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FG: Nigeria Positioned as Globally Relevant Mining Hub

FG: Nigeria Positioned as Globally Relevant Mining Hub

Folalumi Alaran in Abuja

The federal government has reiterated its commitment to transforming Nigeria into a globally recognized and competitive mining hub.

The Permanent Secretary, Ministry of Solid Minerals, Engr. Farouk Yabo, while speaking in Abuja on Thursday on the sideline of the 2025 Nigeria mining week noted that Nigeria’s mining industry is no longer a hidden frontier.

He stated that with over 44 distinct mineral types identified across the federation, the sector represents one of the most exciting investment destinations on the African continent.

He noted that Nigeria is ready for responsible and profitable mining investment adding that the next decade will scale up industry growth and ensure sustainability.

“Over the past ten years, Nigeria mining week has grown from a modest industry gathering into a flagship platform that convenes government, investors, operators and development partners.

“As we enter the next decade, our focus is clear, to scale up the industry, ensure sustainability, drive value addition and firmly position Nigeria as a globally relevant mining hub,” he added.

On his part, National President of Miners Association of Nigeria, Mr. Dele Ayanleke, stated the mining week has led conversations that have hallmarked the growth and the development of Nigeria Solid Minerals sector but stated that despite progresses recorded the sector is still bedeviled with various challenges.

“While we celebrate progress, we acknowledge that challenges remain. Infrastructure gaps, access to finance and regulatory bottlenecks continue to affect miners, especially small-scale operators.

“Skills development and technology adoption are also critical areas that require sustained attention. Yet with every challenge comes an opportunity”.

Ayanleke however stated the 10th Anniversary Edition of Nigeria Mining Week presents an enhanced platform for dialogue, partnerships and investment while also showcasing technological innovation, sustainable practices and business excellence across the value chain.

“During this edition, we will further engage in initiatives that promote investment, enhance safety, support artisanal and small-scale miners, and drive compliance with global best practices.

“This event will also spotlight deal rooms, technical workshops and strategic forums to encourage practical solutions and direct engagement between operators and investors,” he added.

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Folalumi Alaran in Abuja The federal government has reiterated its commitment to transforming Nigeria into a globally recognized and competitive mining hub. The Permanent Secretary, Ministry of Solid Minerals, Engr.
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Makinde: Southern PDP Leaders Have Taken Far-reaching Decision on State of Party

Makinde: Southern PDP Leaders Have Taken Far-reaching Decision on State of Party

•Wike’s group dismisses meeting as illegal  

•CP-PDP defends zonal stakeholders

Chuks Okocha in Abuja and Segun James in Lagos

Oyo State Governor, Seyi Makinde, yesterday, disclosed that the leaders of the Peoples Democratic Party (PDP) in the south, had taken far-reaching decision expected to lead to wider consultations in the days ahead, preparatory to their national convention proposed to hold in Ibadan, the state capital.

But a group of some stakeholders loyal to the Minister of the FCT, Nyesom Wike, including state chairmen of the party, former governors, National Assembly members, serving and former National Working Committee members of the party, as well as other stakeholders from the region have disowned the meeting.

This was as the Conference of Professionals in the PDP has confirmed that the leaders of the party in the South did not dismiss the stakeholders’ summit organised by the zoning committee in Lagos, contrary to misleading claims by some elements in the party.

Speaking at the meeting, Makinde, who was flanked by Governor Douye Diri of Bayelsa State; chairman of the Board of Trustees and former Senate President, Senator Adolphus Wabara; and the deputy governor of Enugu State, insisted that Wike was not the issue right now.

“Personally, when people go low, or they go into the gutters, I don’t go with them. Nothing should stop us from consulting. Democracy is about the minority having their say and the majority having their way. That is democracy.

“So, we’re democrats, the south has taken far-reaching decisions, and in the days ahead, leading to our next wider consultations will also take place, and we are sure that those that have been saying all around that PDP is dead.

“That PDP is now a carcass, at least with the calibre of the people that you’ve seen here, sitting governors, former governors, leaders and elders, the former senate president, chairman of BOT, they are all here and committed to PDP taking back its rightful position in Nigeria,” he said.

The meeting also had in attendance Chief Bode George, Prince Olagunsoye Oyinlola, Dr. Fred Agbedi, former governor Emanuel Udom of Akwa Ibom, and Senator Ben Obi, among others.

Makinde explained further: “So, in the days ahead, some of the things discussed here, you’ll see them on pause. But you can see here. Go through a little bit of the people that are here.

“Governor Adeleke is here. He came back into this country, I believe this morning, and then he went straight to Osogbo to address some governance issues. But he said, look, whatever we decide here is with us.

“Governor Diri is here, Governor Peter Mbah, who couldn’t make it physically, sent the deputy governor, who is here. You have the chairman of our board of trustees here. You also have at least 12 of the 17 members of the zoning committee from the south.

“It’s one per state. So you have 12 states here. You have in each zone, you have rep members here, you have senators from each zone in the south, the three zones.

“You have BoT members from the three zones in the south. So, yes, I won’t say maybe the organisers will score 100%. You don’t score 100% in politics.

