News
Senate Probes Shell Over Alleged Joint Venture Breach

The Senate, on Wednesday, constituted an Ad-Hoc Committee to investigate Shell Petroleum Development Company (SPDC) over non-compliance with the Petroleum Act and breach of the Joint Venture Agreement entered into with the Federal Government of Nigeria.
The Ad-Hoc committee was mandated to probe the Oil Mining Lease (OML) granted to SPDC between 1959 to 1989, and 1989 to 2019 under the SPDC/NNPC Joint Venture agreement.
The Ad-Hoc Committee, which was constituted by the Senate President, Ahmad Lawan, has Senator Aliyu Sabi Abdullahi representing Niger North, as its chairman.
Other members on the panel include Senators George Thompson Sekibo, Abdullahi Yahaya, Bassey Albert Akpan, Olamilekan Solomon Adeola, Smart Adeyemi and Aishatu Dahiru Ahmed.
Accordingly, the chamber demanded a refund of $200 million (USD) or any amount short of what was paid by SPDC, including penalties and interests under the said lease agreements to the coffers of the Federal Government.
The Senate resolution was reached sequel to consideration and adoption of a motion sponsored by Senator George Thompson Sekibo (PDP, Rivers East).
The motion was entitled, “Non-payment of the Sum of $200,000,000 accruals from the Oil Mining Lease (OML), by Shell Petroleum Development Company of Nigeria Limited under the SPDC/NNPC Joint Venture Agreement and, illegal and unlawful renewal of Oil Mining Leases by the Ministry of Petroleum Resources/Department of Petroleum Resources (DPR) contrary to the provision of paragraph 10 of the First Schedule to the Petroleum Act 1969 (now Section 86(1) and 86(6) of the Petroleum Industry Act 2022.”
Sekibo, in a presentation, observed that the SPDC/NNPC Joint Venture (JV) agreement, in contravention of the provisions of the Petroleum Act 1969, by the defunct Department of Petroleum Resources (DPR) and the Ministry of Petroleum Resources, granted to the SPDC/NNPC a 30-year Oil Mining Lease from 1959 to 1989.
He observed that doing so constituted an illegal extension of the Oil Mining Lease by 10 years in the first instance, instead of the prescribed term of 20 years, without recourse to the provisions of the Petroleum Act 1969 in paragraph 10 of the First Schedule.
According to the lawmaker, “upon the expiration of the initial Oil Mining Lease in 1989, SPDC/NNPC JV, was granted another 30-year Oil Mining Lease again from 1st July 1989 to 30th June, 2019, by the Ministry of Petroleum Resource/DPR instead of the 20 years lease period prescribed by the Petroleum Act, which is contrary to paragraph 10 of the First Schedule to the said Act.”
He disclosed that in the initial additional 10 years Oil Mining Lease of 1969 to 1989, illegally granted to the SPDC/NNPC JV by the Ministry of Petroleum Resources/DPR, the Federal Government lost from fees, taxes, rents and royalties the sum of $120, 000, 000.
He stated that in the second instance of the extra 10 years the Federal Government also lost a further sum of $80,000,000, making total of $200,000,000.
He noted that a loss of $200,000,000, which is equivalent to N83, 130, 000, 000 billion, could have been of great value to the economy of the nation.
He observed that the illegal action by the Ministry of Petroleum Resources/DPR as regards the SPDC/NNPC JV may not be the only non-compliant grant as details of other Joint Venture agreements with: Chevron Nigeria Limited, ENI Joint Venture, EXXON Mobil Upstream JV, Total E & P Nigeria Limited JV, need to be ascertained through a thorough investigation to verify compliance with the provisions of the extant law.
He expressed worry that that the trend of illegal extension of Joint Venture (JV) period from 20 years to 30 years lease period without recourse to the Petroleum Act may have also applied to other Joint Venture agreements with the International Oil Companies (IOCs) and need to be investigated.
Sekibo informed the chamber that SPDC went to Court on the clarity of the lease period and the judgment was not in their favour as regards the additional 10 years lease period in the two instances.
“Regrettably, the court failed to order the SPDC to pay the arrears the 20 years lease period to the tune of $200,000,000 to the Federal Government for the illegal extensions,” he said.
The lawmaker further disclosed that a whistle-blower petitioned the EFCC on the need to recover the sum of $200,000,000 from SPDC for these illegal extensions by the Ministry of Petroleum Resources/DPR and to further investigate all other Joint Venture agreements that involved the aforementioned IOCs.
He noted that the power to make laws for the Federation as vested in the National Assembly by the Constitution also encompasses the power to make laws for the promotion of national prosperity and a dynamic self-reliant economy as provided in section 16(1)(a) of the 1999 Constitution of the Federal Republic of Nigeria as amended.
He emphasised that the Constitution also gives power to each House of the National Assembly to carry out appropriate investigation on observed misapplication of the laws enacted by the National Assembly, as provided in Section 88 of the Constitution.
He stated further that Section 89 of the same Constitution provides the process on how such investigation should be carried out.
Accordingly, the Senate resolved to constitute an Ad-Hoc Committee to investigate the non-compliance with the Petroleum Act and the Oil Mining Lease granted to SPDC between 1959 to 1989, and 1989 to 2019 under the SPDC/NNPC Joint Venture Agreement; and compel SPDC to refund to the Federal Government the sum of $200,000,000 or any amount short of what was paid, including penalties and interests under the said lease agreement.
News
Aliko Dangote Signs out @ Dangote Sugar Refinery as Chairman

