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Money Swap : Pressure on FG, CBN Governor Emefiele over naira scarcity, Supreme Court judgment
….Anger in Ekiti, Osun, others over rejection of old notes
.,….Radio presenter slumps, dies while trekking to work
THE cash scarcity caused by the naira redesign claimed another life yesterday in Ibadan as pressure mounts on the Federal Government and the Central Bank (CBN) to ease the suffering of the people.
The Bayelsa State Government is suing for calm in the state following Friday’s protest by residents of Akenfa community in Yenagoa Local Government Area to call government’s attention to the tough life they have been facing over the naira scarcity.
They said they had had enough of the rejection of the old naira notes by traders one week after the Supreme Court extended their validity to December 31, 2023.
The placard carrying protesters said life had come to a standstill as they could neither sell nor buy while hunger continued to bite them and their children.
Ekiti State Governor Biodun Oyebanji yesterday joined the list of governors threatening to arrest and prosecute traders and service providers who reject the old N500 and N1000 denominations.
But the threats are having little or no effect as traders continue to reject the old notes.
They insist that President Muhammadu Buhari and the CBN must speak out on the judgment of the apex court to guide Nigerians appropriately on the old naira notes.
Baba Bintin L’aye, a presenter with Ibadan-based private radio station, Fresh FM, slumped to death yesterday while taking a walk to the radio station to present his programme.
He had reportedly left home armed with his ATM card in the hope of getting some cash from a POS outlet to pay for his transport fare.
He apparently failed to get the cash hence he resorted to trekking from his Amuloko residence to Challenge area of Ibadan, the location of the radio station, only to collapse on the way.
Baba Bintin L’aye is the latest known casualty of the naira scarcity which has made life unbearable for millions of Nigerians.
Before him was a Kaduna pregnant woman who died at the point of delivery because her husband was unable to pay the required hospital deposit on account of the cash squeeze.
An employee of the Lagos State University (LASU), Johnson Adesola, had also slumped to death last month while on a queue to withdraw cash at a bank on the institution’s main campus at Ojo, Lagos.
At least three other persons were killed also last month during violent protests in Edo State over the naira scarcity.
The federal government and the CBN have continued to keep mum over the Supreme Court judgment, prompting the Kaduna, Kogi, Zamfara, Ondo, Ekiti, Katsina, Ogun, Cross River, Lagos and Sokoto state governments to consider slamming contempt charges against the Attorney Genral of the Federation and Justice Minister Abubakar Malami (SAN) and the apex bank for non-implementation of the court order.
The states on Friday served the Attorney-General of the Federation the enrolled order of the Supreme Court on the extension of the validity of the old N200, N500 and N1,000 to December 31, 2023.
By the service, the order became automatically applicable to all agencies of the Federal Government, including the CBN.
Malami and CBN Governor Godwin Emefiele risk being committed for contempt of the court if by Monday they fail to comply with the order of the apex court.
The 10 states have activated the machinery to file contempt charges against Malami and Emefiele if they defy the order of the Supreme Court.
The delay in releasing the Certified True Copy (CTC) seems to have encouraged the banks to adopt different attitudes to the judgment of the apex court.
Some of the banks have been giving the old notes to customers but insist that customers go through the strenuous process stipulated by the CBN for the old notes to be banked.
Our correspondence gathered that the enrolled order, dated March 3rd, 2023, was served on AGF Malami yesterday.
A counsel in the matter said: “We have finally served the Attorney-General of the Federation the enrolled order of the Supreme Court.
“What we did on Friday was to fulfill all righteousness by serving the enrolled order on the AGF.
“The Federal Government has been evasive by claiming that it had not received the Certified True Copy (CTC) of the judgment, which we have obtained and made available to it.
“The burden is on Malami to act as the Chief Law Officer of the Federation to comply with the order.
“There is no hiding place for the government; there is no excuse again. While we are waiting for the government’s decision, the law provides us backing for Plan B.”
