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‘I’ll make sure Nigeria stop depending on Crude oil ‘ – President Buhari

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10 years ago

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President Muhammadu Buhari has, at the U.S.-Africa business forum, said that his administration would ensure that “Nigeria does not slip back into a lazy and dangerous dependence on the price of crude oil” again.

Buhari who expressed optimism that “Nigeria is on the rise” said that his government has set an enviably workable modalities to drive the economy out of recession and reposition the country and Africa as a destination point for every investor. Below is the full speech on Bloomberg, titled “Making ‘Africa Rising’ a Reality in Nigeria.”

Until a few years ago, Africa Rising was a dominant theme in conversations about the global economy. That enthusiasm has since cooled, so that in newsrooms and think tanks and conference panels, “Africa Rising!” has given way to a more questioning “Africa Rising?”

While some of that pessimism may be justified, we do not have the luxury of distracting ourselves with lamentations about our current circumstances. Instead of hoping for commodity prices to rise, African countries should seize the opportunities that these times present — not least here at today’s U.S.-Africa Business Forum — to lay a foundation for the kind of economic growth that transforms the lives of our people.

One of our biggest challenges during the boom years was that we failed to convert the benefits of high commodity prices into more jobs and significant improvements in standards of living. Hence the great debate, during those years, about how to ensure that the growth became “inclusive.”

Now that we are face to face with the vulnerabilities somehow hidden during the years of plenty, we should turn away from the unhelpful habits of the past and chart a new course. Since I signed the 2016 budget into law in May, Nigeria’s Ministry of Finance has released more than 400 billion naira for infrastructure spending — more than the total amount spent in 2015.

In the face of dwindling oil revenues, we are turning to debt. We have begun raising a $1 billion Eurobond, our first in three years. We are also raising debt from the World Bank, the African Development Bank, the Chinese Ex-Im Bank and other development finance partners.

Unlike in the past, when borrowed funds were frittered away on unproductive ventures, we will ensure their investment in the revival of stalled road, rail, power and port projects, and in agricultural initiatives that will significantly boost domestic production of food. For far too long we have under-invested in infrastructure — the most critical element for creating sustainable economic growth. The net effect: an avoidably high cost of doing business in Nigeria.

But even more important than what the government is able to spend is the limitless investment potential of the private sector. This is why one of our main priorities is creating an environment in which private-sector capital can thrive. We are in particular using Public-Private Partnership models to support game-changing private-sector projects in power, refining, gas transportation and fertilizer production.

We are also putting in place measures to ensure that monies intended to revamp our infrastructure do not end up in the pockets of corrupt officials and their collaborators. Already we are investigating the theft of several billion dollars in public funds by the previous administration. We are not only bringing these corrupt officials to justice, we are also setting up systems to make it impossible for such a grievous abuse of public trust to happen again.

And of course, we are as committed to playing by the rule of law as we are to accounting for every naira and recovering them for our treasury. These were funds meant to build roads and railway lines and hospitals and schools, and to equip our military — which has for the last seven years been fighting one of the deadliest terrorist groups in the world.

In that regard, we are already seeing the positive results of our anti-corruption efforts. Long starved of both materiel and morale by the corruption in the military’s upper echelons, our reinvigorated troops have now put Boko Haram permanently on the back foot. Some of the more than 2 million persons displaced by Boko Haram have started returning to their homes. Just last week, the people of Nigeria’s northeast celebrated their first incident-free Eid in years.

Our troops have rescued thousands of men, women and children trapped in areas held by Boko Haram. To meet their urgent humanitarian needs, we are working with the United Nations and other partners to provide food, medical help and shelter. We will strive to ensure that no victim is left behind, including the 219 Chibok girls who have, since their abduction in April 2014, served as a global symbol of the war against Boko Haram and a reminder of the horrors that it has inflicted on innocent Nigerians.

Even though the times are still dire, our economic recovery plan is already showing positive results. Investment’s share in gross domestic product is at its highest since 2010. Inflation is slowing; manufacturing confidence is rising. People are seeing and seizing opportunities to make money catering to the needs of Africa’s most populous country.

