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Debt Profile, Corruption Claims: Osinbajo Under Fire

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Former President Goodluck Jonathan and the Peoples Democratic Party on Tuesday criticised Vice-President Yemi Osinbajo over his claim that the former President left Nigeria with debt and ruined the economy due to alleged corruption under his watch.

The Vice-President had during a lecture entitled, “Restructuring and the Nigerian federation,” delivered as part of activities marking the 40th anniversary of the Association of Friends in Lagos on Monday, accused the Jonathan administration of throwing Nigeria into untold hardship, recession and debt.

In a statement by one of his aides, Reno Omokri, the former President wondered why Osinbajo, who he claimed was recently indicted by the House of Representatives for an alleged corruption, should point fingers of suspicion at him.

The statement read, “How can Vice-President Osinbajo, a man who had just been indicted by the House of Representatives in one of the biggest corruption scams ever in Nigeria’s history, have the gall to point fingers of suspicion at Dr. Jonathan, a man that is celebrated internationally for his efforts at achieving Nigeria’s best rating in Transparency International’s annual Corruption Perceptions Index when Nigeria improved eight paces from 144 to 136 in 2014?

“Having read through the sordid details of Prof. Osinbajo’s corruption as revealed in the indictment by Nigeria’s House of Representatives, it is easy to understand why Nigeria made her worst ever retrogression in Transparency International’s annual Corruption Perceptions under him this year, moving 11 paces backwards from 136 to 148.

“On the issue of debt, the fact remains that in the entire 16 years that the Peoples Democratic Party governed Nigeria, the total amount of money borrowed was N8.06trn. These are facts sourced directly from the Budget Office controlled by the Buhari administration.

“However, in only three years, the All Progressives Congress-led administration of President Muhammadu Buhari has borrowed a total of N10trn. With this fact in hand, where does Vice-President Osinbajo have the moral authority to point leprous fingers at former President Jonathan?

“The claim by Vice-President Osinbajo that former President Jonathan left $63bn in debt is also a false claim. The Jonathan administration inherited $42.23bn in debt in 2011 which were debts borrowed by the states and the Federal Government.

He claimed that the nation’s debt he increased under the present administration because the Federal Government lacked the discipline that Jonathan had.

He added, “On Tuesday, November 13, 2018, the Debt Management Office revealed that in just 2017 alone, the Buhari administration borrowed N2.4trn to fund their budget deficit. This is besides other loans that they took in 2017 alone. That money is more than the funds borrowed by the Jonathan administration in five years!

“To show to Nigerians the profligacy and ineptitude of the current administration, I draw their attention to the fact that between July and August 2018, the Buhari administration claimed it had shared $322m Abacha funds recovered by the Jonathan administration to the poor. Then a week after it made that announcement, the Buhari government borrowed $328m from China.

“The question is this, why would you share out $322m one week only to borrow the same amount the next week? Why not use the Abacha funds to fund government activities instead of adding to the already strained debt burden?

“These are questions that Vice-President Osinbajo should answer rather than making false allegations against former President Jonathan.”

Also in a statement by its National Publicity Secretary, Kola Ologbondiyan, the PDP urged Osinbajo to stop ridiculing his office by always “bandying figures, peddling rumours and trending on false claims” in the attempt to cover the rot and failures of the present administration.

Ologbondiyan told Osinbajo that instead of juggling figures and making false claims about the nation’s debt profile, the Vice-President should present to Nigerians the scorecard of the present administration.

He said, “It is already a settled fact that the nation’s debt profile escalated under the profligate, uncreative and incompetent Buhari administration, which crippled our once robust economy, pushed it into recession, turned our nation from a growing economy to a debtor country and world’s poverty capital.

“Despite being busted, Vice-President Osinbajo is labouring to deceive Nigerians by converting domestic borrowings in naira, under the APC, to US dollars, so that the very high exchange rate will make it look smaller in dollars.

“This is despite verified figures even from agencies of government showing an accumulation of 29.6 per cent debt under Buhari as against the 20.14 per cent under the Yar’Adua and Jonathan administration and the 0.44 per cent under the Obasanjo administration.

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US Cancels Visa Processing for Nigeria, Brazil, Russia, 72 Other Countries

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The Trump administration is suspending all visa processing for applicants from 75 countries, a State Department spokesperson said on Wednesday.
The spokesperson did not elaborate on the plan, first reported by Fox News, which cited a State Department memo.
The pause will begin on January 21, Fox News said.
Somalia, Russia, Iran, Afghanistan, Brazil, Nigeria, Thailand are among the affected countries, according to the report.
The memo directs U.S. embassies to refuse visas under existing law while the department reassesses its procedures. No time frame was provided.
The reported pause comes amid the sweeping immigration crackdown pursued by Republican U.S. President Donald Trump since taking office last January.
In November, Trump had vowed to “permanently pause” migration from all “Third World Countries” following a shooting near the White House by an Afghan national that killed a National Guard member.
Source: Reuters

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‘A Friend of a Thief is a Thief’, Defence Minister Warns Gumi, Other Bandit-Sympathizers

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The Minister of Defence Minister, Lt.-Gen. Christopher Musa, (rtd), has warned Sheikh Ahmed Gumi and other persons in the country against including bandits in northern brotherhood.

