Connect with us

Economy

Nigerian Miners, Geoscientists Question Search for Oil in ‘Boko Haram Territory’

Published

on

By Modupe Gbadeyanka

Federal Government has been urged to explain to Nigeria why it is desperately searching for crude oil in a “hotly contested land” in the Chad Basin.

This question was asked by President of the Nigerian Mining and Geosciences Society (NMGS), Prof. Silas Sunday Dada, at a press conference held on Monday, July 31, 2017 to condemn the recent attack by suspected Boko Haram members on oil exploration team.

According to Prof Dada, “Nigerians deserve to know the real reason why NNPC decided to embark on the Maiduguri’s suicide mission of searching for crude oil at Shekau’s background at a time when production level has climbed to 2.2 million barrels per day.”

He said, “The present crude oil exploratory work is centred on a triangle of hotly contested land stretching from Gubio in the west of Borno to Marte in the east, and Kukawa, in the far northeast corner near the shores of Lake Chad.”

“Although it could not be established if the Tuesday attack by the Boko Haram sect is motivated by a desire to control oil in the northeast of Nigeria, but it is undisputable particularly in recent months, that the group has been forced by the superior force of the military’s ‘operation dole’ in the area to rely on guerrilla tactics, particularly suicide bomb attacks, against the security forces and civilian militia.

“This involved the use of women and young girls in particular to detonate improvised bombs against civilian ‘soft’ targets such as mosques, churches as well as the University of Maiduguri, which teaches the ‘western’ education the group despises,” he added.

Read the full transcript of the press conference below;

The growing deadly attacks by the Boko Haram Group in the Northeast of Nigeria – a clarion call for negotiation before the precipice

“Those who would hunt a man should remember that the Jungle also contain those who hunt the hunters”–  Malcom X

Preamble

We have been watching with painful indignation, the spate of deadly attacks and wanton destruction of lives and properties being perpetrated by the deadly Boko Haram Group mostly in the northeastern Nigeria especially in Borno State in the last five (5) years. It is indeed an open secret that the deadly group has been holding out in the Maiduguri axis, launching expeditionary raids and dispatching suicide bombers to perpetrate cruelty to a shock. Their inhuman predation in that zone has become the staple news being dished out almost on daily basis to the helpless frustration of Nigerians.

It is apposite to start this short briefing with a plea that no one should misconstrue this press briefing we are holding right now as a ploy to castigate the government for what it ought to have done or ought not to have done on the issue of Boko Haram. Nothing of such is intended. We cannot however look helplessly and refuse to speak when our brothers, friends and professional colleagues were brutally murdered in the course of their national duties to this country last Tuesday by the dreaded Boko Haram sect. We feel indeed very sad and grieved by the untimely death of these patriotic men and only time can heal the wound left in our hearts by their sudden departure.

It is obvious that the recent sustained offensive by the Boko Haram group is to openly challenge and contest the government’s story on their degradation. It is saddening to observe that the celebrated claim by the Nigerian military for about a year now, over the “degradation of Boko Haram” which created the flippant impression that the rebellious group has been demoralized, demobilized, defeated and vanquished, was far from being true after all, as recent happenings have proved otherwise.

To worsen the situation, the same military rained bombs on the IDP camp at Rann, a sanctuary of the helpless refugees which it presumed to be the hideaway of the terrorists. The erroneous bombardment wasted 54 precious lives!

Although the need to grow Nigeria’s crude oil reserves must have motivated the government to intensify efforts on oil exploratory work in the inland Chad basin and Benue Trough areas, Nigerians deserve to know the real reason why NNPC decided to embark on the Maiduguri’s suicide mission of searching for crude oil at Shekau’s background at a time when production level has climbed to 2.2 million barrels per day. Sadly enough, this daredevil stunt has unjustifiably created a new set of widows and fatherless children.

