There Are No Constitutional Breaches By Damagum, PDP Replies Anyanwu

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October 3, 2025
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•Insists national convention will go on as planned

•Dismisses Tinubu’s Independence Day broadcast as uninspiring, boring

Chuks Okocha in Abuja and Okon Bassey in Uyo

The leadership of Peoples Democratic Party (PDP) has insisted that the party’s National Chairman, Ambassador Illya Damagum, never committed any constitutional breaches as alleged by the national secretary, Senator Samuel Anyanwu.

Anyanwu had in a letter dated October 1, 2025, said, ‘’It has become imperative to formally bring to your attention the violation of the provisions of PDP constitution, 2017 as Amended and the constant infraction of the duties of the office of the National Secretary.

‘’It is important to remind you that section 36(1) b and e, of the PDP constitution 2017, as amended clearly states inter Alia; b) that the National Secretary shall ‘conduct or direct the conduct of the correspondences of the Party and cause to be issued notices of meetings of the National Convention, National Executive Committee, the National Caucus and the National Working Committee; and e) shall ensure the implementation of the decisions and directives of the National Convention, National Executive Committee, National Caucus, and ensure that all units of the Party carry out their duties promptly and efficiently.

‘’Instructively the duties of issuing notices of meetings and implementations of the decisions or resolutions of the NW are within the purview of the office of the National Secretary

‘’Regrettably, you have disregarded these provisions of the constitution without recourse to the legal implications of your actions. You should be aware that any action or decisions purportedly reached by an illegally constituted NWC is null and void and of no effect.

‘’Note further, that the purported press statement issued by the National Publicity Secretary as regards the dissolution of Akwa Ibom and Cross River State working committees and replacing them with caretaker committee is a nullity because the notice of the NW meeting purportedly held on Tuesday September 30th,2025 was not issued by me.

‘’The decision to undermine the duties of my office as provided by the party constitution is provocative and grossly unacceptable by me.

‘’It is high time you retraced your steps and conduct yourself and the affairs of our Party in strict compliance with the PDP constitution 2017 as Amended. A stitch in time saves nine.

Accept the assurances of my esteemed regards,’’ he concluded.

The party said the November 16-17 national convention was already in progress, saying it is sacrosanct, despite perceived distraction in some quarters.

PDP criticised the Independence Day speech by President Bola Tinubu, describing it as uninspiring and boring.

Addressing the media on the position of things in the party, National Publicity Secretary, Debo Ologunagba, said by the constitution of the party, as amended in 2017, the national chairman remained the chief executive officer of the party.

To that end, Ologunagba said he, by constitutional demand, had the rights to delegate duties and responsibilities to other members of the National Working Committee (NWC) for the smooth day-to-day running of PDP as a political party.

According to Ologunagba, “Section 35 of the PDP constitution as amended in 2027, the national Chairman is the chief executive officer of the party. He summons and presides over the affairs of the party and delegates duties to other members of the party as the case may be.”

He stated that by virtue of Section 29 of the party’s constitution, all meetings were at the instance of the national chairman, and this could only be overruled by a two-third of members of NWC.

Ologunagba explained that Section 29 of the party’s constitution made it explicit that the national chairman of the party should provide leadership or delegate.

Ologunagba dismissed the position of Anyanwu that the chairman was in breach as contained in Section 36 subsection B and C of the party’s constitution.

“By our constitution, the national secretary is the Chief Administrative officer, who takes responsibilities from the National Chairman. He cannot act unilateral. He cannot summon a meeting, unless so directed by the national chairman,” he said.

The national secretary had Wednesday issued a statement accusing the national chairman of breaching and violating the party’s constitution, especially Section 36.

But the November 16 and 17 dates of the national convention of the party, Ologunagba said, were sacrosanct, as they were destined to take place for the general purpose of reinventing the party.

He acknowledged that the party was aware of distractions from some quarters against the national convention, but said, “We won’t be distracted. The convention train has since left Abuja and will soon be landing in Ibadan.”

Ologunagba described Tinubu’s independence day speech as uninspiring and boring, and said it was merely cosmetic

He stated, “The speech of the president to mark the 65th independence of Nigeria is uninspiring, boring and full of propaganda. It dashed hopes with false statistics.

“It did not address the rising youth employment, high cost of living and the growing level of insecurity in the country. One wonders how the President could say that the economy is improving.

