Author: Ogochukwu Ndubuisi

Seplat Completes Conversion of Onshore Assets to PIA Fiscal Regime Seplat Energy Plc, a Nigerian independent energy company says its subsidiaries have completed the conversion of their operated onshore assets to the Petroleum Industry Act (PIA) fiscal regime. This was revealed through a corporate disclosure on the Nigerian Exchange Ltd., on Tuesday. The company said that Seplat West Ltd. and Seplat East Onshore Ltd. concluded the conversion from the Petroleum Profit Tax regime in line with the PIA. The conversion covered assets formerly held under Oil Mining Leases (OMLs) 4, 38, 41 and 53, which averaged working interest production of…

Mohammed Resumes as Authority Chief Executive of NMDPRA Mr Saidu Mohammed on Tuesday resumed office as the Authority Chief Executive of the Nigerian Midstream Downstream Petroleum Regulatory Authority (NMDPRA), replacing Farouk Ahmed, who resigned from the position. The Authority, in a statement on Tuesday, said that the handover which held in Abuja, underscored its commitment to institutional continuity, accountability, and effective leadership. It said the ceremony concluded with the symbolic transfer of documents and responsibilities witnessed by the Executive Directors, Senior Management and Staff, signalling a seamless and orderly transition in line with public service rules and corporate best practices.…

Ondo Assembly Passes 2026 Appropriation Bill of N524bn The Ondo State House of Assembly on Tuesday passed the 2026 Appropriation Bill of N524 billion, showing an increase of N31 billion over the original proposal by Gov. Lucky Aiyedatiwa. Aiyedatiwa on Nov. 17 presented the 2026 appropriation bill of N492 billion to the Assembly. The financial proposal was christened Budget of Economic Consolidation. The passed budget represents 42.11 per cent allocated to the recurrent expenditure of N220 billion, while N303 billion representing 57. 89 per cent of the total budget is allocated to capital expenditure. Earlier, the Chairman of the House…

China Mining Federation Rejects ‘Infiltration’ Claims The China Mining Federation of Nigeria has rejected allegations of “Chinese infiltration” in Nigeria’s solid minerals sector, describing the claims as false and misleading. The Federation gave the clarification in a statement issued Tuesday in Abuja, following renewed circulation of a report alleging illegal mining, environmental damage and terrorism financing. It said Chinese mining companies in Nigeria had consistently complied with mining laws and regulations, in line with guidance from the Chinese government. According to the group, the firms work closely with relevant Nigerian agencies to strengthen governance, promote transparency and ensure responsible mining…

FG Signs MOU With RSE Energy to Provide Off-Grid Power for Industrial Clusters The Federal Government has signed a Memorandum of Understanding (MOU) with RSE Energy Nigeria to provide off-grid and embedded power solutions for industrial clusters across the country. During the signing ceremony on Tuesday in Abuja, the Minister of State for Industry, Sen. John Enoh, said that the agreement marked the culmination of engagements that began before his posting to the ministry. “We are at a point where an MOU can be signed between our government and RSE. “This journey started even before I was posted here, and…

Imo Assembly Passes N1.43 trn Appropriation Bill for 2026 The Imo Assembly, on Tuesday, passed the Appropriation Bill for the 2026 fiscal year, totalling over N1.43 trillion. The bill, presented by Gov. Hope Uzodimma, on Monday, received accelerated consideration by the Committee of the Whole. The Majority Leader of the House, Mr Kanayo Onyemaechi, described the budget as a “people’s oriented budget”. He said that the budget would facilitate more developmental projects, which would help to take the state to greater heights. Supporting the immediate passage of the bill, the member representing Nkwerre State Constituency, Mr Chisom Ojukwu, said that…

UN Expresses Concern Over Indiscriminate Abductions by Bandits in Nigeria The United Nations has expressed concern over the spate of indiscriminate abductions of civilians by bandits in Nigeria. Spokesperson for the UN Secretary-General, Mr Stéphane Dujarric, said the continued attacks on civilians by bandits was unacceptable. “We are very much concerned at the fact that so many other students, young people, young men, young women, continue to be detained by armed groups,” Dujarric said. “And obviously, we’re continuing to see violence.” Armed men had in November abducted at least 25 students and killed a teacher in an attack on Government…

Naira Strengthens to N1,456/$ at Central Bank FX Window The naira strengthened against the US dollar at the official window on Monday, appreciating by 0.54% to ₦1,456.56/$ as FX liquidity pressures eased. The local currency rally was supported by positive effects of FX interventions conducted by the Central Bank of Nigeria (CBN) last week. The authority sold $150 million to authorised dealers and banks to absorb pressures from increasing demand for dollar. At the official window on Monday, the naira touched an intraday high of N1466, a significant improvement from N1469 quoted the previous time on Friday. Showcasing the absence…

Shareholders Back Guinea Insurance Plc’s Capital Raise Guinea Insurance Plc has reached a significant milestone in its transformation journey, as shareholders approved the Board’s capital raise plan at a recent Extraordinary General Meeting held virtually in Lagos. The meeting, conducted in full compliance with the Business Facilitation (Miscellaneous Provisions) Act 2022 and the Companies and Allied Matters Act (CAMA) 2020, saw strong participation from shareholders, regulators, and key stakeholders, reflecting broad confidence in the company’s strategic direction Following resolutions passed at its Extraordinary General Meeting (EGM), Guinea Insurance Plc is advancing a comprehensive recapitalisationprogramme designed to strengthen its financial foundation…

Oil Prices Rise over Escalating Tensions in Caribbean Oil prices rose on Monday amid reports that US authorities have begun tracking another oil tanker in international waters off the coast of Venezuela, while ongoing tensions in the Russia-Ukraine war have heightened supply concerns in global markets. International benchmark Brent crude was trading at $60.75 per barrel, up nearly 1% from the previous close of $60.16. US benchmark West Texas Intermediate (WTI) also increased by about 1% to $57.13, compared to $56.52 in the prior session. As part of escalating tensions in the Caribbean, US forces tracked another oil tanker sailing…