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
CAC Lists 15 Unregistered Firms Operating in Nigeria

Corporate Affairs Commission (CAC) has warned Nigerians against dealing with 15 unregistered entities using company names and registration numbers that are not in the commission’s records.

In a public notice signed by CAC Management, the commission said it had discovered the use of purported company names and RC numbers that are not registered with the CAC, urging the public to disregard them and verify all business information directly from its portal.
“The CAC remains committed to protecting the integrity of the Companies Register, upholding the law, and ensuring a safe and transparent business environment in Nigeria,” the CAC said.
According to the notice, the following are the entities not registered with the CAC:
Famas Services Nigeria Limited (RC: 216312)
Promo Dutch Investment Limited (RC: 396654)
Dialack Concept Nig. Ltd (RC: 297772)
Purpleheart Construction and Real Estate Mgt. Co. Ltd (RC: 1210548)
M/S Loktu Enterprises (BN: 373466)
Loktu Enterprises (BN: 400390)
Badatoyak Ltd (RC: 521322)
Johson Nats Limited (RC: 198492)
Peoples Club Nigeria International (CAC/IT/41191)
Jiba Enterprise (BN: 577523)
Civil Engineering Solutions Nigeria Limited (RC: 33001)
Gabdoff Hotel Ltd (RC: 112409)
Amoka Group (BN: 545221)
BEEC Nigeria Limited (RC: 30143)
- Adetunji (BN: 657466)
Explaining the reason for the commission’s publication, the statement noted that it aligns with its statutory role of maintaining an accurate and reliable companies register, protecting investors, and preventing fraudulent activities in the business environment.
The commission urged Nigerians to always confirm the status of any company or business name through its official portal.
General News
IHS Nigeria Leads Gender Based Violence Awareness Walk, Reaffirms Zero Tolerance with Advocacy Seminar

Demonstrating unwavering commitment to a safe and dignified workplace, IHS Nigeria held an awareness walk followed by a high-impact seminar as part of activities to commemorate the global 16 days of activism to End Gender-Based Violence against women and girls.

The initiative underscored the organisation’s ongoing efforts to sensitize the community, educate employees, strengthen internal safeguards, and reinforce its zero-tolerance policy for all forms of harassment and abuse.
After the walk along Adeola Odeku and Idejo Streets on Victoria Island, employees convened for a seminar at the IHS Nigeria corporate head office, where Bukola Konkwo, Associate Director, Operations Excellence IHS Nigeria and one of the leaders of the Women in IHS Network (WIIN), reiterated the organisation’s position on gender-based violence in her opening remarks:
“Violence does not discriminate, and neither should our compassion. At IHS Nigeria, boldness is not just a value on paper, it is a call to action. We are intentional about ensuring every employee feels safe, respected, and empowered.”
The seminar featured two leading voices in Gender Based Violence advocacy. Titiola Vivour Adeniyi, the Executive Secretary of the Lagos State Domestic and Sexual Violence Agency and Nwanne Okafor, Victimologist and Gender Based Violence Advocate. Speaking during the seminar, Titilope stressed the urgency of prevention and education:
“Gender-based violence is not a special-class problem. Anybody can be a victim. Our responsibility is to know the signs, protect one another, and intervene early. When we know better, we do better.”
She also encouraged organisations to prioritise consent education, confidential reporting, and background checks, practices IHS Nigeria has already integrated through its Safe Zone Committee, a confidential support system for staff.
Nwanne Okafor, also spoke on the role of colleagues in recognizing and responding to abuse in the workplace:
“Many victims don’t need you to fix their situation, they need your support, your sensitivity, and your discretion. Speak up when necessary. Silence gives violence permission.”
Her session included real-life cases that underscored how abuse affects workplace productivity, mental health, and safety.
The awareness walk, saw both male and female staff members from across various departments marching in solidarity with survivors and advocates worldwide and served as a public declaration of IHS Nigeria’s commitment to building a culture rooted in respect, safety, and accountability.
Reinforcing IHS Nigeria’s stand, during her closing remarks, Titilope Oguntuga, Director, Sustainability, IHS Nigeria, captured the spirit of the event:
“This conversation doesn’t end today. Now that we know better, we must all do better, by advocating, supporting, and actively contributing to a workplace free of violence in any form.”
IHS Nigeria continues to strengthen its internal systems, policy frameworks, training programs, safe reporting channels, and continuous awareness sessions, to ensure that every employee is protected and empowered. The organisation reaffirms its zero-tolerance policy for any form of harassment, abuse, or violence, and remains committed to leading the corporate sector in progressive, people-centered safety standards.
General News
Nigeria’s GDP Rises to 3.98% in Q3 2025, Driven by Agriculture, ICT, and Finance

Nigeria’s economy expanded by $3.98$ per cent in the third quarter of 2025, according to the latest Gross Domestic Product (GDP) report released by the National Bureau of Statistics (NBS) on Monday.

GDP
This growth rate marks a slight improvement from the $3.86$ per cent recorded in the same period of 2024.The report highlights a mixed but generally positive recovery across key sectors. Aggregate GDP in real terms stood at ₦57.03 trillion, up from ₦54.85 trillion in Q3 2024.
The Services sector remained the largest contributor to overall output at $53.02$ per cent, followed by Agriculture at $31.21$ per cent. Key growth drivers included crop production, telecommunications, real estate, trade, and financial services.
The non-oil sector continued to be the main engine of the economy, expanding by $3.91$ per cent. This strong performance outpaced both Q3 2024 ($3.79$ per cent) and Q2 2025 ($3.64$ per cent). Agriculture grew by $3.79$ per cent, driven predominantly by crop production.
The Information and Communication Technology (ICT) sector posted a particularly strong real growth of $5.78$ per cent, with its contribution to real GDP rising to $9.10$ per cent. Furthermore, Financial and Insurance Services recorded a significant real growth of $19.63$ per cent.
In contrast, real growth in the Manufacturing sector slowed to $1.25$ per cent, down from $1.74$ per cent in the previous quarter.
The oil sector posted a real growth of $5.84$ per cent, a marginal increase from $5.66$ per cent in Q3 2024. This growth was linked to an average crude oil production rise to $1.64$ million barrels per day (mbpd), up from $1.47$ mbpd a year earlier.
Despite this positive change in output, the sector’s contribution to real GDP remains modest at **$3.44$ per cent$.Statistician-General of the Federation, Prince Adeyemi Adeniran, noted that while most sectors sustained positive momentum, growth remains uneven.
Strong gains in ICT, finance, agriculture, and trade were crucial in stabilizing overall output. This data aligns with projections from the International Monetary Fund (IMF), which, in October 2025, revised Nigeria’s 2025 growth outlook upward to $3.9$ per cent, citing higher oil production, stronger investor confidence, and a supportive fiscal stance as key drivers.
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