“The All Progressives Congress (APC) has taken Nigeria down the lane of bandage and servitude. The president should endeavour to humanise governance for the general welfare and wellbeing of Nigerians.”

In a related development, the sacked chairperson of PDP in Akwa Ibom State, Mr. Aniekan Akpan, who had openly declared loyalty to Governor Umo Eno of APC, denounced the dissolution of the PDP State Executive Committee by the party’s NWC.

PDP had, through Ologunagba, announced the dissolution of the Akwa Ibom State and Cross River State executive committees.

In a statement, PDP also announced the composition of a caretaker committee to oversee activities in the two states for the next three months.

But Akpan told journalists at a press conference at the PDP state secretariat in Uyo that he would resist “impunity”.

He declared that the NWC was acting outside its powers, stressing that no formal meeting was convened to approve the dissolution.

Akpan particularly cited a letter by the party’s National Secretary, Anyanwu, which “affirmed that no decision was taken to disband the Akwa Ibom executives”.

He described the dissolution as “false”, saying, “The PDP in Akwa Ibom is intact, right from the state down to the ward level. We will resist any impunity.

“We have it on good authority that the National Working Committee (NWC) of the party that claimed to have dissolved the state executive council did not convene any formal meeting to take such a decision.

“The National Secretary of the party, Samuel Anyanwu, has issued a press release and conveyed a letter to us showing that there was no such meeting and affirmed that no formal NWC meeting was held to dissolve the state executives of the party in Akwa Ibom.”

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Lokpobiri: Oil Sector Divestments Added 200,000 bpd to Nigeria’s Crude Output

•Seeks greater integration amid $4tn in Africa’s domestic capital

•Says continent spends over $120bn annually on hydrocarbons imports

•Highlights people, asset integrity, reliability as growth drivers

Emmanuel Addeh in Abuja

Amid recent divestments by International Oil Companies (IOCs), the Minister of State for Petroleum Resources (Oil), Senator Heineken Lokpobiri, has revealed that the takeover of some assets by indigenous firms has led to the addition of 200,000 bpd to the nation’s crude output.

IOCs such as Shell, ExxonMobil, TotalEnergies, and Eni have recently been reducing or selling off their onshore and shallow-water oil and gas assets in the country, shifting their focus to deepwater operations.

Lokpobiri, who delivered a keynote address on behalf of President Bola Tinubu at the Africa Energy Week (AEW) in Cape Town, South Africa, also highlighted the need for more cooperation among African countries to explore the roughly $4 trillion in domestic capital, including pension and insurance funds.

He outlined the bold policy measures implemented under the current administration, particularly the Petroleum Industry Act (PIA), which provides a clear and predictable fiscal and regulatory environment The PIA, he said, has laid the foundation for licensing transparency, host community engagement, strengthened regulatory oversight, and a fair contractual framework. “What makes Nigeria now different is the legal, regulatory, financial, and structural transformation we are delivering,” the minister said.

A statement yesterday by Lokpobiri’s spokesperson, Nneamaka Okafor, quoted the minister as declaring that Nigeria is “open for business” and actively pursuing policies that prioritise investment, efficiency, and long-term growth in the oil sector.

“This gathering is more than a conference, it is a call to action,” he said, stressing that Nigeria is ready not just to participate in the global energy market, but to lead reform and growth on the African continent.

“Nigeria’s upstream sector is showing signs of strong recovery. The Project ‘One Million Barrels initiative’, launched in October 2024, has raised daily crude oil production to between 1.7 and 1.83 million barrels per day, with a notable increase of 300,000 barrels per day in July 2025 alone.

“Additionally, the number of active drilling rigs has grown from 31 in January to 50 by July 2025, a clear signal that reforms are unlocking value across the sector,” he added.

Besides, Lokpobiri stated that the recent asset divestments by IOCs have unlocked over $5.5 billion in Final Investment Decisions (FIDs) within months.

“These are not just transfers of assets, they are transfers of confidence, capability, and ownership,” he stated. The divestments have already added approximately 200,000 barrels per day to national production, the minister said.

Speaking in the broader African context, Lokpobiri urged the continent to retain more value from its hydrocarbon resources by focusing on infrastructure, industrial development, and localised value chains. He noted that Africa spends over $120 billion annually on hydrocarbons, largely through imports, calling it a missed opportunity for economic transformation.