“And quite frankly, they are members of PDP. And consultation means you keep reaching out, you keep engaging. So, from this meeting, we will also reach out and engage and even do more.

“Exactly what are we trying to do? We’re trying to get all stakeholders, all tendencies in the PDP together so that we can give a credible alternative to Nigerians in the years ahead.”

On the zoning of offices, he said a decision on it was coming.

“It’s a next decision. This consultative meeting is not something that is statutory in the constitution of PDP. 

But democracy is inclusivity, reaching out and ensuring that all stakeholders are carried along, which is what we’ve done today.

“NEC is on Monday. Today is Thursday (yesterday). You will definitely have a decision. So, NEC is a proposal of Southern PDP members. Yes. These are prominent members. And, in your meeting a few hours before now, did you talk about the South producing the next presidential candidate for the party? 

“We haven’t even gotten there. We need to have a party first before you start talking about presidential candidates, you know, if we don’t have a party, anything that you’re trying to do will fall flat.

“Our efforts right now is directed towards having a viral and united PDP that Nigerians will be proud of and believe in again. I mean, that is democracy. We will reach out to them. I can disagree with people, but there shouldn’t be anything personal here.

“It should be about what are we giving to Nigerians because they are watching, you know. We want to rebuild PDP. In Oyo state, they showed last Saturday that PDP is not dead.

“In most other places of the 12 states, PDP came second in each of those. It’s some indication to us that if we continue to work hard, if we continue to strive hard, if we continue to bring our people together, we’ll get to a point where Nigerians will really start listening to us.”

Other Stakeholders Disown Meeting

State Chairmen of the PDP, former governors, National Assembly members, serving and former National Working Committee members, and other stakeholders from the southern region have disowned the zonal meeting scheduled for Lagos yesterday.

The PDP leaders, while describing the meeting as illegal, they dismissed “any resolutions, communiques, or outcomes purportedly emanating” from the meeting, saying “decisions reached in secrecy and exclusion cannot and shall not assume the authority of consensus.

The PDP chieftains made this known in a statement signed by the party chairmen of Imo, Abia, Cross River, Akwa Ibom, and Rivers, Austin Nwachukwu, Abraham Amah, Venatuis Ikem, Aniekan Akpan, and Aaron Chukwuemeka, as well as the National Vice Chairman (South-East), Chidiebere Egwu Goodluck, and Minority Leader of the House of Representatives, O. K. Chinda, among others.

“The said meeting tagged ‘a summit’ was allegedly convened in the name of the three geo-political zones of Southern Nigeria — South East, South South, and South West.

“It is highly regrettable and indeed deeply disturbing that such a meeting was convened without the courtesy of inviting several State Chairmen from the South East and South South, as well as the duly elected National Secretary and Deputy National Legal Adviser of our great party.

“Even more troubling is the inexplicable exclusion of several national officers, eminent leaders, and critical stakeholders of the PDP.

“Shockingly, the Minority Leader in the National Assembly and other principal officers of our party from the South-South and South-East were also deliberately sidelined and denied participation in a meeting where such far-reaching and sensitive decisions on zoning, power rotation, and political equity are to be discussed.

“Equally concerning is the deliberate omission of most former governors from the South East and South South, who, by every standard of history, pedigree, and institutional memory, remain critical stakeholders in any conversation about the future direction of our party. 

“Such a brazen disregard for established structures and statutory organs of the PDP not only offends the spirit of collective decision-making but also risks undermining the very foundation upon which our party was built.”

The PDP leaders, therefore, called on the National Working Committee (NWC), the National Executive Committee (NEC), and all stakeholders of the party to “disregard any outcome of the said meeting which is not only illegal but divisive.

CP-PDP Defends Meeting, States Outcome Did Not Dismiss Zoning

The Conference of Professionals in the PDP has defended leaders of the party in the south, saying they did not dismiss the Stakeholders Summit duly organised by the party’s zoning committee contrary to misleading claims by some misguided elements in the Party.

Instead, it said leaders of the party in the south not only embraced the summit but were massively in attendance for consultation with the zoning committee on the zoning of national offices ahead of the national convention scheduled to hold in Ibadan, Oyo State capital, on the 15th and 16th November, 2025.

The CP-PDP in a statement by its Chairman, Obinna Nwachukeu, said it could verify that the zoning committee led by Governor Diri duly invited and had in attendance at the meeting, relevant stakeholders from the South including the four PDP governors, Board of Trustees (BoT) members, the three National Vice Chairmen from the South, serving senators, serving members of the House of Representatives, State Chairmen, former governors and all members of the Zoning Committee from the South for consultation in line with the mandate assigned to the Committee by the party’s NEC. ‘’Any resolution or recommendation reached at the summit would therefore be valid, authentic and recognised by the party.

‘’It is thus imprudent and highly irresponsible for some individuals to attempt to discredit the valid and lawful activity of a body duly constituted by the NEC by attempting to mislead the public and members of our great party by claiming that the PDP leaders of the South are averse to the summit and that the summit was shrouded in secrecy.

