Headlines
NEITI Alleges Oil Worth $42bn Stolen in 10 Years
Crude oil and refined products worth $41.9bn were stolen from Nigeria in the last 10 years, the Nigeria Extractive Industries Initiative has said.
NEITI also urged the government to embrace oil fingerprinting technology, comprehensive metering infrastructure of all facilities and other creative strategies to combat the growing menace of theft of Nigeria’s crude oil and refined petroleum products.
It said these in a policy brief released in Abuja on Wednesday.
A breakdown by the organisation showed that the nation lost $38.5bn on crude theft alone, $1.56bn on domestic crude and another $1.8bn on refined petroleum products between 2009 and 2018.
NEITI expressed concerns that in the face of current dwindling revenues, paying priority attention to curb oil theft in the country’s oil and gas industry had become both necessary and urgent to expand revenue generation.
The report further disclosed that Nigeria lost an average of $11m daily, which translated to $349m in a month and about $4.2bn annually to crude and product losses arising from stealing, process lapses and pipeline vandalism.
It said, “While figures from government put the loss at between 150,000 and 250,000 barrels per day, data from private studies estimated the figure to be between 200,000 and 400,000bpd.
“This implies that Nigeria may be losing up to a fifth of its daily crude oil production to oil thieves and pipeline vandals.”
On comparative analysis of the size and implication of the losses to the country’s current dwindling revenue profile, NEITI renewed its appeal to the government to curb oil theft to reduce budget deficits and external borrowing.
The transparency agency stated that the value of crude oil and allied products so far lost was equal to the size of Nigeria’s entire foreign reserves.
“Stemming this haemorrhage and leakages should be an urgent priority for Nigeria at a time of dwindling revenues and increasing needs,” the report stated.
According to the NEITI report, what the country lost in 20 months in fiscal terms was enough to finance the proposed budget deficit for 2020.
It said that what the nation lost in 15 months would be enough to cover total the proposed borrowing or increased capital budget by 100 per cent.
NEITI added “In terms of volume, 138.000 barrels of crude oil was lost every day for the past 10 years, representing seven per cent of average production of two million bpd.
“Nigeria lost more than 505 million barrels of crude oil and 4.2 billion litres of petroleum products between 2009 and 2018.
“What is stolen, spilled or shut-in represents lost revenue, which ultimately translates to services that government cannot provide for citizens already in dire need of critical public goods.”
The report further identified other effects of oil theft to the nation to include pipeline vandalism, criminal sabotage and illegal refineries in oil producing communities.
The Punch
By Eric Elezuo
The Nigerian political circle is fast taking shape as the 2027 presidential election draws closer. As a result, permutations regarding who contests for what position, and under what platform is gaining momentum.
From every indication, three political parties have so far shown cause as the main platforms of choice, that is if feelers from the reviving Peoples Democratic Party (PDP) and its newest bride, former President Goodluck Jonathan, are anything to ignore.
The parties are the ruling All Progressives Congress (APC), the erstwhile coalition group, African Democratic Congress (ADC) and the freshly introduced Nigerian Democratic Congress (NDC). One common denomination attached to these political parties is that they all congresses.
Among the three frontline parties is the NDC, whose life was recently enhanced with the inclusion of two south and north politicians; Mr Peter Obi, who contested under the umbrella of the Labour Party in 2023, and unarguably made serious in-roads even as a newcomer, and Alhaji Rabiu Kwankwaso, who contested under the New Nigeria People’s Party (NNPP). Kwankwaso’s influence was restricted to his native Kano State, but garnered a total of 1.4 million votes across boards. Today, the two politicians are joining forces in what has been termed Obi-Kwankwaso (OK) Movement to attempt to wrestle power from President Bola Tinubu. Both are also bringing with them their vocal movements; the Obidients and the Kwankwasiyya.
But analysts, stakeholders and observers alike have various considered the alliance of the two political heavyweights, wondering if the marriage is of strange bedfellows that may discard each other in the nearest future, or if there is any iota of seriousness among them that can lead to materializing its lofty objectives.
Recall that on Sunday, May 3, the duo of Obi and Kwankwaso dumped the ADC, and joined the NDC, blaming external interference and unending litigation that may hinder aspirants in the party from actualising their aspirations in 2027.
The move comes just nine months after Obi, Kwankwaso and the defacto leader of the coalition, Alhaji Atiku Abubakar joined the ADC. However, from available indices, the coalition quickly became mired in legal battles over party leadership. Obi blamed the new obstacles set before the party were direct consequences of the Tinubu-led Federal Government.