He advocated for stronger intra-African collaboration and financing, emphasising that Africa holds nearly $4 trillion in domestic capital, including pension and insurance funds. “The question is no longer about the availability of funds, but how we can channel them into productive investments on our continent,” he said.

Addressing the topic of the global energy conversation, the minister called for balance and equity. He insisted that the narrative must shift toward a diverse energy mix, not abandonment of any resource.

“The focus should be on availability, accessibility, and affordability of all forms of energy,” he stressed. He made it clear that Nigeria, like other nations, will continue to utilise its oil resources responsibly while building a diversified and sustainable energy base.

Lokpobiri reaffirmed Nigeria’s role as a leading energy player in Africa. “We are offering opportunities at scale, reform with consistency, incentives with clarity, local participation with respect, and a vision that modernises with purpose,” he declared.

He extended an invitation to global investors, urging them to come to Nigeria and “Be part of the energy revolution.” Lokpobiri explained that with strong reforms, ambitious targets, and an open-door policy, Nigeria is charting a bold path forward in Africa’s energy future.

Also speaking at the event, top officials of Seplat Energy Plc, a leading Nigerian independent energy company, which acquired some Mobil Producing Nigeria Unlimited (MPNU) assets recently, stated that the firm has raised more than $4 billion in debt to develop and grow operations whilst continuing to maintain a low leverage threshold of below 1.5x through the cycle.

Chief Executive Officer of the company, Roger Brown, said Seplat recorded unprecedented growth since it was founded by acquiring divested assets, unlocking value from them, improving efficiency and safety performance of the assets, whilst driving the entire growth process with a world-class and resilient workforce.

Brown, who spoke during a Fireside Chat titled “Assets Acquisition Success Strategies: Seplat Energy”, said the company has successfully integrated major acquisitions in the last decade, each time improving efficiency and safety performance, while at the same time reducing routine emissions.

Speaking on its most recent acquisition of MPNU assets, he said the goal had been to move quickly to re-engage wells and facilities – resulting in the delivery of immediate results; investing early in integrity and reliability – thus reducing downtime while setting a foundation for future growth; and integrating not isn’t just systems, but people.

“We found strong cultural alignment with our new colleagues, and that’s been key to seamless performance. We’ve welcomed their expertise and insights and the entire Group is benefiting from them,” Brown hinted.

According to the Seplat CEO, by combining Seplat’s onshore experience with decades of offshore know-how from new colleagues, the company has built a stronger operation from day one, which is already delivering higher cash flow.

“The recent reserves upgrade shows we have acquired a high-quality asset with significant production potential in both oil and gas, and much of this is within easy reach, close to export infrastructure that we control. We are confident we can increase production and that aligns with the government’s target to increase liquids production to 3 million barrels, and to increase gas production for both domestic energy and export markets,” he added.

Speaking of the company’s strong operator mindset, Brown said Seplat Energy focuses on acquiring assets where its operating capability can unlock hidden value – especially mature fields that benefit from a more agile, entrepreneurial operator.

“We’ve already proven we can acquire assets onshore and bring them up to high levels of production, whilst keeping tight control of costs, and this has helped us build up a strong balance sheet, invest in our future and return a healthy dividend stream to investors,” Brown stressed.

On the company’s clear appetite for success, the Seplat Energy boss said the focus had always been on safety and operational excellence, which are targeted at maximising production and cash flows that strengthen the business.

“We’re a low-cost operator, meaning we can be profitable at good oil prices and we’ve proven we can survive periods of low prices and prolonged lock-ins. We look after our staff, all of whom are very highly qualified, mostly Nigerian, and ensure they are fully aligned with our success, which in turn will bring success for Nigeria’s energy system. We’ve got a deep bench and a strong succession pipeline,” he explained.

In the same vein, Chief Financial Officer (CFO), Seplat Energy Plc, Eleanor Adaralegbe, who spoke during a panel discussion titled: “Financing Upstream Projects for Domestic Energy Security”, said since inception, the company has continued to blaze the trail with a highly successful capital raising history, of which the company had raised more than $4 billion in debt to develop and grow operations.

