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Senate Probes Shell Over Alleged Joint Venture Breach
The Senate, on Wednesday, constituted an Ad-Hoc Committee to investigate Shell Petroleum Development Company (SPDC) over non-compliance with the Petroleum Act and breach of the Joint Venture Agreement entered into with the Federal Government of Nigeria.
The Ad-Hoc committee was mandated to probe the Oil Mining Lease (OML) granted to SPDC between 1959 to 1989, and 1989 to 2019 under the SPDC/NNPC Joint Venture agreement.
The Ad-Hoc Committee, which was constituted by the Senate President, Ahmad Lawan, has Senator Aliyu Sabi Abdullahi representing Niger North, as its chairman.
Other members on the panel include Senators George Thompson Sekibo, Abdullahi Yahaya, Bassey Albert Akpan, Olamilekan Solomon Adeola, Smart Adeyemi and Aishatu Dahiru Ahmed.
Accordingly, the chamber demanded a refund of $200 million (USD) or any amount short of what was paid by SPDC, including penalties and interests under the said lease agreements to the coffers of the Federal Government.
The Senate resolution was reached sequel to consideration and adoption of a motion sponsored by Senator George Thompson Sekibo (PDP, Rivers East).
The motion was entitled, “Non-payment of the Sum of $200,000,000 accruals from the Oil Mining Lease (OML), by Shell Petroleum Development Company of Nigeria Limited under the SPDC/NNPC Joint Venture Agreement and, illegal and unlawful renewal of Oil Mining Leases by the Ministry of Petroleum Resources/Department of Petroleum Resources (DPR) contrary to the provision of paragraph 10 of the First Schedule to the Petroleum Act 1969 (now Section 86(1) and 86(6) of the Petroleum Industry Act 2022.”
Sekibo, in a presentation, observed that the SPDC/NNPC Joint Venture (JV) agreement, in contravention of the provisions of the Petroleum Act 1969, by the defunct Department of Petroleum Resources (DPR) and the Ministry of Petroleum Resources, granted to the SPDC/NNPC a 30-year Oil Mining Lease from 1959 to 1989.
He observed that doing so constituted an illegal extension of the Oil Mining Lease by 10 years in the first instance, instead of the prescribed term of 20 years, without recourse to the provisions of the Petroleum Act 1969 in paragraph 10 of the First Schedule.
According to the lawmaker, “upon the expiration of the initial Oil Mining Lease in 1989, SPDC/NNPC JV, was granted another 30-year Oil Mining Lease again from 1st July 1989 to 30th June, 2019, by the Ministry of Petroleum Resource/DPR instead of the 20 years lease period prescribed by the Petroleum Act, which is contrary to paragraph 10 of the First Schedule to the said Act.”
He disclosed that in the initial additional 10 years Oil Mining Lease of 1969 to 1989, illegally granted to the SPDC/NNPC JV by the Ministry of Petroleum Resources/DPR, the Federal Government lost from fees, taxes, rents and royalties the sum of $120, 000, 000.
He stated that in the second instance of the extra 10 years the Federal Government also lost a further sum of $80,000,000, making total of $200,000,000.
He noted that a loss of $200,000,000, which is equivalent to N83, 130, 000, 000 billion, could have been of great value to the economy of the nation.
He observed that the illegal action by the Ministry of Petroleum Resources/DPR as regards the SPDC/NNPC JV may not be the only non-compliant grant as details of other Joint Venture agreements with: Chevron Nigeria Limited, ENI Joint Venture, EXXON Mobil Upstream JV, Total E & P Nigeria Limited JV, need to be ascertained through a thorough investigation to verify compliance with the provisions of the extant law.
He expressed worry that that the trend of illegal extension of Joint Venture (JV) period from 20 years to 30 years lease period without recourse to the Petroleum Act may have also applied to other Joint Venture agreements with the International Oil Companies (IOCs) and need to be investigated.
Sekibo informed the chamber that SPDC went to Court on the clarity of the lease period and the judgment was not in their favour as regards the additional 10 years lease period in the two instances.
“Regrettably, the court failed to order the SPDC to pay the arrears the 20 years lease period to the tune of $200,000,000 to the Federal Government for the illegal extensions,” he said.
The lawmaker further disclosed that a whistle-blower petitioned the EFCC on the need to recover the sum of $200,000,000 from SPDC for these illegal extensions by the Ministry of Petroleum Resources/DPR and to further investigate all other Joint Venture agreements that involved the aforementioned IOCs.
He noted that the power to make laws for the Federation as vested in the National Assembly by the Constitution also encompasses the power to make laws for the promotion of national prosperity and a dynamic self-reliant economy as provided in section 16(1)(a) of the 1999 Constitution of the Federal Republic of Nigeria as amended.
He emphasised that the Constitution also gives power to each House of the National Assembly to carry out appropriate investigation on observed misapplication of the laws enacted by the National Assembly, as provided in Section 88 of the Constitution.
He stated further that Section 89 of the same Constitution provides the process on how such investigation should be carried out.
Accordingly, the Senate resolved to constitute an Ad-Hoc Committee to investigate the non-compliance with the Petroleum Act and the Oil Mining Lease granted to SPDC between 1959 to 1989, and 1989 to 2019 under the SPDC/NNPC Joint Venture Agreement; and compel SPDC to refund to the Federal Government the sum of $200,000,000 or any amount short of what was paid, including penalties and interests under the said lease agreement.
Africa’s leading neobank and foremost fintech platform, PalmPay, is celebrating six years of delivering value, impact, and reliable banking services to millions of users across Nigeria. With more than 35 million people now choosing PalmPay for their everyday financial needs, the company marks this milestone by reflecting on a journey shaped by its users.
