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.
Development Bank of Nigeria (DBN) has awarded a total of N13 million in grants to three standout tech startups at the 2025 Techpreneur Summit held in Lagos, reinforcing its commitment to innovation and inclusive growth among Nigeria’s micro, small, and medium enterprises (MSMEs).
The winners include: BuyScrap, a digital marketplace for recyclable materials – N6 million; Qiqi Farms, which connects local farmers to hospitality and export markets – N4 million; Eco-Cyclers, a youth-led recycling initiative based in Enugu – N3 million
Alongside the grant awards, DBN also launched a new digital data asset, a first-of-its-kind platform aimed at enabling data-driven decisions within the MSME ecosystem.
The platform offers deep insights into business trends, sector-specific challenges, and growth opportunities—supporting smarter policymaking and targeted investments.
In his keynote address in Lagos, Tony Okpanachi, managing director/ CEO, DBN, described the event’s theme, “CTRL + SHIFT: Tech Empowered Movement for Naija,” as a strategic call to reimagine enterprise development in Nigeria.
“This isn’t just a keyboard shortcut,” he said. “It’s a mindset reset—powered by technology—to build a more inclusive, innovative, and resilient business landscape. From financing to innovation, DBN remains committed to enabling MSMEs to thrive.”
Okpanachi emphasized that the Summit aligns with DBN’s AMPLIFI Strategy, which integrates digital transformation, sustainability, and scalability into its core programs.
He highlighted initiatives such as the Digital Shift Workshops and the Eco-Innovation Challenge as key steps toward embedding innovation in Nigeria’s MSME sector.
Encouraging young innovators, he added: “The future belongs to those bold enough to imagine and build it. DBN is proud to support the ideas that will shape tomorrow.”
A major highlight was the unveiling of the DBN Data Asset—a digital platform designed to provide real-time, evidence-based insights into Nigeria’s MSME landscape.
The platform combines DBN’s proprietary data with external sources like the National Bureau of Statistics (NBS) to offer a comprehensive view of MSME performance by region and sector.
Jeremy Dan Okayi, DBN’s Head of Strategy, Policy & Innovation, described the platform as: “A reservoir of insight, potential, and direction—built on two years of collaboration and shared vision. This tool will support informed decision-making across the public and private sectors.”
News
FCCPC Shuts France, Belgium, and Italy Visa Centres in Abuja Over Alleged Consumer Rights Violations
In a bold enforcement action, the Federal Competition and Consumer Protection Commission (FCCPC), supported by the Nigeria Police Force and the Nigeria Security and Civil Defence Corps (NSCDC), has sealed off the visa application centres of France, Belgium, and Italy in Abuja over alleged consumer protection breaches and obstruction of regulatory investigations.
The affected centres—located at Mukhtar El-Yakub House in the Central Business District and operated by TLS Contact, a Teleperformance Company—were shut down following reports that they refused to accept formal correspondence from the FCCPC regarding a consumer complaint. The Commission cited further infractions, including obstruction of investigation and alleged assault of its officers during lawful duties.
Speaking to journalists at the scene, Mrs. Boladale Adeyinka, Director of Surveillance and Investigations at the FCCPC, explained: “This is an enforcement operation against TLS. On March 25, 2025, we served them a letter to address a consumer complaint, which they refused to accept. Instead, TLS officers assaulted our team, and in a subsequent visit on June 17, they also allegedly assaulted uniformed police officers.”
Citing Section 33 of the Federal Competition and Consumer Protection Act (FCCPA), Mrs. Adeyinka emphasized that failure to comply with Commission directives constitutes a criminal offense, punishable by imprisonment, fines of up to ₦20 million, or both.
TLS has been ordered to appear before the Commission on June 20, 2025, to provide testimony, submit evidence, and make formal depositions. The company may be held liable for any financial losses suffered by applicants due to the disruption of visa services.
Despite multiple requests for comment, management at TLS Contact declined to respond as of press time.
Adedapo Segun, chief financial officer (CFO), Nigerian National Petroleum Company Limited (NNPC), has explained why there is a missing sum of N210 trillion in the company’s audited financial statement spanning from 2017 to 2023.
According to Segun, the missing funds are cash calls requested by joint venture (JV) partners and settlement to the JVs.
He spokeat a session of the Senate Committee on Public Accounts chaired by Aliyu Wadada.
Segun was responding to an alarm raised by the committee over missing N210 trillion in NNPCL’s audited financial statement.
Recall that Wadada issued a one-week ultimatum to NNPCL to account for the missing N210 trillion.
Reacting, Segun said, “The N103 trillion and N107 trillion are made up of joint venture cash calls that have been requested by the JV operators and JV cash call payments made by NNPCL, which are yet to be reconciled because governance procedures were not done at that time.
“That is why you see the description reflecting those two items would be washed out because they are two sides of the same transaction, which is the cash calls by JV partners and the settlement by NNPCL.”
However, Habu Sadeik, a financial analyst, in a post on X on Thursday, said Segun’s response was unsatisfactory.
Saidik faulted NNPCL’s response about the fund discrepancies, noting that something is not right with the audited financial statement.
“Forget about the senators’ lack of knowledge.
“The CFO’s response is not satisfactory. Are you saying that cash calls worth hundreds of trillions are just appearing on your FS only in 2024 without 31 disclosure?
“If it’s a cash call, why hasn’t the disclosure said so?
“Which cash call is over 100 trillion?
“Something is definitely not right, and I hope they retrospectively correct that FS.
“Someone somewhere did a chef’s work,” he wrote on X.
MTN Says New N6.98 USSD Charge Won’t Affect Airtime Recharge
Sofri Microfinance Bank Rejig Digital Platforms for Better Customer Experience
DLM Group Unveils Innovative Sovereign Bond Backed Composite Notes
Study Reveals 7% of Industrial Organizations Tackle Vulnerabilities Only When Necessary
NITDA, NCFRMI Forge Strategic Alliance for Inclusive Digital Transformation of Displaced Nigerians
General News2 days agoNASRDA, Galaxy Space Firm Sign MoU on Satellite Connectivity
Telecom2 days agoOver 1m Nigerians Reached through MTN Staff’s Digital and Community Outreach
Telecom2 days agoMafab Gets 0724 Number Series, Launches Mcom 5G Brand
News2 days agoDBN Awards N13m in Grants to Tech Startups
Telecom2 days agoNCC to Name, Shame Telecom Infrastructure Vandals
News2 days agoFCCPC Shuts France, Belgium, and Italy Visa Centres in Abuja Over Alleged Consumer Rights Violations
Telecom2 days agoWSIS Review: Nigerian ICT Leaders Urged to Shape Global Digital Future
E-Financial2 days agoBank Customers Petition CBN over Illegal Deductions, Demand Action