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Governor Refunds $2.5m Paris Club Loot to EFCC

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By Dipo Olowookere

The state Governor in Nigeria, who was accused of stealing from the London-Paris Club loot and building a hotel with $3 million has agreed to return $2.5 million, The Nation reports.

It was reported that the Governor recently sneaked into Aso Rock Presidential Villa in search of soft-landing, speaking with some top government officials on how to escape justice.

According to the Nation, the embattled Governor had in the last 48 hours been roaming the corridors of the Presidential Villa in desperate search for help.

He was said to have offered to refund the balance of $2.5 million quietly to the Economic and Financial Crimes Commission (EFCC) without being further investigated, given that one of the proxies used to launder the funds had already surrendered $500,000 to the anti-graft agency.

It was learnt that the Governor, who disguised to enter the Villa, avoided the prying eyes of journalists at the seat of power.

A government source said, “The Governor was looking visibly disturbed, but it was obvious he was seeking help. The manner he managed his shuttle to the Villa suggested that he had something up his sleeves.

“I think he is ready to refund $2.5 million since one of his proxies has paid back about $500,000.

“The governor had audience with some government officials.

“We learnt he made a commitment to pay back quietly to avoid any political backlash.

“He also does not want to be exposed or his proxies subjected to trial.

“The truth is that this government will not give waiver to anybody or group in its anti-corruption campaign.”

Already, the EFCC has recovered about N1.420 billion from some firms and a consultant who benefited from the N19 billion illegally deducted by the Nigeria Governors Forum (NGF) from the loan refund.

Out of the sum, about N1.2 billion was frozen in the account of a consultant alone.

A top source, who spoke in confidence, said the EFCC was already on the trail of all those who benefitted from the N19 billion cash.

The source said, “Apart from the N8 billion left in the NGF’s Naira account, our detectives have recovered about N1.420 billion from some companies and consultants who were used to launder some of the London-Paris Club refunds.

“While a company refunded N200 million, the other paid back undeserving N20 million. We froze about N1.2 billion in a consultant’s account.

“The cash refunds have clearly shown that some of the London-Paris Club funds were siphoned for private use.

“This is why the EFCC is determined to ensure a comprehensive investigation of the scandal.”

Responding to a question, the source added, “The ultimate objective of this commission is to recover the diverted funds and ensure judicious use of the loan refunds by states.

“The law will, however, be applied to those used for the illegal funds. This is not a war against the NGF or any particular Governor.”

The presidency had so far released N1.266 trillion to the 36 states in the past one year, including N713.70 billion special intervention funds to states.

Following protests by states against over-deductions for external debt service between 1995 and 2002, President Muhammadu Buhari had approved the release of N522.74 billion (first tranche) to states as refunds, pending reconciliation of records.

Each state was entitled to a cap of N14.5 billion, being 25 percent of the amounts claimed.

The Minister of Finance, Mrs Kemi Adeosun, said the payment of the claims will enable states to offset outstanding salaries and pension which had been “causing considerable hardship.”

The Governors had sought for the loan refunds to states and local governments at a meeting with President Muhammadu Buhari on May 24, 2016.

Source: The Nation

Dipo Olowookere is a journalist based in Nigeria that has passion for reporting business news stories. At his leisure time, he watches football and supports 3SC of Ibadan. Mr Olowookere can be reached via [email protected]

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Navy Launches Operation Delta Sentinel to Achieve 2.5mb/d Oil Output

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Utapate crude oil blend

By Adedapo Adesanya

The Nigerian Navy has launched Operation Delta Sentinel, a new maritime security initiative designed to curb crude oil theft, secure critical oil assets and support the federal government’s ambition to ramp up crude production to 2.5 million barrels per day by 2027.

The operation, which replaces Operation Delta Sanity II, was formally unveiled at the Nigerian Navy Ship (NNS) Pathfinder Jetty in Port Harcourt, marking a renewed push to stabilise the Niger Delta and protect Nigeria’s oil-dependent economy.

