Business
Nigeria suspends anti-graft central bank governor
LAGOS – Nigerian President Goodluck Jonathan suspended Central Bank Governor Lamido Sanusi on Thursday, removing an increasingly outspoken critic of the government’s record on tackling rampant corruption in Africa’s leading energy producer.
Currency, bond and money markets stopped trading because of the uncertainty created by the suspension. Trading in the naira currency resumed after the central bank intervened with dollar sales, by which time debt markets were closed.
The intervention enabled the naira to rebound from a record low of 169 to the dollar to 165, dealers said, its biggest one day swing since a December 2009 devaluation.
Sanusi, who was due to end his term in June, had been presenting evidence to parliament that he said showed the state oil company Nigeria National Petroleum Corporation (NNPC) failed to remit $20 billion that it owed to federal government coffers. NNPC has repeatedly denied Sanusi’s allegations.
Deputy Governor Sarah Alade was appointed acting governor, presidential spokesman Reuben Abati said on Thursday.
“Lamido Sanusi’s tenure has been characterized by various acts of financial recklessness … inconsistent with the administration’s vision of a Central Bank propelled by the core values of focused economic management,” Abati said, without providing details of the acts.
Jonathan nominated the managing director of Zenith Bank Godwin Emefiele to be the next central bank governor. If Emefiele wins the Senate’s approval, he will start in June, when Sanusi’s term would have expired, the head of its finance committee Senator Ahmed Makarfi told Reuters.
Sanusi told broadcaster CNBCA that he was proud of what he had done, and he hoped the economy would not be hurt by his suspension.
Asked whether it was politically motivated, he said: “It’s not for me to comment. I think the answer to that is obvious.”
INVESTOR BACKLASH
Analysts predicted that foreign investors would now be active sellers of assets in Africa’s second biggest economy, just when it had been attracting more interest than ever for the huge potential of its 170 million population and a backlog of work needed to update its inadequate infrastructure.
“The suspension will come as a significant shock to foreign portfolio investors, whose willingness to invest in Nigeria was very much influenced by the transparency and anti-inflation credibility associated with Sanusi’s policies,” said Razia Khan, head of Africa research at Standard Chartered.
Makarfi said a full removal of Sanusi would need Senate approval, but that the presidency had made no such request.
“The president has the prerogative under our laws to suspend him,” without the Senate’s consent, he said.
The governor himself questioned the legality of the move.
“It’s important to establish the point legally … because if not established, then the very next governor of the central bank can be suspended for any reason, and the independence of the central bank is totally undermined,” he said.
Sanusi, a career banker, earned a reputation as monetary policy hawk while governor from June 2009 – raising interest rates, tightening liquidity and aggressively defending the naira with frequent foreign exchange auctions.
“Sanusi has been the face of naira stability,” Nwabueze Okonne, a Nigerian currency trader, told Reuters.
The stock market was down 1.47 percent by 0929 ET.
The governor’s suspicion of massive fraud at the heart of one of the world’s most opaque national oil companies has brought him into conflict with the administration of President Jonathan a year before elections. Jonathan was already under pressure from several corruption scandals and a failure to quell an increasingly violent Islamist insurgency in the north.
Oil provides 90 percent of foreign exchange in Nigeria and around 80 percent of government revenues.
“MORALLY FLAWED”
In a letter leaked in December, Sanusi said almost $50 billion in revenues from oil exports from January 2012 to July 2013 had not been remitted to the federation account. He later lowered the estimate to $20 billion.
It was not the first time that high-profile figures have put the spotlight on corruption during Jonathan’s presidency.
Jonathan’s one-time mentor and former president Olusegun Obasanjo said in a letter leaked in December that it would be “morally flawed” for Jonathan to seek a second term in 2015, saying corruption under his tenure was worse than that of General Sani Abacha, the military dictator who looted billions from the treasury and stashed it in Swiss bank accounts.
Jonathan rejected that criticism, and he frequently retorts that corruption in Nigeria is being exaggerated by his enemies.
