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Sanusi Lamido Releases Bombshell Over Nigeria’s Crude Oil
The former CBN governor, Sanusi Lamido Sanusi, said on Thursday that Nigeria’s reliance on oil production alone is not sufficient to guarantee prosperity for the country.
Sanusi made this statement while delivering the keynote lecture at the Distinguished Lecture Series of the Nigerian Institute of International Affairs (NIIA) in Lagos.
According to the former emir of Kano, Nigeria’s dependence on oil is not a working strategy to make us rich; however, it can put the country in great trouble.
Sanusi observed that it’s important to bring the economy into public discourse because that’s the only way through which Nigeria’s economic predicament can be addressed.
Referencing oil-producing countries such as Saudi Arabia, Kuwait and Gabon, he stated the country merely produced 2.3 barrels per day for an average Nigerian.
“Oil is not enough to make us rich but enough to put us in trouble.
“Nigeria will never get rich from producing oil.
“At best, it represents working capital that can enable the launch of other industries.
“Nigeria produces just 2.3 barrels per person per year compared to Saudi Arabia’s 91.4, Kuwait’s 221.6 and Gabon’s 31.7,” he said.
Subsidy removal and unification of the naira
Speaking further, the former CBN governor commended President Tinubu for removing subsidy and unifying the multiple exchange rate, noting that these two structural reforms will bolster economic growth in the country.
He also stated that while in 2011 he revealed the danger subsidy and multiple exchange rates posed to the economic landscape, many people refused to listen to him because of vested interest.
He said,
“If the state is a rentier state where the people in control see it as an avenue to make money for themselves and their families, they are never going to run an economy that encourages production and growth.
“If it is run by people who are thinking long-term and of the legacy they will leave behind for their children and the future of the country, they will run different sets of different policies.
“I think every economist knows that multiple exchange rates are a problem, but as long as politicians are able to give themselves a dollar at 400 Naira and sell at 700 Naira, they are not ready to listen to the economists,
“We said, if we did not do something about those subsidies, we would end up where we are today.”
Short-term and Long-term Solution
Furthermore, Sanusi advised the President to focus on the diversification of the economy from oil reliance as a long-term strategy to the present economic challenges.
He said that while conditional cash transfer can be used to cushion the effect of these reforms in the short term, the government should have a long-term plan to ensure that Nigeria becomes a productive state.
“In the short term, the most effective measure to offset the removal of fuel subsidies is cash transfers.
“The design of individual cash transfer programmes varies considerably in reach and coverage.
“The long-term solution is to reduce dependence on PMS,” Sanusi added.
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On his part, Prof. Eghosa Osaghae, the Director-General of NIIA, characterized Nigeria as a nation blessed with abundant resources and the largest democracy in Africa.
He noted that the country had been through challenges but expressed optimism that it would surmount all challenges
“We have continually proven to be the giant, and we must lead others there,” Osaghae said
News
Couple Kidnapped, One Shot In Ondo Estate Attack
Gunmen suspected to be kidnappers have abducted a couple from their residence in the Iluabo area of Akure North Local Government, Ondo State.
During the attack, which occurred in the early hours of Saturday, February 21, 2026, the assailants shot one person before seizing the victims.
The gunmen had stormed Olaribigba Estate in the community when they whisked Mr Jamiu Olawale and his wife into the bush.
Following the development, which has created tension in the agrarian community, residents protested and barricaded the road leading to the community over the incessant kidnappings and insecurity in the community.
According to sources, the couple had arrived at their residence in an ash-coloured Toyota Camry when they were attacked by the gunmen, who lay in ambush for them.
During the incident, a neighbour of the abducted couple, Patrick Ilumaro, who was seated in front of his residence, was shot by the gunmen while fleeing from the community.
A neighbour of the victims revealed that Ilumaro was swiftly rushed to an undisclosed medical facility where he is currently receiving medical treatment.
While confirming the incident, the Ondo State Police Command disclosed that tactical teams as well as conventional operatives have been deployed to the community.
In a statement issued by the Police Public Relations Officer, Abayomi Jimoh, the operatives are already combing the axis in an effort to rescue the victims and apprehend the perpetrators.
“Concerted efforts are ongoing to ensure the safe return of the abducted persons and bring those responsible to justice.
“Members of the public are urged to remain calm and go about their lawful activities. Meanwhile, the Command urges them to provide credible and actionable information that may assist in the investigation to the nearest police station.”
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Court Sets Feb 25 For El-Rufai’s Arraignment In DSS Cybercrime Case
The Department of State Services (DSS) will arraign former Governnor of Kaduna state, Nasir El-Rufai, on February 25 over alleged cybercrime and breach of national security.
Justice Joyce Abdulmalik of the Federal High Court has fixed the date for the arraignment of the former Governor on a three-count criminal charge filed by the Department of State Services (DSS) after the Chief Judge, Justice John Tsoho assigned the case to her.
NAN earlier reported that the DSS, on Monday, filed a three-count criminal charge against El-Rufai following his alleged involvement in wiretapping the telephone lines of the National Security Adviser (NSA), Mallam Nuhu Ribadu.
The charge, instituted by the Nigerian secret police, is marked FHC/ABJ/CR/99/2026.
The service accused El-Rufai of breaching the Cybercrimes Prohibition Act (2024) and the Nigerian Communications Act (2003.)
In court, El-Rufai was alleged to have, on Feb. 13, while appearing as a guest on Arise TV station’s Prime Time Programme in Abuja, admitted during the interview that he and his cohorts unlawfully intercepted the phone communications of the NSA, Mr Ribadu.
The offence is said to be contrary to and punishable under Section 12(1) of the Cybercrimes (Prohibition, Prevention, etc.) Amendment Act, 2024.
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Maureen Badejo To Appear Before Federal High Court Tomorrow On Defamation, Cybercrime Charges
Maureen Omorinola Badejo is scheduled to appear before the Federal High Court sitting in Ikoyi, Lagos, on February 20, 2026, following charges filed by the Inspector-General of Police over allegations bordering on defamation, cyberstalking, and related offences.
The charges arise from online publications made in November 2021, in which Ms. Badejo allegedly transmitted statements and videos on YouTube and Facebook concerning Apostle Johnson Suleman and his associate Dickson Omodiale Osajie.
According to the charge sheet, the prosecution alleges that:
Ms. Badejo conspired with others to publish defamatory content against Apostle Suleman.
She allegedly portrayed him as a cultist, rapist, assassin, ritualist, and other criminal labels, knowing the claims to be false.
She is accused of sending false messages via computer networks intended to cause annoyance, hatred, intimidation, and injury to reputation.
Additional allegations state that defamatory statements were also made against Mr. Dickson Osajie, claiming involvement in crimes such as rape and ritual killing.
Authorities further allege that the publications caused fear for safety and threatened bodily harm to the complainants.
The offences cited fall under provisions of the Criminal Code Act (Cap C38, Laws of the Federation of Nigeria, 2004) and the Cybercrimes (Prohibition, Prevention, etc.) Act, 2015.
The case follows a formal petition submitted to the Nigeria Police Force by Mr. Osajie, who alleged persistent cyberstalking, harassment, invasion of privacy, threats to life, and dissemination of false information affecting himself, Apostle Suleman, and their families.
Statement from Maureen Badejo
Ms. Badejo maintains her readiness to face the court and present her defense, expressing confidence in the Nigerian judicial system to ensure fairness and justice.
“I will appear in court as required and trust that the truth will prevail through due legal process,” she stated.
However Ms. Badejo is expected to be formally arraigned before the Federal High Court in Ikoyi, where the charges will be read and she will enter her plea.
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