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Wednesday, 24 September 2025

N8.41tn Oil Theft Drains Economy, Fuels Investor Doubts

 

Nigeria lost crude oil valued at a staggering N8.41tn to theft and metering deficiencies between 2021 and July 2025, according to the latest data sourced from the Nigerian Upstream Petroleum Regulatory Commission.

Although the regulator celebrated recent progress in reducing daily losses to their lowest levels in nearly 16 years, experts warn that the cumulative economic toll remains devastating and exposes governance failures in the oil sector.

NUPRC’s analysis showed that Nigeria lost 37.6 million barrels of crude in 2021, 20.9 million barrels in 2022, 4.3 million barrels in 2023, 4.1 million barrels in 2024, and 2.04 million barrels between January and July 2025.

Using Statista’s average Brent crude prices, these losses translate to: $2.66bn in 2021 (37.6m barrels at $70.86 each); $2.11bn in 2022 (20.9m barrels at $100.93 each); $355.7m in 2023 (4.3m barrels at $82.49 each); $330.3m in 2024 (4.1m barrels at $80.56 each); and $146.5m in January–July 2025 (2.04m barrels at $71.79 each).

In total, the losses amounted to $5.61bn, equivalent to N8.41tn at the current exchange rate of about N1,500/$. To put this into perspective, the stolen value could have built 56,074 primary health centres (at N150m each); funded 129,401 classroom blocks (at N65m each); and constructed 10,191 kilometres of roads (at N825m/km).

By comparison, the Federal Government allocated just N1tn for 468 road projects in the 2025 budget—barely one-eighth of the value of oil losses in four and a half years. The N8.41tn also exceeds the entire N2.48tn health budget and nearly triples the N3.52tn education budget for 2025.


Experts warn

Energy experts, however, said the sheer scale of past losses highlights the massive development opportunities squandered. United States–based oil and gas consultant Chukwuma Atuanya said while the reduction to 2.04 million barrels in the first seven months of 2025 represents progress, Nigeria still lags behind its production targets.

“The country still needs an additional 400,000 bpd to reach the 2 million bpd target by December 2025. Losses of 9,600 bpd are still significant,” he said. Atuanya credited improvements to intensified military operations, metering upgrades, unmanned surveillance systems, and community involvement. Yet, he warned that theft continues to sap foreign exchange earnings, undermine budgets, weaken the naira, and scare away investors.

“Oil theft causes massive revenue losses and budget underperformance. It fuels currency devaluation and economic instability. It also discourages investment, since uncertainty over actual export volumes undermines confidence,” he explained.

He also noted the environmental and social costs. “Pipeline vandalism and illegal refining cause severe environmental degradation, increase poverty, displace communities, and worsen insecurity in the Niger Delta,” he said.

Atuanya argued that zero theft is unattainable but could be reduced to “tolerable levels” through stricter penalties, prosecution of complicit officials, and deeper host community involvement.

While regulators celebrated progress, not everyone is convinced. Professor Dayo Ayoade, an energy law scholar at the University of Lagos, questioned the accuracy of NUPRC’s figures, citing weak metering and reporting systems.“It may well be 2.04 million barrels; it may be double that. We simply do not know,” he said.

Ayoade stressed that theft largely occurs in onshore and shallow-water assets, not deep offshore, making accurate measurement even more complex.

He accused security agencies of failing to hold perpetrators accountable. “Security forces burn illegal refineries but fail to arrest and prosecute the masterminds. There is nobody in jail for these crimes, despite trillions lost. This points to systemic complicity,” he said.

The don argued that without deterrent punishment, oil theft will persist. “Until we start jailing people—including complicit security officials and politicians—this cycle will continue. Governance failure lies at the root of the problem,” he added.


NUPRC celebrates progress

Despite the staggering cumulative losses, the regulator highlighted recent improvements. In July 2025, daily crude oil losses were down to 9,600 barrels per day, the lowest since 2009, when they stood at 8,500 bpd.

“Between January and July 2025, losses were contained at 2.04 million barrels, averaging 9,600 bpd. This marks a clear departure from the high-loss years that plagued the industry,” NUPRC stated.

For comparison, losses in 2024 stood at 4.1 million barrels at 11,300 bpd, while 2021 recorded the worst figures in two decades at 37.6 million barrels, averaging 102,900 bpd daily.

