Economy
Jonathan Denies Involvement in Malabu Oil Scam
By Dipo Olowookere
Immediate past President, Mr Goodluck Jonathan, has reacted to reports in Nigeria that he was given kickbacks in the $1.3 billion OPL 245 oil block deal involving oil giants ENI and Royal Dutch Shell.
In a statement issued on Tuesday by his media adviser, Mr Ikechukwu Eze, the former President said the report lacked any “factual evidence.”
Mr Jonathan noted that he was not in any way “accused, indicted or charged for corruptly collecting any monies as kickbacks or bribes from ENI by the Italian authorities or any other law enforcement body the world over.”
He explained that the negotiations and transactions for the oil block deal predate his Presidency, which began on May 6, 2010 and ended on May 29, 2015.
Mr Eze disclosed in the statement that, “It may interest those promoting this false narrative to know that all the documents relating to the transactions, issues and decisions of the Federal Government on the Malabo issue, during the Jonathan administration, are in the office of the Attorney General of the Federation/Minister of Justice.
“As President of Nigeria, there is no doubt that Dr Goodluck Jonathan met with executives of all the oil majors operating in Nigeria and urged them to, amongst other things, support the growth of the Nigerian oil industry by ramping up their investments and comply with the Local Content Act that he promoted and signed into law.
“We however wish to state, for emphasis, that at no time did the former President hold private meetings with representatives of ENI to discuss pecuniary issues.
“All the meetings and discussions former President Jonathan had with ENI, other IOCs and some indigenous operators were conducted officially, and in the presence of relevant Nigerian Government officials and were done in the best interest of the country.
“We make bold to point out that the former President never sent any Abubakar Aliyu, as the innuendoes in the false report suggest, to ENI, the IOCs or any indigenous operator to seek favour or collect any gratification on his behalf.
“We will like to point out for the umpteenth time that whether in office or out of office, former President Jonathan does not own any bank account, aircraft or real estate outside Nigeria. Anyone with contrary information is challenged to publicly publish same.
“As the President who signed the Freedom of Information Act into law, Dr. Goodluck Jonathan lifted the veil on governance and encouraged transparency knowing that evil breeds in secrecy. It is the opinion of the former President that journalists and media houses should take advantage of this law in their investigative journalism rather than rely on hearsay.
“We hope that these clarifications will help guide future reports which should be factual.”
By Adedapo Adesanya
The Nigeria Customs Service (NCS) is seeking a reduction in import duty exemptions, which rose to N34 trillion, limiting its ability to increase its revenue generation threshold.
The Comptroller-General of the Customs Service, Mr Adewale Adeniyi, disclosed that the value of import duty exemption certificate approvals increased to that level in 2025, describing the policy as one of the major factors restricting its revenue generation.
At an investigative session of the Senate Committee on Finance with revenue-generating agencies in Abuja on Monday, Mr Adeniyi explained that government fiscal policies have continued to impact the revenue-generating capacity of the Customs Service, both positively and negatively.
“The NCS would have generated significantly higher revenue over the years if not for government-approved import duty waivers and other external factors affecting collections,” he said.
He added that the Import Duty Exemption Certificate scheme, introduced in March 2020, accounted for about N34 trillion in approvals in 2025, with nearly 60 per cent covering duty-free importation of military hardware due to Nigeria’s prevailing security challenges.
Other government-backed duty waivers, he noted, covered the importation of Compressed Natural Gas (CNG), electric and hybrid vehicles, healthcare equipment and medical supplies, industrial machinery and manufacturing inputs, as well as food import intervention programmes.
While acknowledging the impact of the waivers on Customs revenue, Mr Adeniyi argued that fiscal policy should not be assessed solely on the basis of revenue generation but also on its broader economic and social objectives.
He, however, urged the federal government to establish stronger monitoring mechanisms to ensure beneficiaries of duty waivers deliver the intended economic outcomes, including lower consumer prices, increased local production and improved healthcare access.
The committee also expressed displeasure over the absence of several heads of government agencies invited to the hearing, including the Nigerian Civil Aviation Authority (NCAA), Small and Medium Enterprises Development Agency of Nigeria (SMEDAN), Industrial Training Fund (ITF), and the Federal Medical Centre (FMC), Jabi.
The Chairman of the Senate Committee on Finance, Mr Sani Musa, warned that the affected chief executives must appear at the committee’s next sitting or face severe sanctions under the Senate’s rules.
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By Adedapo Adesanya
The NASD Over-the-Counter (OTC) Securities Exchange rose by 0.40 per cent on Monday, July 13, buoyed by buying interest in 11 Plc, Central Securities Clearing System (CSCS) Plc and UBN Property Plc, which offset the profit-taking in Food Concepts Plc, the parent company of Chicken Republic.
11 Plc gained N20.69 to end at N227.64 per share compared with last Friday’s price of N206.95 per share, CSCS Plc grew by N1.83 to N91.48 per unit from N89.65 per unit, and UBN Property Plc added 1 Kobo to sell at N1.81 per share versus N1.80 per share.
On the flip side, Food Concepts Plc depreciated by 24 Kobo to close at N2.45 per unit, in contrast to the preceding session’s N2.69 per unit.
As a result, the market capitalisation increased by N9.2 billion to N2.587 trillion from N2.578 trillion, and the NASD Security Index (NSI) improved by 15.33 points to 4,311.67 points from 4,296.34 points.
Yesterday, the volume of securities traded by investors surged by 615.9 per cent to 9.1 million units from the previous 1.3 million units, and the value of securities rose by 997.1 per cent to N320.4 million from the preceding session’s N29.2 million, while the number of deals decreased by 12.5 per cent to 28 deals from last Friday’s 32 deals.
At the close of trades, Great Nigeria Insurance (GNI) Plc remained the most active stock by value on a year-to-date basis, with 3.4 billion units valued at N8.4 billion, followed by Infrastructure Credit Guarantee (Infracredit) Plc with 2.3 billion units worth N6.5 billion, and CSCS Plc with 73.9 million units exchanged for N5.2 billion.
GNI Plc also closed the session as the most traded stock by volume on a year-to-date basis, with 3.4 billion units sold for N8.4 billion, followed by Infracredit Plc with 2.3 billion units traded for N6.5 billion, and Resourcery Plc with 1.1 billion units transacted for N415.7 million.
