General
Agreement With Niger Delta Avengers Not Breached—FG
By Modupe Gbadeyanka
Federal Government has said it has not in any way breached any agreement it had with the notorious Niger Delta Avengers (NDA).
Last week, the militant group threatened to resume hostilities in the oil rich region over the failure of government to honour its agreements with them.
But while address Political Editors in Lagos yesterday, Minister of Information and Culture, Mr Lai Mohammed, refuted the claims by the group, saying it is totally not true.
The Minister admitted that the threat was unsettling the Federal Government because of its effect on the nation’s economy; he however appealed for calm from the group.
“We are very worried about it (threat) because if the Avengers should start destroying our oil installations, it is going to bring the country back to its knees.
“And that is why we are appealing to them. We have not breached any agreement with them and we will rather appeal to them to understand that there is more to gain by all sides in engaging than in going back to the trenches.
“Even power has improved in the Niger Delta as well as infrastructure. Contractors can now go and work there.
“We are talking of University of Maritime Technology in the Niger Delta, Second Niger bridge and East- West road. I think what they are fighting for will be achieved much more if there is peace and we will continue our engagements with them because it will not be in the interest of anybody to have crisis,” Mr Mohammed told journalists.
Reacting to a question on how Nigerians doubt statements attributed to him, the Minister, who was the spokesman of the then opposition party now the ruling party, said, “I have two burdens. The first is that I happen to be the face of the opposition and PDP has not forgiven me and they will never forgive me.
“I think they look at the magnitude of what has happened to them and they hold me solely responsible; which is not fair.
“But, I did my beat. Now, becoming the face of government again, it is automatic that whatever comes from Lai Mohammed, we must shoot it down as fake news and a lie. Unfortunately, my father gave me the name Lai also.
“So, it makes it very easy for them. But, what I challenge them every time is, please, give me one thing I said that is not true.
“Emotionally, you may not agree with me, but in terms of facts and figures, I have never said anything which they can dispute. You don’t have to like them, but you can’t deny that they are facts.”
On the 2019 polls, the Minister warned Nigerians never to return the PDP to power.
“As to whether we are afraid of whether we are afraid of the PDP staging a comeback, I can confidently tell you that we are not even contemplating it. It will be a tragedy for Nigeria to fall back into the hands of PDP.
“They dropped us in hell and we are taking people out of hell. How can Nigeria now go back to Egypt? It is not about APC or President Buhari. With the kind of revelation that is coming out, the kind of rot, you want those people to come back and preside over the affairs of Nigeria again? What will happen to the investigations that were carried out if the PDP should win elections again? It will be swept under the carpet.
“This is the first time in the history of this country that we are making real recoveries. Just recently, we signed a Memorandum of Understanding (MoU) with the Swiss government to return $321 million that was stolen from the country. This is the first time this country is actually looking at our problems from a realistic and pragmatic viewpoint.
“We are not talking of what we are going to achieve in two years or three years. We are talking about laying a solid foundation for a Nigeria that our children will be able to thrive. Unfortunately, the reform agenda is always longer than the political agenda. In many parts of the world, they plan for 10, 15, 20 years. Nobody plans for four years.
“When you look at our Medium-Term Expenditure Framework (MTEF), we are talking about 2020, even though we know that there may be a change of administration depending on the outcome of the presidential election. But, you do not think in the short term. Nigerians should never pray for PDP to come back.
“When we negotiated with the Swiss government to return late General Sani Abacha’s loot, they gave us some conditions; one of which is that we must identify what programme we want to use the money for and that the World Bank will supervise what we are using the money for.
“When we argued that we are a sovereign country and that they can’t dictate to us how we are going to spend money that was stolen from our country, which they are returning, they said ‘yes, but when we returned part of it to your country under Goodluck Jonathan, you relooted it,’ and that is true.”
By Adedapo Adesanya
The Managing Director of the Rural Electrification Agency, (REA), Mr Abba Aliyu, is poised to attract an estimated $1.1 billion in additional private-sector investment to further achieve the agency’s targets.
He said that the organisation has received a $750 million funding in 2024 through the World Bank funded Distributed Access through Renewable Energy Scale-up (DARES) project.
He added that this capital is specifically intended to act as a springboard to attract an estimated $1.1 billion in additional private-sector investment, with the ultimate goal of providing electricity access to roughly 17.5 million Nigerians through 1,350 new mini grids.
Mr Aliyu also said that the Nigeria Electrification Project (NEP) has already led to the electrification of 1.1 million households across more than 200 mini grids and the delivery of hybrid power solutions to 15 federal institutions.
According to a statement, this followed Mr Aliyu’s high-level inspection of Vsolaris facilities in Lagos, adding that the visit also served as a platform for the REA to highlight its decentralized electrification strategy, which relies on partnering with firms capable of managing local assembly and highefficiency project execution.
