COVER
FG Begins Oil Theft Investigation, Inaugurates 11-member Panel
By Mathew Dadiya, Abuja
The National Security Adviser, Maj.-Gen. Babagana Monguno (retd), yesterday inaugurated 11-man Special Investigative Panel on Oil Theft/Losses in Nigeria.
The panel, which is chaired by the Interim Administrator, Presidential Amnesty Programme, retired Maj.
-Gen. Barry Ndiomu, has seasoned administrators and retired top military and police officers as members with Mr. David Attah as Secretary.While inaugurating the panel, Monguno said that Nigeria was currently facing monumental loss of revenue that ought to have accrued from the sale of crude oil, being the main source of its foreign exchange earnings.
He said the escalation of acts of vandalism and theft of crude oil had led to significant decline in production, with associated impact on revenue.
According to him, the enormous losses are caused mainly by oil theft, orchestrated by unscrupulous elements.
NSA said that Nigeria had consistently failed to meet its daily production quota of about two million barrels per day, as provided by the Organization of Petroleum Exporting Countries (OPEC).
He added that the country’s current crude production struggles to meet even one million barrels per day, adding that recent interventions by the security agencies had revealed massive illicit platforms of stealing ranging from marine evacuations via Vessels, and load-outs from illegal operations platforms.
He added that the extent of the oil and revenue losses threatened the economy constraining the administration to revert to less popular monetary and fiscal policies to address revenue side constraints with dire implications.
“Government has been briefed on the dwindling economic fortunes including, inability to replenish foreign reserves and reduction in revenue thereby, affecting accruals into the Federation Account.
“With the scale of the theft and losses and the alleged complicity of regulatory agencies/officials and security personnel as well as the involvement of international collaborators, the enterprise is deeply entrenched and would be extremely, difficult to exterminate without very stern and decisive action by Government.
“The menace of oil theft/losses is completely unacceptable, considering its attendant impact on the economy, national development and security.
“It is an affront on Government and its institutions, which must be tackled without further delay.
“It is in this connection that Government worried by the ugly trend, among other things, directed the setting up of a Special Investigative Panel on Oil Theft/Losses in Nigeria to investigate all aspects of crude oil theft, identify the culprits and submit its Report for necessary action,” he said.
Monguno said the panel was expected to investigate oil theft/losses in all its ramifications and propose wide ranging array of implementable recommendations to enable this Administration take decisive action to end the criminal enterprise within the shortest possible time.
He said members were appointed based on their proven integrity, track record of service, competence and dedication to the national course.
He urged them to work with a view to unraveling individuals and groups perpetrating the national economic crime, no matter how highly placed they might be.
The Terms of Reference (ToRs), according to NSA, are to ascertain the circumstances surrounding the illegal insertion into the Trans-Escravos Pipeline (TEP) around Yokri area in Burutu Local Government Area of Delta State.
“They are to establish the ramifications of crude oil theft/losses in Nigeria; ascertain the causative factors immediate and remote, of crude oil/theft/losses in the country and ascertain the extent of crude oil theft/losses in the country.
“With the widest possible amplitude, identify persons/entities whether public, private or foreign, involved in the criminal enterprise and establish the level of culpability of identified persons/entities in the enterprise.
“The panel is to also examine the specific roles of regulatory agencies; security agencies, tiers/arms of government and International Oil Companies (IOCs) in aiding and abetting the criminal enterprise”.
“They are to also assess the efficacy of security architecture/arrangement in tackling crude oil theft/losses and associated petroleum products and recommend appropriate commensurate and sufficiently, deterrent sanctions on all those culpable,” he said.
Monguno also tasked the panel to recommend steps/procedures/processes to be taken by Government to eliminate the enterprise in the industry to prevent future occurrence; and make any other recommendations on any other issue incidental to the terms of reference.
He said the panel was expected to commence its assignment with immediate effect and to conclude as well as submit its report on or before Feb. 21, 2023.
The Permanent Secretary, Special Services, Office of the Secretary to the Government of the Federation, Aliyu Yerro, said the menace of crude oil theft had greatly impacted the nation’s revenue growth.
Yerro said the challenge had necessitated the setting up of the panel, adding that in spite of the huge amount of money spent by government to secure its maritime domain.
He said expressed confidence that the panel had the capacity to proffer solution to the issue of crude oil theft in the country.
The Chairman of the Panel, retired Maj.-Gen. Barry Ndiomu, said the expertise of each individual on the panel was sufficient to help them fulfil the objectives of setting up the panel.
He said the panel would leave no stone unturned by digging deep to unravel not only the incidences of oil theft/losses but, pre-disposition and causative factors as well as groups and individuals responsible for the criminal enterprise.
“We shall work hard to make you proud not least, for the confidence reposed on us,” he said.
By Tony Obiechina, Abuja
The Development Bank of Nigeria Plc (DBN) has launched DAWN: DBN Action for Women in Nigeria, unveiled its Impact Report and presented MSME Data Assets at the seventh edition of Annual Lecture held in Abuja.
DBN, in a statement on Thursday, said while delivering a welcome address, its Managing Director and Chief Executive Officer, Dr Tony Okpanachi, said the central challenge was no longer reforms themselves but ensuring benefits reach businesses at end of the chain.
He asked how to make sure benefits reach traders in Onitsha, fabricator in Aba, farmer in Kebbi and young founder in Yaba, noting that MSMEs accounted for about half of Nigeria’s GDP and more than eight in every ten jobs, adding that when reform works for MSMEs it works for most Nigerians.
