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How Nigeria Lost N4.3tn to Oil Theft in Five Years – NEITI
Nigerian government revealed on Monday, that over N4.3 trillion worth of crude oil was lost to oil theft in 7,143 pipeline vandalism cases within five years.
This was disclosed at the Nigeria International Pipeline Technology and Security Conference in Abuja, highlighting the severe impact of oil theft on the nation’s economy.
In a presentation at the conference, the Nigeria Extractive Industries Transparency Initiative (NEITI), painted a grim picture of the oil theft situation, labeling it a “national emergency.”
NEITI Executive Secretary Ogbonnaya Orji emphasized the grave consequences of oil theft, stressing its detrimental impact on oil exploration, exploitation, economic growth, business prospects, and oil company profits.
Providing data from the agency’s reports to back his claims, he said: “NEITI disclosed that in the last five years, 2017 to 2021, Nigeria recorded 7,143 cases of pipeline breakages and deliberate vandalism resulting in crude theft and product losses of 208.639 million barrels valued at $12.74m or N4.325tn.
“NEITI reports also disclosed that during the same period Nigeria spent N471.493bn to either repair or maintain pipelines.”
Orji pointed out that from NEITI’s 2021 Oil and Gas Industry Report released in September, the sector accounted for 72.26 per cent of Nigeria’s total export and government’s foreign exchange, 40.55 per cent of government revenue, and provided 19,171 jobs.
“However, for us in NEITI, it is not a matter of debate that despite the strategic contributions, the country is yet to derive optimal benefits from its oil and gas resources due to oil theft and losses through pipeline vandalism, pipeline integrity compromise, outright sabotage, and general insecurity in the region.
“From NEITI’s reports over the years, and recently insights from our membership of the Special Investigative Panel on Oil Theft and Losses, we are aware that oil theft is perpetrated mainly through pipeline clamping, illegal connections on major pipelines, exploitation of abandoned oil wellheads, pipeline breakages and vandalism of key national assets to illegally siphon crude into waiting vessels stationed in strategic terminals.
“These criminal exploits take place most times in atmosphere of communities’ complicity and conspiracy of silence,” the NEITI boss stated.
He stressed that it was also a matter of fact that many members of the pipeline’s association were directly and indirectly involved in providing the skills and knowledge required to perpetrate oil theft.
“As you are aware, illegal connections, pipeline clamping, etc, cannot be done by just anybody. And so, your association is largely complicit by failing to put in place stringent regulation and appropriate sanctions to check involvement of your members.
“For instance, NEITI has put in the public domain empirical data of oil theft and losses at 619.7 million barrels of crude, valued at $46.16bn or N16.25tn between 2009 and 2020.
“In addition, Nigeria lost 4.2 billion litres of petroleum products from refineries, valued at $1.84bn at the rate of 140,000 barrels per day, from 2009 to 2018.
“Thus, the total value of crude losses between 2009 and 2020 is higher than the size of the country’s foreign reserves and almost 10 times Nigeria’s oil savings in Excess Crude Account,” Orji stated.
He told participants at the conference that Nigeria’s economy cannot grow in an atmosphere of oil theft, pipeline vandalism, and general insecurity in the oil-producing communities.
Omniverse Africa has disclosed that UEL Esports Inc., Unanimous Games and Game Evolution Esports will be premier partners for the Gaming Center at Omniverse 2025.
Charles Emembolu, co-convener of Omniverse Africa
This significant partnership will play a crucial role in delivering an exceptional gaming experience, highlighting Omniverse Africa’s dedication to innovation and excellence within the digital and creative ecosystems.
UEL Esports Inc., renowned for its one of a kind, multi genre gaming league, cutting-edge advancement and visionary contributions, will be integral in shaping the Gaming Center, promising an immersive and dynamic environment for all attendees.
Additionally, Game Evolution will serve as the gaming ecosystem and delivery partner for the center, ensuring top-tier experiences and seamless execution.
In a major highlight of this collaboration, an exhilarating gaming tournament will be featured at the Gaming Center.
This tournament, expected to be a central attraction of Omniverse 2025, will offer participants the chance to compete for a staggering prize pool of up to $1 million.
Nigerian gamers will have the opportunity to vie for these substantial rewards and gain invaluable experiences that could propel their gaming careers to new heights.
Charles Emembolu, co-convener of Omniverse Africa, commented: “We are thrilled to partner with UEL Esports Inc., and Game Evolution towards the Omniverse 2025. This collaboration aligns with our vision to create a transformative and engaging gaming environment. We are excited to witness the innovation and talent that will unfold through this partnership.”
Hannatu Musa-Musawa, minister of Arts, Culture, and Creative Economy, stated, “Omniverse Africa has taken a bold step to position Nigeria as a global leader in gaming by launching this major league with partners from Nigeria and USA. The Ministry stands behind this vision, and we look forward to fostering partnerships that will strengthen our creative economy and provide new opportunities for our youth,”
Briant Biggs, CEO of Unanimous Games, USA, added, “This partnership offers an exciting opportunity to inspire and empower gamers globally. Omniverse 2025 is the perfect platform for this mission.”
