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Shell, Eni to Lose OPL 245 over $1.1Bn Malabo Fraud

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Federal government may retrieve one of Africa’s richest oil blocs from oil giants, Shell and Eni, if the recommendations of the Office of Director of Public Prosecution are implemented, according to the Tide Newspaper.

Not only will the two oil giants lose OPL 245, should President Muhammadu Buhari approve the recommendations, they will also be fined billions of dollars for illegal activities, including paying money to fraudulent public officials and private citizens in order to secure the bloc.

The retrieval of the controversial oil bloc, estimated to contain about nine billion barrels of crude, as well as placing heavy fines on the oil giants, is contained in a far-reaching recommendation by the office of Mohammed Diri, director of Public Prosecution (DPP).

According to the Tide, the recommendation was at the instance of Abubakar Malami, Attorney General of the Federation and Minister of Justice, who is set to advise the Federal Government on how to proceed on a controversial deal that is being investigated by authorities in four different countries.

In arriving at its recommendations, the DPP committee, which included lawyers from his office, called for the cancellation of the ‘settlement agreement’ that ceded the oil bloc to Shell and Eni.

Made on April 29, 2011, the settlement deal is made up of three different ‘Resolution agreement’ signed by the parties involved in the OPL 245 saga.

The first, titled “BLOCK 245 MALABO RESOLUTION AGREEMENT” was signed between representatives of the Federal Government and those of Malabu, which was represented during the discussions by a former petroleum minister, Dan Etete.

The second agreement, titled “BLOCK 245 RESOLUTION AGREEMENT” was between the Federal Government and officials of Shell and Eni/AGIP; while the third agreement, titled “BLOCK 245 SNUD RESOLUTION AGREEMENT”, was signed by officials of the Federal Government and Shell.

Mohammed Adoke, immediate past attorney general of the federation, and Diezani Alison-Madueke, immediate past petroleum minister, signed all the agreements on behalf of the Federal Government.

Both are among officials being investigated by Nigeria’s foremost anti-graft agency, the Economic and Financial Crimes Commission (EFFC), for their roles in the scam.

The agreements saw the transfer of OPL 245, first from the Malabu to the Nigerian government and then from the government to Shell and Eni.

The agreements also effectively cancelled all previous law suits and judgements related to the case.

It was based on these agreements that Shell and Eni paid a total of $1.3 billion into Nigerian government accounts, which as stated in earlier reports, largely ended up in accounts of phoney companies and shady characters.

The committee empanelled by the Attorney General, Malami, recommended that the agreement be cancelled, describing it as “null and void”, and saying it “should not be given any legal effect by the FGN (Federal Government of Nigeria) as doing so would amount to the FGN condoning and perpetuating illegality.”

One of the reasons the panel considered the agreement illegal is that Etete, had no legal authority to negotiate the agreement on behalf of Malabo as he was not a shareholder of the company nor had the permission of the shareholders to do so.

Also, the oil bloc was awarded to Malabo in furtherance of Nigeria’s policy to encourage local companies and part of the conditions for the award was that “foreign participation interest in the blocks (OPL 245 and 214) shall not exceed 40%, i.e. 60/40 indigenous to foreign;” a fact Shell was aware of but chose to ignore.

The committee also sought the cancellation of the agreement based on a resolution by the last House of Representatives, which called for the cancellation and demanded that Shell be “censured or reprimanded… for its lack of transparency and full disclosure in its bid to acquire OPL 245.”

Also, although Shell and Eni claimed they only struck an agreement with the Federal Government and that they did not know, before the agreement, that the money they paid was going to Malabo, evidence by investigators in Italy and the Nigerian anti-graft agency, EFCC, shows that the oil firms knew the payment was eventually going to Malabu accounts controlled by Etete, a man once convicted for money laundering in France.

Apart from calling for the cancellation of the agreement, the DPP panel also recommended the full recovery of the money paid by Shell and Eni, describing it as “proceed of crime.”

Apart from recommending the withdrawal of the OPL 245 from Shell and Eni and calling for the retrieval of the money, the panel also asked the Federal Government to collaborate with all foreign agencies investigating the deal as well as prosecute all individuals and firms that violated local and international laws in the process.

