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FG threatens to revoke dormant oil blocks licences

Ehime ALEX
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FG threatens to revoke dormant oil blocks licences

THE Federal Government has threatened to withdraw the licences of oil blocks, which the

owners have failed to develop and have been dormant for decades.

The Minister of State Petroleum Resources (Oil), Heineken Lokpobiri, gave the warning at a Cross Industry Group meeting held in Florence, Italy, organised by International Oil Companies (IOCs) operating in Nigeria.

According to a statement by his media aide, Nneamaka Okafor, on Tuesday, April 1, the meeting was focused on challenges, expectations, and strategies to enhance the sector’s contributions to domestic energy needs and regional expansion across sub-Saharan Africa.

“We cannot continue to have assets sitting idle for 20 to 30 years without development. If you are not utilising an asset and it remains underdeveloped for decades, it neither adds value to your books nor to us as a country.

“We encourage industry players to explore collaborative measures such as shared resources for contiguous assets, farm-outs, and the release of underutilised assets to operators ready to invest in production. Otherwise, like any responsible government, we will take back these assets and allocate them to those willing to go to work,” Lokpobiri stated.

He urged operators to consider farm-out agreements where assets are close to existing infrastructure rather than incurring high costs on new floating production storage and offloading units.

He also tasked them to consider farm-out agreements where assets are close to existing infrastructure, rather than incurring high costs on new floating production storage and offloading units, calling on them to ramp up investment in the oil and gas industry.

While IOCs have pointed to engineering, procurement, and construction (EPCs) contractors as a challenge, Lokpobiri explained that the EPCs would only commit to terms when they see strong investment decisions from industry players.

“The government has done its part by providing the requisite and investment-friendly fiscal policies, including the president’s executive order incentivising deep water investments. Now, the ball is in the court of the IOCs and other operators to make strategic investment decisions that will drive increased production and sustainability in the sector,” the minister stressed.

He reiterated the need for IOCs to support local refining efforts, noting that more refineries are coming upstream and would require a steady supply of crude oil.

He added that the country needed to be able to ramp up production to meet both local and international obligations.

Lokpobiri’s warning came on the backdrop of the federal government urging the IOCs to ramp up investment in the country’s oil and gas sector.

With 2.06 million barrels per day (bpd) of crude oil production target this year, Lokpobiri believes that the government will begin implementing the “drill or drop” provisions of the Petroleum Industry Act (PIA) in line with the drive to boost oil production.

The ICIR reported that Nigeria’s average daily crude oil production declined to 1.465 million bpd in February, falling below the 1.5 million bpd quota the Organisation of Petroleum Exporting Countries (OPEC) assigned to the country.

Data from OPEC and the Nigeria Upstream Petroleum Regulatory Commission (NUPRC) indicated this in February.

It reported also in January that crude oil production had not improved in the last four years despite the NUPRC doubling the country’s oil rig count from 16 in 2021 to 32 in 2024.

At the time, the NUPRC chief executive, Gbenga Komolafe, claimed the increase in the oil rig count was an effort to boost upstream activities and enhance the country’s crude oil production capacity.

Experts are concerned that despite the rich mineral resources, Nigeria has been failing to meet its crude oil production benchmark, hampering the country’s oil and gas sector, stifling expected revenues and hindering local refineries from getting adequate feedstock.

While presenting the 2025 budget to the National Assembly on December 18, 2024, the president highlighted that the government was targeting N34.8 trillion in revenue to fund the budget, of which the bulk of the revenue will come from crude oil proceeds.

He projected that oil revenue would bring in N19.6 trillion while non-oil sources would come in N15.22 trillion.

Meanwhile, a report by Bloomberg on Tuesday shows that Nigeria made the biggest oil production cut among OPEC’s members in March, reducing output by 50,000 bpd to an average of 1.5 million per day, in line with its quota noting that loadings of the country’s Bonny Light crude grade face delays following a fire at the Trans-Niger Pipeline.

