General
COP 30: Tinubu Okays National Carbon Market Framework to Unlock $3bn Financing
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.
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.
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.
By Adedapo Adesanya
Social media platform, X, formerly known as Twitter, suffered an outage globally on Monday as millions of users could not use the service.
The widespread outages have been reported by thousands of users across several countries, including Nigeria, the United States, the United Kingdom, Turkey, and India, among others.
According to data from Downdetector, a website that tracks service disruptions based on user reports, complaints about access to X started to pick up around 1:00 p.m. local time in Nigeria.
The cause of the outage was not immediately clear, and X has not put out any comment, but users told Business Post that the platform is not loading or cannot be reached, and the pattern of complaints suggests the issue is not limited to a single region.
Its developer platform status page stated “all systems are operational” all morning despite the reports.
The outage is the latest to hit internet services. X suffered a similar outage in March 2025, while a Cloudflare service outage caused access problems and downtime for various websites, including X, last November.
Microsoft’s Azure had also faced an issue last year, while disruption at Amazon AWS caused global turmoil among thousands of websites and some of the most popular apps, such as Snapchat and Reddit in October
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