy, and KPMG is committed to playing a meaningful role in its growth story,” said Tola Adeyemi, incoming CEO for KPMG in Africa.
He continued: “It is a privilege to step into this role at such a pivotal moment for both KPMG and the continent. I look forward to building on our strong, connected and high‑performing base to deepen collaboration and deliver consistent quality and impact across our markets.”
KPMG is recognised globally for its commitment to quality, integrity and professional excellence, supported by a strong global network of member firms. Trust remains the foundation of the audit and accounting profession, with high standards of governance, ethics and audit quality increasingly demanded across Africa’s public and private sectors.
KPMG One Africa’s approach brings the continent closer together with strong leadership to strengthen cross-border collaboration and offer shared expertise and consistency which is business‑critical to help clients navigate complex risks and unlock sustainable growth opportunities.
Commenting on the appointment, Professor Ben Marx, Chairman of the Africa Governance Council, said: “Tola Adeyemi is exceptionally well positioned to lead KPMG One Africa. In addition to his global perspective as a member of the KPMG Global Council, he brings significant influence and credibility as a respected business leader across the continent.”
The appointments of Professor David‑West and Mr Njenga to the Africa Governance Council, which provides board level governance, further strengthens independent oversight, bringing strong academic credentials alongside deep strategic and business expertise.
“These appointments reinforce KPMG’s commitment to strong governance, accountability and leadership depth,” Marx added. “They complement our established African leadership team, in‑country managing partners and regional senior partners, further enhancing our client‑centric approach across Africa.”
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