Tinubu sacks NNPCL boss Kyari, appoints Ojulari

Mustapha USMAN
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Tinubu sacks NNPCL boss Kyari, appoints Ojulari

PRESIDENT Bola Tinubu has sacked the Group Chief Executive Officer of the Nigerian National Petroleum Company Limited (NNPCL), Mele Kyari, along with Board Chairman Pius Akinyelure and other board members.

The president appointed Bashir Ojulari as the new Group CEO and Ahmadu Musa Kida as the non-executive chairman.

The president, in a statement by Bayo Onanuga, on Wednesday, April 2, announced a complete overhaul of the 11-man board, replacing all members appointed alongside Kyari and Akinyrlure in November 2023. 

He named Adedapo Segun as the Chief Financial Officer and appointed six non-executive directors to represent Nigeria’s geopolitical zones.

They are Bello Rabiu (North West), Yusuf Usman (North East), Babs Omotowa (North Central), Austin Avuru (South-South), David Ige (South West), and Henry Obih (South East). 

According to the statement, Lydia Shehu Jafiya, the Permanent Secretary of the Federal Ministry of Finance, and Aminu Said Ahmed from the Ministry of Petroleum Resources have also been appointed to the board.  

Tinubu, invoking Section 59(2) of the Petroleum Industry Act (PIA) 2021, said the decision was necessary to enhance operational efficiency, restore investor confidence, boost local content, and advance gas commercialisation and diversification. 

He directed the new board to conduct a strategic portfolio review of NNPCL-operated and joint venture assets to align them with value maximisation objectives.  

“Since 2023, the Tinubu administration has implemented oil sector reforms to attract investment. Last year, NNPC reported $17 billion in new investments within the sector. The administration now envisions increasing the investment to $30 billion by 2027 and $60 billion by 2030.

“The Tinubu administration targets raising oil production to two million barrels daily by 2027 and three million daily by 2030. Concurrently, the government wants gas production jacked to 8 billion cubic feet daily by 2027 and 10 billion cubic feet by 2030.

“Furthermore, President Tinubu expects the new board to elevate NNPC’s share of crude oil refining output to 200,000 barrels by 2027 and reach 500,000 by 2030,” the statement added.

Things to know about Kida

The newly appointed chairman Kida, is from Borno State and holds a civil engineering degree from Ahmadu Bello University, Zaria. 

He also earned a postgraduate diploma in petroleum engineering from the InstitutFrancaise du Petrol (IFP) in Paris. 

According to the statement, his career in the oil industry began at Elf Petroleum Nigeria before moving to Total Exploration and Production, where he rose to become the Deputy Managing Director of Deep Water Services in 2015. 

He served as an Independent Non-Executive Director at Pan Ocean-Newcross Group in 2024. 

Things to know about Ojulari

In the same development, Ojulari, the new NNPCL Group CEO, hails from Kwara State and previously served as the Executive Vice President and Chief Operating Officer of Renaissance Africa Energy Company. 

An alumnus of Ahmadu Bello University, Zaria, he started his career as a process engineer at Elf Aquitaine before joining Shell Petroleum Development Company in 1991. 

Bashir Ojulari
Bashir Ojulari

In 2015, he was appointed Managing Director of Shell Nigeria Exploration and Production Company (SNEPCO).  

President Tinubu thanked the outgoing board members for their contributions, particularly their role in rehabilitating the Port Harcourt and Warri refineries, which resumed petroleum production after years of inactivity.

Nearly 100 children killed or maimed over past 10 days in Gaza – UNICEF

Editorial
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Nearly 100 children killed or maimed over past 10 days in Gaza – UNICEF

Report by Itoro Udo

THE United Nations Children’s Fund (UNICEF) has expressed grave concern over Israel’s resumption of bombardments and ground operations in the Gaza Strip following the collapse of a temporary ceasefire.

The violence has resulted in death and injury to Gaza children, with at least 322 children confirmed dead and 609 others injured within 10 days, said UNICEF in a statement on Monday, March 31.

The toll highlights a disturbing average of around 100 children either killed or severely maimed daily during this period, UNICEF said, adding that the majority of the children were displaced, seeking shelter in makeshift tents or damaged homes, thereby worsening their vulnerability.