“The same Nigerian state and its agents that created unnecessary crises and hostility within the Labour Party that forced me to leave now appear to be finding their way into the ADC,” Obi had said while being received by the NDC leadership.
It is important to out on record that various voices speaking for Tinubu and federala Government have denied that they have in the quagmire that befell ADC, or has been trying to sabotage opposition parties.
Speaking afterwards, both men called for national unity, greater opportunities for young people, and an end to the infighting that has plagued Nigeria’s opposition.
However, their decision risks upsetting allies within the coalition built around the ADC, which had been positioning itself as the main vehicle for opposition unity.
Some figures within the bloc have privately expressed a sense of betrayal, raising fresh doubts about whether Nigeria’s fragmented opposition can sustain a coordinated challenge against President Tinubu, who celebrated his 74th birthday in March.
Across sectors, platforms and political corners, the influence of the Obi-Kwankwaso combination continues to grow given the political terrain a new agenda for discussion.
However, many stakeholders, among whim the very informed, have said that the union may end as abruptly as it started, stressing that political equilibrium or exigency are mostly not determined by absolutely loyalty, but most of the times by self interest and aggradizement. This, they said may turn out to be the hallmark of Alhaji Kwankwaso.
Some have reasoned that the five years age difference between Obi and Kwankwaso, with Kwankwaso having the upper hand, the academic superior of the former Kano governor, and his lengthier days in his political sojourn may form the criteria for him to refuse whatever arrangement already on the ground, including playing the running mate fiddle to Obi.
But even at that, it is important to note that Barack Obama was 47 years old when he became president, and his Vice, Joe Biden, was 66 years old. So Kwankwaso is not going to set a world record as vice that is older than his principal? Definitely not.
Another group has hinted that Kwankwaso is only oiling his own personal path to 2031, when the coast will be ripe for the candidate of northern extraction to vie for the presidency.
“Consequently, his intention is far from working for Obi’s victory nor Atiku, for neither of the two can conveniently bow out in 2031. The only person permitted by law not to seek election in 2031 is President Tinubu, if he wins the 2027 election. So, conveniently, any ambitious person with eye on the presidency will definitely want Tinubu to win,” a source told The Boss.
Another school of thought has hinted that with the sudden interest of Goodluck Jonathan in the presidency, the path may be cleared for Kwankwaso to deputize for Jonathan instead of Obi. However, as at the time that membership registration register was closed on May 10, 2026, Jonathan was a member of the Turaki-led PDP while Kwankwaso is still in the NDC.
But Kwankwaso in his speech during the inaugural convention of the NDC insisted that the presidency should be zoned to the South, noting that the south should be allowed to complete its eight years tenure. Whether he meant that for his new party, or for the Tinubu administration, the speech explains in details:
Fellow Nigerians,
It is with immense pleasure and a deep sense of fulfilment that I address you today on this historic occasion of the National Convention of our great party, the Nigeria Democratic Congress (NDC), in Abuja.
Ladies and Gentlemen, Nigeria stands at a critical crossroads. The world is undergoing a profound geopolitical shift, yet our nation has been caught unprepared, largely because of poor leadership. Instead of positioning Nigeria to seize emerging opportunities, bad governance has left us bearing the brunt of global changes.
We are witnessing a sharp decline in the quality of life. Insecurity has created widows and orphans across the land. Millions have been displaced from their homes. Investments are fleeing, critical infrastructure is neglected, the education system is collapsing, and harsh economic policies have been imposed on citizens without meaningful safety nets or relief.
Yet Nigeria’s history teaches us that in our most challenging moments, visionary alliances have provided the way forward. In 1954, a historic partnership was formed between the Northern Elements Progressive Union (NEPU), led by Aminu Kano and the National Council of Nigeria and the Cameroons (NCNC), led by Nnamdi Azikiwe to achieve national unity.
Again, in 1960, against steep odds, Dr Nnamdi Azikiwe’s National Council of Nigeria and the Cameroons (NCNC) formed a coalition with the Northern People’s Congress (NPC) to birth our independence.
In the Second Republic, the alliance between Shehu Shagari and Alex Ekwueme under the National Party of Nigeria (NPN) helped restore civilian rule and national unity after years of military dictatorship.
It is therefore with great sense of unity and solidarity, that as a loyal party member, I support the decision to zone the presidential ticket of the NDC to the South, so that it allows the region to complete its turn in producing national leadership.
This represents a true opportunity for true national healing. We shall work in abidance with the party’s agreement to ensure fairness and federal character in all ramifications.