General Musa, via a statement on Wednesday in Maiduguri, declared: “A friend of a thief is a thief,” warning Nigerians against supporting terrorists and bandits in any form.

He said that the warning statement is neither accidental nor symbolic; explaining that it is a clear response to narratives previously promoted by Sheikh Gumi, who described bandits’ hiding in the bush as “our brothers” and argued that society cannot do without them.

General Musa’s message draws a firm line between compassion and complicity. While empathy has its place, justifying or normalising terrorism only strengthens criminal networks that have devastated communities, displaced families, and claimed innocent lives.

Labeling bandit as “brothers” does not reduce violence it legitimizes and undermines national security efforts.

The Defence minister’s warning serves as a reminder that terrorism thrives not only on weapons but also on moral cover. Anyone who excuses, defends, or shields criminals through words, influence, or silence shares responsibility for the consequences. In matters of national security, neutrality is not an option.

Nigeria cannot defeat banditry and terrorism while dangerous rhetoric blurs the line between victims and perpetrators. The choice is clear: stand with the law and the nation, or be counted among those enabling crime.

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Strategy and Sovereignty: Inside Adenuga’s Oil Deal of the Decade

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By Michael Abimboye

In global energy circles, the most consequential deals are often not the loudest. They unfold quietly, reshape portfolios, recalibrate value, and only later reveal their full significance.

The recent strategic transaction between Conoil Producing Limited and TotalEnergies belongs firmly in that category. A deal whose implications stretch beyond balance sheets into Nigeria’s long-troubled oil production narrative.

For Mike Adenuga, named The Boss of the Year 2025 by The Boss Newspapers, the agreement is more than a corporate milestone. It is the culmination of a long-term upstream strategy that is now translating into hard value barrels, cash flow, and renewed confidence in indigenous capacity.

At the heart of the transaction is a portfolio rebalancing agreement that sees TotalEnergies deepen its interest in an offshore asset while Conoil consolidates full ownership of a producing block critical to its medium-term growth trajectory. The parties have not publicly disclosed the monetary value, industry analysts place similar offshore and shallow-water asset transfers in the high hundreds of millions of dollars, depending on reserve certification and development timelines. What is indisputable, however, is the deal’s structural clarity: each partner exits with assets aligned to its strategic strengths.

For Conoil, the transaction represents something more profound than asset shuffling. It is the validation of an indigenous oil company’s ability to operate, produce, and partner at scale. That validation was already underway in 2024, when Conoil achieved a landmark breakthrough: the successful production and export of Obodo crude, a new Nigerian crude blend from its onshore acreage.

In a country where new crude streams have become rare, Obodo’s emergence signalled operational maturity. More importantly, it shifted Conoil from being perceived primarily as a downstream and marginal upstream player into a full-spectrum producer with export-grade assets.

The commercial impact was immediate. Obodo crude enhanced Conoil’s revenue profile, strengthened cash flows, and materially improved the company’s asset valuation.

For Mike Adenuga, Obodo represented something else entirely: oil income with scale and durability. Producing crude shifts wealth from theoretical to realised. It is the difference between potential and proof.

That momentum was reinforced by Conoil’s acquisition of a new drilling rig, a move that underscored its intent to control not just resources, but execution. In an industry where rig availability often dictates production timelines, owning modern drilling capacity gives Conoil a strategic advantage lowering costs, reducing dependency, and accelerating development cycles. It also enhances the company’s bargaining power in partnerships such as the one with TotalEnergies.

Taken together, the Obodo crude success, the rig acquisition, and the TotalEnergies transaction, these moves materially expand Conoil’s enterprise value. While private company valuations remain opaque, upstream assets with proven production, infrastructure control, and international partnerships typically command significant multiple expansion. For Adenuga, all of these represents a stabilising and appreciating pillar of wealth.

As The Boss Newspapers honours Mike Adenuga as Boss of the Year 2025, the recognition lands at a moment when his oil ambitions are no longer peripheral to his legacy. They are central. In Obodo crude, in steel rigs, and in carefully negotiated partnerships, Adenuga is shaping a version of Nigerian capitalism that privileges patience, scale, and execution over spectacle.

In the end, the most powerful statement of wealth is not net worth rankings or headlines. It is the ability to convert strategy into assets, assets into production, and production into national relevance. On that score, the Conoil–TotalEnergies deal may well stand as one of the most consequential chapters in Mike Adenuga’s business story and in Nigeria’s evolving oil future.

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