Economy
FG to Set up Commission to Regulate Mining Sector
By Modupe Gbadeyanka
Minister of Mines and Steel Development, Mr Kayode Fayemi, has revealed plans by Federal Government to a regulatory agency to control the affairs of the mining sector in the country.
The agency to be called the Nigerian Mining Commission will control the leasing of mining sites to investors as well as be the final authority on regulatory matters.
Mr Fayemi, who made this known in a statement by his Special Adviser on Media, Mr Yinka Oyebode, noted that the law setting up the commission was already with the National Assembly.
Addressing participants at the Nigeria Day event at the ongoing African Mining InDaba in Cape Town, South Africa, the Minister said government was determined to strengthen regulation in the sector as well as ensure the improvement of its geological data.
Mr Fayemi further said the delivery of the geological data was in line with government’s desire to ensure bankable geological data that would be an incentive to investors.
He noted that the ministry would undertake more extensive electromagnetic Airborne Geological Survey of some promising parts of the country this year and the completion of the National Mineral Database.
“We want to ensure predictability; that is what we want to offer; we want to be a big mining designation.
“To achieve this, we have to put certain things in place, including provable data, sound regulations, capacity building for Artisanal and Small Scale Miners as well as access to funding, he said.
The Minister explained that while mining circle was not the same as electoral circle, it was important for government to put in place sound policies and reforms as well as bankable geological data that would make the Nigerian mining jurisdiction a major attraction.
He also spoke on government’s determination to enhance its collaboration with state governments and the host communities.
He said the development was being worked out administratively through the establishment of the National Council on Mining and Minerals Development Council, where the states were playing active roles.
Mr Fayemi said the combination of the various reforms being put in place, inputs by the National Council on Mining and Minerals Resources Development and the Chamber of Mining, would help to re-position the sector for better result.
Those who spoke on various aspects of the Electromagnectic Survey results included Gaig Annison, Director, Business Development, Compagnie Generale de Geophysique (CCG) Airborne Surveys PTY, Australia, who anchored the presentation.
Annison described Nigeria as a nation taking very bold steps towards becoming a major mining destination.
Mr Franklin Ramirez Venezuela, Deputy Minister of Mines and minerals, said the oil and gas rich country was also diversifying to mining to shore up its economy.
He said Venezuela had a lot to learn from Nigeria in its economic diversification efforts.
The minister had in December 2017, disclosed that the ministry secured the delivery of 26,000-line kilometre of electromagnetic data, following the payment of outstanding fees to the consultant that handled the project.
The Consultants had held on to the results of the Electromagnectic survey following the failure of the previous administration to effect payment for it.
The minister said that a good percentage of the N30 billion fund made available to the ministry from the National Resource fund, would be committed to exploratory work and data gathering.
Nigeria took the centre stage at the African Mining Indaba, with the formal presentation of its new Airborne Electromagnetic Survey Results amid endorsements for the country’s mining sector reforms by mining experts, operators and developmental agencies.
The presentation of the new Airborne Electromagnetic Survey Results, a major high point of the Wednesday event at the week-long mining conference, was witnessed by renowned stakeholders in global mining and other important dignitaries from different countries.
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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