The enrolled order of the Supreme Court, which was sighted by The Nation, reads as follows: “It is ordered that this suit has merit. That the demonetization directive/policy by the President of the Federation to wit: withdrawal of the old 200, 500, and 1000 naira notes is not consistent with the provision of the Constitution of the Federal Republic of Nigeria 1999(as amended) which makes provision for the Executive power of the President of the Federation and the extant laws on the subject matter.
“That the three months’ notice given for the implementation and completion of the said demonetization policy by which time the old N1,000, N500 and N200 naira notes shall cease to be legal tender does not satisfy the condition set out in Section 20(3) of the CBN Act 2007.
“That the President cannot unilaterally give a directive to embark on the demonetization policy pursuant to Section 20(3) of the CBN Act 2007 in view of Nigeria’s Fiscal Federalism, the economic interest of the Constituents of the Federation and without consultation with, and advice from the plaintiff, individually, and in their capacity as members of the National Council of States and National Economic Council and that the directive cannot be given without consultation with, and advice from the cabinet, the National Security Council and other stakeholders.
“That in issuing the directive for demonetization policy pursuant to Section 20(3) of the CBN Act, 2007 on behalf of the Federation of Nigeria, the President is under an obligation to ensure that adequate structures are put in place for the plaintiffs and Nigerian citizens prior to the implementation of the said directive.
“That the demonetization directive/policy by the President of the Federation to wit: withdrawal of the old N200, N500 and N1, 000 notes unlawfully impede the exercise of the Executive Powers of the plaintiffs’ states and other obligations to facilitate and protect the welfare of the citizens of the said states pursuant to Section 5(2) and other provisions of the Constitution of the Federal Republic of Nigeria 1999(as amended) as well as other extant laws.
“That the directive given by the President pursuant to Section 20(3) of the CBN Act 2007 limiting the amount that can be withdrawn and the charges therein without an enabling law is unconstitutional and not binding on the plaintiffs.
“That the directive of the President of the President of the Federation exercised is illegal to the extent that it restricts, without an enabling law, the rights of the plaintiffs to freely use their money in various bank accounts.
“That the old version of N200, N500 and N1,000 notes shall continue to be legal tender alongside with the new or redesigned version until 31st December, 2023.
“That the reception of old N200, N500 and N1,000 notes and the swapping of same with new Naira notes shall continue till 31st December, 2023.
“That all the consolidated suits listed in pp. 12-13 of the judgment shall abide this judgment.”
Bayelsa govt calls for calm
Following the Friday protest in Yenagoa and the continuing anger of the people over FG’s silence on the Supreme Court’s judgment, the Bayelsa State Government yesterday pleaded with residents of the state to be calm and shun acts that could jeopardise the peace of the state.
Information, Orientation and Strategy Commissioner Ayibaina Duba said in a statement that while the state government was not in any way against the naira redesign policy of the CBN or the federal government, it was “not comfortable with the method of its implementation that has resulted in further hardship on people of the state and, indeed, the country.”
It urged business operators in the state, particularly banks, traders and keke (tricycle) to “take into consideration the Supreme Court ruling in order to reduce the pains of people of the state.”
It also asked the CBN to “take immediate steps to ease the burden of doing business in the state by making implementation of the policy less cumbersome.”
Ekiti govt to arrest, prosecute traders rejecting old naira notes, says Oyebanji
Ekiti State Governor Biodun Oyebanji said government would arrest and prosecute traders and service providers who reject the old N500 and N1000 denominations.
His Special Adviser on Media, Mr Yinka Oyebode, in a statement in Ado Ekiti particularly appealed to traders and business owners in the state to stop creating hardship for residents.
The governor explained that the old N500 and N1000 denominations remained legal tender till the end of this year by virtue of the ruling of the Supreme Court.
