General
AfDB Develops Mechanism for Revenue Generation in Extractive Industry
By Adedapo Adesanya
The African Development Bank (AfDB) has developed a three-year project in response to demands by member countries for technical assistance to monitor revenues generated from their extractive industries.
The AfDB made this known during a virtual inception workshop for the Financial Modelling Project in the Extractive Sector (FIMES) organised by the African Natural Resources Centre (ENRC) of the bank in Abidjan, Cote d’Ivoire.
According to the project report, FIMES will be implemented in eight transitional countries – Guinea, Liberia, Mali, Madagascar, Niger, Sierra Leone, South Sudan and Zimbabwe from 2020 to 2022.
The project, which is the first of its kind for the bank, is aimed at enhancing the abilities of the focal countries to improve domestic resource mobilisation from the extractive sectors.
Presenting the background information on the FIMES project, Mrs Vanessa Ushie, Division Manager, Policy Analysis, (ENRC, AfDB) said the project was aimed at the overall economic resilience of the continent.
Mrs Ushie also said that the scheme would build the capacity of government institutions to elaborate and use financial modelling of extractive projects to inform strategy setting and negotiate contracts and concessions.
She said: “20 government officials in each beneficiary member country will participate in the training, learning and knowledge activities as national beneficiaries, that is, 180 officials in the eight countries.
“Set criteria for selection of beneficiaries in the national cohort to include relevance to primary job function on extractive revenue management, knowledge of extractive sector fiscal issues’ potential multiplier effects (trainer-of-trainers approach) and IT proficiency.
“The project commits to at least 40 per cent of beneficiaries in the eight countries to be women.
“National Focal Point (NFP) main coordinating actor in each beneficiary country must be nominated by the national government to play this role.’’
She said the NFPs coordinate the national government’s engagement on the project, interface with the AfDB and other stakeholders and manage the selection of project beneficiaries.
Mrs Ushie added that the project components would focus on capacity building, peer learning and knowledge exchange, and FIMES’ Virtual Knowledge Hub.
In his contribution, Mr Yero Baldeh, Director, Transitional States Coordination Office, AfDB said the project was “competitively selected from the 2019 proposals’’.
He said the selection was done with a view to building capacity for the financing model and in turn, strengthen domestic resource mobilisation, institutional capacity and resilience in the selected transition member countries.
“The goal is to improve efficiency, sustainability and employer management practices in the artisanal and small scale mining sector in the selected transition countries.
“Through this project, the bank is strengthening the human capacity of government regulatory agencies among others to facilitate the formalisation of artisanal and small scale mining to generate employment and improve economic scales of several stakeholders, especially those along the artisanal and small scale mining value chain.’’ He added.
He reaffirmed the bank’s commitment to collaborate with member countries and its centre to proactively set up joint efforts to increase inclusiveness and accelerate development and support for policy reforms in the extractive sector.
In another contribution, Mrs Marie-Laure Akin-Olugbade, Director-General, West Africa Region, AfDB said the project would help the capacity of member governments to use financial modelling for optimising revenues from the extractives sector.
“This is a priority of the bank and is part of the strategy of the bank in putting together policies to strengthen resource mobilisation, industrialisation and the development of infrastructure,’’ she said.
Mr Akin-Olugbade noted that the Covid-19 pandemic had affected economies of member countries severely, and added that governments needed to strengthen economic resilience in order to recover.
Also, Mrs Josephine Ngure, Acting Director-General, Southern Africa Region, AfDB, said it was important for countries to have a robust and evidence-based framework to process the impact of policy decisions on extractives projects.
Mrs Ngure, who was represented by Mr Pietro Toigo, Country Manager, AfDB Office in Mozambique, added that countries should estimate the amount to which they secure fair shares of resources over the course of the project.
“This is particularly important because robust modelling gives you a sense of the impact over the whole lifespan of a project and helps policymakers not to concentrate on short term gains that may impair the ability of the state to generate revenue in the future,’’ he said.
She called for coordination and leadership across the departments in ministries that were charged with the various aspects of extractive projects.
However, Mrs Nnenna Nwabufo, Acting Director-General, East Africa Region, AfDB, lamented that most African countries exported extractive resources as raw materials with little value-added.
She noted that exportation of raw mineral resources was not beneficial to the sustainable economic development of the continent.
“We look forward to FIMES leading to increased transparency and accountability in the management of financial gains for the benefits of the countries rather than personal agenda of individuals or political interest groups,’’ she said.
She added that there was also the need to create an enabling environment that fostered linkages between projects in the extractives industry and the broader economy thereby contributing to inclusive and sustainable development.
The Director then called on the bank and it’s development partners to support member countries to build strong democratic institutions.
By Adedapo Adesanya
The Nigeria Association of Plant Operators (NAPO) has petitioned the Economic and Financial Crimes Commission (EFCC) to investigate allegations of tax deduction and non-remittance fraud linked to the NLNG Train 7 project.
Train 7 is a major expansion project of the Nigeria Liquefied Natural Gas (NLNG) facility on Bonny Island, Rivers State, Nigeria. It involves building a seventh “train” (processing unit) at the LNG plant to significantly increase Nigeria’s LNG production capacity and strengthen the country’s role as a global supplier of cleaner energy.