In a major leadership transition, Dangote Sugar Refinery Plc (DSR) has announced the retirement of Aliko Dangote, its founder and chairman, from the Board, effective June 16, 2025.

Aliko Dangote
The announcement was made in a regulatory filing with the Nigerian Exchange Ltd on June 11, highlighting the company’s commitment to sound corporate governance and structured succession planning.
In a statement signed by Mrs. Temitope Hassan (FCIS), company secretary and legal adviser, the Board praised Dangote’s extraordinary leadership and lasting contributions to the company.
“Alhaji Aliko Dangote is one of the founding Directors of the Company and has served with exceptional leadership, integrity, and vision since 2005,” the statement read.
“Under his stewardship, Dangote Sugar Refinery transformed significantly, navigated industry changes, consistently delivered value to shareholders, and upheld strong governance principles.”
Widely regarded as Africa’s most influential industrialist, Dangote led DSR’s evolution into a dominant player in Nigeria’s sugar value chain.
His strategic initiatives, particularly the Backward Integration Projects (BIPs) across Adamawa, Taraba, and Nasarawa States, advanced the company’s self-sufficiency goals and aligned with the federal government’s national sugar master plan.
While stepping down from DSR, Dangote will continue as President of Dangote Industries Limited.
His legacy at DSR is marked by industrial innovation, strategic foresight, and sustained operational excellence.
To ensure a seamless transition, the Board has appointed Mr. Arnold Ekpe, a seasoned independent non-executive director, as the new chairman, effective June 16.
Ekpe is renowned for his tenure as Group CEO of Ecobank Transnational Incorporated, where he championed pan-African financial inclusion and institutional growth.
His extensive experience in banking and corporate governance is expected to strengthen DSR’s next phase of development.
The leadership change signals continuity of vision, with DSR reaffirming its focus on operational efficiency and long-term value creation in a dynamic market.
For shareholders and industry observers, Dangote’s exit from the Board marks the end of a transformational era—one defined by bold ambition and strategic execution—while opening a new chapter under Ekpe’s leadership.
News
Report Reveals New Malware Posing as an AI Assistant Steals User Data

