General
Reps to Amend PIA Liability on Host Communities
By Adedapo Adesanya
The House of Representatives Committee on Host Committees has assured of speedy amendment to section 257 of the Petroleum Industry Act (PIA) 2021 which puts the responsibility of securing oil and gas infrastructure on host communities.
Business Post reports that Section 257 (2) and (3) of the PIA state that “Where in any year, an act of vandalism, sabotage or other civil unrest occurs that causes damage to petroleum and designated facilities or disrupts production activities within the host communities, the community shall forfeit its entitlement. The basis for computation of the trust fund in any year shall always exclude the cost of repairs of damaged facilities attributable to any act of vandalism, sabotage or other civil unrest.”
This was one of the resolutions at the opening of a two-day Technical Session on 3 per cent Opex Funding for Host Communities Development Trusts (HCDTs) organized by Spaces for Change in Port Harcourt, Rivers State on Monday.
The Chairman of the House of Reps Committee on Host Communities, Mr Dumnamene Dekor, said host communities should not be held liable for vandalism, as they do not have the security architecture to protect oil and gas facilities.
“We are working towards amending that section (section 257) of the PIA. Host communities should not be held liable for vandalized oil facilities, that is the position of the Committee.
“It is one of the gaps in the Act and as a committee, we are going to take that up, so that the amendment will be done.”
The Reps Committee also urged settlors (oil operators) who were yet to fund their HCDTs to begin the funding, assuring that no host community will be shortchanged in the PIA implementation.
“Communities may not have been shortchanged, but where they have been shortchanged, we will make sure that doesn’t happen. The implementation of the HCDT aspect of the PIA is quite slow, but I am also sure that the companies are aware that there are penalties for non-implementation.
“Some communities are also part of the problem, there are so many litigations in some communities hindering the implementation of the HCDT, and in that case, you can’t hold the settlor responsible.
“We call on the host communities, the Board of HCDTs and the settlors, to ensure the PIA is implemented and there is real-time development in host communities and that is what we stand for, but the companies must also live up to its responsibilities to ensure that where an HCDT has been put in place, they should go ahead and fund.”
Also speaking at the event, the Executive Director of Spaces for Change, Mrs Victoria Ibezim-Ohaeri, said the technical session was imperative to evaluate the progress on the 3 per cent Opex remittance to host communities.
Mrs Ibezim-Ohaeri recalled that the PIA requires companies to remit 3 per cent of the operating cost of the previous year to HCDT for the socio-economic development of the host communities.
“Since the PIA is now a law, so we are engaging host communities to see if they are receiving the remittances, and also understand how the remittances are determined and how they are being applied in the community.
“HCDTs that have been implemented jumped by over 100 after our technical session in 2023, and there has been substantial compliance.
“However, we are not just going to relax because oil companies have begun setting up HCDTs, because it’s not only by setting up the Trust but funding it and ensuring the funds get to the target developmental projects across the communities.”
By Dipo Olowookere
Entrepreneurs living in Ogun State have been given an opportunity to get about €30,000 in funding support their businesses for expansion.
The beneficiaries would be expected to come up with innovative solutions to challenges in the circular economy.
They will undergo a six-month training programme designed to prepare them for the tasks ahead.
Apart from the monetary benefits, the intending participants, who must be between the ages of 18 and 35, will receive enterprise development training and capacity building, have access to local and international markets, enjoy mentorship from industry experts and peer networks, and get personalized coaching and business support.
Business Post reports that this platform was provided by the Orange Corners Nigeria (OCN) Incubation Programme.
The initiative has already called for applications for the 13th cohort, with the deadline fixed for Sunday, May 18, 2025.
Applicants must operate in the circular economy, agriculture, health, renewable energy, or technology sectors to qualify for the scheme exclusively for Ogun residents.
By Adedapo Adesanya
The Nigerian government has inaugurated a special inter-ministerial committee on research and innovation to ensure food security in Nigeria and slash the cost of food by 50 per cent.
The team was also charged on energy security and curtailing the nation’s dependence on import.
The Vice President, Mr Kashim Shettima, inaugurated the panel at the State House Abuja with a charge to them to work towards cutting down Nigeria’s import bills by 50 per cent.
He said the group is part of ongoing efforts by the administration of President Bola Tinubu to pool intellectual and financial capital to “create the cockpit from which Nigeria’s innovation economy will be piloted.”
