Economy
Exporters Want OGFZA to Enjoy 7% Import Surcharge Fund
By Modupe Gbadeyanka
Federal Government has been urged to allow the Oil and Gas Free Zones Authority (OGFZA) benefit from the 7 percent import surcharge fund set aside for port-based agencies of government.
This appeal was made by the Association of Nigerian Exporters (ANE) during a courtesy visit on Managing Director of OGFZA, Mr Umana Okon Umana, in Abuja recently.
In 2006, the presidency approved the inclusion of OGFZA in the sharing of the import surcharge fund following the recommendation of the National Council on Commerce.
According to the president of ANE, Mr Sunny Jackson Udoh, the income from the fund would enable OGFZA provide facilities in the free zones to enhance the ease of doing business.
Also, Mr Udoh advised government to allow for the establishment of modular refineries in the country’s oil and gas free zones.
He explained that locating modular refineries in the oil and gas free zones would cut cost of such investments because of the regime of incentives that exempts free zone enterprises from import duties and other forms of taxation.
Speaking further, Mr Udoh urged government to appoint OGFZA the lead agency for the establishment of the modular refineries in the oil producing areas to replace the “illegal refineries,” adding that they should be modelled on the US export-oriented refineries to produce special products such as aviation fuel and industrial raw materials.
He said the advocated policy on modular refineries should go together with the establishment of oil and gas free zones in all oil producing states as a means of diversifying the economy.
The exporters association commended Federal Government on the policy that allows goods manufactured in the free zones to be exported into the Nigerian Customs Territory, irrespective of whether such goods are on the import prohibition list.
The ANE president also commended the leadership of OGFZA on positive changes in the free zones such as review of excessive tariffs; licensing of a new oil and gas free zone developer; the drive to facilitate the birth of new free zones to generate more jobs; and collaboration between OGFZA and the Nigerian Content Development and Monitoring Board to ensure higher level of value addition in free zone manufacturing processes.
The association made a couple of other advocacies, including suggestions that the Federal Government should set up a “dedicated statutory fund” for OGFZA to finance infrastructure development in the free zones.
They called for ANE-OGFZA collaboration in the promotion of investment roadshows, and expressed support for the ongoing process to amend the OGFZA law.
In his remarks, Managing Director of OGFZA, Mr Umana Okon Umana, expressed appreciation to the ANE for “the patriotic support of the programmes and policies of the Federal Government with regard to the attraction of FDI,” which he said, is at the core of the mandate of OGFZA.
Mr Umana said his management decided to review charges in the free zones to prevent erosion of incentives provided by law for investors, and to provide a level-playing field for all licensees in the free zones. He said similar patriotic intention informed the support of his management for the amendment of the principal law of the Authority to remove areas of ambiguity that tended to promote confusion and conflicts with sister agencies and reduce its effectiveness as a regulator.
Mr Umana expressed support for ANE’s call for a fund dedicated to infrastructure development in the free zones, adding, “We should provide amenities that investors would benefit from when they come.”
He lauded the ANE leadership for its “support of government efforts to restructure the economy and generate more exports, particularly in agriculture,” and said OGFZA was looking forward to working more closely with ANE in the years ahead.
By Adedapo Adesanya
TotalEnergies EP Nigeria has signed a Sale and Purchase Agreement with Vaaris for the divestment of its 10 per cent non-operated interest in the Renaissance JV licences in Nigeria.
The Renaissance JV, formerly known as the SPDC JV, is an unincorporated joint venture between Nigerian National Petroleum Company Limited (55 per cent), Renaissance Africa Energy Company Ltd (30 per cent, operator), TotalEnergies EP Nigeria (10 per cent) and Agip Energy and Natural Resources Nigeria (5 per cent), which holds 18 licences in the Niger Delta.
In a statement by TotalEnergies on Wednesday, it was stated that under the agreement signed with Vaaris, TotalEnergies EP Nigeria will sell its 10 per cent participating interest and all its rights and obligations in 15 licences of Renaissance JV, which are producing mainly oil.
Production from these licences, it was said, represented approximately 16,000 barrels equivalent per day in company’s share in 2025.
The agreement also stated that TotalEnergies EP Nigeria will also transfer to Vaaris its 10 per cent participating interest in the three other licences of Renaissance JV which are producing mainly gas, namely OML 23, OML 28 and OML 77, while TotalEnergies will retain full economic interest in these licences, which currently account for 50 per cent of Nigeria LNG gas supply.
Business Post reports that the conclusion of the deal is subject to customary conditions, including regulatory approvals.
“TotalEnergies EP Nigeria has signed a Sale and Purchase Agreement with Vaaris for the sale of its 10 per cent non-operated interest in the Renaissance JV licences in Nigeria.
