General
States Begin Financial Autonomy for Legislature, Judiciary This Week
By Modupe Gbadeyanka
The implementation of financial autonomy for the state legislature and judiciary would commence this week, the federal government has confirmed.
The Minister of Labour and Employment, Mr Chris Ngige, said the 36 state governors, after studying the document, agreed to implement the long-awaited policy from Monday, May 24, 2021.
This would be done as they get the allocation for May 2021 from the Federation Account Allocation Committee (FAAC) from tomorrow.
At a reconciliation meeting with the striking members of the Judiciary Staff Union of Nigeria (JUSUN) and Parliamentary Staff Association of Nigeria (PASAN), it was agreed that “the governments of the respective states shall credit the accounts of each state House of Assembly and each state judiciary with the pro-rata amount due each of the two arms of government under the 2021 Appropriation for each state in accordance with” an agreement signed on last Thursday.
It was further agreed that as soon as this is done, the striking legislative and judiciary workers will call off their prolonged strike.
According to a statement signed by the Deputy Director of Press and Public Relations at the Ministry of Labour and Employment, Mr Charles Akpan, it was agreed that “whenever there is a revenue shortfall, lower than the budgeted fund, the monthly allocations to each arm of government shall reflect a percentage of the appropriated sum or an irreducible minimum amount to be allocated every month for the purpose of meeting its costs whichever is higher. This percentage will reflect as 100 per cent in personnel cost. The running cost and capital cost will be pro-rata of revenue performance as per the state appropriation law.”
Under the new deal, “annually, upon the determination of budget ceilings or envelopes from the budget committee of the state, anchored by the budget office of the state headed by the Commissioner in-charge, each arm of government – executive, judiciary, legislature, acting through its own budget and/or funds management committee, shall prepare its budget estimates/details and submit same to the state house of assembly.”
It was also said that, “There shall also be established in each state a State Account Allocation Committee (SAAC) to be given legislative backing in the various fund management laws and charged with the responsibility to oversee the distribution of available resources to each arm of government, with membership to reflect the template of the FAAC.”
“Every state Commissioner of Finance and State Accountant General shall on a monthly basis furnish the committee with the revenue performance of the state within a stipulated timeline not exceeding seven days after each FAAC meeting.
“Based on the revenue receipt, evaluations and the needs of each arm, the committee shall work out an appropriate budget release based on the appropriation for each arm of government for that year,” it was also agreed.
In his remarks, the Minister described the signing of the document by all parties as historic and a fundamental kick-starting of restructuring being clamoured for by some Nigerians, acclaiming President Muhammadu Buhari for the unmatched political will.
“Perhaps, it will be pertinent to point out to those clamouring for restructuring that this is a fundamental restructuring of the Nigerian federation. This is a restructuring that has granted autonomy to the state judiciary and legislature.
“I am happy that we are part of this history-making and that we made this history in the life of the administration of President Muhammadu Buhari,” Mr Ngige said.
He praised the President for achieving this feat through the instrumentality of the fourth alteration that gave birth to Section 121 of the 1999 Constitution (as amended), the Presidential Executive Order 10 and the establishment of the implementation committee.
By Adedapo Adesanya
Petralon Energy is on track to boost Nigerian crude production by a further 2,500 barrels per day, following drilling activities at the Dawes Island field.
According to a statement from the Africa Energy Chamber (AEC) on Monday, the company recently completed a new well at the field, aligning with plans to maximize output at the field. Operated by Petralon Energy subsidiary Petralon 54 Limited, the field is situated in Petroleum Prospecting License (PPL) 259.
The milestone comes as Petralon seeks to unlock greater value from Nigeria’s offshore oil resources.
The firm invested $25 million in the drilling program and development initiatives at the field between 2014 and 2022, officially securing a 100% stake in PPL 259 following the implementation of Nigeria’s Petroleum Industry Act in 2021.
The production milestone underscores the instrumental role indigenous operators play in Nigeria, with future drilling activities set to further consolidate Petralon’s position in the country’s upstream sector.
The AEC also disclosed that Petralon is a Platinum Partner of the African Energy Week (AEW): Invest in African Energies conference, taking place September 29 to October 3, 2025, in Cape Town.
Beyond PPL 259 and the Dawes Island field, Petralon is pursuing non-operated interests in Oil Mining License (OML) 127 and OML 130, seeking to unlock new resources and enhance revenue generation.
The company owns a stake in Prime Oil & Gas, which holds an 8 per cent interest in OML 127 and a 16 per cent stake in OML 130.
OML 127 features the Agbami field while OML 130 contains the Akpo, Egina and Preowei fields. Net production from the producing Akpo, Egina and Preowei fields averages 51,000 barrels per day. Both asses are situated in the deep offshore, showcasing gross 2P reserves of 270 million barrels and 638 million barrels, respectively.