The federal government, through the REA, underscored the critical role the partnership with the private sector plays in achieving Nigeria’s ambitious off-grid energy targets and ending energy poverty.
Mr Aliyu emphasized that while public funds serve as a catalyst, the long-term sustainability of Nigeria’s power sector rests on credible private developers who are willing to invest their own resources.
He noted that public funds are intentionally deployed as catalytic grants to ensure that the private sector maintains skin in the game which he believes is the only way to guarantee true accountability and the survival of these projects over time.
By Adedapo Adesanya
The Senate has proposed a review of the current revenue-sharing formula among the three tiers of government, seeking to allocate more funds to the federal government.
The proposal is contained in a constitutional amendment bill titled Constitution of the Federal Republic of Nigeria, 1999 (Alteration) Bill, 2026, sponsored by Mr Karimi Sunday representing Kogi-West, which passed first reading during plenary on Tuesday.
Coming amid ongoing calls for a new revenue formula to favour states and local governments, the bill argues for an increased federal share from the existing formula.
Under the current revenue sharing formula designed during the President Olusegun Obasanjo administration, the federal government takes about 52.68 percent of the total revenue generation by the nation in a month, the 36 state governments including the Federal Capital Territory, Abuja get 26.72 per cent and the 774 local governments share 20.60 per cent. The oil producing states of the Niger Delta region receive 13 per cent revenue as derivation to compensate for ecological damage of oil production in the region.
Defending the bill, the senator in a media conference on Tuesday stated that the federal government is overburdened by responsibilities such as the rehabilitation of dilapidated Trunk A roads and rising security costs, adding that available funds are no longer sufficient.
Ahead of its second reading, the lawmaker alleged that some states have little to show for funds received from the federation account.
The battle to change the sharing formula has been ongoing for more than 12 years. In 2013, the Revenue Mobilisation Allocation and Fiscal Commission (RMAFC) resolved to undertake a review to achieve a balanced development of the country.
To achieve that objective, the commission embarked on a nationwide consultation to the 36 states and also met with notable persons, including traditional rulers on the issue.
In December 2014, the commission came out with a proposed new revenue formula, which was submitted to the government. However, the report was not implemented.
Proponents have argued that the review of the revenue allocation among the federal, states and local governments of the federation has become necessary due to the current economic realities the country is facing.
By Adedapo Adesanya
The African Energy Bank (AEB) plans to raise $15 billion in its first three years of operations to fund strategic energy projects.
The Secretary General of the African Petroleum Producers’ Organisation (APPO), Mr Farid Ghezali, made this known at the opening session of the Nigeria International Energy Summit (NIES 2026) on Tuesday.
The bank which is set to launch in Abuja in the first half of 2026 has set a target of mobilising $200 billion for midstream and downstream energy projects across the continent.
“The African Energy Bank is designed to unlock the 200 billion needed for our midstream-downstream project by 2030.
“Our goal is to raise $15 billion in just three years with this increased liquidity,” Mr Ghezali stated.
The APPO secretary general decried that Africa’s energy still faces huge export of its oil and gas despite having a huge market for its utilisation within the continent.
“We are still exporting about 70 per cent of our crude oil and 45 per cent of our natural gas, losing $15 billion per year. This is an added value that we could generate locally, especially in the midstream and downstream segments.”
He pinpointed that financing hurdles remained the main bottleneck for the continent, as the cost of financing in Africa was 15 to 20 per cent, compared to only 4 to 6 per cent in Asia.
He said the disparity was unacceptable and had stalled over 150 projects, including refineries and the Ajaokuta–Kaduna–Kano (AKK) Natural Gas Pipeline.
Mr Ghezali also said that APPO’s 18 national oil companies face isolation, “Our 18 national oil companies’ NOCs in APPO often operate in isolation, without a common stock exchange, which severely limits regional synergies.
He noted that the AEB was set to offer “competitive regional pricing” through unified intra-African gas and oil pricing for “savings of up to 30 per cent on their energy imports, a potential gain of $1.4 billion for Africa,” plus “direct access to investors.
He highlighted the three-phase road map for the AEB to include: “Phase one, which, as I said in the first half of 2026, launches the African Energy Bank platform with 10-pillar projects involving countries such as Nigeria, Angola, and Libya. APPO certification and integration of IOCs such as Shell or ENI.”
“Phase two, in 2027, we plan to start a regional gas-oil trade, integrating the principles of the Bassari Declaration for 15 per cent local content.”
Phase three, reaching 2030, the African Energy Bank will be a true African financial hub, with $200 billion mobilised.”
He said expected results included, “Project financing for billions of dollars, regional savings of around 30 per cent of import costs, 500,000 direct jobs created in the local midstream.”
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