Finally, our Social Investment Program — the most ambitious in Nigeria’s history — will kick off this month. In its first year it will provide cash transfers to 1 million of our poorest people, hot meals to 5 million primary-school children, cheap loans to more than 1 million artisans and traders, and job opportunities in health care, agriculture and software and hardware development for half a million young people.

The journey ahead remains long and difficult. Our double-digit inflation, currency turmoil and downgraded ratings will not vanish overnight. We also know that the current recession is partly driven by the production outages in Nigeria’s Delta region, and we are confident that growth will accelerate as problems in that region are resolved.

But the real story here is not the challenges, which are all too visible, but the opportunities. We have learned the necessary lessons. We will ensure that Nigeria does not slip back into a lazy and dangerous dependence on the price of crude oil. We will continue to insist on transparency and accountability in the use of government funds. And we will build an economy that prioritizes the ease of doing business and investing, and that thrives on the entrepreneurial energy and ingenuity of our people.

To achieve these objectives, Nigeria needs robust and reliable partnerships such as we have with the United States. This is why I value the Commercial and Investment Policy Dialogue that we have just launched, and which we shall announce at today’s U.S.-Africa Business Forum.

The months ahead will show not only that Nigeria is on the rise, but that this “Rising” is real and lasting — one that touches not just the statistical databases, but the lives of the people who elected us to deliver positive change

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Sahara weekly online is published by First Sahara weekly international. contact [email protected]

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Business

Landmark Judgment: Federal High Court Dismisses ₦50bn Oil Spill Claim Against ExxonMobil

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57 minutes ago

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May 13, 2026

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Landmark Judgment: Federal High Court Dismisses ₦50bn Oil Spill Claim Against ExxonMobil

 

The Federal High Court sitting in Uyo has dismissed a ₦50 billion lawsuit filed against ExxonMobil, sued as Mobil Producing Nigeria Unlimited, now Seplat Energy Producing, in a ruling analysts say could significantly reshape oil spill litigation and compensation claims in Nigeria’s petroleum sector.

Delivering judgment on April 29, 2026, Justice Onyetenu held that the suit instituted by the Ejige Ore Njenyisi Muma & Fishing Co-operative Society Ltd was incompetent and liable to dismissal for lack of jurisdiction.

The plaintiffs had sought ₦50 billion in damages over an alleged hydrocarbon spill said to have occurred on September 12, 2021.

However, counsel to the defendant, Chinonso Ekuma of KENNA LP, successfully argued that the claimants failed to disclose any legally recognisable violation attributable to the oil firm.

In its findings, the court held that the plaintiffs failed to establish any actionable wrongdoing against the defendant.

A key element in the court’s decision was the Joint Investigation Visit (JIV) Report tendered by the plaintiffs themselves, which showed that the alleged spill incident was confined within ExxonMobil’s operational facility and did not impact the members of the cooperative society or their sources of livelihood.

The court further ruled that claims arising from such incidents must be pursued strictly under the statutory compensation framework provided in Section 11(5) of the Oil Pipelines Act, rather than through common-law claims founded on negligence or nuisance.

Justice Onyetenu held that the plaintiffs’ attempt to circumvent the statutory regime by framing the suit as a tort action rendered the matter incompetent before the court, thereby depriving it of jurisdiction.

Legal analysts say the judgment reinforces the supremacy of the Oil Pipelines Act in determining compensation procedures relating to oil pipeline incidents and environmental claims in Nigeria.

The ruling is also seen as strengthening the evidential weight of Joint Investigation Visit Reports, particularly in cases where such reports indicate no direct impact on claimants or host communities.

Industry observers believe the judgment will have far-reaching implications for future oil spill litigation, especially regarding the procedural requirements for compensation claims against oil operators.

The court’s decision further provides clarity for operators within Nigeria’s energy sector by reaffirming that compliance with Section 11(5) of the Oil Pipelines Act is mandatory and cannot be sidestepped through alternative legal formulations.

While K.O. Uzuokwu appeared for the plaintiffs, the defence was led by Chinonso Ekuma of KENNA LP on behalf of ExxonMobil.

