News
Court Blocks Shell’s Accounts in 20 Banks over Alleged Oil Theft

A Federal High Court sitting in Ikoyi, Lagos has granted an interim injunction directing 20 commercial banks to freeze the accounts of Shell Petroleum Development Company of Nigeria Ltd (SPDC).
This is in a bid to recover the cash value of more than 16 million barrels of crude oil the company allegedly diverted from AITEO Eastern E & P Company Ltd.
Justice Oluremi Omowunmi Oguntoyinbo gave the order following an ex parte application by AITEO Eastern E & P Company Ltd who is the plaintiff/applicants with SPDC Ltd listed as the first defendant.
Other defendants are Royal Dutch Shell Plc, Shell Western Supply and Trading Ltd, Shell International Trading and Shipping Company Ltd and Shell Nigeria Exploration and Production Company Ltd which are listed as second, third, fourth and fifth defendants.
20 banks where the Shell companies operate accounts in Nigeria were also named as respondents in the suit.
AITEO’s application was filed by Messrs Kemi Pinheiro SAN leading Dr Mike Ozekhome SAN, Dapo Olanipekun SAN and four other SANs.
Justice Oluremi Omowunmi Oguntoyinbo directed the 20 banks to “ring-fence any cash, bonds, deposits, all forms of negotiable instruments to the value of $2.7 billion and pay all standing credits to the Shell companies up to the value into an interest yielding account in the name of the Chief Registrar of the court.”
The Chief Registrar is to “hold the funds in trust” pending the hearing of the motion and determination of the motion on notice for interlocutory injunction filed before it by AITEO.
The order followed an application by AITEO Eastern E & P against SPDC and the other defendants with the 20 lenders as respondents.
The court restrained the defendants or their agents/privies from presenting to the banks ”any mandate or instrument for the withdrawal of any money and /or funds standing to the credit of any of the accounts” of the defendants kept/maintained “at any of the named respondent banks… “without first preserving/ring-fencing the sum of $1,251,305.5 or its equivalent in any other official currency including but not limited to the naira and/or pound sterling being the value of the plaintiff’s 1,022,029 barrels of crude oil (at the rate of $79.50 per barrel as stated in the Department of Petroleum Resources (DPR) letter dated 8th day of July, 2020.”
The defendants were further restrained in the interim from presenting to the named banks any mandate or instrument for the withdrawal or any money and/or funds standing to the credit of any of the accounts of the five defendants kept or maintained at any of the named respondent banks and or their branches without first preserving and or ring-fencing the total sum of $2,700,583,779,75 or its equivalent in any other official currency comprising of $799,000,000.00.
The sum is “the amounts claimed to have been paid in this suit by the plaintiff to the five defendants for the acquisition of the Nembe Creek Trunk Line (NCTL)pipelines and the assets; $389,631,877.76 being the total amount claimed in this suit as having been lost by the plaintiff arising from the leakages in the NCTL and the degraded conditions of the NCTL; $578,951,901.99 being the total amount claimed in this suit as having been lost by the plaintiff arising from the crude theft/larceny in the NCTL; $933,000,000 being the total amount claimed in this suit as having being expended by the plaintiff for the repairs of the pipelines and acquisition of the equipment including well-heads, generators and pumps as well as replacing the flow lines within the NCTL;
“That pending the hearing and determination of the motion on notice for interlocutory injunction, the named banks whether by themselves, director, managers, officers or howsoever are restrained in the interim from accepting, honouring or giving effect in any manner howsoever to any mandate, cheque or instructions presented by all the five defendants whether by themselves or through their agents or privies for the withdrawal of any sum of money and/or funds standing to the credit of all the defendants kept and or maintained at any of the named banks and or their branches without first preserving and or ring-fencing the sums as ordered in prayers 1,2,3 and/or 4 above.”
