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  • Nigeria to Spearhead African Oil Production Surge in 2025 – AEC Outlook

    Nigeria to Spearhead African Oil Production Surge in 2025 – AEC Outlook

    The African Energy Chamber (AEC) anticipates a significant surge in African oil production in 2025, with Nigeria and Angola leading the charge. In its “State of African Energy 2025 Outlook,” the AEC projects that West Africa will spearhead this growth, increasing oil output from the current 6.5 million barrels per day (bpd) to nearly 7 million bpd by year’s end.

    Contents

    Nigeria’s Pivotal Role in 2025 Oil ProductionBonga North ProjectGovernment ReformsComment

    “West Africa continues to remain the major driver of oil supply, producing around 3.7 million bpd of oil currently. With sustained production from Angola and a recovery from Nigeria, the region could produce between 3.8 – 3.9 million bpd,” the Outlook states. This projected growth will contribute significantly to Africa’s overall oil production, estimated to reach 3.39 million bpd in 2025, representing approximately 8% of global oil supply.

    Nigeria’s Pivotal Role in 2025 Oil Production

    Nigeria, Africa’s largest crude oil producer, holds the key to unlocking this projected growth. However, several challenges must be overcome.

    Curbing Oil Theft and Pipeline Vandalism: The AEC emphasizes the critical need to curtail rampant oil theft and pipeline vandalism, a persistent issue that has significantly impacted Nigerian oil production. These activities not only disrupt production but also pose a significant economic burden on the nation. According to Senate estimates, oil theft cost Nigeria $23 million daily in 2022 and a staggering $1.43 billion in March 2023 alone.

    Security and Stability: The report also highlights the importance of a stable environment in Sudan, which directly impacts oil production in South Sudan.

    Despite these challenges, Nigeria has demonstrated encouraging progress. Recent data from Bloomberg reveals that the country’s oil production has surpassed the 1.5 million bpd threshold, exceeding its OPEC quota. This marks a significant achievement, considering the production cap of 1.3 million bpd in 2023.

    Bonga North Project

    The $5 billion Final Investment Decision (FID) for the Bonga North deep-water project by Shell Nigeria Exploration and Production Company Limited (SNEPCo) signals a significant step towards sustaining Nigeria’s oil and gas output. This project, located off the Nigerian coast, aims to connect to the existing Bonga FPSO facility, adding 16 new wells and enhancing production capacity.

    “As a key project for Nigeria, Bonga North aims to sustain oil and gas output at the Bonga facility,” explains SNEPCo. The field holds an estimated recoverable resource of over 300 million barrels of oil equivalent (boe) and is projected to achieve a peak production of 110,000 barrels of oil per day, with first oil expected by the end of the decade.

    Government Reforms

    The Nigerian government has taken proactive steps to improve the investment climate in the oil and gas sector.

    “We have also eliminated bureaucratic bottlenecks in licensing, facilitated capacity building for indigenous players, and introduced numerous reforms too extensive to list,” stated Heineken Lokpobiri, Minister of State for Petroleum Resources (Oil), on X. These reforms aim to create a more conducive environment for investors and encourage further development within the sector.

    Comment

    Nigeria’s role in driving African oil production growth in 2025 is undeniable. However, sustained success hinges on effectively addressing the challenges of oil theft and pipeline vandalism. By implementing robust security measures, fostering a stable environment, and attracting significant investments like the Bonga North project, Nigeria can unlock its full oil production potential and contribute significantly to Africa’s energy future.

  • OpenAI Names Adebayo Ogunlesi as New Board Member

    OpenAI Names Adebayo Ogunlesi as New Board Member

    OpenAI, the artificial intelligence powerhouse, announced on Tuesday that Adebayo Ogunlesi, Senior Managing Director at BlackRock and founding partner of Global Infrastructure Partners (GIP), will join its board of directors.

