Economy
Rice Claims: PDP Tells Audu Ogbeh to Resign, Apologise
By Dipo Olowookere
Minister of Agriculture, Mr Audu Ogbeh, has been urged by the Peoples Democratic Party (PDP) to immediately toe the path of honour and resign for portraying Nigeria as a lying nation and bringing her to international opprobrium by deliberately falsifying claims relating to Nigeria’s relationship with Thailand.
In a statement on Friday, National Publicity Secretary of the PDP, Mr Kola Ologbondiyan, said the development has further dragged down the image of the nation which the APC-led administration has allegedly wrecked in the last three years.
The opposition party said the whole world was shocked when the ambassador of Thailand to Nigeria, Mr Wattana Kuwongse, publicly denied ever informing Mr Ogbeh that major rice mills were shutting down in Thailand as a result of drop in importation of rice by Nigeria as claimed by the minister.
PDP said the minister had neither clarified his claims nor offered any explanation for the heavy embarrassment he has caused the nation adding that such has placed a heavy moral burden on him and the Federal Government.
It also wondered why President Muhammadu Buhari, as Africa Union Anti-Corruption Champion, has not taken any action to redeem the image of the nation, after the ugly development.
It is clear that the intention of the APC-led Federal Government was to use the Minister of Agriculture to mislead Nigerians into believing that the Buhari-led administration has achieved national self-sufficiency in food production; a stunt which fell flat on its face and brought the nation into international ridicule, the statement said.
Nigerians will recall that the same minister, last year, programmed the exporting of rotten yams and brought the country into international disrepute, all in the desperate bid of APC interests to score cheap political points and push their ill-lucked 2019 re-election bid, it added.
Earlier this week, President Buhari’s handlers made the nation a laughing stock in the international arena when they railroaded the President into offering to help Ghana in the fight against corruption, when back at home, the APC controlled Federal government is an ocean of corruption and false claims.
This is a government where officials deliberately issue false security assurances, particularly in the northeast region, making the people vulnerable to attacks, Mr Ologbondiyan said.
He said Nigerians have not forgotten how this government lied that it had recovered the abducted Dapchi girls only the report to turn false and frustrated prompt effort that would have led to the recovery of our daughters.
“Nigerians have seen that the hallmark of the APC-led Federal Government is falsehood, deception and lies but they are shocked that Government officials could invent and peddle bare-faced lies in the international arena.
“Nigerians can now see the weight of our earlier caution to always cross-check any information or performance indices issued to them by the Presidency or officials of the APC government no matter how highly placed.
“We therefore charge the Minister of Agriculture to toe the path of honour and immediately resign and tender and unreserved apology to Nigerians.
“The fact remains that our nation cannot continue to run on a government where officials function as peddlers of falsehood and lies,” Mr Ologbondiyan said further.
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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