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 Adedapo Adesanya
The Central Bank of Nigeria (CBN) has revealed that credit extended to the government rose by 65.6 per cent year-on-year to N39.6 trillion in April 2026 from N23.9 trillion in April 2025, driven by increased borrowing to finance the 2026 budget deficit.
In its latest Money and Credit Statistics, the apex bank showed that the federal government increased borrowing from domestic investors by 7.4 per cent to N8.1 trillion in the first quarter of 2026 from N7.5 trillion in the same period of 2025.
The CBN data also showed that credit to the private sector rose by 3.25 per cent to N80.6 trillion in April 2026 from N78.06 trillion in April 2025.
Consequently, net domestic credit rose by 17.8 per cent to N120.2 trillion in April 2026 from N102 trillion in the corresponding period last year.
Following the same trend, Nigeria’s broad money supply (M2) increased by 4.8 per cent YoY to N124.98 trillion in April 2026 from N119.2 trillion recorded in April 2025, reflecting improved liquidity in the financial system.
Further breakdown of the money supply components showed that currency outside banks declined by 12.2 per cent to N5.08 trillion in April 2026 from N5.7 trillion in the corresponding period of 2025, indicating increased use of banking channels and electronic payment systems.
However, demand deposits (current accounts) increased by 6.3 per cent to N38.7 trillion from N36.4 trillion during the review period.
Also, quasi-money increased by 3.8 per cent to N81.2 trillion in April 2026 from N78.2 trillion in April 2025. Quasi money includes money in savings accounts, time deposits, treasury bills and other money market instruments.
Narrow money, which includes currency in circulation and current accounts, also grew by 7.09 per cent to N43.8 trillion from N40.9 trillion.
This comes as the federal government plans to borrow N29.2 trillion to fund the gap between the revenue of N68.32 trillion and expenditure of N36.87 trillion, according to the Appropriation Act 2026.
By Adedapo Adesanya
The Lagos State government said it has empowered over 1,000 creatives through the Skill Up Lagos initiative to build sustainable livelihoods for the upcoming artists and accelerate economic growth in the state.
The Special Adviser to the Lagos State Governor on Tourism, Arts and Culture, Mr Idris Aregbe, disclosed this while fielding questions from journalists during the 2026 Ministerial Press Briefing in Alausa, noting that over the last 24 months, his office has empowered more than 1,000 creatives through the Skill Up Lagos Initiative, channelled through the Lagos Cultural Mission.
He explained that the programme creates a structured platform for upcoming artists, designers, performers, and cultural entrepreneurs to acquire skills, gain visibility, and build sustainable livelihoods from their creativity.
‘’This is governance with a human face, investing directly in the people who give Lagos its soul,” Mr Aregbe said.
He said the Cook Lagos, Eat Lagos, a landmark gastronomy initiative, conceived and driven by his office, has helped to redefine how the world experiences Lagos through food.
Mr Aregbe added that, “The Lagos Cultural Mission is the overarching framework through which the Office of the Special Adviser drives cultural diplomacy, arts development, and creative economy programming.
“From international partnerships to domestic cultural celebrations, from art tours to diplomatic engagements, every programme feeds into the singular mission of establishing Lagos as Africa’s cultural capital.
“This initiative places Lagos cuisine on the global tourism map, celebrating local culinary traditions while creating economic opportunities for food vendors, chefs, agro-entrepreneurs, and hospitality businesses.
“Structured across three integrated pillars: Cook Lagos, Eat Lagos, and Grow Lagos. The initiative drives culinary education, food tourism, and agricultural enterprise simultaneously.’’
The Special Adviser said in the year under review, the ancient and beloved Kayo-Kayo Festival of Epe returned in full colour in July 2025, drawing over 1,000 participants in celebration of the community’s cultural heritage, ancestral pride, religious identity, and communal unity.
“The festival stands as one of Lagos’s most authentic cultural expressions, a symbol of resilience and harmony that has endured across generations.
