Nigeria sues JP Morgan for $1.7 bn over Malabu oil deal
A London high court began hearings on February 23, 2022, of a lawsuit filed by the Nigerian government against U.S. bank JP Morgan Chase in the controversial Malabu oil scandal. In the suit, Nigeria is claiming more than $1.7 billion for the bank’s role in the controversial deal. In 2011, Shell and Eni, paid $1.3 billion to the Nigerian government for the acquisition of an oil block prospecting licence. However, it was alleged that about $1.1 billion of that amount ended up in the account of Malabo Oil and Gas, which was owned by former petroleum minister Dan Etete. It is alleged that the funds were used to pay political bribes. The London case dates back to 1998 when Nigerian military ruler Sani Abacha awarded the offshore oilfield licence, OPL 245, to a company former oil minister Etete owned.
Nigerians push for Buhari to sign election reform bill
A coalition of Nigerian activists have protested in the capital city Abuja, demanding that President Muhammadu Buhari sign a bill that aims to improve transparency, inclusion, and planning for national elections. The activists are demanding the President signs into law a bill that would promote the early release of funds for elections, the inclusion of marginalised groups in voting, and the authorisation for the electronic transmission of election results. Among the organisations that protested were Partners for Electoral Reform, Nigeria Civil Society Room, Yiaga Africa, Centre for Journalism Innovation and Development, International Press Institute, Cleen Foundation, Civil Society Legislative Advocacy Centre, Enough is Enough and the Electoral Hub.
UK invests $13.5m into Nigeria’s energy sector
The UK plans to boost its investment in renewable and climate change projects in Nigeria, the Minister for Africa, Vicky Ford said on her first trip to the country. She added that the UK was keen to improve energy access in Nigeria and help the country to keep to its COP26 commitments. The amount, according to Ford, will also help to scale up solar-mini-grid and home systems, clean cooking infrastructure and cold storage infrastructure in Nigeria. Nigeria’s Minister of State for Power, Jeddy Agba, who received the money on behalf of his country, thanked the UK government for its active support towards Nigeria’s effort in achieving its carbon neutrality target in 2060.
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YouTube sees more subscribers’ increase in Africa
YouTube, a video sharing and social media platform, has predicted more channel growth and subscribers’ increase on its YouTube platform on a yearly basis. Alex Okosi, the MD, Emerging Markets, YouTube EMEA, who analysed the growth rate while giving the YouTube specific updates across African markets, said in Nigeria alone, the percentage of YouTube channels making seven figures or more in revenue, is up over 60 percent year-on-year, with over 650 channels having over 100 thousand subscribers, which is an increase of over 50 percent year-on-year, and 35 channels having over one million subscribers, which is an increase of 50 percent year-on-year, while over 75 percent of watch time on content produced by channels in Nigeria comes from outside of Nigeria.
Uk Expert urges Nigerian organisations to identify business threats and opportunities.
Caroline Lucas, director of TEXEM UK, a British but passionate supporter of Africa, has urged Nigerian leaders and organisations to identify threats and opportunities to survive in the present period of uncertainties. Lucas said more than ever before, deliberate efforts to develop innovation are now very vital for all organisations. She asserted that contrary to the popular opinion that innovation was only essential for growth, it was also a vaccine against losses from pandemics. Africa Continental Free Trade Agreement, fluctuating foreign exchange, forthcoming elections, dwindling government revenue and high inflations offer threats and opportunities for every organisation.
Zimbabwe ranked 3rd most internet censor world-wide
Zimbabwe has been ranked among the world’s three countries with the most restrictive social media policies, especially during elections. A report by cybersecurity company Surfshark on internet connectivity said other countries that had blocked the internet amid political turmoil in 2022 included Burkina Faso and Kazakhstan. “It is the third internet disruption incident in Africa this year, after events in Burkina Faso,” Surfshark said. Africa has become the most censorship-intensive continent across the globe, responsible for 10 (nearly 53 percent) of the cases last year. In total, 32 out of 54 countries in Africa have blocked access to social media platforms since 2015 and the region’s shutdowns are also the most politically-heavy.