Titus Walker, CEO of UEL Esports Inc., also stated that’ “Becoming the premier partner for the Gaming Center at Omniverse 2025 is a remarkable opportunity for UEL Esports Inc. We look forward to showcasing our latest innovations and contributing to an exceptional event that will set new standards in the global gaming industry.”
Kunmi Adebimpe, founder of Game Evolution Esports, commented: “As the gaming ecosystem and delivery partner for the Omniverse Africa Gaming Center, Game Evolution is committed to bringing unparalleled experiences to the forefront. We are excited to collaborate with Omniverse Africa, UEL Esports Inc. and Unanimous Games to elevate the gaming experience and provide a platform for gamers to shine, globally.”
Omniverse Africa, Africa’s premium platform for integrating digital and creative ecosystems across the continent, will host its annual summit in Lagos, Nigeria, in February.
The synergy between UEL Esports Inc., Omniverse Africa, Unanimous Games and Game Evolution promises to make Omniverse 2025 an extraordinary event, celebrating talent and innovation in the gaming world.
Stay tuned for more updates on the tournament and how to participate, collaborate, compete or partner. The Omniverse Africa Summit 2025 promises a thrilling experience for gamers and enthusiasts alike.
FBN Holdings Plc has announced the sale of its 100 per cent equity stake in FBNQuest Merchant Bank Limited to EverQuest Acquisition LLP.
A statement filed with the Nigeria Exchange Limited by the Acting Company Secretary for FBN Holdings, Adeware Arogundade on Friday stated that the move comes after a competitive bidding process, with EverQuest Acquisition LLP a consortium comprising Custodian Investments Plc, Aion Investments, and Evercorp Industries emerging as the preferred bidder.
FBNQuest is the unified brand identity for the merchant banking and asset management businesses of FBN Holdings.
EverQuest Acquisition LLP is a consortium of three companies, including Custodian Investments PLC, Aion Investments Limited, and Evercorp Industries, founded in June 2024.
“By the Nigerian Exchange Limited Rulebook, we at this moment notify the Nigerian Exchange Limited and the investing public that FBN Holdings Plc has entered into a Share Sale and Purchase Agreement to divest its 100 per cent equity stake in its wholly owned subsidiary, FBNQuest Merchant Bank Limited. This sale aligns with the company’s strategy to optimise its portfolio within the group.
“Following a competitive bid process, EverQuest Acquisition LLP (comprising Custodian Investments PLC, Aion Investments and Evercorp Industries) was selected as the preferred bidder. The completion of the sale is subject to approvals from the relevant regulatory authorities,” the holding firm added.
The company disclosed the development through a share sale and purchase agreement, highlighting that the transaction was subject to approval by the relevant regulatory authorities.
FBN Holdings emphasised that the divestment aligned with its broader strategy to streamline its portfolio for enhanced growth and focus across the group.
FBNQuest Merchant Bank’s gross earnings for 2023 rose by 43.1 per cent year-on-year to N35.5bn.
The Kansas Attorney General’s Office successfully thwarted an attempt by Bimbo Toyin Akinyemi, a Nigerian national, to defraud a Kansas resident of cryptocurrency.
This was revealed in a statement titled, “State of Kansas, U.S., Thwarts Attempt by Nigerian Crypto Scammer to Defraud Resident, Attracting Over $50,000 in Civil Penalties.”
BitKE, known for reporting on Bitcoin, crypto, and blockchain activity in Africa, disclosed the news on Monday via its X handle #BitcoinKE.
According to the Attorney General’s Office, Akinyemi promised the victim a large return for investing in cryptocurrency. Court documents show that Akinyemi entered into a contract with the unnamed victim on 15 July 2023, where the victim was to purchase Bitcoin and deposit it into Akinyemi’s ‘investment wallet address,’ with an expected return of $500 to $1,240.
Akinyemi exploited the victim’s lack of understanding of cryptocurrencies, misleading them by concealing the traceability of fund transfers and falsely claiming that depositing funds into a digital wallet would ‘activate’ it as an investment account. After receiving the deposits, Akinyemi transferred the funds to his own account.
A fraudulent $1,000 cheque was then sent to the victim, which was never cashed. The Kansas Attorney General’s Office stated that the victim is entitled to a refund of their $250 investment, and Akinyemi is responsible for $50,000 in civil penalties for five violations, $4,000 in investigation fees and expenses, and all court costs.
The Charities and Financial Scams Unit of the Attorney General’s Office filed a lawsuit against Akinyemi under the Kansas Consumer Protection Act.
Authorities seized Akinyemi’s wallet, which reportedly contained half of a Bitcoin valued at over $28,900, as well as other digital currency worth more than $4,000.
A local judge issued a default judgment against Akinyemi after they failed to respond to the summons and petitions sent to their email address. In addition to the financial penalties, Akinyemi has been prohibited from engaging in consumer transactions within the state.
“Cryptocurrency is a borderless asset that allows international scammers to target and defraud Kansans from the comfort of a keyboard,” said First Assistant Attorney General Nathanial Castillo.
“Scammers realise they have a better chance of getting away with fraud if they convince victims to send cryptocurrency. Kansans should always thoroughly scrutinise anyone they meet online before sending payment in cryptocurrency.”
The U.S. Department of Justice (DoJ) and the FBI were also part of the investigations.
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