Economy
FG, PINL Sign Peace Treaty to Unlocks 200,000bpd Crude Production in Ogoni
By Adedapo Adesanya
A landmark peace accord has been signed in Bodo community, Gokana Local Government Area of Rivers State, setting the stage for the resumption of oil production in Ogoniland after decades of conflict.
The peace deal, brokered by Pipeline Infrastructure Nigeria Limited (PINL) if executed will see an end to years of violent intra-community clashes in Bodo, one of the most strategic host communities on the eastern corridor of the Trans Niger Pipeline (TNP).
The renewed stability opens the way for the restart of production activities with a projected capacity of 200,000 barrels per day from the area.
Bodo, had been engulfed in violence fueled by power tussles among local factions, leading to loss of lives, sabotage, and exclusion from surveillance contracts and social benefits linked to oil infrastructure protection.
Speaking at the peace accord, Mr Eddie Julius, Special Adviser to the Minister of Petroleum Resources (Oil) on Host Communities, assured that the peace pact will also unlock Corporate Social Responsibility projects, jobs, and empowerment programs that were previously denied due to insecurity.
“Today marks the beginning of a new dawn for Bodo, Ogoniland, and Nigeria. This peace deal will translate directly to production, development, and peaceful coexistence. In a few months, you’ll see the results.
“This deal means development, roads, water, health care, empowerment. It is a win for everyone,” said Hon. Julius.
The agreement, witnessed by officials from the Ministry of Petroleum Resources, the National Security Adviser’s office, the Department of State Services (DSS) and PINL, now entrusts pipeline surveillance back to indigenous youths of the community.
The federal government had set a target of ramping up oil production to 2.5 million barrels per day, but persistent insecurity and vandalism in the Niger Delta have hampered efforts.
It was reported that Bodo has the potential to contribute up to 200,000 barrels per day to daily production quota, a significant boost if hostilities cease.
“This deal is not just reconciliation, it’s restoration. If anyone violates it, the federal government will come for you. There will be no sacred cows,” declared Mr Young Harry Amakiri, representative of the NSA’s Niger Delta Office.
For years, PINL had to assign the Bodo pipeline surveillance contract to outsiders due to intense local hostilities, however, with trust gradually restored, the agreement effectively hands control of that responsibility back to the local community.
“We knew it was wrong to exclude Bodo people. But peace had to come first. Today, we’re handing back full responsibility to the community,” said Dr. Akpos Mezeh, General Manager of Community and Stakeholder Relations at PINL.
The Paramount Ruler of Bodo City, King John B. Berebon, pledged total support for pipeline protection.
“I will never condone economic sabotage. I suffered because I refused to support vandalism. But today, peace has returned, and with it, progress will follow.”
He urged youths to remain peaceful and warned external actors against fomenting trouble for selfish interests.
“The peace we are signing today is not just for oil, but for our future. We want total peace, and we’ll defend it.”
Two former Secretaries to the Rivers State Government, Mr Gabriel Pidomson and Mr Kenneth Kobani, praised the deal and called for equal treatment of Bodo with the other 214 pipeline host communities in PINL’s surveillance portfolio.
“The people of Bodo are ready. They deserve fairness and inclusion like every other host community.”
The peace accord was sealed with the signing of a Memorandum of Understanding, MoU, between the Bodo community leadership and PINL officials, witnessed by government representatives.
By Modupe Gbadeyanka
The federal government has been asked by the Nigerian Bar Association (NBA) to suspend the implementation of the controversial tax laws.
In a reaction to the tax reform acts, the president of the group, Mr Afam Osigwe (SAN), the suspension of the laws would allow for a proper investigation into allegations of alterations in the gazetted and harmonised copies.
A member of the House of Representatives, Mr Abdussamad Dasuki, alleged that some parts of the laws passed by the parliament were different from the gazetted copy.
To address the issues raised, the NBA said it is “imperative that a comprehensive, open, and transparent investigation be conducted to clarify the circumstances surrounding the enactment of the laws and to restore public confidence in the legislative process.”
“Until these issues are fully examined and resolved, all plans for the implementation of the Tax Reform Acts should be immediately suspended,” the association declared.
It noted that the controversies “raise grave concerns about the integrity, transparency, and credibility of Nigeria’s legislative process.”
“These developments strike at the very heart of constitutional governance and call into question the procedural sanctity that must attend lawmaking in a democratic society,” it noted.