Speaking at the launch, Commander Task Group 26.1, Operation Delta Sentinel, Rear Admiral Suleiman Ibrahim, said the initiative was aligned with the Federal Government’s drive to boost oil exploration and production under the Project 1 Million Barrels Per Day initiative of the Nigerian Upstream Petroleum Regulatory Commission (NUPRC).

“The transformation from Operation Delta Sanity II to Operation Delta Sentinel is necessitated, among other considerations, by the Federal Government drive to increase oil exploration and production,” he said, adding that, “It is further anticipated that oil production would be about 2.5 million barrels per day by 2027.”

Rear Admiral Ibrahim, who is also the Flag Officer Commanding, Central Naval Command, said Operation Delta Sentinel would run for an initial one-year period, subject to 90-day renewable mandates, and would focus on denying criminal networks access to Nigeria’s maritime and oil infrastructure.

“Our objective is clear and unambiguous: to deny criminal elements freedom of action, protect critical national oil assets, support legitimate economic activities and contribute to enduring peace and stability in the Niger Delta,” he stated.

He explained that the operation would rely heavily on intelligence-driven missions, enhanced inter-agency collaboration and advanced surveillance tools, including Maritime Domain Awareness infrastructure, new maritime platforms, and manned and unmanned air assets.

“Our approach will be deliberate, innovative and technology-enabled. These capabilities will enable us to optimise asset utilisation, improve situational awareness and maintain a proactive operational posture,” he added.

The Navy said early indicators already show progress, noting that crude oil losses have dropped by about 90 per cent, from 102,900 barrels per day in 2021 to 9,600 barrels per day as of September 25.

Earlier, Flag Officer Commanding, Eastern Naval Command, Rear Admiral Chiedozie Okehie, highlighted the achievements of Operation Delta Sanity II, which was launched on December 30, 2024, to combat crude oil theft, illegal bunkering and pipeline vandalism.

“Operation Delta Sanity II lived up to expectations and made measurable contributions to national security and economic stability,” the Naval commander said.

According to him, between January 1 and December 31, 2025, the operation led to the arrest of 203 suspects, the deactivation of 324 illegal refining sites, and the seizure of stolen petroleum products valued at over N3.65 billion.

“An estimated 3.78 million litres of stolen crude oil, over 1.09 million litres of illegally refined AGO, 86,210 litres of PMS and 74,300 litres of kerosene were seized and appropriately handled,” he disclosed.

Rear Admiral Okehie added that the Navy’s operations, supported by collaboration with regulators, security agencies, oil industry stakeholders and host communities, contributed to a significant decline in crude oil losses, with NUPRC reporting the lowest loss levels since 2009 in September 2025.

With Operation Delta Sentinel now in force, the Navy said it is positioning itself as a key enabler of Nigeria’s oil production growth, investor confidence and long-term stability in the Niger Delta.

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NUPRC, NRS Seal Oil Revenue Alliance Under New Tax Laws

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NUPRC

By Adedapo Adesanya

The Nigerian Upstream Petroleum Regulatory Commission (NUPRC) and the Nigeria Revenue Service (NRS) have moved to formalise a closer working relationship under the country’s new tax regime to ensure that upstream oil and gas revenues get tighter oversight and improved collection.

The renewed revenue alliance was activated when the chief executive of NUPRC, Mrs Oritsemeyiwa Eyesan, paid a strategic visit to the chairman of NRS, Mr Zacch Adedeji, at the tax agency’s corporate headquarters in Abuja.

The engagement comes less than two weeks after new tax laws took effect on January 1, 2026, mandating deeper collaboration between sector regulators and revenue authorities in the collection of oil and gas proceeds accruing to the Federation.

Speaking during the meeting, Mrs Eyesan said the engagement was part of her post-assumption consultations aimed at aligning the upstream regulator with critical national revenue institutions.

“With the new tax laws now in force, it is important that NUPRC and NRS work in close coordination to ensure that oil and gas revenues due to the Federation are fully captured,” Mrs Eyesan said.

“Our mandate goes beyond regulation. It includes ensuring transparency, efficiency and accountability in revenue flows from upstream petroleum operations.”