NUPRC linked the progress to reforms introduced after the Petroleum Industry Act (PIA) came into force in 2021, along with new technologies, stricter monitoring, and community engagement strategies.


Oil theft debate

The debate over crude oil theft in Nigeria underscores a paradox: while the scale of losses has dropped dramatically since 2021, the cumulative toll continues to rob the country of transformative development opportunities.

The NUPRC points to improved monitoring, reforms under the PIA, and technology deployment as signs of lasting progress. But experts argue that real change requires systemic reforms—stronger governance, transparency, community buy-in, and prosecution of offenders.

For a nation heavily reliant on crude oil, which accounts for over 90 per cent of foreign exchange earnings, the stakes remain high. Losses of even 10,000 barrels per day not only strain government finances but also erode investor confidence, exacerbate insecurity, and deepen poverty.

As Nigeria works toward its 2 million bpd production target for 2025, the government faces dual challenges: sustaining recent progress while addressing the governance and security lapses that allowed trillions to vanish unchecked.

Experts agree that oil theft may never be eradicated, but it can be reduced to manageable levels. However, this requires transparent metering and reporting systems, host community participation in protecting infrastructure, stricter enforcement and jail terms for offenders, and political will to confront powerful interests profiting from theft.

The N8.41tn already lost stands as a stark reminder of what is at stake. That sum could have revolutionised Nigeria’s healthcare, education, and infrastructure. Instead, it vanished into a shadowy economy of theft, vandalism, and complicity.

As Professor Ayoade put it, “How can trillions vanish and nobody is punished? Until accountability becomes real, oil theft will remain Nigeria’s greatest self-inflicted wound.”


By Dare Olawin

SOURCE PUNCH NEWS

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Thursday, 4 September 2025

Centenary City Resumes Construction with ₦750 Billion Julius Berger Deal

 


 

In a landmark development poised to elevate Nigeria’s urban landscape, the ambitious Centenary City Project (CCP) in the Federal Capital Territory (FCT) has roared back to life after an 11-year hiatus. The project, a visionary public-private partnership (PPP) initially launched in 2014 to commemorate Nigeria’s centenary, has secured a monumental N750 billion contract with Julius Berger Nigeria Plc, the country’s leading construction firm, to deliver critical infrastructure for the first phase of this futuristic smart city.

Centenary City, a sprawling 1,260-hectare master-planned development located just southwest of Abuja and five kilometers from Nnamdi Azikiwe International Airport, is designed to rival global urban hubs like Dubai, Monaco, and Singapore. Overseen by Centenary City FZE, the project aims to create a state-of-the-art, private sector-driven trade and investment hub that promises to redefine luxury, innovation, and urban living in Nigeria. Envisioned as a “city of the future,” Centenary City will integrate smart technology, sustainable infrastructure, and world-class amenities, eliminating the need for Nigerians to travel abroad for premium leisure and relaxation experiences.

The project’s revival marks a significant step toward positioning Nigeria among the world’s industrialized nations, with Centenary City serving as a beacon of progress and economic transformation. “This is more than just a city; it’s a bold statement of Nigeria’s ambition to compete on the global stage,” a project spokesperson said.

Julius Berger Nigeria Plc, renowned for its expertise in delivering large-scale infrastructure projects, has been awarded the contract to construct primary and secondary infrastructure for the project’s first phase. The scope includes a 4.3km plot access road and supporting infrastructure for key residential areas, including Grove Residences, Safari Park Residences, and Ridge Villas. The contract will be executed in lots to ensure efficiency and timely delivery.

Following the signing of the deal, Julius Berger has mobilized to the site with immediate effect, signaling the project’s accelerated timeline. “We are committed to delivering world-class infrastructure that aligns with the vision of Centenary City as a global destination,” a representative from Julius Berger stated.

Launched in 2014 under the administration of former President Goodluck Jonathan with an initial capital investment of N18.6 billion, Centenary City faced significant challenges that stalled its progress. These included revoked land rights, certificate withdrawals, and calls for investigations, which collectively delayed the project for over a decade. Despite these setbacks, the renewed commitment from stakeholders and the Federal Government has breathed new life into the initiative, with the N750 billion contract marking a turning point.

The project’s resumption reflects a collaborative effort between the public and private sectors to overcome past hurdles and deliver a transformative urban development. Centenary City is expected to attract significant local and international investment, create thousands of jobs, and boost Nigeria’s tourism and real estate sectors.

