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Most Significant Players In Global Oil Industry With Different Circumstances

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Most Significant Players In Global Oil Industry

Most Significant Players In Global Oil Industry With Different Circumstances

Most significant players in global oil industry with different circumstances. The United States and Venezuela are two of the most significant players in the global oil industry, yet their circumstances are strikingly different.

The United States holds approximately 44.8 billion barrels of proven oil reserves, including both commercial stocks and government strategic reserves. At current market prices, these reserves are worth around $3.8 trillion USD, highlighting the immense economic and strategic importance of U.S. energy resources. These reserves also provide the United States with a significant cushion against global energy disruptions, allowing it to manage supply and stabilize prices during crises.

Venezuela, by contrast, possesses the largest proven oil reserves in the world, estimated at 303 billion barrels, nearly seven times more than the United States. These reserves, primarily concentrated in the Orinoco Belt, are mostly heavy crude, which is more challenging and expensive to refine. Despite this, the potential value of Venezuela’s oil ranges between $17 trillion and $26 trillion USD, depending on global prices. This underscores the enormous theoretical wealth Venezuela could derive from its resources.

However, decades of economic mismanagement, political instability, underinvestment, and international sanctions have severely limited the country’s oil production, meaning that it has been unable to fully capitalize on this massive resource.

Recent developments have heightened tensions between the United States and Venezuela. In early 2026, the U.S. conducted a military operation that resulted in the capture of President Nicolás Maduro, citing concerns over security and alleged illicit activities.

This unprecedented move sparked a geopolitical crisis, with Venezuela denouncing it as an illegal violation of sovereignty and mobilizing military forces in response. In parallel, the United States has taken steps to exert influence over Venezuelan oil infrastructure, including actions that restrict certain oil shipments and apply economic pressure, further escalating the standoff.

These events illustrate how oil reserves are not just economic assets but also tools of geopolitical leverage. The United States relies on its reserves for energy security and international influence, while Venezuela’s enormous but underutilized oil resources have made it both a target and a participant in global strategic calculations.

Most Significant Players In Global Oil Industry

Most Significant Players In Global Oil Industry

The ongoing tensions reflect a broader struggle over control of energy resources, sovereignty, and regional power dynamics.

The situation also underscores the fragility of energy-dependent economies and the complex interplay between natural resources and international politics.

While the United States enjoys relative stability and effective resource management, Venezuela’s potential remains constrained by internal and external challenges.

The value of oil in both nations demonstrates how the commodity continues to shape global politics and economic strategies, making energy a central focus of international relations.

Economy

Lagos Assembly Strongly Seeks Suspension Of Makoko Demolition

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Lagos Assembly

Lagos Assembly Strongly Seeks Suspension Of Makoko Demolition

Lagos assembly strongly seeks suspension of Makoko demolition. The Lagos state house of assembly has called for the suspension of demolition activities in Makoko, Oko-Agbon and Shogunro waterfront communities following protests by displaced residents and growing public concern over the exercise.

The call was announced on Tuesday by Noheem Adams, chairman of an ad hoc committee set up by Mudashiru Obasa, speaker of the house, during a stakeholders’ meeting held at the Lateef Jakande auditorium.

Adams called on all state ministries to cease demolition work and promised compensation to the affected residents.
“On behalf of the speaker and all 40 members of the house, we are directing that all demolitions in Makoko, Oko-Agbon, and Shogunro communities should stop from today until further notice,” New Telegraph quoted Adams as saying.

He called for transparency by demanding the full list of taskforce members and the criteria used for engagement, insisting that residents must be actively involved in the process.

“That the taskforce that was constituted, we want to see the list of the taskforce because we want the residents to be duly involved and to be carried along. So we want to have the schedule of those task forces and the criteria for those that we are inviting,” Adams added.

Lagos Assembly

Lagos Assembly

“To the residents of Makoko, Oko-Agbon and Shogunro communities, as your representatives, we are giving you all assurances that they will stop demolitions henceforth and there will be compensations for all those whose properties have been demolished.”

