NEWS
Crude Oil Theft: Why Peter Obi’s Allegations Against Nigerian Govt may be True
By Edozie Obasi-Eze
The deafening noise about crude oil theft in Nigeria has gotten to a level where no right-thinking person can continue paying a deaf ear to it.
With individual households carving in under prevalent economic pressure, which is biting hard with stagflation, there’s little doubt that the man on the street is being compelled to ponder what has become of the national wealth.
While those in authority have been quick to point accusing fingers at hoodlums, particularly the natives of the Niger-Delta region, those who know maintain that hydrocarbons are of such nature that they cannot be sneaked out of any part of the world without the authority being culpable.
This much the presidential flagbearer of the Labour Party, Peter Obi averred recently.
He also brought it to national consciousness that those behind crude oil theft, having been startled by his posturing that truth must be told are now masterminding his being taken out of circulation.
The elite class would rather that their well-thought-out, and overly played-out narrative, of pointing accusing fingers at criminal elements, especially in the Niger Delta continues to circulate.
But Nigerians appear to have had enough of that and have started going out of their way to share information with the public that buttresses why Mr Obi’s allegations might be true.
In a recent trending video making the rounds on social media, an anonymous vlogger went aboard what he described as “an anonymous vessel” which he categorically averred was capable of loading and lifting up to one million barrels of crude oil.
The male voice in the video described the vessel, as a Very Large Cargo Career (VLCC).
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The man who made or voiced the video appears very familiar with the operations of the oil industry and the security architecture in the sector.
Drawing from inside knowledge, he pinpointed universal vessel tracking standards, which the Navy of sovereign nations deploy to keep all vessels that sail into their territorial waters, for whatever purpose, under the radar.
The trackers, the voice said, aid the Navy in clearly identifying and monitoring vessels up to 1,000 nautical miles from the seaport.
The video showed a piece of equipment, that looked like a clock which he asserted was capable of helping the Nigerian Navy fish out each and every ship sailing into Nigeria’s territorial waters, and have it under the radar, each second of the day.
According to the voice, the Global Positioning System (GPS), Automatic Identification System (AIS) and, Long Range Identification Tracker (LRIT) were all at the disposal of the Nigerian Navy, which reinforces claims in an earlier interview by Obi, that the government officials were behind crude oil theft in Nigeria.
The 2’51” video showed vivid images of a vessel fortified with all the equipment the voice was referring to, to buttress that Obi was right that those, who have been raping the Nigerian economy by lending official channels for crude oil theft were capable of going after the presidential hopeful.
Beaming his camera on the VLCC, he said, “Now, there is no how that a vessel of this magnitude; ship of this size will sail into Nigeria’s territorial waters, load crude oil and sail out undetected, unnoticed.
“And they (the authorities) will be telling the world that nobody knows when the ships sail in, load Nigeria’s crude oil and sail out,” he retorted.
He emphasised that “the moment any ship enters Nigeria’s territorial waters, both the Navy and the Nigerian Customs Service (NCS) have good enough resources (human and equipment) to notice and bring it under the radar, even before it gets into any form of activities.
“And the authorities would be addressing the people as if they cannot reason anything out.”
It does appear that the increasing outcry has gotten to the authorities, though, as relevant agencies of government have begun responding to the issue.
The Nigerian Upstream Petroleum Regulatory Commission (NUPRC), on Wednesday went public with a vow to clear the air on the narrative, by getting to the root of the matter, with a probe.
Chief Executive, NUPRC, Gbenga Komolafe, who personally signed the statement to drive home the importance, vowed that the Commission would investigate the operational and commercial activities of companies licensed to explore and produce crude in Nigeria.
He said, “One of the steps, in line with its (NUPRC) technical and regulatory powers, is to probe into the operational and commercial activities of exploration and production companies operating within the country.
”Komolafe added that the NUPRC would busy itself with determining the level of compliance or otherwise of the oil majors with the terms of their licences.
According to the CE, the main purpose of the probe would be “to ascertain the level of compliance with the terms and conditions in their (oil firms’) operational contracts, as well as the challenges impeding expected deliveries.
