Economy
FG Begins Electronic Asset Declaration 2017
By Modupe Gbadeyanka
As part of its strategy in fighting corruption in the country, the Federal Government said it is planning to introduce a trial run of electronic asset declaration in 2017.
This, it explained, is to facilitate compliance and also to search and retrieve data on the assets of public officers.
The system would be carried out by the Code of Conduct Bureau (CCB), an agency saddled with the responsibility of handling assets declaration.
Also, the government said it was being guided by a well-articulated strategy in its fight against corruption in the country, contrary to the misconception in certain circles that the government was fighting corruption without a strategy.
Speaking through a statement issued in Lagos on Thursday, the Minister of Information and Culture, Mr Lai Mohammed, maintained that the strategy has proven so effective that it has led to, among others, the recovery of 40 brand new SUVs and other vehicles from one former Permanent Secretary who single-handedly appropriated the vehicles to himself when he left office
Mr Mohammed said the Federal Government is not just fixated on prosecution alone but is also taking preventive measures to make corruption unattractive.
He listed the strict enforcement of the Treasury Singles Account (TSA), which has largely reduced the diversion of government funds into various secret accounts, and the constant fishing out of ghost workers in the public service, which many states are now adopting, as some of the preventive measures against corruption.
The Minister however said some other measures have been perfected to strengthen the anti-corruption fight, adding that the measures include the establishment of the Presidential Committee on Asset Recovery and the Asset Tracing Committee; the setting up of an Asset Register, and the Whistle Blower Policy.
In addition, he said, the Presidential Advisory Committee Against Corruption is working with relevant MDAs, especially the National Bureau of Statistics, to improve data collection on corruption indicators generally.
“Once perfected, the data will be shared with government periodically, if possible as regularly as government receives data on inflation and unemployment trends, to indicate trends in corruption
and influence government measures to correct the situation before it gets out of hand as we have now,” he said.
Expatiating on the Presidential Committee on Asset Recovery, he said it meets regularly to take reports from key law enforcement agencies on government’s anti-corruption effort, share information and intelligence, review the challenges being faced in the anti-corruption efforts generally and give directives on the way forward.
“This same body, on the recommendation of the Presidential Advisory Committee Against Corruption, has directed a centralized management of recovered looted assets through the Central Asset Management Committee under the leadership of Minister of Finance as legal custodian of government asset.
“This singular move has reduced the opportunity for re-looting of recovered assets that was prevalent under previous regime. By this measure, EFCC, ICPC and all asset recovery law enforcement agencies are mandatorily required to furnish the Minister of Finance with full details of recovered asset whether cash or otherwise,” the Minister said, adding that data reconciliation will soon be completed and the information will be made available to the public.
On the Asset Register, he said it has made very difficult the looting of government physical assets, most notably vehicles, by departing political appointees as well as senior and middle level officers.
Mr Mohammed said the recently approved Whistle Blower policy is designed to further enhance government’s effort to recover looted funds, noting: “People who give credible and useful information to government that leads to recovery of stolen public assets will be rewarded with between 2.5 percent to 5 percent of the recovered fund and government will keep the identity of the whistle blower absolutely confidential.”
He said the government is finalizing the constitution of an Asset Tracing Team to work with internationally reputably bodies to trace and recover public assets in private pockets.
“In this regard, government will also escalate the use of non-conviction-based asset recovery methods to boost revenue and diminish corruption and the perception that crime pays or criminals can keep their loot. The Federal Government is getting Nigerians in diaspora and international civil society organizations involved in the campaign for return of looted assets,” the Minister added.
By Adedapo Adesanya
Oil was up by nearly 3 per cent on Tuesday as persistent worries about supply constraints from the closed Strait of Hormuz continued, with Brent futures for June rising by $3.03 or 2.8 per cent to $111.26 a barrel, and the US West Texas Intermediate (WTI) crude futures growing by $3.56 or 3.7 per cent to $99.93 a barrel.
An earlier round of negotiations between the United States and Iran collapsed last week after face-to-face talks failed.
Ship-tracking data showed significant disruptions in the region, with six Iranian oil tankers forced to turn back due to the US blockade, but some traffic is still moving.
Prices trimmed some of the advances after the United Arab Emirates (UAE), the fourth-largest producer in the Organisation of the Petroleum Exporting Countries (OPEC), said on Tuesday it would exit the group on this Friday, May 1, 2026.
This dealt a blow to the oil-exporting group and its de facto leader, Saudi Arabia.
The UAE could quickly add between 1 million and 1.5 million barrels per day of output. However, with the Strait of Hormuz effectively closed, analysts said that there’s nowhere for that supply to go.
The UAE joined OPEC in 1967, but tension with Saudi Arabia over production quotas has been building for years.
Under the OPEC+ deal, the country has been held to roughly 3 million barrels per day while sitting on capacity above 4 million. It has been pushing toward 5 million barrels per day by 2027, and that target is hard to achieve with quotas built around someone else’s view of the market.