    Ogunlesi, whose firm GIP was acquired by BlackRock last year for $12 billion, brings decades of experience in infrastructure and investment, having also spent 23 years at Credit Suisse.

    In a statement from OpenAI, Ogunlesi expressed enthusiasm about the potential of artificial intelligence to create meaningful societal change.

    “The rapid advancement and development of AI offers a unique opportunity to build a better future,” Ogunlesi said. “As part of this, thoughtful strategies and investment in infrastructure will be key to unlocking AI’s full potential and delivering its benefits responsibly. I’m excited to contribute to this effort and look forward to being a part of the OpenAI Board.”

    Ogunlesi’s appointment is the latest step in OpenAI’s evolution from its nonprofit roots to a high-growth for-profit enterprise. The company has revamped its board significantly since late 2023, following the brief ousting and reinstatement of CEO Sam Altman.

    Current board members include notable names such as:

    • Bret Taylor, former Salesforce co-CEO and ex-Twitter chair, became chair of OpenAI’s board in November 2023.
    • Larry Summers, former U.S. Treasury Secretary.
    • Fidji Simo, Instacart CEO.
    • Dr. Sue Desmond-Hellmann, former CEO of the Bill & Melinda Gates Foundation.

    The expanded board reflects OpenAI’s push to balance commercial ambitions with ethical considerations in AI development.

    Founded as a nonprofit in 2015, OpenAI announced in December 2024 that it would operate as a Delaware Public Benefit Corporation (PBC), enabling it to manage commercial operations while supporting charitable activities in health care, education, and science.

    The company, valued at $157 billion last year, is capitalizing on its position as a leader in generative artificial intelligence, following the success of tools like ChatGPT and its cutting-edge large language models.

  • ‘Kano Can Only Have One Emir,’ Femi Falana Says

    ‘Kano Can Only Have One Emir,’ Femi Falana Says

    Renowned human rights lawyer, Femi Falana, SAN, has affirmed that Kano State can have only one Emir, following the recent Court of Appeal ruling. Speaking at the 21st Memorial Lecture of Chief Gani Fawehinmi in Lagos, Falana congratulated the 16th Emir of Kano on his legal victory, asserting that his reign is secured despite ongoing opposition.

    “As lawyers, when we gather, we must speak certain truths,” Falana said. “Your Majesty, we congratulate you on your victory in the Court of Appeal.”

    The senior advocate highlighted that the Federal High Court lacks jurisdiction over chieftaincy matters, a position clarified by the appellate court’s ruling. He criticized legal practitioners who, according to him, have been misleading their clients and perpetuating confusion around the matter.

    “Your opponents may seek to go to the Supreme Court, but as far as the law is concerned, it is settled. This is where the Nigerian Bar Association (NBA) must step in. Where the law is settled, the traditional institution is not a matter of fundamental rights. As a traditional ruler, you cannot claim to enforce fundamental rights in court,” he explained.

    Falana urged the NBA to call errant lawyers to order to prevent unnecessary legal battles and disruptions.

    “Your Majesty, whether they go to the Supreme Court or elsewhere, you have come to stay. There can only be one Emir in Kano. We cannot have two Emirs in Kano, just as we cannot have two speakers in Rivers. This confusion must end,” Falana said.

  • Nigeria’s Food Inflation Surges to 39.84% as Core Inflation Hits 29.28% in December 2024

    Nigeria’s Food Inflation Surges to 39.84% as Core Inflation Hits 29.28% in December 2024

    Nigeria’s food inflation rate surged to 39.84% in December 2024, marking a significant 5.91 percentage point increase from the previous year’s 33.93%, while core inflation reached 29.28%, according to the latest Consumer Price Index report.

    The food sector continues to face substantial price pressures, with dramatic increases observed in essential commodities including yam, potatoes, rice, and cereals. Sokoto state recorded the highest food inflation rate at 57.47%, followed by Zamfara at 46.39% and Edo at 46.32%, highlighting severe regional disparities in food price increases.

