Economy
Fuel Queue: Rights Group writes new DG DSS to investigate Mele Kyari, other oil sector players
A rights group, Centre for Human Rights in Africa, has written to the new Director-General of the Department of State Services (DSS), Adeola Ajayi, calling for an investigation into the activities of Mele Kyari, Group Managing Director of the Nigerian National Petroleum Company Limited (NNPC), and other top officials in the oil sector.
In the letter signed by Princess Caroline Obi, the group alleged that Kyari and other officials, including Gbenga Olu Komolafe, Chief Executive Officer of the Nigerian Upstream Petroleum Regulatory Commission (NUPRC), and Farouk Ahmed, Chief Executive Officer of the Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA), have been involved in various nefarious activities that have hindered the growth and development of the oil sector in Nigeria.
Specifically, the group accused the officials of unaccounted crude oil production and sales, frustrating the functionality of refineries in Nigeria, and preferring the export of crude oil to refineries linked to them outside Nigeria, thereby shortchanging the government and accruing forex debts on the already stretched economy of the country.
The group also alleged that the officials have amassed wealth not commensurate with their earnings as chief executive officers of government organizations.
“The Director General would be alarmed about the rot in the oil and gas sector in Nigeria under the watch of the above-listed individuals,” the letter said.
“They have constituted themselves as clogs in the wheels of progress in the country. They have continued to milk the country dry by frustrating the functionality of the refineries in the country.
“It is also on record that they have been neck deep in frustrating the desire for local refining of petroleum products in the country, preferring the export our crude oil to refineries linked to them outside the shores of the country, thereby shortchanging the government and accruing forex debts on the already stretched economy of the country.
“We are therefore using this medium to call for an investigation of the above-mentioned individuals in a bid to unravel their nefarious activities and also put an end to it for the betterment of the country at large.
The Centre for Human Rights in Africa is conversant with the unalloyed commitment of the director general in the Nigerian project, hence our writing this letter requesting an investigation into the oil and gas administration in Nigeria.
“It is indeed sad that these individuals have constituted themselves into a gang working against the interests of the country. They have amassed so much wealth that is not commensurate with their earnings as chief executive officers of government organizations.
“We wish to also state that Mele Kyari, the chief executive officer of the Nigerian National Petroleum Company Limited is the ring leader, who has been engaging in acts that have cost the country considerable loss of revenues over the years.
“The Director General may wish to recall that recently, there was a news report on how officials of the NNPCL sign off substandard petroleum products from Malta into the country. This example is one of numerous others that have been detrimental to the economic stability of the country.”
The Centre for Human Rights in Africa called on the DSS to investigate the activities of the officials and bring an end to their alleged nefarious actions for the betterment of Nigeria.
“The Centre for Human Rights in Africa is desirous of a better Nigeria and one of the ways this could be achieved is when there is a clean-up in the administration of the oil and gas sector in Nigeria,” the letter added.
“This is also on the heels that Nigeria’s major source of revenue is crude oil production and sales. As it stands the country is on the brink of annihilation if urgent steps are not taken.
“We trust that the director general would use his good office to investigate the activities of the above-mentioned individuals in the overall interest of the country.”
- …Sets the stage for a future of more possibilities
Wema Bank, Nigeria’s most innovative bank and pioneer of Africa’s first fully digital bank, ALAT, has officially marked the incredible milestone of its 80th anniversary on Friday, May 2nd, 2025.
Celebrated as Nigeria’s oldest indigenous bank, Wema Bank was founded on May 2nd, 1945, as Agbonmagbe Bank Limited; an institution that has now evolved from a single-branch operation aimed at empowering indigenous Nigerians into a formidable force that continues to blaze the trail in Nigeria’s banking and financial industry.
From bridging gaps in access to finance for underserved Nigerians to empowering businesses with insightful financial solutions and support, providing a platform for other industries to thrive and proactively delivering financial solutions tailored to the needs of every Nigerian, Wema Bank has built a legacy of impact for 8 decades. With millions of customers and global presence via 150+ branches and the ALAT App, Wema Bank continues to set the pace in customer-centric innovation and impactful banking.
Extending heartfelt gratitude to the Bank’s stakeholders, Moruf Oseni, the MD/CEO of Wema Bank reiterated the Bank’s commitment to continue going above and beyond in service of its customers in the decades to come. According to him, “Wema at 80 is a milestone that extends deeply into the very roots of the industry, the people and the nation. This is an 80-year-old bank that began to set the pace for indigenous businesses in the depths of colonial rule and has remained resolute in carrying on that mission since 1945, showing the world that ‘Nigerian-owned’ can last, and institutions can be agents of transformation in their own capacity. It’s a journey I am deeply proud of and I cannot celebrate alone”.
“I take this moment to express my sincerest gratitude to every person and institution that has played a part in Wema Bank’s success story. From our customers to shareholders, investors, partners to employees past and present, and every other stakeholder whose efforts run in the veins of this great Bank. We are Wema and I take this moment, on behalf of the Board and Management of the Bank, to reiterate our lifelong commitment to you. Wema Bank is built to last, Wema Bank is built for you and Wema Bank will never relent in delivering optimum value to you. It has been 80 years of impact, and as we look ahead to a future of limitless possibilities, our promise to you remains the same. We Are With You, All The Way!”, Oseni concluded.
Wema Bank’s 80th anniversary has taken the world by storm, with a major highlight being the Wema at 80 Gala Night scheduled to hold in Lagos at 6 p.m. on Friday May 2nd, 2025. Headlined by Afrobeats stars Davido and Wande Coal, Fuji legend Ayuba, vocal sensation Yinka Davies, 9ice and a star-studded lineup of celebrities, dignitaries and stakeholders; the night promises to be one for the books, convening 8 decades of generations in a glamorous ceremony themed ‘Timeless Elegance’.
Anyone can be a part of the Wema at 80 Gala Night by tuning in live at 7 p.m. to the Bank’s YouTube Channel as well as select national TV stations.
The naira appreciated slightly in the parallel market on Tuesday, trading at N1,618 per dollar, an improvement from N1,620 per dollar recorded on Monday.
However, at the Nigerian Foreign Exchange Market (NFEM), the currency depreciated to N1,604 per dollar, compared to N1,599 per dollar the previous day.
Data from the Central Bank of Nigeria (CBN) indicated a N5 drop in the naira’s value at the official window, further reflecting volatility in the forex market.
As a result, the exchange rate gap between the parallel market and the official market narrowed to N14 per dollar, down from N21 per dollar on Monday, signaling a slight convergence between both market rates.
Nigeria’s headline inflation rate surged to 24.23 percent in March 2025, up from 23.18 percent recorded in February, according to the National Bureau of Statistics (NBS).
The figures were released in the bureau’s latest Consumer Price Index (CPI) Report published today. The data indicates a 1.05 percentage point increase month-on-month, and a 4.40-point rise in the CPI, which now stands at 117.34.
The NBS stated, “In March 2025, the headline inflation rate rose to 24.23% relative to the February 2025 headline inflation rate of 23.18%.”
This continued rise in inflation is attributed to persistent food price hikes, supply chain challenges, and currency pressures, according to analysts monitoring economic trends.
The development is likely to influence future monetary policy decisions as economic stakeholders assess the impact on household purchasing power and overall cost of living.
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Wema Bank Celebrates 80 Years of Impact
