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African Oil Producers Seek Commitment For $5bn Africa Energy Bank

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African Energy Bank Headquarters

By Adedapo Adesanya

The African Petroleum Producers’ Organisation (APPO) has urged member countries to fulfil their financial obligations towards establishing the Africa Energy Bank (AEB), the first of such financial institutions on the continent.

Recall that Nigeria recently secured the hosting rights for the bank, which will be located in Abuja, the nation’s capital.

To ensure the bank’s operationalisation, APPO Secretary General, Mr Farouk Ibrahim, called on African oil-producing member countries to contribute their subscription fees of $83 million, to aid the bank’s expected launch in September 2024.

Mr Ibrahim appealed during the 18th ordinary meeting of the APPO executive board in Brazzaville, Republic of Congo, where APPO headquarters is situated, a statement signed by the Permanent Secretary, Ministry of Petroleum, Mr Nicholas Ella, said on Wednesday.

“We are aligned with the resolutions of the APPO Council of Ministers from last week. We will double our efforts to ensure we gather the necessary funds to initiate the Africa Energy Bank,” Mr Ibrahim said.

He further disclosed that the oil-producing member countries had formally written to the Nigerian government to discuss expedited steps to establish the bank.

“On Friday, July 5, we formally wrote to the Federal Republic of Nigeria. We will discuss how quickly the bank building will be ready and the host country agreement prepared for signature. We already have one member country that has signed the establishment agreement. We need one more signature to proceed,” Ibrahim added.

Expressing President Bola Tinubu’s gratitude to member states for their unwavering support and confidence in Nigeria’s bid to host the bank, Mr Ella, who led Nigeria’s delegation, reiterated commitment to the continental bloc’s ideals to enhance energy security in Africa.

“The gathering of the 18 member countries of APPO in Brazzaville demonstrates our collective dedication to fostering unity, cooperation, and sustainable development within the African energy sector,” noted Mr Ella.

He pledged Nigeria’s determination to collaborate with other members to address the financial needs of Africa’s energy sector through funding oil and gas projects.

Mr Ella urged member countries to harness the collective strength of the continent’s nations to build a brighter, more prosperous future for Africa.

“Together, we will create an institution that addresses the financial needs of our energy projects and champions sustainable development, environmental stewardship, and economic inclusivity across Africa,” he added.

During a brainstorming session on the continent’s energy future, Algerian executive board member,  Mr Remini Amine, emphasised that local content, manpower, and infrastructure development remain key to unlocking Africa’s energy opportunities.

APPO member state representatives agreed that the energy bank would bridge funding gaps in the sector, with Mr Ibe Kachikwu, a former Nigerian Minister of State, Petroleum Resources, suggesting a 10-year plan for the energy industry to encourage an “open era” for investment. Kachikwu advised APPO to grow the energy bank’s capital base before investing.

Speakers at the week-long event emphasised the need for National Oil Companies (NOCs) to lead in crude oil production and refine oil to meet local consumption needs. The energy bank is an initiative of the APPO and Afreximbank.

Adedapo Adesanya is a journalist, polymath, and connoisseur of everything art. When he is not writing, he has his nose buried in one of the many books or articles he has bookmarked or simply listening to good music with a bottle of beer or wine. He supports the greatest club in the world, Manchester United F.C.

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FCCPC Seals Illegal Consumer Protection Group in Abia

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FCCPC

By Adedapo Adesanya

The Federal Competition and Consumer Protection Commission (FCCPC) has sealed the premises of an entity operating under the name Community Crime Prevention Initiative of Nigeria (CCPIN) in Aba, Abia state.

In a statement on Thursday, Mr Ondaje Ijagwu, FCCPC’s director of corporate affairs, said the enforcement operation took place on Wednesday at Number 214 Aba-Owerri Road, in collaboration with law enforcement agents.

Mr Ijagwu said FCCPC’s action followed credible intelligence that CCPIN was falsely claiming affiliation with the commission and misleading the public by representing itself as an “authorised consumer protection NGO”.

“The entity had issued public notices alleging joint surveillance operations with FCCPC and was soliciting consumer complaints through unauthorised telephone lines,” the statement reads.

“During the operation, the operator of the facility, Dr Onwuka K. Okorie, was arrested on-site and is currently in police custody at World Bank Police Station, Abayi-Aba, Abia State, pending further investigation and prosecution.

“A number of exhibits bearing FCCPC’s name, logo, and false enforcement materials were recovered from the premises.”

The official said the commission has no affiliation with CCPIN and does not authorise or partner with the group or any similarly styled organisation for enforcement or consumer protection operations.

