Members of the Islamic State in West Africa Province (ISWAP) have attacked a convoy of 40 trucks of food meant for Internally Displaced Persons (IDPs) and resettled communities in Borno and intercepted four of them, Daily Trust Saturday learnt exclusively. 

The attack, which occurred Thursday night around Layi village in Mobbar Local Government Area of the state, came barely 48 hours after terrorists launched a heavy attack on Kuje Medium Security Prison in the Federal Capital Territory (FCT) freeing at least 69 Boko Haram suspects and hundreds of others. The ISWAP on Wednesday claimed responsibility for the attack. 

Top security sources who were briefed about the Borno attack told Daily Trust Saturday that the food and nutritional products consignment was on its way to Damasak. 

It was part of the palliative by the World Food Program (WFP) for IDPs from Abadam and victims of the Boko Haram violence returning to their homes in Mobbar. 

“The attackers were in four gun trucks. After heavy attacks on the convoy, they succeeded in intercepting four of the vehicles and emptied nearly everything from the vehicles,” the source said. 

It was also gathered that the terrorists are now firming up their control of major roads and strategic areas in the southern and northern parts of Borno. 

Intelligence sources in the area have reported that ISWAP members in four trucks have been deployed to Kareto village in Mobbar Local Government Area.  

Terror group plans eid prayer in ‘captured’ communities, enclaves

As part of their expansionist activities, the terror groups are said to have concluded plans to conduct eid prayers in some of the areas under their control, today (Saturday).

Credible sources said like what obtained in the past years, Boko Haram members loyal to late Abubakar Shekau, and those loyal to ISWAP led by late Abu Musab Albarnawi, the son of late Boko Haram founder Mohammed Yusuf, have, among others,  cleared grounds around the shores of the Lake Chad and Sambisa forest and would observe the Eid-el-Kabir prayer there.

They, therefore, called on security agencies to checkmate the effrontery of the terrorists saying they use such festivities for massive recruitments of innocent people into their fold.

One of the sources said even though, Nigerian security forces have uprooted Boko Haram fighters from many villages and forested areas in Borno and neighbouring Yobe State, they are still lurking around in many communities.

“The terrorists are fully mobilised for celebrations at many Tunbus (islands) on the Lake Chad and their enclaves in Sambisa Forest,” he said.

Another source said the excesses of the terrorists  cast Nigeria in bad light at the international level.

“It is unthinkable the way they release videos of their atrocities. Such videos show that once the terrorists go out for their operations, they would do it with ease because nobody can stop them.

“The videos they released recently after the attack on Kuje prison is one bad example that showed our weak links. And unless something is done, they would also release videos of their eid prayers.

“They would release their propaganda videos slaughtering their sacrificial animals to the chagrin of those in authority…I am calling on our security forces to act by decimating them,” he said.

Another source said with the commencement of the rainy season, Nigerian troops are constrained by environmental factors which is affecting their performance. 

He said they cannot access many communities this time, paving way for the terrorists to replenish their supplies and logistics, as well as recruit vulnerable youths ahead of future fights.

He said the forces had missed a golden opportunity during the dry season when hundreds of terrorists came out of their enclaves and repented. 

“Why didn’t we finish the terrorists’ campaign in the North East this year? We had thousands surrendering, weakening the fighting spirits of the terrorists, but we could not clear the Tunbus, surroundings of Timbuktu Triangle and Sambisa Forest.

“Now we are bound to wait until the end of the raining season to kick start another operation. 

“Why haven’t we done enough to acquire all weather APC and  AFV and constantly revert to seasonal warfare?

“Does this mean, knowing that our North East flanks or neighbours are our most vulnerable porous security concern, yet, no efforts towards acquisition of these all important weapons?

“Must we wait till tomorrow when the Chadian or Cameroonian forces enter Maiduguri before we rush to the markets?

“Is the military waiting for Buhari’s handing over before clearing the terrorists or to use it as an election campaign strategy?”, he asked.

Meanwhile, the Nigerian Correctional Service has released the names and pictures of the inmates with terrorism-related cases that escaped from the Kuje Medium Security Custodial Centre in Abuja.

