General
Three Million Barrels Per Day Crude Oil Production Attainable—Tinubu
By Adedapo Adesanya
President Bola Tinubu says the country is in line to boost crude oil production to an ambitious three million barrels per day with facilities that can ensure its smooth evacuation.
He made this disclosure during the commissioning of the $400 million Green Energy International Limited (GEIL) crude oil export terminal in Otakikpo, Rivers State on Wednesday.
The facility is the first by any Nigerian company and the only one built in the country in over 50 years.
Speaking at the event, the President said that the project represented a new chapter in Nigeria’s oil and gas industry and aligned directly with the core priorities of his administration to ramp up crude oil production by enabling a secure, transparent, and efficient evacuation system.
Mr Tinubu stated that the Otakikpo terminal will not only serve GEIL’s production, but will also open an efficient evacuation outlet for marginal and stranded fields across the Niger Delta region, unlocking billions of barrels of reserves and creating value for the economy.
Represented by the Minister of State for Petroleum Resources (Oil), Mr Heineken Lokpobiri, he stressed that the project was also a shining example of his government’s expectation of current licensees.
He noted that having provided what he described as ‘global competitive fiscals and incentives’, his expectation and hopes were that they will put fields to work to meet set obligations.
On the Ogoni and federal government peace resolution, he stressed that only recently, the government, working with the people of the area and other stakeholders in Rivers State, reached a deal to pave the way for the resumption of oil exploration activities in Ogoni land.
Describing it as a significant breakthrough, President Tinubu stated that it reflects Nigeria’s collective commitment to dialogue, mutual respect, and sustainable development, explaining that the Otakikpo terminal is therefore not just an infrastructure project, but a signal of renewed confidence in Rivers State and the Niger Delta.
“[This] commissioning is more than just opening of a terminal, it is a testament of Nigeria’s resilience and commitment, a new era of indigenous participation, and progress in our oil and gas sector,” he added.
Speaking on financing challenges in the oil and gas sector, the President stated that that era will soon be over, assuring that the $5 billion African Energy Bank (AEB) was about to commence operations and will ease the difficulty in getting funding.
“Let me also assure Green Energy that the era of perhaps looking elsewhere for finance will soon be over. We have discovered that the biggest challenge we have in Africa is access to finance. And that was why we’ve come up with the African Energy Bank, which is ready to go.
“Nigeria as the host country has met its obligations. We have met all our obligations, whether legal or financial. We have met all our obligations. We are waiting for the bank to take off, which I think will take off any moment from now,” he stated.
According to the President, another big issue in the oil sector is evacuation of crude oil, noting that the new 750,000 barrels facility expandable to 3 million barrels, will help ameliorate such existing problems.
He also cautioned against holding on to oil licences eternally without doing any serious field work, stressing that that era was also over for good.
“There is always a minimum work obligation. The minimum work obligation must be met by all those who have marginal licenses. If you don’t have capacity to do it, you better go and look for something else to do instead of wasting your time in oil and gas,” he warned.
By Aduragbemi Omiyale
About $20 million has been put down by Swedfund to support efforts that limit climate change in Africa and help communities adapt to its effects.
The funds would be deployed by the Helios Climate, Energy, Adaptation and Resilience (CLEAR) Fund to back African companies that reduce emissions, strengthen resilience and create green jobs.
Swedfund’s investment is expected to contribute to significant cuts in greenhouse gas emissions and to help businesses and small farmers adapt to a changing climate.
The investment strengthens Swedfund’s work to drive a sustainable and inclusive green transition in Africa.
Africa contributes less than 3 per cent of global carbon emissions but faces some of the most severe climate impacts. At the same time, the continent’s energy demand is expected to triple by 2050.
Swedfund’s investment in Helios CLEAR will help channel capital to businesses that drive low-carbon growth in areas such as renewable energy, sustainable transport, climate-smart farming, efficient use of resources and digital climate solutions.
“By investing in this sector, we can reduce emissions, build resilience and create green jobs, all vital for sustainable growth that benefits more people.
“Africa currently receives only a small share of global climate investment, yet the potential for climate-smart business is enormous.
“Through Helios CLEAR we help build the next generation of African climate-focused businesses,” the Investment Director for Energy and Climate at Swedfund, Ms Gunilla Nilsson, stated.
Helios CLEAR Fund is a Pan African growth equity fund managed by Helios Investment Partners, one of Africa’s leading private equity firms.
The fund targets investments that deliver measurable climate mitigation and adaptation outcomes. The fund is supported by multiple development finance institutions.
By Modupe Gbadeyanka
A member of the House of Representatives, Mr Abdussamad Dasuki, has alleged that the gazetted tax laws are different from the ones passed by the National Assembly.
Speaking on Wednesday during plenary at the green chamber, the opposition lawmaker the emphasised that content of the tax laws as gazetted was not what members of the parliament debated, voted on and passed.
In June 2025, President Bola Tinubu signed the four tax reform bills into law, becoming an act. The new laws are the Nigeria Tax Act (NTA), 2025, the Nigeria Tax Administration Act (NTAA), 2025, the Nigeria Revenue Service (Establishment) Act (NRSEA), 2025, and the Joint Revenue Board (Establishment) Act (JRBEA), 2025.
In September, they were gazetted by the federal government.
On the floor of the House yesterday, presided over by the Speaker, Mr Tajudeed Abbas, Mr Dasuki, while raising a matter of privilege, after reviewing the gazetted law and what was passed, he found out some discrepancies, appealing to the Speaker to ensure that all relevant documents, including the harmonised versions, the votes and proceedings of both chambers, and the gazetted copies currently in circulation, are brought before the Committee of the Whole for scrutiny by all members.
He warned that allowing laws different from those duly passed by the National Assembly to be presented to Nigerians would undermine the integrity of the legislature and violate constitutional provisions.
“Mr. Speaker, I will be pleading that all the documents should be brought before the Committee of the Whole.
“The whole members should see what is in the gazetted copy and see what they passed on the floor so that we can make the relevant amendment. Mr Speaker, this is the breach of the Constitution.
“This is the breach of our laws, and this should not be taken by this House,” Mr Dasuki said when rising under Order Six, Rule Two of the House Rules on a Point of Privilege.
In his remarks, Mr Abbas promised that the parliament would look into the matter.
By Adedapo Adesanya
Over 90 illegal mining sites have been reclaimed and 300 offenders prosecuted since the deployment of the Mining Marshals, a specialised task force established to secure Nigeria’s mineral assets.
This information was disclosed by the Minister of Solid Minerals Development, Mr Dele Alake, at the South West Leaders Conference held recently in Akure, the Ondo state capital.
He described the crackdown as a turning point in the battle against mineral theft and insecurity in mining communities.
“We created the Mining Marshals to tackle insecurity and illegal mining head-on. I’m proud to say that peace is returning to our mining fields,” he said.
According to Mr Alake, the initiative has strengthened investor confidence and improved government revenue.
“When you protect the minerals, you protect national wealth. That’s exactly what we’ve done with the Mining Marshals,” he stated.
He noted that beyond arrests and reclamations, the Marshals have restored safety in key mining corridors and curbed the activities of illegal foreign operators. “We are taking back control of our natural resources from criminal networks,” Mr Alake emphasised.
The minister reiterated the government’s commitment to maintaining the momentum through digital surveillance, stronger local intelligence, and inter-agency coordination.
“Our success proves that security is the bedrock of sustainable mining. We will keep refining this model until every site in Nigeria is safe, legal, and productive,” he added.
Launched last year, the marshals were given the mandate to stem theft and all nefarious activities around the nation’s minerals so that benefits are not extracted by the wrong people.
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