The Economic and Financial Crimes Commission, EFCC and the Presidential Economic Advisory Council, Presidential Foreign Intervention Promotion Council have forged a stronger collaborative pact to improve on foreign direct investment drives into the country.

The agreement was made in Abuja on Thursday, September 4, 2025 when the Director General of the Council, Prince Adeniyi Adeyemi, led his management team on a courtesy visit to the EFCC’s Executive Chairman, Ola Olukoyede at the Commission’s corporate headquarters.

Adeyemi disclosed that the parley was necessary to evaluate the integrity of the investing members of the public preparatory to World Investment Summit to be hosted by Nigeria in November 2025.

“Nigeria will be hosting the World Investment Summit, the first of its kind in Africa. We have been traveling up and down to bring in foreign investors to support Mr. President. In the course of that, we met some people that really want to invest in Nigeria. But in spite of their willingness and readiness to work for Nigeria, we are being cautious, so as not to run into barbed wires. Some people want to bring in money to invest, but we don’t have the intelligence to know whether the money they are bringing is to finance terrorism or any other negative thing. So, in order for us not to run into trouble in the course of doing our work, we deemed it fit to consult you. We need to partner with you, to collaborate to grow our economy. So, we are here to seek collaboration with your Commission so that we can together make Nigeria great again”, he said

Adeyemi also appreciated Olukoyede’s giant strides as the EFCC boss. “I want to appreciate the fantastic job you have been doing in this Commission. With my assumption of office a few months ago, I know what it is to be in a position of leadership. You, being at the center of this Commission, I sincerely pray that God Almighty will be with you”, he said.

Olukoyede expressed delight at the opportunity to collaborate with the Council for the wellbeing of the economy and the country and extended a hand of fellowship to the Council.

“Thank you for making time to see us. Accept our hand of fellowship and collaborate with us. On our part as EFCC, one of the things we are trying to drive home with the instrumentality of this work is to grow the economy. When you are fighting corruption the aim is to build the economy and not to bring it down. We must find a balance between the fight against corruption and the sustenance of investment and attraction to foreign direct investments. Though we are trying to do that, it does not mean that we will tolerate financial crimes,” he said.

Speaking on his resolve to spare no rogue investor in the anti-corruption fight, Olukoyede stated that, “As many as we know set up their businesses to destroy the economy, we will bring them down. We don’t have any apology for that. Bringing them down will also help us build the economy because you can’t set up your business to destroy the economy. So, we try to strike a balance and to see how we can interplay all the forces.

“Let us all ensure that we do the right things. If somebody sets out to scam the system, the long arm of the law will catch up with such a person. Let us always be conscious of that. On our part, we are ready to do the right things and to play by the rules.

Indigenous operators are expanding their footprint by acquiring onshore and shallow‑water assets divested by international majors. Green Energy launched a locally built onshore terminal at Otakikpo; Conoil shipped its first Obodo crude; and Renaissance outlined multi‑year investment plans. Security costs and aging infrastructure remain headwinds, but policymakers see scope to lift national output significantly.

Source: https://www.reuters.com/business/energy/local-firms-drive-new-growth-phase-nigerias-oil-sector-2025-06-03/

TotalEnergies agreed to sell its 12.5% stake in the offshore Bonga oilfield to Shell for $510 million, raising Shell’s interest to 67.5% pending approvals. Partners plan an expansion designed to add roughly 110,000 boe/d before decade’s end. The deal follows a broader reshaping of portfolios as majors exit onshore assets while doubling down on offshore projects.

Source: https://www.reuters.com/business/energy/totalenergies-sell-bonga-field-interest-510-million-2025-05-29/