Federal Capital Territory (FCT) Minister, Nyesom Wike, has dismissed calls by opposition figures for the removal of President Bola Tinubu’s Chief of Staff, Femi Gbajabiamila, over the controversy surrounding the alleged Presidential Foreign Intervention Promotion Council (PFIPC), insisting that no public official should be condemned before investigations are concluded.

Speaking during a media chat in Abuja on Thursday, Wike described allegations linking Gbajabiamila to the purported council as politically motivated and lacking credible evidence.

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He said President Tinubu acted appropriately by directing the Independent Corrupt Practices and Other Related Offences Commission (ICPC) to investigate the matter.

The controversy followed claims by Adeniyi Adeyemi, who identified himself as the Director-General of the alleged council, accusing the Chief of Staff of involvement in its operations.

However, the Presidency has maintained that the agency does not exist and has rejected the allegations.

Responding to demands by former Vice President Atiku Abubakar and some opposition parties for a broader investigation, Wike said such calls were not surprising, arguing that political opponents often target senior government officials to undermine an administration.

According to the minister, the office of the Chief of Staff is frequently the focus of political attacks because critics believe allegations against the occupant could damage the image of the President.

Wike questioned the credibility of the accusations, saying it was illogical to suggest that the Chief of Staff could authorize funding for an agency that has no legal existence.

“The Chief of Staff cannot create a budget. It simply does not work that way,” he said, adding that claims should be subjected to proper investigation rather than accepted at face value.

The former Rivers State governor also questioned why the accuser reportedly fled after making the allegations, insisting that anyone with genuine evidence should be willing to appear before investigators.

“If your claims are true, present your evidence to the security agencies. Show your communications, phone records and every other proof. You cannot make serious allegations and then disappear,” Wike stated.

Recalling his own experience with what he described as politically motivated accusations, Wike recounted an incident in which an individual falsely alleged that his son received two million dollars in connection with a land transaction.

According to him, investigators later established that his son had travelled abroad on the day the alleged payment was said to have taken place, exposing the claim as false.

He said despite suggestions from some associates to quietly resolve the matter to avoid public controversy, he refused because he believed the allegations amounted to blackmail.

Wike also criticised demands for Gbajabiamila’s dismissal before the completion of the ICPC investigation, stressing that allegations alone should not determine the fate of any public official.

While noting that he had no personal knowledge of any issues relating to the budget office, the minister maintained that the accusations against the Chief of Staff lacked credibility and urged Nigerians to allow investigators to establish the facts.

He expressed confidence that the anti-corruption agency would conduct a fair and transparent investigation, adding that the outcome should be based solely on evidence rather than political pressure.

The Minister of State for Petroleum Resources (Oil), Heineken Lokpobiri, has disclosed that the United States, Europe and countries in the Middle East are increasingly seeking Nigerian crude oil, but the country does not yet have sufficient production to meet the growing international demand.

Lokpobiri vented this on Wednesday in Abuja at the ongoing Nigeria Oil and Gas Energy Week, adding that Nigeria’s improving oil output has renewed global interest in its crude.

The situation is compounded because of growing complaints from local refiners that they are not getting enough domestic feedstock for their plants.

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According to Lokpobiri, “The pressure is even more on me because of what has happened in the Gulf region.”

He pointed out that there is increasing demand for Nigerian crude from across the world. “I receive delegations from across the world, from the USA, from Europe, and from the Middle East. Everybody comes to me because they want to do business with Nigeria. They want to buy Nigerian oil. Unfortunately, we don’t have enough to sell to them,” Lokpobiri said.

He, however, assured prospective buyers that the Federal Government was implementing policies aimed at significantly increasing crude production over the next few years.

“But I promise them that in the next few years, Nigeria will be able to increase our production through the ambitious programmes we are pursuing, and we will be able to meet some of those obligations to those countries,” he added.

The minister disclosed that Nigeria’s crude oil production, including condensate, has risen above 1.8 million barrels per day, compared to about one million barrels per day when the current administration assumed office in 2023.

He cited the latest weekly production report submitted by the Nigerian Upstream Petroleum Regulatory Commission (NUPRC), as indicating that the country is now producing more than 1.8 million barrels daily.

“When I became minister in 2023, the president told me it was unacceptable for Nigeria to be producing one million barrels per day. I made a commitment that we would remove the bottlenecks and work together as a team to change the story. Today, the latest report from NUPRC shows we are doing over 1.8 million barrels per day, inclusive of condensate,” he said.

Despite the improvement, Lokpobiri insisted that the current output remains inadequate, maintaining that Nigeria has the capacity to return to its previous production peak of 2.5 million barrels per day.

