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NDIC to Re-Arrest for Prosecution Absconded Bank Offenders

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By Joseph INOKOTONG
The Nigeria Deposit Insurance Corporation (NDIC), said the Task Force on the Implementation of the Failed Bank Act has given notice to re-arrest for prosecution, directors and officers of licensed banks who had committed banking malpractices and had absconded.

A statement signed by B. A. Taribo, Director of Legal Department, NDIC, and
Chairman of the Task Force on Implementation of Failed Banks Act said “at its 38th meeting held on 13th March, 2017, some pending investigations were reviewed by the Police Financial Malpractices investigation Unit (FMIU) under the Failed Banks Act comprising seventeen (17) cases involving ten (10) closed Microfinance Banks [MFBs] in which fifteen (15) former Directors of the MFBs were involved.

“It also reviewed two (2) cases of closed Deposit Money Banks [DMBs] involving their former Directors. One of the closed DMBs cases currently under prosecution was FRN vs. Prince Adekunle Adeyeba & Ors where the accused persons being erstwhile directors of the closed Gulf Bank of Nigeria Plc. were facing trial over banking malpractices involving N15.1 billion of depositors funds in that closed bank.”

The statement added that the Task Force also reviewed about sixteen (16) criminal cases being prosecuted under the Failed Banks Act in which prosecution had been stalled as a result of the fact that the accused persons in those cases had jumped bail and had absconded from the country in the heat of their investigation and prosecution, and the sureties that took them on bail had also disappeared.

The Task Force noted that some of those accused persons had sneaked back into the country in the hope that their prosecutions might have been terminated. It is against this backdrop that the Task Force gave the notice that such accused persons would be re-arrested and prosecuted to serve as a warning to other bank offenders, adding that the Task Force would leave no stone unturned to ensure that erring bank offenders were brought to book.

It would be recalled that the Failed Banks [Recovery of Debts] and Financial Malpractices in Banks Act 1994 [Failed Banks Act] was promulgated to recover debts owed to Failed Banks which had remained outstanding as at the date the banks were closed or declared failed and to prosecute directors and officers of licensed banks who had committed banking malpractices.

In July 1995, the Inspector General of Police established a special Police Unit called the Failed Banks Inquiry to assist the NDIC and the Central Bank of Nigeria implement the criminal aspects of the Failed Banks Act through investigation of criminal complaints referred to the Unit by the Regulatory Authorities.

On the 28th of December 1998, the Attorney General of the Federation and Minister of Justice constituted the Task Force on Implementation of the Failed Banks Act.

The objective of the Task Force was to co-ordinate the different agencies involved in implementation of the criminal aspects of the Failed Banks Act in order to achieve heightened police investigation and legal officers/ private legal practitioners’ prosecution of suspects under the Failed Banks Act.

The members of the Task Force comprised the NDIC as Chairman, the Federal Ministry of Justice represented by the Director of Public Prosecution of the Federation, the Central Bank of Nigeria, the Failed Banks Inquiry [ now Financial Malpractices Investigation Unit], the Special Fraud Unit of the Police and subsequently, the Economic and Financial Crimes Commission.

In carrying out its objective, the Task Force reviewed the police investigation of suspects and the prosecution of accused persons by state counsel and private legal practitioners issued with the Fiat of the Attorney General of the Federation under the Failed Banks Act.

“Generally, the mandate of the Task Force was to superintend over the investigation and prosecution of failed bank cases from commencement of police investigation to ensure early arraignment of suspects before the Tribunals,” the statement further stated.

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Dangote Refinery Boosts Fuel Exports as Gulf Refineries Shut Down

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By: Fabian Apechihin

The Dangote Petroleum Refinery has ramped up fuel exports to international markets amid widespread refinery shutdowns in the Middle East, industry sources confirmed.

A senior official at the $20bn Lagos-based plant told The PUNCH that the facility exported significant volumes of petrol (PMS), diesel (AGO), and aviation fuel (Jet A1) to foreign buyers in August, following earlier shipments in June and July.

The surge comes as Saudi Aramco and other regional producers face heavy maintenance schedules, tightening fuel supply. Aramco has already shut down two plants and plans further closures, including its 460,000 b/d Satorp refinery in Jubail for a 60-day turnaround in November–December. Kuwait and India are also scaling back capacity for maintenance and seasonal demand.

According to Argus Media, these shutdowns are pushing Gulf nations to import record volumes of gasoline, with Saudi Arabia and the UAE sharply increasing purchases from Europe and other markets in recent months.