“The commission will particularly be interested in the mode of operation of the companies in relation to the approvals as per their operational licences, the level of conformity with the technical provisions and production terms, their level of investments to enhance capacity utilisation, and the challenges they are facing, especially those contributing to the current unacceptable situation.
“Beginning from Wednesday, September 28, the commission will be engaging all the exploration and production companies individually to get to the root of the current situation as it believes strongly that there might be more fundamental issues in the industry affecting expected output and deliveries beyond the much-touted issue of crude theft.
”Biztellers gathered that to demonstrate its seriousness over the matter, the NUPRC had already sent invitations to the identified oil majors to appear before it.
Other voices who have been speaking against crude oil, include elder statesman, Pa Edwin Clark.
An International Arbitration Tribunal under the auspices of the International Chamber of Commerce (ICC) in Paris has ruled in favour of Nigeria, rejecting claims brought by Sunrise Power and Transmission Company Limited over the long-delayed Mambilla Hydroelectric Power Project in Taraba State.
The tribunal, in its award issued on Thursday, September 17, 2026, also ordered Sunrise Power and its promoter, Leno Adesanya, to reimburse Nigeria 75 per cent of the legal fees and expenses incurred in the arbitration, amounting to $11.8 million.
The ruling came nearly nine years after Sunrise commenced arbitration proceedings against Nigeria in October 2017.
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According to details of the award, Nigeria’s legal fees and expenses were assessed at $11,819,506.51. Of the amount, $2.5 million is to be released from funds held in escrow by the ICC, while Sunrise Power and Adesanya are required to pay the remaining $9,319,506.51, with interest accruing at an annual rate of 10 per cent, compounded annually, until the outstanding amount is fully paid.
The tribunal also fixed the arbitration costs at $1,656,500, with Sunrise Power and Adesanya responsible for 75 per cent and Nigeria responsible for the remaining 25 per cent.
The dispute is connected to the development of the Mambilla Hydroelectric Power Project, which the Federal Government has identified as a major power project in Taraba State.
The company had made a claim against the Federal Republic of Nigeria, demanding $680 million as a settlement sum and interest in respect of another arbitration in which it was claiming more than $2.7 billion in compensation and interest relating to disputes associated with the development of the project.
In a separate aspect of the dispute, Sunrise Power had sought an order compelling Nigeria to pay $400 million, comprising a $200 million settlement sum and a further $200 million default sum.
The tribunal rejected the claim and dismissed Sunrise Power’s assertion that Nigeria had breached its contractual obligations under the settlement agreement and its addendum.
The panel also declared that Leno Adesanya, the promoter of Sunrise Power, was bound by the arbitration agreement with Nigeria under the settlement agreement and addendum. It further held that it had jurisdiction over Nigeria’s counterclaim against Adesanya and his firm.
The arbitration dates back to a disputed 2003 agreement concerning the construction of a hydroelectric power plant in Taraba State.
President Bola Ahmed Tinubu said the original contract was for a 3,050-megawatt hydroelectric plant under a build-operate-transfer model, but maintained that the Federal Executive Council never authorised the contract.
The broader Mambilla project has subsequently been associated with a planned capacity of 3,960MW.
Reacting to the ICC award, President Tinubu said the decision affirmed Nigeria’s determination to resist what he described as “predatory and exploitative claims by corrupt local and international entities and their enablers and funders.”
Tinubu also commended the Attorney-General of the Federation and Minister of Justice, Prince Lateef Fagbemi, and the entire team at the Federal Ministry of Justice for their efforts in defending Nigeria’s position.
He also praised Nigeria’s defence team, led by Elizabeth Oger-Gross and Tolu Obamuroh of Paul Hastings LLP, for what he described as their professional and excellent defence of the country.
The President further commended the patriotism and support of former President Olusegun Obasanjo and late former President Muhammadu Buhari, who testified in the case.
He noted that the dispute dated back to the controversial 2003 contract for the proposed hydroelectric plant in Taraba State.
Tinubu also thanked former ministers Babatunde Raji Fashola, SAN, and Suleiman Adamu, as well as the experts and other witnesses who participated in the proceedings and helped defend Nigeria’s interests.
The President acknowledged the support of the National Security Adviser and commended the Economic and Financial Crimes Commission (EFCC) for its investigation into the case.