    Core inflation, which excludes volatile agricultural produce and energy prices, rose by 6.21 percentage points from December 2023’s 23.06%. The increase was primarily driven by transportation costs, including taxi fares and intercity bus journey prices, alongside rising costs in restaurant meals and personal care services.

    Month-on-month data reveals a mixed picture, with food inflation showing a slight moderation to 2.66% in December from 2.98% in November 2024. This modest improvement was attributed to decreasing prices in select categories, including local beer, fruit juice, and some staple foods.

    Regional analysis shows significant variations in food price pressures. While some states experienced severe inflation, others showed relative stability. Notably, Ogun (34.24%), Rivers (35.43%), and Kwara (35.58%) recorded the lowest food inflation rates, though still at concerning levels.

    The twelve-month average food inflation rate stood at 39.12%, representing an 11.16 percentage point increase from December 2023’s 27.96%. This persistent upward trend suggests a deepening food security challenge across the nation.

    Core inflation’s month-on-month rate increased to 2.24% in December from 1.83% in November, indicating accelerating price pressures in non-food sectors. The twelve-month average core inflation rate reached 27.15%, up by 6.39 percentage points from the previous year.

    The widespread nature of price increases across both food and non-food categories, coupled with significant regional variations, presents complex challenges for policymakers working to maintain price stability and ensure food security across the nation.

  • Reps’ Deputy Chief Whip, Hon. Oriyomi Adewunmi Onanuga, Dies

    Reps’ Deputy Chief Whip, Hon. Oriyomi Adewunmi Onanuga, Dies

    Rt. Hon. Oriyomi Adewunmi Onanuga, popularly known as Ijaya, the Deputy Chief Whip of the House of Representatives, has died in London following a brief illness, Todayprice.ng reports.

    The death of the lawmaker, who represented the Ikenne/Sagamu/Remo North Federal Constituency, has not yet been officially announced by the National Assembly (NASS) or her family.

    Born on December 2, 1965, in Hammersmith, London, Onanuga was a politician and entrepreneur who had served as Deputy Chief Whip since 2023.

    In 2019, she contested and won a seat in the House of Representatives under the platform of the All Progressives Congress (APC). She also served as the Chairperson of the House Committee on Women Affairs and Social Development.

  • ‘They Don’t Behave Like Friends’ – Emir Sanusi Says He Won’t Help Tinubu’s Government

    The 16th Emir of Kano, Muhammad Sanusi II, has criticized the administration of President Bola Ahmed Tinubu, stating that he would not help them correct policies he believes are adversely affecting citizens.

    Sanusi, speaking on Wednesday as chairman of the 21st Anniversary of Fawehinmiism (Gani Fawehinmi Annual Lecture 2025) in Lagos, expressed dissatisfaction with the government’s handling of the economy and its policies.

    “I can give a few points that are contrary, that explain perhaps what we’re going through and how it was totally predictable, most of it, and maybe avoidable. But I am not going to do that,” he said.

    The former Emir explained that while he could provide insights to improve the administration’s trajectory, he deliberately chose not to. He attributed this decision to what he described as a lack of reciprocal respect and friendship from the government.

    “I have chosen not to speak about the economy or the reforms or to even explain anything because if I explain, it would help this government, but I don’t want to help this government.

    “You know they’re my friends, but if they don’t behave like friends, I don’t behave like a friend. So I watch them being stooges. And they don’t even have people with credibility who can come and explain what they are doing. I am not going to help. I started out helping, but I am not going to help. I am not going to discuss it. Let them come and explain to Nigerians why the policies that are being pursued are being pursued,” Sanusi added.

    He further criticized the administration for failing to heed warnings about the potential consequences of certain policies.