The war in Yemen broke whatever was left of diplomatic patience.
President Donald Trump said he was unhappy with the latest Iranian proposal to end the war. The proposal would avoid addressing the nuclear programme until hostilities cease and Gulf shipping disputes are resolved.
The Idemitsu Maru, a Panama-flagged tanker carrying 2 million barrels of Saudi oil, and an LNG tanker managed by the Abu Dhabi National Oil Company (ADNOC) crossed the Strait on Tuesday, shipping data showed.
Vortexa data showed that the amount of crude oil held around the world on tankers that have been stationary for at least seven days rose to 153.11 million barrels as of April 24.
The American Petroleum Institute (API) estimated that crude oil inventories in the United States fell by 1.79 million barrels in the week ending April 24. The official data from the US Energy Information Administration (EIA) will be released later on Wednesday.
By Dipo Olowookere
The Nigerian Exchange (NGX) Limited returned to winning ways on Tuesday after it closed higher by 2.30 per cent amid cautious trading.
Yesterday, investor sentiment at the Nigerian stock market was weak after finishing with 37 price gainers and 40 price losers, indicating a negative market breadth index.
It was observed that the industrial goods sector rose by 4.86 per cent, the energy index appreciated by 4.66 per cent, and the consumer goods segment soared by 2.74 per cent. They offset the 1.38 per cent loss recorded by the banking counter and the 0.20 per cent decline printed by the insurance sector.
At the close of business, the All-Share Index (ASI) was up by 5,137.90 points to 228,740.19 points from 223,602.29 points, and the market capitalisation went up by N3.308 trillion to N147.278 trillion from N143.970 trillion.
The trio of FTN Cocoa, Industrial and Medical Gases, and Lafarge Africa gained 10.00 per cent each to sell for N5.50, N39.60, and N324.50, respectively, while Austin Laz grew by 9.71 per cent to N3.73, and Aradel Holdings jumped 9.52 per cent to N1,840.00.
On the flip side, UBA lost 10.00 per cent trade at N44.55, Trans-Nationwide Express slipped by 9.99 per cent to N6.40, NASCON crashed by 9.18 per cent to N187.90, Jaiz Bank depreciated by 8.93 per cent to N8.01, and Berger Paints crumbled by 8.66 per cent to N68.00.
Yesterday, market participants traded 908.0 million equities valued at N68.2 billion in 72,886 deals compared with the 678.2 million equities worth N44.1 billion transacted in 82,838 deals on Monday, showing a drop in the number of deals by 12.01 per cent, and a spike in the trading volume and value by 33.88 per cent and 54.65 per cent, respectively.
By Adedapo Adesanya
Nigeria’s oil production recorded a five-year high of 1.71 million barrels per day, marking a significant rebound for the country’s upstream sector amid renewed efforts to restore output and improve operational stability.
The latest figure, released by Nigerian National Petroleum Company (NNPC) Limited, covers the period from April 2025 to April 2026 and underscores a steady recovery in crude production after years of disruptions caused by theft, pipeline vandalism and underinvestment.
According to the chief executive of the national oil company, Mr Bayo Ojulari, the performance reflects measurable progress across the company’s upstream, gas and downstream operations, with production gains supported by improved asset management and stronger field performance.
Within its exploration and production business, NNPC recorded a peak daily output of 365,000 barrels in December 2025, the highest level ever achieved by its upstream subsidiary. The company also advanced key contractual reforms, including revised production-sharing terms for deepwater assets aimed at unlocking additional gas reserves.
Nigeria’s gas ambitions are also gaining traction. Gas supply rose to 7.5 billion standard cubic feet per day in 2025, driven by major infrastructure milestones such as the River Niger crossing on the Ajaokuta-Kaduna-Kano pipeline and the commissioning of the Assa North-Ohaji South gas processing plant.
These investments are beginning to strengthen domestic gas utilisation. New supply agreements with major industrial consumers, including Dangote Refinery, Dangote Fertiliser and Dangote Cement, are expected to deepen gas penetration across manufacturing and power generation.
On the downstream front, NNPC has continued crude supply to Dangote Refinery under the crude-for-naira arrangement, a policy designed to reduce foreign exchange demand, support local refining and improve fuel market stability. The company also reaffirmed its 7.25 per cent equity stake in the refinery as part of its long-term energy security strategy.
Financially, the national oil company said it has resumed full monthly remittances to the Federation Account since July 2025. It has also reinstated regular performance reporting and held its first earnings call, moves widely seen as part of a broader push towards greater transparency and corporate accountability.
Despite the progress, challenges remain. Crude theft, pipeline outages and infrastructure bottlenecks continue to threaten production stability. Sustaining this recovery will depend on stronger security, reliable infrastructure and policy consistency as Nigeria seeks to maximise the benefits of rising domestic refining capacity.
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