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How Corruption And Sabotage Are Suffocating Nigeria’s Petroleum Sector

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How Corruption And Sabotage Are Suffocating Nigeria's Petroleum Sector

Nigeria’s petroleum industry, the lifeblood of the country’s economy, has been shrouded in controversy and corruption for decades. Recent revelations have exposed a complex web of graft, sabotage, and mismanagement, threatening the very foundation of the sector.

Former President Olusegun Obasanjo recently shed light on the industry’s rot, revealing that corruption and mismanagement have been entrenched since the 1970s. “The petroleum industry has been a curse rather than a blessing,” he stated, emphasizing the need for urgent reforms.

The latest controversy surrounds the ongoing row between the Nigerian National Petroleum Corporation (NNPC) and Dangote Refineries. The NNPC has accused Dangote Refineries of attempting to monopolize the industry, while Dangote Refineries claims the NNPC is trying to sabotage its operations.

Nigeria’s refineries, which have not functioned optimally in years, have swallowed billions of dollars in maintenance and turnaround costs. The Port Harcourt refinery, for instance, has gulped over $1.5 billion since 2015, with little to show for it. The Kaduna refinery has also received billions in funding, yet remains idle. In total, Nigeria’s refineries have received over $10 billion in funding since 2015, with no significant improvement in production.

The importation of Premium Motor Spirit (PMS) has also been marred by corruption, with reports of inflated prices, fake subsidies, and round-tripping. In 2020 alone, Nigeria spent over N1 trillion on PMS importation, with allegations of fraud and mismanagement. This figure represents a significant portion of the country’s annual budget, highlighting the massive financial burden of corruption in the industry.

OPEC indirectly hinted at international impediments in Nigeria’s petroleum industry, citing “external factors” affecting production and pricing. This statement underscores the global implications of Nigeria’s petroleum woes. Nigeria’s production quota with OPEC is 1.8 million barrels per day, but the country currently produces around 1.2 million barrels per day, resulting in significant revenue losses.

The Senate has established a committee to investigate reports of sabotage and corruption in the industry. The committee’s mandate is to investigate the non-functional refineries and associated costs, examine the PMS importation process and identify areas of corruption, and uncover international impediments affecting the industry. To address the challenges facing the petroleum industry, Nigeria must adopt a multifaceted approach. Transparency and accountability must be prioritized, with urgent rehabilitation of refineries and diversification of the economy to reduce dependence on oil. International cooperation is also crucial to address global impediments affecting the industry.

By taking these steps, Nigeria can unlock the full potential of its petroleum industry and achieve sustainable progress. The ongoing row between the NNPC and Dangote Refineries must be resolved, and the industry must be opened up to competition and investment.

The Black Gold Curse can only be lifted by confronting the corruption and sabotage head-on. Nigeria cannot afford to continue hemorrhaging billions of dollars in the petroleum sector. The time for action is now.

According to industry experts, Nigeria loses over $15 billion annually due to corruption in the petroleum industry. This staggering figure highlights the urgent need for reforms and accountability in the sector.

In conclusion, the Nigerian petroleum industry is at a crossroads. The choice is clear: continue down the path of corruption and sabotage or embrace transparency and accountability. The future of Nigeria’s economy depends on it.

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Nigeria’s Consul General in New York Receives Diaspora Watch Publisher, Boniface Ihiasota 

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Nigeria’s Consul General in New York Receives Diaspora Watch Publisher, Boniface Ihiasota

 

Boniface Ihiasota, the renowned publisher of Diaspora Watch Newspaper Weekly, was recently hosted by the Consul General of Nigeria in New York, Ambassador Lot Egopija, in a meeting that underscored the growing importance of diaspora media in nation-building.

 

The meeting, was part of an ongoing effort to engage with key figures in the Nigerian diaspora who are contributing significantly to public discourse, community development, and national progress through media and advocacy.

 

Ihiasota, has been at the forefront of diaspora journalism for over a decade, His publication, Diaspora Watch, has become a respected voice among Nigerian communities in the United States and beyond, chronicling both the achievements and challenges of Nigerians abroad while advocating for stronger institutional ties with Nigeria.

