News
Looking Beyond Oil Price Collapse Towards Post Recovery Savings (Part 1)

By Austin Okere
The recurrent mistake we keep making as a Nation is failing to anticipate and plan for our oil windfalls.
There have been many boom opportunities since Nigeria joined the Organisation of Petroleum Exporting Countries (OPEC) in 1971; Oil prices increased by 400% in six short months after the Yom Kippur War following the Arab Oil Embargo. Crude prices doubled from $14 in 1978 to $35 per barrel in 1981 following the Iran/Iraq war.
The price of crude oil spiked in 1990 with the uncertainties associated the Iraqi invasion of Kuwait and the ensuring Gulf War – the so called ‘Gulf War windfall’ under then Head of State Ibrahim Babangida. Data from the U.S. Energy Information Administration shows that the latest windfall happened between February 2011 and August 2014, under the Goodluck Jonathan presidency, when oil prices were much in excess of $100 per barrel.
Another golden opportunity was squandered, characterised by organised kleptocracy of epic proportions as has now come to light.
During this same period Saudi Arabia has amassed a whopping $593b in foreign exchange reserves and has recently announced that it is creating a $2 trillion mega-sovereign wealth fund, funded by sales of current petroleum industry assets, to prepare itself for an age when oil no longer dominates the global economy.
Coming closer home, Algeria, the second biggest African oil producer, with 1.9mbpd has accumulated foreign reserves of $156b and a sovereign wealth fund of $50b.
Nigeria, by far the biggest producer in Africa with 2.5mbpd has only managed foreign reserves of $28b and a sovereign wealth fund of a paltry $2.9b – about 5% that of Algeria.
The major difference between them is that while the Algerians saved for a rainy day during the boom years, Nigeria was busy squandering her wealth, with nothing to show by way of infrastructure or any solid investments.
Yet Nigeria was able to balance her budget, pay off her debts and save over $62b in foreign reserves during the Obasanjo presidency from 1999 to 2007, even though the price of crude was mostly under $40 per barrel, except for the two years between 2005 and 2007 when it hovered between $50 and $75 dollars per barrel.
It is bothersome that with the same level of oil price, Nigeria today is struggling to balance her budget and has resorted to aggressive borrowing to finance the deficit, inadvertently driving us back to where we were before escaping from the huge burden of sovereign debt and the attendant debilitating impact of debt servicing.
I believe that Nigeria can save as much as $36.5b in the coming year if oil prices recover towards the end of 2016 and through 2017 to the projected $80 per barrel.
This assumes we have all agreed that the current crisis is much too painful and too precious to waste.
It can actually be a blessing in disguise, affording us the much needed leverage to deliberately diversify our economy away from the over dependence on oil, and attempt to become self-sufficient in every low hanging opportunity such as feeding ourselves.
There is a reason why the Chinese use the same word for challenge and opportunity; behind every challenge is an opportunity.
We must seize this golden opportunity with both hands and make the structural changes that will lead us to true prosperity as a nation.
Almost every third Nigerian businessman you come across claims to be into Oil and Gas; usually, briefcase contractors who manage to have their ‘papers’ stamped, and proceed to collect money from the treasury of our commonwealth. Yet oil contributed only 6.4% to GDP growth in 2015.
An often overlooked area for rapid economic growth is telecoms, entertainment and media.
At a recent event in Lagos, Dr. Doyin Salami, lecturer at Lagos Business School, remarked that ‘The telecommunication sector grew Nigeria’s GDP by 8.7% in 2015, generating spill overs, with uptakes in financial transactions technology and payment systems, e-commerce facilitation and proliferation of transport services, while making the offering of the burgeoning entertainment industry ubiquitous’.
Quite simply, if each of the 34 million MSME’s in Nigeria could be supported with technology to improve their businesses through online presence and seamless bookkeeping to the point of employing one more staff, they would create an additional 34 million jobs, much more than the government can ever provide.
I totally agree with Dr. Salami that Nigeria’s economy has systematically and strategically diversified along the lines of technology and other services sector without Nigerians noticing.
The services sector today contributes as much as 52% of Nigeria’s GDP.
Agriculture is also another sector that could do with special attention. If we strive to produce what we eat, we will not only be saving a whopping $6b from our import bill, but also provide the opportunity for inclusive growth, with the spill over effects down the value chain, from logistics and transportation to light manufacturing.
But we need to make the right investments in infrastructure such as roads and rail transport linking farms with their food processors and markets.
The change that will make all this happen is not the ‘outsourced variety’ where we believe that we can carry on with business as usual, or sit back and fold our arms while only the President delivers the promised change. All hands must be on deck, and we each have to be the change we desire.
Austin Okere is the Founder CWG Plc and Entrepreneur in Residence, Columbia Business School, New York. He also serves on the World Economic Forum Business Council on Innovation and Intrapreneurship.
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.
News
FBI Busts Alleged Cyber Fraud Ring Led by Nigerian ‘Tech Queen’