The governor made a name for himself two months into the job when he rescued nine Nigerian banks in the wake of a financial crisis that nearly caused a wave of bankruptcies. He bailed them out and forced out eight of their chief executives.
In doing so he made a rare example of some of Nigeria’s most powerful people. Critics said he was getting too big for his boots when last year he began using bi-monthly policy meetings to lampoon the government for reckless spending.
Yet his aristocratic lineage – he is heir apparent to the throne of Kano, traditionally one of West Africa’s most powerful Islamic caliphates, with a history going back to mediaeval times – had made him seem untouchable.
However, his exposure of what he said was severe malpractice at the state oil company spooked debt investors worried about government squandering of oil revenues during election cycles. Sanusi says graft is slashing foreign currency reserves.
The biggest gap in accounting is for $8.5 billion the NNPC says it retained from revenues during the 19-month period to cover subsidies it was owed on importing gasoline and kerosene.
Sanusi also says some of the $6 billion that the NNPC’s producing arm, NPDC, earned during the period should have been submitted to government accounts. Instead, he says, it has been funneled into private hands through special deals given to oil companies. NPDC denies this.
– REUTERS
The Dangote Group has received the coveted Road Safety Corporate Excellence Award for its outstanding contributions to safer transportation and accident prevention initiatives from the Kogi State government, in Lokoja.
Similarly, the Pan-African conglomerate received the commendation of road transport industry operators for its sustained support for initiatives aimed at reducing traffic accidents and safeguarding lives.
According to the government which presented the award, it was to celebrate the Group’s outstanding contributions to promoting safer roads, supporting accident prevention initiatives and advancing collaborative efforts aimed at protecting lives along one of Nigeria’s most strategic transportation corridors.
The award was presented before a gathering of government officials, road safety regulators, transport operators, industry leaders and other stakeholders, where participants explored innovative solutions and partnerships required to reduce road crashes, improve traffic management, and strengthen safety standards across the state and beyond.
Kogi State Commissioner for Transport, Hon. Atuluku Victor Levi, who presented the award said it underscored the company’s growing reputation as a champion of safe transportation practices and its commitment to partnering with government and regulatory agencies to improve road safety outcomes across Nigeria.
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According to him, the recognition highlights the company’s longstanding collaboration with the state government and road safety agencies to promote responsible road use, enhance driver safety awareness, and support initiatives that strengthen Nigeria’s transportation ecosystem.
“As one of Nigeria’s largest industrial conglomerates and a major user of the nation’s road network, the Group has continued to champion safety standards across its logistics and transport operations.
“Kogi State occupies a strategic position within Nigeria’s transportation ecosystem, serving as a vital transit corridor linking several states and geopolitical zones. The state’s road infrastructure facilitates the movement of people, goods and services across the country, making stakeholder collaboration critical to reducing road crashes, improving mobility and supporting economic growth”, he stated.
Receiving the award on behalf of the Company management, Abdullahi Aliyu, Assistant Divisional Director, Dangote Cement Transport (DCT), Obajana, thanked the Kogi State Government and road safety stakeholders for the recognition saying the recognition would only spur the Group to do more to support road safety initiatives.
“This award reflects Dangote Group’s unwavering commitment to safety as a core value across all our operations. We remain dedicated to supporting initiatives that promote safer roads, protect lives and contribute to sustainable economic development” Aliyu said, adding that road safety remains a shared responsibility requiring continuous partnership between government, corporate organizations and road users.
“At Dangote, we believe that every journey should end safely. We will continue to invest in safety awareness, driver training and responsible transport practices that help make our highways safer for all users,” he stated.
Reaffirming the company’s commitment to maintaining high safety standards within its transport operations, Aliyu pointed out “safety is not just a regulatory requirement; it is an integral part of our corporate culture. We are committed to strengthening collaborations that improve road safety outcomes and reduce preventable accidents across the communities where we operate.”
Furthermore, the Dangote Cement Transport Director said the recognition aligns with the Company’s broader sustainability agenda and supports the objectives of the United Nations Sustainable Development Goals (SDGs) as well as reinforcing the Group’s reputation as a responsible corporate citizen committed to promoting safer roads, protecting lives and contributing to sustainable development in Nigeria.
