General News
Nigeria Loses N2.2Trn to Oil Theft – Gov. Aregbesola
Ogbeni Rauf Aregbesola, governor of Osun state, on Friday said the Nigeria has lost N2.2 trillion (14.6 billion dollars) to oil theft within a year under the President Goodluck Jonathan-led Peoples Democratic Party (PDP).
In a release by Semiu Okanlawon, director Bureau of Communication and Strategy in the Office of the Governor, Aregbesola was quoted as speaking in Akure after the Walk for Change programme that saw a huge population of residents of the state joining the All Progressives Congress (APC) vice presidential candidate Prof Yemi Osinbajo to sensitise the people on the need for change of government in Nigeria.
Walk for Change in Nigeria is a civil society organisation, which is interested in sensitising Nigerians for the necessary change in the country.
The governor revealed that Nigeria loses 400, 000 barrels of crude oil to oil theft everyday according to Federal Government statistics.
According to him, 400, 000 barrels at the conservative figure of 100 dollars a barrel translates to 40 million dollars loss to the country on daily basis.
Aregbesola lamented that what the country lost to oil theft in a year is more than the total amount of what all 36 states gets as allocation in four years.
“If 400, 000 barrel of oil is stolen everyday and the President can say so, it is disheartening.
“From July 2013 to July 2014 if we calculate what the nation is losing by 100 dollars, Nigeria loses 40 million dollars daily to oil theft.
“What we lost in just one year to oil theft in a year is more than the total amount of what all the 36 states of the federation get as allocation in four years.
“This is not a way to develop a country. Nigeria is being bled to death by some unscrupulous individuals.
“We shall not remove them through the barrel of gun or by violence. We are going to chase them away with our votes.
“If this amount is spent on education alone, we will have the best of education; if spent on roads, we will have the best of road network system.
“Today, we are neck deep in poverty, underdevelopment and socio-political and economic stagnation.
“No power can surpass or suppress the will of the people whenever they resolve to change what they do not like,” Aregbesola said.
He added that the February general election is for the people to vote for development and growth and a signal to an end to poverty and misery.
He urged the people to quickly go and collect their permanent voter’s card so as to be able to vote for change.
The Vice-presidential candidate and the running mate of Gen. Muhammadu Buhari, Prof. Oluyemi Osinbajo stated that APC when voted into power come February 14, will be the first government in Africa to institute a social security welfare for its citizens.
He added that the APC government when sworn-in May 29 will change the Country from poverty status to that which citizens will have abundance and once more be proud of the nation.
Osinbajo also added that the coming of APC will usher in a government of the masses which will focus on youth employment and infrastructural development in all ramifications.
He said, “our government which will also be your government on assumption of office will employ twenty thousand youths in every state of the country and agriculture will be given a major priority.
“Every pupil of primary schools in Nigeria will be fed free every school days in every state, it will also be a government where health care and other sectors will be adequately catered for by government”. The vice presidential hopeful explained.
The walk for Change which took off from the Buhari Campaigns Officr took the huge population of residents who came out through Oba Adesida Road and terminated at the Fiwasaye Junction.
The shouts of Change and SaiBuhari rent the air for the period the walk lasted.
Others who spoke at the rally include the Speaker of the Osun House of Assembly Hon. Najeem Salam and the Convener of the Change Nigeria Initiative Mr. Bola Ilori.
Authorities in seven African countries have arrested 306 suspects and seized 1842 devices in a sweeping international operation targeting cyber-enabled fraud and scams.
Dubbed Operation Red Card, the effort ran from November 2024 to February 2025, focusing on dismantling cybercrime networks that defrauded over 5000 victims through mobile banking fraud, investment scams and malicious messaging app schemes., according to infosecurity-magazine.com
In Nigeria, police arrested 130 suspects, including 113 foreign nationals, for running fraudulent investment schemes and online casinos.
Authorities found that criminals funneled illicit proceeds into digital assets to obscure their financial trails.
Investigations also uncovered signs of human trafficking, with some individuals coerced into participating in the scams.