A Nigerian tech enthusiast known online as the “tech queen,” Sapphire Egemasi, has been arrested by the Federal Bureau of Investigation (FBI) in connection with a massive fraud scheme targeting U.S. government agencies.
Egemasi, a programmer with an active Devpost profile, was apprehended around April 10, 2025, in the Bronx, New York, reports The Nation.
She was arrested alongside several alleged co-conspirators, including Ghanaian national Samuel Kwadwo Osei, believed to be the ringleader of the syndicate.
The arrests follow a federal grand jury indictment filed in 2024, which charged the group with multiple counts of internet fraud and money laundering. The crimes allegedly took place between September 2021 and February 2023.
According to prosecutors, the syndicate defrauded the city of Kentucky of millions of dollars by creating spoof websites that mimicked official U.S. government portals. These fraudulent platforms were used to harvest login credentials and redirect funds into accounts under the group’s control.
Investigators say Egemasi served as the technical lead of the operation. She allegedly designed the fake websites and managed the coordination of wire transfers.
Records show that in August 2022 alone, the group rerouted $965,000 into a PNC Bank account and funneled another $330,000 into a Bank of America account.
Before her arrest, Egemasi was reportedly based in Cambridge, United Kingdom, though authorities believe she previously lived in Ghana, where she may have forged ties with other members of the syndicate.
To mask the origin of her wealth, Egemasi claimed on social media and professional platforms to have held internships with multinational corporations such as British Petroleum, H&M, and Zara.
Her LinkedIn profile portrayed a polished image of a successful tech professional, while her social media accounts featured images of lavish vacations to destinations like Greece and Portugal —trips prosecutors allege were funded by illicit gains.
Egemasi and her co-defendants are currently in federal custody, awaiting trial in Lexington, Kentucky. If convicted, each faces up to 20 years in prison, hefty financial penalties, and likely deportation upon completing their sentences.
News
Abbas Jega, Ex-AMCON ED, Testifies, Says Arik Never Cooperated With AMCON

A former Executive Director at Asset Management Corporation of Nigeria (AMCON), Abbas Muhammed Jega, has shed light on the financial dealings between Arik Air and Union Bank, revealing that the airline’s debt to AMCON was over N100 billion as of 2015 and remained unpaid.
Testifying as the third prosecution witness in the ongoing trial of Ahmed Kuru, former AMCON MD/CEO, and four others, Jega disclosed that AMCON acquired Arik’s loans from Union Bank and Keystone Bank, but not Zenith Bank, which was purchased after his exit.
According to Jega, AMCON discovered in a London meeting that Union Bank had sold them a guarantee rather than a loan, which was meant to cover foreign lenders in case Arik defaulted.
“We invited Arik to resolve the issue with Union Bank, but the arrangement disclosed by me never existed,” Jega said.
Jega attributed Arik’s inability to repay to over-trading, which led to their inability to service existing debts. He revealed that AMCON attempted to restructure Arik’s debt and even offered additional loan facilities to help the airline with working capital problems.
However, Arik failed to meet repayment obligations, prompting AMCON to propose two solutions: a debt equity swap and management control. Both options were rejected or delayed by Arik.
Under cross-examination, Jega confirmed that Kamilu Omokide and Captain Roy Ilegbodu played no role in the loan purchase or London meeting.
The matter has been adjourned to June 30, July 1, and July 2, 2025, for further cross-examination.
The case involves alleged financial misappropriation amounting to N76 billion and $31.5 million, with Ahmed Kuru, Kamilu Omokide, Captain Roy Ilegbodu, Union Bank Ltd, and Super Bravo Ltd as defendants, presided over by Justice Mojisola Dada.
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