Spanning 1,260 hectares of virgin land, Centenary City is designed to be a self-contained urban ecosystem. The development will feature residential estates, commercial districts, cutting-edge technology hubs, recreational facilities, and sustainable infrastructure. Its proximity to Abuja and the international airport positions it as an ideal destination for business, tourism, and luxury living.

Once completed, Centenary City is expected to rival global cities like Dubai, offering Nigerians and international visitors a world-class experience without leaving the country. “There will be no need to travel to Dubai for pleasure and relaxation,” a project official remarked. “Centenary City will bring that experience home.”

The revival of Centenary City is a significant milestone in Nigeria’s quest for sustainable urban development. The project is expected to drive economic growth by attracting foreign direct investment, fostering innovation, and creating opportunities for local businesses. Additionally, the construction phase alone will generate significant employment opportunities, while the completed city will serve as a hub for commerce, tourism, and cultural exchange.

As Nigeria continues to urbanize rapidly, Centenary City represents a forward-thinking model for addressing the challenges of population growth, infrastructure deficits, and economic diversification. The project aligns with the Federal Government’s broader vision of transforming Nigeria into a global economic powerhouse.

With Julius Berger already on-site and construction underway, the first phase of Centenary City is expected to take shape in the coming years, setting the foundation for a fully realized smart city. Stakeholders are optimistic that the project will meet its ambitious goals, delivering a world-class urban center that showcases Nigeria’s potential to the world.

For more information on the Centenary City Project, visit the official project website or contact Centenary City FZE. As Nigeria embarks on this transformative journey, Centenary City stands as a testament to the nation’s determination to build a future that rivals the best in the world.


Contact 
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Saturday, 30 August 2025

Music: Kiki - Somebody

 



 Nkiru Amuneke (KIKI) is a multidisciplinary creative and tech enthusiast with a passion for innovation and expression.

Blending technology and artistry, she explores new ways to connect people through creativity.

As an artist and the voice behind “Somebody”, Kiki brings storytelling to life in both digital and artistic spaces. Driven by curiosity and love, she thrives at the intersection of tech, music, and art.

Download and Share

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STREAM HERE

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Wednesday, 6 August 2025

Jet Age Nation Builders 8 Rising Leaders Shaping East Africa’s Future

 



East Africa is witnessing a remarkable wave of emerging leaders, each poised to influence the region’s path across politics, diplomacy, technology, and security. From progressive senators to visionary ministers, these individuals represent the next generation of changemakers working toward a brighter, more dynamic future for East Africa.

Here are eight trailblazers to watch:

1. Senator Edwin Sifuna (Kenya)



A prominent figure in Kenyan politics, Senator Edwin Sifuna serves as Nairobi’s Senator and Secretary-General of the Orange Democratic Movement (ODM) Party. Renowned for his sharp legal acumen and strong advocacy for youth empowerment, Sifuna, 43, continues to make waves as a vocal leader—with many regarding him as bound for even greater influence.

2. Moise Katumbi (Democratic Republic of Congo)



Moise Katumbi, a respected businessman and former governor of Katanga province, made a formidable showing as a 2023 presidential contender in the DRC. Widely viewed as a reformist, Katumbi strongly champions justice, robust institutions, and national unity, earning him recognition as a steadfast advocate for democracy and sustainable development.

3. Abdisaid Ali (Somalia)

Among the vanguard of young Somali leaders, Abdisaid Ali stands out for his tireless advocacy for peace and youth engagement in both politics and civic life. Through his work on national youth platforms, Ali embodies a forward-thinking approach that signals a progressive future for Somali leadership.

4. January Makamba (Tanzania)



Currently serving in various high-profile government roles, January Makamba is widely seen as a rising star and potential presidential contender in Tanzania. He is celebrated for his innovative policies, commitment to environmental stewardship, and efforts to modernize governance in the country.

5. Paula Ingabire (Rwanda)



As Rwanda’s Minister of ICT and Innovation, Paula Ingabire is at the forefront of the nation’s ambitious digital transformation. An MIT alumna, Ingabire is credited with spearheading smart nation programs and driving Rwanda’s push into the Fourth Industrial Revolution through technology-driven economic reforms.

6. Ambassador Fred Ngoga (Burundi)



Known as “Simba ya Amani,” or the “Lion of Peace,” Ambassador Fred Ngoga plays a crucial role in diplomacy, conflict resolution, and regional security. A senior adviser to the African Union, Ngoga is a respected voice in peacebuilding, borderland security, and forging partnerships for Africa’s development.