On the various financing options the company had leveraged since inception, Adaralegbe identified the Initial Public Offer (IPO), Revolving Credit Facility (RCF), Bonds, Advance Payment Facility, as well as other financings like taking over the $110 million RBL, which is currently being refinanced (on Eland acquisition of 2019; and putting in place a $320 million project financing for ANOH, Seplat’s 50/50 JV with the Nigerian Gas Infrastructure Company (a 100 per cent wholly owned subsidiary of NNPC).

Speaking on financing challenges and what Seplat Energy had done to overcome them, she said: “Corporates are always looking to access low-cost financing for development and growth, more so, Nigerian energy companies, as Nigerian banks have a high USD cost of borrowing. As such, we knew that we had to become a first mover and shape our credit profile to appeal to a wider group of banks and investors. We are the first and only dual listed Nigerian oil and gas company.”

On the company’s key credit highlights, the Seplat Energy CFO listed: Balanced assets with substantial production; portfolio diversification through gas business; uniquely positioned to capture future growth; strong financials and well-tested risk management; well managed liquidity; focus on tax efficiencies; experienced management and strong governance; and leading indigenous and ESG-focused operator.

“Seplat Energy has repeatedly been able to refinance to extend maturities and bring down our cost of debt while keeping leverage moderate. We have been able to do this because we are focused on things that lenders are focused on – asset diversification, steady production, strong financials, low leverage, focus on tax efficiencies, strong leadership,” Adaralegbe explained.

On the importance of financing, she said Nigeria’s energy security depended heavily on upstream oil and gas, which fuels both domestic consumption and foreign exchange earnings; declining investment in upstream projects due to global energy transition pressures and perceived risks; and rising domestic demand for gas and power requires urgent expansion of upstream activity, particularly gas exploration and production.

“Until utility-scale renewables, storage, and transmission are materially larger, Nigeria’s ability to keep lights on, vehicles moving, industries running, and households cooking cleanly is fundamentally constrained by upstream oil and gas development, output and associated midstream delivery – that is upstream development is a direct lever on national energy security,” she advised.

According to Adaralegbe, a stable and predictable fiscal framework is the single most powerful enabler of upstream financing; of which consistent application of PIA provisions, timely JV cash-call settlements, and clarity on commodity pricing policies are essential to de-risk projects and crowd in long-term capital.

•Seeks greater integration amid $4tn in Africa’s domestic capital •Says continent spends over $120bn annually on hydrocarbons imports •Highlights people, asset integrity, reliability as growth drivers Emmanuel Addeh in Abuja

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October 3, 2025
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Capital Market Operators Seek Review of Proposed 30% Capital Gains Tax to 25%

•Mukuru: New law lacks equity, will put enormous pressure on NGX, increase cost of Nigerian equities

•Investors’ return on stock market rise to N27.82 trillion in nine months

James Emejo in Abuja and Kayode Tokede in Lagos

Operators in the Nigerian capital market have urged Chairman of Presidential Committee on Fiscal Policy and Tax Reforms (FPTR), Mr. Taiwo Oyedele, to reconsider the proposed introduction of a 30 per cent tax on capital gains from the disposal of shares.

In an open letter to Oyedele, which was dated October 2, 2025, the operators said the rate, expected to take effect from January 2026, will “put a lot of pressure on the NGX until the end of the year, as domestic and foreign institutional investors look to realise gains under the current tax regime”.

However, the average investors’ return on the stock market section of the Nigerian Exchange Limited (NGX) appreciated to N27.82 trillion, driven by the federal government’s foreign exchange reforms, among others, that boosted confidence.

Measuring the performance by market capitalisation, it was revealed that the stock market opened for trading in 2025 at N62.763 trillion, gained 44.3per cent or N27.82 trillion to close September 30, 2025 at N90.581 trillion.

In September 2025, the market capitalisation added 2.04 per cent or N1.81 trillion, from N88.769 trillion, it closed for trading in August 2025 from N90.581 trillion.

Nonetheless, the letter to the FPTR chairman, signed by Chief Executive, Emerging and Frontier Capital (EFC), Mr. Kato Mukuru, stated that the new CGT regime was “not in keeping with the seventh guiding principle of the FPTR”.

Mukuru said, “This principle, which calls for the equitable treatment of all stakeholders, ‘including investors and businesses, both local and foreign, and all tiers of government – federal and subnational’ is not being met with the proposed guidelines, in our opinion.