The inmates escaped from the correctional centre following an attack on the facility by members of the Islamic State of West Africa Province (ISWAP) on Tuesday.

The ISWAP claimed the responsibility for the attacked in a 30-second video on Wednesday.

Minister of Justice and Attorney-General of the Federation, Abubakar Malami on Friday, got married to Nana Hadiza, a daughter of President Muhammadu Buhari.

A Spokesman for the President, Garba Shehu, confirmed this on Friday.

“It is true. The AGF got married to the President’s daughter,” he said.

Hadiza is Buhari’s daughter from a previous marriage and now the third wife to the AGF.

She is said to have been previously married and has six children.

It was gathered that the private Nikkai ceremony took place at the Presidential Villa, Aso Rock.

Abdullahi Ganduje, Kano governor, says Bola Tinubu, the All Progressives Congress (APC) presidential candidate, has agreed to pick a Muslim as running mate.

Ganduje said this on Friday during a prayer session with clerics ahead of the Eid-el-Kabir celebration. 

“We advised him to pick a Muslim deputy. He has agreed,” Ganduje said.

“A Muslim-Muslim ticket is a reality. It is not something new in Nigeria,” Ganduje added.

He also urged the people to continue to pray for Tinubu. 

The development comes amid speculations over who Tinubu would pick as his running mate, as the final deadline for the submission of candidates’ names inches closer.

On June 17, Kabiru Faskari, an APC chieftain, had announced Kabir Masari as Tinubu’s vice-presidential candidate but said the name was submitted in “placeholder” capacity. 

Masari was the party’s welfare secretary when Adams Oshiomhole, former Edo governor, was the national chairman of the party.

Prior to the announcement of Masari as the “placeholder” candidate, the Christian Association of Nigeria (CAN) had warned the presidential candidates of political parties against choosing running mates of the same religion.

“Any party that tries same religion ticket will fail. This is not 1993. Even when we have a joint Muslim/Christian ticket, the church still goes through hell. Only God knows the number of Christians that have been killed in the last seven years with no one apprehended or prosecuted. Imagine how bad it will be if we have two Muslims in power? The extant Nigerian Constitution promotes religious balance,” CAN had said in a statement.

Meanwhile, after clinching the APC presidential ticket, Tinubu had said his choice for a running mate is in his “pocketbook”.

Elon Musk, the chief executive officer of Tesla and the world's richest person, said on Friday he was terminating his $44 billion deal to buy Twitter because the social media company had breached multiple provisions of the merger agreement.

Twitter's chairman, Bret Taylor, said on the micro-blogging platform that the board planned to pursue legal action to enforce the merger agreement.

"The Twitter Board is committed to closing the transaction on the price and terms agreed upon with Mr. Musk...," he wrote.

In a filing, Musk's lawyers said Twitter had failed or refused to respond to multiple requests for information on fake or spam accounts on the platform, which is fundamental to the company's business performance.

"Twitter is in material breach of multiple provisions of that Agreement, appears to have made false and misleading representations upon which Mr. Musk relied when entering into the Merger Agreement," the filing said.

Musk also said he was walking away because Twitter fired high-ranking executives and one-third of the talent acquisition team, breaching Twitter's obligation to "preserve substantially intact the material components of its current business organization."

LEGAL BATTLE

Musk's decision is likely to result in a protracted legal tussle between the billionaire and the 16-year-old San Francisco-based company.

Disputed mergers and acquisitions that land in Delaware courts more often than not end up with the companies re-negotiating deals or the acquirer paying the target a settlement to walk away, rather than a judge ordering that a transaction be completed. That is because target companies are often keen to resolve the uncertainty around their future and move on.

Twitter, however, is hoping that court proceedings will start in a few weeks and be resolved in a few months, according to a person familiar with the matter.

There is plenty of precedent for a deal renegotiation. Several companies repriced agreed acquisitions when the Covid-19 pandemic broke out in 2020 and delivered a global economic shock.