Some of the casualties include children who were reportedly injured or killed during an attack on Al Nasser Hospital on March 23, which was struck by bombardments.

The continuation of indiscriminate airstrikes, along with a severe blockade, has prevented essential supplies from entering Gaza for over three weeks and has pushed the humanitarian crisis to a breaking point, the agency stated.

With over one million children in Gaza at risk, UNICEF argued that lack of food, clean water, medical supplies, and shelter would contribute to increasing malnutrition, disease outbreaks, and other preventable conditions, all of which it said were heightening the risk of more child deaths.

According to UNICEF, more than 15,000 children have been killed, over 34,000 have been injured, and nearly one million children have been repeatedly displaced since the 18-month-old conflict began.

The agency said absence of humanitarian aid, which has been blocked since March 2 – the longest blockade of aid since the war began – further worsened the suffering, leaving children without basic needs and increasing the likelihood of preventable deaths.

UNICEF’s Executive Director, Catherine Russell, stated that the brief ceasefire in Gaza had provided a critical window of hope, offering a potential path to recovery for Gaza’s children.

However, with the renewal of hostilities, this hope has been shattered, plunging children back into a cycle of violence, poverty, and trauma. She called on all parties to comply with international humanitarian law and take immediate steps to protect children.

“Humanitarian organisations are working tirelessly to protect and support children under these horrific conditions but continue to face attacks that have killed and injured hundreds of aid workers. These attacks are in violation of international humanitarian law and jeopardize the continuity of critical, life-saving operations for those in desperate need.

“Despite the ongoing risks, UNICEF is committed to continuing to provide the humanitarian support children and their families depend on for survival and protection.  UNICEF continues to call on parties to cease hostilities and reinstate the ceasefire.

“Humanitarian aid and commercial goods must be allowed to enter and be transported across the Gaza Strip. Sick and injured children must be evacuated for medical care. Civilians, including children and humanitarian workers, and the remaining essential infrastructure must be protected, and the hostages must be released.”

The agency called for the reinstatement of a ceasefire, the immediate and unhindered delivery of humanitarian aid, and the safe evacuation of sick and injured children for medical care.

It also urged countries with influence to apply diplomatic pressure to end the conflict and ensure respect for international law, especially the protection of children.

The organisation stressed that the international community must not stand by and allow the ongoing suffering and deaths of children to continue unchecked.

 

Nigeria would have been better if I were president – Obi

Bankole ABE
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Nigeria would have been better if I were president – Obi

LABOUR Party (LP) presidential candidate in the 2023 election, Peter Obi, has said Nigerians would have been experiencing a new lease of life had he been declared the winner of the last presidential poll.

He stated this during an interview on Arise TV on Tuesday night.

“By now, you would have been seeing the impact on education visibly. I’m not talking about coming to say on TV, you will be seeing it visibly. I would have even been visiting the schools. In health, we have over 70 per cent of our primary health care not functional, you would have seen the change,” he stated.

While pointing to nearly two years already spent by President Bola Tinubu in power and noting “you can see where we are,” Obi said, “If I were there in two years, you would have seen considerable change in critical areas. I would have tackled corruption head-on. I would have reduced cost of governance. You will see; people will feel it, and those monies invested in critical areas.

“Our primary health care today, 70 per cent are not functional, and we spent over 35 billion in Conference Centre. Which conference? Who is coming to the conference? You need to invest your money properly. You would have seen borrowed money invested in critical areas.”

Obi, who argued that democracy was not functional in Nigeria, insisted that Nigerians should elect only a leader who could deliver the best governance they want.

Speaking on realignments by various political interests ahead of the 2027 election, the former Anambra State governor said he had emphasised that discussions about the country’s future were essential, regardless of any realignments or alliances. He also said he would not be involved in power struggles for personal gain.

“Whatever realignments, whatever coming together, we must discuss the future of this country.  I’m not going to be part of wrestling power for power’s sake.