‘’Information available to the Conference reveal that these misguided individuals are being teleguided and sponsored by a prominent Minister in the All Progressives Congress (APC) administration who has not hidden his intention to scuttle the scheduled National Convention of the PDP.”

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•Wike’s group dismisses meeting as illegal   •CP-PDP defends zonal stakeholders Chuks Okocha in Abuja and Segun James in Lagos Oyo State Governor, Seyi Makinde, yesterday, disclosed that the leaders of the Peoples
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CBN Hits 4-year High External Reserves of $41.05bn, Targets $100bn

CBN Hits 4-year High External Reserves of $41.05bn, Targets $100bn

•What this milestone means for Nigeria’s economy 

James Emejo in Abuja 

In the one of the most cheering news from Nigeria in recent times, the country’s gross Foreign Exchange Reserves increased yesterday (August 21, 2025) to $41.05 billion, the highest level in over 44 months, demonstrating the continued improvement in macroeconomic indices in recent times.

Even as the apex bank is targeting to build the country’s external to an impressive $100 billion.

A day before, external reserves rose to $41 billion from $40.96 billion on August 18, 2025, showing less volatility over the past one month.

Compared to about $40 billion, announced by the Central Bank of Nigeria (CBN) Governor, Mr. Olayemi Cardoso, as at July 18, external reserves had increased by about 2.62 per cent to date.

The current movement in reserves represented the highest level recorded since December 3, 2021, and has continued to maintain the upward trajectory in recent weeks.

Essentially, FX reserve movements are particularly crucial for economic stability, currency strength, import capacity, debt management, and overall investor confidence. Changes in the reserves could signal economic stress or health.

Amid huge debt service obligations, and revenue challenges, the stability in external reserves movement, coupled with a marked deceleration in inflation rate as well as Naira’s relative stability offer renewed hope for the country about better days ahead.

The development further attests to the position of the central bank’s management team that monetary policy actions are so far headed in the right direction.

Senior officials of the bank told THISDAY last night that the long term goal of the apex bank is to raise the country’s external reserves to at least $100 billion to further strengthen the economy and remove the toga of ‘fragility’ often associated with it.

Recall that during the last Monetary Policy Committee (MPC) meeting in July, Cardoso had attested to the sustained stability in the foreign exchange market, accentuated by improved capital flows, earnings from increased crude oil production, rising non-oil exports and significant reduction in aggregate imports.

He said:  “That clearly is a reflection of the way that the international investors view the banking system, and I was again very privileged to have a conversation with a good number of them about three or four weeks before this listing took place.

“And really and truly, a lot of interest, I must say, there is a lot of interest internationally, on putting money on the Nigerian financial system.

“The key thing is that we as regulators will continue to play our part to ensure that the system and the players and the actors continue to do what we are doing, creating resilience, creating buffer, and, of course, playing by the rules, because that is so important for those who are looking to invest that they can believe and they trust in you.”

What This Milestone Means for Nigeria

With over $41 billion in the kitty, the external reserves now offer fresh hope for the country’s fragile economy and currency market. The increase reflects improved oil receipts and tighter management of foreign exchange inflows, and could serve as a stronger buffer for the naira at a time of heightened economic pressures.

External reserves, which represent the stock of foreign currencies and assets held by the CBN, are critical for meeting the country’s import needs, servicing external debt, and stabilising the naira.

Recall that when Cardoso took office in September 2023, the CBN had very low net reserves, especially once short-term obligations like heavy forwards and swaps were deducted from gross reserves.

By the end of 2023, it was disclosed that Nigeria’s net FX reserves were just $3.99 billion, meaning that although gross reserves looked healthy,  the usable net reserves was less than $4 billion.

Under Cardoso’s policies, that figure has now risen sharply after the payments of the swaps and forwards, including debts owed foreign airlines, which  allowed them to resume operations.

Although it’s still unclear what the net reserves are presently, it is a lot higher than what Cardoso inherited, since for instance over $7 billion forwards were knocked out of the arrears. This means that the exchange rate will be a lot more stable, investors’ confidence will return, while there will be free entry and free exit into the Nigerian economy.

“This is because people know that when they bring their money to Nigeria, they can take it away whenever they want. This is further reflected in the fact that even banks have started allowing people to use Naira-funded debit cards abroad. Besides, school fees are now easier to pay for parents who have their wards outside the shores of Nigeria.

“So there are so many gains. Investors can come even quietly, because they can also go quietly. So these are some of the benefits for the foreign exchange market,” a source told THISDAY yesterday.

With reserves now at over $41 billion, Nigeria is in a stronger position to defend its currency against speculative attacks, provide liquidity to the foreign exchange market, and meet international obligations without putting undue strain on the economy.

The development comes against the backdrop of reforms introduced by the CBN to unify the exchange rate and attract more inflows into the official market. Oil, Nigeria’s major source of foreign earnings, has also benefitted from relatively firm global prices, while recent efforts to curb oil theft have supported higher output and revenues. These factors have combined to push reserves to their current level, a figure not recorded in recent years.

Besides, market watchers believe the improved reserves will help restore investor confidence in Africa’s largest economy, which has struggled with foreign exchange shortages and high inflation. 