In its recommendation, the panel also stated that the Federal Government can make “close to $10 billion” from the scandal.

To make the money, the panel recommended that Shell and Eni be fined at least $6.5 billion (five times the $1.3 billion Shell and Eni originally paid in the 2011 block).

This, the panel stated, should be done “in accordance with the relevant provisions of our laws in conformity with international best practices via the appropriate courts (at) home or abroad as the case may be.”

In other words, from the fine and the amount to be retrieved of the $1.3 billion, the government could make about $8 billion.

Also, in asking that the oil bloc be returned to Malabu’s original owners, the panel asked that the necessary licensing fees, transfer fees, signature bonus, and tax be paid by the firm; while 50 per cent of the rights to the bloc should return to Nigeria after three years based on original intent of awarding the bloc.

It would be recalled that Malabu oil block was awarded in 1998 with its shareholders being Mohammed Abacha, son of late military dictator, Sani Abacha, (50 per cent); Kweku Amafegha (the fictional character created by Etete, 30 per cent); and Wabi Hassan (wife of Hassan Adamu, former Nigerian ambassador to the US, 20%).

Human rights lawyer, Jiti Ogunye, had argued that the oil bloc ought to return to Nigeria and Malabu’s registration cancelled since it was based on falsehood.

“Section 190 and Section 436 (b) of the Criminal Code Act is applicable to the conduct of the promoter of Malabu, in that a false representation or declaration was made to induce the Corporate Affairs Commission to issue an incorporation certificate,” Ogunye said.

“Owing to the false representation, the Corporate Affairs Commission can approach the Federal High Court under Section 563 of CAMA to seek the withdrawal and cancellation of the Certificate of Incorporation of Malabu.”

The DPP report was to be sent to the Attorney General last week, a source at his office told newsmen, but was delayed due to Malami’s trip with President Muhammadu Buhari to the United Arab Emirates.

The report is about now with both the Solicitor General of the Federation, Taiwo Abidogun, and Malami, with the latter expected to advise President Buhari on the next steps based on the recommendations.

A source at the Presidency told our correspondent that the president was keenly following the matter, and recently received a report on it from the office of the Vice President, who is coordinating the actions of the AGF, EFCC and Petroleum Ministry on the matter.

Both the DPP and the Attorney General, in separate phone interviews, confirmed their offices were working on resolving the OPL 245 issue, but would not comment on the details.

“Malabu is a very sensitive issue, and if there’s any resolution, I will have to get clearance before I can speak to the press on it,” the DPP said.

It was learnt that Shell was already aware of the government’s moves to cancel the agreement, and was lobbying against it.

The Tide said that Precious Okolobo, oil giant’s spokesperson, declined comments on the matter.


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UK, Nigeria Launch £15m Growth Programme to Accelerate Economic Transformation

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The UK Minister for Africa and International Development, Baroness Jenny Chapman, has concluded a two-day visit to Nigeria, during which she announced a new £15 million Growth Programme, deepened cooperation on digital transformation and health, and visited communities benefiting directly from UK investment on the ground.

The visit, spanning Abuja and Kaduna, underscored the breadth and depth of the UK–Nigeria Strategic Partnership and marked a significant step towards both countries’ shared priorities.

The UK–Nigeria Growth Programme

The centrepiece was the meeting with Nigeria’s Minister of Finance and Coordinating Minister of the Economy, Mr. Taiwo Oyedele. During their meeting, they discussed the new UK–Nigeria Growth Programme. Over three years, it will accelerate economic transformation, unlock private investment and support Nigeria’s transition from macroeconomic stabilisation to sustained, reform-led growth.

Alongside the Growth Programme, the UK announced deeper collaboration on Nigeria’s digital economy through the SPRIRET initiative, delivered under the UK’s Digital Access Programme. SPRIRET will support digital governance reforms across five Nigerian states, reducing regulatory barriers and enabling greater investment and innovation in broadband, digital services and emerging technology.

