Business
Sanusi Slams NNPC Over Oil Theft
Governor of Central Bank of Nigeria (CBN), Sanusi Lamido
Sanusi, has passed vote of no confidence on the Nigerian National Petroleum
Corporation (NNPC) over poor management and regulation of the nation’s oil
sector.
Sanusi expressed the concern while reacting to the recent
revelation made by the Minister of Petroleum Resources, Diezani Allison-Madueke
that Nigeria lost about $7 billion to oil theft in 2011.
He specifically expressed doubt over Nigerian crude oil
production, which currently stands at 2.7 million barrels per day according to
NNPC’s report as against the 2.4mbpd oil benchmark projection for the year
2012.
Sanusi, who appeared alongside his deputies, Tunde Lemo and
Sarah Alade, before Abdulmumin Jubrin-led joint House committee on Finance,
Legislative Budget and Research, National Planning and Aid, Loans and Debt
Management, also called for “bombing of illegal refineries” in the Niger Delta
region.
The CBN governor, who was drilled by members of the joint
committee for over 3 hours, queried whether NNPC has required facility for
measuring of the actual crude oil explored across the country.
To curtail the extent of corruption and shady deal in the
sector, the CBN chieftain, called on the National Assembly to strengthen NEITI
and ensure quick passage of the long awaited Petroleum Industry Bill (PIB).
In his submission, the Chairman of the joint committee,
Abdulmumin Jubrin, noted that the projection for exchange rate for MTEF was
consistently N160 for 2013 to 2015, except for 2012 that was N155.
He said “most of the time we give analysis, we make
comparative analysis with countries around the world and when we talk about the
issue of benchmark, what most of these countries does with their surplus at the first instance is
subsequently to balance their budget.
“When they borrow, what they do with the money can be
physically seen as it is tied to specifics. When they save. They save
transparently in a way that even the layman in the street will understand. My
worry is that we have been doing these processes, budgetary process, fiscal
planning, monetary policies but if am going to limit it to budgetary process,
it has always been the same or similar.
“The process is the same, the parameters are similar, the
modules are the same, same institution, same system and many of the
personalities are even the same. We want to get things differently in 2013 and
moving forward in 2014 and 2015 and subsequent years, it means that something
have to change”.
Cornerstone of Financial Services
A survey of more than 1 000 global finance leaders undertaken by digital payment network Ripple shows that 72% of respondents believe they need to offer a digital asset solution to remain competitive.
According to Ripple, leaders from the banking, fintech, corporate and asset management sector have made it clear that the “digital asset revolution is happening now”.
“Digital assets are quickly becoming a cornerstone of financial services, underpinned by progressive regulation, growing interest from Tier-1 banks, a steady consumer shift from banks to fintech providers, and booming stablecoin adoption,” Ripple says.
The survey was conducted in early 2026 and the findings released in March.
Stablecoin Boon or Bane?
Ripple has experienced significant success in the stablecoin sector since launching its Ripple USD (RLUSD) stablecoin in 2024.
With a market cap of $1.56 billion, it is considered a major regulated player in the market.
No doubt the platform was pleased to learn through its own survey that financial leaders were most bullish about stablecoins.
Roughly three-quarters of respondents believed they could boost cash-flow efficiency and unlock trapped working capital.
Ripple noted that finance leaders were thinking about stablecoins as more than “just a new way to execute payments”; instead, they viewed them as effective tools for treasury management.
In March 2026, Ripple began testing a new trade finance model built around RLUSD in a bid to increase the speed of cross-border payments.
The pilot initiative, developed alongside supply chain finance company Unloq [https://unloq.com], is running on the XRP Ledger inside a testing framework developed by the Monetary Authority of Singapore.
The Asian city-state is one of the platform’s biggest growth markets.
The idea behind the project is to see whether stablecoin-based settlement can streamline trade finance, too often hampered by reliance on intermediaries and slow reconciliation.
The only potential drawback is that if the initiative takes off, the Ripple to USD price could be negatively affected.
Ripple has always championed its native XRP token as a bridge asset, the “middleman” in the process of a financial institution turning dollars in the US into pounds in the UK, for example.
Ripple converts dollars into XRP and then back into pounds.
If RLUSD can do exactly the same thing, questions will be asked about XRP’s relevance.
That is a bridge Ripple will have to cross if it gets to that point.
Tokenisation Partners
Another interesting finding from Ripple’s survey is that most banks and asset managers are seeking tokenisation partners to help execute their strategies.
Some 89% of respondents said digital asset storage and custody were top priority. “Token servicing/lifecycle management also ranks highly for banks at 82%, while asset managers place greater emphasis on primary distribution at 80%,” Ripple found.
The survey also revealed that just more than half of fintechs and financial institutions want an infrastructure provider that can offer a “one-stop-shop solution”. This rose to 71% among corporate financial leaders.
Ripple attributes this to institutions and firms wanting uncomplicated, cohesive systems.
Infrastructure Rules
In its final analysis, Ripple says companies across the board are looking for partners and solutions that are “secure, compliant, battle-tested and that enable growth and execution”.
“The message is clear: infrastructure decisions made today will shape competitive positioning tomorrow.”
No surprise that this is precisely where Ripple is placing much of its focus.