In one instance, French retailer LVMH threatened to walk away from a deal with Tiffany & Co. The U.S. jewelry retailer agreed to lower the acquisition price by $425 million to $15.8 billion.

"I'd say Twitter is well-positioned legally to argue that it provided him with all the necessary information and this is a pretext to looking for any excuse to get out of the deal," said Ann Lipton, associate dean for faculty research at Tulane Law School.

Shares of Twitter were down 6% at $34.58 in extended trading. That is 36% below the $54.20 per share Musk agreed to buy Twitter for in April.

Twitter's shares surged after Musk took a stake in the company in early April, shielding it from a deep stock market sell-off that slammed other social media platforms.

But after he agreed on April 25 to buy Twitter, the stock within a matter of days began to fall as investors speculated Musk might walk away from the deal. With its tumble after the bell on Friday, Twitter was trading at its lowest since March.

The announcement is another twist in a will-he-won't-he saga after Musk clinched the deal to purchase Twitter in April but then put the buyout on hold until the social media company proved that spam bots account for less than 5% of its total users.

The contract calls for Musk to pay Twitter a $1 billion break-up if he cannot complete the deal for reasons such as the acquisition financing falling through or regulators blocking the deal. The break-up fee would not be applicable, however, if Musk terminates the deal on his own.

Some employees expressed disbelief and exhaustion on Friday, publicly posting memes on Twitter, such as of a rollercoaster ride and a baby screaming into a phone, in apparent commentary on the breakup. Employees have worried about the deal will mean for their jobs, pay and ability to work remotely, and many have expressed skepticism about Musk's plans to loosen content moderation.

DIGITAL AD WOES

Musk's abandonment of the deal and Twitter's promise to vigorously fight to complete it casts a pall of uncertainty over the company's future and its stock price during a time when worries about rising interest rates and a potential recession have hammered Wall Street.

Shares of online advertising rivals Alphabet, Meta Platforms, Snap and Pinterest have seen their stocks tumble 45% on average in 2022, while Twitter's stock has declined just 15% in that time, buoyed in recent months by the Musk deal.

Daniel Ives, an analyst at Wedbush, said Musk's filing was bad news for Twitter.

"This is a disaster scenario for Twitter and its Board as now the company will battle Musk in an elongated court battle to recoup the deal and/or the breakup fee of $1 billion at a minimum," he wrote in a note to clients.

In a country where gun violence is rare, the murder of former Japanese leader Shinzo Abe is raising questions about the shooter and his motive. Here’s what we know based on media reports and official statements.

What happened?

Abe had just begun a campaign speech in the western city of Nara on Friday when he was shot from behind, from a distance of about three meters (10 feet). Two gunshots were heard. Moments later security personnel tackled a man to the floor. He was wearing a gray t-shirt, khaki trousers and a face mask.

Who was the shooter?

The gunmen has been identified as Tetsuya Yamagami, 41, an unemployed former member of the Japan Maritime Self-Defense Force — Japan’s navy — who is being investigated for murder following the confirmation of Abe’s death. NHK reported that he worked for the force from 2002 to 2005.

What has the suspect said?

Yamagami told police he held a grudge against a "certain group," and that he intended to kill Abe because he believed Abe had ties to that group. Separately, NHK reported that the suspect claimed not to have attacked the former PM over his political beliefs. The Mainichi newspaper characterized the target of the suspect's enmity as a religious group, and also claimed he was aiming at a religious leader who wasn’t attending the rally, adding to the confusion. 

What weapon did he use?

Police said the gun was homemade, about 40 centimeters long and 20 centimeters high. A close-up shot of the weapon on the ground appeared to show two tubes wrapped together with black tape.

What are the police doing now?

Police discovered several more guns, also homemade, at the suspect's residence. Explosives experts were also summoned to the scene due to concerns the handcrafted weapons may unexpectedly explode.

Ondo State Governor, Rotimi Akeredolu, has raised the alarm that terrorists are moving southward to take refuge in the forest.

He reiterated the need for the creation of state police to ensure security of lives and property.