“We are here to breathe life not into this Committee, but into a bold mission: to build Nigeria into an innovation-driven, trillion-dollar economy within a decade. The future we desire is not something we inherit. It is something we build,” he declared.
On its terms of reference, Mr Shettima said it is to coordinate action in five strategic sectors with the power to transform society.
He listed the committee to include “Agriculture and Climate Resilience, where research innovation must feed our people and protect our planet; Manufacturing Excellence, where we break our dependency on imports and build proudly Nigerian supply chains; Healthcare Innovation, where we shift from importing medicines to exporting medical breakthroughs; Natural Resource Optimisation, where we stop selling raw materials and start exporting ingenuity; and Energy Security, where we power our economy and secure our future.”
The Vice President explained that a major target for setting up the panel was to reduce Nigeria’s food import bill by 50 per cent, maintaining that “in each of these areas, we will pursue missions, not just metrics.
“We will not be content with data for dashboards—we want deliverables that change lives. What will it take to reduce our food import bill by 50 per cent? How do we triple local pharmaceutical production? Let us align policy, research, and investment to answer these questions and achieve measurable, meaningful outcomes,” he added.
Mr Shettima disclosed that the team is a prelude to a Presidential Plenary on Innovation approved by President Tinubu, saying the high-level plenary, which will be held annually, will be presided over by the President himself.
“This committee is only the beginning. President Tinubu has approved a Presidential Plenary on Innovation—an annual high-level forum that will bring together academia, research institutes, industry, civil society, and the Nigerian people to align our national innovation priorities.
“This plenary will be addressed by Mr President himself, because innovation is a presidential area of priority. It is central to his vision for a new Nigeria,” the VP explained in a statement.
Present at the inauguration were the ministers of Innovation, Science, and Technology, Mr Uche Nnaji, Agriculture and Food Security, Mr Abubakar Kyari; Communications, Innovation, and Digital Economy, Mr Bosun Tijani; Mr Balarabe Lawal; Mr Idi Mukhtar and representatives of the Ministers of Education, Budget and Economic Planning, and Foreign Affairs, among other members of the committee.
By Adedapo Adesanya
The federal government has made a pledge to electricity generating companies known as Gencos on the payment of 50 per cent of a N4 trillion debt to avert a promised halt in electricity generation in the country.
The Minister of Power, Mr Adebayo Adelabu, made this promise on Thursday, saying that while the government can’t pay the entire N4 trillion, it would clear N2 trillion before the end of the year.
Business Post reports that of the N4 trillion owed, N2 trillion is for electricity generated in 2024, while around N1.9 trillion represents legacy debts.
On Monday, GenCos threatened to shut down the country’s power generation over the debt owed by the federal government.
The GenCos lamented that the mounting liabilities were crippling their ability to operate and threatening a total shutdown of electricity generation in Nigeria.
Mr Adelabu said the government has put in place measures to defray the debt through budgetary allocation and promissory notes.
“Almost all of the debt is inherited, while about half came from 2024.
“There are plans under way to clear the debt; while I am not sure that the debt will be cleared 100 per cent, it will be paid gradually.
“The modes of payment are of two ways: we have some budgetary allocation that will facilitate cash payment, and we are also in discussion with Gencos to get them some promissory notes. I can tell you that before now to the end of the year, we are going to pay close to N2 trillion of the 4 trillion,” he said.
He also revealed that Nigeria has achieved a 35 per cent reduction in electricity subsidies following a tariff increase implemented last year for some users.
The government last year eliminated subsidies for the 15 per cent of customers classified as premium users of electricity, including households and businesses consuming larger amounts of electricity under Band A, meaning they paid higher than other classes from Band B to E.
Mr Adelabu said this targeted tariff adjustment has yielded significant results, with “the market generating an additional N700 billion in revenue, reflecting a 70 per cent increase.”
-
Feature/OPED5 years agoDavos was Different this year
-
Travel/Tourism9 years ago
Lagos Seals Western Lodge Hotel In Ikorodu
-
Showbiz2 years agoEstranged Lover Releases Videos of Empress Njamah Bathing
-
Banking7 years agoSort Codes of GTBank Branches in Nigeria
-
Economy2 years agoSubsidy Removal: CNG at N130 Per Litre Cheaper Than Petrol—IPMAN
-
Banking2 years agoFirst Bank Announces Planned Downtime
-
Sports2 years agoHighest Paid Nigerian Footballer – How Much Do Nigerian Footballers Earn
-
Technology4 years agoHow To Link Your MTN, Airtel, Glo, 9mobile Lines to NIN