Law enforcement seized: 26 vehicles; 16 houses; 39 plots of land; and 685 electronic devices
In Rwanda, 45 individuals were arrested for orchestrating a social engineering scam that defrauded victims of more than $305,000 in 2024.
Scammers posed as telecommunications employees and falsely claimed victims had won lotteries to extract sensitive information.
Others impersonated injured family members to request emergency financial assistance.
Authorities recovered $103,043 and seized 292 devices.
South African authorities arrested 40 individuals and confiscated over 1000 SIM cards, along with 53 desktop computers and towers linked to a sophisticated SIM box fraud scheme.
This setup allowed cybercriminals to disguise international calls as local ones, facilitating large-scale SMS phishing attacks.
In Zambia, law enforcement apprehended 14 members of a cyber syndicate specializing in malware attacks.
The criminals sent phishing messages containing malicious links, infecting victims’ devices and taking control of messaging and banking apps. This enabled them to access financial accounts and further spread fraudulent links.
The operation was carried out through INTERPOL’s African Joint Operation against Cybercrime (AFJOC) initiative, which supports law enforcement efforts in combating cyber-threats.
The United Kingdom’s Foreign, Commonwealth & Development Office funded Operation Red Card under the AFJOC initiative, allocating £2.6m to enhance Africa’s law enforcement capabilities in detecting and preventing cybercrime.
The seven participating countries – Benin, Côte d’Ivoire, Nigeria, Rwanda, South Africa, To and Zambia – continue to collaborate on intelligence-led cybercrime investigations.
“The success of Operation Red Card demonstrates the power of international cooperation in combating cybercrime, which knows no borders and can have devastating effects on individuals and communities,” commented Neal Jetton, Interpol’s director of the cybercrime directorate.
“The recovery of significant assets and devices, as well as the arrest of key suspects, sends a strong message to cyber-criminals that their activities will not go unpunished.”
The UK Foreign, Commonwealth & Development Office (FCDO), Nigeria’s Federal Ministry of Innovation, Science & Technology (FMIST) and Ghana’s Ministry of Environment, Science & Technology (MEST) has announced the official launch of Sankore, a £1.9m initiative aimed at boosting science, technology, and innovation (ST&I) ecosystems in West Africa.
Sankore, part of the UK- Africa Technology and Innovation Partnerships (ATIP) Programme will strengthen UK ties with Nigeria and Ghana, supporting key agreements like the UK-Ghana ST&I Strategy (2023- 2027) and the UK-Nigeria Strategic Partnership signed in November 2024 by our Foreign Secretary, David Lammy MP and Nigeria’s Minister for Foreign Affairs, Yusuf Maitama Tuggar.
Focusing on Nigeria and Ghana, Sankore will work closely with actors in West Africa to:
– Support the operationalisation of the Ghana National Research Fund (GNRF) and the Nigeria National Research Fund (NRF).
– Support Nigeria to operationalise its National Research and Innovation Council (NRIC).
– Facilitate the commercialisation of innovative solutions in priority economic sectors such as agriculture and energy;
– Enhance the policy and regulatory environment for innovation, improving data accessibility and transparency for ecosystem actors;
– Establish a demand-driven Helpdesk supporting FCDO and government partners, providing expert guidance and advice.
Speaking at the programme launch in Abuja, UK’s Head of Intergrated Strategy and Delivery Unit, Ms. Susan Mshana, explained that the Sankore programme is an exciting addition that will strengthen the UK’s long-term partnership with West Africa governments and drive economic growth through innovation.
“By leveraging our skills, resources and expertise, we aim to accelerate shared goals of economic diversification job creation and improved service delivery in Nigeria and Ghana,” She added.
Also speaking, Ghana’s Minister of Environment, Science & Technology (MEST) Hon. Dr. Ibrahim Murtala Muhammed, said: “Innovation is a key enabler of a strong and inclusive economy. Sankore will be a catalyst to securing Ghana’s future as a hub for scientific advancement and technological innovation in the region, and we look forward to collaborating with the many partners who are bringing knowledge and expertise to this joint endeavour.”