The Minister of Finance and Coordinating Minister of the Economy, Mr. Taiwo Oyedele said: “We continue to value the UK–Nigeria relationship, one of the most important partnerships for both our countries. Today, that relationship extends beyond traditional ties and now focuses on development, growth, and shared prosperity.

“The UK–Nigeria Growth Programme helps bring this partnership to life—supporting capital market development, technology investment, small businesses, and technical assistance. We look forward to seeing how these opportunities deliver lasting benefits and drive progress for both countries.”

Trade and bilateral ministerial meeting

During the visit, Baroness Chapman met with the Minister of Industry, Trade and Investment, Dr Jumoke Oduwole. Discussions covered progress under the Enhanced Trade and Investment Partnership (ETIP), including boosting exports via the Developing Countries Trading Scheme, fintech and capital markets links.

Kaduna: building on two decades of partnership

In Kaduna, Baroness Chapman met with Governor Uba Sani to take stock of over 20 years of UK–Kaduna partnership and explore how cooperation can deepen shared priorities. She heard from the business community and key institutional investors about their investment aspirations and the role of the UK in supporting investment mobilisation and enabling climate finance.

She met with community animal health workers and livestock breeders to discuss the UK’s support on breeding techniques, animal health and livestock vaccines. She also visited Unguwan Sanusi Primary Health Care Centre, which serves approximately 20,000 people in Kaduna South, hearing directly from patients and frontline health workers about the impact of UK-supported health programmes.

At the end of the visit, the UK Minister for Africa and International Development, Baroness Jenny Chapman, said: “This visit has reinforced everything I believe about the UK–Nigeria partnership.

“That it is deep, it is real, and it is moving in the right direction. From launching our new Growth Programme with Honourable Minister Oyedele, to meeting from frontline health workers in Kaduna — every conversation this week has shown me a country full of ambition and a partnership that is genuinely delivering for both sides.

“Nigeria is a partner that the UK is proud to stand alongside and I leave more convinced than ever that the next chapter of this partnership is its most exciting yet. The UK is here for the long term, and we are ready to grow together.”

 


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Mobile Internet Gender Gap Widest in Africa – GSMA

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More than 810 million women across low- and middle-income countries (LMICs) remain offline, with Sub-Saharan Africa recording one of the world’s widest mobile internet gender gaps.

According to the GSM Association’s (GSMA’s) Mobile Gender Gap Report 2026, released this week, women in LMICs are still 12% less likely to use mobile internet than men, leaving an estimated 200 million fewer women connected than their male counterparts.

This is despite mobile internet becoming the primary gateway to the digital economy, according to new research from the GSMA.

The report reveals that of the 810 million women who remain offline globally, more than two-thirds live in Sub-Saharan Africa and South Asia −regions that continue to experience the widest disparities in digital access.

The findings highlight significant implications for Africa, and the challenges facing governments, mobile operators and development agencies seeking to expand digital inclusion.

The report notes that Sub-Saharan Africa’s mobile internet gender gap stands at 26%, second only to South Asia’s 25%. The divide becomes even more pronounced outside major cities.

“In LMICs, the gender gap in mobile internet adoption tends to be two to three times wider in rural areas than urban areas. In 2025, across all LMICs, the gender gap in mobile internet adoption was more than three times wider in rural areas than in urban areas.

“There is also a difference at the regional level, where the gender gap in mobile internet adoption is wider in rural than urban areas of LMICs in every region except Europe and Central Asia.”

For Africa, the rural challenge is particularly severe, the report warns.

The GSMA found that the gender gap in mobile internet adoption reaches 34% in rural areas of Sub-Saharan Africa, compared to 21% in urban centres.

Device challenge

Smartphone ownership remains a major obstacle to digital inclusion. The report found that women across LMICs are 13% less likely to own a smartphone than men, representing approximately 210 million fewer women with access to internet-enabled devices.

Across Sub-Saharan Africa, only 34% of women own smartphones, with the region recording a smartphone ownership gender gap of 22%, with access to internet-enabled devices remaining one of the most important factors influencing whether women eventually adopt mobile internet services.

