General
FG Tasks CBN, SEC, FIRS, ICPC, Others to Block Illicit Financial Flows

Federal government has set up an inter-agency team to tackle the growing rate of illegal movement of huge sums of money from Nigeria to foreign countries.
Special Adviser on Economic Matters, Office of the Vice President and Chairman of the Inter-agency Committee on Illicit Financial Flows, Mr Adeyemi Dipeolu, explained that funds meant for development were stolen and stashed away outside the country through various forms of corruption including smuggling, money laundering and tax evasion amongst others.
Mr Dipeolu, at a workshop recently in Abuja, with member agencies of the committee comprising the Independent Corrupt Practices and Other Related Offences Commission (ICPC); the Nigerian Financial Intelligence Unit (NFIU); the Economic and Financial Crimes Commission (EFCC); Federal Inland Revenue Service (FIRS); Nigeria Customs Service; Central Bank of Nigeria (CBN) and the Securities and Exchange Commission (SEC) stated that the objective of the workshop was for the committee to jointly develop an outcome-based, actionable framework to address the menace of illicit financial flows, in the short-and medium-term.
He expressed optimism that under the supervision of the Minister of Finance members would come up with solutions on how to block loopholes and increase the revenue profile and resources available for the overall development of the nation.
Earlier, in his welcome remarks, ICPC Chairman, Prof. Bolaji Owasanoye, declared that it was time to tackle the problem once and for all through positive action.
Also, in his keynote address during the event, Mr. Aliyu Ahmed, Permanent Secretary, Federal Ministry of Finance stated that owing to the recession Nigeria has found itself in, it was mandatory for the Federal government to seek ways that would enhance the revenue base of the country in order to meet government obligations.
In a paper presented by one of the resource persons and ICPC’s head of Financial Investigation Unit, Mr Michel Agboro, pointed out that the commission since its inception has helped in re-awakening the consciousness of Nigerians on the need to stem the rising tide of corruption through enforcement, prevention and public enlightenment measures.
Mr Agboro added that the commission had investigated a lot of cases bordering on tax evasion and illicit financial flows which had led to the recovery of proceeds of crime and the prosecution of offenders.
Some of the participants at the event expressed their views about what they had learned and proffered solutions on how to curb the menace of illicit financial outflows.
General
Petralon to Add 2,500bpd to Nigeria’s Crude Production

By Adedapo Adesanya
Petralon Energy is on track to boost Nigerian crude production by a further 2,500 barrels per day, following drilling activities at the Dawes Island field.
According to a statement from the Africa Energy Chamber (AEC) on Monday, the company recently completed a new well at the field, aligning with plans to maximize output at the field. Operated by Petralon Energy subsidiary Petralon 54 Limited, the field is situated in Petroleum Prospecting License (PPL) 259.
The milestone comes as Petralon seeks to unlock greater value from Nigeria’s offshore oil resources.
The firm invested $25 million in the drilling program and development initiatives at the field between 2014 and 2022, officially securing a 100% stake in PPL 259 following the implementation of Nigeria’s Petroleum Industry Act in 2021.
The production milestone underscores the instrumental role indigenous operators play in Nigeria, with future drilling activities set to further consolidate Petralon’s position in the country’s upstream sector.
The AEC also disclosed that Petralon is a Platinum Partner of the African Energy Week (AEW): Invest in African Energies conference, taking place September 29 to October 3, 2025, in Cape Town.
Beyond PPL 259 and the Dawes Island field, Petralon is pursuing non-operated interests in Oil Mining License (OML) 127 and OML 130, seeking to unlock new resources and enhance revenue generation.
The company owns a stake in Prime Oil & Gas, which holds an 8 per cent interest in OML 127 and a 16 per cent stake in OML 130.
OML 127 features the Agbami field while OML 130 contains the Akpo, Egina and Preowei fields. Net production from the producing Akpo, Egina and Preowei fields averages 51,000 barrels per day. Both asses are situated in the deep offshore, showcasing gross 2P reserves of 270 million barrels and 638 million barrels, respectively.
Meanwhile, Petralon has also been strengthening its ownership stakes across the African upstream industry. The company holds an indirect equity interest in Prime Oil and Gas, which recently finalized its merger with Africa Oil Corp. Petralon has also emerged with a 4.24 per cent stake in the expanded entity. The transaction aligns with Petralon’s broader intentions to strengthen its presence in Africa.
The newly-expanded entity now operates a strong portfolio that includes deepwater assets in Nigeria alongside ventures in Namibia, South Africa and Equatorial Guinea. With the merger, the expanded entity benefits from a strengthened balance sheet as well as new opportunities for regional growth.
General
Former Oyo Governor Rashidi Ladoja to Become New Olubadan