Additionally, the Hon. Minister of Science, Technology, and Innovation in Nigeria, Chief Uche Geoffrey Nnaji said: “Our goal at the FMIST is to foster sustainable development by promoting homegrown innovation while integrating global scientific advancements to ensure Nigeria’s progress on the global stage and Sankore represents an important next phase in our valued and productive partnership with the UK in driving a brighter future for all Nigerians through cutting-edge technology and economic progress.”
Sankore will be delivered by the United Nations Educational, Scientific and Cultural Organization (UNESCO), and Results for Development (R4D) collaborating with local and international partners to ensure effective implementation and knowledge transfer.
The initiative will run for 15-month, concluding by 31 March 2026.
Fidelity Bank Plc, has once again highlighted the importance of promoting non-oil exports as it recently hosted the 18th edition of its dedicated capacity development training tagged Export Management Programme (EMP 18). The programme, which was held recently in Lagos provided a platform for entrepreneurs interested in exploring global trade opportunities to scale and acquire relevant expertise.
L-R: Prof Frank Ojadi, Director, Export Management Program, Lagos Business School; Stella Nwuke, Team Member, Export & Agriculture Division, Fidelity Bank Plc; Emem Bassy, Managing Partner, Peony Dynamic Resource Limited; and Emmanuel Nwalor, Team Lead, Export & Agriculture Division, Fidelity Bank Plc; at the closing ceremony of the 18th edition of the Fidelity Bank Export Management Programme (EMP 18) held at the Lagos Business School recently.
Hosted in partnership with the Lagos Business School (LBS), the 5-day intensive program focused on equipping entrepreneurs with the skills and knowledge needed to explore international market opportunities and strengthen their capacity to thrive in the export sector.
“At Fidelity Bank, our strategy to enhance non-oil exports is guided by the significant opportunities it offers to our customers and the national economy. This is why we offer a comprehensive suite of financial, advisory, and market-access solutions for businesses aiming to engage in international trade.
“Our market-access initiative, EMP, launched in 2016, has trained over 1,600 entrepreneurs. Today, we completed the 18th cohort with high-caliber participants and a 150% oversubscription. This indicates a promising future for Nigeria’s non-oil exports,” explained Isaiah Ndukwe, Divisional Head of Export and Agriculture at Fidelity Bank Plc.
Facilitated by key industry experts in the exports space, EMP 18 took participants through several sessions focused on critical areas in global trade such as Export Finance Instruments, Export Documentation, Accessibility of Export Markets, amongst others.
A key feature of the training was a facility tour of one of Nigeria’s busiest Export Processing Terminals (EPT) located in Ikorodu, Lagos state. The full-day visit, which was anchored by officials of the Nigerian Customs Service (NCS), gave participants a first-hand feel of the necessary procedure and requirements for securing regulatory approval for exporting from Nigeria.
One of the program participants, Patrick Ulayi Awu-Patricks, Managing Director/Chief Executive Officer, Alliance & Frontier Limited, commended Fidelity Bank for its leadership in deploying capacity-building initiatives in the non-oil exports sector. In a discussion with journalists, he stated that EMP 18 provided invaluable exposure to the opportunities in the export business noting that, “There are lots of non-oil exports opportunities and entrepreneurs must be able to identify and capitalize on these to be able to play effectively in the international trade space. This course has given me insights into the power of data which is essential for strategic decision-making.”
Ranked among the best banks in Nigeria, Fidelity Bank Plc is a full-fledged Commercial Deposit Money Bank serving over 8.5 million customers through digital banking channels, its 255 business offices in Nigeria and United Kingdom subsidiary, FidBank UK Limited.
The Bank is the recipient of multiple local and international Awards, including the Export Finance Bank of the Year at the 2023 BusinessDay Awards; the Banks and Other Financial Institutions (BAFI) Awards; Best Payment Solution Provider Nigeria 2023; and Best SME Bank Nigeria 2022 by the Global Banking and Finance Awards. It was also recognized as the Best Bank for SMEs in Nigeria by the Euromoney Awards for Excellence 2023 and the Best Domestic Private Bank in Nigeria by the Euromoney Global Private Banking Awards 2023.
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