Akeredolu pointed out that the Nigeria Police Force is overstretched, understaffed and lacks the capacity to adequately secure the people.

The governor spoke in his office on Thursday, while hosting the new Assistant Inspector-General of Police in charge of Zone 17, Yunnus Akeera.

He said, “We do not run away from the fact that the police force is overstretched. The same thing, we do not run away from the fact that a single police command in Abuja will not be adequate to police the large populace of the country. This has led to our demand for state police.

“We can complement each other. I have had senior police officers who agree on state police. Maybe they can’t say it in public. Go to Ekiti and even here in Ondo State, most of the police stations have no vehicle. Look at the unfortunate incident that happened in Owo, police said they had no vehicle to pursue the perpetrators.

“Let us all sit down and agree that we should have a system that will create division of labour. We can have the federal police and then, the state police. You can face a major task like intelligence gathering and pass it to the state police to work on.

“What is happening, if not for lack of intelligence people will not go to Kuje and attack the place in Abuja. We need your cooperation too in this our cry for a dual police system that we can work together. People are moving down south to take refuge in our forest. You don’t have the men and officers to secure the country. Police is understaffed. We appreciate your limitations in terms of men, ammunition and so on.

Earlier in his remarks, the new AIG, Akeera, who was accompanied to the governor’s office by the state Commissioner of Police, Oyediran Oyeyemi, said he would carry on with the good work the governor has done on security and deepen it.

Westminster Magistrate Court in the United Kingdom ruled Thursday that David Nwamini (Ukpo), the alleged organ harvesting victim in the case involving former Nigerian Senate President Ike Ekweremadu’s case, is not a minor.

The Westminster magistrate issued the order during the appearance of Ekweremadu and his wife in court for the third time on Thursday.

The Ekweremadus, who first appeared in a U.K. court on June 23, were arraigned after they were arrested by Met Police on June 21.

Nwamini , allegedly trafficked by the couple to harvest his kidney for their ailing daughter, told doctors he was 15.

Prosecutors, too, had in the previous court hearings, maintained that Mr Nwamini was 15 and was coerced into donating his kidney to the Ekweremadus.

The Westminster magistrate, according to BBC, while confirming that Nwamini was not a minor on Thursday, also ordered that the Ekweremadus remain in the custody of the Met Police till August 4. Their bail application is to be heard at the next hearing.

BBC reports that the Nigerian senator, 60, and his wife, 55, face charges of conspiring to traffick a person for organ harvesting in violation of the Modern Slavery Act 2015.

The platform also reports that the U.K. Attorney General, Suella Braverman, had given approval to the Westminster magistrate to hear the couple’s case.

Braverman also approved the transfer of the case to the Central Criminal Court in London.

The Cable reports that Adamu Bulkachuwa, chairman of the Senate committee on foreign affairs, led a Senate delegation to the court.

David Mark, a former president of the senate; Chukwuemeka Nwajiuba, former minister of state for education, and a delegation from the Nigeria high commission, were also reported to be present in court.

The couple had insisted that Nwamini was 21, and they had filed a suit at the Federal High Court in Abuja, the Nigerian capital city, to obtain an order to compel relevant authorities to release relevant records of the purported organ donor to back their claim about his age.

On Wednesday that the Nigerian court amended its earlier order ordering the National Identity Management Commission (NIMC) to release Nwamini’s biodata information to Ekweremadu.

Following an application by the NIMC, the judge, Inyang Ekwo, ruled on Wednesday that instead of releasing Nwamini’s biodata information directly to the Ekweremadus as earlier ordered, it should be released to the Attorney-General of the Federation (AGF) for onward transmission to the United Kingdom.

But it could not be ascertained by this newspaper if the information ordered by the court to be released and transmitted to the U.K. formed the basis for the Westminster magistrate’s decision declaring Nwamini not to be a minor.

The terrorists who attacked the Medium Security Custodial Center in the Kuje area of the Federal Capital Territory Tuesday night were said to have shared transportation fares to the inmates to aid their escape. 