While some reports pointed to operational constraints at Dangote’s 650,000 b/d facility, the company dismissed such claims, insisting production is on track to reach 700,000 b/d by December. Earlier this year, Aliko Dangote announced the refinery had sold two cargoes of jet fuel to Saudi Aramco and recently achieved exports of about 1 million tonnes of petrol between June and July.

“With Gulf refiners offline, Nigeria has now emerged as a net exporter of refined products,” Dangote said.

Analysts suggest the extended refinery outages in the Middle East will further strengthen demand for Dangote’s output, positioning the Nigerian plant as a key supplier in regional fuel markets.


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US Oil Exports to Nigeria, Others Fall to 3.3m bpd as Local Output Rises

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By: Fabian Apechihin

The United States’ crude oil exports to Nigeria and other African countries fell for the fifth consecutive month in July 2025, averaging 3.3 million barrels per day (bpd), the lowest level since March 2022.

The Organisation of Petroleum Exporting Countries (OPEC) disclosed this in its August 2025 Monthly Oil Market Report (MOMR), attributing the decline to weaker flows to Europe and Africa, particularly Nigeria, but without giving further details.

Industry analysts link the slowdown to the ramp-up of local refining capacity, especially the 650,000 bpd Dangote Refinery, which has reduced Nigeria’s reliance on imported crude, including from the US. Vanguard checks also show that crude importation has slowed further in recent months due to improved domestic production.

According to OPEC data, Nigeria’s crude oil output—excluding condensates—rose by 11 per cent year-on-year to 1.559 million bpd in July 2025, up from 1.386 million bpd in the same period of 2024. This marks the country’s highest monthly production level so far this year.

The Nigerian Upstream Petroleum Regulatory Commission (NUPRC) corroborated the figures, stating that overall output, including condensates, exceeded 1.8 million bpd in July.

Gbenga Komolafe, Chief Executive of the NUPRC, said the milestone was achieved through the agency’s “Project 1 MMBOPD Incremental” initiative, supported by a multi-stakeholder collaborative framework.

“We are glad to report that we crossed the 1.8 million bpd mark on peak production last month, with average production hovering at 1.78 million bpd,” Komolafe stated.

He added that the Commission is working to sustain production growth by optimising the Maximum Efficient Rate (MER) framework, improving produced water management, and aligning operational shutdowns and maintenance schedules to minimise disruptions.

“With these measures and continued collaboration, the presidential mandate on production increase is well within reach,” he said.


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NDYPC Hails Otuaro’s Reforms in Presidential Amnesty Programme

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• Lauds transparency, fairness in beneficiary selection and grassroots empowerment

• Says reforms align with Tinubu’s Renewed Hope Agenda, restore trust in Niger Delta

The Niger Delta Youths for Positive Change (NDYPC) has commended the Administrator of the Presidential Amnesty Programme (PAP), Dr. Dennis Otuaro, for what it described as bold, people-focused reforms that are restoring trust and delivering tangible benefits to the Niger Delta.

In a statement signed and issued by Comrade Elliott Yibakeni, after the conclusion of leadership training sessions with ex-agitator leaders in Abuja, the group said the PAP, once in urgent need of renewal, is now undergoing a transformation that reflects transparency, fairness, and accountability.

“At a time when public trust in institutions was waning, Dr. Otuaro has emerged as a symbol of credibility and transformation,” the statement read. “His visionary leadership is restoring integrity, empowering communities, and driving a sustainable development agenda that resonates with the aspirations of the Niger Delta.”

According to NDYPC, under Otuaro’s leadership, beneficiary selection has become fair and merit-based, ending years of favoritism and political interference. The group added that access to education, skills training, and empowerment opportunities, both locally and abroad, is now guided by equity and open competition.

The group highlighted several internal reforms, including improved staff welfare, strengthened professional capacity, and strict adherence to best practices in public procurement. These, it said, have made the PAP more efficient, responsive, and transparent.

NDYPC also praised Otuaro’s inclusive governance style, noting his sustained engagement with traditional rulers, women leaders, civil society organizations, and local communities. This approach, the group said, has strengthened peace-building efforts and deepened trust between the PAP and the people it serves.

In line with President Bola Ahmed Tinubu’s Renewed Hope Agenda, the PAP has maintained consistent payment of stipends to ex-agitators and extended direct support to vulnerable populations. NDYPC also applauded new healthcare interventions for ex-agitators facing health challenges.

The statement further commended the programme’s investments in scholarships, vocational training, and economic empowerment initiatives aimed at preparing Niger Delta youths for leadership, innovation, and sustainable livelihoods.

“Every decision reflects a deep commitment to public trust, responsible stewardship, and long-term development,” NDYPC stated. “Under Dr. Otuaro’s watch, the Niger Delta is rising stronger, united, and filled with renewed hope.”

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