7. General Muhoozi Kainerugaba (Uganda)



General Muhoozi Kainerugaba currently holds the position of Chief of Defence Forces in Uganda. As the son of President Yoweri Museveni, Muhoozi remains a central figure in the nation’s security structure and an influential player in ongoing discussions about Uganda’s political future.

8. Benjamin Bol Mel (South Sudan)



Benjamin Bol Mel is recognized for his technocratic expertise and influential role in driving economic policy in South Sudan. As an advisor and policy influencer in Juba, Bol Mel’s vision helps shape peacebuilding and governance in one of the continent’s most challenging landscapes.

Together, these dynamic leaders embody the new face of East Africa: bold, innovative, and determined to chart a lasting legacy for the region’s future.

 By Victoria

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Tuesday, 3 June 2025

PWAN Chairman Breaks Silence on Delayed Land Allocations, Assures Clients of Ongoing Efforts

 


The founding chairman and co-founder of PWAN Group, Dr. Austin Onwumere, has addressed ongoing concerns from clients regarding delayed land allocations, emphasizing that the company remains fully committed to delivering on its promises.

In a video released to the public, Dr. Onwumere categorically dismissed allegations suggesting that PWAN was involved in fraudulent activities. He clarified that the delays being experienced by some clients are not the result of scam operations, but are due to challenges within the broader real estate sector.

According to him, land development and allocation in Nigeria often involve complex documentation and regulatory processes, which can sometimes affect delivery timelines. He reassured clients that no one would be left unattended and that the company is actively resolving all outstanding issues.

Dr. Onwumere also highlighted that PWAN, which was founded 13 years ago, has built its reputation on trust and performance, and would not jeopardize its legacy through negligence or misconduct. He urged clients to continue to engage with PWAN’s support channels while efforts are made to sort out pending allocations.

The company has received a wave of public feedback from clients awaiting land delivery, and this public statement marks the first official response from the company’s leadership since the complaints gained traction.

Dr. Onwumere reaffirmed that no client would lose their investment, and the company’s priority remains to deliver on all existing agreements while improving communication moving forward.

Contact PWAN Group for Support:

• Address: Km 42, Lekki-Epe Expressway, Opposite Coscharis Motors, Awoyaya, Lagos

• Phone: +234 701 234 5678

• Email: info@pwangroup.com

• Website: www.pwangroup.com


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Monday, 2 June 2025

What Sets PWAN/PWAN Max Apart — Transparency, Empowerment, and Customer-Centric Values

 



Discover how PWAN’s core values—transparency, empowerment, and a customer-first approach—set it apart in the competitive Nigerian real estate sector.


Introduction: Standing Tall in a Crowded Market

In a rapidly expanding real estate landscape like Nigeria’s, countless companies are jostling for attention—each offering land, homes, or investment options. However, few have made the impact and sustained trust that the PWAN/PWAN Max Group has achieved. The secret? Not just land deals or marketing brilliance—but a deep-rooted commitment to transparency, empowerment, and customer-centricity.

This article explores what makes PWAN different from the crowd, why its model has proven effective, and how its core values continue to resonate with thousands of realtors, clients, and stakeholders nationwide.


1. Transparency in Every Transaction

PWAN's first pillar is transparency. In an industry riddled with fraud and title disputes, PWAN has distinguished itself by:

  • Ensuring all properties are verified, titled, and documented

  • Encouraging clients to conduct site inspections before payments

  • Operating only through official corporate bank accounts

  • Delivering receipts, invoices, and land documents with traceability

The company maintains a strict “no cash collection by marketers” policy, which prevents fraud and ensures that all funds reach the corporate office for processing.

“When a company gives you your allocation letter within days of purchase, you know they’re serious.”Blessing O., Realtor with PWAN Plus


2. Empowering Everyday Nigerians Through Real Estate

PWAN/PWAN Max Group has redefined empowerment. At its core, the business isn’t just about selling land; it’s about enabling financial independence for thousands.

Here’s how:

  • Zero capital startup for consultants

  • Lifetime referral bonuses from direct and indirect sales

  • Regular mentorship and capacity building programs

  • National and international travel rewards for top performers

  • Personal development seminars for all team leaders and directors

This model has birthed a wave of real estate entrepreneurs—ordinary Nigerians now earning stable monthly incomes, even building wealth—without owning a bank or borrowing loans.


