Business
Oil giants, Shell, Eni, to face big loss as FG sets to withdraw Oil block
The Nigerian government is set to retrieve one of Africa’s richest oil blocs from oil giants, Shell and Eni, as reported by premium times.
Not only will the two oil giants lose OPL 245, should President Muhammadu Buhari approve the recommendations, they will also be fined billions of dollars for illegal activities, including paying money to fraudulent public officials and private citizens in order to secure the bloc.
The retrieval of the controversial oil bloc, estimated to contain about 9 billion barrels of crude, as well as placing heavy fines on the oil giants, is contained in a far-reaching recommendation by the office of the Director of Public Prosecution, DPP, Mohammed Diri.
The recommendation was at the instance of the Attorney General of the Federation and Minister of Justice, Abubakar Malami, who is set to advise the federal government on how to proceed on a controversial deal that is being investigated by authorities in four different countries.
In arriving at its recommendations, the DPP committee, which included lawyers from his office, called for the cancellation of the ‘settlement agreement’ that ceded the oil bloc to Shell and Eni.
Summary of Malabu’s history
Summary of OPL 245 history. Source: Global Witness
The ‘Settlement Agreement’
Made on April 29, 2011, the settlement deal is made up of three different ‘Resolution agreement’ signed by the parties involved in the OPL 245 saga.
The first, titled “BLOCK 245 MALABU RESOLUTION AGREEMENT” was signed between representatives of the federal government and those of Malabu, which was represented during the discussions by a former petroleum minister, Dan Etete.
The second agreement, titled “BLOCK 245 RESOLUTION AGREEMENT” was between the Nigerian government and officials of Shell and Eni/AGIP; while the third agreement, titled “BLOCK 245 SNUD RESOLUTION AGREEMENT”, was signed by officials of the Nigerian government and Shell.
The immediate past attorney general of the federation, Mohammed Adoke, and immediate past petroleum minister, Diezani Alison-Madueke signed all the agreements on behalf of the federal government. Both are among officials being investigated by Nigeria’s foremost anti-graft agency, the Economic and Financial Crimes Commission, for their roles in the scam.
The agreements saw the transfer of OPL 245, first from the Malabu to the Nigerian government and then from the government to Shell and Eni. The agreements also effectively cancelled all previous law suits and judgements related to the case.
It was based on these agreements that Shell and Eni paid a total of $1.3 billion into Nigerian government accounts, which as stated in earlier reports by PREMIUM TIMES, largely ended up in accounts of phoney companies and shady characters.
Cancel the agreement
The committee empanelled by the Attorney General Malami recommended that the agreement be cancelled, describing it as “null and void”, and saying it “should not be given any legal effect by the FGN (Federal Government of Nigeria) as doing so would amount to the FGN condoning and perpetuating illegality.”
One of the reasons the panel consider the agreement illegal is that the ex-convict, Mr. Etete, had no legal authority to negotiate the agreement on behalf of Malabu as he was not a shareholder of the company nor had the permission of the shareholders to do so.
Also, the oil bloc was awarded to Malabu in furtherance of Nigeria’s policy to encourage local companies and part of the conditions for the award was that “foreign participation interest in the blocks (OPL 245 and 214) shall not exceed 40%, i.e. 60/40 indigenous to foreign;” a fact Shell was aware of but chose to ignore.
The committee also sought the cancellation of the agreement based on a resolution by the last House of Representatives, which called for the cancellation and demanded that Shell be“censured or reprimanded… for its lack of transparency and full disclosure in its bid to acquire OPL 245.”
Also, although Shell and Eni claimed they only struck an agreement with the federal government and that they did not know, before the agreement, that the money they paid was going to Malabu, evidence by investigators in Italy and the Nigerian anti-graft agency, EFCC, shows that the oil firms knew the payment was eventually going to Malabu accounts controlled by Mr. Etete, a man once convicted for money laundering in France.
Apart from calling for the cancellation of the agreement, the DPP panel also recommended the full recovery of the money paid by Shell and Eni, describing it as “proceed of crime.”
it was earlier reported how the Federal Government paid over $800 million of the money into accounts controlled by Mr. Etete and how Justice Edis of the Southwark Crown Court in England refused to release $85 million of the remaining sum to Mr. Etete in December.