Over 800 inmates were said to have escaped when the terrorists struck, but 400 of them have been recaptured while some of the inmates returned to the prison of their own volition.

Islamic State in West Africa Province (ISWAP) had claimed to be responsible for the attack. 

Daily Trust reliably gathered that after the attackers successfully gained entrance into the prison yard, they told the inmates that were ready to escape to come out. 

One of the security officials who coordinated the rescue mission that recaptured many of the inmates confided that some of the recaptured prisoners told them that the terrorists did not force any of the prisoners to leave, but asked those interested to join them outside and those not ready to remain. 

After gathering outside, the sect said to have already perfected their own escape root allegedly carried all their members in a vehicle arranged for the purpose before sharing monies to the other inmates to assist them in their escape.

The source also said they were sternly warned that non-members  of the group should not follow them in their vehicles or the person would be killed.

Another security source said many of those arrested were caught in the Kwali area of the FCT and the surrounding villages with the aid of vigilantes, hunters and farmers with coordination from security operatives. 

As widely reported by the media, scores of terrorists raided the prison Tuesday night, freeing hundreds of inmates after shooting and bombing their way into the prison yard.

It was learnt that it took less than one hour for the insurgents to gain access to the facility while security operatives fled.

 “The terrorists moved everyone out of the facility to an open place where they gave Quranic lectures for about 15 minutes before they started sharing transportation fares to their members whom they came to rescue. It was very clear they came prepared,” a security source said.

A news outlet, FIJ, reported that the jailbreakers spoke in Ebira, in addition to Fulfude and Hausa.

The report said the insurgents had so much free time on their hands that they first delivered a 15-minute lecture to inmates before setting them free, an insider who witnessed the horror show from start to finish has recounted.

“Quite a few of them understood Ebira; they preached in Ebira, Fulfude and Hausa. And there were many of them. They surrounded the facility, as big and well-equipped as it is, and still had more than 20 of them inside the prison. That tells you there were so many of them,” it quoted a source.

Residents mull leaving Kuje correctional area

Meanwhile, some residents living in the Kuje correctional centre area have started considering relocating following the attack.

Correspondent who visited the area observed that security operatives at different checkpoints were conducting stop and search on vehicles and combing nearby bushes, markets and other places.

 It was also observed that some commuters appeared apprehensive when troops of 176 Guards Battalion attached to a checkpoint, were searching vehicles moving out the satellite town.

A resident, Babafemi Olagoke, explained that he and his neighbours were watching WAFCON match when the incident happened Tuesday night.

He added that many residents of Shetuko fled to the nearby bush and hid there when sounds of the explosives continued.

Another resident who identified herself simply as Rafat said continuous gunshots and sounds of explosions woke her and children up.

Yetunde Ajanaku, one of the residents, said she had informed her husband to let them relocate from the area in order to avoid apprehension.

She said the terrorists had earlier distributed some papers around the area notifying prison officials that they would strike one day.

‘’People would just pick their papers, look at it, see it and dropped it,’’ she added.

FG goes after fleeing inmates

The federal government yesterday says it is leaving no stone unturned to recapture all the fleeing inmates.

 A statement by Sola Fasure, a media adviser to Minister of Interior, Rauf Aregbesola, said all checkpoints had been put on alert in an effort to track the fleeing inmates.

The attackers, who used explosive devices and came through the main entrance and the fence of the facility respectively, also left three personnel of the service seriously injured.

A total of 879 inmates escaped from the facility during the attack with about 70 of them suspected members of the Boko Haram terrorist group.

The minister said, “We are working with the Ministry of Defence and the Office of the National Security Adviser as well as other intelligence and security agencies to ensure that the attackers and the escaped inmates are captured and returned to custody.

“As we speak, security personnel are combing the whole area, up to a distance of 100 kilometres radius, looking for them.

“All checkpoints nationwide have been put on alert. More than 400 of them have been brought in and more are still coming.”

Aregbesola appealed to all residents to be calm but vigilant, urging them to report all suspicious individuals and activities to the nearest security agency around them.