The present crude oil exploratory work is centered on a triangle of hotly contested land stretching from Gubio in the west of Borno to Marte in the east, and Kukawa, in the far northeast corner near the shores of Lake Chad. Although it could not be established if the Tuesday attack by the Boko Haram sect is motivated by a desire to control oil in the northeast of Nigeria, but it is undisputable particularly in recent months, that the group has been forced by the superior force of the military’s “operation dole” in the area to rely on guerilla tactics, particularly suicide bomb attacks, against the security forces and civilian militia. This involved the use of women and young girls in particular to detonate improvised bombs against civilian “soft” targets such as mosques, churches as well as the University of Maiduguri, which teaches the “western” education the group despises.

The Dark Tuesday – Our Agony

It is no longer news that more than 50 people were killed in a Boko Haram ambush on an oil exploration team in northeast Nigeria on Tuesday last week with the possibility that the death toll could rise. What happened last week underscored the persistent threat posed by the jihadists, despite government claims they were a spent force, and also the risks associated with the hunt for crude oil in the volatile Lake Chad basin. It is noteworthy to state that the Tuesday’s attack in the Magumeri area of Borno state on a convoy of specialists from the Nigerian National Petroleum Corporation (NNPC) was the militants’ deadliest in months.

It should be noted that details of the ambush, which we initially thought to be a kidnapping case, have been slow to emerge and an exact death toll is difficult to establish, as the military strictly controls access to rural Borno. Worst still, telecommunications and other infrastructure have been severely damaged or destroyed in that part of the country over the years in the raging Boko Haram bloody escapade, which has left over 20,000 people dead and more than 2.6 million homeless since 2009. One source involved in dealing with the aftermath of the unfortunate event which took place on Tuesday revealed that the death toll has increased to more than 50 with a prospect that more casualties may be recorded.

It is crystal clear that the recent attack was not for abduction but rather to kill and show that the government’s claim of an incapacitated Boko Haram is a fallacy.

An aid agency worker in Magumeri, which is 50 kilometers northwest of Maiduguri revealed that a total of 47 bodies have been recovered from the bush as of Wednesday evening. Information at our disposal shows that “eleven of them were burned alive in their vehicle, which was stuck in a trench, and were buried in Magumeri as they could not be taken to Maiduguri”.

It should be placed on record that out of the nine (9) staff of the University of Maiduguri involved in the unfortunate attack, five (5) are geologists out of which two (2) have been killed, two (2) abducted and one (1) is still missing. Boko Haram insurgents have released a video of the two geologists abducted along with their driver. The video according to reports was recorded on Friday July 28, 2017 and sent to Channels Television. The two (2) geologists are Mr. Yusuf Ibrahim and Dr. Solomon N. Yusuf who are lecturers in the Geology Department of the University along with a driver of the University identified as Mr. Haruna Dashe, were seen in the video fervently appealing to the Federal Government, the University of Maiduguri administration and the NNPC to avoid the use of force and secure their release through a peaceful negotiation with the Abu Musab al-Barnawi’s group of the insurgents who are holding them in captivity

The names of some of the deceased staff of UNIMAID include Dr. Militus Joseph V., Dr Manaja M. Uba of Geology Dept, Idris Abubakar Njodi (Driver)and Dr. Daniel Birma and Mohammed Kamfo of the Soil Science Dept.

The Journey to the Precipice – How did we get to where we are?

The name “Boko Haram” which is usually translated as “Western education is forbidden” was founded in 2002 as a radicalized fundamentalist group in Maiduguri, but also active in Chad, Niger and northern Cameroun. The group came into limelight with increasing radicalization leading to a violent uprising in July 2009 during which its leader, Mohammed Yusuf, was summarily executed.

The group’s unexpected resurgence was marked by a mass prison break in September 2010 which was accompanied by increasingly sophisticated attacks, initially against soft targets, and progressing in 2011 to include suicide bombings of police buildings and the United Nations office in Abuja

Mohammed Yusuf who founded the sect that became known as Boko Haram in Maiduguri, the capital of the north-eastern state of Borno, established a complex group and school that attracted poor individuals and families from across Nigeria and neighboring countries. The center had the political goal of creating a state of anarchy, and became a recruiting ground for terrorists.