Oyebanji said that his office had been inundated with the cries of the people due to the hardship being faced as a result of the low circulation of the redesigned naira notes.
Oyebanji said that the refusal of many business owners in the state to accept the old naira notes as means of transaction was unlawful.
He said: “This is an appeal to all residents of Ekiti to abide by the ruling of the Supreme Court, which has provided a reprieve for the people by extending the validity date of the old naira notes till December 31.
“As honourable people, what is expected of us is to abide by the ruling of the apex court and continue to accept the old naira notes as means of transactions and not to inflict further hardship on one another by rejecting it.
“Government will not hesitate to arrest and prosecute business owners found rejecting the old naira notes,” the statement quoted Oyebanji as saying.
He pledged that his administration would continue to explore avenues to make life more meaningful for the people, as it continues to build a more prosperous state.
The governor, therefore, appealed to the market women and men, artisans, transporters, filling station attendants, supermarket owners and school proprietors as well as service providers to remain law abiding and accept the old naira notes.
He also urged the commercial banks and Central Bank of Nigeria (CBN) to make the old and new currencies available in their branches and at their Automated Teller Machines (ATM) points to ease the stress residents go through to get money for their daily and commercial needs.
Osun residents decry inability to spend old N500, N1000 notes
Residents of Osogbo in Osun have decried their inability to spend the old N500 and N1,000 denominations in spite of the Supreme Court’s pronouncement that they remain legal tender until December 31.
Some of them told the News Agency of Nigeria (NAN) yesterday that were happy with the Supreme Court’s judgment, but were disappointed when traders refused to accept the money.
Mr Adejare Agunloye, a civil servant, said the N10,000 old notes he got from the ATM had become useless as traders refused to accept them from him .
“The situation is really messed up,” he said.
“Imagine the situation where the Supreme Court would give a judgment and people still have to wait for the President to give such court order power of authenticity.
“I have been cash strapped since the new currency issue started and imagine my joy (like many others) when the judgment that banks should circulate the old N500 and N1,000 notes was given.
“Now see, after rushing to withdraw the old money from the bank, there is no where to spend it as traders continue to reject it because the President and CBN governor have not said it should be spent.
“At the moment, I have money I cannot spend, and the worst part is, banks are not collecting the old notes from customers who want to deposit them. Instead, they are asking us to take the money directly to the CBN office for deposit.
“I don’t understand why things in Nigeria are always made difficult by the authorities.”
Another resident, Mrs Ayoade Usman, said she withdrew N5,000 old notes from the ATM with the intention of buying food items from the market.
Usman said she almost got into a fight with some traders when they refused to collect the money from her, saying they don’t accept the old notes.
“I was angry after I wanted to buy pepper and meat and other food items, and these people said they are not collecting the old notes.
“This is the money that the Supreme Court said remains a legal tender till December and this is the same money these traders are refusing to collect.
“So, what is the essence of collecting the old Naira notes from the banks if business operators and traders would not collect them?
“I hope the CBN governor or Mr President would speak or issue an official statement to address this matter, because the banks are still paying out the old notes to customers while business owners are rejecting them,” she said.
Mr Ajayi Ogunsola, a resident and a commercial transport operator, said he was collecting the old notes from passengers, but stopped when he discovered filling stations and traders were not collecting them from him.
“I was collecting the old N500 and N1,000 when the court said we should continue to spend them. But to my surprise, when I wanted to buy fuel, the fuel attendant said she was not collecting the old notes.
“I thought she was joking and told her the Supreme Court has directed that the old notes should remain a legal tender till December 31, but she insisted that the management had directed her and her colleagues not to collect the old notes.
“At this point, I did not know what to do with the old notes with me because I heard banks are also not collecting them, and people are saying I have to take it to the CBN office.” he said.
