General
Nigeria Loses $3.3bn to Crude Oil Theft, Sabotage in Two Years
By Adedapo Adesanya
Nigeria lost a total of 13.5 million barrels of crude oil worth $3.3 billion to theft and pipeline sabotage between 2023 and 2024, according to the Nigerian Extractive Industries Transparency Initiative (NEITI).
Speaking during the Association of Energy Correspondents of Nigeria (NAEC) 2025 conference in Lagos on Thursday, NEITI’s Executive Secretary, Mr Ogbonanya Orji, noted that the lost revenue could have financed a full year of the federal health budget or provided energy access to millions of households.
“These losses are not just economic, they represent broken trust, institutional weaknesses, and missed opportunities for national progress. This is precisely why transparency and accountability are not optional. They are existential.”
According to him, Nigeria’s energy future will not be defined by the size of its reserves or production capacity, but by how transparently and prudently it is able to manage its natural resource wealth, the revenues, data, contracts, and decisions that shape its national destiny.
He said the era of secrecy in resource governance was over.
“The global energy transition towards cleaner fuels, gas optimisation, and renewable energy requires openness, responsibility, and innovation at every stage of the value chain.
“At NEITI, our philosophy is clear and uncompromising:
“Data builds trust, and trust drives investment.”
“Transparency is not a bureaucratic exercise—it is an economic imperative. It attracts capital, technology, and partnerships. Our latest NEITI industry reports make this truth evident.”
The NEITI boss also revealed that its 2021–2022 Oil and Gas Industry Reports revealed that Nigeria earned $23.04 billion in 2021 and $23.05 billion in 2022 from the sector.
However, the body identified outstanding remittances of N1.5 trillion owed to the Federation by some companies and government agencies—funds that could significantly support energy infrastructure, education, and healthcare if recovered.
“Over the past decade, NEITI has evolved from an auditing agency to a governance reform institution.
“We have institutionalised regular audits of oil, gas, and solid mineral sectors, tracking production, payments, and remediation; developed Nigeria’s Beneficial Ownership Register, unmasking the true owners of over 4,800 extractive assets, and helping the government combat corruption and illicit financial flows; and launched the NEITI Data Centre—a national open-data infrastructure that provides real-time public access to industry information.
“We have also strengthened partnerships with Nigerian Upstream Petroleum Regulatory Commission (NUPRC), Nigerian Midstream Downstream Petroleum Regulatory Authority (NMDPRA), and Nigerian Content Development and Monitoring Board (NCDMB) to promote transparency in licensing, metering, and host community trust management and introduced the Just Energy Transition and Climate Accountability Framework to ensure that Nigeria’s shift to cleaner energy is transparent, inclusive, and fair.
“These are not ceremonial milestones. They are practical governance instruments designed to make transparency the DNA of Nigeria’s extractive sector,” he added.
Mr Orji advised the government to keep pace with innovation, especially as it positions gas as its transition fuel and renewable energy as its future.
“Our energy future must rest on verifiable data, open contracts, measurable emissions, and accountable institutions.
“NEITI envisions a sector where every dollar is traceable, every contract is public, every decision is transparent, and every Nigerian citizen can see how natural resources translate into national prosperity.
“At NEITI, we are committed to ensuring that every barrel produced, every cubic foot of gas commercialised, and every kobo earned contributes to national development in full public view,” he said.
By Adedapo Adesanya
The federal government has issued a data protection compliance circular to all Ministries, Departments and Agencies (MDAs) to promote public trust through data-driven governance.
The compliance directive is contained in Circular No. 59805/S.I/74, dated 27 July 2026, and signed by the Secretary to the Government of the Federation, Mr George Akume, according to a statement by the Head, Legal, Enforcement & Regulations, Mr Babatunde Bamigboye.
The initiative forms part of a continuum of regulatory measures that will be vigorously pursued as Nigeria advances towards the decisive frontiers of the Fourth Industrial Revolution.
The circular drew the attention of MDAs to a statement of President Bola Tinubu, where he said: “Data is the new oil”.
Mr Akume then directed all Ministries, Extra-Ministerial Departments and Agencies to capture the information rigorously and safeguard it under the Nigeria Data Protection Act, 2023 (NDP Act).
The circular also directed MDAs to ensure full compliance with the NDP Act, Regulations, Guidelines, and Directives issued by the Nigeria Data Protection Commission (NDPC) in relation to the processing of personal data.
To this end, the Circular directs MDAs to, designate suitably qualified officers as Data Protection Officers (DPOs) to oversee data protection compliance and advise management on all matters relating to the lawful processing of personal data, ensure that the names and contact details of their designated DPOs are communicated to the NDPC for registration and official records; engage licensed Data Protection Compliance Organisations (DPCOs), where required, to facilitate compliance with the NDP Act and support the conduct of statutory compliance audits.
It also directed them to provide adequate budgetary allocation for data protection compliance activities, including capacity building, awareness programmes, deployment of appropriate technical safeguards, and periodic compliance audits; and submit all mandatory Data Protection Compliance Audit Returns and other statutory returns to the NDPC within the timelines prescribed by law.
