Economy

FG Commits to Transparency in Oil, Gas, Other Extractive Industries

Published

2 years ago

30/01/2024

By Adedapo Adesanya

The federal government has reaffirmed its commitment to deepen implementation of the Extractive Industries Transparency Initiative (EITI) through the Nigerian chapter, NEITI.

The Secretary to the Government of the Federation, Mr George Akume, made this commitment in Abuja while receiving a delegation from the global EITI, in Oslo, Norway on a working mission to Nigeria.

Mr Akume praised Nigeria’s performance in the recent EITI assessment and progress recorded by the country in the implementation of the initiative between 2019 and 2022.

“NEITI is an agency of the federal government, and the present administration is very proud of its impacts in providing reliable information and data that have helped tremendously in shaping the ongoing reforms in Nigeria’s oil, gas, and mining sectors.

“We have also found NEITI reports to be very useful in the areas of revenue generation, resource mobilisation, blocking leakages in the system, and a dependable data resource in the country’s sustained war against corruption.

“I want to acknowledge the report of the EITI Validation of Nigeria and to assure you that the federal government is already working on the report.

“From our preliminary reviews, we have noted with excitement that many areas that Nigeria excelled in that report, and the areas that our country requires improvements. The government is fully aware that we were assessed on three major indicators- outcomes/impacts, transparency as well as stakeholders engagements,” he said.

Mr Akume said that he was elated that Nigeria excelled on outcomes and impacts with a score of 92 per cent, over 70 per cent on transparency disclosures which shows that Nigeria is benefiting enormously from the implementation of the EITI, but requires more work and improvements in the areas of stakeholders engagements where Nigeria scored above 50 per cent.

He applauded the EITI for courageously highlighting specific areas where the country needed to correct and improve before the next validation which will take place in January 2026.

He further stated that Nigeria through NEITI is working assiduously to provide action plans that will remedy the gaps identified by the validation report before January 2026 the stipulated time given to Nigeria to address noticeable areas of improvement in the oil, gas, and mining industry sector reforms.

At an earlier media briefing at the NEITI House, the leader of the delegation, the Deputy Head of EITI Secretariat, Mr Bady Balde, explained that the team was in Nigeria to communicate to stakeholders as well as the Nigerian government, the outcome of the last validation exercise for Nigeria and proffer support for post-validation planning.

“We are also here to strengthen the country’s call to working with NEITI for the reconstitution of the MSG and to appeal to the government that the disruption of the NEITI structure and the Secretariat will always not augur well for continuity, institutionalisation, and sustainability,” he said.

He lamented that the NEITI Act 2007 establishes an independent entity that is supposed to function in a multi-stakeholder nature and supervise EITI implementation in the country. Unfortunately, that entity has not functioned as intended in the last two years due to the vacancy and sustained vacancy of the NSWG itself which is supposed to oversee the EITI in Nigeria.

“We hope that at the end of the mission, we will have a clearer sense of the timeline and the process of how quickly the NSWG can be reconstituted. This is a significant area of concern because NSWG is at the core of the EITI process,” he reaffirmed.

Economy

Presco, GTCO List Additional Shares on Stock Exchange

Published

3 hours ago

02/02/2026

Aduragbemi Omiyale

By Aduragbemi Omiyale

The duo of Presco Plc and Guaranty Trust Holding Company (GTCO) Plc has listed additional shares on the Nigerian Exchange (NGX) Limited.

The extra equities of these two publicly-listed organisations were admitted to the local stock exchange last Friday, increasing their respective total issued and fully paid-up shares.

For Presco, it listed fresh 166,666,667 ordinary shares of 50 Kobo each on the daily official list of the NGX on Friday, January 30, 2026, increasing its total issued and fully paid-up stocks from 1,000,000,000 units to 1,166,666,667 units.

The additional equities were from the rights issue of the firm allotted to shareholders on the basis of one new share for every existing six ordinary shares held as at close of business on Monday, October 13, 2025.

In a circular issued over the weekend, the NGX said, “Trading licence holders are hereby notified that additional 166,666,667 ordinary shares of 50 Kobo each of Presco Plc were on Friday, January 30, 2026, listed on the daily official list of Nigerian Exchange (NGX) Limited (NGX).

“The additional shares arose from the company’s rights issue of 166,666,667 ordinary shares of 50 Kobo each at N1,420.00 per share on the basis of one new share for every existing six ordinary shares held as at close of business on Monday, October 13, 2025.

“With the listing of the additional 166,666,667 ordinary shares, the total issued and fully paid-up shares of Presco Plc has now increased from 1,000,000,000 to 1,166,666,667 ordinary shares of 50 Kobo each.”