May God’s judgement be on you, Fani-Kayode curses CBN managers
Lamenting the naira scarcity situation across the country despite recent orders by the Supreme Court, former Minister of Aviation, Femi Fani-Kayode took to his Twitter page on Saturday to rain curses on the people at the helm in Central Bank of Nigeria (CBN) for causing the people untold hardship.
The All Progressives Congress (APC) chieftain lamented that some people at the CBN believe they are greater than the court but should remember they are not greater than God.
“May God’s judgement and curse be upon those at Central Bank who believe that despite the ruling of the courts they are above the law & are greater than their creator. Your money, power, properties & wealth are for but a fleeting moment in the sands of time & echoes of eternity,” he wrote.
Nigeria’s quest to secure a Category ‘C’ seat on the International Maritime Organization (IMO) Council for the 2026/2027 biennium received a major boost today as the Government of Switzerland formally pledged its support.
The Honourable Minister of Marine and Blue Economy, H.E. Adegboyega Oyetola, CON, received the letter of endorsement during a courtesy visit by the Swiss Ambassador to Nigeria, H.E. Patrick Felix Egloff, at the Ministry’s headquarters in Abuja.
Expressing his delight, Oyetola described the Swiss government’s backing as “a significant milestone in Nigeria’s campaign and a strong testament to the Federal Government’s commitment to upholding international maritime standards.”
According to the Minister, Nigeria’s election into the IMO Council would further strengthen global efforts towards building “a more robust, safe, and sustainable maritime industry.”
Highlighting Nigeria’s maritime potential, Oyetola disclosed that the country boasts 200 nautical miles of Exclusive Economic Zone and an extended continental shelf of 16,300km, positioning it as a strategic maritime nation.
“With these vast endowments, Nigeria, by any standard, is a maritime nation. That’s why the Ministry, in collaboration with the World Bank, AU-IBAR, the Kingdom of Norway, and other stakeholders, has developed a comprehensive National Policy on Marine and Blue Economy capable of standing the test of time,” he stated.
Oyetola further revealed that the Federal Government is adopting a Public-Private Partnership (PPP) model to drive rapid investments in the maritime sector. These include inland waterways development, supply of boats, dredging, and navigation infrastructure.
On maritime security, the Minister emphasized the success of the Deep Blue Project, Nigeria’s state-of-the-art surveillance initiative:
“For the past three years, there has been zero piracy in our waters, and we’re committed to sustaining this achievement. We’re also working with other Gulf of Guinea countries to extend safety and security beyond our national waters.”
In his remarks, Ambassador Egloff noted that Switzerland’s decision to endorse Nigeria followed an earlier request from the Ministry in April 2025.
“I’m very glad to convey this letter of support. Switzerland is very happy to stand with Nigeria. You’re a strong candidate, and we appreciate your commitment to multilateralism and the maritime sector. Nigeria plays a very important role globally,” he affirmed.
With Switzerland’s endorsement, Nigeria’s campaign for the IMO Category ‘C’ Council seat gains further international momentum ahead of the elections slated for October/November 2025.
President Bola Ahmed Tinubu returned to Abuja around 1:20am on Thursday after concluding a three-day state visit to Brazil that yielded a raft of bilateral agreements and high-level engagements aimed at deepening Nigeria’s economic and diplomatic ties with South America’s largest economy.
The President, who arrived aboard the presidential jet, was received at the Presidential Wing of the Nnamdi Azikiwe International Airport by a high-powered delegation of political leaders and senior government officials.
Among those present were Governors Caleb Mutfwang (Plateau); Uba Sani (Kaduna); Hope Uzodinma (Imo) and AbdulRahman AbdulRazaq (Kwara).
Also on hand to welcome the President were Speaker of the House of Representatives, Tajudeen Abbas; Deputy Senate President, Barau Jibrin; Chief of Staff to the President, Femi Gbajabiamila; National Security Adviser, Nuhu Ribadu; and some Ministers, including Nyesom Wike (FCT); Abubakar Atiku Bagudu (Budget and Economic Planning) and Bello Matawalle (Defence, State).
