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Former President Goodluck Jonathan and Governor Douye Diri of Bayelsa State have shared their thoughts on the impact of crude oil production in Nigeria 70 years after it was discovered in commercial quantities.

The duo and other stakeholders spoke on Monday about the cost and gains of crude oil exploration in the Niger Delta region at the opening of the 2026 Sweet Crude Dialogue held at the Conference Centre of the Nigerian Content Towers in Yenagoa.

The dialogue with the theme: Through the Python’s Eye: 70 years of Oil and Gas Production in Nigeria brought together industry experts, academia and government officials, as they called on stakeholders to chart a better future for the region.

Jonathan, who chaired the event, in his remarks, said Nigeria could only make appreciable progress in the oil industry if most of the requirements for oil production are locally sourced.

He pointed out that the export of crude oil cannot result in economic diversification or adequate job creation in the country.

‘If we cannot develop or produce some of these things used in the oil industry within the country, we will not achieve anything significant in the oil industry. It is not just about selling crude oil.

‘Yes, we earn money from that, but that does not diversify the economy and create enough jobs. What will diversify our economy is the industrial aspects of the operations of the oil industry.

‘That’s why I am happy with the local content board law my administration enacted in 2010 and the Petroleum Industry Act of 2021. With these two pieces of legislation and if they are followed to the letter with amendments where necessary, I believe things will be much better,’ Jonathan said.

Governor Douye Diri, who was represented by Peter Akpe, his deputy, decried the level of environmental degradation in the Niger Delta and called on well-meaning organisations to work towards achieving justice for the region.

Diri said about 13 million barrels of crude oil were spilt between 1958 and 2010, quoting from the report of the defunct Bayelsa State Oil and Environment Commission led by John Sentamu, an archbishop.

He described the Commission’s findings as sobering, stressing that what happened to the state is ‘nothing short of an environmental genocide.’

The governor therefore urged De Mangrove Conversations and other environmental advocacy groups to collaborate with the state government to ensure the implementation of the recommendations of the commission.

Ibibia Worika, a Professor of Comparative Petroleum and International Law and Policy, said 70 years of oil production had generated unprecedented wealth for Nigeria, but also exposed structural weaknesses in governance.

Worika added that the Niger Delta, which bears the brunt of oil production, has little to show for its contribution, stressing that environmental justice for the region is ‘a constitutional, moral and developmental imperative.’

Sheriff Oborevwori, Governor of Delta State, represented by Johnson Erijo, his Chief of Staff, was among those who delivered goodwill messages at the two-day event.

The session was moderated by Franklin Osaisai, a Professor of Nuclear Engineering and former Director General of the Nigeria Atomic Energy Commission.

For weeks, the extraordinary figure of N210 trillion dominated public discussion around the Nigerian National Petroleum Company Limited (NNPCL), creating an impression in some quarters that an almost unimaginable sum of public money had simply disappeared.

Then Bala Wunti appeared before the Nigerian Senate last week and brought something essential to the conversation: clarity.

With the confidence of a man deeply familiar with the workings of Nigeria’s petroleum industry, Wunti methodically addressed the issues before lawmakers, breaking down complex accounting entries and drawing an important distinction between funds described as ‘missing’ and figures requiring explanation, reconciliation or proper accounting treatment.

His presentation was compelling not because it was theatrical, but because it was grounded in knowledge.

Having spent decades across critical areas of Nigeria’s oil and gas industry, Wunti demonstrated an uncommon command of the intersection between petroleum operations, investment structures, government obligations and financial accounting. He spoke with precision, answered questions confidently and translated what had become a sensational national controversy into an issue that could be examined on its facts.

That distinction is critical.

An accounting entry requiring explanation is not automatically evidence of missing money. Terms such as ‘unaccounted for,’ ‘receivables,’ ‘payables,’ ‘outstanding obligations’ and ‘missing funds’ carry fundamentally different meanings. In a matter involving N210 trillion, those distinctions cannot be sacrificed for sensational headlines.

Wunti’s intervention therefore did more than defend a position. It helped establish a clearer framework within which the Senate can now proceed with its constitutional responsibility.

With the issues better defined, lawmakers should be able to continue their work objectively, thoroughly and without ulterior motive, following the records wherever they lead, demanding reconciliation where necessary and ensuring that every material figure is properly explained.

