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Obasanjo Sounds Alarm Over Massive Crude Oil Theft In Nigeria

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Former President Olusegun Obasanjo sounded the alarm on Nigeria’s economic challenges, fingering widespread oil theft as a major contributor.

Obasanjo highlighted that over 80 percent of Nigeria’s crude oil was being stolen, exceeding the allocated quota and severely impacting the nation’s financial stability.

This is as Prof. Ango Abdullahi, former Chairman of the Northern Elders Forum, delivered a scathing critique of Nigeria’s leadership, declaring it a failure and emphasizing the urgent need for intervention to address the leadership deficit.

This was disclosed during a gathering in Abuja, coinciding with the launch of ‘Court and Politics,’ a book by Dr. Umar Ardo, a former associate of ex-Vice President Atiku Abubakar.

Obasanjo, represented by ex-governor Babangida Aliyu, expressed concern about Nigeria’s economy, questioning how it could thrive when over 80 percent of its crude oil was stolen.

The former president highlighted that despite the crude oil quota standing at approximately two million barrels per day, a staggering over 1.7 million barrels were being stolen.

Despite advocating for the presidential system, Obasanjo noted that adherence to rules is lacking among Nigerians.

Abdullahi, presiding over the occasion, called for a collective acknowledgment of failures and a return to the drawing board to tackle the country’s myriad challenges.

He said, “Enough of our failures. Something else must give way to our failures. We have failed this country. This must stop. Time has come for us to go back to the drawing boards to rescue this country.”

He drew attention to Nigeria’s struggle to generate a mere 4,000 megawatts of power for a population exceeding 200 million, stressing the need for urgent, comprehensive solutions.

Sharing an encounter with elder statesman Aminu Dantata, Abdullahi revealed Dantata’s frustration with northerners, blaming them for the failures in the North.

Abdullahi emphasized a collective acknowledgment of these failures, stating, “Enough is enough; we must agree that we failed enough.

“I visited Dantata and he was very angry with me, saying the people of the North have failed the North and Nigeria. Until the North accepts that they have failed the North and sit together to discuss the way forward, there won’t be progress.

“We gathered in 1978 when we wanted to return to civilian rule. We were to discuss why the system of 1961 failed but we were shocked when they said the parliamentary system of government was not going to be discussed and that we should go for the federal system of government.

“And they gave us two options: that of the French and America. And now we have practised the presidential system for 24 years and it has failed and I will score it F9.

“Time has come for us to go back to the drawing board so that we can save this country.”

Former PDP National Chairman Prince Secondus advocated for judicial reforms, aiming to ensure that elections are decided by the people rather than being subjected to judicial interventions.

However, former Attorney General Kanu Agabi defended the judiciary, emphasizing its crucial role in preventing the disintegration of Nigeria.

Further contributing to the discussion, former PDP National Chairman Dr. Okwesilieze Nwodo claimed he was ousted from office for championing internal democracy within the party.

He argued that promoting internal democracy would reduce the courts’ involvement in political party affairs.

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Obi Asks World Bank, Banks to Verify Anambra Debt Claims

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Former Anambra State Governor Peter Obi has called on the World Bank and Nigerian banks to verify records relating to the debt claims made against his administration, insisting that the figures being presented by the state government should be subjected to documentary scrutiny.

Obi made the call during an interview on Arise TV’s Prime Time programme on Thursday, September 24, 2026, while responding to the Anambra State Government’s claims over loans allegedly incurred during his eight-year tenure.

ALSO READ: 2027: Peter Obi Disowns OK Movement Campaign Council, Says ‘It Is Wrong’

The former governor specifically urged the World Bank to provide records showing the actual drawdowns from the facilities linked to Anambra, rather than relying on the total amount originally approved or contracted.

“Please publish these documents. I’m urging you, please. The World Bank is in Abuja; they can give you the history of the drawdowns,” Obi said.

He also challenged the relevant Nigerian banks to verify the financial records he said were contained in his 2014 handover documents.

“The banks mentioned here are Nigerian banks; you have access to their headquarters. Ask them whether this money was there,” he added.

Obi’s comments came amid a dispute over the Anambra Government’s earlier claim that eight external loan facilities associated with his administration had an outstanding balance of about N127.4bn as of June 30, 2026.

The state had linked the loans to projects in areas including education, healthcare, erosion control and malaria prevention.

The former governor disputed the presentation, arguing that approved loan facilities should not automatically be treated as money borrowed or spent if the funds were not actually drawn down.

He maintained that some of the funding arrangements involved Federal Government-backed concessionary financing and said the World Bank records could establish when the money was accessed.

The controversy has since shifted towards the actual amount drawn from some of the facilities.