“I’ve also told them that 1.8 million barrels is not enough. We’ve done 2.5 million barrels in this country before, so we can do it again. What we need is to work together under the right circumstances,” he stated.

The minister attributed the production recovery to renewed investment in the upstream sector, revealing that the number of active drilling rigs has increased from about 14 in 2023 to more than 60. “That is what will guarantee future growth in the industry. This is where the new barrels will come from,” he said.

Lokpobiri also credited President Bola Tinubu’s approval of the divestment of onshore assets by international oil companies for boosting indigenous participation in the sector.

He disclosed that indigenous operators, including Renaissance Africa Energy, Seplat Energy and Oando, now account for more than 60 per cent of Nigeria’s daily crude production following their acquisitions of assets previously owned by Shell, ExxonMobil and ENI.

“Today, the independents account for over 60 per cent of our daily production of 1.8 million barrels per day. They are just starting. This is only the beginning of what patriotic Nigerian companies can do,” he said.

According to him, the divestments have also enabled the international oil companies to concentrate on deepwater operations, where they possess stronger technical expertise, while opening fresh opportunities to grow Nigeria’s reserves and production.

Lokpobiri also disclosed that Renaissance had recorded a significant offshore oil discovery in OML 74 following an aggressive exploration campaign, describing the development as further evidence that sustained exploration would help Nigeria unlock additional reserves and strengthen future production.

Oil prices soared and stock markets slid Wednesday after US President Donald Trump said the ceasefire with Iran was over, following renewed strikes in the Middle East.

The latest bout of fighting was sparked by Iranian attacks on ships in the vital Strait of Hormuz shipping route.

Trump said at a NATO summit in Turkey the ceasefire was “over” but left the door open to more talks.

International benchmark Brent North Sea crude jumped more than five percent to around $78 a barrel.

The main US contract, West Texas Intermediate, also rallied five percent.

In Europe, Paris and Frankfurt shed around two percent while London was down nearly 1.5 percent around midday.

“Geopolitical risks are rising” for markets, noted Kathleen Brooks, research director at trading group XTB.

The US launched extensive strikes on Iran this week following attacks on ships in the strait, triggering a wave of reprisals against American bases in the Gulf.

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Washington also revoked a temporary sanctions waiver for Iranian oil.

Brooks added that “for the Brent crude oil price to extend gains above $80 per barrel, we would need to see another US naval blockade of the Strait of Hormuz, which would stop Iran from selling its oil and cause a major escalation in tensions”.

Equities in Asia also suffered, with the geopolitical tensions coming on top of a retreat from the tech sector on concerns over the eye-watering sums being invested in AI.

Seoul’s Kospi — which has been Asia’s poster child for the tech rally — sank more than five percent and has lost more than 20 percent since hitting a record high last month.

Samsung took another hit following a rout Tuesday that came despite the firm forecasting a roughly 19-fold jump in second-quarter operating profit from a year earlier on the back of strong AI chip demand.

The company and rival SK hynix both tumbled around six percent.

“Investors have been spooked in recent weeks by fears of excessive spending in the AI world and rich valuations in parts of the tech space, causing widespread profit-taking,” said Dan Coatsworth, head of markets at AJ Bell.

There were losses also in Tokyo and Shanghai.

However, Hong Kong rose three percent as traders chased beaten-down Chinese tech stocks, with Alibaba piling on more than 12 percent, and JD.com and Tencent each up almost four percent.

The dollar gained against its peers as the prospect of another hit to Middle East oil supplies fuelled concerns that inflation could remain elevated for longer than feared, putting pressure on the Federal Reserve to hike interest rates.

Key figures around 1100 GMT
Brent North Sea Crude: UP 5.1 percent at $77.93 a barrel

West Texas Intermediate: UP 5.0 percent at $73.95 a barrel

London – FTSE 100: DOWN 1.4 percent at 10,516.16 points

Paris – CAC 40: DOWN 2.0 percent at 8,265.75

Frankfurt – DAX: DOWN 2.1 percent at 24,929.06

Seoul – Kospi: DOWN 5.4 percent at 7,246.79 (close)

Tokyo – Nikkei 225: DOWN 2.1 percent at 66,819.05 (close)

Hong Kong – Hang Seng Index: UP 3.0 percent at 24,199.46 (close)

Shanghai – Composite: DOWN 0.5 percent at 3,970.88 (close)

New York – Dow: DOWN 0.3 percent at 52,925.15 (close)

Euro/dollar: DOWN at $1.1406 from $1.1415

Pound/dollar: DOWN at $1.3344 from $1.3360

Dollar/yen: UP at 162.49 yen from 162.09 yen on Tuesday

Euro/pound: UP at 85.49 pence from 85.44 pence

AFP