 

During the visit, Ambassador Egopija commended Ihiasota’s commitment to amplifying the voices of Nigerians in the diaspora, noting that the Consulate remains open to collaboration with media partners to improve communication and promote transparency in Nigeria’s foreign missions.

 

“Mr. Ihiasota’s work in highlighting the concerns and contributions of the Nigerian diaspora aligns with our mission to build a responsive and people-centered diplomatic service,” Egopija said. He added that diaspora engagement remains a top priority for the Federal Government, especially in areas like remittances, investment, and national rebranding.

 

In response, Ihiasota expressed appreciation for the Consul General’s warm reception and acknowledged the critical role the Consulate plays in supporting the welfare of Nigerians in the U.S. He also emphasized the need for continued collaboration between government institutions and independent media.

 

“The African diaspora is not just a source of remittances; we are a powerful force for advocacy, innovation, and development,” Ihiasota remarked. “Media platforms like Diaspora Watch exist to tell those stories, hold stakeholders accountable, and build a narrative that reflects the resilience and excellence of our people.”

 

The meeting ended on a hopeful note, with both parties agreeing on the importance of strategic communication, inclusive diplomacy, and the collective effort required to uplift Nigeria’s global image.

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Outrage in Nigeria over Alleged Extension of Corps Member Service Year for Criticizing Tinubu 

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Outrage in Nigeria over Alleged Extension of Corps Member Service Year for Criticizing Tinubu

 

The National Youth Service Corps has denied extending the service year of a Lagos corper, Rita Uguamaye, also known as Raye, for criticising the administration of President Bola Tinubu.

 

 

 

Uguamaye had, in a viral video shared on her TikTok account, @talktoraye, expressed frustration over Nigeria’s worsening economic conditions, lamenting the high inflation and economic hardship.

 

She had also criticised the President by describing him as a “terrible leader” while questioning the government’s efforts to alleviate the hardship faced by the citizens.

 

Following her allegations, several individuals, including ex-Vice President Abubakar Atiku and human rights activist Omoyele Sowore, condemned the alleged threat to her life.

 

Sharing a news caption on Tuesday that read, “NYSC punitively extends Raye’s service year by 2 months for criticising Tinubu’s administration over hardship,” Sowore vowed to protest at the NYSC passing out parade.

 

When contacted on Tuesday, the acting NYSC Director, Press and Public Relations, Carol Embu, said the decision to extend a corps member’s service year is made when such a person is passing out.

 

She disclosed that there are guidelines that would be followed if such an action were to be taken.

 

“Who is Sowore? Does he work with the NYSC? So, how come you are listening to him? I don’t understand how she will get an extension if she is still serving.

NYSC is not an irresponsible organisation; we work with rules and regulations. She is still serving; if she has any issues, we will wait and see,” Embu said.

 

Meanwhile, our correspondent could not independently verify the claim of a service year extension from Uguamaye.

 

She also did not make any post on such a claim on her social media handles.

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Tinubu Hands Over ECOWAS Chairmanship to Sierra Leone’s President Bio

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President Bola Tinubu has handed over the chairmanship of the ECOWAS Authority of Heads of State and Government to President Julius Maada Bio of Sierra Leone.

The handover ceremony took place at the 67th Ordinary Session of the ECOWAS Authority in Abuja, Nigeria.

President Tinubu expressed confidence in the region’s continued path toward peace, stability, and prosperity, emphasizing the need for leaders to remain committed to the evolving needs of West African citizens.

During his tenure, President Tinubu noted the complex political and security challenges the region faced.

He called on leaders to deepen cooperation, uphold diplomatic principles, and foster inclusive growth that leaves no one behind.

President Tinubu commended the ECOWAS Commission and community institutions for their dedication and professionalism in supporting the Authority’s work.

In his remarks, President Bio outlined four key priorities for his tenure: restoring constitutional order and deepening democracy, revitalizing regional security cooperation, unlocking economic integration, and building institutional credibility.

He pledged to lead a renewed, people-centred, and action-oriented ECOWAS in the face of unprecedented challenges and opportunities for the West African region.

President Bio acknowledged the complexities of the current moment, citing terrorism, illicit arms flow, political instability, and transnational crime as major threats to the region.

He emphasized the need for ECOWAS to reform itself to become more transparent, efficient, and responsive to the needs of its people.

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