“We say this because: It provides retail investors with a N150 million (cUSD101k) annual exemption threshold, which is expected to cover 99.9 per cent of all domestic retail investors. It also provides PFAs and potentially other large sources of domestic liquidity with an exemption.

“However, there is no exemption threshold for domestic and foreign institutional investors. They are forced to reinvest their funds in other listed or unlisted equities to be exempt. How is this equitable?”

The EFC chief executive said the proposed CGT could be reduced to 25 per cent when proceeds from share sales were reinvested in fixed income securities or other non-equity assets, adding that while the lower rate is appreciated, “how is this fair for funds that can only invest in equities?”

Mukuru added, “The chairman recently recognised that it looks ‘unfair’ to use the purchase price at the time of acquisition as the reference cost, even if the shares were bought several years ago.

“If you recognise that this is unfair, particularly for investors who bought the shares over the past 10 years, then why not offer an exemption period and start all of this on the implementation date (1 January 2026)?”

The correspondence further stated that there was no consideration for foreign investors, who will now have to price in the CGT on top of their FX risk.

It stated, “Does the FPTR not recognise that this will increase the cost of equity for Nigerian equities. A higher cost of equity means that Nigerian businesses will have to make higher sustainable returns to attract foreign capital.

“Nigeria is one of many potential investment destinations for foreign allocators of capital and this makes the country far less competitive.

“Aside from not being equitable to all shareholders, the new 30 per cent tax rate on gains that is set to take effect on January 2026, will put a lot of pressures on the NGX until the end of the year, as domestic and foreign institutional investors look to realise gains under the current tax regime.”

Mukuru said, “While temporary, it should be noted that bringing back this capital will be challenging and this is clearly not in the long-term interest of the NGX and its companies, that drive growth, jobs, and long-term economic development for Nigeria.”

Meanwhile, the NGX All-Share Index (NGX ASI) closed nine months of 2025 at 142,710.48 basis points, about 38.65 per cent or 39,784.08 basis points from 102,926.40 basis points the stock market had closed for trading in 2024.

Analysts attributed the stock market 38.65 per cent investors average return to stability in the foreign exchange market, companies recovering from foreign exchange losses, market liquidity, capital inflow, dominance of domestic investors, increasing portfolio investment, banking sector recapitalisation by Central Bank of Nigeria (CBN), and insurance sector reforms, which had played a critical role in overall stock market performance in the period under review.

So far in 2025, the stock market had seen Monetary Policy Committee of the CBN reducing Monetary Policy Rate to 27 per cent, marking the first cut since the COVID-19 pandemic in 2020; inflation rate moving to 20.12 per cent, as of August 2025; companies announcing impressive corporate earnings and half year ended 2025 interim dividend pay-out to shareholders; listing by introduction of Legend Internet Plc; and listed banks announcing the outcome of fresh capital raising on the exchange.

Equally, the yield on Nigerian Treasury Bills (NTB) dropped to 15 per cent, as of September 17, 2025, from 18 per cent.

In the nine months under review, several stocks listed on the NGX recorded strong month-to-date appreciation, reflecting heightened foreign investor confidence driven by improved macroeconomic indicators and robust corporate earnings.

Capital market analysts stated that the corporate earnings report of H1 2025, among other factors, encouraged investors seeking high returns in a volatile macro environment.

Managing Director, Globalview Capital Limited, Mr. Aruna Kebira, in a chat with THISDAY, said the stock market in the nine months of 2025 witnessed the tanking of inflation figures and CBN cutting interest rate to 27 per cent, from 27.50 per cent.

Kebira stated, “Those parameters alone gave the capital market investors a moment of respite in the nine months of 2025.

“The yields in the money market are not looking as attractive as they were in 2024, making discerning investors in search of better yields to consider the capital market as their investment destination.”

He also stated, “In the last MPC, the MPR was reduced, including other metrics. This is sending positive signals that as the inflation figure and money market yields are downward looking, the MPC would have a reason to tinker the MPR further downward. Which is not always fixed income friendly.

“If the various issuers demonstrate a performance higher than the corresponding period of 2024 and declare an impressive interim dividend, the stock market will move to appreciate their prices.”

•Mukuru: New law lacks equity, will put enormous pressure on NGX, increase cost of Nigerian equities •Investors’ return on stock market rise to N27.82 trillion in nine months James Emejo

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