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OBJ Accuses President GEJ of Squandering $55Bn Oil Money

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Olusegun Obasanjo, former president and President Goodluck Jonathan
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Olusegun Obasanjo, former president has accused President Goodluck Jonathan of squandering $25billion crude oil savings left behind by his administration.

Obasanjo made the allegation while hosting the South-West women leaders at his residence in Abeokuta, describing the administration of President Jonathan as full of impunity.

The former president also said the failure of Jonathan’s administration to save for the rainy day led Nigeria into the current economic mess where a dollar exchanges N195.

Obasanjo claimed that the more than $25billion inherited by his successor, Musa Yar’Adua, was raised to $35 billion but the Jonathan administration squandered all, including also the $40billion in Nigeria’s foreign reserve account after paying the outstanding debt at the time.

According to him, former President Yar’adua also raised the reserves to $60billion, but under President Jonathan, the reserves plummeted.

These new claims followed series of public denunciation of Jonathan’s government by the former president.

Last year, Obasanjo repeatedly lambasted the current government, accusing the president of promoting and tolerating corruption, and failing to provide security for Nigerians.

But Obasanjo, yesterday, said he was not fighting the President, nor was Jonathan fighting him. He said he was more concerned about the interest of the country, and, therefore, cared less about criticisms.

“I have no grudges against Jonathan and I think Jonathan equally has no grudges against me. I’m not quarrelling with Jonathan. All I know is that whatever is good for Nigeria, that I’m ready to die for.

“I emphasize that whatever is good for Nigeria is what I’m ready to defend with my life. Whoever I emphasize, whoever says he would not do anything good to Nigeria, even if he says he’s ready to go ‘konko below’, I’m ready to square it up with such a person. I say again, whoever that person may be, I want you to get that correctly. If this country is going to change for the better, it would start from the top and if it’s going to be otherwise, it would start from the top, too,” the former president stressed.

The former president also lamented the poor condition of Nigeria’s economy, saying it shouldn’t have been this bad.

“Our economy should not have been this bad. When I was leaving office about eight years ago, I left a very huge reserve after we had paid all our debts. Almost $25billion was kept in what they called excess crude, including the excess from the budget we were saving as reserve for the rainy days. When we left in May, 2007, the reserve was said to have been raised to $35billion.

“But today, that reserve has been depleted! The reserve we left when we finished paying all our debts, our debts that was about $40billion, that is including debt forgiveness, the remaining debt was not more than $3billion. Our reserve after we had paid off this debt was about $45billion. As at the end of 2007, I heard that the reserve increased to almost $67billion before the end of that year. But our reserve now, I learnt is left with around only $30billion.

“That is why the Naira has been falling against the dollar. What would now happen? I learnt if you want to buy a dollar now, it’s about N192 or N195. What it means is this, what you have been buying at N150 to a dollar, now you need N192 or N195 to buy it. That is the real situation. Is there any remedy? There is, but it does not come overnight because it means we have to give up all the bad things we have been doing,” Obasanjo said.


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NSE, Indian Firm Donate Design Software to Universities

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Nigerian Society of Engineers (NSE), in collaboration with MIDAS IT, India, have donated engineering software valued at over $15 million to 15 Nigerian Universities.

NSE, Indian Firm Donate Design Software to Universities

MIDAS IT is also conducting a technical workshop to train the universities on the use of the engineering software in designing structures, especially in the area of civil engineering.

Mrs Margaret Oguntala, president of NSE, at the handover ceremony, in Abuja, said the collaboration, which is in line with the Society’s mission, is aimed at training young Engineers who would lead the profession in the future

She advised the benefiting universities to use the software productively and to ensure that the students transition from academic concepts to real-world applications.

“I would like to emphasize that the future of our profession lies in the hands of our young ones. It is our collective duty to guide, support, and inspire them to rise to their full potential.

“Through structured mentorship and active knowledge-sharing, we can equip the next generation to lead the engineering profession with vision, competence, and excellence.

“As the world continues to embrace the Fourth Industrial Revolution, it has become increasingly critical for us as a country to create deliberate pathways for our young innovators to transition from classroom concepts to real-world applications.

“I therefore urge the benefiting universities in this programme to intensify their efforts in closing the gap between academia and industry. By doing so, we will ensure that our engineering graduates are well-prepared to function effectively and confidently in the professional space from the moment they leave the university,” she said.

Minister of Innovation, Science and Technology, who was represented by the Okoro Ikechukwu, director of ICT, said the Ministry would always support any action that strengthens the link between Education, innovation, and industry.