“I want to know that we’re going to do this in order to be able to invest in education, invest in health, and invest in pulling our people out of poverty,” he stated.

The ICIR reports that Obi did not state clearly if he could represent himself as the running mate to former Vice President Atiku Abubakar, which many Nigerians believe is the only way both leaders can wrestle power from the All Progressives Congress (APC) government, led by Tinubu.

Tackling corruption in Nigeria

He described corruption as the bane of the nation and declared that any president not involved in the menace in Nigeria could reduce it by 50 per cent.

He said all it would take to stop corruption in the country was to put someone who was not corrupt at the helm of affairs.

“The only thing I can tell you is that what is happening can be turned around with a competent leader that has the capacity and compassion to serve because we have low-hanging fruit. 

“There’s nothing in following the rule of law; there’s nothing in ensuring orderliness; there’s nothing in fighting corruption.  You know, people say it’s difficult.  It is not. If you are not involved, you reduce it by 50 per cent.  There’s nothing in investing in critical areas of development.” 

Obi stressed that the first thing for a government to resolve is the security of life and property and the rule of law.

State of emergency in Rivers

The former Anabra governor disagreed with the state of emergency declared by President Bola Tinubu in Rivers State in March.

“Capital, no. You cannot take the action that has been taken in Rivers State for what happened. There’s a clear path to dealing with that issue.

“Rivers State for the past two years have become ungovernable for obvious political reasons and interests.

“I’ve been a governor, and I have left government. I had an issue with the person who replaced me, my successor, but for God’s sake, the state is far more important than anybody. We have a governor. He should be allowed to govern,” he stated.

Obi emphasised that intimidating governors ahead of the 2027 elections was unacceptable. He pointed out that governors would seek re-election based on their performance, plans, and the will of Nigerians, not coercion.

He also highlighted the democratic principle of one vote per person, stressing that intimidation undermined this fundamental right and expressed concerns that intimidating leaders and voters was undemocratic.

Reacting to the voice vote by the Senate to confirm emergency rule in Rivers State, Obi said the decision showed that Nigerian political space was designed not to have opposition.

“Opposition doesn’t exist here. If you want to look at where opposition is, you compare us with other countries with similar trajectories,” he stated.

He said that if he were president, he would build a viable democratic system and a functioning democracy with a thriving opposition.

This will ensure that opposition parties have the resources and support they need to effectively hold the government accountable.

To achieve this, he said he would consider implementing measures such as proportional representation, which allows opposition parties to have a voice in the legislature.

 

I’m not afraid of anybody, Natasha declares at homecoming rally

Bankole ABE
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I’m not afraid of anybody, Natasha declares at homecoming rally

THE senator representing Kogi Central, Natasha Akpoti-Uduagan, has declared that she is not afraid of anyone as she continues her suspension and recall process from the Nigerian Senate.

She stated this on Tuesday, April 1, at her homecoming rally in Kogi State.

The lawmaker’s stance followed the Kogi State Police Command’s directive that she cancel the rally.

Earlier, the state government, led by Governor Usman Ododo, had banned political gatherings in the state.

The government went as far as declaring a curfew in her Okehi Local Government Area (LGA), which many believed targeted the lawmaker’s planned rally.

Despite the restrictions on vehicle convoys, public gatherings, and curfew, she reached the venue of the rally through a helicopter.

Akpoti-Uduaghan is from the Ihima community in the Okehi LGA, where the rally was scheduled to be held.

Speaking at the event, witnessed by thousands of her supporters, Akpoti-Uduaghan said nobody could stop her from coming home.

“Nobody and nothing can stop me from coming home. I am an Ebira woman; this is my land. I am the daughter of the late Jimoh Abdul Akpoti. I know my roots; I’m not a bastard, and I’m not afraid of anybody,” she declared to a loud ovation from her supporters.

The ICIR reports that the Nigeria Police Force Command in the state, in a statement signed by its Public Relations Officer in the state, William Aya, and released to journalists on Tuesday, April 1, had called for the rally’s cancellation. 

According to the statement, the Commissioner of Police in the state, Miller Dantawaye, said the rally was against the state government’s ban on political gatherings issued on Monday, March 31.