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Bank

Union Bank Honoured by ASBON at Nigeria National SME Business Awards

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7 hours ago

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May 13, 2026

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Union Bank Honoured by ASBON at Nigeria National SME Business Awards

 

 

Lagos, Nigeria – Union Bank of Nigeria has reaffirmed its reputation as a strong supporter of Nigerian businesses, receiving the Best SME Growth Banking Initiatives Award for 2025 from the Association of Small Business Owners of Nigeria (ASBON) at the Nigeria National SME Business Awards, held recently in Lagos.

The award was presented to the Bank in recognition of its strategic leadership in advancing the growth and resilience of small and medium-sized enterprises, through a differentiated suite of solutions designed to enable business expansion and long-term value creation.

Receiving the award on behalf of the Bank, Ayokunnumi Abraham, Head of SME Segment at Union Bank, described the recognition as a strong endorsement of the Bank’s commitment to supporting small and medium-sized businesses. He said:

“We are honoured to receive this recognition, which reflects Union Bank’s continued commitment to helping SMEs grow by making banking simpler, faster, and more accessible. Through enhancements to our specialised platforms such as Union360, we have meaningfully reduced the time it takes for businesses to come on board and begin transacting. These improvements have shortened onboarding, increased digital adoption among our SME customers, and supported the acquisition of new business clients. Our focus remains on delivering practical solutions that help Nigerian businesses thrive.”

Organised by ASBON in partnership with the Lagos State Government through the Ministry of Commerce, Cooperatives, Trade and Investment, the event convened stakeholders from the public and private sectors to recognise individuals and organisations driving meaningful impact across Nigeria’s SME ecosystem.

Union Bank remains focused on deepening its support for SMEs through customer-led solutions and processes that strengthen business growth across the ecosystem.

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Bank

Atlantian Crown Bank Rebrands as Arizona Global Bank LLC, Begins Licensing for Global Expansion 

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20 hours ago

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May 12, 2026

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*Atlantian Crown Bank Rebrands as Arizona Global Bank LLC, Begins Licensing for Global Expansion* 

_By AGP News 

 

*UNITED KINGDOM OF ATLANTIS* — In a move signaling a push into international markets, the Royal Throne of the United Kingdom of Atlantis on Sunday announced the corporate transformation of Atlantian Crown Bank LLC into *Arizona Global Bank LLC*, as part of a wider restructuring to position the institution for global banking and financial innovation.

 

The announcement was made at a press conference in the UKA capital by *HRM Queen Amb. Cletus C. Leaticia*, Chief Executive Officer of the newly named bank. She told reporters the rebranding marks _“more than a name change”_ and reflects a strategic pivot toward digital finance, cross-border investment, and modern banking standards.

 

_“This transformation represents our commitment to innovation-driven banking and our vision to become a globally competitive financial institution,”_ Queen Leaticia said.

 

*Licensing Process Underway*

According to the Department of Financial Administration and Corporate Affairs, which issued the official communication, Arizona Global Bank LLC has formally begun the process of applying for a *Banking Operational Licence* under UKA’s financial regulatory framework.

 

Once licensed, the bank plans to operate as a modern financial enterprise focused on four pillars:

1. Innovation-driven banking and digital financial solutions

2. Corporate financing and structured investment services

3. International financial partnerships and cross-border trade facilitation

4. Financial inclusion initiatives

 

Bank officials stressed that the institution will _“maintain strict compliance with all banking regulations and supervisory standards”_ set by UKA financial authorities.

 

*Strategic Shift Amid Global Ambitions*

Management described the rebranding as part of a broader restructuring initiative to _“strengthen the bank’s international identity, expand its global financial footprint, and align operations with contemporary banking standards.”_

 

Representatives called the licensing and rebranding process a _“major milestone”_ aimed at supporting economic growth, international trade, and cross-border investment initiatives.

 

*No Disruption to Existing Commitments*

Addressing potential concerns from clients and partners, management reassured stakeholders that _“all existing institutional commitments, operational objectives, and long-term strategic plans remain fully intact throughout the transition process.”_

 

The Royal Throne indicated that further updates on the licence approval, commencement of operations, corporate partnerships, and investment programmes will be released through official UKA and Arizona Global Bank LLC channels.

 

_The Department of Financial Administration and Corporate Affairs, Royal Throne of United Kingdom of Atlantis, issued the official statement._

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