Economy

Oando ‘Compensates’ Petitioner with Board Position

Published

8 years ago

23/01/2018

By Dipo Olowookere

Embattled indigenous oil firm, Oando Plc, has finally settled its differences with one of its petitioners, Mr Dahiru Mangal.

As part of the settlement deal, the energy company has reserved a slot for Mr Mangal in the board of Oando, which can be occupied by any of his nominee.

A statement issued on Monday by Oando disclosed that the peace deal between both parties was brokered by the Emir of Kano, Mr Muhammadu Sanusi, the immediate past Governor of Central Bank of Nigeria (CBN).

Mr Mangal had petitioned the Securities and Exchange Commission (SEC), alleging gross financial misconduct and others.

A panel was set up by the regulatory agency to look into the allegations and Oando was found guilty and ‘technically’ suspended the company on the Nigerian Stock Exchange (NSE), allowing the trading of Oando shares with price frozen at N5.99k per share.

SEC also ordered an independent forensic audit of Oando, but the oil firm initially blocked this by running to a Federal High Court in Lagos.

However, it lost the suit and was asked to approach the appropriate quarters, the Investments and Securities Tribunal (IST) to seek redress.

In the statement released yesterday, Oando said it has resolved “all the issues raised by Mr Mangal in his petition to SEC.”

Group Chief Executive of Oando, Mr Adewale Tinubu, while commenting on the peace accord, expressed satisfaction with the “amicable agreement” reached with Mr Mangal, noting that the firm has satisfactorily addressed the concerns he raised in his petition to the SEC.

“We encourage him to exercise his rights as a shareholder and be more involved in oversight of the affairs of the company.

“Shareholders must be confident in the operations of the company they are invested in; this can only occur through active participation,” he said.

On his part, Mr Mangal said, “Following the clarification I have received from Oando’s management team, I have withdrawn my petition to the SEC.

“I invested in Oando because I could see its potential. It is therefore with excitement that I concur to this peace accord signifying the renewal of our relationship; one that gives me more insight into the company’s operations and aspirations and involves more dialogue.

“I am confident in the company’s leadership team and trust that with the right support it will continue to grow from strength to strength, returning real value to all its shareholders including my good self.”

Also commenting, the Emir of Kano noted that the development of the Nigerian economy is hinged on local participation and all efforts must be made to allow indigenous firms progress.

He urged Mr Mangal and Mr Tinubu to see themselves as partners focused on achieving one goal; attainable only if they have confidence and trust in one another.

“It is my belief is that they have put the past behind them and are looking forward to working together to create greater success stories.

“As Nigerians, we must protect our local industries and ultimately the development of this great nation and so I am excited by what this means for the company and Nigeria as a whole.”

Economy

TotalEnergies Sells 10% Stake in Renaissance JV to Vaaris

Published

10 hours ago

14/01/2026

Adedapo Adesanya

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.

Economy

NGX RegCo Revokes Trading Licence of Monument Securities

Published

19 hours ago

14/01/2026

Aduragbemi Omiyale

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

Published

19 hours ago

14/01/2026

Adedapo Adesanya

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.