Economy
Lawmaker Buoys Oyo Economy With N300m Cash Grants, Others
By Dipo Olowookere
A federal lawmaker from Oyo State, Ms Tolulope Akande-Sadipe, has contributed her own quota in improving the economy of the state by empowering some of her constituents.
The House of Representatives member over the weekend distributed cash grants and some items like vehicles, laptops, amongst others to about 300 small business owners in the Oluyole federal constituency.
The items were given to participants of a vocational training programme, which was concluded on Sunday, November 21, 2021, in Ibadan, the state capital.
Business Post gathered that Ms Akande-Sadipe, who is the House Committee Chairman of Diaspora, facilitated several vocational skills and economic enhancement schemes and shared no fewer than 15 cars, 35 laptops, 165 vocational equipment and cash grants worth N300 million to the beneficiaries.
The programs included indigenous fabric production (tie and dye) practical in Abeokuta; Aso Oke production in Oyo town and aquatic agriculture fish rearing with value-adding marketing options in Ibadan city.
She organised the week-long training in conjunction with the Nigerian Institute for Oceanography and Marine Research, the National Commission for Refugees, Migrants and Internally Displaced Persons, the National Directorate of Employment (NDE) and the New Partnership for Africa’s Development (NEPAD).
Speaking at the event, she disclosed that it was the 15th program of its kind since she was elected into the National Assembly in 2019, noting that, “My primary function is to make laws for my constituency, but because of the state of our nation, I have prioritized empowerment in my constituency as a key responsibility, still within my WWREEEP campaign promises.”
The lawmaker disclosed that “this empowerment programme is in fulfilment of my electoral promises during the 2019 general elections. I am poised to do more, as a lawmaker representing this constituency.”
“The present crop of leaders at the 9th Assembly is unrepentantly committed to our constituencies. We honestly are working on ways to lift the majority of Nigerians out of poverty and this is why we promulgate laws that will affect every stratum in Nigeria,” she further said.
She assured the people that, “I am still vehemently focused on facilitating the rehabilitation of key road construction projects.
“To mention a few, I have facilitated repairs on Odo-Ona Elewe Idi-Iroko Olugbemi Adewole (Liberty Academy) Road, Ayegun Oleyo-bare Abeokuta Road and Olomi Olojuoro-ita Egba-Ijebu Igbo Road and will continue to lobby the appropriate agencies, FERMA and the Ministry of Works and Housing on these roads.”
“I believe so much in empowerment, and this is why at every given opportunity, I collaborate with relevant agencies to empower my people in a bid to add more value to their socio-economic well-being,” she added.
Ms Akande-Sadipe implored the beneficiaries to ensure that the materials are used for income potential, urging them to use the items for long term economic gain and not to sell the empowerment items allotted but to use them and multiply wealth
While the lawmaker thanked all agencies who collaborated with her in ensuring her constituents are happy, she also eulogized party leaders for supporting her.
The Deputy Chairman, Oyo State All Progressive Congress (APC), Mr Adegboyega Adeyemo, in his remarks, said “this has been a good decision for the residents of Oluyole Constituency to give us a chance to represent them in 2019.”
According to him, the federal legislator has already surpassed all legislators in Oyo State, describing her as the “best I have seen.”
“Oyo APC will do everything to support Akande-Sadipe in 2023 because she has done more than enough to achieve this,” he assured.
One of the beneficiaries, Basiru Adewale, confessed that the empowerment programmes of Ms Akande-Sadipe have been “one of the best things the people of Oluyole Constituency have enjoyed. She is the best, no doubt. I advise other political leaders to emulate the woman’s virtue and values. We can all achieve more.”
One of the highlights of the event was a raffle draw, where a constituent won a 7-seater Opel car that can be used for both personal use and income generation.
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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