“Under the agreement signed with Vaaris, TotalEnergies EP Nigeria will sell to Vaaris its 10 per cent participating interest and all its rights and obligations in 15 licences of Renaissance JV, which are producing mainly oil. Production from these licences represented approximately 16,000 barrels equivalent per day in the company’s share in 2025.
“TotalEnergies EP Nigeria will also transfer to Vaaris its 10 per cent participating interest in the 3 other licenses of Renaissance JV, which are producing mainly gas (OML 23, OML 28 and OML 77), while TotalEnergies will retain full economic interest in these licenses, which currently account for 50 per cent of Nigeria LNG gas supply. Closing is subject to customary conditions, including regulatory approvals,” the statement reads in part.
The development is part of TotalEnergies’ strategies to dump more assets to lighten its books and debt.
By Aduragbemi Omiyale
The trading licence of Monument Securities and Finance Limited has been revoked by the regulatory arm of the Nigerian Exchange (NGX) Group Plc.
Known as NGX Regulations Limited (NGX Regco), the regulator said it took back the operating licence of the organisation after it shut down its operations.
The revocation of the licence was approved by Regulation and New Business Committee (RNBC) at its meeting held on September 24, 2025, a notice from the signed by the Head of Market Regulations at the agency, Chinedu Akamaka, said.
“This is to formally notify all trading license holders that the board of NGX Regulation Limited (NGX RegCo) has approved the decision of the Regulation and New Business Committee (RNBC)” in respect of Monument Securities and Finance Limited, a part of the disclosure stated.
Monument Securities and Finance Limited was earlier licensed to assist clients with the trading of stocks in the Nigerian capital market.
However, with the latest development, the firm is no longer authorised to perform this function.
Economy
NEITI Advocates Fiscal Discipline, Transparency as FG, States, LGs Get N6trn in Three Months
By Adedapo Adesanya
The Nigeria Extractive Industries Transparency Initiative (NEITI) has called for fiscal discipline and transparency as data showed that federal government, states, and local governments shared a whopping N6 trillion Federation Account Allocation Committee (FAAC) disbursements in the third quarter of last year.
In its analysis of the FAAC Q3 2025 allocation, the body revealed that the federal government received N2.19 trillion, states received N1.97 trillion, and local governments received N1.45 trillion.
According to a statement by the Director of Communication and Stakeholders Management at NEITI, Mrs Obiageli Onuorah, the allocation indicated a historic rise in federation account receipts and distributions, explaining that year-on-year quarterly FAAC allocations in 2025 grew by 55.6 per cent compared with Q3 of 2024 while it more than doubling allocations over two years.
The report contained in the agency’s Quarterly Review noted that the N6 trillion included 13 per cent payments to derivative states. It also showed that statutory revenues accounted for 62 per cent of shared receipts, while Value Added Tax (VAT) was 34 per cent, and Electronic Money Transfer Levy (EMTL) and augmentation from non-oil excess revenue each accounted for 2 per cent, respectively.
The distribution to the 36 states comprised revenues from statutory sources, VAT, EMTL, and ecological funds. States also received additional N100 billion as augmentation from the non-oil excess revenue account.
The Executive Secretary of NEITI, Mr Sarkin Adar, called on the Office of the Accountant General of the Federation, the Revenue Mobilisation Allocation and Fiscal Commission (RMAFC) FAAC, the National Economic Council (NEC), the National Assembly, and state governments to act on the recommendations to strengthen transparency, accountability, and long-term fiscal sustainability.
“Though the Quarter 3 2025 FAAC results are encouraging, NEITI reiterates that the data presents an opportunity to the government to institutionalise prudent fiscal practices that will protect the gains that have been recorded so far in growing revenue and reduce vulnerability to commodity shocks.
“The Q3 2025 FAAC results are encouraging, but windfalls must be managed with discipline. Greater transparency, realistic budgeting, and stronger stabilisation mechanisms will ensure these resources deliver durable benefits for all Nigerians,” Mr Adar said.
NEITI urged the government at all levels to ensure the growth of Nigeria’s sovereign wealth and stabilisation capacity, by committing to regular transfers to the Nigeria Sovereign Wealth Fund and other related stabilisation mechanisms in line with the fiscal responsibility frameworks.
It further advised governments at all levels to adopt realistic budget benchmarks by setting more conservative and achievable crude oil production and price assumptions in the budget to reduce implementation gaps, deficit, and debt metrics.
This, it said, is in addition to accelerating revenue diversification by prioritising reforms that would attract investments into the mining sector, expedite legislation to modernise the Mineral and Mining Act, support reforms in the downstream petroleum sector, as well as the full implementation of the Petroleum Industry Act (PIA) to expand domestic refining and value addition.
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