Kaspersky Global Research & Analysis Team researchers have discovered a new malicious campaign which is distributing a Trojan through a fake DeepSeek-R1 Large Language Model (LLM) app for PCs.
The previously unknown malware is delivered via a phishing site pretending to be the official DeepSeek homepage that is promoted via Google Ads.
The goal of the attacks is to install BrowserVenom, a malware that configures web browsers on the victim’s device to channel web traffic through the attackers servers, thus allowing to collect user data – credentials and other sensitive information. Multiple infections have been detected in Brazil, Cuba, Mexico, India, Nepal, South Africa and Egypt.
DeepSeek-R1 is one of the most popular LLMs right now, and Kaspersky has previously reported attacks with malware mimicking it to attract victims. DeepSeek can also be run offline on PCs using tools like Ollama or LM Studio, and attackers used this in their campaign.
Users were directed to a phishing site mimicking the address of the original DeepSeek platform via Google Ads, with the link showing up in the ad when a user searched for “deepseek r1”.
Once the user reached the fake DeepSeek site, a check was performed to identify the victim’s operating system. If it was Windows, the user was presented with a button to download the tools for working with the LLM offline. Other operating systems were not targeted at the time of research.
After clicking on the button and passing the CAPTCHA test, a malicious installer file was downloaded and the user was presented with options to download and install Ollama or LM Studio.
If either option was chosen, along with legitimate Ollama or LM Studio installers, malware got installed in the system bypassing Windows Defender’s protection with a special algorithm.
This procedure also required administrator privileges for the user profile on Windows; if the user profile on Windows did not have these privileges, the infection would not take place.
After the malware was installed, it configured all web browsers in the system to forcefully use a proxy controlled by the attackers, enabling them to spy on sensitive browsing data and monitor the victim’s browsing activity.
Because of its enforcing nature and malicious intent, Kaspersky researchers have dubbed this malware BrowserVenom.
“While running large language models offline offers privacy benefits and reduces reliance on cloud services, it can also come with substantial risks if proper precautions aren’t taken.
Cybercriminals are increasingly exploiting the popularity of open-source AI tools by distributing malicious packages and fake installers that can covertly install keyloggers, cryptominers, or infostealers.
These fake tools compromise a user’s sensitive data and pose a threat, particularly when users have downloaded them from unverified sources,” comments Lisandro Ubiedo, Security Researcher with Kaspersky’s Global Research & Analysis Team.
News
World Bank Maintains Nigeria’s Growth at 3.6% Amid Trade Tension

The World Bank has retained Nigeria’s annual growth at 3.6 percent in 2025 despite heightened trade tension and uncertainty that has dragged the global economy’s GDP to its worst levels in decades.
The Washington-based lender sees Africa’s most populous nation’s GDP improving by 0.2 percent this year up from 3.4 percent recorded in 2024 with services sector being the major growth driver.
“Growth in Nigeria is forecast to strengthen to 3.6 percent in 2025 and to an average of 3.8 percent in 2026-27,” the development lender said in a report released Tuesday.
“Services activity will continue to be the main driver of growth, while the industrial sector will remain constrained by subdued crude oil production as last year’s slight rebound wanes.”
Nigeria saw its fastest growth in at least a decade last year, primarily driven by financial and telecommunication services, a recovery in the transportation sector, and a slight rebound in oil production.
That momentum is expected to continue this year amid global headwinds and escalating trade tension that cut World’s growth from 2.7 percent to 2.3 percent.
Nigeria’s macroeconomic indicators have been mildly affected by the trade faceoffs triggered by President Donald Trump’s reciprocal tariffs that have shocked economies and shifted dynamics of the global markets.
While Africa’s biggest oil producer suffered a declining oil prices that saw the naira fall slightly in the past months, the local currency is gaining and so is inflation easing, thanks to reforms that have put the country in a better position to weather global shocks.
According to the World Bank, the country’s bold reforms, including floating of the naira and scrapping fuel subsidy, has strengthened Nigeria’s fiscal position and led to a surge in revenues at the state level, and higher remittances from government-owned enterprises.
“Domestic reforms have helped spur investment, supporting growth in the services sector, especially in financial services and information and communication technology,” the World Bank said.
The multilateral lender sees inflation declining “gradually” this year as the monetary authorities continue to remain hawkish in a bid to rein in rising prices and ensure the naira remains at its fair value.
In response to high inflation, the central bank raised its policy rate six times last year. Although inflation has cooled somewhat in recent months, it remains elevated relative to the central bank target and pre-pandemic trends.
But the CBN continues to monitor the trends and has remained committed to its core mandate of price control.
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