The police said its decision was based on an intelligence report indicating security threats in the state and the subsequent ban on all forms of rallies and processions by the state government.

The command noted that it would not hesitate to apply the full wrath of the law on anyone who caused disturbances of peace and order in the state.

The state government had on Monday banned all political gatherings in the state over what it called “security reports.”

The government, in a statement by the Commissioner for Information, Kingsley Fanwo, said the action was to avert any form of security breach that might destabilise the state.

The government claimed that intelligence reports indicated that some persons were planning to “stage some violent rallies in the guise of political and religious agitations” in the central senatorial district of the state.

The ICIR reports that the Independent National Electoral Commission (INEC) confirmed the receipt of documents showing that the suspended senator’s constituents are recalling her from the National Assembly.

Akpoti-Uduaghan was suspended from the Senate in March due to an altercation she had with Senate President Godswill Akpabio over seating arrangements.

Following the altercation, which led to Akpabio ordering the sergeant-at-arms to eject her from the Senate Chamber, the female lawmaker accused the Senate President of sexual harassment.

Akpoti-Uduaghan was suspended from the Senate for six months because of her altercation with the Senate leadership, while the Red Chamber is currently probing her allegation of sexual harassment against its president.

Meanwhile, the female lawmaker has insisted that her visit to her district is to enable her to celebrate Eid-el-Fitri with her constituents.

She called on Nigerians to hold Governor Ahmed Ododo, former Governor Yahaya Bello, and the Senate President ‘wholly’ accountable for any violence that might arise during her homecoming rally.

In a Facebook post hours before the event, on Tuesday, Akpoti-Uduaghan urged her supporters to maintain a peaceful atmosphere during the visit, which she said was for the celebration of the Eid-el-Fitri.

She warned that if the rally was infiltrated by violence, the aforementioned political figures should be held responsible.

MTN opens applications for 2025 Media Innovation Programme

Abdullahi MURITALA
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MTN opens applications for 2025 Media Innovation Programme

MTN Nigeria, in partnership with the Pan-Atlantic University, has launched applications for the 2025 Media Innovation Programme (MIP). 

The six-week, fully funded fellowship aims to equip Nigerian media practitioners and content creators with skills in media innovation and telecommunications.

The fourth cohort of the MTN Nigeria programme is set to run from May 19 to October 24, 2025, featuring 20 selected Nigerian journalists from various media organisations.

The programme offers classroom sessions, a study trip to South Africa, and industry visits.

Applicants must be Nigerian media professionals with a valid international passport.

Applications close on April 7, 2025. 

Interested candidates can apply here

Natasha defies Ododo, Police ban, storms Kogi

Mustapha USMAN
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Natasha defies Ododo, Police ban, storms Kogi

THE senator representing Kogi Central Senatorial District, Natasha Akpoti-Uduaghan, has called on Nigerians to hold Governor Ahmed Ododo, former Governor Yahaya Bello, and Senate President Godswill Akpabio ‘wholly’ accountable for any violence that may arise during her homecoming event in her state.

In a Facebook post hours before the event, on Tuesday, April 1, Akpoti-Uduaghan urged her supporters to maintain a peaceful atmosphere during the visit, which she said was for the celebration of the Eid-el-Fitri.

She warned that if the rally was infiltrated by violence, the aforementioned political figures should be held responsible.

The ICIR reports that despite a police order asking Akpoti-Uduaghan to cancel her homecoming rally, a Kogi State ban on public gatherings, and a curfew imposed in the Okehi Local Government Area where her residence is located, hundreds of Akpoti-Uduaghan’s supporters are currently jubilating at her Ihima home. 

The event, widely believed to mark her return to her senatorial district following the crisis she had faced at the Senate, saw her supporters dancing and chanting in her honour, defying the security restrictions and ban, which many Nigerians see as political intimidation.

A video update by AIT showed a lively celebration at her residence despite the curfew that had been imposed by the Okehi Local Government Area. 