“At Dangote, Road safety is a collective responsibility, and partnerships such as these are crucial to saving lives and strengthening Nigeria’s transport system. Our goal extends beyond business operations; it is about creating safer communities and sustainable mobility for everyone.”
Meanwhile, Stakeholders at the conference commended private sector organizations that have consistently supported road safety campaigns, noting that meaningful partnerships between government and industry are essential to addressing transportation challenges and improving public safety.
It would be recalled that the Dangote Cement Transport recently launched an ultra modern drivers lounge at its Ibese plant in Ogun state, where its drivers could rest and refresh before and after every trip to promote their well being.
Murilo Silva, the Head of Dangote Cement Transport urged the drivers to make maximum use of the lounge to eliminate fatigue by resting well and be in sound mind always
The Nigerian National Petroleum Company Limited (NNPC Ltd) claimed that it saved $3.4 billion through contract restructuring and optimisation between April 2025 and July 2026.
Group Chief Executive Officer, Bayo Ojulari, made the assertion in Abuja at the opening of the 25th Nigeria Oil & Gas (NOG) Energy Week, while highlighting the impact of ongoing reforms aimed at improving operational efficiency, reducing costs, strengthening partnerships, and enhancing value delivery to the federation.
Ojulari also stated that the national oil company had maintained full compliance with its joint venture cash call obligations.
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According to the scorecard presented by the NNPC Ltd, the $3.4 billion cost savings were realised through contract restructuring and optimisation initiatives across the company’s operations.
The reforms also contributed to an increase in government revenue, with the NNPC Ltd reporting a government take of N19.5 trillion, representing a 21.8 per cent year-on-year increase.
Besides, a major highlight of the report was NNPC’s 100 percent compliance with its joint venture cash call obligations across all its joint ventures from Financial Year 2025 to June 2026.
However, the company’s partners recorded a blended compliance rate of just 61 percent.
Of the 27 joint venture partners, only six were fully current with their obligations, while 13 recorded partial compliance with an average payment rate of 72 percent, and eight remained in significant default, paying an average of only 14 percent, prompting Joint Operating Agreement remedies.
The NNPC Ltd said it remained committed to sustaining its cash call obligations to support Nigeria’s target of achieving two million barrels of oil production per day.
Operationally, the company reported a six percent increase in crude oil production year-on-year and an 8.1 percent rise in gas production over the same period, reflecting improvements in upstream operations.
Ojulari also highlighted several strategic partnerships concluded since the last Nigeria Oil and Gas Conference, including a long term gas supply agreement with Nigeria LNG, progress on deepwater investments valued at over $20 billion, refinery related partnerships, industrial gas projects, and new gas supply arrangements.
Looking ahead, the company identified seven priority projects expected to drive production and gas infrastructure growth through 2027.
These, it said, included the UTM Floating LNG project, the OB3 East West Connector, the AKK gas pipeline, refinery technical enhancement projects, the Zabazaba deepwater development, the Owowo field, and the BSWAP project.
The state oil major added that the combination of cost optimisation, stronger operational performance, improved infrastructure reliability, and strategic partnerships would reinforce Nigeria’s energy security, boost government revenues, and support sustainable growth in oil and gas production.
Ojulari said the national oil company achieved 98 percent recovery across five crude export terminals between April 2025 and May 2026, up from one per cent at Bonny in June 2022.
He put current output at 1.71mbpd, the highest in five years, with the NNPC Exploration and Production Limited (NEPL) hitting a record 365,000 bpd.
Gas production, he said, reached 7.5 billion standard cubic feet per day (bscf/d) following the River Niger crossing on the Ajaokuta-Kaduna-Kano (AKK) Pipeline and inauguration of the ANOH Gas Plant.
Ojulari added that the NNPC Ltd had “zero tolerance for partners who are not able to fund their Cash-call” and had begun invoking default clauses.
He stressed collaboration over control, saying, “We have rid ourselves of any pseudo-regulation. We are not the super-regulator. Let them regulate. We want to work.”