“We are always committed to supporting initiative that strenghtens the linkage between education, innovation, and industry, and of course, to drive our collective vision for a knowledge-based and technology-enabled Nigeria. We are always open for partnerships in this regard,” he said.

Mr Bello Goronyo, minister of State for Works,  said, “I am particularly pleased to see that this handover is accompanied by a Technical Training Workshop. The best software in the world is useless without skilled hands to operate it.

“This crucial step ensures that the knowledge transfer is complete, empowering our lecturers and coordinators to fully integrate these tools into their curricula for maximum impact.

“The Federal Government’s agenda prioritizes quality infrastructure and local content development and is committed to facilitating a fertile ground for collaboration between industry, government, and academia to advance our technological competitiveness.

“Today’s event is a vibrant demonstration of that commitment,” he said.

Naga Ravi Anne, managing director, Africa and UAE Region of MIDAS IT, emphasised the importance of providing the right tools that would facilitate training for children.

He added that this first stage of donation is focused on supporting civil engineering and that they would consider providing software for mechanical engineering in the next stage.

Abdulrahman Salawu, Vice Chancellor of Confluence University of Science and Technology, on behalf of the 15 universities, promised to use the software effectively, adding that the universities would work towards developing their own software.

 


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New Science Minister Charts Roadmap for Innovation, National Development

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Kingsley Tochukwu Udeh, Nigeria’s newly appointed minister of Innovation, Science and Technology, has pledged to reposition the ministry as a catalyst for national development through a renewed focus on innovation, research, and technology-driven solutions.

Speaking at a leadership strategic meeting with directors and heads of agencies under the ministry in Abuja on Friday, Udeh said the session was convened to chart a 12-month strategic plan aligned with President Bola Ahmed Tinubu’s Renewed Hope Agenda.

“We have identified the key things that we, as an ecosystem — the ministry and its agencies — want to achieve in the next 12 months in line with the Renewed Hope Agenda,” Udeh said.

“We understand the importance of our mandate. If we are to rise to become one of the leading nations of the world, we must take innovation, science and technology seriously — and we have resolved to do exactly that.”

Udeh emphasised that science, technology and innovation (STI) are central to Nigeria’s transformation, not only in economic growth but also in addressing challenges such as insecurity, unemployment, and underdevelopment.

“It will be innovation, science and technology that provide solutions to advance our progress and development — that even tackle the hard-headed monster of insurgency and terrorism,” he stated.

The minister said the meeting produced a set of “quick wins” that would begin to show visible impact from next week. He also underscored the need for synergy and teamwork among all agencies under the ministry to deliver measurable results.

“We have agreed as a leadership that we will work as a team, identify quick wins, and begin to make remarkable impacts immediately. What will make us relevant is the impact we make in the lives of Nigerians,” Udeh added.

Udeh, who was confirmed by the Senate in November 2025 following his nomination by President Tinubu, replaces Uche Geoffrey Nnaji, who resigned in October.

The meeting concluded with a pledge of unity among the ministry’s leadership and a commitment to ensuring that Nigeria’s innovation and technology ecosystem drives inclusive national progress.


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Senate Committee Says $300Bn Lost to Oil Theft

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The Senate ad hoc committee investigating persistent crude oil theft in the Niger Delta has disclosed that a forensic audit conducted by independent consultants revealed that suspected oil thieves stole more than $300 billion worth of oil, which ought to have been Nigeria’s proceeds from crude oil sales.

Senate Committee Says $300Bn Lost to Oil Theft

Senator Ned Nwoko, chairman of the committee  made the disclosure this while presenting an interim report of the committee during Wednesday’s plenary, adding that the findings were based on a forensic review conducted by consultants engaged by the committee.

The Senator representing Delta North Senatorial District explained that the stolen funds were traced to both local and international transactions, however, requested that the committee should be given the mandate to track, trace, and recover all proceeds of stolen crude oil both locally and internationally

“The ad hoc committee should be given the mandate to track, trace, and recover all proceeds of stolen crude oil both locally and internationally, as forensic review by the consultant shows over $22 billion, $81 billion, and $200 billion remains unaccounted,” he said.

Nwoko who did not disclosed identity of the consultants, stated that the period covered by the forensic report, the identities of the suspected perpetrators and the companies allegedly involved.

The federal lawmaker, however, pointed out that the report was interim, suggesting that more findings would be made public in the committee’s final submission, adding that the committee recommended that the Nigerian government establish a special court dedicated to prosecuting oil-related offences and offenders appropriately.

 

 

 

 


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