Economy
South-South Governors Want Host Community Oil Fund at 10%
By Adedapo Adesanya
The Governor’s of oil-rich South-South Nigerian states have demanded an upward review of the provision of 2.5 per cent as Host Community Trust Fund in the keenly debated Petroleum Industry Bill (PIB) to 10 per cent, in the best interest of oil communities and the country.
This was made known by the Chairman of the South-South Governors Forum and Governor of Delta State, Mr Ifeanyi Okowa, at the end of the forum’s meeting which held at the Government House, Port Harcourt.
“We took up the issue of the PIB which is already before the House, and having compared notes with ourselves, we are of the view that while we welcome the Host Community Trust Fund, we do believe that the 2.5 per cent that is appropriated in that bill for the purpose of host community fund is inadequate.
“We have discussed with our people and collectively as leaders of the people in our various states and as leaders standing in on behalf of our people, we urge that the National Assembly should increase the provision in the host community fund from 2.5 per cent to 10 per cent in the best interest of our communities and in the best interest of our nation,” Mr Okowa said on behalf of his colleagues.
The South-South governors maintained that the communities have a role to play in the surveillance of the nation’s oil facilities and pipeline network.
They expressed the belief that if the communities feel satisfied with the provision of funds for them in the PIB, they are more likely going to be the watchdog on behalf of the federal government, the states and oil companies.
“And the peaceful environment that would be seen in the various oil communities would enable us to have greater production and a seamless production in which we do not have any form disruption in our oil productions going into the future,” he submitted.
Governor Okowa described as worrisome the running of the NDDC in over a year by an Interim Caretaker Committee, and now, an interim administrator.
According to him, this situation does not augur well for the people of the Niger Delta as an opportunity for all states to be represented as they ought to be represented in the board of the NDDC does not exist.
“So, it means that the NDDC is actually run in such a matter that it is actually not truly beneficial to our people, because there is no stakeholders input in the running of the affairs of the NDDC.
“We do know that there is a forensic audit taking place and if that reason the board has not been constituted, our advise is that monies being sent to the NDDC should be put in an escrow account until a board is constituted and then proper processes are followed in the expenditure of the money in a such a way it will be visibly accountable in the best interest of the peoples of the Niger Delta,” the Governor stated.
The Governors demanded that whenever the board of the NDDC is constituted, the advisory council must be called upon to place its role to ensure there are check and balance in such a matter that the states will truly have value for money expended by the NDDC.
They also advised President Muhammadu Buhari, that in the absence of the board of the NDDC, funds for the commission beyond the payment of salaries should be put in an escrow account until he constitutes the board.
“We feel already shortchanged as a people in the Niger Delta and we believe that we do not wish to see this kind of situation continue going forward into the future, because our people feel the pains, we do not want a situation where there is an abuse of processes, neither should we have a situation where we have abuse of funds,” they noted.
By Aduragbemi Omiyale
Barring any last-minute changes, the 50th Annual General Meeting (AGM) of Champion Breweries Plc will take place on Thursday, May 21, 2026, at the Oriental Hotel, Victoria Island, Lagos, at 11:00 am.
At the yearly shareholders’ gathering, some of the key statutory and governance matters to be considered will include the Audited Financial Statements for the year ended December 31, 2025, alongside the Reports of the Directors, Auditors, and the Audit Committee.
Other agenda items are the declaration of dividends, election and re-election of Directors, authorisation for Directors to determine the remuneration of the Auditors, and election/re-election of shareholders’ representatives to the Audit Committee.
In line with its commitment to transparency, accountability, and shareholder engagement, the AGM will be held physically while also being accessible to stakeholders via the company’s official website: www.championbreweries.com.
This year’s AGM comes at a defining moment in the organisation’s corporate journey, following a transformative year marked by strategic expansion initiatives, including the acquisition of Bullet Energy Drink and its successful engagement with the capital market to raise growth capital.
These developments reinforce Champion Breweries Plc’s commitment to strengthening its competitive positioning, expanding its portfolio, and delivering long-term shareholder value.
The brewer has strengthened its transition into a group structure with the acquisition of an 80 per cent stake in enJOYbev B.V., a strategic move already delivering early earnings contribution and validating its international expansion drive.