“We appeal also to doctors and medical workers to treat and then immediately report anyone with gunshot wounds to the law enforcement agency,” he added.

Meanwhile, the minister has directed that a full investigation into the incident be carried out, adding that anyone found complicit would be dealt with.

The statement also said the minister had directed that all correctional facilities in the country be fortified; that all personnel be on alert to avoid recurrence.

Relevant authorities must be sanctioned — Senate President

Senate President Ahmad Lawan yesterday said the Tuesday attack could only have been possible with the collaboration of insiders within the nation’s correctional system.

Lawan spoke when he led a delegation of the Senate leadership to access the level of damage at the correctional facility. 

He also faulted the Nigerian Correctional Service for not providing Closed Circuit Television (CCTV) at the facility and others across the country. 

The senate president asked the Comptroller-General of the Nigerian Correctional Service, Haliru Nababa, to include a request for the provision of CCTV across maximum and medium correctional centres across the country in its 2023 budget proposal to the National Assembly for approval. 

Lawan said, “The attack on this correctional facility is symptomatic of the failure of security failure. The attack is only a culmination of the failure.

“We were told that an estimated 300 terrorists attacked this facility. They came on foot, and I believe they should have been detected. 

 “In the first place, 300 people will not come for an operation like this without planning. Planning must have taken a week, a month or a bit more.

“I believe that our security agencies should have picked this from their tracking systems in the FCT.

“Secondly, having gone round the facility itself, we are disappointed that this facility does not have Closed Circuit Television (CCTV) cameras, something that would record and give you details of what is happening and sometimes record the events.

“Now, as this facility lacks a functional CCTV, there’s no record of what happened, except narration. But if we had CCTV, at least the records would have been there and analysis made, and arrest will be based on the information from the CCTV.

“Thirdly, going from one cell to another to release people, specifically, those that are known to be insurgents, tells a lot of stories. It may not be far away from an insider job, someone who is either working in this place or must have worked here.”

Lawan said a proper investigation must be conducted and those found wanting to be sanctioned.

“Where people fail to do their job properly, and they have been given that responsibility, they should be asked to take responsibility.

“If people don’t take responsibility for their failure, then it means nobody would bother to do what is expected of their office or the job that the person has been given,” he said.  

Service chiefs, minister must go — Ohanaeze  

The leadership of Ohanaeze Ndigbo Worldwide has asked the service chiefs and the Minister of Defence, Bashir Magashi, to resign their positions owing to the persistent insecurities attacks on institutions, especially in the North.

Failure to do so, the group advised President Muhammadu to dismiss them and make fresh appointments where the three major regions will be represented.

Secretary-General of Ohanaeze Ndigbo Worldwide, Okechukwu Isiguzoro, in a statement issued yesterday described the attack as a national disaster and a shame to the nation’s security operatives.

The group charged the president to stop one sided appointments, which it noted, had continued to cause more harm to the lives and property of the citizens. 

“If that is not done, Nigerians will continue to live in fear until something good is done by Mr President who has chosen to be adamant and has continued to appoint service chiefs from one side of the nation.

“So we wish to condemn and express our condolences to the families of those who lost their loved ones in the Kuje prison attack by suspected members of Boko Haram insurgency.

“Also, we also wish to use this opportunity to call on President Muhammadu to do the needful by dismissing the service chiefs including the Minister of Defence, and make fresh appointments where the three major regions will be represented,” the group added.

Nigeria LNG Ltd's plant is producing at up to 68% of its capacity due to theft of crude oil and vandalism of pipelines, among other problems, head of the company said on Tuesday.

Nigeria LNG is a consortium between state-run Nigerian National Petroleum Corporation, Eni, TotalEnergies and Shell with a capacity of 22 million tonnes per year.

Chief Executive Philip Mshelbila said theft and vandalism were gradually strangulating Nigeria's oil and gas sector.

"We have been producing in the last month at about between 60 to 68 percent utilisation. In other words, roughly 35% of our capacity is empty," he told an energy conference in Abuja.

"There are many factors, but the biggest one of them is crude oil theft. If we don't address this, we will not get out of this quagmire that we're in."