Meanwhile, Petralon has also been strengthening its ownership stakes across the African upstream industry. The company holds an indirect equity interest in Prime Oil and Gas, which recently finalized its merger with Africa Oil Corp. Petralon has also emerged with a 4.24 per cent stake in the expanded entity. The transaction aligns with Petralon’s broader intentions to strengthen its presence in Africa.
The newly-expanded entity now operates a strong portfolio that includes deepwater assets in Nigeria alongside ventures in Namibia, South Africa and Equatorial Guinea. With the merger, the expanded entity benefits from a strengthened balance sheet as well as new opportunities for regional growth.
By Adedapo Adesanya
The former governor of Oyo State, Mr Rashidi Adewolu Ladoja, is in line to become the new Olubadan of Ibadanland following the death of the 43rd Olubadan, Oba Owolabi Olakulehin.
It was reported earlier that the former occupier of the throne, Oba Olakulehin, 90, joined his ancestors in the early hours of Monday, July 7, 2025, close to a year after becoming the traditional ruler of the ancient Nigerian city.
The late monarch, who was appointed by Governor Seyi Makinde in July 2024, replaced Oba Moshood Lekan Balogun, also known as Alli Okunmade II, who died in March 2024 following a brief illness.
According to tradition, the Olubadan throne alternates between two ruling lines: Egbe Agba (civil) and Balogun (military).
With the late Olakulehin ascending from the Balogun line, the next monarch is expected from the Egbe Agba line, where Mr Ladoja is currently the most senior High Chief.
Mr Ladoja, a former senator and governor of Oyo State between 2003 and 2007, has steadily climbed the traditional ladder over the years.
In September 2024, Mr Ladoja celebrated his 80th birthday, and in August 2024, he was crowned the Otun Olubadan of Ibadanland.
This put an end to the controversy over his acceptance of the chieftaincy title.
With his exit from the role to become Olubadan, Mr Eddy Oyewole, will become the new Otun Olubadan of Ibadanland, the highest ranked chief in the line.
Meanwhile, Mr Akin Alabi, a lawmaker and entrepreneur, will move from Jagun Olubadan (the entry point in the civil line) to Ajia Olubadan of Ibadanland.
The Association of Advertising Agencies of Nigeria (AAAN) will convene its flagship 52nd Annual General Meeting and Congress from July 17–19 at JAGZ Hotel, Ibadan. This year’s theme, “Charting Bold Paths Forward,” reflects the industry’s shared commitment to embracing innovation, resilience, and transformative leadership in a rapidly changing environment.
The three-day gathering will feature a compelling blend of cultural heritage, strategic dialogue, and professional celebration. The first day will see delegates pay a courtesy visit to Otun Olubadan of Ibadanland, Senator Rasheed Ladoja, a tradition that echoes AAAN’s longstanding respect for host communities and cultural roots.
The official conference will begin on July 18 and will be declared open by Governor Seyi Makinde of Oyo State. He is expected to be joined by dignitaries, including the Minister of Information and National Orientation, Alhaji Mohammed Idris Malagi, and the Minister of Art, Culture, and the Creative Economy, Hannatu Musa Musawa, alongside the Director-General of the Advertising Regulatory Council of Nigeria (ARCON), Dr. Lekan Fadolapo, setting the tone for high-level discourse and coordination.
A centrepiece of the day will be the keynote address from Dr. Cherry Eromosele, Executive Vice President & Group Chief Marketing and Communications Officer at Interswitch Group, followed by a panel discussion chaired by Dr. Tayo Oyedeji, Group CEO of Insight Publicis Group Nigeria.
Confirmed panel speakers include Josiah Akinola of Nigerian Breweries PLC; Bolanle Osotule of Airtel Nigeria; George Onukwu of TBWA\Concept; Oluwatobi Williams of 7even Interactive; and Adedamola Richard‑Salvador of Digisplash Limited
AAAN President Mr. Lanre Adisa noted that this year’s theme is indicative of the AAAN’s readiness to be courageous in embracing innovation and vision.
“This is not the time to tiptoe around the future. Boldness is not a buzzword but the only language the future understands. In a landscape defined by constant change, boldness is not a gamble but a strategic imperative. Those who will lead tomorrow are those willing to question today,” said Adisa.
The final day of the event shifts focus to governance and celebration and will have two segments: Business Session and Gala/Award Night. The highlights of the former include leadership updates and the induction of new members. The latter will see deserving advertising professionals recognized and rewarded while dressed in aso oke regalia.
Founded in 1973, AAAN is Nigeria’s oldest and most influential collective of advertising agencies. Its annual AGM is a pivotal industry tradition, one that consolidates strategic progress, regulatory alignment, cross-sector collaboration, and storytelling that positions the Nigerian advertising industry on a bold, credible future trajectory.
-
Feature/OPED5 years agoDavos was Different this year
-
Travel/Tourism9 years ago
Lagos Seals Western Lodge Hotel In Ikorodu
-
Showbiz3 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
-
Technology5 years agoHow To Link Your MTN, Airtel, Glo, 9mobile Lines to NIN