By denouncing the police and state corruption, Yusuf attracted followers from unemployed youth and in fact, it has been speculated that the real reason Yusuf founded Boko Haram was to use the opportunity to exploit public outrage at government corruption by linking it to Western influence in governance.

The government’s declaration of a state of emergency at the beginning of 2012, extended in the following year to cover the entire northeast of Nigeria, led to an increase in both security force abuses and militant attacks. In 2014 alone, Boko Haram had killed over 6,600 and in April 2014, the group have carried out mass abductions including the kidnapping of 276 schoolgirls from Chibok in Borno State. By mid-2014, the militants had gained control of some territories in and around their home state of Borno and expand up to about 50,000 square kilometres in January 2015, but failed to capture the state capital, Maiduguri, where the group was originally based.

The group was led by Abubakar Shekau until August 2016, when the group purportedly broke into two (2): one faction led by Abubakar Shekau and the other supposedly led by Abu Musab al-Barnawi.

The group at various times had alleged links to al-Qaeda and in March 2015, it announced its allegiance to the Islamic State of Iraq and the Levant (ISIL). Since the current insurgency started in 2009, the group has killed 20,000 victims, displaced 2.3 million from their homes and was ranked as the world’s deadliest terror group by the Global Terrorism Index in 2015.

Our Position

It is a known fact that man is not a creation of logic but rather, a creation of emotion, love and prejudice. He is bound to be happy at times of peace and grieves at times of adversity; he is receptive to justice/good governance and repulsive towards injustice/maladministration. It is in the light of this that the Nigerian Mining & Geosciences Society (NMGS) as a professional body feel grieved by the recent security challenges being faced at this point in our national life, particularly the ongoing carnage being perpetrated by the dreaded Boko Haram sect, in spite of the seriousness of the current federal government in bringing the dastardly acts to an end.

We owe ourselves, and generations to come, the obligation to commend the efforts of the present Administration of President Muhammadu Buhari over the serious attention given to the issue of Boko Haram since inception of this government. The huge amount of fund and human resources committed to fight the Boko Haram group to a standstill largely underscore the successes recorded so far. It is however sad to note that if the previous administration had handled the Boko Haram saga the way the present administration is doing, the story may have been different today. Those who were saddled with the constitutional obligation of protecting the lives and properties of citizens of the Nigerian State as well as its territorial integrity chose to do otherwise as evident in recent revelation of how the state resources meant to fight the Boko Haram insurgence was diverted for personal use. Corruption in the security services and human rights abuses committed by them during the previous administration have hampered efforts to counter the unrest and nib it in the bud.

While our great Society commends the pragmatic approach of the present administration in putting a stop to this national disgrace called Boko Haram, we want the military to urgently swing into action and adopt negotiation method which has shown to be more effective and life-saving than the use of force as witnessed in the release of substantial number of Chibok school girls, to rescue our colleagues and all others in captivity of the Boko Haram. We also wish to state that the war against Boko Haram insurgency in Nigeria has dragged on for too long and we therefore urge the Federal Government to redouble its efforts in the fight against the insurgency in the Northeast so that the Boko Haram problem is stamped out permanently sooner than later.

Conclusion

On behalf of myself and the entire esteemed members of our Society, we wish to restate our renewed confidence in the ability of the present administration of His Excellency President Muhammadu Buhari and the acting President Prof. Yemi Osinbajo in tackling the Boko Haram issue once and for all. We commend your efforts so far and pledge our sincere prayers towards overcoming this problem.

Once again, we urge the Federal Government to adopt the use of negotiation to secure the release of the Boko Haram captives by doing everything humanly possible to meet the demands of the sect. We also share in the grief being suffered by the families of the deceased professional colleagues and the traumatic agony those in Boko Haram captivity and their families are currently being subjected to. We pray the Almighty God help us all to surmount the barrage of problem being faced in both our national and private lives.

Ladies and Gentlemen of the Press, I sincerely thank you for standing by us at this critical time in the Society’s history. God bless you all.