By Adedapo Adesanya
The former governor of Oyo State, Mr Rashidi Adewolu Ladoja, is in line to become the new Olubadan of Ibadanland following the death of the 43rd Olubadan, Oba Owolabi Olakulehin.
It was reported earlier that the former occupier of the throne, Oba Olakulehin, 90, joined his ancestors in the early hours of Monday, July 7, 2025, close to a year after becoming the traditional ruler of the ancient Nigerian city.
The late monarch, who was appointed by Governor Seyi Makinde in July 2024, replaced Oba Moshood Lekan Balogun, also known as Alli Okunmade II, who died in March 2024 following a brief illness.
According to tradition, the Olubadan throne alternates between two ruling lines: Egbe Agba (civil) and Balogun (military).
With the late Olakulehin ascending from the Balogun line, the next monarch is expected from the Egbe Agba line, where Mr Ladoja is currently the most senior High Chief.
Mr Ladoja, a former senator and governor of Oyo State between 2003 and 2007, has steadily climbed the traditional ladder over the years.
In September 2024, Mr Ladoja celebrated his 80th birthday, and in August 2024, he was crowned the Otun Olubadan of Ibadanland.
This put an end to the controversy over his acceptance of the chieftaincy title.
With his exit from the role to become Olubadan, Mr Eddy Oyewole, will become the new Otun Olubadan of Ibadanland, the highest ranked chief in the line.
Meanwhile, Mr Akin Alabi, a lawmaker and entrepreneur, will move from Jagun Olubadan (the entry point in the civil line) to Ajia Olubadan of Ibadanland.
General
Oyo Governor for 52nd AAAN AGM/Congress Open in Ibadan

The Association of Advertising Agencies of Nigeria (AAAN) will convene its flagship 52nd Annual General Meeting and Congress from July 17–19 at JAGZ Hotel, Ibadan. This year’s theme, “Charting Bold Paths Forward,” reflects the industry’s shared commitment to embracing innovation, resilience, and transformative leadership in a rapidly changing environment.
The three-day gathering will feature a compelling blend of cultural heritage, strategic dialogue, and professional celebration. The first day will see delegates pay a courtesy visit to Otun Olubadan of Ibadanland, Senator Rasheed Ladoja, a tradition that echoes AAAN’s longstanding respect for host communities and cultural roots.
The official conference will begin on July 18 and will be declared open by Governor Seyi Makinde of Oyo State. He is expected to be joined by dignitaries, including the Minister of Information and National Orientation, Alhaji Mohammed Idris Malagi, and the Minister of Art, Culture, and the Creative Economy, Hannatu Musa Musawa, alongside the Director-General of the Advertising Regulatory Council of Nigeria (ARCON), Dr. Lekan Fadolapo, setting the tone for high-level discourse and coordination.
A centrepiece of the day will be the keynote address from Dr. Cherry Eromosele, Executive Vice President & Group Chief Marketing and Communications Officer at Interswitch Group, followed by a panel discussion chaired by Dr. Tayo Oyedeji, Group CEO of Insight Publicis Group Nigeria.
Confirmed panel speakers include Josiah Akinola of Nigerian Breweries PLC; Bolanle Osotule of Airtel Nigeria; George Onukwu of TBWA\Concept; Oluwatobi Williams of 7even Interactive; and Adedamola Richard‑Salvador of Digisplash Limited
AAAN President Mr. Lanre Adisa noted that this year’s theme is indicative of the AAAN’s readiness to be courageous in embracing innovation and vision.
“This is not the time to tiptoe around the future. Boldness is not a buzzword but the only language the future understands. In a landscape defined by constant change, boldness is not a gamble but a strategic imperative. Those who will lead tomorrow are those willing to question today,” said Adisa.
The final day of the event shifts focus to governance and celebration and will have two segments: Business Session and Gala/Award Night. The highlights of the former include leadership updates and the induction of new members. The latter will see deserving advertising professionals recognized and rewarded while dressed in aso oke regalia.
Founded in 1973, AAAN is Nigeria’s oldest and most influential collective of advertising agencies. Its annual AGM is a pivotal industry tradition, one that consolidates strategic progress, regulatory alignment, cross-sector collaboration, and storytelling that positions the Nigerian advertising industry on a bold, credible future trajectory.
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