This party shall also ensure to change the way things are done today by prioritising leadership without ethnic jingoism and religious favouritism.
The leadership standard we shall set will therefore restore Nigeria’s dignity and will guarantee that our citizens at home and the diaspora will be treated with respect and dignity.
Lastly, we can only achieve that by continuing to mobilise to register with INEC to vote, and the NDC to belong to this noble cause. Please register, today.
Thank you.
Long Live the Nigeria Democratic Congress!
Long Live the Federal Republic of Nigeria!
From every indication, the dumping of Obi by Kwankwaso may remain a page in a fiction narrative, since it is absolutely impossible for more defections to occur at this time, according to the new Electoral Act 2026.
However, the page of whether he is totally in support of Obi as his principal, still remains unwritten and blank. What is obvious is the two, by present political exigency, may lead the charge as NDC attempt to dislodge Tinubu as president, and also stop Alhaji Atiku Abubakar, who may lead the ADC attack, from making any headway.
By May 30 according to Independent National Electoral Commission (INEC) table, all flag bearers would have been known and observers are throwing their hats in the ring to predict another 3-horse race, exactly as witnessed in 2023.
What would change would depend heavily on the homework every candidate has done prior to this time, and the alliances created on and off the political circle.
But would Kwankwaso Dump Obi at this time, the answer is likely in the negative. The level of cohesion he is willing to give is what however, that is still contentious about.
Time is almost at hand!
The Nigeria Democratic Congress, NDC, has thrown the 2027 race wide open by zoning
its presidential ticket to the South for a single four-year term, a move that instantly puts Peter Obi and other southern aspirants in play.
The decision came at the party’s national convention on Saturday after a motion by Rep. Afam Victor Ogene of Anambra’s Ogbaru constituency. Delegates adopted it without dissent.
Under the arrangement, the South gets the ticket for 2027 only. Once that four-year term ends, the ticket automatically shifts back to the North.
The zoning formula settles months of backroom jostling inside the NDC over where the party should field its standard-bearer. By locking the North into a wait-and-hold position, the convention has effectively cleared the runway for southern heavyweights to move.
For Obi, the former Anambra governor who ran in 2023, the resolution removes the biggest structural hurdle to picking up the NDC’s form. Other southern aspirants now have the same green light to purchase and process nomination forms.
Party leaders framed the deal as a balance between regional equity and political strategy ahead of 2027. Critics inside the party will watch whether the “automatic” handoff to the North holds once the race gets hot.
For now, the South has its window. The question is who walks through it first.
The Senate has amended its Standing Orders, limiting eligibility to contest for its presiding officers and principal officers to only members of the 10th Senate.
In the new rules, a senator shall only qualify to contest for Senate Presidency and Deputy Senate Presidency if he/she has won election to the Senate for at least one term of four years.
To be eligible to contest for any principal office, a senator must have won election for two consecutive periods, the last one must immediately precede the inauguration of the next Senate.
By implication, any senator who plans to vie to become a presiding officer in the 11th Senate (2027-20231) must have been a senator for at least one term preceding the inauguration.
For principal offices (chief whip, deputy whip, minority whip, etc), the senator must have been a member of the current 10th Senate, or they are not eligible to contest.
Under the new provision on “qualification of presiding officers”, it is stated in Order 3,”A Senator vying for the Office of the President of the Senate and the Deputy President of the Senate must have served at least one term of four (4) years in the Senate as a senator of the Federal Republic.”
Similarly, nomination for the positions shall strictly follow ranking in the following order: former president of the Senate; former deputy president of the Senate; former principal officers of the Senate; senators who had served for at least one term of four (4) years; and senators who had been members of the House of Representatives.
According to the provision, it is only the absence of the above that a first-term senator can be nominated to contest for the positions of presiding officers.
Under Order 5, a senator seeking to be a principal officer must have “served as a senator for at least two consecutive terms immediately preceding such nomination. “
The Senate passed the rules after a lengthy executive session presided over by the President of the Senate, Godswill Akpabio, on Tuesday.
The new rules impliedly gives Akpabio, other former presiding officers, principal officers and ranked senators the right of first refusal.
Findings indicated that the new rules might be what some sources described as “self-serving” or designed to serve the interest of the present presiding officers and members of the 10th Senate.
For instance, some State governors contesting the 2027 election to the Senate in the hope of vying for the presidency of the Senate, are effectively barred by the new rules.
It was also learnt that even within the Senate, the new rules will stop some senators from vying to become principal officers as they would not have attained two consecutive terms prior to 2027.