Prof. Silas Sunday DADA (fnmgs)

President, Nigerian Mining and Geosciences Society

Modupe Gbadeyanka is a fast-rising journalist with Business Post Nigeria. Her passion for journalism is amazing. She is willing to learn more with a view to becoming one of the best pen-pushers in Nigeria. Her role models are the duo of CNN's Richard Quest and Christiane Amanpour.

Click to comment

Leave a Reply

Your email address will not be published. Required fields are marked *

Economy

Finance Ministry Orders NAICOM to Suspend Nigeria Re, NICON Recapitalisation Fees

Published

on

NAICOM

By Adedapo Adesanya

The Federal Ministry of Finance has directed the National Insurance Commission (NAICOM) to suspend enforcement of disputed recapitalisation fees and a directive requiring NICON Insurance Limited and the Nigeria Reinsurance Corporation to transfer their entire fresh capital into an escrow account with the Central Bank of Nigeria (CBN).

The ministry also demanded a detailed response and legal justification from NAICOM over assessments of N305 million against NICON and N375 million against Nigeria Re as part of the ongoing insurance industry recapitalisation exercise.

The directive was contained in a letter dated August 6, 2026, signed by the Permanent Secretary, Finance, Mr Raymond Omachi, on behalf of the Minister of Finance and Coordinating Minister of the Economy, Mr Taiwo Oyedele.

The letter followed a July 27 petition by NICON and Nigeria Re over the implementation of the Nigerian Insurance Industry Reform Act, 2025. The companies challenged NAICOM’s demand for a one per cent capital injection fee, alongside processing and verification charges under the commission’s Minimum Capital Requirement Guidelines.

They also disputed a directive requiring existing insurance companies to transfer their entire recapitalisation funds into a CBN escrow account, arguing that Section 16(3) of NIIRA 2025 provides for a statutory deposit of only 10 per cent.

According to the Finance Ministry, NICON and Nigeria Re had injected N20 billion and N30 billion respectively into Mudaraba Term Deposit accounts with Lotus Bank, exceeding their adjusted capital requirements of N16 billion and N28 billion.

The companies also deposited N2.5 billion and N3.5 billion respectively with the CBN as statutory deposits and paid initial fees of N80 million and N75 million.

The ministry said the companies therefore considered themselves compliant with the July 31, 2026 recapitalisation deadline.

“Pending the determination of the petition, the Commission should suspend the enforcement of the contested processing fees, 1 per cent capital injection fee demands, and full-capital escrow transfer directives against NICON Insurance Limited and Nigeria Reinsurance Corporation,” the letter stated.

The ministry consequently asked NAICOM to explain the basis and legal justification for the disputed charges and escrow requirement.

The intervention comes amid the Federal Government’s efforts to strengthen the capital base of insurance companies and reinsurers, improve their capacity to underwrite larger risks and enhance the sector’s contribution to economic development.

The dispute, however, has raised questions over the extent of NAICOM’s authority to impose additional fees and require existing insurers to place their entire recapitalisation funds in escrow.

The Finance Ministry’s letter did not disclose whether NAICOM had responded to the issues raised. It also referenced an alleged N500 million demand and an additional N180 million capitalisation charge in its subject, although the substantive section specifically put the disputed assessments at N305 million for NICON and N375 million for Nigeria Re.

For now, enforcement of the contested fees and full-capital escrow directive against the two state-owned insurers has been suspended pending NAICOM’s response and legal clarification.

Continue Reading

Economy

NASD Exchange Sheds 0.32% 11 Plc Leads Losers’ Chart

Published

on

NASD Exchange bullish

By Adedapo Adesanya

Four price decliners overpowered the two price gainers recorded at the NASD Over-the-Counter (OTC) Securities Exchange on Monday, August 10, weakening it by 0.32 per cent at the close of transactions.

