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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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NAF Defends Borno-Yobe Border Market Airstrike

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The Nigerian Air Force (NAF) has confirmed carrying out an air operation in the Jilli axis of Borno State, describing the mission as part of ongoing efforts to sustain pressure on terrorist groups operating in the North-East.

The confirmation comes amid outrage that at least 56 people, mostly traders, were killed after an airstrike struck a busy weekly market along the Borno–Yobe border.

The incident reportedly occurred on Saturday at Jilli Market, situated between Gubio in Borno State and Geidam in Yobe State.

Reports quoting eyewitness accounts said that four fighter jets were involved in the operation, which was said to be targeting suspected Boko Haram insurgents in the area.

A local councilor, Malam Lawan Zanna, also confirmed the attack.

He said people tried to escape when the jets began firing, but the strikes continued.

According to him, “more than 20 people were hospitalized,” and some of the injured later died, pushing the death toll higher.

Confirming the incident, NAF spokesperson, Air Commodore Ehimen Ejodame, stated that the strikes were conducted based on credible intelligence and in coordination with ground forces.

According to him, the operation was aimed at restricting the movement of terrorist elements and preventing further attacks.

“The follow-up strikes were executed based on credible intelligence and in close coordination with ground forces to deny terrorists freedom of movement and prevent further attacks.

He explained that the mission formed part of a broader air-ground strategy designed to consolidate previous gains made by military forces in the region.

“The operation formed part of a broader air-ground integration effort aimed at consolidating earlier gains recorded by friendly forces,” he said.

In addition, Ejodame noted that the strikes successfully disrupted insurgent activities within the Jilli axis, an area long considered a strategic enclave for terrorists due to its challenging terrain.

He added that the operation highlights the increasing effectiveness of intelligence-led joint missions in the North-East.

Reaffirming the force’s commitment, Ejodame said the NAF would continue to prioritize surveillance, precision targeting, and rapid response operations in support of wider military objectives.

“The Nigerian Air Force will sustain the current operational momentum to protect innocent lives, secure communities, and restore lasting peace in the region,” he said.

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Police Probe Four Officers Accused of ‘Misconduct’ in Lagos

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The Nigeria Police Force has launched an investigation into alleged misconduct by officers from the Satellite Town Division, Lagos State, after a viral social media video.

The Force Media Officer, CSP Aliyu Giwa, disclosed this in a statement on Saturday.

The complainant, Rhapstar, posted the video on X on April 4, alleging incivility by officers on surveillance duty.

In the clip, police officers stopped a vehicle, ordered occupants out, and searched one individual away from the roadside-parked vehicle.

The incident triggered widespread reaction, amid concerns over alleged harassment during a roadside stop-and-search operation.

Speaking on the incident on Saturday, Giwa said the Divisional Police Officer and implicated officers were summoned, adding that an investigation into the incident was ongoing.

Giwa wrote on X: “When (Rhapstar) posted the viral video on 4 April 2026, alleging misconduct by officers from the Satellite Town Division, Lagos, we took the matter seriously and acted immediately.

“The DPO and the officers involved were summoned, statements were obtained, and detailed interviews were conducted.

“Preliminary findings indicate the incident occurred in May 2025. We are working to obtain additional details directly from the victims, as their accounts are central to the investigation.

“This process is not a cover-up; it is a demonstration of accountability.

“The leadership of the Force management team has emphasised that the rule of law is non-negotiable in the discharge of police duties nationwide. No officer is above accountability, and no incident is too old to investigate. The investigation is ongoing. We will provide regular updates.

“To every Nigerian who spoke up, your voice prompted accountability, as it should be.”

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Turaki Faction Kicks As Police Unseal PDP Secretariat

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The Tanimu Turaki-led Peoples Democratic Party (PDP) has accused the Nigeria Police Force of acting in contempt of court following the unsealing of its National Secretariat in Abuja, describing the development as a partisan move that undermines the rule of law.

In a statement issued on Saturday, the party’s National Publicity Secretary, Comrade Ini Ememobong, said the police facilitated the takeover of the Wadata Plaza headquarters by individuals he described as “agents of the federal government and APC apologists masquerading as PDP members,” despite a pending appeal on the matter.

The PDP maintained that the judgment by Justice Abdulmalik, which the police purportedly relied upon in unsealing the premises, is already under appeal.

According to the party, the police, being a party to the suit, had been duly served and were fully aware of the appellate process.

It argued that by proceeding to unseal the secretariat, the police had “tampered with the res”, (a legal terminology referring to the subject matter of litigation) thereby risking rendering the eventual judgment of the Court of Appeal nugatory.

“It is most shameful that those entrusted with protecting the law are those disobeying the law,” the statement read.

The party expressed disappointment that the police, under the leadership of the new Inspector General of Police, has continued what it described as a pattern of partisan conduct since the crisis began.

It alleged that officers of the force had consistently acted in support of a faction it labelled as “Wike-backed APC apologists,” thereby deepening internal tensions within the opposition party.

Despite its grievances, the PDP called on its members nationwide to remain calm and law-abiding, urging them to avoid actions that could lead to a breakdown of public order.

“As law-abiding citizens, we admonish our members to continue to maintain peace and not undertake any activity capable of breaching public peace,” the statement added, while pledging to pursue all legal avenues to defend the rights of what it termed “genuine members” of the party.

The party also assured the public that it remained optimistic that the situation would be resolved in favour of democratic principles, warning against what it described as a “state-sponsored persecution and one-party drive.”

Invoking a note of hope, the PDP said the current challenges would ultimately give way to “joy and liberation,” expressing confidence in the restoration of what it called true democratic experience in the country.

The unsealing of the PDP secretariat marks the latest twist in the protracted leadership and legal tussle within the party, which has continued to generate political tension and raise concerns about institutional neutrality in Nigeria’s democratic process.

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