The subsidiary’s results are now being consolidated into the Group accounts for the first time, with enJOYbev B.V. already contributing positively to earnings through operating profitability within the reporting period, an early validation of the group’s expansion strategy.
“This AGM reflects a defining chapter in our journey as a Company. The acquisition of Bullet, our successful capital market engagement, and the integration of enJOYbev B.V. into our group structure all signal a deliberate strategy for sustainable growth and diversification.
“These milestones position Champion Breweries Plc for stronger performance, broader market reach, and enhanced shareholder value. We remain committed to disciplined execution, operational excellence, and the highest standards of corporate governance,” the chairman of Champion Breweries, Mr Imo Abasi Jacob, said.
By Adedapo Adesanya
The Nigeria Revenue Service (NRS) has unveiled a unified Taxpayer Identification (Tax ID) system for all taxable persons across the country as part of efforts to strengthen tax administration and improve transparency.
The agency announced the development in a public notice issued jointly with the Joint Revenue Board (JRB) on Monday.
According to the notice, the initiative is backed by Sections 6, 7, and 8 of the Nigeria Tax Administration Act, 2025, which mandate every taxable person in Nigeria to obtain a Tax ID, in a wider move to expand the country’s tax base.
The NRS said the new framework is designed to create a centralised and harmonised taxpayer database that would enhance interactions between taxpayers and revenue authorities at both federal and sub-national levels.
“The Tax ID will serve as a single, unified identity for all taxpayers, enabling seamless interaction with tax authorities at both federal and sub-national levels. It is designed to consolidate taxpayer records, eliminate duplication, and ensure more efficient management of tax-related information,” the agency stated.
The revenue agency explained that the new system would simplify tax compliance procedures, including taxpayer registration, filing of returns, and payment processes.
According to the NRS, the framework is also expected to improve accountability and reduce leakages in tax collection by creating better visibility and tracking of taxpayer information nationwide.
“The initiative will simplify tax compliance processes, including registration, tax filing, and payment procedures. The system will improve transparency by enabling better visibility and tracking of taxpayer records while reducing leakages and improving accountability in tax collection. The framework will also harmonise taxpayer information across all levels of government,” the notice added.
The agency further disclosed that the new Tax ID system would replace the existing Tax Identification Number (TIN) Validation API currently used by Ministries, Departments and Agencies (MDAs), financial institutions, and other organisations for taxpayer verification.
By Adedapo Adesanya
Three bellwether stocks weakened the NASD Over-the-Counter (OTC) Securities Exchange by 1.31 per cent on Monday, May 18.
This brought the NASD Unlisted Security Index (NSI) by 54.71 points to 4,133.70 points from 4,188.41 points, and shrank the market capitalisation by N32.73 billion to N2.473 trillion from N2.506 trillion.
Yesterday, FrieslandCampina Wamco Plc contracted by N12.45 to sell at N146.55 per share compared with last Friday’s closing price of N159.00 per share, Central Securities and Clearing System (CSCS) Plc declined by N2.34 to N70.00 per unit from N72.34 per unit, and NASD Plc lost 50 Kobo to trade at N34.50 per share versus N35.00 per share.
The trio overpowered the N5.56 gained Newrest Asl Plc. This stock ended the trading session at N61.15 per unit, in contrast to the previous session’s N55.59 per unit.
During the trading day, the volume of securities traded by investors slid by 56.1 per cent to 514,142 units from 1.2 million units, and the value of securities dropped 29.8 per cent to close at N17.4 million versus N29.8 million, while the number of deals jumped 12.5 per cent to 27 deals from 24 deals.
Great Nigeria Insurance (GNI) Plc remained the most traded stock by value on a year-to-date basis, with 3.4 billion units sold for N8.4 billion, followed by CSCS Plc with 60.8 million units exchanged for N4.1 billion, and Okitipupa Plc with 27.9 million units traded for N1.9 billion.
GNI Plc also ended the day as the most traded stock by volume on a year-to-date basis with 3.4 billion units worth N8.4 billion, trailed by Resourcery Plc with 1.1 billion units valued at N415.7 million, and Infrastructure Guarantee Credit Plc with 400 million units transacted for N1.2 billion.
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