“The Office of the Special Adviser brought fresh energy to the occasion by mobilising travel enthusiasts and tourism influencers to shine a spotlight on Oja Chief, the historic fish market at the heart of the festival.
“In a remarkable community-centred intervention, the office coordinated free fish delivery to the doorsteps of customers, directly boosting the commercial earnings of the women traders at the market and demonstrating the ministry’s commitment to inclusive tourism that uplifts livelihoods.’’
He mentioned that the Beauty in Motherland programme brought a celebration of Africa’s beauty industry at its most ambitious state.
According to him, the Beauty in Motherland positioned the African beauty sector on the global map, drawing over 500 vendors and beauty professionals to an electrifying B2B session that generated real commercial connections and industry momentum.
“The Office of the Special Adviser also proudly supported the extraordinary three-day Beauty Festival and Guinness World Record attempt by Natacha Akide, who achieved the remarkable feat of completing 82 makeovers in 8 hours and 143 makeovers in 24 hours. This was Lagos at its most boundary-breaking.
“The office also threw its weight behind the Adekunle Gold Fuji Album Launch, a cultural moment that bridged contemporary Afrobeats with the classical roots of Fuji music, celebrating the richness of Lagos’s musical heritage.’’
He said in March 2026, the ministry, through the Office of the Special Adviser, celebrated 19 remarkable women who have shaped the arts and cultural landscape of Lagos.
“Each recipient received a formal commendation letter acknowledging their trailblazing contributions to the creative space. This gesture was not ceremonial; it was a deliberate act of governance that uplifts the women who form the backbone of Lagos’s cultural identity,’’ he said.
Mr Aregbe added that one of the most defining features of this office’s approach is its conviction that culture and commerce are not competing forces.
He said under his watch as the special adviser, the ministry built a series of powerful public-private partnerships that use the energy of Lagos culture to drive real economic outcomes for traders, entrepreneurs, and small businesses.
By Adedapo Adesanya
A Federal High Court sitting in Abuja and presided over by Justice Joyce Abdulmalik on Tuesday, May 26, 2026, slated July 6, 2026, for judgment in the final forfeiture of 57 properties linked to former Attorney General of the Federation and Minister of Justice, Mr Abubakar Malami.
The case was brought before the court by the Economic and Financial Crimes Commission (EFCC).
At Tuesday’s proceedings, EFCC counsel, Mr Jubrin Okutepa (SAN), informed the court that the matter of the day was for the hearing of final forfeiture of the properties and other pending applications.
Reacting, defence counsel, Mr Adedayo Adedeji (SAN) drew the attention of the court to 16 Motions on Notice seeking to set aside the interim forfeiture order of the properties by the court delivered on January 6, 2026.
The EFCC opposed the motions with counter-affidavits, urging the court to discountenance the request of the defendant. Some of the defendant’s applications sought an extension of time to show cause why properties listed in the schedule should not be forfeited to the government.
Arguing the applications, Mr Adedeji submitted that, “My lord, we filed an application, dated 21st of April 2026, for extension of time and a counter affidavit to oppose to the applicant’s motion for final forfeiture which was deposed to by Abubakar Malami urging the honorable court to refuse and dismiss the order of final forfeiture as they are not proceeds of crimes but an allegation that is relied on suspicion”
In his response, Mr Okutepa said his client also filed a 77-paragraph affidavit deposed to by Mr Adebayo Daniels, an EFCC operative, which was filed on May 5, 2026, attached with eight exhibits and a written address, in addition to a reply on points of law.
“We rely on all these processes in urging my lord to hold that their application has woefully failed to show cause, and we ask your lordship to grant the request as prayed and forfeit the properties to the Federal Government”.
He further prayed the court to discountenance the request of other respondents opposing the forfeiture applications.
Justice Abdulmalik adjourned the matter to July 6, 2026, for judgment.
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