    “People were told decades ago that if you continue along this path, this is where you’re going to end up, and they refused to open their eyes. Now, is everything being done today correct? No,” the former Emir said

     

  • Zamfara Governor Confident in Armed Forces’ Efforts to Eliminate Bandit Leader Bello Turji

    Zamfara Governor Confident in Armed Forces’ Efforts to Eliminate Bandit Leader Bello Turji

    Governor Dauda Lawal of Zamfara State has expressed confidence in the Nigerian Armed Forces’ ability to neutralize the notorious bandit leader Bello Turji, stating that Turji’s “days are numbered.”

    Speaking during an interview on Channels Television’s Politics Today, Lawal praised the military’s renewed commitment to tackling banditry in the state.

    “I believe Bello Turji is a matter of time, his days are numbered because I can see the commitment from the Armed Forces in terms of taking Bello Turji out,” Lawal said. “In fact, that same axis where the incident took place is actually the axis of Bello Turji. I am confident, I am optimistic, and I believe the Nigerian Armed Forces this time around are ready to take him out.”

    The governor also addressed the recent military airstrike in Zamfara State that tragically claimed the lives of over 16 residents in Tungar Kara, Maradun Local Government Area.

    Lawal clarified that the incident was not intentional and detailed the circumstances leading to the unfortunate casualties.

    “We have been battling issues within the last three days as a result of the airstrike. Let me say this, I have full information on what happened that fateful day, because we made a distress call to the air force in terms of some bandits attacking communities, and they quickly responded, and they were able to neutralize a lot of bandits,” he explained.

    However, he revealed that unintended casualties occurred during a subsequent operation.

    “On the second time when we made the same reports, unfortunately, at that time, there were some what we call the CPGs and some of those communities that came to rescue those under attack, and in the process, they were hit by the air force. I believe it was not intentional. It was one of those things in this kind of situation; sometimes there may be collateral damage, and that was what happened.”

    The governor extended his condolences to the families of the victims and described the measures taken to address the aftermath of the incident.

    “I set up a powerful delegation led by my deputy governor for an on-the-spot assessment and to commiserate with the families of those that lost their lives. In the process, what happened was fully explained, and they quite understood it was not intentional,” he said.

    Meanwhile, the Nigerian Air Force has deployed a fact-finding team to investigate the incident.

     

  • TCN Needs ₦2.8trn for 149 Power Projects, Says Minister

    TCN Needs ₦2.8trn for 149 Power Projects, Says Minister

    The Transmission Company of Nigeria (TCN) requires approximately ₦2.8 trillion to execute 149 electricity transmission projects nationwide, according to Adebayo Adelabu, Minister of Power.

    Adelabu disclosed this during budget defense sessions with power sector committees at the National Assembly, highlighting the substantial funding needed to address Nigeria’s electricity challenges.

    “For the TCN alone, we will need about ₦2.779 trillion to enable us to execute about 149 projects we are currently engaged in all over the country. Our total budget as a ministry is not even up to this, but as the saying goes, half bread is better than none,” Adelabu said.

    The minister appealed for cooperation from lawmakers to achieve President Bola Tinubu’s mandate of improving electricity supply to Nigerians.

    “I’m telling you so that you can be aware of the kind of money that is needed in the ministry for us to address our electricity challenges. We need your cooperation and collaboration in achieving the mandate of Mr. President in electricity supply to Nigerians,” he added.

    Adelabu also provided updates on the Siemens power project, part of the Presidential Power Initiative, which aims to address Nigeria’s fragile power infrastructure. He revealed that the pilot phase of the project was 95% complete in 2024, and the Federal Government has approved the commencement of the second phase in early 2025.

    “The Federal Government is fully determined to address these challenges and issues that have been blocking our progress in our effort to provide electricity to Nigerians and our consumers,” Adelabu said. “Of particular note is the grid collapse, which has to do with the obsolete and outdated equipment around our power stations.”

    He stated that the Siemens project would involve the construction of five substations across the country, which are expected to improve power supply and reduce the risk of grid collapses.