Energia Limited and its Joint Venture partner, Oando Plc, have inaugurated the board of trustees of the Ndokwa West-1 Host Community Development Trust (HCDT).
The inauguration marked a significant milestone in strengthening sustainable development, transparency and community participation across their host communities in Delta State.
The inauguration, held in Asaba, also featured the signing of a Memorandum of Understanding (MoU) between the Energia-Oando Joint Venture and the seven host communities, in line with the provisions of the Petroleum Industry Act (PIA), 2021.
The event brought together representatives of Delta State Government, Nigerian Upstream Petroleum Regulatory Commission (NUPRC), traditional rulers, community leaders, members of the newly inaugurated board of trustees, and other key stakeholders from the oil and gas industry.
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Representing the Governor of Deputy Governor, Delta State, Sir Monday Onyeme, Deputy Chief of Staff, Hon. Christopher Osaskwe commended Energia Limited and the host communities for successfully establishing the Trust and signing the Memorandum of Understanding.
He described the initiative as a demonstration of mutual commitment to partnership and sustainable development, while urging the newly inaugurated board to discharge its responsibilities with transparency, accountability and fairness.
He also encouraged host communities to continue protecting oil and gas infrastructure and embrace dialogue as the preferred approach to resolving disputes.
Managing Director, Energia Limited, Oladimeji Bashorun, described the inauguration as the beginning of a new chapter in the relationship between Energia and its host communities.
According to him, the company remains focused on building partnership, shared responsibility and sustainable development rather than dependency.
He noted that while the PIA provides a structured framework for host community development, Energia’s commitment to its host communities predates the legislation and has remained a core part of the Company’s operating philosophy since it achieved First Oil in 2009.
“Communities that host our operations should also share meaningfully in the opportunities created by those operations. Our success has always been closely connected to the success of our host communities,” Bashorun said.
He also disclosed that Energia has invested over N15.94 billion in community development initiatives since inception, supporting roads, drainage systems, healthcare facilities, educational programmes, scholarships, youth empowerment, solar-powered street lighting, community welfare initiatives and other social investments across its operational communities. He added that the Company dedicates 3% of its gross revenue annually to support sustainable development initiatives for its host communities.
Also speaking at the event, the Asset Manager of Oando, Seyi Fawora, reaffirmed the Joint Venture’s commitment to implementing the HCDT, noting that the partnership remains focused on building stronger, mutually beneficial relationships with host communities.
The representative of the Nigerian Upstream Petroleum Regulatory Commission (NUPRC), Engr. Dennis Eyitemi, described the inauguration as a significant milestone in strengthening host community participation in development. He urged members of the Board of Trustees to remain accountable, transparent and committed to promoting the long-term welfare of the communities they represent.
Providing an overview of the HCDT framework, the Delta State Solicitor-General and Permanent Secretary, Ministry of Justice, Omamuzo Irebe, SAN, commended Energia for contributing beyond the statutory requirement prescribed under the Petroleum Industry Act and encouraged members of the Board to place community interests above personal interests while ensuring prudent management of the Trust’s resources.
The ceremony concluded with the swearing-in of the members of the Ndokwa West-1 Host Community Development Trust Board of Trustees. In his acceptance remarks, the Chairman of the Board, Chief Godwin Edeme, pledged the Board’s commitment to working with Energia Limited, Oando Petroleum Development Company and all stakeholders to ensure the effective implementation of the Trust for the benefit of present and future generations.
The establishment of the Ndokwa West-1 Host Community Development Trust represents another milestone in Energia’s long-standing commitment to responsible operations, stakeholder engagement and creating shared value for its host communities through sustainable, transparent and inclusive development. About Energia Limited
Energia Limited is a leading indigenous Nigerian exploration and production company with a proven track record of responsible hydrocarbon development and sustainable value creation. Since achieving First Oil in 2009, Energia has remained committed to operational excellence, environmental stewardship, and meaningful partnerships with its host communities, delivering lasting social and economic impact alongside its business growth.
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