Similarly, a post on X by Arise TV journalist Rufai Oseni shows hundreds of the lawmaker’s admirers dancing and chanting solidarity songs in her home in Ihima.

The senator who said she had to fly in with helicopter said she was breaking no law.

“Yesterday, we heard on the news that rallies and gatherings will not be allowed, that roads will be blocked, and convoys leading into the state will not be allowed. I knew that we were the targets. But then I said, this is not political season, this is not campaign time.  We are not having a rally. This is just me, the Senator representing Kogi Central, coming down to her people to celebrate this festive time –  the Sallah with you, and there is nothing wrong with that. I am breaking no law. This is Nigeria. We have the right to be free, to express our choice in gatherings and celebrations, ” she told her supporters. 

Backstory

The ICIR reports that the Kogi State Government had, on Monday, March 31, imposed a ban on rallies and public gatherings, citing security concerns and intelligence reports that some individuals were planning violent demonstrations in the name of “political agitation”. 

The government also warned that anyone coming into the state with a convoy of security personnel must seek clearance. 

“While the government recognises the constitutional rights of citizens to gather and express themselves, security considerations must take precedence in the interest of public safety. As such, no individual, group, or organisation is permitted to hold any form of rally within the state until further notice,” part of the statement read.

This ban was further accompanied by the Nigerian Police Force in the state asking Akpoti-Uduagan to cancel her planned homecoming rally.

The Police Command in the state stated this in a statement signed by its Public Relations Officer, William Aya, and released to journalists hours before the rally.

According to the statement, the Kogi State Commissioner of Police, Miller Dantawaye, said the rally was against the state government’s ban on political gatherings issued on Monday, March 31.

Similarly, the order was followed with a curfew in the Okehi Local Government Area, which restricts movement and gatherings, particularly near Akpoti-Uduaghan’s residence.

“Anyone found gathering or walking around restricted areas without permission from the relevant authorities will be arrested and charged to court. This is in line with the directive of the state government and the Kogi State Commissioner of Police”.

Meanwhile, Akpoti-Uduaghan has insisted that her visit to her district is to enable her to celebrate Eid-el-Fitri with her constituents.

The ICIR reports that with her supporters continuing to gather, dance and sing at the event, many Nigerians have lauded her resilience and determination to fight against what they described as political suppression.

They also questioned the attempt to recall her, considering the number of supporters who gathered at the event.

Recall that the Independent National Electoral Commission (INEC) confirmed the receipt of documents showing that the suspended senator’s constituents are recalling her from the National Assembly.

Akpoti-Uduaghan was suspended from the Senate due to an altercation she had with Senate President Godswill Akpabio over seating arrangement.

Following the altercation, which led to Akpabio ordering the sergeant-at-arm to eject her from the Senate Chamber, the female lawmaker accused the Senate President of sexual harassment.

The report was updated to include Natasha’s comment.

45,000 in Ukraine without electricity after Russian strikes, says official

Nanji Nandang VENLEY
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45,000 in Ukraine without electricity after Russian strikes, says official

KYIV reported on Tuesday, April 1, that Russian strikes left tens of thousands of people in southern Ukraine without power, despite the Kremlin’s agreement that it was not targeting the country’s energy infrastructure.

This was revealed by the Ukrainian Foreign Minister Andriy Sybiga, who told a news conference that Russia had continued targeting energy infrastructure despite agreeing to a temporary halt on strikes against Ukrainian energy sites.

The ICIR reported that Russia had dismissed a joint United States-Ukrainian proposal for an unconditional ceasefire but claims to have agreed to a temporary halt on strikes against Ukrainian energy sites. 

“This morning, another Russian strike damaged a power facility in Kherson, leaving 45,000 residents without electricity,” Sybiga said.

According to the minister, after the talks in Riyadh, Russia targeted energy facilities in Kharkiv, the Poltava region, and Kherson.

He added that in the early hours of Tuesday, another energy facility in the city was attacked, leaving 45,000 residents without electricity.