A Home for Heritage: ILÉ IYÁN Opens Headquarters to Celebrate Nigerian Roots
ILÉ IYÁN, a proudly Nigerian culinary brand, has officially unveiled its state of the art headquarters with a 200 guest capacity facility. The grand opening ceremony not only marked a milestone in the company’s growth but also paid tribute to Nigeria’s rich cultural heritage, drawing attention to the role of indigenous cuisine and tradition in promoting tourism across Lagos State.
The historic launch of the ILÉ IYÁN Headquarters held on Sunday the 11th May, 2025, now officially recognized as a national monument, took place in grand style, marking a significant milestone in the celebration and preservation of Nigerian cultural heritage and a major boost to the tourism industry.
The atmosphere was electric as the official opening ceremony of Ile Iyan’s new edifice commenced with a symbolic ribbon-cutting by the proud parents of the CEO, Alhaji and Alhaja Sanni. The emotional moment was met with cheers and applause from attendees, marking a significant milestone in the brand’s journey.
In a heartfelt speech, the CEO’s mother Alhaja Sanni shared her immense joy and pride in her son’s achievements. “I never imagined this day would come so soon. He defied all odds and has made us proud,” she said, her voice filled with emotion.
Celebrating Nigeria’s cultural richness, the event featured vibrant performances by Yoruba, Igbo, and Hausa cultural troupes. Dressed in colourful traditional attire, the troupes dazzled the audience with electrifying dances that underscored the Ile Iyan brand’s commitment to promoting indigenous cuisine and cultural values.
The event was graced by notable dignitaries, including Lagos State Commissioner for Agriculture, Hon. Abisola Olusanya; Commissioner for Youth and Social Development, Hon. Mobolaji Ogunlende; Special Adviser to Governor Sanwo-Olu on Culture and Tourism, Mr. Idris Aregbe; SSA on New Media, Mr. Jubril Gawat; Hon. Remi Durojaiye; Engr. Bola Babarinde; Prince Olu Kosoko of Badagry, Guiness World Record Holder, Dr Fola David; Mr Chigozie Okwara, Vice President of Culinary Arts Practitioners of Nigeria,Chef Dee; Culinary expert and Hospitality Consultant, Chef Gibbs; CEO of Novarick Homes and Properties Limited Mr Noah Ibrahim; Barrister Lateef Oyefeso, Barrister Gbolahan Oluyemi, Alhaji Mohammed Luqman, Alhaji Mojeed Animashaun, Alhaji Qudus Animashaun, Mr Emmanuel Akinseloyin, Alhaja Onigbanjo, Captain Dare, Alhaji Luqman Obileye, Mr Fola Gbemisola(Fatgbems), Mr Taiwo Kafidipe, Mr Ihuoma Raymond, the iconic music executive and cultural ambassador, Otunba Dayo Adeneye (D1) of Kennis Music, alongside Dr. Agarawu, numerous captains of industry, and cultural enthusiasts.
ILÉ IYÁN, long revered for its authentic celebration of Yoruba gastronomy particularly the traditional preparation of pounded yam has now been elevated to a symbol of national pride, serving as a cultural hub that connects history, heritage, food, and tourism. With its headquarters now officially open, ILÉ IYÁN is positioned as a dynamic force in reviving indigenous food practices, promoting cultural tourism, and offering immersive experiences rooted in Nigerian traditions.
In her keynote address, Mrs. Bisola Olusanya praised the initiative, stating: “ILÉ IYÁN is not just a space for food, it is a celebration of our roots, our resilience, and our creativity as Nigerians. This headquarters will play a vital role in our agricultural value chain while preserving culinary heritage for future generations.”
Hon. Mobolaji Ogunlende emphasized the importance of youth engagement in cultural sustainability, while Hon. Idris Aregbe lauded ILÉ IYÁN as a “trailblazer in cultural entrepreneurship,” bridging the gap between tradition and innovation.
Mr. Sanni Afeez, General Manager of ILÉ IYÁN, Shares His Thoughts on the Launch
Speaking at the launch, the General Manager, Mr. Sanni Afeez, expressed his excitement and optimism about the future of the brand.