President Tinubu’s visit to Brazil was marked by the signing of five Memoranda of Understanding (MoUs) covering aviation, trade, science, diplomacy, and finance.
At a joint press conference in Brasília, he welcomed the imminent return of Petrobras, Brazil’s state-owned oil giant, to Nigeria—five years after it halted its joint ventures.
“We have the largest gas repository. So I don’t see why Petrobras doesn’t join as a partner in Nigeria as soon as possible. I appreciate President Lula’s promise that this will be done,” he said.
The agreements also included a Bilateral Air Services Agreement, paving the way for direct flights between Lagos and São Paulo, to be operated by Air Peace.
Other MoUs targeted political consultations, scientific collaboration, and agricultural financing through Nigeria’s Bank of Agriculture and Brazil’s National Bank for Economic and Social Development.
Beyond the MoUs, President Tinubu underscored his administration’s economic reforms, assuring Brazilian investors of a stable, transparent financial climate.
He cited Nigeria’s capital market growth as evidence of renewed investor confidence and pledged continued reforms to “unlock capital, protect investors, and drive innovation.”
In a meeting with Nigerians in Brazil, Tinubu called on the diaspora to contribute actively to nation-building, pledging technology-driven development and food security as the pillars of a prosperous future.
“We must bring Nigeria to the forefront of Africa’s progress, driven by technology, food sovereignty, and the courage to change our destiny,” he told the gathering.
The visit, which featured red-carpet honours, bilateral meetings with President Luiz Inácio Lula da Silva, and cultural engagements, signalled what both leaders described as a new era in Nigeria–Brazil relations.
Tinubu’s state visit to Brazil was preceded by his participation at the recently concluded ninth edition of the Tokyo International Conference on African Development (TICAD9).
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Symbolic gestures to tangible cooperation, Air Peace clearance, Oil giant Petrobras return is key gain of Tinubu’s Brazil visit, Says Onanuga
……Air Peace clearance for Lagos-Sao Paulo direct flights excites President
The return of Brazil’s oil giant, Petrobras, to Nigeria’s upstream is a major breakthrough recorded by President Bola Ahmed Tinubu’s two-day state visit to the largest economy in South America, Minister of Information and National Orientation Mohammed Idris said yesterday.
Besides, Nigeria’s largest airline, Air Peace, was given the right to commence Lagos-Sao Paulo flights to underscore the renewed economic and cultural ties between the two countries.
Sao Paulo is Brazil’s economic powerhouse and largest city.
Air Peace Chief Executive Officer, Allen Onyema, said the airline would deploy a Boeing 777 from its fleet to service the route.
A symbolic flight was planned for last night.
These agreements are part of the Memoranda of Understanding (MoUs) signed by the two countries during the President’s third visit to Brazil in less than one year.
His two earlier visits were on invitations extended to Nigeria by G-20 and BRICS.
“Air Peace is now cleared to run flights between Lagos and Sao Paulo”, Brazilian President, Luiz Inácio Lula da Silva, declared to the excitement of President Tinubu at a joint news conference at the Palácio do Planalto in Brasília to round off the visit.
According to Presidential spokesman, Bayo Onanuga, President Tinubu said the resumption of Petrobras’ operations five years after it halted joint ventures in Nigeria, would reignite economic cooperation in the energy sector.
“We have the largest gas repository. So, I don’t see why Petrobras doesn’t join as a partner in Nigeria as soon as possible. I appreciate President Lula’s promise that this will be done as soon as possible,” Tinubu said.
The President praised his Brazilian counterpart for committing to revitalising the partnership between the two nations.
“Nigeria’s economic space remains a virgin land, full of opportunities for Brazilian companies,” Tinubu said, while acknowledging Embraer’s role in boosting local airline operations through plans for a service centre in Nigeria to support maintenance and repairs.