He explained that reform becomes prosperity only when entrepreneurs can act on it whether through long tenor loans to buy equipment, banks willing to take risk or skills and records needed to grow.
He said working through Participating Financial Institutions DBN provides longer term funding, partial credit guarantees through subsidiary Impact Credit Guarantee Limited and capacity building including Entrepreneurship Training Programme.
He disclosed that as at December 2025 DBN had disbursed a cumulative N1.4 trillion to MSMEs through 84 Participating Financial Institutions creating about 1.6 million jobs nationwide.
Under the new five year strategy, the Bank aims to reach more than two million MSMEs with deliberate targets for women led businesses, youth led businesses and underserved states.
On DAWN, Okpanachi said finance alone had not enabled enough women-led businesses to scale.
He said initiative brings together financing, guarantees and credit support, technical assistance, outcome linked grants and market linkages delivered through banks, microfinance institutions, fintechs, aggregators, cooperatives and direct channels.
Its priority sectors are agriculture and exports, healthcare, arts and creatives, technology and green business.
He said DAWN is about moving gender focused lending beyond intention and turning access into opportunity.
On the sidelines of the lecture DBN and African Development Bank held a signing ceremony of AfDB DBN 61 million United States dollars Gender Line of Credit development that reinforces Bank commitment to women led enterprises.
Okpanachi urged Participating Financial Institutions to extend lending into sectors and states where access to finance has been limited, policymakers and regulators to measure reform by what changes for business at end of chain and MSMEs to formalise, keep good records and use support now available.
The Vice President as Special Guest of Honour was represented by Dr Fred Iklaga Senior Technical Adviser in the Office of Special Adviser to the President on Economy.
Keynote speakers were Chief Executive Officer of MTN Nigeria, Dr Karl Toriola, and Chairman of Nigeria Sovereign Investment Authority, Dr Segun Ogunsanya.
Fireside chat featured Chief Executive Officer of Sterling Bank Abubakar Suleiman, manufacturing and trade entrepreneur Mrs Omoyemi Chukwurah and by video Kola Masha of Babban Gona.
The Secretary to the Government of Federation, represented by Augusta Warren Bekaredebo, said 2026 tax reforms would bring relief to many small businesses expressing optimism that a lot of businesses will be smiling by next year because they will be exempted from tax.
By Tambaya Julius, Abuja
The Nigeria Labour Congress (NLC) has threatened possible nationwide industrial action following the failure of talks with the Federal Government over workers’ welfare, petrol prices and other outstanding labour demands.
The warning came after a meeting between the government and organised labour at the Ministry of Labour in Abuja on Thursday, October 22, ended without an agreement.
The congress has given the Federal Government until Tuesday, October 27, to make meaningful progress on the issues, warning that its relevant organs would decide the next line of action if the next meeting fails to produce concrete commitments.
The NLC has also directed its affiliates, state councils and civil society allies to begin mobilising members for possible nationwide action.
In a statement issued after the meeting, the NLC Acting General Secretary, Benson Upah, expressed disappointment over what he described as the government delegation’s lack of preparedness for the negotiations.
According to the congress, organised labour presented its demands in good faith but left the meeting without any concrete commitments from the government.
The demands include a reduction in petrol prices to 2024 levels, renegotiation of the national minimum wage, implementation of agreed tax relief measures and resolution of the terms of settlement involving the Joint Health Sector Unions (JOHESU).
The congress also called for the resolution of issues raised by the Joint Public Service Negotiating Council (JPSNC) over peculiar allowances, wage awards and hazard allowances.
The NLC said the government delegation lacked the necessary authority to engage meaningfully on the issues presented by labour representatives.
“The meeting between the Federal Government and organised labour, convened at the Ministry of Labour in Abuja on 22nd October 2026, has ended without resolution,” the statement said.
It added that the Minister of Labour requested that the meeting be adjourned until October 27 to allow the government to prepare adequately for further discussions.
The preparations, according to the statement, would include bringing relevant ministers and heads of departments and agencies to the negotiating table.
The congress said it remained open to dialogue but would not accept continued delays in addressing workers’ concerns.
“We will report back to our organs, and if no meaningful progress is made on Tuesday, the relevant organs of the NLC will decide the next line of action,” it said.
The labour body urged workers and members of the public to remain calm while the negotiations continue, even as it directed its affiliates and allies to prepare for possible industrial action.
“However, we urge all affiliates of NLC and TUC; all state councils and our civil society allies to be alert and start mobilising for a possible action across the nation while we hope that the tenets of our demands are met by the government,” the statement added.
The October 27 meeting is expected to provide another opportunity for both sides to address the outstanding issues and prevent a possible escalation of the dispute.
However, the NLC’s decision to begin mobilisation suggests that tensions could rise if the next round of talks fails to produce meaningful progress.
The Federal Road Safety Corps (FRSC) has barred its personnel from escorting politicians during campaigns for the 2027 general elections.
Zonal Commanding Officer, RS6, ACM Abimbola Owolabi, gave the directive during her maiden visit to the Cross River Command in Calabar on Wednesday.
Owolabi said patrol vehicles and sirens must not be used for political activities or private engagements, including weddings and funeral processions.
She directed officers deployed to campaign venues to focus exclusively on traffic management to prevent congestion and road crashes.
The zonal head warned personnel against leading political convoys or providing escorts for politicians, stressing that official vehicles must not be used for unauthorised purposes.
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