NAPO’s President General, Mr Harold Benstowe, alongside four other officials, appeared at the EFCC Port Harcourt Zonal Office in Port Harcourt, to adopt a petition accusing Daewoo Engineering & Construction Nigeria and others of alleged unlawful tax deductions from workers on the multibillion-dollar NLNG Train 7 gas plant construction project.
According to NAPO, the EFCC received the delegation and guided them through the formal adoption of the petition, paving the way for what the union described as a “proper forensic investigation” into the alleged financial misconduct.
“The EFCC has assured the victims that it will conduct a thorough investigation to get to the root of the matter,” Mr Benstowe said, describing the development as a major step toward accountability in the construction segment of Nigeria’s oil and gas industry.
It also raised that the allegations strike at the heart of compliance risks surrounding one of Nigeria’s most strategic gas investments, with potential implications for contractors, regulators and investor confidence in large-scale energy projects.
Mr Benstowe called on workers involved in the NLNG Train 7 project to actively support the investigation by submitting documentary evidence, particularly payslips allegedly showing tax deductions by Daewoo E&C Nigeria.
“We encourage all affected workers to freely come forward with more evidence to assist the EFCC in carrying out a comprehensive investigation,” he said.
He also dismissed reports of intimidation, warning that the union would resist any attempts to suppress whistleblowers.
“All victims should ignore threats or discouragement from any quarters. This is no longer business as usual. We are prepared for a big showdown to ensure everyone involved is brought to book,” Mr Benstowe declared.
The NAPO leader framed the petition as part of a broader struggle for financial transparency and workers’ rights in Nigeria’s oil and gas construction value chain, stressing that the outcome would send a strong signal to contractors operating on high-value energy projects.
By Adedapo Adesanya
The Nigeria Revenue Service (NRS) has unveiled its institutional brand identity as it officially transition from the Federal Inland Revenue Service (FIRS) to the newly established revenue collection agency as gazetted.
The transition was marked with the unveiling of the agency’s new logo, according to a statement from Mr Dare Adekanmbi, special adviser to the chairman of NRS, Mr Zacch Adedeji.
Speaking at the unveiling event in Abuja on Wednesday, Mr Adedeji said the new identity represents a significant milestone in the evolution of Nigeria’s revenue administration framework.
The taxman said the unveiling reflects a renewed commitment to a more unified, efficient, and service-oriented revenue system aligned with Nigeria’s economic transformation agenda and global best practices.
He said the new identity signals continuity of purpose, strengthened institutional capacity, and a forward-looking approach to supporting taxpayers and national development.
According to the statement, the NRS said it remains committed to transparency, partnership, and service excellence.
“The unveiling of this new identity represents not an end, but the beginning of a strengthened relationship between the revenue authority and the Nigerian public—built on trust, clarity, and shared prosperity,” the statement reads.
It was also stated that the service came into operation following the signing of its enabling law — the Nigeria Revenue Service Establishment Act 2025 — by President Bola Tinubu in June.
By Adedapo Adesanya
The federal government says it has taken a decisive step to unlock Ondo State’s maritime and industrial potential with the revalidation of the Ondo Deep Sea Port licence, signalling fresh momentum for trade, jobs, and investment in the South-West state.
The Minister of Marine and Blue Economy, Mr Adegboyega Oyetola, formally presented the revalidated certificate to Governor Lucky Aiyedatiwa of Ondo State at his office in Abuja, noting that the revalidation served as a major milestone and a strategic federal intervention to harness the state’s vast blue economy resources.
He said the deep sea port would serve as a catalyst for trade expansion, industrialisation and regional economic integration, in line with the Federal Government’s economic diversification agenda.
“The Ondo Deep Sea Port is not just a project for Ondo State; it is a national asset that will boost Nigeria’s competitiveness in global shipping, ease congestion at existing ports and create a new hub for exports, manufacturing and job creation,” Mr Oyetola said.
He added that the port’s Atlantic corridor location would enhance non-oil exports, improve the ease of doing business and attract foreign direct investment to the South-West and the wider economy.
According to him, the revalidated licence provides clarity and confidence for investors, reinforcing Nigeria’s readiness for large-scale maritime investments.
Receiving the certificate, Mr Aiyedatiwa thanked President Bola Tinubu and the Federal Executive Council (FEC) for approving the revalidation, describing it as the outcome of years of sustained effort.
He explained that the original licence had faced delays due to a naming error in the initial business case, necessitating a fresh and comprehensive submission.
“This revalidated certificate is a turning point for Ondo State, affirming our vision for industrial growth, job creation and sustainable development anchored on our coastline and maritime assets,” the governor said.
Mr Aiyedatiwa said his administration was prioritising supporting infrastructure, including the dualisation of access roads to industrial zones and modernisation projects.
He added that plans were also underway for residential, educational and hospitality facilities to support the anticipated influx of investors and workers.
The governor reaffirmed that the port and its ancillary projects would drive inclusive development across all local government areas of the state.
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