“With $41 billion in reserves, Nigeria has a stronger capacity to intervene in the market and smooth out volatility. It also reassures foreign investors that the country can meet obligations when due,” said a Lagos-based economist, who preferred anonymity.

The reserves build-up also carries wider implications for the economy. A stronger buffer could reduce the risk of currency depreciation, slow inflationary pressures caused by a weak naira, and improve the country’s credit profile in the eyes of international lenders and rating agencies. This could, in turn, lower borrowing costs for the government and attract more capital inflows.

However, experts caution that the sustainability of the new reserve level remains uncertain as Nigeria’s heavy dependence on oil revenue leaves it vulnerable to swings in global crude prices and production challenges at home. 

In the same vein, any sharp drop in oil receipts, or renewed pressure on the foreign exchange market, could quickly erode the gains. They also stress that building reserves is only part of the solution.

The country needs to diversify its economy, boost non-oil exports, and reduce reliance on imports that drain foreign currency. Structural reforms, they argue, are necessary to ensure that the gains from higher reserves translate into long-term economic stability.

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•What this milestone means for Nigeria’s economy  James Emejo in Abuja  In the one of the most cheering news from Nigeria in recent times, the country’s gross Foreign Exchange Reserves increased
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Mbah Unveils Reconstructed Hotel Presidential, Enugu, Extols Okpara’s Vision

Mbah Unveils Reconstructed Hotel Presidential, Enugu, Extols Okpara’s Vision

•Says abandoned, rotten 62-year-old glorious edifice was ‘affront to our pride’  

•Vows to turn liabilities into engines of growth

Governor of Enugu State, Dr. Peter Mbah, has unveiled the reconstructed Hotel Presidential, Enugu, established by the administration of former Premier of the defunct Eastern Region, Dr. Michael Okpara.

Mbah described the revival of the 62-year-old edifice as “a homecoming for history”.

The governor, who performed the unveiling in Enugu on Thursday, extolled the foresightedness of the former premier. He regretted that the monument of pride had rotted away for the past 15 years, and explained that Hotel Presidential’s revival was in line with his campaign promise to recover Enugu’s moribund assets and also grow the state’s economy sevenfold.

An elated Mbah said, “Sixty-two years ago, our forebears under the visionary leadership of Dr. Michael Okpara built this landmark as a symbol of Eastern Region’s resilience, elegance and enterprise.

“Over the decades, time and neglect dimmed that light. For about 15 years, this glorious edifice stood as an affront to our pride, as something contrary to what we represent.

“We came into office with a strong pledge: to recover what belongs to our people, convert dormant assets into productive assets; turn liabilities into engines of growth.

“That is why this unveiling is more than opening the doors of a hotel; it is the reopening of Enugu’s confidence. It is a tangible sign that when we say Enugu is open for business, we mean business.

“This hotel is a strategic enabler of our growth plan, comprising the ambitious target to grow Enugu’s economy seven-fold to at least $30 billion and to achieve a zero per cent poverty headcount rate.”

Mbah assured that the standards for the hotel’s revamp were truly world-class, because the administration “insisted on this so that when Enugu says ‘welcome’ to its investors, our hospitality infrastructure speaks with the same credibility as our policies”.

He stated, “Our hospitality ecosystem today is simply inspiring: the 5,000-seat International Conference Centre (ICC) now anchors Enugu’s conferencing ambitions; the adjacent 5-star, 345-room ICC Hotel under construction will deliver premium ‘keys’ for large events; Enugu Air, which has given wings to our dreams and announced the scale of our vision to the world; and now, the renewed Hotel Presidential adds a full-service icon back into the mix.

“None of this is a whimsical project; they are connecting dots on a large canvas. These assets are crucial to our aim to welcome up to three million annual tourist visits and to make Enugu the Conferencing Capital of Africa.”

The governor added, “The economic value is already visible. This hotel alone supports hundreds of direct jobs, culinary and events teams, engineering, landscaping, suppliers, and several other opportunities.

“Every conference day books our taxis and CNG buses; every visiting family discovers our art, our music, our cuisine, and our warmth.

“And the signal to investors is even bigger: when government shows it can recover assets, fix the fundamentals, and protect investments, private capital follows. That is why you see momentum across other moribund assets like UPPL, Sunrise Flour Mill, Nigergas; International Conference Centre, and a host of others.”

He thanked the managers and concessionaire of the reconstructed hotel, Amber Hospitality, for believing in Enugu’s potential, saying, “They bring on board an enviable pedigree, earned through the efficient management of about 12 successful brands in the hospitality sector.”

He equally commended the contractors – Dilworth – for their attention to detail as well as the successive Commissioners for Works and Infrastructure and their Culture and Tourism counterparts for working to realise the project.

In her address, the Commissioner for Culture and Tourism, Dame Ugochi Madueke, while extoling Mbah’s leadership, said, “The silence has been broken; the lights are on — never to dim again; the doors are open — never to shut again; and the spirit of Enugu is back, stronger and brighter than ever.”