Justice Oguntoyinbo further directed the respondents’ banks “to pay any sums of money standing to the credit of the defendants within 48 hours of the service of the order of this honourable court up to the sum/value of the amounts stated in prayers 1,2,3, and 4 above into an interest yielding account in the name of the Chief Registrar of this honourable court, who is to hold same in trust;
“Pending the hearing and determination of the motion on notice for an interlocutory injunction, the respondent banks are directed to sequestrate and/or ring-fence any cash, bonds, deposits, all forms of negotiable instruments or chose(s) in the action due to or standing to the credit sum/value of the amounts stated in prayer 1,2,2 and/or 4 above;
“that pending the hearing and determination of the motion for an interlocutory injunction, the named banks are directed to file within 48 hours of service of the order of this honourable court on them returns of the statement of account of the all the five defendants maintained with them as at the date of the order of this honourable court, such returns to be verified by affidavits.
When the matter came up in court, the judge was informed that the defendants had filed an application seeking to discharge the order.
The judge adjourned further proceedings till Wednesday, February 24.
News
IHS Nigeria Reaffirms Commitment to raising Nigeria’s Next Tech Giants from the Ilorin Innovation Hub

Telecommunications infrastructure provider, IHS Nigeria, has reiterated its commitment to transforming the Ilorin Innovation Hub into a leading destination for talent and technology development across North-Central Nigeria. The company envisions the Hub as a launchpad for future unicorns and a magnet for young innovators from Kwara State and the surrounding regions.
Speaking during a virtual town hall session organized by the Ilorin Innovation Hub with the theme “From Ilorin to the World: Building a Globally Recognized Technology Hub,”, Mr. Kazeem Oladepo, Senior Vice President & Chief Operating Officer of IHS Nigeria, emphasized the importance of collaboration, mentorship, and community engagement in nurturing the next generation of entrepreneurs.
“We see the Ilorin Innovation Hub as a platform to attract top talent—not just from Ilorin, but from across the region’s tertiary institutions and tech ecosystem,” Oladepo said. “This is an opportunity to build globally impactful companies by harnessing local brilliance with global insight.”
Mr. Temi Kolawole, Managing Director/CEO of the Ilorin Innovation Hub, described the town hall as a homecoming for top minds with roots in Kwara State.
“This is a convergence of visionaries—people who’ve built, scaled, and invested in world-class companies—now giving back to shape a collective future,” Kolawole said. “Our partnership with IHS Nigeria exemplifies what’s possible when public sector ambition meets private sector expertise.”
Responding to a participant’s question on how individuals could contribute towards the growth of the hub, Mr. Oladepo encouraged industry experts present to engage directly with the Hub’s program managers – future Africa and Cc-Hub, provide mentorship, and help in aligning the training modules with local and global market realities.
“IHS is already investing financial, technical, and intellectual resources into the Hub. But to truly thrive, we need champions within the ecosystem—mentors who’ve built real businesses—to guide young people as they develop transformative ideas,” he noted.
Highlighting long-term sustainability, Oladepo called for the inclusion of successful professionals and entrepreneurs in the Hub’s activities to ensure relevance and adaptability.
“Let’s bring in those who’ve succeeded in fields like e-commerce, logistics, Healthtech, and Data Mining. Their insights can help refine the Hub’s programs and ensure participants extract real value,” he added.
Other speakers at the session included Ms. Anu Adasolum, Founder & CEO of Sabi, and Mr. Chris Folayan, Founder of Founder Centered. The virtual townhall was well attended with participants including tech enthusiasts, founders, startups drawn from both within and outside Nigeria.
News
Airtel Nigeria Promotes World Environment Day with Nationwide Sustainability Activities

Telecommunications provider, Airtel Nigeria has reaffirmed its commitment to environmental sustainability with a nationwide campaign to combat plastic pollution in commemoration of World Environment Day 2025.
Themed “Ending Plastic Pollution”, this year’s events demonstrated the corporate mission of Airtel to champion environmental stewardship.
Tagged #UnPlasticAfrica, the company’s campaign began on June 3, mobilizing employees across six operating regions for a week of education, advocacy, and cleanup activities aimed at promoting sustainable living, in alignment with global efforts to reduce plastic pollution.
The activities kicked off with a Sustainability Seminar, led by Dr Hassan A. Sanuth, Director of Sanitation Services at the Lagos State Ministry of the Environment and Water Resources, and focused on the role of the individual in reducing plastic waste while promoting practical recycling habits.