Mshelbila said his company had stopped exports of liquefied petroleum gas for domestic use to meet demand from the local market.

Nigeria's petroleum regulator said last week the country lost $1 billion in revenue during the first quarter of this year due to crude oil theft, warning the practise was a threat to the economy of Africa's top producer.

Group Managing Director, Nigerian National Petroleum Company Limited, Mele Kyari, on Tuesday announced that the decline in the funding of oil investments had virtually led to a halt in the drilling of crude oil by operators in the sector except for the NNPC.

Kyari, who disclosed this while speaking at the ongoing 2022 Nigeria Oil and Gas conference with the theme, “Funding the Nigerian Energy Mix for Sustainable Economic Growth,” also announced that President Muhammadu Buhari would unveil the largest capitalised firm in Africa, NNPC Limited, on July 19, 2022.

This came as Secretary-General, Organisation of Petroleum Exporting Countries, Sanusi Barkindo, declared that the oil sector was currently under siege going by the challenges confronting the industry. Over 80 per cent of Nigeria’s foreign exchange earnings comes from oil sales.

Speaking on the challenges in the industry, the NNPC boss stated that though there were other concerns in the business, the issue with reduced funding had really impacted severely on the sector.

Kyari said Nigeria was number one in terms of oil reserves in Africa, adding that “we should be the number one producer of oil, but today we have our challenges, which my colleagues (earlier speakers) have pointed out.

“Yes, there are engagements going on and the support that we are getting from government security agencies and the leadership that the Minister of State is giving us to make sure we address this issue around security.

“But that is not only the problem we have. We have seen a clear natural decline that is happening in our industry today and this is real. And when such decline comes and you are not able to put money to put it back, no one is drilling today except NNPC by the way, and a few others.”

He added, “So if you don’t drill and decline continues, then you are not only going to see the effect of theft and other vandal actions that we are seeing today, you are also going to see the collateral effect of lack of investments.”

Kyari further explained that the lack of investments years before the outbreak of Covid-19 had started manifesting in the money supply in the market.

He charged participants at the conference to reset their financing strategy and urged operators and multilateral agencies to speak to themselves about this concern.

On the transition in the NNPC from a federal corporation to a commercially-driven limited company, the oil firm’s boss said, “On the 1st of July this year, we crossed over to become NNPC Limited both technically, financially, and in every aspect.

“And on July 19, 2022, Mr. President will unveil the NNPC Limited to all of us. The meaning of this to our industry is that you are going to have a partner of choice, a partner that will be the largest capitalised company in Africa.”

Commenting on the energy transition, Kyari said operators in the sector must look for money to grow the industry and Nigeria’s energy mix based on the realities being unfolded by the transition.

“We are seeing the great resistance across the globe on funding fossil fuels until something happened early this year,” Kyari stated.

He noted that the war in Ukraine proved to the world that it would be tough to proceed in the way and manner in which the energy transition concept was conceived.

“Therefore in every aspect, we do need to talk to each other, countries of the world need to speak to each other. And we are engaging with our partners,” Kyari stated.

He added, “We have agencies and multilateral institutions that are involved in energy transition and they should understand that in reality we must be supported and that support can come in two ways.

“One is to accept that gas will be transition fuel of choice. And that is the reality. Therefore that funding must come specifically for gas.”

In his address at the conference, the OPEC scribe corroborated the position of the NNPC boss as regards the drop in investments in the oil sector, as he revealed that the industry was currently under siege going by the many challenges besetting it.

Barkindo said, “Years of underinvestment in the oil sector help explain the current market tightness and razor-thin spare capacity margins.

“In OPEC’s 62-year history, spare capacity has never been as low as it is today, and this takes into account periods of war, natural disaster, and other market shocks. If this trend  continues, it could haunt us in the future.”

On the outcome fallout of the challenges confronting the sector, the outgoing OPEC chief said, “Our industry is now facing huge challenges along multiple fronts.

“And these threaten our investment potential now and in the longer term. To put it bluntly, the oil and gas industry is under siege!”