Former Deputy Governor of Enugu State, Dr. Sunday Onyebuchi, commended the governor for his speed in not only building new things, but also reviving dead assets.

“Your mantra says that tomorrow is here, but you have resurrected yesterday today,” Onyebuchi said.

Chairman, Enugu State Traditional Rulers Council, HRH Igwe Samuel Asadu, praised the governor’s work rate, having commissioned Enugu Air, five transport terminals, 100 CNG buses, the reconstructed Hotel Presidential in succession under one month.

Asadu stated, “If you are not tired of commissioning projects, we will not be tired of coming out. We have never seen it this way. Your leadership in Enugu State is legendary and monumental. There is no vacancy in Lion Building in 2027.”

Chairman of Enugu North Local Government Area, Dr. Ibenaku Onoh, acclaimed the governor’s transformative leadership, assuring him of the people’s continued support.

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•Says abandoned, rotten 62-year-old glorious edifice was ‘affront to our pride’   •Vows to turn liabilities into engines of growth Governor of Enugu State, Dr. Peter Mbah, has unveiled the
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Umahi Mulls Termination of Lokoja-Ayingba, Okene-Itobe Road Contracts

Umahi Mulls Termination of Lokoja-Ayingba, Okene-Itobe Road Contracts

•Orders contractors back to site

Emmanuel Addeh in Abuja

The federal government yesterday said that it was considering the termination of the Lokoja-Ayingba as well as the Okene-Itobe road contracts, but maintained that meanwhile, the affected contractors must return to site to work for their advance payments.

Minister of Works, David Umahi, stated that these decisions were part of efforts to build an effective roadmap on the funding and delivery of ongoing projects inherited from previous administrations.

Umahi, in a statement in Abuja by his spokesman, Uchenna Orji, stated that the minister has reached a mutual agreement with the contractors handling the rehabilitation of the Lokoja-Shintaku-Dekina-Anyigba road and the reconstruction of Okene-Ajaokuta-Itobe dual carriageway in Kogi State on the way forward towards rejigging the project delivery dates.

According to the statement, the projects were awarded in 2022 to CCECC Nig Ltd and TEC Engineering Company Nig Ltd and were meant to have been completed in 2024.

Speaking in a meeting with the contractors held at the minister’s conference hall, Umahi frowned upon the delay by the contractors in achieving the key deliverables of the projects despite the timelines and financial resources made available by the federal government. 

He emphasised that the administration of President Bola Tinubu was committed to road infrastructure revolution anchored on the core values of quality, speed and value for money in project delivery.

On the contract for the rehabilitation of one of the roads by CCECC Nig Ltd, he noted that the project was awarded in 2022 with a length of 52.27 kilometres, but stated that the contractor has only achieved 1.97 per cent completion (binder) on one alignment despite receiving N2.5 billion advance payment. 

He therefore directed the Director of Highway, North Central, to issue a warning letter to the contractor, to within 30 days, resume work on the site using the old rate to achieve a milestone that is commensurate with the money it received.

Umahi explained that after this, the balance of the job yet to be done would be mutually terminated to enable the ministry procure the remaining section of the project for enhanced funding and execution.

On the contract for the rehabilitation of the other road with a spur from Dekina to Ugbabo in Kogi State, handled by TEC Engineering Company Nig Ltd, the minister noted that the contract was awarded in 2022 but recorded only 1.04 per cent completion despite receiving N1 billion as advance payment. 

It was therefore directed that the contractor should lay 3 kilometres asphalt by December 2025, after which a final account would be made based on the milestone completed and the job would be terminated on mutual basis.

According to the statement, it was further directed that the assessment for the funds already released shall be based on the old rate while the assessment for the funds to be accessed under the year 2025 budget shall be based on the new rate. 

The minister also directed that the consultancies for both contracts be mutually terminated pending when a new contract is procured on the projects.

The meeting, according to the statement, was attended by key officials of the Federal Ministry of Works including I. D. Daikwo, Director, Highway North Central; I. U. Usman, Deputy Director Highway North Central; Mr. Mohammed Ahmed, Director Press and Public Relations and Gana Patiko, Federal Controller of Works, Kogi State.

Others in attendance were: The representatives of the contractors, Mr. Shaun, Marketing Manager of TEC Engineering Company Nig Ltd and Mr. Zhou, the Senior Executive Director of CCECC Nig Ltd.

The project consultants including Mr. Sesan Adeboyejo and EneWakama, as well as the Commissioner of Works, Kogi State, Muhammed Yusuf, who represented the Kogi State government, were also present.

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•Orders contractors back to site Emmanuel Addeh in Abuja The federal government yesterday said that it was considering the termination of the Lokoja-Ayingba as well as the Okene-Itobe road contracts, but
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NUPRC Announces Completion of Marginal Field Licences Review, Says Qualified Firms to Be Published

NUPRC Announces Completion of Marginal Field Licences Review, Says Qualified Firms to Be Published

•Reiterates commitment to transparent process 

•PENGASSAN urges FG to divest from ownership of refineries  

•Wants oil blocks’ licensees to begin production on dormant assets

Emmanuel Addeh in Abuja

The Nigerian Upstream Petroleum Regulatory Commission (NUPRC) yesterday announced the completion of a case-by-case review of the marginal oil field licences that are currently due for renewal.