As for GTCO, it listed additional125,000,000 ordinary shares of 50 Kobo each at N80.00 per unit offered through private placement.

The fresh equities taken to Customs Street have raised the total issued and fully paid-up shares of GTCO from 36,425,229,514 to 36,550,229,514 ordinary shares of 50 Kobo each.

Economy

FG, States, Local Councils Share N1.969trn FAAC Allocation

Published

4 hours ago

02/02/2026

Adedapo Adesanya

By Adedapo Adesanya

A total of N1.969 trillion was shared to the federal government, the 36 state governments and the 774 local government councils from the gross revenue of N2.585 trillion generated by the nation in December 2025.

The money was disbursed to the three tiers of government at the January 2026 Federation Account Allocation Committee (FAAC) meeting held in Abuja.

In a statement issued on Monday by the Director of Press and Public Relations in the Office of the Accountant-General of the Federation (OAGF), Mr Bawa Mokwa, it was stated that the FAAC allocation comprised statutory revenue of N1.084 trillion, distributable Value Added Tax (VAT) revenue of N846.507 billion, and Electronic Money Transfer Levy (EMTL) revenue of N38.110 billion.

“Total deduction for cost of collection was N104.697 billion, while total transfers, refunds, and savings were N511.585 billion,” the statement partly read.

It was also revealed that from the N1.969 trillion total distributable revenue, the federal Government received the sum of N653.500 billion, and the state governments received N706.469 billion, the local government councils received N513.272 billion, and the sum of N96.083 billion was shared with the benefiting state as 13 per cent derivation revenue.

He said of the N1.084 trillion distributable statutory revenue, the central government received N520.807 billion, the state governments got N264.160 billion, the local councils were given N203.656 billion, and N96.083 billion was shared to the benefiting states as 13 per cent derivation revenue.

FAAC noted that from the N846.507 billion distributable VAT earnings, the federal government got N126.976 billion, the state governments received N423.254 billion, and the local government councils got N296.277 billion.

From the revenue from EMTL, Mr Mokwa explained that the national government was given N5.717 billion, the state governments got N19.055 billion, and the councils collected N13.338 billion.

He added that the companies’ Income Tax (CIT)/CGT and STD, Import Duty and Value Added Tax (VAT) increased significantly in December, while oil and gas royalty, CET levies and fees increase marginally, with excise duty, Petroleum Profit Tax (PPT)/Hydrocarbon Tax (HT), and EMTL considerably down.

Economy

Oil Exports to Drop as Shell Commences Maintenance on Bonga FPSO

Published

5 hours ago

02/02/2026

Adedapo Adesanya

By Adedapo Adesanya

Nigeria’s oil exports will drop in February following the shutdown of the Bonga Floating Production Storage and Offloading (FPSO) vessel scheduled for turnaround maintenance.

Shell Nigeria Exploration and Production Company (SNEPCo) Limited confirmed the development in a statement issued, adding that gas output will also decline during the maintenance period.

This comes as SNEPCo begun turnaround maintenance on the Bonga FPSO, the statement signed by its Communications Manager, Mrs Gladys Afam-Anadu, said, describing the exercise as a statutory integrity assurance programme designed to extend the facility’s operational lifespan.

SNEPCo Managing Director, Mr Ronald Adams, said the maintenance would ensure safe, efficient operations for another 15 years.

“The scheduled maintenance is designed to reduce unplanned deferments and strengthen the asset’s overall resilience.

“We expect to resume operations in March following completion of the turnaround,” he said.

Mr Adams said the scope included inspections, certification, regulatory checks, integrity upgrades, engineering modifications and subsea assurance activities.

“The FPSO, about 120 kilometres offshore in over 1,000 metres of water, can produce 225,000 barrels of oil daily.

“It also produces 150 million standard cubic feet of gas per day,” he said.

He said maintaining the facility was critical to Nigeria’s production stability, energy security and revenue objectives.

Mr Adams noted that the 2024 Final Investment Decision on Bonga North increased the importance of the FPSO’s reliability. He said the turnaround would prepare the facility for additional volumes from the Bonga North subsea tie-back project.

According to him, the last turnaround maintenance was conducted in October 2022.

“On February 1, 2023, the asset produced its one billionth barrel since operations began in 2005,” Mr Adams said.

SNEPCo operates the Bonga field in partnership with Esso Exploration and Production Nigeria (Deepwater) Limited and Nigerian Agip Exploration Limited, under a Production Sharing Contract with the Nigerian National Petroleum Company (NNPC) Limited.

The last turnaround maintenance activity on the FPSO took place in October 2022. On February 1, the following year, the asset delivered its 1 billionth barrel of oil since production commenced in 2005.