By Adedapo Adesanya

The Nigeria Deposit Insurance Corporation (NDIC) has called for continued collaboration with law enforcement agencies to curb financial crimes, prevent loss of funds, and retain depositors’ confidence in the banking system.

The agency’s acting Managing Director, Mrs Emily Osuji, made this call at the 2025 capacity-building workshop for law enforcement agencies in Lagos themed Investigating and Prosecuting Financial Malpractices in Banks: A Critical Analysis of Strategies to Prevent Bank Failures on Monday.

Mrs Osuji stated that the NDIC had consistently held the workshop since 2012 to enable law enforcement stakeholders to sharpen their skills in the fight against financial malpractices in banks and other financial institutions.

According to her, the corporation, as a key participant in the financial safety-net, has over the years taken the fight against insider abuses and financial malpractices in banks very seriously.

Mrs Osuji emphasised that a safe and sound banking environment is an essential part of financial system stability and the bedrock for the economic development of every nation.

She explained the role of the NDIC, adding that the workshop also provided an opportunity for discussions to synergise efforts toward achieving the common goal of ensuring financial stability, noting that the theme was apt for ensuring collaboration against the menace of insider abuses and financial malpractices, which are major causes of bank failure capable of eroding public confidence in the banking system.

The NDIC chief noted that her organisation would continue to strive to enhance synergy in the area of law enforcement relating to the investigation and prosecution of financial malpractices.

She commended the progress recorded so far, saying, “Through your collaborative efforts, I am aware that 11 cases are currently being prosecuted at various courts, 25 investigations are ongoing with the FMIU, eight with the EFCC, and nine concluded investigations are with the Federal Ministry of Justice for advice and prosecution.

“This is an indication that we are on the right course,” she added, acknowledging the challenges of investigating and prosecuting financial malpractices and bank fraud cases and urged law enforcement officers not to relent but to adopt technology to stay ahead of criminals.

She noted that fraudsters and cybercriminals were constantly perfecting their skills, hence the need for such workshops to enable law enforcement officers to understand, accept, and adapt to the dynamic operating environment.

She praised the proactive efforts of the Regulatory/Supervisory Agencies to curb the activities of fraudsters to prevent loss of funds and maintain depositors’ confidence in the banking system.

On his part, the Director for Legal Department at NDIC, Mr Olusegun Kushimo, stated that the financial system must be strengthened and kept safe to achieve President Bola Tinubu’s vision of a trillion-dollar economy by 2030, saying the workshop was important to strategize, collaborate, and strengthen inter-agency relationships in the fight against financial fraud to keep the financial system safe.

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.

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.