NUPRC Chief Executive, Gbenga Komolafe, made the disclosure in Abuja during his address at the Energy and Labour Summit organised by the Petroleum and Natural Gas Senior Staff Association of Nigeria (PENGASSAN) themed: ‘’Building a Resilient Oil and Gas Sector in Nigeria: Advancing HSE, ESG, Investment, and Incremental Production.’’

Speaking on the marginal fields which are due for renewal, Komolafe noted that the final list is currently before the Minister of State for Petroleum (Oil), Senator Heineken Lokpobiri, for his approval before those who scaled the process will be announced publicly.

The NUPRC chief executive clarified that based on the provisions of the law, the marginal field holders are expected to meet specific milestones upon which they will be assessed and considered for renewal, assuring that no party will get preferential treatment.

“First and foremost, the 2020 marginal field round that was concluded when the NUPRC took office. In fact, every award is done in a manner that awardees are meant to meet specific milestones within the five years period. It does not necessarily mean that they should meet those terms of the award at the same time. The point I’m making here is that the terms are done in a manner that is on a milestone basis.

“So in that respect, the fields that are due for renewal and in the characteristic manner in which the NUPRC has operated, we try to define a template, a transparent template, to look at each marginal fee on a case-by-case basis. 

“And an expert team was set up that reviewed each of the awards in the case of each of the awardees on a case-by-case basis with a score sheet that is equally very transparent. This is because we try to say we’re a 21st century regulatory institution. And as such, transparency is our watchword. So whatever we do, we make it available to the public and, of course, publish on the portal.

“The score sheet is there to ensure that if we say any awardee does not qualify for renewal, the awardee should be satisfied that the case has been looked at meritoriously. So it is on the basis of that that the result of the assessment has been forwarded to the Minister of State for approval. We believe that in the weeks ahead, successful companies that have met the required milestone, will have their marginal fields renewed,” Komolafe stated.

He noted that the 2024 licensing round was a landmark exercise conducted with full transparency, praised by the Nigeria Extractive Industries Transparency Initiative (NEITI), broadcast live at the commercial stage, and widely commended as the first in which no one could claim a single dime was paid to anyone.

Komolafe stated that the commission’s ambition is to be resource-responsible by harnessing hydrocarbons with world-class efficiency and environmental stewardship, while strategically investing in cleaner alternatives.

He said the NUPRC, guided by the transformative Petroleum Industry Act (PIA) 2021, has established a modern legal, governance, and fiscal framework that addresses long-standing investor concerns.

In the area of incremental production, the NUPRC boss said the commission has been able to spearhead strategic initiatives that directly support the ‘Project One Million Barrels Per Day’ incremental production target through proactive industry collaboration.

According to him, industry players are forging a common agenda for unlocking more than 810,000 barrels of oil per day, in potential peak output, from approved deep offshore development plans.

The NUPRC chief said that at the heart of the effort is the cluster and nodal development strategy, designed to maximise shared infrastructure, capture economies of scale, and enable coordinated tiebacks to existing FPSOs like Bonga, Egina, and Agbami.

In his opening remarks earlier, the President of PENGASSAN, Festus Osifo, called on the federal government to divest from the oil refineries, using the NLNG model.

Stressing that Nigeria has enough skilled personnel to manage the three refineries, he stated that what is needed is for the federal government to sell some of its equity in the refineries to ensure that they run smoothly.

“If you bring companies who know how to manage refineries, let them come in and have the majority stake. As we have said, we have human resources in the refineries who understand how to operate the operations of the refinery. We have the human resources in Nigeria to make that refinery work, but as we know, if you work in an organisation and you are not given the tools to work, it is very, very difficult for you to work.

“So there are a lot of policies going on over the years as far as the refinery operation is concerned. But for you to be able to implement that policy, the government must divest. You divest, you have minority shareholding.

“In NLNG today, the government has 49 per cent shares, the three companies, the ENI, Shell, and Total Energies have 51 per cent shares. With that, the majority of decisions will be taken by the private sector. So this is what we have advocated for, for at least 10 years now, if my memory serves me right.

“That is the model we want the government to implement in terms of the refinery operations, so that we will not maintain it today, two, three years’ time, or two, three months’ time, we come back to the same position again,” he noted.

Osifo also urged oil asset licensees that are not producing to quickly move to optimise their dormant facilities, stressing that a number of the oil fields remain fallow.

“Secondly, if you could remember yesterday, the minister told us clearly that there are some companies that have licences.  But these people were given licenses several years back. But today, they have not carried out anything. You are given licenses to do what? You are actually given licenses for you to engage in drilling and production.

“But most of these companies have not carried out that function. Today, most of those fields are lying fallen. Today, in Nigeria, we have close to over 37 billion barrels of crude oil. If we are hovering around 2 million barrels production per day, it’s going to take us over 50 years for us to completely drill what we have beneath the soil.

