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COP 30: Tinubu Okays National Carbon Market Framework to Unlock $3bn Financing

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COP28

By Adedapo Adesanya

President Bola Tinubu has approved the adoption of a National Carbon Market Framework, the operationalization of the Climate Change Fund, and the restoration of the National Council on Climate Change (NCCC) to the budget line.

This comes ahead of the 30th session of the United Nations Climate Change Conference scheduled to hold in Belem, Brazil in November.

According to a statement signed by the spokesman to the Vice President, Mr Stanley Nkwocha, the goal is to establish and manage Nigeria’s participation in carbon markets.

This will also enable the nation to unlock between $2.5 billion and $3 billion annually in carbon finance over the next decade to help meet climate goals.

Carbon markets refer to systems that allow countries, companies, or organisations to buy and sell carbon credits, which represent the right to emit a certain amount of carbon dioxide (CO₂) or other greenhouse gases (GHGs).

The approvals followed a presentation by the Director General of NCCC, Mrs Omotenioye Majekodunmi, at the second meeting of the council held on Thursday evening at the Presidential Villa, Abuja.

President Tinubu, who was represented by Vice President Kashim Shettima, said the approvals were part of measures by his administration to properly position Nigeria to leverage opportunities in the global carbon market and be more active in climate change ecosystem.

The Nigerian leader also set the agenda for Nigeria ahead of the forthcoming COP 30 scheduled for Belem, Brazil, saying the focus is to harness all of the opportunities for financing climate resilient projects and related interventions, particularly from the global carbon market.

The President said his administration recognizes the fact that addressing climate change is not just an environment imperative but an opportunity to unlock new investments, jobs and innovations across the nation’s energy, agriculture and industrial sectors.

“Nigeria stands ready to takes its rightful place as a global leader in climate action, ensuring that our voice and our reality are heard and respected in international negotiations.

“We have demonstrated this commitment through our active participation in the UNFCCC process, our progress towards implementing our nationally determined contributions and our efforts to mobilize climate finance for adaption and mitigation across all levels of government,” he said.

The President assured that as chairman of the council, climate action will continue to be prioritized in his administration’s development agenda.

“We will continue to champion policies that protect our people, strengthen our economy and position Nigeria as a destination for green investment and innovation”.

On her part, Mrs Majekodunmi said the deliberations and decisions of the council would shape how Nigeria is perceived globally and determine how effectively the country can mobilize support to achieve its climate goals.

The council secretariat expressed its commitment to providing the technical leadership and coordination needed to translate Nigeria’s climate goals into measurable results.

Presenting the council’s progress report, she disclosed that Nigeria is now eligible to access new rounds of climate finance from multilateral funds.

Highlighting the secretariat’s key requests, she said the council sought the adoption of the National Carbon Market Framework to enable Nigeria unlock between $2.5 billion and $3 billion annually in carbon finance over the next decade.

The Council also requested the operationalization of the Climate Change Fund to ensure immediate readiness for fund mobilization and utilization.

The final request was for the Council to restore the NCCC budget line within the annual FAAC allocation to guarantee the financial stability of the Climate Change Fund.

The Minister of Finance and Coordinating Minister of the Economy, Mr Wale Edun, backed the Council Secretariat’s recommendations, noting that Nigeria must secure a strong position within the carbon framework.

He assured the Council of the Finance ministry’s support, including coordination with the ministry’s economic department to host a quarterly Climate Finance Tracking Dashboard.

Adedapo Adesanya is a journalist, polymath, and connoisseur of everything art. When he is not writing, he has his nose buried in one of the many books or articles he has bookmarked or simply listening to good music with a bottle of beer or wine. He supports the greatest club in the world, Manchester United F.C.

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Senate Passes Electoral Act Amendment Bill After Mild Row

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Senate confirms Umar Yahaya

By Adedapo Adesanya

The Senate passed the Electoral Act, 2022 (Repeal and Re-Enactment) Bill 2026 on Tuesday after overcoming a rowdy session that saw lawmakers at loggerheads.

