Usman Yusuf Reveals Total Exited Nigeria 17 Months Ago, Selling All Its Stake for $860 Million

A Former Executive Secretary of the National Health Insurance, Usman Yusuf has raised question about recent claims by the President’s Spokesperson regarding Total Energies planned $750 million investment in Nigeria’s oil and gas sector. He pointed out that Total had exited the Nigerian market approximately 17 months prior, divesting its assets for $860 million. ...CONTINUE READING>>>

He questioned what fundamental changes could have occurred in just 16 months that would prompt Total to return after such a significant exit. He expressed concern that France’s renewed interest in Nigeria might be driven by a desire to exploit the country’s mineral resources, particularly in the northern regions, where there is potential for oil and gas exploration. He highlighted the contradiction between Total’s previous withdrawal due to operational difficulties and the current narrative of investment. 

He said in an interview with Arise TV, ‘I heard the spokesman of the president saying, oh, Total is going to invest $750 million in the oil and gas. And I ask myself, is this true or is this fiction? Because Total exited Nigeria about 17 months ago and sold all its stakes at $860 million. And their reasons were sabotage, oil theft, spillage, and high cost of lawsuits. So, what has changed in 16 months that they’re coming back again after selling $860 million and leaving town? So, France is looking to come and exploit our mineral resources, predominantly in the north; they are looking to explore oil and gas, which they ran away from.”