A state of emergency has been declared on crude oil production in Nigeria by Mele Kyari, group chief executive officer (GCEO) of the Nigerian National Petroleum Company (NNPC) Limited.

Kyari made this known on Tuesday in a keynote address at the opening ceremony of the 23rd edition of the Nigeria Oil and Gas Conference and Exhibition (NOG Energy Week) in Abuja.

He said war has been declared on the challenges affecting Nigeria’s crude oil production.

“We have decided to stop the debate. We have declared war on the challenges affecting our crude oil production,” Kyari said.

“War means war. We have the right tools. We know what to fight. We know what we have to do at the level of assets. We have engaged our partners. And we will work together to improve the situation.”

He said a detailed asset analysis showed Nigeria could easily produce two million barrels of crude oil per day without deploying new rigs, but the primary obstacle is the inability of industry players to act promptly.

Kyari said the war will enable NNPC and its partners to swiftly remove all identified obstacles to efficient production, including delays in procurement processes, which have become a challenge in the industry.

Regarding medium to long-term measures to boost and sustain production, Kyari said NNPC will replace all the old crude oil pipelines built over four decades ago.

He said the corporation will also introduce a rig-sharing programme with its partners to ensure that production rigs stay in the country for between four and five years which is the standard practice in most climes.

The NNPC GCEO called on all players in the industry to collaborate towards reducing the cost of production and boosting production to target levels.

Kyari expressed the company’s commitment to investing in critical midstream gas infrastructure such as the Obiafu-Obrikom-Oben (OB3) and the Ajaokuta-Kaduna-Kano gas pipelines to boost domestic gas production and supply for power generation, industrial development and economic prosperity of the country.

He said NNPC has since keyed into the presidential compressed natural gas (CNG) drive, and, in collaboration with partners like NIPCO Gas, has constructed several CNG stations.

Kyari added that 12 of these stations will be inaugurated on Thursday in Lagos and Abuja.

Aliko Dangote, president of the Dangote Group, says the increase of interest rate to almost 30 percent by the Central Bank of Nigeria (CBN) will hinder economic growth.

Dangote says the country is battling “a very high” interest rate when speaking on Tuesday during a three-day summit organised by the Manufacturers Association of Nigeria (MAN) in Abuja.

Recall that the monetary policy committee (MPC) of CBN, in May, raised interest rates from 24.75 percent to 26.25 percent

The business tycoon said he understands that the CBN aims to tame inflation by increasing interest rate.

“Right now, at 30 percent, there is no way anybody can create jobs. If the interest rate is 30 percent, there would not be any job creation because we are actually stifling growth,” he said.

“So, interest rates can remain at 30 percent but then no growth will happen unless that interest rate goes down.”

The billionaire said Dangote Cement alone paid “more taxes” into the coffers of the government “than the entire banking industry” in 2023.

Dangote also said protecting industries would not lead to monopoly, adding that it is common knowledge that foreign investors only enter the market when they see that local investors are also doing well.

“I am convinced that when government policy becomes more supportive and protective, investors will be more willing to collaborate and partner with the government in resolving other challenges such as infrastructure deficits, market instabilities and macro-economic issues such as inflation and foreign exchange volatilities,” he said.

The businessman reiterated that Nigeria has all it takes to develop and sustain a globally competitive manufacturing sector.

Dangote called for re-thinking of the country’s industrialisation policy, through learning from leading western and eastern countries that are actively protecting their domestic industries.

A witness has come forward to reveal that the Economic and Financial Crimes Commission (EFCC) uncovered a staggering sum of ₦35 billion in bank accounts linked to Ismaila Mustapha, alias Mompha, a prominent socialite.

This discovery is part of an ongoing trial where Mompha is facing charges of alleged fraud totaling ₦6 billion, as filed by the EFCC.

Recall that the EFCC, in 2022, arraigned Mompha and his company Ismalob Global Investment Limited on an eight-count charge of money laundering.

The charges include conspiracy to launder funds obtained through unlawful activity, retention of proceeds of criminal conduct, laundering of funds obtained through unlawful activity, and failure to disclose assets and property.

They also include possession of documents containing false pretences and use of property derived from unlawful acts, to which Mompha pleaded not guilty.

The socialite was said to have absconded, with the EFCC seeking to re-arrest and get him to court since June 16, 2022.

According to NAN, Idi Musa, an investigator with the EFCC, gave his testimony at a special offences court sitting in Ikeja on Monday.

Musa told the court that EFCC received a report from the Federal Bureau of Investigation (FBI) saying that Mompha and his company led a cybercrime in the US.

He said the information revealed that Mompha and his company belong to a syndicate defrauding internet users.

The witness said N35 billion was discovered in Mompha’s bank accounts.

Musa said the social media celebrity claimed he was “into Bureau De Change business but investigation showed that he was not”.

“In the course of the investigation, some letters were written to Zenith Bank and Fidelity Bank requesting account statements,” he said.

“The account statement was analysed. We discovered an ₦30 billion inflow through the account of the first defendant in Fidelity Bank and ₦5 billion in the Zenith Bank account.

“The combination of the FBI and an investigative report revealed that Mompha’s iPhone was used to send account details to a UAE telephone number to search for swift codes of a bank.”

The witness said all the properties recovered from Mmpha were registered with exhibit keepers in the EFCC office during his arrest.

He said most of the properties were released to him on bond, except his iPhone8 which was still with the commission.

Musa said the items are treated as proceeds of crime because he did not include them when he was handed an asset declaration form.

The prosecution tendered Mompha’s statement and his asset declaration form to the court.

They were admitted in evidence as exhibits P5 and P6.

Mojisola Dada, the presiding judge, adjourned the case until October 8 for continuation of trial.