Since its launch in 2019, PalmPay has transformed from facilitating its very first transaction into powering millions daily. Along the way, PalmPay has helped small and medium businesses scale, supported families in reaching their goals, and made everyday money management simpler, safer, and more rewarding. Its users’ trust has fueled PalmPay’s journey and continues to inspire the company’s commitment to making financial services smarter, simpler, and more inclusive.
“PalmPay was built on the belief that banking should be accessible to everyone, safe, easy, and rewarding,” said Chika Nwosu, Managing Director at PalmPay. “Over the last six years, we’ve earned the trust of our users, and their impact stories remind us that our solutions are not just about technology, but enabling smarter banking habits tailored to individual needs.”
To celebrate this milestone, PalmPay is launching the Lucky Wish Campaign, running from September 12 – 29th, 2025. The campaign will spotlight user stories, reward loyal customers with Apple AirPods, iPhone 17 Pro, Samsung A16, and highlight impact data, to showcase the trajectory of the brand’s impact since its launch in 2019.
In addition, the ongoing Hustle Grant Campaign continues to spotlight ambitious entrepreneurs leveraging PalmPay’s solutions. As part of the celebrations, 9 final winners will be announced in phases with the final announcement scheduled for September 26th. Each of these winners are set to receive N500,000 to support and grow their businesses, further amplifying the celebrations and reinforcing PalmPay’s user-centric approach to marking this milestone.
As PalmPay looks ahead, the company remains focused on powering the future of smarter banking and driving impact across its diverse user base.
Economic and Financial Crimes Commission (EFCC) has blamed suspects involved in internet fraud and money laundering for subjecting Nigerians to stricter visa restrictions criteria abroad.
Ola Olukoyede, chairman, EFCC
Ola Olukoyede, chairman, EFCC, made his remark during an event organised by the Coalition of Nigerian Youth on Security and Safety Affairs on Monday in Port Harcourt, Rivers State.
Olukoyede, who was represented by Coker Oyegunle, chief superintendent of the EFCC, said fraudulent practices not only destroy the future of those involved but also tarnish Nigeria’s international image, resulting in stricter travel conditions for law-abiding citizens.
He urged young people in the South-South and across the country to channel their energy into productive ventures such as digital innovation, entrepreneurship, agriculture, and the creative industry.
Olukoyede reaffirmed the commission’s readiness to intensify sensitisation, enforcement and collaboration with communities to combat fraud and related crimes.
“The EFCC boss highlighted that internet fraud, money laundering, and economic sabotage cost Nigeria billions of naira annually, undermining national growth and depriving citizens of infrastructure, jobs, and opportunities.
“Beyond the economic damage, he pointed out that the crimes erode Nigeria’s international image and subject innocent Nigerians to stricter visa restrictions abroad.
He was quoted as saying, “Fraud is not success; it is a trap. Easy come, easy go. Many who follow the path of ‘yahoo-yahoo’ always end up losing their freedom, reputation, and future. The law is catching up with them, and digital footprints never disappear. Don’t destroy your tomorrow with shortcuts today.”
President Bola Ahmed Tinubu has revealed that more than 126 million Nigerians have been registered in the National Identity Database and issued National Identity Numbers (NIN), marking a major milestone in Nigeria’s digital identity drive. The announcement was made on September 16, 2025, at the 7th National Day of Identity event held at the International Conference Centre in Abuja.
Represented by the Secretary to the Government of the Federation, Senator George Akume, President Tinubu praised the National Identity Management Commission (NIMC) for clearing a backlog of over 2.5 million records in two years and arresting more than 30 individuals running fraudulent registration centers. He also highlighted the success of the NIMC’s mobile and web self-service applications, which have processed over 500,000 record updates, and the deployment of over 800 mobile enrolment devices nationwide.
Under the theme “Public Key Infrastructure: Backbone to Digital Public Infrastructure,” Tinubu stressed that a secure identity system is essential for building trust in Nigeria’s digital economy. He explained that integrating identity management with digital services will enhance financial inclusion, improve governance, strengthen social protection programmes, and boost national security.
According to Tinubu, the impact of the NIN extends to workers claiming pensions securely, students accessing loans and scholarships, farmers receiving targeted incentives, and vulnerable groups obtaining proof of identity for humanitarian aid. Registration efforts have also expanded beyond Nigeria’s borders with over 200 diaspora centres, alongside the enrolment of refugees, internally displaced persons, and inmates. A disability inclusion policy has trained more than 5,000 enrolment agents to serve persons with disabilities effectively.
The national database capacity has increased from 100 million to 250 million records, with 1,500 enrolment devices now in operation nationwide. Additionally, 125 government agencies have been harmonized with NIMC to reduce duplication and improve efficiency in areas such as passport issuance, tax records, birth registration, healthcare, and education. The enforcement of the NIN-SIM linkage has helped curb fraud and strengthen national security.
President Tinubu also highlighted improvements to the Commission’s operations, including staff training, upgraded tools, the establishment of a world-class customer care center, and the renovation of enrolment facilities. Staff welfare has improved with salary adjustments and promotions for over 2,800 employees. Anti-extortion efforts and collaboration with security agencies have led to the closure of illegal centres and the arrest of fraudsters.
NIMC has maintained ISO 27001:2022 certification for data security and launched the High Availability Verification Service, ensuring 99.9 percent uptime for identity verification. Tinubu noted that the NIN facilitates seamless access to government services, enhances financial inclusion, supports national planning, and strengthens security architecture while eliminating ghost beneficiaries in social programs.
NIMC Director General, Engr. Abisoye Coker-Odusote, disclosed that 52 percent of Nigerians in the diaspora and 85 percent of inmates have been registered. She also noted that infrastructure upgrades have reduced enrolment time by 49 percent and eliminated extortion, dismissing claims about the database being compromised and affirming its global-standard security .
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