The circular further states that “Permanent Secretaries, Accounting Officers and Chief Executive Officers of all MDAs shall be personally responsible for ensuring institutional compliance with the Circular and the provisions of the NDP Act.”
The National Commissioner/Chief Executive Officer of the NDPC, Mr Vincent Olatunji, expressed the commission’s commitment to supporting data-driven governance.
Mr Olatunji maintained that data accountability is pivotal to achieving the eight Presidential Priorities. To provide full technical support to MDAs for the purpose of achieving compliance, the commission has constituted a regulatory clinic.
By Adedapo Adesanya
Yellow Card, a global stablecoin infrastructure provider, has raised $40 million in a strategic funding round to accelerate its international expansion and strengthen its digital payment infrastructure.
The funding round attracted investments from SC Ventures, the innovation and investment arm of Standard Chartered, Sony Innovation Fund, Polychain Capital, Blockchain Capital, and other strategic investors. With the latest raise, Yellow Card’s total equity financing has now exceeded $120 million.
The company said the fresh capital will be used to scale its Global US Dollar Accounts, an end-to-end dollar account designed for businesses, while expanding the stablecoin payment rails that connect businesses to markets around the world.
Yellow Card’s chief executive, Mr Chris Maurice, described the investment as a strong endorsement of the company’s long-term vision, noting that the company has spent years building infrastructure that allows businesses to move money globally without relying on traditional correspondent banking systems.
He added that the next phase of growth will focus on helping banks connect directly to stablecoin payment rails, enabling faster and more efficient cross-border transactions while expanding access to US Dollar services for businesses.
SC Ventures chief executive, Mr Alex Manson, said stablecoins are becoming an important part of global payments, but noted that widespread adoption will depend on reliable infrastructure and practical use cases.
He said Yellow Card has built the payment rails businesses across Africa need to move money efficiently across borders and expressed confidence in the company’s ability to expand both within Africa and internationally.
The investment also marks growing interest from global institutions in stablecoin-based payments. Sony Innovation Fund said its backing reflects confidence in Yellow Card’s ability to build digital payment infrastructure for emerging markets.
Mr Austin Noronha, Managing Director at Sony Ventures-US, said the company believes Yellow Card is creating the technology needed to help banks, financial technology firms and enterprises move money faster and more securely.
He added that the company looks forward to supporting Yellow Card as it expands beyond Africa into Latin America, the Middle East, Europe and the Asia-Pacific region.
Yellow Card said the funding will also support the wider rollout of its Global USD Accounts, which allow businesses to hold U.S. dollars, manage treasury operations, swap stablecoins, and collect or make payments in local currencies across more than 50 countries.
The company noted that the platform is already being used by major customers, including Visa and Western Union.
Founded to simplify cross-border payments through digital assets, Yellow Card has processed more than $10 billion in transactions across its network. The company supports over 50 currencies and holds licences, authorisations and registrations in 22 jurisdictions across North America, Europe and Africa.
Yellow Card has also established strategic partnerships with global payment companies including Visa, Mastercard, PayPal and Coinbase as it positions itself as a key infrastructure provider for international digital payments.
By Adedapo Adesanya
The National Economic Council (NEC) has approved a $4.5 billion arrangement for the Nigerian National Petroleum Company (NNPC) Limited aimed at strengthening the country’s external reserves and freeing up funds for infrastructure.
This is part of the refinancing of the $3.3 billion Project Gazelle Pre-Export Finance Facility through a new $4.5 billion facility named “Project Gazelle 2”.
The approval allows NNPC Limited to refinance the outstanding balance of approximately $1.5 billion under the original 2023 facility, while unlocking an additional $3 billion in liquidity to strengthen the country’s external reserves and support ongoing fiscal and infrastructure priorities of the government.
NEC’s approval followed a presentation by the Minister of Finance, Mr Taiwo Oyedele, which was presented by the Chairman of the Council, Vice President Kashim Shettima, underscoring the importance of the project.
NEC observed the significance of unlocking additional liquidity to the federation, among other benefits, pledging its support for the actualisation of the initiative.
The Finance Minister explained that the refinancing has been structured on more favourable terms than the original facility, including a reduction in the volume of pledged crude oil from 90,000 barrels of oil per day to approximately 78,750 barrels of oil per day – a 12.5 per cent reduction.
He noted that under the new arrangement, an additional 11,250 barrels of oil per day for the federation will be released, while there will be a reduction in the pledged crude volumes by the state oil company.
Mr Oyedele added that while accessing additional liquidity on improved terms, the arrangement is freeing up resources for strategic national priorities while strengthening the country’s financing structures.
“The arrangement is freeing up resources for strategic national priorities while strengthening the country’s financing structures,” he said.
VP Shettima called for a responsive, scalable, and data-driven social protection policy to tackle multidimensional poverty in Nigeria.
According to Mr Shettima, government policies are often heard before they are seen, speak through the price of food, condition of hospitals, records in schools, strain on families, the confidence of those who invest their labour in the nation’s future, and, very importantly, the ambitions of state governments.
He implored members of Council to ensure that every decision they make assure the citizens “that their government is paying attention to the pulse of the nation and is resolved to respond with competence, compassion and purpose.”