That is what effective legislative oversight should represent: scrutiny without presumption, investigation without sensationalism and accountability anchored in evidence.

Wunti’s appearance also demonstrated the value of institutional memory. Nigeria’s petroleum industry is extraordinarily complex, and interrogating its finances requires more than reading numbers from a balance sheet. It requires understanding the transactions, operational structures and historical obligations behind those numbers.

That depth of knowledge was evident in his testimony.

Ultimately, the N210 trillion question should not be settled by competing narratives. It should be settled by facts, records and transparent reconciliation.

Bala Wunti helped bring much-needed clarity to the debate. The responsibility now rests with the Senate to build on that clarity, complete its work independently and establish the facts for the Nigerian people.

In matters of public accountability, scrutiny is necessary. But scrutiny is most credible when it begins with facts and follows them without fear, favour or predetermined conclusions.

PanAfrican Capital (PAC) Foundation has graduated 25 young Nigerian women from the fourth cohort of its Girls Can Code initiative after an intensive 13-week training programme in cybersecurity and data analysis, strengthening efforts to equip more women with digital skills needed to compete in Nigeria’s rapidly expanding technology sector.

The graduates, who earned professional certifications after successfully completing the programme, posted an average performance score of 87 percent, while 14 participants achieved scores of 90 percent and above. Of the 30 young women admitted into the programme, 25 met the graduation requirements, representing an 83 percent completion rate.

The initiative, implemented in partnership with NexQuantum Academy, is designed to bridge the gender gap in technology by providing young women with practical, industry-relevant digital skills that enhance employability and prepare them for careers in the global digital economy.

Throughout the 13-week programme, participants underwent intensive training in Cybersecurity Fundamentals and Data Analysis through a blend of instructor-led classes and structured self-paced learning delivered on a Learning Management System (LMS). They also completed practical assignments, quizzes and real-world projects while receiving continuous guidance and mentorship from experienced facilitators.

Speaking on the successful completion of the programme, Executive Secretary of PanAfrican Capital Foundation, Omolola Ojo, said the initiative reflects the foundation’s commitment to investing in the next generation of female technology professionals.

‘At PanAfrican Capital Foundation, we believe that empowering young women with relevant digital skills is one of the most impactful investments we can make for Nigeria’s future,’ Ojo said.

She described Girls Can Code as more than a technology training programme, saying it serves as a platform that builds confidence, unlocks career opportunities and prepares young women to thrive in an increasingly competitive global digital economy.

‘We are proud of the achievements of this cohort and remain committed to expanding access to quality technology education for many more young women,’ she added.

The graduation ceremony, held on July 18, celebrated the participants’ transformation from technology beginners into professionals equipped with practical knowledge and globally relevant skills in two of the world’s fastest-growing technology disciplines.

Building on the success of the fourth cohort, the foundation said it is exploring plans to expand future editions of the programme by increasing enrolment, introducing additional technology tracks and strengthening mentorship and participant support systems to deliver even greater impact.

Since its inception, the Girls Can Code initiative has continued to empower young women with practical digital skills, mentorship and career opportunities, reinforcing the PanAfrican Capital Foundation’s commitment to promoting inclusive economic growth and creating pathways for women to participate meaningfully in Nigeria’s digital economy.

A group of Nigerian investors led by Segun Lawson has seen the value of its combined stake in Thor Explorations approach $60 million after the London-listed gold producer delivered another strong quarter, underlining the wealth being created from Nigeria’s first large-scale commercial gold mine.

Thor Explorations, which owns the Segilola Gold Mine in Osun State, reported second-quarter revenue of $77.3 million after selling 17,050 ounces of gold at an average realised price of $4,535 per ounce, benefiting from elevated global bullion prices.

The performance boosted the company’s adjusted net cash position to $225.6 million at the end of June, reinforcing its ability to fund expansion while rewarding shareholders through dividends.

The results have further increased the fortunes of three Nigerian shareholders who collectively own more than 11 percent of the company. Their combined holdings are now worth nearly $60 million at Thor’s current market valuation, making them one of the largest indigenous investor blocs in an internationally listed African mining company.

