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PIB: Nigeria lost $50 billion worth of investments in 10 years – Buhari

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BUHARI

 

President Muhammadu Buhari Wednesday in Abuja said Nigeria lost an estimated $50billion worth of investments in 10 years, created by the uncertainty of non-passage of the Petroleum Industry Bill (PIB), lack of progress and stagnation in the petroleum industry.

In his remarks at a ceremony on passage of the PIA, which preceded the Federal Executive Council (FEC) meeting, the president said the stagnation affected growth of the economy, citing lack of political will on the part of past administrations to actualise the needed transformation.

President Buhari said assent of the Petroleum Industry Bill on August 16, 2021, marks the end of decades of uncertainty and under-investment in the petroleum industry.

“We are all aware that past Administrations have identified the need to further align the industry for global competitiveness, but there was lack of political will to actualize this needed transformation.

“This lack of progress has stagnated the growth of the industry and the prosperity of our economy. In the past ten years, Nigeria has lost an estimated US$50billion worth of investments due to uncertainty created by the non-passage of the PIB.

“This administration believes that the timely passage of the Petroleum Industry Bill will help our country attract investments across the oil and gas value chain.

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“In view of the value our Nation and investors will derive from a stable fiscal framework for the oil and gas industry, our Administration has found it necessary to work with the two Chambers of the National Assembly to ensure the passage of the PIB,’’ he said.

President Buhari noted that the signing of the bill was part of the administration’s commitment to building a competitive and resilient petroleum industry that will attract investment, improve our revenue base, create jobs and support our economic diversification agenda.

The president said as a “nation that depends on oil resources for the development of other sectors, Nigeria runs a Petroleum Industry that is governed largely by laws enacted over 50 years ago such as the principal legislation; the Petroleum Act of 1969 and other obsolete legislations.’’

He said the presidential assent of the bill to “Petroleum Industry Act 2021” marked the beginning of the journey towards a competitive and resilient petroleum industry that will attract investments to support the nation’s Economic Recovery and Growth Plan.

“The Petroleum Industry Act 2021 creates a regulatory environment that would ensure efficiency and accountability across the oil and gas value chain and reposition NNPC to a commercially driven National Petroleum Company that is accountable to the Federation.

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“The Act also provides for a direct benefit framework that will enable sustainable development of Host Communities. I appeal to the host communities to look carefully at the contents of the Bill which in the implementation will bring real and lasting benefits to them.

“Furthermore, the Act provides for deliberate end to gas flaring which would facilitate the attainment of Nigeria’s Nationally Determined Contributions of the Paris Agreement through a funding mechanism to support gas flare out project in host communities,’’ he added.

President Buhari said the administration believes that the timely passage of the Petroleum Industry Bill will help our country attract investments across the oil and gas value chain.

While directing the immediate implementation of the framework for the Petroleum Industry Act (PIA), he urged all relevant stakeholders to comply and reposition for full activation within 12 months.

The president said the Minister of State for Petroleum Resources, Timipre Sylva, will head the implementation team, urging all Ministries, Departments and Agencies (MDA) to adjust to the transition, designed to reposition the economy.

ALSO READ: PIB: Why host communities should not demand more than 3% – Sylva
“To consolidate the commitment of this administration to delivering the value proposition of this law, I have approved an implementation framework commencing immediately to ensure the industry envisaged in the new law begins to take shape.

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“The implementation process to be headed by the Hon Minister of State, Petroleum Resources is hereby tasked with the completion of the implementation of this act within 12 months. I am therefore directing all relevant Ministries, Departments and Agencies of government to fully cooperate in ensuring the successful and timely implementation of this law,’’ he said.

President Buhari commended the leadership of the 9th Assembly for their continued pursuit of national aspiration and demonstration of mutual harmony with the executive in the pursuit of patriotic outcome in passage of PIB.

“I also commend the entire team in the executive that worked tirelessly to ensure the delivery of this strategic legislation for our country. I thank Nigerians and other industry stakeholders for their contributions and support in achieving this historic landmark,’’ he said.

The ceremony was attended by the Senate President, Ahmed Lawan, Deputy Senate President, Ovie Omo-Agege, Deputy Speaker Ahmed Wase, and other lawmakers, members of the Federal Executive Council (FEC), and Group Managing Director of the NNPC, Mele Kyari.

 

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Tinubu, governors present as Bello Matawalle’s 10 children wed in Abuja

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President Bola Tinubu,  President Carlos Manuel Vila Nova of the Democratic Republic of São Tomé and Príncipe and several governors were among the dignitaries who attended the wedding of the children of Bello Matawalle, minister of state for defence.

Matawalle celebrated the weddings of his ten children, five daughters and five sons, at the National Mosque, Abuja, on Friday.

The minister gave away his daughters—Maryam, Safiyya, Farida, Nana Firdausi, and Aisha—while his sons—Ibrahim, Abdul Jalal, Surajo, Bello, and Fahad—also tied the knot.

The Islamic ceremony was officiated by Imam Luqman Zakariyah, who prayed for Allah’s blessings on the marriages and for success in the couples’ future lives.

Tinubu received the brides on behalf of the Matawalle family, welcoming them into their new homes.

The high-profile wedding attracted the crème de la crème of Nigerian politics.

Notable dignitaries in attendance included Deputy Senate President Barau Jibrin and Ibrahim Masari, Senior Special Assistant on Political Affairs.

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Several governors were also present, including Ahmad Aliyu of Sokoto, Umar Namadi of Jigawa, and Nasir Idris of Kebbi.

In a post via X, Matawalle expressed his deep gratitude to Tinubu and Vila Nova for attending the ceremony, describing their presence as a rare and honourable privilege.