“So that means that effort must be put in place to increase our production. It is only when we increase production that we will reap the benefit today so we can use the resources that we have in earnest,” he stated.

Osifo commended the NUPRC chief executive for his commitment to driving transparency and accountability in the upstream sector, acknowledging the commission’s innovations and noting that its consistent commitment to reforms has strengthened the upstream oil and gas sector.

“We got the report before now about what they used to do. They give oil blocks to big men, to big politicians who don’t even understand or have the expertise on how to go about the development. That is why you could see that over the years, people are given licenses, they keep it under their bed,” Osifo lamented.

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•Reiterates commitment to transparent process  •PENGASSAN urges FG to divest from ownership of refineries   •Wants oil blocks’ licensees to begin production on dormant assets Emmanuel Addeh in Abuja The Nigerian
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Bauchi Unveils Economic, Investment Potential at Lagos Roadshow

Bauchi Unveils Economic, Investment Potential at Lagos Roadshow

Emmanuel Addeh in Abuja

The Bauchi state government has said it’s continuing its robust drive to attract investors and unlock the vast economic opportunities within the state, leading to an engaging Economic and Investment Summit Roadshow yesterday in Lagos.

The event, which formed part of a nationwide sensitisation and mobilisation campaign ahead of the Bauchi State Economic and Investment Summit scheduled for October 2025, was led by Governor Bala Mohammed.

Represented by the Secretary to the State Government, Aminu Hammayo, who was accompanied by a high-powered delegation comprising Commissioners, Special Advisers, senior government officials, and President of the Bauchi State Chamber of Commerce and Industry, Bauchi showcased its potential in agriculture, solid minerals, tourism, manufacturing, housing, ICT, and renewable energy.

In his keynote address, the governor said Bauchi remains a leading investment destination in Nigeria, built on transparency, inclusiveness, and a conducive business environment. He assured potential investors of the state government’s commitment to providing policy support, infrastructure, and security that guarantee sustainable returns on investment.

The road show attracted an impressive turnout of captains of industries, business moguls, investors, and financial institutions, a statement by the Special Adviser Media and Publicity to the Governor, Mukhtar Gidado, stated.

According to the statement, they included:  The Canadian Deputy High Commissioner to Nigeria, Carlos Rojas and representative of the Ministry of Foreign Affairs, Ambassador Bolaji Akinremi who applauded the foresight of the Bauchi State Government in bringing the message of opportunities directly to Nigeria’s commercial nerve center.

The highlight of the event, it said, was an interactive session, where participants engaged with government officials, explored viable sectors, and expressed strong interest in partnering with the state.

Besides, several business leaders lauded Bauchi’s rich endowment, ranging from its vast arable land and mineral deposits to its cultural heritage and youthful population as a strong basis for mutually rewarding partnerships.

The Bauchi delegation used the occasion to invite stakeholders to the October 2025 Bauchi Economic and Investment Summit, where it said concrete investment agreements and partnerships are expected to be sealed.

“With the success of the Lagos Road Show, Bauchi State has further reinforced its image as a state open for business, ready to transform its potentials into prosperity for its people and partners,” the statement said.

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Emmanuel Addeh in Abuja The Bauchi state government has said it’s continuing its robust drive to attract investors and unlock the vast economic opportunities within the state, leading to an
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Court Throws Out Massive $527m Civil Fraud Penalty against Trump

Court Throws Out Massive $527m Civil Fraud Penalty against Trump

•Temporarily bars him, children from serving in corporate leadership  

•Supreme Court lets US president cut diversity-related health grants

Emmanuel Addeh in Abuja

A New York appeals court on yesterday threw out the massive financial penalty a state judge imposed on President Donald Trump, while narrowly upholding a finding he engaged in fraud by exaggerating his wealth for decades.

The ruling spared Trump from a potential half-billion-dollar fine but banned him and his two eldest sons from serving in corporate leadership for a few years, AP reported.

Trump, in a social media post, claimed “total victory” in the case, which stemmed from a civil lawsuit brought by New York Attorney General Letitia James.

“I greatly respect the fact that the Court had the courage to throw out this unlawful and disgraceful Decision that was hurting Business all throughout New York State,” the Republican wrote.

James, a Democrat, focused on the parts of the decision that went her way, saying in a statement that it “affirmed the well-supported finding of the trial court: Donald Trump, his company, and two of his children are liable for fraud.”

The ruling came seven months after Trump returned to the White House, his political fortunes unimpeded by the civil fraud judgment, a criminal conviction and other legal blows. A sharply divided panel of five judges in the state’s mid-level Appellate Division couldn’t agree on many issues raised in Trump’s appeal, but a majority said the monetary penalty was “excessive.”

A lower-court judge, Arthur Engoron, had ordered Trump last year to pay $355 million in penalties after finding that he flagrantly padded financial statements provided to lenders and insurers. With interest, the sum has topped $515 million.

Additional penalties for executives at his company, the Trump Organisation, including sons Eric and Donald Trump Jr.,  brought the total to $527 million with interest, the AP report added.