The issue in the upper chamber stemmed from a division over Clause 60 raised by Mr Enyinnaya Abaribe, a member of the opposition party, African Democratic Congress (ADC), from Abia South.

The Senate President, Mr Godswill Akpabio, stated that he believed the demand had previously been withdrawn, but several opposition senators immediately objected to that claim.

Citing Order 52(6), the Deputy Senate President, Mr Barau Jibrin, argued that it would be out of order to revisit any provision on which the Senate President had already ruled.

This submission sparked another uproar in the chamber, during which Mr Sunday Karimi had a brief face-off with Mr Abaribe.

The Senate Leader, Mr Opeyemi Bamidele, then reminded lawmakers that he had sponsored the motion for rescission, underscoring that decisions previously taken by the Senate are no longer valid, maintaining that, consistent with his motion, Mr Abaribe’s demand was in line.

Mr Akpabio further suggested that the call for division was merely an attempt by Mr Abaribe to publicly demonstrate his stance to Nigerians. He sustained the point of order, after which the Abian lawmaker rose in protest and was urged to formally move his motion.

Rising under Order 72(1), Mr Abaribe called for a division on Clause 60(3), specifically concerning the provision that if electronic transmission of results fails, Form EC8A should not serve as the sole basis, calling for the removal of the proviso that allows for manual transmission of results in the event of network failure.

During the division, Mr Akpabio directed senators who supported the caveat to stand. He then asked those opposed to the caveat to rise, to which 15 opposition senators stood.

However, when the votes were counted, the Senate President announced that 15 senators did not support the proviso, while 55 senators voted in support.

Earlier, proceedings in the Senate were momentarily stalled as lawmakers began clause-by-clause consideration of the Electoral Act, 2022 (Repeal and Re-Enactment) Bill 2026, following a motion to rescind the earlier amendment.

The motion to rescind the bill was formally seconded on Tuesday, paving the way for the upper chamber to dissolve into the committee of the whole for detailed reconsideration and reenactment of the proposed legislation.

During the session, the Senate President, Godswill Akpabio, reeled out the clauses one after the other for deliberation.

However, the process stalled when at clause 60, Mr Abaribe raised a point of order, drawing immediate attention on the floor.

This soon caused the session to move into a closed-door session.

Before rescinding the Electoral Act, the red chamber raised concerns over the timing of the 2027 general elections and technical inconsistencies in the legislation.

Rising under Order 52(6) of the Senate Standing Orders, the Senate leader, Opeyemi Bamidele, moved the motion to reverse the earlier passage of the bill and return it to the Committee of the Whole for fresh deliberations.

He explained that the development follows the announcement by the Independent National Electoral Commission (INEC) of a timetable fixing the 2027 general elections for February 2027, after consultations with the leadership of the National Assembly.

He stated that stakeholders had raised concerns that the proposed date conflicts with the provisions of the amended law, particularly the requirement that elections be scheduled not later than 360 days before the expiration of tenure.

He further noted that upon critical review of the passed bill, the 360-day notice requirement prescribed in Clause 28 could result in the scheduling of the 2027 Presidential and National Assembly elections during the Ramadan period.

According to him, holding elections during Ramadan could negatively affect voter turnout, logistical coordination, stakeholder participation, and the overall inclusiveness and credibility of the electoral process.

The motion also highlighted discrepancies discovered in the Long Title and several clauses of the bill, including Clauses 6, 9, 10, 22, 23, 28, 29, 32, 42, 47, 51, 60, 62, 64, 65, 73, 77, 86, 87, 89, 93, and 143. The identified issues reportedly affected cross-referencing, serial numbering, and internal consistency within the legislation.

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IFMA Nigeria Gets Branch in Oyo, Picks Adejumo Olusola Babatunde as Coordinator

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IFMA Nigeria Oyo branch

By Modupe Gbadeyanka

A new branch of the International Facility Management Association (IFMA) Nigeria Chapter has been established in Oyo State, with Mr Adejumo Olusola Babatunde chosen as Coordinator.