“The type of mobile device a person owns matters, as it typically affects whether and how they use the internet. Once someone owns a smartphone, they are much more likely to be aware of mobile internet, adopt it and use it regularly and in a variety of ways. In fact, once women own a smartphone, these metrics more closely resemble those of men,” notes the report.

Barriers persist

Despite growing awareness of mobile internet and its benefits, women continue to face multiple barriers to meaningful participation in the digital economy.

The report identifies affordability, literacy and digital skills as the leading barriers preventing women from getting online.

Even after gaining access, women frequently report safety and security concerns, data costs and connectivity quality as obstacles to broader internet use.

The report notes: “Addressing rural gender gaps is essential to advancing digital inclusion for women overall. In particular, women who live in rural areas tend to have limited physical access to essential services and may have the most to gain from better access to mobile and mobile internet.

“Addressing gender gaps in mobile ownership, particularly of smartphones, and in mobile internet use can help women in rural areas benefit from these digital technologies to the same extent as men.”

Claire Sibthorpe, head of digital inclusion at the GSMA, warns that progress is not happening quickly enough and emerging technologies such as artificial intelligence risk creating new forms of digital exclusion.

“While there has been a slow narrowing of the mobile gender gap since 2022, much more is needed to address the persistent and significant gender gaps in mobile internet adoption and use.

“We live in an increasingly digital world and the proliferation of technologies such as AI are creating greater digital divides and inequities, elevating the need to ensure digital inclusion for all.”


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Payaza Secures ‘A’ Credit Ratings from Moody’s, Agusto, DataPro, Intelligence Africa

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Payaza Africa, a payments infrastructure company, has earned strong credit ratings from four major rating agencies, reinforcing its growing reputation as a resilient and credible player in Africa’s financial services ecosystem.

The payment company recorded upgrades across the board, with DataPro raising its rating from A to AA-, Intelligence Africa assigning it an A- investment-grade rating, Agusto upgrading it from BBB to A-, and GCR, an affiliate of Moody’s, also moving it from BBB to A-.

A credit rating reflects a company’s financial strength and its ability to meet debt obligations, indicating how safe it is for lenders and investors to extend credit.

In a statement on Monday, the company described the achievement as a validation of its disciplined growth trajectory and operational resilience in a dynamic fintech landscape. It added that the upgrades position Payaza as a future-ready brand with increasing relevance not only within Africa but also in the global fintech space.

Commenting on the development, Seyi Ebenezer, the Chief Executive Officer of Payaza Africa, said the ratings reflect years of deliberate effort to build a sustainable and globally competitive institution.

“This milestone is a strong affirmation of the work we have done to build Payaza on a foundation of discipline, trust, and long-term value creation. Receiving these upgraded ratings sends a clear message that Payaza is not only growing, but growing with strength, structure, and sustainability,” he said.

Ebenezer noted that the recognition goes beyond financial performance, highlighting the company’s ability to execute strategically while maintaining strong risk management practices.

“For us, this is bigger than recognition. It reflects our commitment to building a world-class institution that can compete globally while continuing to serve businesses and consumers across the continent with excellence.

“Over time, our ratings journey has reflected more than strong financial performance. It speaks to a business built on disciplined execution, prudent management, and the ability to scale responsibly in a dynamic market. This has helped us stand out not only as an innovator in digital payments, but as a maturing financial institution with the operational depth to compete globally.

“These new ratings are expected to further strengthen Payaza’s standing with investors, regulators, partners, enterprise clients, and the wider financial community. In a sector where trust, resilience, and compliance are increasingly central to long-term success, independent ratings remain a powerful endorsement of a company’s ability to manage risk, meet obligations, and sustain growth,” Ebenezer said.

Payaza Africa provides payment infrastructure solutions focused on collections, payouts, embedded finance, and digital commerce enablement for businesses across Africa.

The company has also continued to expand its product ecosystem with solutions such as Payaza Checkout for payment collections and payouts, Chat and Pay by Payaza for WhatsApp-based transactions, Payaza Give for donations and digital contributions, and Shopaza, its e-commerce platform designed to help businesses sell and receive payments more efficiently.


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