3. Building Communities, Not Just Selling Plots

PWAN/PWAN Max is one of the few companies actively developing its estates, not just selling undeveloped plots.

Key features include:

  • Estate fencing and gatehouses

  • Internal road grading and drainage

  • Power supply infrastructure in selected locations

  • Site offices and community planning layouts

By investing in actual infrastructure, PWAN/PWAN Max assures clients that they’re buying into a future-ready neighborhood, not just bushland.

Estates like The Grace Estate, Max Garden, Perfection Estate, and Treasure Point are examples of community-centric development.




4. A Customer-First Culture

From first inquiry to final land allocation, PWAN/PWAN Max has built a seamless customer experience journey. This includes:

  • Dedicated customer service reps for every client

  • Automated receipt generation upon payment

  • Digital access to purchase history and documentation

  • Monthly follow-ups with buyers until full allocation

The company’s motto, “Making Home Ownership Dream a Reality,” is not just a slogan—it’s a culture embedded in how staff, marketers, and managers interact with clients.


5. Exceptional Training and Realtor Support

PWAN's success is due in part to its large network of trained real estate consultants—known within the group as consultants, directors, and executive marketers.

The company provides:

  • Weekly and monthly physical training sessions

  • Online masterclasses in sales, closing, ethics, and branding

  • Access to marketing materials, flyers, and promo videos

  • Sales automation tools and CRMs for performance tracking

This multi-level training system ensures that every consultant is not just a seller, but a well-informed brand ambassador.


6. Financial Discipline and Ethical Marketing

Unlike “quick money” schemes, PWAN/PWAN Max operates under a strictly commission-based model. Consultants only earn when:

  • A client makes a payment

  • The transaction goes through official channels

  • Documentation is completed

This model discourages dishonesty and promotes a results-driven, ethical sales culture.

In contrast to platforms promising unrealistic ROI, PWAN offers tangible value: Land. Documents. Communities.


7. Robust Online and Offline Presence

PWAN/PWAN Max Group operates a hybrid marketing model:

  • Physical offices in major cities: Lagos, Abuja, Port Harcourt, Uyo, Warri, Asaba, and more

  • Official websites and portals for each affiliate company

  • Social media presence on Facebook, Twitter, Instagram, TikTok, and YouTube

  • Influencer and ambassador partnerships

  • Live estate tours and virtual webinars

This accessibility has increased trust and given the company national visibility.


8. Crisis Management and Responsiveness

The true test of a company is how it reacts during a crisis.

When the SEC made general statements about real estate MLMs, PWAN/PWAN Max didn’t go silent. It responded with:

  • Public press releases

  • Clarification campaigns across media

  • Town hall meetings with stakeholders

  • Legal and regulatory consultations

This earned it renewed credibility and differentiated it from entities engaged in unethical practices.





9. Focus on Women and Youth Empowerment

PWAN/PWAN Max Group has a unique emphasis on inclusivity. The company has empowered:

  • Thousands of women to become financially independent consultants

  • Youth graduates who now lead regional marketing teams

  • Returnees from abroad who now invest in Nigeria’s land and housing market

The real estate business model is not just a business—it’s a movement of hope and restoration, giving thousands an alternative to unemployment and poverty.


10. Social Responsibility and Philanthropy

PWAN/PWAN Max understands its role as a citizen brand. Its CSR efforts include:

  • Donations to schools, churches, and NGOs

  • Free land promos for widows and orphans

  • Health outreaches and community cleanups

  • Sponsorships of skill acquisition programs

In an economy where many firms focus solely on profit, PWAN is consciously giving back—and the public has noticed.


Conclusion: The PWAN/PWAN Max Standard

When you analyze the real estate sector in Nigeria, PWAN stands out not just because of land, bonuses, or branded shirts—but because of a deep commitment to doing things right.

Its ethical foundation, education-driven empowerment model, customer-first culture, and visionary leadership make it more than a company—it’s a movement.

While others may follow trends, PWAN/PWAN Max sets the standard.






Final Thoughts for Stakeholders

Whether you’re:

  • A client looking to buy safe land

  • A young Nigerian seeking business opportunity

  • A regulator aiming to understand legitimate MLM models

  • A critic watching from the sidelines

One thing is clear: PWAN/PWAN Max Group is building a legacy—one transparent transaction at a time.


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