Following this educational session, all Airtel Nigeria employees took the “Eco Pledge” to commit to reusable containers.
In his remarks at the seminar, Chief Executive Officer of Airtel Nigeria, Dinesh Balsingh, reaffirmed Airtel`s dedication to sustainability.
“As we invest in Nigeria’s digital future, we are equally committed to protecting the environment that sustains us. From AI-powered services that reduce paper use to partnerships that connect rural areas without environmental disruption, we are embedding sustainability into every layer of our operations,” he said.
Speaking at the workshop, Dr. Sanuth emphasized the urgency of addressing the plastic pollution crisis, particularly in urban centers like Lagos.
“Plastic waste is choking our drains, polluting our water bodies, and threatening public health. Every little action counts, from individuals making conscious choices to organizations taking bold steps and together, our collective efforts can make a significant impact in ending plastic pollution,” he noted.
He also highlighted the dangers of plastic waste, noting that microplastics have been traced in food, water, and even human blood and called for stronger policies and corporate accountability.
The highlight of the week was a market clean-up and sensitization drive held by Airtel employees in Abuja, Oyo, Benin, Enugu, and Kano. Airtel staff volunteers, in collaboration with local partners, led plastic collection efforts, conducted environmental hygiene training, and distributed over 3,000 branded reusable bags and parasols to market vendors and shoppers.
The World Environment Day campaign, nicknamed Earth Fest 2025, is part of Airtel Nigeria’s broader CSR Strategy, which continues to integrate environmental stewardship into its organizational practices.
News
NOTAP Boss Laments Loss of IPR by Nigerian Researchers

Dr. Obiageli Amadiobi, director general, National Office for Technology Acquisition and Promotion (NOTAP), has expressed displeasure over the level of Intellectual Property Right (IPR) losses by Nigerian researchers due to insufficient knowledge of the benefits of IPR protection.
Speaking at a one-day Coordinator’s Forum organized by the Office in Uyo for the South-South geopolitical zone of the country, the Director General, represented by Mrs. Caroline Anie-Osuagwu, director of Technology Acquisition and Research Coordination (TARC) department, said that prior to the establishment of the Intellectual Property and Technology Transfer Offices (IPTTOs) in Nigerian knowledge establishments, Nigerian researchers had no deep knowledge of the importance of IP protection, hence losing their IP rights.
In a statement signed by Raymond Onyenezi Ogbu for the head, Public Relations and Protocol Unit of NOTAP, the DG advised researchers to always file for a patent each time they anticipate a breakthrough and avoid publishing before patenting, as any research work published in a paper is already in the public domain and can no longer be patented.
“IP rights are rights granted to a researcher or inventor by the government to have a monopoly over the financial exploitation of their inventions for a period of time to recoup the expenditure on their research undertaking”. the DG said.
She challenged patent owners to license or commercialize their inventions, adding that patents that cannot metamorphose into tangible products and services are not worth keeping, as they are liabilities to the owners.
The DG said that researchers with patented inventions can license their invention for royalty purposes or sell them outrightly to venture capitalists if they cannot commercialize.
“Over the years, the nation has depended on the consumption of products from foreign research, while Nigeria is blessed with skilled human resources but only needs to be strategic in their research understanding”.
“The aim of organizing the IPTTO coordinator’s forum was to interact with the coordinators, know their challenges and achievements, and encourage the centers that are not very progressive to strengthen their centers.” She added.
The DG stressed that while a number of centers are performing well, some are struggling to find their fit, occasioned by bureaucratic bottlenecks.
She expressed confidence in the ability of the research communities engaging in demand-driven and market-driven research to fast-track development adding that technology development is a product of research work, and knowledge institutions are duty-bound to engage in critical research to advance the IPR ecosystem in Nigeria.
Participants from the South-South Zone took turns to commend NOTAP for the impactful program and requested the Office to assist them with links to venture capitalists for the commercialization of their research results.
All the IPTTO coordinators presented their scorecards and were advised to get ready for the 2026 IPTTO ranking that would be organized by the Office.
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