Tinubu described the ICC decision as a major development for the Mambilla project, saying the ruling had cleared the “single biggest legal hurdle” that had paralysed the hydropower project for years.
The President assured that Nigeria remained committed to partnering with genuine investors and honouring its legal obligations.
However, he said the country would continue to defend what he described as opportunistic claims against the nation’s commonwealth.
The ICC ruling therefore brings a major chapter of the long-running legal dispute surrounding Sunrise Power and the Mambilla project to a close, while removing the immediate arbitration claim that had exposed Nigeria to billions of dollars in potential liability.
In response to the recent security alerts, the Osun State Government has approved the establishment of a Joint Security Taskforce to strengthen security response and alert to threats to lives and properties in the state.
According to a government house statement on Thursday, to ensure smooth take off of the JTF, the state government declared its readiness to provide all necessary logistics that will strengthen the protection of lives and property of the people throughout Osun State .
The decision was adopted at the State Security Council (SSC) meeting convened yesterday by Governor Ademola Adeleke and presided over by the Deputy Governor, Prince Kola Adewusi with the new Commissioner of Police personally in attendance alongside other security top brass.
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The Deputy Governor while opening the meeting conveyed the best wishes of the state Governor to the service commanders and lauded their steadfastness during recent security challenges and tasked them not to relent in the face of fresh security threats.
Accompanied by the Attorney General of the state, Hon Wole Jimi-Bada; the Head of Service, Elder Ayanleye Aina; and the Governor’s Special Adviser on Security, Mr Samuel Ojo, the Deputy Governor told the commanders that the governor is committed to further empowering the security agencies to secure the state while calling on the traditional rulers to sustain their local security oversight.
The Council during its deliberations also used the opportunity of the meeting which lasted several hours to further allay the fears of the residents on their security and protection, noting that Osun state remains safe and secured.
The Council further tasks residents to be extra vigilant particularly in churches, mosques and schools, tasking stakeholders to put extra security measures around their premises.
While assuring the public of their safety, the Council further requested timely intelligence sharing to security agencies by members of the public to forestall attacks by suspected terrorists and bandits.
The Nigeria Police in conjunction with other security agencies were also directed to be on a 24 hour red alert to curtail the threats of the said bandits and terrorists.
At the meeting, an agreement was also reached between the Ministry of Justice, the Nigeria Police, and the DSS, to collaborate with a view to ensuring that all the suspects are properly investigated and prosecuted accordingly without delay.
The meeting ended with a commendation of the new Commissioner of Police, Mr Ibrahim Zungura for instituting policing reforms since his assumption of office and for attending the security meeting in person.
Vice President Kashim Shettima has arrived in Yola, Adamawa State, to lead a Federal Government delegation on a condolence visit to the family of the late elder statesman, Alhaji Bamanga Muhammad Tukur.
Shettima’s visit is at the instance of President Bola Ahmed Tinubu, following the death of the former Governor of the old Gongola State and former National Chairman of the Peoples Democratic Party (PDP).
The Vice President was received in Yola by Adamawa State Governor, Ahmadu Umaru Fintiri, alongside members of the state executive council.
Tukur, who died on September 12, 2026, was a prominent businessman, politician and elder statesman whose career in public service and business spanned several decades.
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He served as Governor of the defunct Gongola State and later became National Chairman of the PDP. He was also recognised for his contributions to Nigeria’s political development and Africa’s business community.
The presidential delegation accompanying Shettima includes the APC Deputy National Chairman (North), Hon. Ali Bukar Dalori; former Minister of Transportation, Senator Sa’idu Ahmed Alkali; Deputy Chief of Staff to the President (Office of the Vice President), Senator Ibrahim Hassan Hadejia; and Senior Special Assistant to the President on National Assembly Matters (Senate), Senator Abdullahi Abubakar Gumel.
Others on the delegation are Hon. Abdulrazaq Sa’ad Namdas; Sarkin Gabas Adamawa, Dr Mahmood Halilu Ahmed (Modi); and APC National Vice Chairman (North-East), Comrade Mustapha Salihu, among others.
The condolence visit comes as political leaders, government officials and other Nigerians continue to mourn the death of the former governor and PDP national chairman.
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