“After Riyadh, one of the agreements with the United States was to refrain from striking energy infrastructure. At the same time, Russia continues to violate this agreement,” 

Since invading in February 2022, Russia has carried out systematic aerial attacks on Ukraine.

Moscow has also accused Kyiv of targeting Russian energy sites and reported fresh attacks on Tuesday in Russia’s Belgorod region and the partially Moscow-controlled Ukrainian region of Zaporizhzhia.

Sybiga also said that Kyiv and Washington were engaging in new discussions on a minerals agreement, which would grant the United States access to Ukrainian natural resources in exchange for increased support.

“It is always important to strengthen the presence of American business in Ukraine, so this process is ongoing, and we will work with our American colleagues to reach a mutually acceptable text for signing,” he added.

The ICIR reported that the two countries were set to sign an agreement last month on extracting Ukraine’s strategically vital minerals, but the deal was derailed by a dramatic televised confrontation between Trump and Ukrainian President Volodymyr Zelensky.

However, Trump warned Zelensky on Sunday, March 30, that Kyiv would face “big problems” if it rejected the latest US proposal, the details of which have not been disclosed by either side.

ISA 2025: Ponzi schemes operators to face 10 years jail term

Ehime ALEX
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ISA 2025: Ponzi schemes operators to face 10 years jail term

THE Director-General of the Securities and Exchange Commission (SEC), Emomotimi Agama, has announced that the newly signed Investment and Securities Act (ISA) 2025 gives the commission the authority to prosecute individuals promoting Ponzi schemes. These individuals could face a minimum of 10 years in prison.

Agama made this statement during an interview on Arise TV Exchange on Tuesday, April 1, while discussing the new law. President Bola Tinubu signed the ISA 2025 into law on Friday, March 29. The new Act replaces the previous ISA 2007.

The goal of the new legislation is to strengthen the legal framework governing Nigeria’s capital market, better protect investors, and introduce reforms that will promote market integrity, transparency, and sustainable growth.

Agama stated that, previously, the SEC lacked the legal power to prosecute Ponzi scheme operators, which made it difficult to bring offenders to justice. However, under the new law, those convicted of operating Ponzi schemes face a jail term of 10 years or more

“With the new law, they now face a 10-year jail term and beyond,”  he said.

He further explained that the Act stipulates a minimum fine of N20 million for anyone operating a Ponzi scheme in Nigeria.

“So, N20 million is not the entire penalty or the entire money that will be charged or sanctioned to any suspecting or any accused capital market or non-capital market operator.

“It is just part of the penalties and or the sanctions that will be meted against such persons” Agama explained.

The SEC Director-General also said that sanctions will include “disgorgement,” meaning that any profits or gains obtained from defrauding Nigerians will be recovered.

He said, “It is not about the quantum of the fraud, it is about sanctions that would deter people from even getting into it.

“The new law provides the SEC the powers to be able to do that and even more to go after these people, bring them to book and make sure that we acanrestitute the citizens as long as much as possible.”

Additionally, the new Act grants the SEC the authority to obtain and request telephone conversations and other communications needed to prosecute Ponzi scheme operators.

Agama stated that the SEC now has the necessary tools to take action against fraudulent operators and provide relief to Nigerians. He added that the new Act will help remove “bad actors” from the market and increase investor confidence in the Nigerian capital market, as the SEC’s ability to protect investors has been enhanced.

Pulitzer Center announces data journalism grants for investigative projects

Abdullahi MURITALA
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Pulitzer Center announces data journalism grants for investigative projects

THE Pulitzer Center has opened applications for its Data Journalism Grants, aimed at supporting investigative projects that employ advanced data analysis to expose underreported issues. 

The grant is open to freelance and staff journalists as well as collaborative newsroom teams globally.

The initiative seeks projects employing machine learning, satellite imagery, spatial data analysis, and other immersive techniques to produce compelling, data-driven storytelling. 

Proposals that emphasise diversity and innovation in data collection will receive priority consideration.

Applications are accepted on a rolling basis, and journalists are encouraged to submit well-developed proposals, including a strong distribution plan and letters of interest from publishers. 

Interested applicants can complete the application here.

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