Anambra State Commissioner for Information and Value Reorientation, Law Mefor, reportedly acknowledged during an Arise TV appearance that the government had not properly verified the amount actually drawn from a $123m facility before citing the larger figure. He said the government would seek clarification from the relevant authorities.

The development has added another layer to the disagreement between Obi and the Anambra Government over the state’s financial position at the end of his administration.

Obi has consistently maintained that he left office in March 2014 without outstanding salaries, pensions, gratuities or certified contractor obligations, while the state government has continued to dispute aspects of his account of the state’s inherited liabilities.

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‘Where Is the President?’ — Peter Obi Questions Tinubu’s Prolonged Absence

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Presidential candidate of the Nigeria Democratic Congress (NDC), Peter Obi, has questioned President Bola Tinubu’s prolonged absence from Nigeria, saying Nigerians deserve to know the President’s whereabouts amid the country’s security challenges.

Obi made the remarks on Arise TV on Thursday while discussing the President’s absence from the country and the situation surrounding other senior government officials.

According to Obi, the issue was not simply that Tinubu was outside Nigeria, but that he had remained abroad beyond the period initially announced for his trip.

ALSO READ: ‘Borrowed Funds Not Spent Cannot Be Counted as Debt Left Behind’ -Peter Obi

“It’s not just that he’s out of the country. He’s out of the country beyond the days he was supposed to be. Beyond the days they even said he was going for,” Obi said.

He also noted that Vice-President Kashim Shettima was outside the country, while Senate President Godswill Akpabio was also reportedly abroad and the Senate was not in session.

“The Vice President is not in the country. And I understand the Senate President is out of the country, the Senate is not in session,” he said.

Obi expressed concern about the situation against the backdrop of insecurity and recent incidents involving the deaths of suspected illegal miners in Niger State.

“We don’t need this level of rascality at this moment in time, when Nigerians are being kidnapped, being killed, things are… we need a country where we have somebody, where we have competence, capacity, and compassion,” he said.

Referring to the deaths recorded in Niger State, Obi said the presence of the country’s chief executive was particularly important during a crisis.

“Look at Niger State now, where 10 people… where some young people have died for nothing,” he said.

The former Anambra State governor argued that while there is a chain of command within government, delegation should not replace the physical presence of the country’s leader during critical situations.

“It is… the CEO being present is critical at a time of crisis. Not delegation. Yes, you have a chain of command,” Obi said.

He subsequently asked where the President was and insisted that Nigerians should be informed.

“Where is the President? Nigerians ought to know,” he said.

Obi also said that, if elected president in 2027, he would make his whereabouts publicly known whenever he travelled.

“If I travel today, I tell people where I am. When I become President, Charles, people will know where I am 24 hours,” he said

“That is public space, public office,” Obi added.

The comments come amid continuing public debate over the absence of the President and Vice-President from Nigeria.

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‘Borrowed Funds Not Spent Cannot Be Counted as Debt Left Behind’ – Peter Obi

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The presidential candidate of the Nigeria Democratic Congress (NDC) for the 2027 election, Peter Obi, has challenged the way government borrowing is accounted for, arguing that funds borrowed but not actually drawn down should not be treated as debt left behind by an administration.

Obi made the remarks during an interview on Arise TV on Thursday while explaining his position on borrowing during his tenure as governor of Anambra State.

“That is a wrong public accounting. Even if I had gone to bank and borrowed money, but I did not spend the money, you cannot call it debt I left,” Obi said.

RELATED NEWS: 2027: Obi Wants to Transform Nigeria After 8 Years of Failure in Anambra — Onanuga

He illustrated his argument with a hypothetical ₦10 billion loan facility, saying that where only ₦500 million was actually drawn, it would be inaccurate to describe the entire ₦10 billion as money owed.

“They gave me a loan of 10 billion Naira, and Charles, I only drew down 500 million. You cannot say I’m owing 10 billion, because you know the amount,” he said.

The NDC candidate said such a practice would amount to improper public-sector accounting.

“That’s why I said it is not proper public sector accounting,” Obi said.

He also cited the former Director-General of the Debt Management Office, Abraham Nwankwo, whom he said served for 10 years, in support of his claim about his borrowing record as Anambra governor.

Obi recalled that Nwankwo invited him to his send-off ceremony and publicly explained why he had selected Obi as chairman of the event.

“He announced it to everybody in that party that the reason why he made me chairman is because I was the only governor in Nigeria who never came to his office for approval to borrow money,” Obi said.

Anambra Debt Controversy

Obi’s comments come against the backdrop of continuing debate over the debt profile he left behind after serving as Anambra State governor from 2006 to 2013.

The former governor has consistently defended his administration’s financial record, while figures and claims about Anambra’s debt during and after his tenure have generated public debate.

 

 

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