The advancers were led by Food Concepts Plc, which chalked up 25 Kobo to sell at N2.75 per unit versus the previous price of N2.50 per unit, and Mass Telecoms Innovation Plc appreciated by 3 Kobo to 35 Kobo per share from 32 Kobo per share.

However, 11 Plc lost N24.75 to close at N222.75 per unit versus N247.50 per unit, FrieslandCampina Wamco Nigeria Plc declined by N3.09 to N145.00 per share from N148.09 per share, Industrial and General Insurance (IGI) Plc went down by 5 Kobo to 50 Kobo per unit from 55 Kobo per unit, and Geo-Fluids Plc slid by 1 Kobo to N2.27 per share from N2.28 per share.

As a result, the market capitalisation contracted by N8.94 billion to N2.798 trillion from the previous session’s N2.807 trillion, and the NASD Security Index (NSI) retreated by 14.9 points to 4,663.18 points from 4,678.08 points.

The trading data showed that the volume of securities exchanged by investors rose by 108.9 per cent to 1.1 million units from 535,7560 units, and the value of securities jumped by 69.5 per cent to N10.2 million from N6.0 million, while the number of deals executed receded by 2.8 per cent to 35 deals from 36 deals.

Great Nigeria Insurance (GNI) Plc closed the trading session as the most traded stock by value on a year-to-date basis, with 3.4 billion units exchanged for N8.4 billion, followed by Infrastructure Credit Guarantee (Infracredit) Plc with 2.3 billion units valued at N6.5 billion, and Central Securities Clearing System (CSCS) Plc with 77.0 million units transacted for N5.5 billion.

GNI Plc also ended the day as the most traded stock by volume on a year-to-date basis, with 3.4 billion units worth N8.4 billion, followed by Infracredit Plc with 2.3 billion units sold for N6.5 billion, and Resourcery Plc with 1.1 billion units traded for N415.7 million.

Continue Reading

Economy

Naira Gains N5.55, Sells N1,360/$1 at Official Market

Published

on

naira official market

By Adedapo Adesanya

The Naira opened the week on a positive note, appreciating against the US Dollar by N5.55 or 0.41 per cent in the Nigerian Autonomous Foreign Exchange Market (NAFEM) on Monday, August 10, to N1,360.14/$1 from N1,365.69/$1.

The domestic currency also improved its exchange rate against the Pound Sterling in the official market during the session by 67 Kobo to sell at N1,838.50/£1 compared with the preceding session’s N1,839.17/£1, and gained N4.64 against the Euro to quote at N1,571.09/€1, in contrast to last Friday’s N1,575.73/€1.

However, the Naira maintained stability against the Dollar in the black market and the GTBank forex counter on Monday at N1,400/$1 and N1,371/$1, respectively.

Data from the Central Bank of Nigeria (CBN) showed that interbank FX turnover fell by 46 per cent yesterday to $213.845 million from the $393.477 million recorded at the close of trading on Friday.

The decline came despite a sharp increase in the volume of foreign exchange transactions executed during the session, indicating weaker participation by high-ticket FX customers and other major market participants.

The lower turnover suggests reduced demand for FX among large-scale buyers, even as market makers continued to facilitate transactions through the NAFEM window, with the number of FX traded rising to 182 from 102.

In the cryptocurrency market, traders and investors took profit as broader markets’ focus shifted to rising bond yields, higher oil prices and upcoming US inflation data.

Cardano (ADA) depreciated by 5.2 per cent to $0.1873, Ethereum (ETH) slipped by 2.6 per cent to $1,873.43, Ripple (XRP) slumped by 2.3 per cent to $1.01, Bitcoin (BTC) fell by 1.8 per cent to $63,949.22, Solana (SOL) crashed by 1.3 per cent to $75.81, and Binance Coin (BNB) tumbled by 0.6 per cent to $599.49.

But TRON (TRX) gained 0.5 per cent to trade at $0.3314, and Dogecoin (DOGE) grew by 0.2 per cent to $0.0700, while the US Dollar Tether (USDT) and the US Dollar Coin (USDC) traded flat at $1.00 apiece.

Continue Reading