“While harm certainly occurred, it was not the cataclysmic harm that can justify a nearly half billion-dollar award” to the state, Judges Dianne Renwick and Peter Moulton wrote in one of three opinions shaping the appeals court’s ruling.

They called the penalty “an excessive fine that violates the Eighth Amendment of the United States Constitution.” Both were appointed by Democratic governors.

Engoron’s other punishments, upheld by the appeals court, have been on pause during Trump’s appeal, and the president was able to hold off collection of the money by posting a $175 million bond.

Donald Trump Jr. celebrated the decision by mocking James, who had periodically posted a running tally of the fraud penalty, with interest. Over a post from James in February 2024, when the tally was nearly $465 million, Trump Jr. wrote: “I believe you mean $0.00. Thank you for your attention to this matter.”

The five-judge panel, which split on the merits of the lawsuit and Engoron’s fraud finding, dismissed the monetary penalty in its entirety while also leaving a pathway for an appeal to the state’s highest court, the Court of Appeals. In the meantime, Trump and his co-defendants, the judges wrote, can seek to extend the pause to prevent any punishments from taking effect.

While the Appellate Division dispatches most appeals in a few pages in a matter of weeks, the judges weighing Trump’s case took nearly 11 months to rule after oral arguments last fall and issued 323 pages of concurring and dissenting opinions with no majority. Rather, some judges endorsed parts of their colleagues’ findings while denouncing others, enabling the court to rule.

Two judges wrote that they felt James’ lawsuit was justifiable and that she had proven her case but the penalty was too severe. One wrote that James exceeded her legal authority in bringing the suit, saying that if any lenders felt cheated, they could have sued Trump themselves, and none did. Another wrote that Engoron erred by ruling before the trial that James had proven Trump engaged in fraud.

In his portion of the ruling, Judge David Friedman, appointed by a Republican governor, was scathing in his criticism of James for bringing the lawsuit.

 “Plainly, her ultimate goal was not ‘market hygiene’ … but political hygiene, ending with the derailment of President Trump’s political career and the destruction of his real estate business,” Friedman wrote. “The voters have obviously rendered a verdict on his political career. This bench today unanimously derails the effort to destroy his business,” Friedman added.

Trump and his co-defendants denied wrongdoing. At the conclusion of the civil trial in January 2024, Trump said he was “an innocent man” and the case was a “fraud on me.” The Republican has repeatedly maintained the case and the verdict were political moves by James and Engoron, both Democrats.

Trump’s Justice Department has subpoenaed James for records related to the lawsuit, among other documents, as part of an investigation into whether she violated the president’s civil rights. James’ personal attorney Abbe D. Lowell has said investigating the fraud case is “the most blatant and desperate example of this administration carrying out the president’s political retribution campaign.”

Trump and his lawyers said his financial statements weren’t deceptive, since they came with disclaimers noting they weren’t audited. The defense also noted bankers and insurers independently evaluated the numbers, and the loans were repaid.

Despite such discrepancies as tripling the size of his Trump Tower penthouse, he said the financial statements were, if anything, lowball estimates of his fortune.

During an appellate court hearing last September, Trump’s lawyers argued that many of the case’s allegations were too old and that James had misused a consumer protection law to sue Trump over private business transactions that were satisfactory to those involved.

State attorneys said that while Trump insists no one was harmed by the financial statements, his exaggerations led lenders to make riskier loans and that honest borrowers lose out when others game their net worth numbers.

Meanwhile, the U.S. Supreme Court let Trump’s administration on Thursday proceed with sweeping cuts to National Institutes of Health (NIH) grants for research related to racial minorities or LGBT people, part of his crackdown on diversity, equity and inclusion initiatives and transgender identity.

The justices granted the Justice Department’s request to lift Boston-based U.S. District Judge William Young’s decision in June that the grant terminations violated federal law, while a legal challenge brought by researchers and 16 U.S. states plays out in a lower court.

The NIH is the world’s largest funder of biomedical research. The cuts are part of Trump’s wide-ranging actions to reshape the U.S. government, slash federal spending and end government support for programs aimed at promoting diversity or “gender ideology” that the administration opposes.

The administration said Young’s ruling required the NIH to continue paying $783 million in grants that run counter to its priorities, a Reuters report said.

The administration repeatedly has sought the Supreme Court’s intervention to allow implementation of Trump policies impeded by lower courts. The Supreme Court, which has a 6-3 conservative majority, has sided with the administration in almost every case that it has been called upon to review since Trump returned to the presidency in January.

After Trump signed executive orders in January targeting DEI and gender ideology, NIH instructed staff to terminate grant funding for “low-value and off-mission” studies deemed related to these concepts, as well as COVID-19 and ways to curb vaccine hesitancy.

Young’s ruling came in two lawsuits challenging the cuts. One was filed by the American Public Health Association, individual researchers and other plaintiffs who called the cuts an “ongoing ideological purge” targeting projects based on “vague, now-forbidden language.” The other was filed by the states, most of them Democratic-led.

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•Temporarily bars him, children from serving in corporate leadership   •Supreme Court lets US president cut diversity-related health grants Emmanuel Addeh in Abuja A New York appeals court on yesterday threw
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