Segun Lawson, Thor’s founder and chief executive officer, remains the largest individual shareholder among the trio. He owns 31.6 million shares, representing about 4.74 percent of the company, a stake valued at roughly £18 million ($24 million) with Thor’s shares trading around 57 pence in London.

Kayode Aderinokun, one of the pioneers of commercial gold exploration in Nigeria, holds approximately 22.2 million shares, or 3.33 percent, worth about £12.7 million ($17 million). Folorunso Adeoye, an investor with interests spanning banking, oil, and mining, owns roughly 22.7 million shares, representing about 3.4 percent of the company and valued at nearly £12.9 million ($17.3 million).

While none of the three ranks among Nigeria’s billionaire class, their holdings illustrate the growing value being created in the country’s formal mining industry, a sector that has historically attracted little indigenous institutional wealth compared with oil and gas.

The largest shareholder in Thor remains the Africa Finance Corporation (AFC), the Lagos-headquartered multilateral infrastructure financier, which owns about 15.9 percent of the company through AFC Equity Investments. The stake is currently valued at approximately £60.6 million ($81 million).

AFC played a pivotal role in bringing Segilola into production by providing a financing package that combined senior secured debt, a gold stream prepayment facility, and equity capital at a time when commercial financing for large-scale mining projects in Nigeria remained scarce.

Thor produced 19,153 ounces of gold during the second quarter, bringing first-half output to 39,409 ounces. The Segilola processing plant treated 240,769 tonnes of ore at an average grade of 2.57 grams per tonne, achieving a gold recovery rate of 93.3 percent.

The company maintained its full-year production guidance of between 75,000 and 85,000 ounces while reaffirming all-in sustaining cost guidance of between $1,000 and $1,200 per ounce, positioning Segilola among the lower-cost gold producers globally despite inflationary pressures affecting the mining industry.

Thor also declared a quarterly dividend of 1.25 Canadian cents per share, payable on August 14, reflecting management’s confidence in the company’s cash-generating capacity.

Nigeria’s first commercial gold mine continues to reshape mining

Segilola represents one of the most significant milestones in Nigeria’s mining sector in decades.

The deposit, originally discovered in 1945 and historically known as the Iperindo gold reef, remained undeveloped for generations despite repeated exploration efforts.

Thor acquired the project in 2016 and successfully transformed it into Nigeria’s first industrial-scale commercial gold mine, pouring first gold in July 2021.

Lawson, a geologist trained at Imperial College London’s Royal School of Mines with experience in oil and gas corporate finance, led the acquisition and development of the project after co-founding Thor Explorations in 2011.

His partners brought decades of local mining expertise.

Aderinokun helped pioneer commercial exploration activities at Segilola through Tropical Mines, one of the original indigenous owners of the deposit, while Adeoye, through Pineridge Nigeria and Tropical Mines, played a role in introducing modern exploration standards into Nigeria’s mining industry.

Their long-term commitment stands in contrast to the relatively limited participation of Nigerian investors in large-scale mining projects, despite the country’s vast untapped mineral resources.

Expansion plans beyond Nigeria

Rather than relying solely on Segilola, Thor is positioning itself as a regional gold producer.

The company completed more than 20,000 metres of drilling across its portfolio during the second quarter, including underground exploration designed to extend the life of the Segilola mine.

It is also advancing the Douta gold project in Senegal towards a final investment decision, with negotiations on the mining convention expected to conclude during the third quarter.

Exploration activities are also continuing across the company’s licences in Côte d’Ivoire.

Management says cash flows generated from Segilola will finance the development of additional assets across West Africa, reducing reliance on a single producing mine and creating a diversified regional mining business.

Amazon has begun another round of job cuts, this time within its Artificial General Intelligence (AGI) division, which reveals a broader restructuring strategy that prioritises high-impact artificial intelligence projects while trimming roles considered less critical.

The latest layoffs, announced on Wednesday, come just six months after the technology giant eliminated about 16,000 corporate positions globally in one of the largest workforce reductions in its history.

Although Amazon did not disclose the number of employees affected in the AGI unit, the company said the decision was part of a strategic review aimed at concentrating resources on initiatives expected to deliver the greatest value to customers.

