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Nigeria Mismanaged Asia Oil Deal – Reports
Nigeria has mismanaged relations with Asian oil firms thereby failing to capitalise on deals which could have helped it develop its infrastructure, and leaving $20 billion of investment at risk, think tank Chatham House said on Monday.
Former president Olusegun Obasanyo sought partners in China, India, South Korea and elsewhere to buy oil blocks before leaving office in 2007 in return for billions of dollars of infrastructure and downstream investment.
But neither has there been a single barrel of oil produced by Asian national oil companies in Nigeria, nor has any downstream commitment been started, leaving the Nigerian economy with no tangible benefit, the London-based organisation said.
“President Obasanjo’s stated grand design to achieve a ‘development dividend’ through the oil-for-infrastructure scheme with Asian national oil companies has fallen apart,” it said.
“With it went the impact that it might have made on the Nigerian landscape,” Chatham House said in a 60-page report.
Five decades of oil extraction in Africa’s most populous country has enriched a small elite, but the vast majority of he country’s estimated 140 million people still live on two dollars a day or less.
Chatham House blamed the lack of progress on political interference in what should have been purely business decisions.
“The scale of the corruption, mismanagement and non-execution of projects in the Obasanjo years has sent shock waves through Nigeria,” the report said.
“His intentions were good but officials failed to spell out the full implications of the scheme. And many used the scheme for private profit. It might have been a good idea on paper but the spirit was breached in the implementation.”
The administration of President Umaru Yar’Adua, who took office in May 2007, has been reviewing deals struck under Obasanjo, cancelling the sale of oil retineries and reviewing oil licensing rounds.
Yar’Adua in January revoked two oil exploration licences awarded to Korea National Oil Corp (KNOC), saying the Korean firm had failed to pay the investment pledged.
KNOC, which says it met its obligations, has taken the case to court and the outcome is being closely watched by an industry concerned that rights awarded by one Nigerian government can easily be overturned by the next.
Chatham House said, following the cancellation of a Korean gas pipeline project and a contract with China to build a railway from the commercial hub Lagos in the south to the city of Kano in the North, $20 billion of investment promised by Asian national oil companies in 2005/06 was at risk.
Chatham House contrasted the Nigerian experience with that of Angola, where it said President Jose Eduardo Dos Santos’ almost 30-year tenure had boistered a stable central government and helped create a functional national oil company, Sonangol.
That stability had helped Angola emerged as the second largest supplier of oil to China last year and helped the African country secure at least $13 billion in oil-backed loans from Beijing to help finance essential post-war reconstruction.
The Lagos State Government has disclosed that 26,592 public school students failed the 2024 West African Senior School Certificate Examination, raising alarm across the state’s education sector.
The state Commissioner for Basic and Secondary Education, Jamiu Alli-Balogun, during a ministerial press briefing yesterday in Alausa, Ikeja, said that “45.7 per cent of the 58,188 students from public schools who sat for the exams did not pass.”.
This failure rate comes despite the state government’s significant financial backing N1.577 billion was paid on behalf of the students to cover WAEC fees.
“Suffice to say that the sum of N1,577,794,000 only was paid by the state government as examination fees for 58,188 students who were captured for the year 2024 WASSCE,” Alli-Balogun announced.
In a bid to tighten accountability and avoid wastage, the Commissioner disclosed that biometric and image registration was carried out to accurately determine eligible students for government sponsorship for the 2025 WASSCE.
“The exercise successfully captured and registered 56,134 students as bona fide beneficiaries of the Lagos state government’s sponsorship for the examination,” he added.
However, the Lagos State Government rolled out a bold educational intervention – the Eko Learners’ Support Programme for WASSCE and NECO candidates – aimed at reversing the tide of academic failure in the state’s public schools.
Launched on January 14, 2025, the initiative is part of a broader commitment by the Ministry of Basic and Secondary Education to equip Lagos students with tools for success.
“This forward-thinking initiative was designed to support and empower young scholars in attestation of the ministry’s commitment to advancing interest and management of the educational system in Lagos State,” Alli-Balogun stated.
Ekiti State Government says it has vaccinated 226,429 eligible girls in the State against the Human Papilloma Virus, an infection believed to be a leading cause of cervical cancer.
The wife of the Ekiti State Governor, Dr Olayemi Oyebanji, said the HPV immunization exercise, which she flagged off in the State in May 2025 was a great success, noting that it reached targeted communities and protected children against cervical cancer.
The governor’s wife made the disclosure in Ado Ekiti yesterday during a one-day stakeholders’ sensitisation meeting on the introduction of Measles Rubella vaccines in Ekiti State.
She said, “The introduction of Measles Rubella Vaccines is a very crucial step towards protecting Ekiti children particularly the target age group of nine to 14 years from diseases.
“I urge all women in the State to regularly scan their breasts. This can be done with the aid of the Mammography machine which is available at Ekiti State University Teaching Hospital, Ado Ekiti”.
The state Commissioner for Health, Dr Oyebanji Filani, noted that the Measles Rubella vaccines would be rolled out nationally in October, 2025.
Filani said that the State was taking proactive steps to sensitise residents of the State before the date to ensure adequate awareness on the vaccines by citizens.
The Acting Ochimba of Ogida in Etche Local Government Area of Rivers State, Eze Ndudiri Azuatalam, says peace remains paramount in the socio-economic development of Etche land.
Eze Azuatalam, however, called on his people to embrace and eschew violence at all times.
The Onwa Nagbara Oha made the call during the official commissioning of his palace at Ogida recently.
The epoch-making ceremony held at his palace saw the attendance of members of the Etche Supreme Council of Traditional Rulers and Chiefs; the academia; the political class; the clergy ; women as well relevant stakeholders within and outside Etche land.
The Ngbaragida of Azuafor re-emphasised the essence of peace and social harmony which he said open the window for meaningful development to take place.
He also sought the support and collaboration of his people to achieve the desired goals of development, progress and prosperity.
He noted that the peace being witnessed in the area must be sustained through collective effort, saying, contributions and sacrifices need to be made by all concerned to live in peace.
Eze Azuatalam said his aim towards building a better Ogida cannot be compromised as he and his people have no other place called home.
The Acting Ochimba said as part of efforts to build a better Ogida, he has instituted a number of development projects, adding that some of his kinsmen have been empowered through his hard-earned money and resources, saying, he will continue to assist the less- privileged around him.
He reaffirmed his desire to impact positively on the lives of his people as the engagement of the youths will help to reduce social vices in the area.
He thanked members of the Etche Supreme Council of Traditional Rulers and Chiefs for honouring his invitation.
He specifically thanked the Onyi Ishi Etche and Ochie of Etcheland, His Eminence E mmanuel Opurum for leading Etche on the path of prosperity, and described the revered King as a role model to the younger generation.
He said his fatherly role has been a source of hope and inspiration to his subjects.
The palace was unveiled by His Eminence with the assistance of Ochimba of Abara, Eze Jonah Nwala and other prominent Etche traditional rulers and chiefs while the Onyi Ishi Etche was represented by Eze Ken Nwala, Onyi Ishi Agwuru, Ulakwo/ Umuselem Clan.
The Onyi Ishi Etche urged other prominent sons of Etche to emulate the kind gesture of Eze Ndudiri Azuatalam as his magnanimity is being seen and appreciated by his people.
Eze Azuatalam also applauded the efforts of Prof Mekuri Ndimele, former Vice Chancellor of the Ignatius Ajuru University of Education in the growth of Etche land.
According to him, during Ndimele’ s tenure, a lot of development projects were sited at the institution, including the development of Etcheland and empowerment of Etche people.