Economy
SON, Kano Govt. Target Middle East Market for Export
By Adedapo Adesanya
As part of efforts to boost non-oil exports, the Standards Organisation of Nigeria (SON) and the Kano State Government have agreed to work together to ensure ways of capturing the Middle East market with quality locally made goods.
The Governor of Kano State, Mr Abdullahi Ganduje, said this when he received the management of SON led by its Director-General, Mr Farouk Salim, at the Government House in Kano.
During the visit, both parties agreed to collaborate and provide the needed assistance for effective service delivery on quality locally made goods for exports.
Mr Ganduje stressed the need to strengthen SON to make the nation’s local industries to be competitive, saying that the Middle-East market is available for Nigeria’s export of quality products since she imports most of its food needs.
The Governor pointed out the need for economic managers to encourage SON, stating that the standards body remained vital towards the nation’s industrial and economic growth.
In his words: “There is no doubt that without standards, we all know how we would have fared in terms of being competitive in dealing with the international market, hence we need to deepen and widen the agency’s responsibilities to boost export of locally made goods.”
He added that recently, the federal government banned the importation of some food items in its bid to make Nigeria self-sufficient in food production, saying that this would attract both foreign and local investment to boost food production in Nigeria.
“Nigeria is trying to be self-sufficient and already the President, Muhammadu Buhari, has banned the importation of some food items and some countries are in trouble because we no longer import food items from them, so in order to feed ourselves well, we need standards, the right quality for the food that we eat and for export,” he said.
He expressed confidence in the director general’s ability to improve the agency’s services being provided locally and internationally.
“When we need to export we have to be competitive and in order to do that, we have to meet international standards. I believe your appointment will add more mileage to the agency’s efforts to achieve this feat.
“I believe you will raise the bar of the agency. I have heard all your request and there is no doubt that you need a befitting office and a laboratory in Kano State all we need now is a letter from your organisation telling us your specifications and requirements so that will direct the appropriate ministry to provide you this service.
“SON is vital to the nation’s development and we will continue to support you to achieve your mandate,” he assured.
On his part, the Director-General said the partnership would seek ways on how goods produced in the state and other parts of the country can be exported to the Middle-East market, saying that SON would not only improve its standardisation processes but establish laboratories to test locally and imported goods in the state.
“We want to ensure that goods produced here can be exported to the Middle East. We will not only improve our standards but also provide laboratories to test for standards because that way our goods are treated more efficiently so that they can go into the market without being compromised.
“We are partners with manufacturers and we will make sure we address their challenges,” he said.
According to him, one of the greatest challenges of manufacturers in the northern cities and states is that they have to cross the River Niger to get their goods certified, hence the need to set up laboratories to meet their product testing needs.
Mr Farouk added, “One of the biggest challenges most northern cities are having right now is that we have to cross the river Niger to get the food we eat certified and most times these goods are perishable goods that cannot travel long distances and for that reason, it will be too late to export them.”
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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