Headlines
Nigeria Lost $1bn Revenue to Crude Oil Theft in Q1, NUPRC Boss Komolafe Says

Nigeria lost $1 billion in revenue during the first quarter of this year due to crude oil theft, the Chief Executive Officer of the Nigerian Upstream Petroleum Regulatory Commission (NUPRC), Mr Gbenga Komolafe, said at the weekend, warning that the development was a threat to the country’s economy.Nigeria loses millions of barrels of crude oil a year because of theft and vandalism, including the tapping of crude from a maze of pipelines owned by oil majors.
Komolafe, according to Reuters, said that of the 141 million barrels of oil produced in the first quarter of 2022, only about 132 million barrels of oil were received at export terminals.
“This indicates that over nine million barrels of oil were lost to crude oil theft … this amounts to a loss in government revenue of about $1 billion … in just one quarter,” Komolafe said in a statement.
“This trend poses an existential threat to the oil and gas sector and by extension, the Nigerian economy if not curbed,” he added.
Crude oil theft has increased to a daily average of 108,000 barrels in the first quarter of 2022 from 103,000 barrels in 2021, the NUPRC boss noted.
The theft has resulted in the declaration of force majeure at Bonny Oil & Gas Terminal, a pipeline transporting crude from the oil-rich Niger Delta to export vessels, among others, creating a hostile environment and disincentive to investors.
President Muhammadu Buhari had pledged to ensure that oil theft is stopped and had set up dedicated courts to combat the problem, but it persisted.
Minister of State for Petroleum Resources, Mr Timipre Sylva, said last week he expected to see some improvement in security in the sector, enabling Nigeria to meet its Organisation of Petroleum Exporting Countries (OPEC) production quota by the end of August.
Meanwhile, a three-million-barrel cut to daily supplies would push benchmark crude prices to $190, while the worst-case scenario of five million could mean “stratospheric” $380 crude, JPMorgan Chase analysts have said.
This, the group said would likely happen if US and European penalties prompt Russia to inflict retaliatory crude-output cuts.
Headlines
NCBN, OISD Seek Strategic Partnership with ASR Africa

NCBN, OISD Seek Strategic Partnership with ASR Africa
By Matthew Eloyi
The Managing Director and Chief Executive Officer of the Nigeria Customs Broadcasting Network (NCBN), Mr. Jamilu Yusuf, has led a delegation on a courtesy visit to the Managing Director of the Abdul Samad Rabiu Africa Initiative (ASR Africa), Dr. Ubon Udoh, to explore areas of mutual collaboration.
Mr. Yusuf, who also serves as the Executive Director of the Organisation for Innovation and Sustainable Development (OISD), commended ASR Africa for its transformational impact in critical sectors such as education, healthcare, social development, and institutional strengthening across Nigeria and the African continent.
He highlighted NCBN’s commitment to promoting institutions and initiatives that drive sustainable development, noting that a strategic communication partnership with ASR Africa would help amplify the organisation’s achievements and further inspire positive change.
Mr. Yusuf also proposed a collaboration between OISD and ASR Africa in areas including education, digital literacy, and economic empowerment, aligning with both organisations’ shared vision for inclusive growth and capacity building.
In response, Dr. Udoh welcomed the partnership proposals, expressing ASR Africa’s readiness to collaborate with NCBN on strategic communication initiatives. He also affirmed the initiative’s interest in working with OISD on education empowerment programmes.
Dr. Udoh further used the occasion to congratulate the Comptroller-General of Customs, Bashir Adewale Adeniyi, on his recent election as the Chairperson of the World Customs Organisation (WCO), describing the achievement as a testament to Nigeria’s growing influence in global customs administration.
Headlines
Akpabio Hails Okpebholo’s Supreme Court Victory, Calls It Triumph of Democracy