The organisation set up an arm in the South-West state in a bid to expand its footprint in the country. Mr Babatunde will be assisted by other executive committee members, including Mr Ajiboye Olusola Akeem as Secretary, and Mrs Adeniran Olaide as Treasurer.

At the inauguration of the branch at the Nigerian Society of Engineers (NSE) Secretariat in the Akobo area of Ibadan, the Oyo State capital, the president of IFMA Nigeria, Mr Sheriff Daramola, expressed delight at the successful inauguration of the branch and commended members for their commitment to the growth of facility management in Nigeria.

He highlighted IFMA’s global heritage, noting that the association is supporting over 25,000 members in more than 140 countries worldwide. Mr Daramola emphasised IFMA’s strong global network, the world’s largest and most widely recognised association for facility management professionals, headquartered in the United States and its growing influence in Africa, the Middle East and Europe.

“IFMA members have taken positions of authority across federal, state, and private institutions; IFMA Nigeria is positioned to ensure our professionals are the first choice for global investors entering the Nigerian market,” he stated.

The Legal Adviser of IFMA, Nigeria, Mr Sola Fatoki, who shared this sentiment, said, “Since 1997, when IFMA Nigeria was established, the association has equipped facility management professionals with integrated knowledge spanning human behaviour, infrastructure, and the built environment.”

He encouraged engineers, architects, surveyors, ITC, Technology innovators, data analysts and allied professionals to see IFMA as their professional home and outlined the functions and responsibilities of branch executive committees.

In his remarks, Mr Babatunde expressed gratitude to the national council for the opportunity to serve and pledged to ensure the success of the branch, focusing on unity and the professional advancement of stakeholders in the region.

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We Didn’t Recommend Ceding Disputed Oil Wells to States—RMAFC

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RMAFC

By Adedapo Adesanya

The Revenue Mobilisation Allocation and Fiscal Commission (RMAFC) has denied reports that some disputed crude oil and gas wells have been recommended for ceding to specific oil-producing states.

In a statement issued on Sunday, the chairman of the commission, Mr Mohammed Shehu, said the attention of RMAFC had been drawn to a “purported report allegedly issued by the Inter-Agency Committee on the Verification of Coordinates of Disputed Crude Oil and Gas Wells between States,” which was circulating in sections of the national media (excluding Business Post).

The agency described the report as “misleading, premature, and does not represent the position or conclusions of the Commission.”

“At this stage, there is no finalised recommendation or decision regarding the ceding or reallocation of any oil wells, as due institutional processes are still ongoing,” the statement read.

The organisation explained that it operates a clearly defined and transparent procedure in handling assignments of national significance, stressing that the process on the disputed oil wells had not been concluded.

It disclosed that it only received a draft report from the Federal Government’s Inter-Agency Committee on Nigeria’s Oil-Producing States on Friday, February 13, 2026, which reportedly projected Cross River State as an oil-producing state.

The report, covering the nationwide 2017–2025 verification of crude oil and gas coordinates, was presented to the Chairman of RMAFC by 10 of the 14 members of the committee.

The exercise, which ran from August 2025 to February 2026, involved extensive field verification, technical reconciliation of state submissions, and a final plenary plotting of coordinates at RMAFC headquarters between January 24 and 31, 2026.

“Consistent with established protocol, the draft document has been transmitted to relevant technical and statutory stakeholders, namely the Nigerian Upstream Petroleum Regulatory Commission, the National Boundary Commission, and the Office of the Surveyor General of the Federation, for detailed review, observations, and technical input,” the commission stated.

According to the statement, after the observations and recommendations of the agencies are received, the matter will be subjected to further scrutiny by the commission’s internal tripartite committees, comprising the Committee on Crude Oil, Gas and Investment and the Legal Matters Committee.

“These committees will undertake comprehensive technical and legal reviews before presenting their findings to the Plenary Session of RMAFC for deliberation and final recommendations,” it added.

The commission further explained that upon completion of the institutional processes, its final report would be formally transmitted to the President and the Attorney-General of the Federation for necessary consideration and further action in line with applicable laws and constitutional provisions.

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