Reflecting on his past engagements in Brazil, Tinubu urged a shift from symbolic gestures to tangible cooperation.
“Honourable Ministers of both countries, members of the Brazil Business Group, I have listened carefully to my friend, President Lula. We had a lengthy discussion. We talked about history and about African and Brazilian heritage.
“We tried to see why we are not at the level we wanted. We have allowed some problems and activities in the past to deter us from making progress and fulfilling our promises. But today, we say that is the end of that,” he said.
Tinubu stressed Nigeria’s readiness to partner Brazil in technology transfer, food security, renewable energy, and manufacturing.
“Today, we are fighting and working hard to bring our sovereignty to the level of expectation that we, as a nation, the most populous, the most dynamic country, share with Brazil. We need to share—technology transfer, energy, economy — so Brazil can continue to widen opportunities for us to embrace Africa. Africa is the new frontier,” he said.
The President also called for knowledge sharing in pharmaceuticals, saying “we have elevated this promise to the path of reality, as you have seen in various MOUs. I don’t know why the manufacturing of generic drugs, which Brazil has done deeply and far, cannot be in Nigeria.
“I don’t see why the technological superiority of Brazil is not shared with Africa. We assured each other that only we can develop our economies to help our sovereignty”, President Tinubu said.
Highlighting the reforms at home, Tinubu assured Brazilian investors of a new era in Nigeria’s economy.
“The reforms I’ve embarked upon since I took over in Nigeria have been very impactful. It was initially painful, but today the result is blossoming. It’s getting clearer to the people. We have more money for the economy, and there will be no more corruption.
“We have the governor of the Central Bank of Nigeria here. You don’t have to know him before getting the foreign exchange you need. The speculators are out. In our currency market, the door is open for businesses,” he said.
President Lula described the renewed Brazil–Nigeria engagement as timely in an era of rising protectionism.
“At a time when protectionism and unilateralism have returned, Nigeria and Brazil reaffirm their bet on free trade and productive integration. We continue to be dedicated to building a world of peace, free from hegemonic impositions.
“There are many possibilities for synergy between the world’s two largest countries with black populations. Agriculture and livestock, oil and gas, fertilisers, aircraft, and machinery, among others, represent wide avenues for cooperation.
“Increasing direct connections between Nigeria and Brazil is another essential step to strengthen the ties between our societies. We have approved the launch of a direct flight, to be operated by Nigeria’s largest airline company, Air Peace, between Lagos and São Paulo,” he said.
The following MoUs were signed between the two countries:
*Bilateral Air Services Agreement by Nigeria’s Minister of Aviation and Aerospace Development, Festus Keyamo, and Brazil’s Minister of Ports and Airports, Silvio Costa Filhos.
*Diplomatic Training Cooperation and MoU on political consultations were signed by Minister of State for Foreign Affairs of Nigeria, Ambassador Bianca Odumegwu-Ojukwu, and her Brazilian counterpart, Ambassador Mauro Vieira.
Nnaji, and Brazil’s Luciana Santos.
*The Managing Director of Nigeria’s Bank of Agriculture, Ayo Sotinrin, and Brazil’s Minister for National Bank for Economic and Social Development (BNDES), Aluísio Mercadante, signed an MOU for cooperation on trade and investment promotion, harmonising efforts to expand agricultural financing, investment, and joint projects.
Nigeria is currently Brazil’s 49th largest export destination, with trade between both countries reaching $2.1 billion in 2024.
Following the agreements, President Tinubu attended a state luncheon, hosted at the Itamaraty Palace.
Mohammed Idris: BASA to deepen ties
Minister of Information and National Orientation, Mohammed Idris, described the Bilateral Air Services Agreement (BASA) signed between Nigeria and Brazil as a significant breakthrough that will reconnect the two countries economically, socially, and culturally.
He described BASA as representing more than aviation.