He further appreciated all dignitaries, family, friends, and well-wishers who joined physically or in prayers, wishing them safe journeys back to their destinations.

“Today, I am deeply honoured and profoundly grateful to His Excellency, President Bola Ahmed Tinubu, GCFR, for graciously serving as Wali at the wedding Fātiḥa of my children, held at the National Mosque, Abuja. I remain sincerely honoured by this rare privilege,” he wrote.”

“In addition, the presence of the President of the Democratic Republic of São Tomé and Príncipe, His Excellency President Carlos Vila Nova, added immense meaning to this joyous occasion, and I deeply appreciated it.

“I also wish to extend my heartfelt appreciation to everyone who joined us physically and in prayers to share in our joy. Your presence, prayers, and goodwill are truly cherished and deeply appreciated.

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“To my esteemed colleagues in the Federal Executive Council, Governors, members of the National Assembly, friends, family members, and well-wishers from across the nation, I am eternally grateful for the overwhelming love and kindness shown to me and my family.

“I also pray that Allah rewards abundantly all those who travelled from far and near to celebrate with us, and I ask Allah to grant you a safe and peaceful journey back to your respective destinations.”

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APC is my natural home, says Iyabo Obasanjo

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Iyabo Obasanjo, daughter of ex-President Olusegun Obasanjo, has confirmed her membership in the All Progressives Congress (APC) in Ogun state.

Iyabo spoke on Saturday during an interactive programme on Eagle7 Sports Radio 103.7 FM, anchored by Segun Odegbami.

Explaining her return to politics, Iyabo said the decision was driven by sustained pressure from supporters.

“Like I told you, a group of people who I did not bring together, I did not form them into a group, have been working, I think, for two years now,” she said.

“And then they started talking to me about a year ago, saying, ‘Look, we think you are the best candidate. We want you back.’”

She said she could not return to the Peoples Democratic Party (PDP), where she previously contested elections, citing internal crises.

“I could not go back to the PDP because of all kinds of turmoil,” she said.

Iyabo disclosed that she also considered the African Democratic Congress (ADC), but said the party was not yet fully organised.

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“The ADC was another option, but they don’t have their ducks in a row yet; they’re still working on it,” she said.

According to her, those who encouraged her return to politics are now members of the APC, a factor that influenced her decision after wide consultations.

“So, I think APC is my natural home. I don’t have any animosity towards any individual or any group within the APC,” she said.

“I feel more comfortable with all the actors I know within the APC… I feel more comfortable, actually, than with some of the actors I know in the PDP, and some of them are now in the ADC.

“So I think it’s my natural home. I feel quite confident and happy to have made that decision.

“I have an absolute 100% feeling it’s my natural home.”

Iyabo represented the Ogun central senatorial district between 2007 and 2011. She lost her re-election bid in 2011 to Gbenga Obadara of the then Action Congress of Nigeria (ACN).

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She later relocated to the United States, where she pursued an academic career and rose to the rank of professor. She is also a former commissioner for health in Ogun.

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Nigerian jailed eight years for $6m scam in US

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MAN JAILED FOR LIFE

A United States court has sentenced one Tochukwu Albert Nnebocha, a Nigerian national, to 97 months’ imprisonment for participating in a transnational inheritance fraud scheme that targeted elderly and vulnerable Americans.

According to a statement published on the US Department of Justice website on Friday, “a Nigerian National was sentenced today to more than eight years in prison for participating in a years-long conspiracy to defraud elderly and vulnerable Americans through an inheritance fraud scheme.”

The DOJ stated that Nnebocha, who is 44 years old, and his co-conspirators “operated a lucrative transnational inheritance fraud scheme that exploited vulnerable people in the United States” over a period exceeding seven years.

The statement read, “According to court documents, Tochukwu Albert Nnebocha, 44, of Nigeria, and his co-conspirators operated a lucrative transnational inheritance fraud scheme that exploited vulnerable people in the United States.

“Over the course of more than seven years, Nnebocha and his co-conspirators sent hundreds of thousands of personalized letters to elderly individuals in the United States, falsely claiming that the sender was a representative of a bank in Spain and that the recipient was entitled to receive a multimillion-dollar inheritance left by a deceased family member.”

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According to the US DOJ, victims were subsequently instructed to pay various fees before accessing the fictitious inheritance.


“The conspirators then told the victims that, before they could receive their purported inheritance, they were required to send money for purported delivery fees, taxes, and payments regarding the inheritance. In total, the defendant and his co-conspirators defrauded over 400 U.S. victims of more than $6 million,” the statement read,

The DOJ added that “in total, the defendant and his co-conspirators defrauded over 400 U.S. victims of more than $6 million.”

The statement disclosed that Nnebocha was arrested in Poland in April 2025 and extradited to the United States in September 2025.

He later pleaded guilty in November 2025 to conspiracy to commit mail fraud and wire fraud.

At sentencing, the court ordered 97 months’ imprisonment, three years of supervised release and restitution exceeding $6.8m to victims.

The department noted that “this is the second indicted case related to this international fraud scheme,” adding that eight co-conspirators from the United Kingdom, Spain, Portugal and Nigeria had previously been convicted and sentenced.

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The case was investigated by the US Postal Inspection Service and Homeland Security Investigations, with assistance from the Federal Bureau of Investigation’s Legal Attache in Poland, INTERPOL, Polish authorities, the US Attorney’s Office for the Southern District of Florida, and the DOJ’s Office of International Affairs.

Senior Trial Attorney Phil Toomajian and Trial Attorney Joshua D. Rothman of the Criminal Division’s Fraud Section are prosecuting the case, according to the statement.

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