“This launch represents more than just a new building, it’s a bold step toward redefining the culinary and cultural experience in Nigeria,” he said. “ILÉ IYÁN is not just a restaurant; it’s a celebration of who we are as a people. From our locally inspired menu to the cultural performances that marked today’s opening, we are showcasing the beauty, depth, and unity of Nigerian heritage. This headquarters will serve as a hub for not only great food but also for cultural exchange and tourism growth in Lagos.”
Founder, CEO, and cultural curator of ILÉ IYÁN, Mr. Sanni Sheriff, shared a powerful message during the launch event, emphasizing the deeper vision behind the brand.
“This is not just a building; it is a movement,” he declared. “A space where the stories of our people, our food, and our shared heritage are honored and preserved.”
Mr Sanni Sheriff, known for his passion for cultural preservation and storytelling through cuisine, reiterated his commitment to creating a space that celebrates Nigeria’s diverse identity, promotes local tourism, and empowers future generations to take pride in their roots.
With this launch, ILÉ IYÁN cements its place as a cornerstone of Nigeria’s cultural renaissance and a must-visit destination for locals and tourists alike.
EKAABO SI ILÉ IYÁN
EYIN OLOLUFE WA
For ILÉ IYÁN dining experience and food delivery kindly visit or contact any of our locations
ILÉ IYÁN HEADQUARTERS
4A WOLE OLATEJU CRESCENT OFF ADMIRALTY WAY LEKKI PHASE 1
(OPPOSITE KINGFISHER/MARCOPOLO RESTAURANT)
ILÉ IYÁN ANNEX
PLOT 6 DR. MUIZ BANIRE STREET OFF BISOLA DUROSINMI ETTI DRIVE LEKKI PHASE 1
ONLINE FOOD DELIVERY KINDLY CONTACT: 09024475402
FOR RESERVATIONS KINDLY CONTACT 09075603234 or simply send an
Email: ileiyan234@gmail.com
Our social media channels are
Instagram: @ileiyan_ng
Facebook : ILÉ IYÁN NG
Twitter: @ileiyan_ng
Business
Folake Ani-Mumuney: A Visionary Leader and Inspiration to Many Celebrates Her Birthday In Grand Style … A Testament to Unwavering Excellence
Folake Ani-Mumuney: A Visionary Leader and Inspiration to Many Celebrates Her Birthday In Grand Style
… A Testament to Unwavering Excellence
~By Oluwaseun Fabiyi
Folake Ani-Mumuney, you never know, she served as the Head of Marketing, Corporate and Communications at First Bank of Nigeria and remained central to the Bank’s brand for decades.It’s not surprising that a significant number of Nigerians were unaware of her value in brand, marketing, and corporate communications, since she is an outstanding trailblazer and media guru.
Describing her as a brand in her own right would be a significant understatement, as she personifies prudence and consonance in supporting individuals’ aspirations, particularly during her time at First Bank of Nigeria, where she consistently delivered exceptional results, adding positive value to all media partnerships without blemish, and her legacy remains exceptional and unblemished to this day.
It is a pleasure to celebrate Mrs Folake Ani-Mumuney’s special birthday with her family.Ma, as we commemorate this momentous occasion, we acknowledge the profound influence your life has had on those around you. May you be grateful for the love, support, and blessings you’ve received, and may you continue to be a source of inspiration and joy to all who know you..
It is a pleasure to join your family, friends and well-wishers in celebrating this momentous occasion, and I wish you a birthday filled with affection, merriment and every delight.
On this special day, as you celebrate another year of life, may the Almighty continue to shower His blessings upon your new age, granting you increased success, grace, favor, mercies, and enduring blessings, and from this day forward, all reports and testimonies concerning you and your household shall be extraordinarily positive.
Your exceptional attributes have secured a prestigious position for you among your peers in the realm of Brand and Marketing Communications, and I encourage you to uphold this exemplary standard, ma’am. I wholeheartedly pray that God will continue to bestow His blessings upon you and be gracious and kind to you now and forever. I wish you many happy returns, ma’am. Igba odun, odun kan ni o.
Oluwaseun Fabiyi a seasoned journalist based in Lagos
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