    “To practically address this, the Siemens project will come on board in the first quarter of this year. We have almost concluded the takeoff of the project, and it will involve building five substations across the country. This will energize our supply so that the issue of grid collapse will be a thing of the past. By next week, we will begin the contracts for the substations to come on board,” the minister added.

     

  • ‘Put Nigeria First’ – FG Responds to Emir Sanusi’s Criticism of Tinubu’s Reforms

    ‘Put Nigeria First’ – FG Responds to Emir Sanusi’s Criticism of Tinubu’s Reforms

    The Federal Government has responded to remarks made by Muhammadu Sanusi II, Emir of Kano and former Governor of the Central Bank of Nigeria (CBN), regarding the economic reforms introduced by President Bola Ahmed Tinubu’s administration.

    Sanusi, speaking during the 21st Gani Fawehinmi Memorial Lecture in Lagos on Wednesday, stated that he would withhold economic advice from the government, citing personal grievances.

    “I have decided not to speak about the economy or the reforms, nor to explain anything regarding them. If I explained, it would only benefit this government, and I don’t want to aid this government. They’re my friends. If they don’t behave like friends, I don’t behave like a friend. So, I watch them being stewed, and they don’t even have people with credibility who can come and explain what they’re doing. But I’m not going to help,” Sanusi said.

    In a statement issued on Thursday, Mohammed Idris, Minister of Information and National Orientation, acknowledged Sanusi’s right to express his views but criticized his decision to withhold insights, suggesting it reflected personal interests rather than a commitment to national progress.

    “It is pertinent to state that Nigeria is at a pivotal juncture where bold and decisive actions are necessary to tackle entrenched economic challenges. This administration has implemented transformative reforms not because they are easy, but because they are essential for securing Nigeria’s long-term stability and growth, as Emir Sanusi had consistently advocated,” Idris stated.

    He noted that the temporary challenges Nigerians face are the “necessary consequence of decades of irresponsible economic management,” a point Sanusi himself had previously acknowledged.

    Idris highlighted the progress made under the Tinubu administration’s reforms, such as the unification of exchange rates, which has increased investor confidence and bolstered foreign reserves. He also pointed to the removal of fuel subsidies, which has freed up significant funds for critical investments in infrastructure, education, and healthcare.

    “Projections from respected institutions, including the World Bank, indicate an upward trajectory in Nigeria’s GDP, signaling that the economy is on the path to recovery,” Idris said.

    The minister expressed disappointment that reforms previously endorsed by global experts and Sanusi himself are now being subtly criticized. He urged the Emir to prioritize the welfare of Nigerians over personal grievances or partisan considerations.

    “Rebuilding Nigeria requires unity, focus, and sacrifice from all stakeholders. As a government, we urge esteemed leaders to refrain from rhetoric that undermines public trust. Instead, they owe it a duty to champion the collective goal of a prosperous Nigeria. This is a critical time for our country; what is needed is collaboration, not unnecessary distractions,” he added.

    Idris reiterated the administration’s commitment to economic inclusivity, sustainability, and shared prosperity, calling for constructive dialogue with well-meaning stakeholders while prioritizing the interests of Nigerians.

  • Gospel Singer Arrested in Abuja for Alleged Beheading of Girlfriend

    Gospel Singer Arrested in Abuja for Alleged Beheading of Girlfriend

    A gospel singer and fitness enthusiast, Timileyin Ajayi, has been arrested in Orozo, Abuja after he was allegedly found with the severed head of his girlfriend in a black nylon bag.

    Ajayi, reportedly from Kabba in Kogi State, was apprehended on Sunday, January 12, near a church after residents noticed flies trailing the bag he was carrying. Upon being searched by authorities, a fresh human head was discovered in the bag.

    In a video circulating online, the suspect admitted during police questioning that he had been in a relationship with the victim for one year before committing the crime.

    Details surrounding the motive for the act remain unclear, but the shocking incident has sparked outrage and calls for a thorough investigation.

    The police have yet to release an official statement on the matter.