Oil Heist🛢️👮
#176: Oil theft in the Niger Delta began in the late 70s and early 80s, spearheaded by top military figures to amass wealth and maintain political stability.
Hello Venturer,
Are you familiar with the Spanish TV crime series 'La Casa De Papel' or 'Money Heist,' where individuals, dressed in red clothes and masks, plan daring heists on the country’s apex bank?
In the series, this team of criminals demonstrates exceptional coordination and employs clever tactics for successful thefts. Their success isn't solely due to intelligence; they have informants and insiders strategically positioned within the police and the bank to make their job easier. Despite claiming to rebel against corruption, they found themselves entangled in the system they denounced.
A similar scenario unfolds in Nigeria's Niger Delta, where crude oil theft has persisted for decades. According to the Nigeria National Petroleum Commission (NNPC), the nation records at least 149 incidents of crude oil theft across the Niger Delta region weekly.
In the past week alone, 39 illegal pipeline connections were uncovered, and 49 illegal refineries were destroyed in the Niger Delta.
In today’s Newsletter, one of our stories explores the enduring prevalence of oil theft in Nigeria and the surprising level of organization behind it.
Ishioma Imokhai-Bello,
Staff Writer.
What’s new?
Oil theft is still prevalent in Nigeria. Here’s why.
A key challenge that escalates the oil theft problem in Nigeria is the inability of many local refineries to acquire licenses. That has resulted in people setting up illicit oil bunkering sites across the Niger Delta. Read more.
What is the future of agency banking in Nigeria?
In September last year, Kippa, a bookkeeping and finance startup serving small businesses, obtained a Super Agent License and started operating KippaPay. In the same month, Kippa raised $8.4 million. This move put it in competition with big players like Opay and Moniepoint. Read more.
Can Africa have more reciprocal visa waivers?
In 2016, the African Union introduced the AU passport in an effort to unite and integrate Africa. The passport aims to grant visa-free access to all 55 AU member states by 2023. However, the implementation of the passport has been slow and uneven, as only a few countries have issued it to their citizens or accepted it from other Africans. Read more.
What Ethiopia’s potential access to the Red Sea could mean?
In 1993, Ethiopia lost its direct access to the sea when Eritrea seceded from it after a three-decade-long war. Eritrea’s Massawa port, the largest natural deepwater port on the Red Sea, is now a crucial hub for handling goods from neighbouring countries, including Saudi Arabia and Yemen. Read more.
My Pivot Journal: Olukunle Aboderin went from spinning records to crunching numbers
Olukunle Aboderin has always had a strong affinity for numbers. However, his passion for entertainment ultimately led him to a successful career as a DJ. After several years of spinning records and touring with chart-topping musicians, the uncertainty of the future prompted him to return to his expertise: crunching numbers. Read more.
How CcHub’s Uni:nnovators program is empowering young innovators in Africa
The Uni:nnovators: Startups in Residence Programme is the brainchild of the Co-creation Hub (CcHub), a social innovation centre and technology hub. It is one of the leading tech hubs in Africa and has played a key role in developing and supporting the African tech ecosystem. Read more.
How DP World investment contributes to Tanzania’s growing port potential
Tanzania recently entered a significant 30-year port agreement with DP World, a state-owned port operator based in Dubai. This partnership grants DP World operational rights for a section of the Dar es Salaam port, sparking controversy and protests from opposition factions and human rights organizations. Read more.
Challenges in quality control and the decline of Nigeria’s non-oil exports
Nigeria’s non-oil exports are primarily concentrated in Europe from a geographic standpoint. Nations in the European Union consume more than 70% of Nigeria’s non-oil exports. The main export markets for the nation are West Germany, the Netherlands, and the UK. Read more.
NIFS is driving conversations on global positioning and opportunities
The just concluded Nigerian International Film & TV Summit (NIFS) Lagos held on Tuesday, October 24, 2023, at the Marriot Hotel, Ikeja featured finely curated business-focused programs, high-level conversations, and networking. Ijeoma Onah established NIFS to address and resolve issues within the Nigerian film industry. Read more.
The use of VPNs without permits, is now illegal in Tanzania, according to the Tanzania Communications Regulatory Authority. However, this regulation has raised alarm among digital rights activists in the country. Read more.
The VA Pod
In this week’s podcast, Chioma Ude shares insights on the business of the Nigerian movie industry and the advancements that led to its increased global appeal.
Click to listen to a snippet of our latest podcast.👇
BizHive Entertainment
The New Wave of Nigeria’s Soft Power
Soft power - To attract, persuade, influence and shape preferences through culture. Nigeria has effectively done this through entertainment. Our music, films, and content transcend borders, commanding global attention. As master storytellers, we are leveraging new technologies to amplify our cultural influence.
Please read our latest magazine issue to learn more.
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