Stephen Ogundipe, member of the ad-hoc, said there is need for clear communication, adding that residents targeted for relocation or redevelopment must be informed of the government’s plans in advance.

Babatunde Olajide, special adviser to governor of Lagos on E-GIS and urban renewal, confirmed that $2 million had been earmarked since 2021 to transform Makoko into a modern, internationally compliant water city.

He said enumeration of affected properties is underway and reiterated the administration’s commitment to handling the situation with a human face, prioritizing resident safety and fair compensation.

Yusuf Sagra, baale of Makoko, described the assembly’s decision as a “word of peace,” while Orioye Ogungbure, another leader of the community, praised the “democratic responsiveness” of the government.

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Crime

EFCC Arrests Kannywood Star, Samha Inuwa for Alleged Naira Mutilation In Viral Video

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EFCC Probes Man

EFCC Arrests Kannywood Star, Samha Inuwa for Alleged Naira Mutilation In Viral Video

EFCC arrests Kannywood Star, Samha Inuwa for alleged naira mutilation in viral video. The Kano Zonal Directorate of the Economic and Financial Crimes Commission, EFCC,   on Tuesday, February 3, 2026  arrested a Kannywood Star, Samha Inuwa over alleged Naira mutilation.

Inuwa was arrested following a viral video circulated on social media platforms where she was seen conspicuously cleaning mucus from her nose using Naira notes.

EFCC Probes Man

EFCC

Following the release of the viral video, the Commission swung into action by tracing and subsequently arrested her to answer questions.
She is currently being held at the Commission’s detention facility while investigation is ongoing.

The suspect will be charged to court upon conclusion of investigations.

Dele Oyewale
Head,  Media & Publicity
February 3, 2026

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Economy

Access Bank Gets New Board Chair Ifeyinwa Osime

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National Bank Of Kenya

Access Bank Gets New Board Chair Ifeyinwa Osime

Access Bank gets new board chair Ifeyinwa Osime. Access Bank Plc has appointed Ifeyinwa Osime as chair of the board of directors, following the retirement of Paul Usoro, on January 29.

Access Bank Plc has appointed Ifeyinwa Osime as chair of the board of directors, following the retirement of Paul Usoro, on January 29, according to a statement to the Nigerian Exchange Ltd. on Monday.

Ms Osime, a legal practitioner, joined Access Bank’s board in November 2019 as an independent non-executive director and had chaired its Human Resources and Sustainability Committee and the Governance, Nomination, and Remuneration Committee. This role made her contribute significantly to the bank’s corporate governance, leadership development, and sustainability initiatives.

Additionally, Ms Osime is a director at Ebudo Trust Ltd. and a partner at McPherson Legal Practitioners, where she advises on corporate and commercial matters and contributes to strategic leadership.

She is also a member of the Nigerian Bar Association, the Women Corporate Directors, Nigeria Chapter, and the Chartered Institute of Directors, Nigeria, where she serves on the Executive Committee of the Women Sectoral Group.

National Bank Of Kenya

Access Bank Gets New Board Chair Ifeyinwa Osime

Beyond her professional responsibilities, Ms Osime is committed to mentoring youths and is actively involved in the Autism and Developmental Delays Support Community, reflecting her dedication to inclusion and social impact.
Speaking on her appointment, the group chairman, Aigboje Aig-lmoukhuede, said, “Mrs Osime is a principled and experienced leader with a deep understanding of the Bank’s strategy and values.

“She has demonstrated strong commitment to the bank’s vision and mission, and I am confident that, under her leadership, the bank will continue to advance its strategic objectives of delivering sustainable value to shareholders and other stakeholders in the pursuit of its vision to become the world’s most respected African bank.”

Mr Aig-lmoukhuede also congratulated Mr Usoro on the completion of his tenure and on his exemplary leadership, dedication, and significant contributions to the group, saying he remains a valued member of the Access family.

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