She stressed that effective collaboration between both agencies would strengthen compliance, reduce leakages and support government revenue targets at a time of heightened fiscal pressure.

On his part, Mr Adedeji said the tax authority was committed to working with sector regulators to maximise revenue mobilisation under the evolving legal framework.

“The oil and gas sector remains critical to Nigeria’s revenue base, and collaboration with NUPRC is essential to meeting government revenue targets,” Mr Adedeji said.

“With clearer laws and better data-sharing between our institutions, we can significantly improve collection efficiency and enforcement.”

Both agencies agreed to deepen cooperation through information sharing and coordinated operational strategies, in line with the provisions of the new tax laws governing petroleum operations.

The meeting concluded with a shared resolve by NUPRC and NRS to prioritise national interest, tighten revenue assurance mechanisms and ensure that Nigeria derives maximum value from its upstream petroleum resources.

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Applications for Second Cohort of Moniepoint’s DreamDevs Initiative Open

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Moniepoint’s DreamDevs Initiative

By Modupe Gbadeyanka

To double down on Africa’s tech talent pipeline, the continent’s leading digital financial services provider, Moniepoint Incorporated, has opened applications for the second cohort of its flagship transformative programme, DreamDevs initiative.

A statement from the organisation disclosed that entries are expected to close on Tuesday, January 20, 2026, and should be submitted via dreamdevs.moniepoint.com.

Selection will be based on technical aptitude, learning potential, and alignment with Moniepoint’s values of innovation and excellence.

DreamDevs was created to bridge the tech talent gap in Africa by equipping recent graduates with industry-ready skills and real-world experience.

Each year, just 20 high-potential candidates are selected into an intensive bootcamp, with the strongest performers progressing into internship and full-time roles at Moniepoint.

Last year’s cohort delivered four hires – three interns and one full-time engineer – validating the programme’s role as a high-impact talent pipeline.

Targeting graduates from technology, computer science, engineering, and related fields with foundational programming knowledge in HTML, CSS, and JavaScript, DreamDevs offers a rigorous nine-week boot camp that immerses participants via hands-on training from leading software engineers. Standout performers will secure six-month internship placements at Moniepoint, with potential progression to full-time employment based on performance.

“The results from our first cohort validated our belief that with the right training and support, Africa’s young tech talent can compete globally.

“This year, we’re doubling down on our commitment by aiming to convert half of our participants into full-time employees. For us, DreamDevs is all about creating sustainable career pathways that drive Africa’s digital economy forward,” the co-founder and Chief Technology Officer at Moniepont, Mr Felix Ike, said.

“We’re proud to support the government’s vision of building three million technical talents while also creating direct employment opportunities through initiatives like DreamDevs. This multi-faceted approach ensures we’re contributing to national goals while simultaneously addressing our industry’s immediate talent needs.

“By investing in young people and providing them with practical experience, startup incubation support, and product development opportunities, we are not only creating high-impact jobs and driving sustainable economic growth across the continent,” he added.

Sharing his experience, a member of the first cohort and now a Backend Engineer at Moniepoint, Mr Victor Adepoju, said, “The organisation of the programme was top-notch. The training covered a wide range of topics and provided a solid foundation I could continue to build on.

“I learned a great deal about cloud technologies, particularly Google Cloud Platform. The program also emphasised valuable soft skills, including planning, organisation, and prioritisation, which have been very useful in my day-to-day work.”

DreamDevs aligns with Moniepoint’s broader vision of using technology to power the dreams of millions and engineer financial happiness across Africa. It complements the company’s existing talent development programs, including HatchDev – a collaboration with NITHub Unilag that produces 500 specialised developers annually across software engineering, intelligent systems, and IoT/embedded systems as well as its hugely popular, Women-in-Tech which is now in its fifth year. The initiative is also in tandem with the federal government’s 3 Million Technical Talent (3MTT) programme, for which Moniepoint serves as a key sponsor. While the 3MTT programme focuses on mass technical skills training across Nigeria, DreamDevs provides a specialised pathway that takes graduates from foundational training through to employment, creating a complete talent development ecosystem.

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