President of the Senate, Godswill Akpabio, has congratulated Governor Monday Okpebholo on his affirmation as the duly elected governor of Edo State by the Supreme Court, describing the ruling as a “triumph of democracy and the will of the people.”
Akpabio, in a statement personally signed and released on Friday in Abuja, applauded the apex court’s decision, saying it validated the mandate freely given to Okpebholo in the September 2024 gubernatorial election.
“What the apex court in the land has done is to affirm the will and wishes of the overwhelming majority of the people of Edo State. It shows that the election was transparent, free and fair,” Akpabio stated.
He added that, “The declaration by the Supreme Court in favour of Sen. Okpebholo against Mr Asue Ighodalo of the Peoples Democratic Party (PDP) has proven that elections are won at the ballot and by people who have identified with the grassroots.”
The Senate President said the judgment reaffirms the strength of Nigeria’s democratic institutions and the popularity of the All Progressives Congress (APC) in Edo State.
“This judgment has again reaffirmed the fact that democracy is at play and the people of Edo have wholeheartedly embraced the All Progressives Congress (APC) and popularly elected their preferred choice of Senator Okpebholo as their governor,” he said.
According to Akpabio, the ruling not only confirms Okpebholo’s mandate but also “paves the way for him to continue delivering exceptional service to the good people of Edo.”
He praised the governor’s performance in the past seven months, expressing confidence in his capacity to deliver more during his four-year tenure.
“My distinguished brother, His Excellency Senator Monday Okpebholo, on behalf of my family and constituents, the Senate of the Federal Republic of Nigeria, I extend my warmest congratulations to you and the wonderful people of Edo on this landmark victory at the Supreme Court.
“I wish you success and I assure you of the Senate’s support and collaboration in ensuring the state’s progress and development.
“Congratulations once again, Gov Okpebholo. I look forward to a robust working relationship with you,” Akpabio added.
In a unanimous decision, a five-member panel of the Supreme Court led by Justice Mohammed Garba dismissed the appeal filed by the PDP candidate, Mr Asue Ighodalo, for lacking merit.
The apex court upheld the earlier rulings of the Court of Appeal and the Edo State Governorship Election Petition Tribunal, both of which declared Okpebholo of the APC as the valid winner of the election.
The court ruled that the appellant failed to provide credible and admissible evidence to support claims of electoral malpractice, including over-voting and substantial non-compliance with the Electoral Act.
It further held that the PDP candidate failed to call relevant witnesses to back up some of the evidence he tendered, particularly those involving the Bimodal Voter Accreditation System (BVAS).
Some of the documents presented, the court noted, were simply “dumped” on the tribunal without demonstrating the alleged irregularities in 432 of the 4,519 polling units across the state.
Education
NELFUND Begins Upkeep Payments to Over 3,600 Students After Bank Detail Update

The Nigerian Education Loan Fund (NELFUND) has commenced the disbursement of upkeep payments to students who successfully updated their bank account details from digital wallets to commercial bank accounts.
This was announced in a statement released on Friday in Abuja by the Director of Strategic Communications of the Fund, Mrs. Oseyemi Oluwatuyi.
Oluwatuyi described the development as a significant breakthrough in addressing earlier disbursement delays.
“Over 3,600 students, who previously registered with digital-only banking platforms, have now successfully received their backlog of upkeep payments after updating their details to conventional commercial bank accounts on the NELFUND portal,” she stated.
“We appreciate the patience and understanding of all affected students during this period. Your resilience and cooperation have made this progress possible,” she added.
The NELFUND spokesperson advised students who have yet to update their bank details to raise a support ticket via the official NELFUND portal to request access for the update.
She further urged affected students to report through the IT office of their respective institutions, which would compile and forward all related cases to NELFUND for prompt resolution.
“NELFUND remains committed to ensuring that no eligible student is left behind. This resolution process is part of our broader effort to enhance the efficiency, transparency, and student-centered delivery of our support services,” she said.
Oluwatuyi encouraged students to continue engaging only through official NELFUND channels and to assist their peers who may need help navigating the update process.
She also provided contact options for inquiries, stating that the fund can be reached via email at info@nelf.gov.ng or through its official social media handles: X (formerly Twitter) @nelfund; Instagram @nelfund; and Facebook & LinkedIn: Nigerian Education Loan Fund – NELFUND.
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