The affected division is responsible for Amazon’s long-term AGI ambitions, including developing AI systems capable of performing a broad range of cognitive tasks comparable to or beyond human capabilities.

The unit also supports the company’s generative AI products, including its Nova foundation models and AI services offered through Amazon Web Services (AWS).

The restructuring follows a leadership shift within Amazon’s AI organisation. Rohit Prasad, who previously led the AGI group, and David Luan, head of the AGI Lab, have exited their roles, while the company’s AI efforts were reorganised under Peter DeSantis, senior vice president, alongside Amazon’s quantum computing and silicon engineering teams.

The move reflects a growing trend across the global technology sector, where companies are simultaneously investing billions of dollars in AI infrastructure while reducing headcount in areas where automation and organisational streamlining are expected to improve efficiency.

Earlier this year, Amazon announced plans to cut approximately 16,000 corporate jobs worldwide, saying the restructuring was intended to reduce management layers, eliminate bureaucracy and improve operational efficiency as competition in AI intensifies.

Despite the latest layoffs, Amazon said AI remains one of its highest strategic priorities. The company continues to invest aggressively in foundation models, cloud-based AI services and AI-powered features across its retail, cloud computing and devices businesses.

The Lagos Division of the Court of Appeal has upheld the final forfeiture of more than N293.97 million, investment assets and several high-value properties linked to Emmanuel Atewe, a retired military officer, affirming that the assets should be permanently forfeited to the Federal Government.

The unanimous judgment, delivered on Wednesday by Boloukuromo Moses Ugo (Justice) dismissed Atewe’s appeal against an earlier decision of the Federal High Court in Lagos, which granted the Economic and Financial Crimes Commission (EFCC)’s application for the final forfeiture of the assets.

The appellate court upheld the judgment of Chukwujekwu Aneke, Justice of the Federal High Court, ruling that the appeal lacked merit and confirming that the assets were reasonably suspected to be proceeds of unlawful activities.

The forfeited assets include N293.97 million in cash, 30,000 MTN-linked investment units held in Stanbic IBTC Asset Management Limited, and several landed properties in Abuja.

The properties are located along the Outer Northern Expressway, Jahi, Sabon Lugbe, Kuje, Gaube Farmland Extension II Layout, and Sector Centre B Layout in Kuje. Also forfeited is a commercial property in Yenagoa, Bayelsa State.

According to the EFCC, investigations traced the assets to funds allegedly diverted from allocations made for the operations of the Joint Task Force, Operation Pulo Shield.

The anti-graft agency said its investigation uncovered an alleged diversion of about N8.537 billion released for the military operation through a network of companies and individuals acting as proxies.

The Commission alleged that billions of naira earmarked for operational activities were paid to companies for contracts and services that were never executed, after which part of the money was allegedly channelled into acquiring assets linked to Atewe through companies associated with him.

The EFCC disclosed that N297 million traced to Cisco Nobots Limited was used in a property transaction in Port Harcourt, Rivers State, from which the Commission eventually recovered N290 million.

The Federal High Court had initially granted an interim forfeiture order before making it final after holding that Atewe failed to provide satisfactory evidence explaining the legitimate source of the assets.

Dissatisfied with the ruling, Atewe approached the Court of Appeal, arguing that the forfeiture proceedings were incompetent because he was entitled to protection under Section 123 of the Armed Forces Act.

He also contended that the civil forfeiture proceedings should not have commenced while criminal money laundering charges against him were still pending and further challenged the jurisdiction of the trial court to entertain the matter.

However, the three-member appellate panel resolved all the issues in favour of the EFCC.

The court held that the statutory protection provided under Section 123 of the Armed Forces Act applies only to serving members of the Armed Forces and not retired officers.

In its judgment, the court noted that Atewe himself admitted in an affidavit before the lower court that he had retired from military service before the forfeiture proceedings commenced.

The appellate court also ruled that Atewe failed to sufficiently establish the legitimate source of the assets, observing that his explanation merely referred to honoraria without demonstrating how the properties and funds were lawfully acquired.

On the argument that the forfeiture proceedings amounted to an abuse of court process because criminal proceedings were already pending against him, the court disagreed, holding that civil forfeiture proceedings can lawfully run concurrently with criminal trials and do not constitute an abuse of the judicial process.