“Legal and policy uncertainty of this magnitude has far-reaching consequences. It unsettles the business environment, erodes investor confidence, and creates unpredictability for individuals, businesses, and institutions required to comply with the law. Such uncertainty is inimical to economic stability and should have no place in a system governed by the rule of law.
“Nigeria’s constitutional democracy demands that laws, especially those with profound economic and social implications, emerge from processes that are transparent, accountable, and beyond reproach. Anything short of this undermines public trust and weakens the foundation upon which lawful governance rests.
“We therefore call on all relevant authorities to act swiftly and responsibly in addressing this controversy, in the overriding interest of constitutional order, economic stability, and the preservation of the rule of law,” the organisation stated.
By Adedapo Adesanya
Demand for hot stocks, including MRS Oil Plc, buoyed the NASD Over-the-Counter (OTC) Securities Exchange by 0.52 per cent on Tuesday, December 23.
The energy company was one of the three price gainers for the session as it chalked up N19.69 to sell at N216.59 per share versus the previous day’s value of N196.90 per share.
Further, FrieslandCampina Wamco Nigeria Plc gained N2.95 to close at N56.75 per unit versus N53.80 per unit and Golden Capital Plc appreciated by 84 Kobo to N9.29 per share from Monday’s N8.45 per share.
Consequently, the market capitalisation went up by N10.95 billion to N2.125 trillion from N2.125 trillion and the NASD Unlisted Security Index (NSI) rose by 18.31 points to 3,570.37 points from 3,552.06 points.
Yesterday, the NASD bourse recorded a price loser, the Central Securities Clearing System Plc (CSCS), which gave up 17 Kobo to close at N33.70 per unit against the previous trading value of N33.87 per unit.
The volume of securities traded at the session went down by 97.6 per cent to 297,902 units from the previous day’s 12.6 million units, the value of securities decreased by 98.5 per cent to N10.5 million from N713.6 million, and the number of deals remained flat at 32 deals.
By value, Infrastructure Credit Guarantee Company (InfraCredit) Plc ended as the most actively traded stock on a year-to-date basis with 5.8 billion units exchanged for N16.4 billion. This was followed by Okitipupa Plc, which traded 178.9 million units valued at N9.5 billion, and MRS Oil Plc with 36.1 million units worth N4.9 billion.
In terms of volume, also on a year-to-date basis, InfraCredit Plc led the chart with a turnover of 5.8 billion units traded for N16.4 billion. Industrial and General Insurance (IGI) Plc ranked second with 1.2 billion units sold for N420.7 million, while Impresit Bakolori Plc followed with the sale of 536.9 million units valued at N524.9 million.
By Dipo Olowookere
It was another bullish trading session for the Nigerian Exchange (NGX) Limited as it closed higher by 0.59 per cent on Tuesday.
The market further rallied due to continued interest in large and mid-cap stocks on the exchange by investors rebalancing their portfolios for the year-end.
Yesterday, Aluminium Extrusion sustained its upward trajectory after it further appreciated by 9.96 per cent to N14.90, as Austin Laz gained 9.81 per cent to close at N2.91, Custodian Investment improved by 9.69 per cent to N38.50, and First Holdco soared by 9.35 per cent to N50.30.
Conversely, Royal Exchange declined by 7.22 per cent to N1.80, Champion Breweries shrank by 6.57 per cent to N15.65, NASCON lost 5.36 per cent to trade at N105.05, Sovereign Trust Insurance depreciated by 5.28 per cent to N3.77, and Japaul went down by 4.51 per cent to N2.33.
At the close of business, 29 shares ended on the gainers’ table and 27 shares finished on the losers’ log, representing a positive market breadth index and bullish investor sentiment.
This raised the All-Share Index (ASI) by 895.06 points to 153,354.13 points from 152,459.07 points and lifted the market capitalisation by N579 billion to N97.772 trillion from the previous day’s N97.193 trillion.
VFD Group finished the day as the busiest stock after it recorded a turnover of 192.0 million units worth N2.1 billion, GTCO exchanged 63.5 million units valued at N5.6 billion, Access Holdings traded 49.8 million units for N1.0 billion, First Holdco sold 45.8 million units valued at N2.3 billion, and Secure Electronic Technology transacted 38.3 million units worth N28.4 million.
In all, market participants bought and sold 677.4 million units valued at N20.8 billion in 27,589 deals compared with the 451.5 million units worth N13.0 billion traded in 33,327 deals on Monday, showing an improvement in the trading volume and value by 50.03 per cent and 60.00 per cent apiece, and a shortfall in the number of deals by 17.22 per cent.
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