“The 350 years of slavery between Africa and Brazil is being looked at again by the two leaders. And one way of looking at it is to ensure there is now a reconnection – economic, financial, social, cultural, whichever sphere. I think this is the best way to really go past what has happened during the period of slavery,” the minister said.
He noted that President Tinubu’s fourth meeting with President Lula in just over a year underscored the growing partnership between the two nations, which he said would also benefit Africa.
The minister said immediate “quick wins” from the agreement were already being realised, with a symbolic flight planned from Brazil to Abuja at midnight on Tuesday.
He noted that the direct link would reduce travel time between the two countries from more than 24 hours through European routes to about seven hours.
“Once this becomes commercially viable, it will not just enhance trade between the two countries, it will also improve the cultural and social cooperation that already exists,” he added.
Onyema, who described the BASA agreement as “a milestone,” said: “We cannot start daily flights for now, but we want to start with three weekly flights. As we go on, we develop the route and we’re going to increase the frequency. We told the Brazilians that we want to do Lagos, Rio, São Paulo and back to Lagos”.
The Air Peace chief emphasised that aviation would serve as a catalyst for unlocking the economic potential of both nations.
“The Brazilian economy is the largest in Latin America. The Nigerian economy is one of the largest in Africa. They need to tap into this. But without aviation, it’s very, very difficult for some of these things to be actualised,” Onyema said.
Boeing 777 for route
Speaking in an interview, Onyema said: “Nigerian aviation is grateful to President Tinubu for all he has been doing for the industry.
Air Peace has had long relation with Brazil as the biggest customer to Brazillian airplane maker, Embraer.
Air Peace signed a firm order for 13 Embraer E195-E2 jets in 2019, with the delivery of the first aircraft in early 2021. This was part of a larger agreement that included purchase rights for 17 additional aircraft of the same type, bringing the total potential order to 30 jets. The airline is the first African carrier to operate this new generation of Embraer aircraft.
Besides buying aeroplanes, Air Peace is fine-tuning strategies for the setting up of an aircraft maintenance facility in Nigeria.
Embraer, a few years ago, unveiled plans to establish an MRO (Maintenance, Repair, and Overhaul) facility in Nigeria, in partnership with Air Peace. This initiative is part of a broader maintenance deal with the Nigerian airline to provide local maintenance support for its growing fleet of Embraer aircraft, aiming to conserve foreign exchange for airlines and create jobs in Nigeria.
As one of Nigeria’s biggest flag carriers , Air Peace is designated on Lagos/ London, Dubai, Johannesburg, Tel Aviv, China, Mumbai, Antigua and Barbuda,
Air Peace serves 20 major cities in Nigeria and many regional destinations throughout West Africa (Accra, Dakar, Douala Freetown, Banjul, and Monrovia.
Petróleo Brasileiro S.A., better known by and trading as the portmanteau Petrobras, is a Brazilian majority state-owned multinational corporation in the petroleum industry headquartered in Rio de Janeiro. The company’s name translates to Brazilian Petroleum Corporation — Petrobras.
Petrobras began operations in Nigeria in 1998 in the deep waters off the Niger Delta. It sold its stakes more than 10 years ago to raise cash for domestic projects. Since then, Nigeria has been working to address some of the problems that have limited oil and gas output.
Petrobras stopped business in Nigeria five years ago.
The company was ranked #71 in the 2023 Fortune Global 500 list. In the 2023 Forbes Global 2000, Petrobras was ranked as the 58th-largest public company in the world.
Petrobras was created in 1953 under the government of Brazilian president Getúlio Vargas with the slogan “The Oil is Ours”. It was given a legal monopoly in Brazil.
In 2000, Petrobras set a world record for oil exploration in deep waters, reaching a depth of 1,877 metres (6,158 ft) below sea level. In 2002, Petrobras acquired the Argentine company Perez Companc Energía (PECOM Energía S.A.) from the Perez Companc Family Group and its family foundation for $1.18 billion.
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