He added that FCCPC does not delegate such enforcement powers to NGOs, private entities, or individuals without formal legal authorisation.

Mr Ijagwu advised the public to disregard any announcements, sealing notices, or consumer-related campaigns issued by CCPIN or its representatives.

“To verify any enforcement or communication, members of the public can contact the Commission through its hotlines: 08056002020 and 08056003030. Official FCCPC activities and communications can also be verified via fccpc.gov.ng or social media handles (@fccpcnigeria),” he added.

The recognised consumer protection body also reaffirmed its commitment to operating with the highest level of transparency while ensuring consumer protection and market integrity.

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Navy Destroys Nine Illegal Refineries in Rivers, Seizes Stolen Oil

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Nigerian Navy

By Adedapo Adesanya

The Nigerian Navy Ship (NNS) Pathfinder has dismantled nine illegal refining sites in Ogba/Egbema/Ndoni Local Government Area of Rivers State, seizing over 170,000 litres of suspected stolen and illegally refined petroleum products.

This is the latest in a long series of efforts to curb oil theft hampering crude oil production and economic growth in Africa’s largest oil producer.

The operation, carried out yesterday (Wednesday) uncovered a sprawling network of criminal infrastructure, including 45 ovens, 30 reservoirs, and 75 dugout pits, according to Commodore Cajethan Nnabuchi Aniaku, Commander of NNS Pathfinder.

He revealed that the illegal sites were stocked with approximately 60,000 litres of suspected stolen crude oil, 80,000 litres of illegally refined Automotive Gas Oil (AGO) known as diesel, and 33,000 litres of kerosene.

He said, “During the operation, the Tactical Riverine Assault Squadron Team acting on credible intelligence discovered two wellheads connected with pipes used for siphoning crude oil to illegal camps.

“The team dismantled the connected pipes to the wellheads and destroyed the illegal refining sites. The products were handled in accordance with anti-crude oil theft procedures,” he added.

The outfit could not make any arrests as the perpetrators fled on sighting the patrol team, the scale of the seizure underscores the magnitude of oil theft operations still active in the Niger Delta.

Commodore Aniaku praised the bravery and professionalism of the personnel involved and reaffirmed the Navy’s unwavering resolve to stamp out economic sabotage.

“Under the leadership of Vice Admiral E. I. Ogalla, the Nigerian Navy remains committed to combating crude oil theft and illegal bunkering activities which pose significant threats to the nation’s economy and energy security,” he stated.

The latest crackdown comes as the Navy intensifies its riverine operations across the oil-rich region, aligning with national efforts to boost crude production and plug revenue leakages caused by pipeline vandalism and illegal refining.

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Petrobas Mulls Re-entry into Nigeria, Eyes Deepwater Exploration

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Petrobras Oil

By Adedapo Adesanya

Brazilian state oil company, Petrobras, is seeking a return to Nigeria’s oil sector with a renewed focus on frontier deepwater exploration.

This came as part of efforts to strengthen ties between both countries.

In a statement on Wednesday, Mr Stanley Nkwocha, Senior Special Assistant to the President on Media and Communications, announced that the development came during an interministerial review meeting.

The meeting, chaired by Vice President Kashim Shettima at the Presidential Villa in Abuja, was held to prepare for the second session of the Nigeria-Brazil Strategic Dialogue Mechanism (SDM) in June 2025.

Petrobras, the equivalent of Nigerian National Petroleum Company (NNPC) Limited, had previously wound down its Nigerian operations at the Agbami Field.

Now, with renewed economic reforms under President Bola Tinubu, the company is actively engaging the Nigerian authorities for fresh investment opportunities.

Speaking at the session, Vice President Shettima underscored the strategic importance of Nigeria’s relationship with Brazil, especially as Brazil prepares to host a series of global summits this year.

Providing further insight into Petrobras’ return, Minister of Foreign Affairs, Mr Yusuf Tuggar, confirmed ongoing discussions with the state owned oil company.

“Apart from ethanol, which they are hoping to engage the NNPCL for blending, Petrobras is also being actively engaged, and we expect they will form part of the delegation to Nigeria,” Mr Tuggar said.

“Petrobras is no longer active in Nigeria, but they are very keen on coming back. They said they want frontier acreage in deep waters.”

Brazil is one of the leading crude oil producers in the world and the largest in Latin America, producing 3 million barrels of crude oil per day.

In addition, the country has proven oil reserves of over 12 billion barrels, primarily located offshore in the Atlantic Ocean.

Petrobras dominates the sector, especially in offshore exploration and production but has joint ventures with international oil companies such as Shell, TotalEnergies, Equinor, and Chevron.

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