General
We Didn’t Recommend Ceding Disputed Oil Wells to States—RMAFC
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 Modupe Gbadeyanka
Salary increases of between 30 and 80 per cent have been approved for Nigeria’s armed forces personnel by President Bola Tinubu.
This was confirmed by a statement issued on Tuesday by the Special Adviser to the President on Information and Strategy, Mr Bayo Onanuga.
About 250,000 personnel are to benefit from the new deal, which takes effect on September 1, according to the statement. Officers above the rank of colonel will enjoy a 30 per cent salary increase. This applies to Brigadier-Generals, Major-Generals, Lieutenant Generals and Generals.
Personnel from colonel down to warrant officer will have a 50 per cent increase, while Private to Staff Sergeant will have an 80 per cent increase.
The President’s spokesman stated that the pay package will increase the yearly salary bill for the country’s armed forces personnel from N660 billion to N924 billion.
President Tinubu has always praised the courage and sacrifices of members of the armed forces as they confront the scourge of banditry, kidnapping and terrorism in some parts of the country.
“The men and women who help to keep us safe in our homes must be supported and appreciated in the course of their duties to our nation.
“Our administration will continue to prioritise troop welfare and modernise the armed forces by providing the weapons and technological tools needed to discharge their duties.
“Our administration believes that no nation can achieve greatness without security. We therefore remain resolute in mobilising all military and law enforcement assets to eliminate security threats and protect the lives and property of all Nigerians
“I urge our servicemen to take our gesture as a sign of our deep appreciation of the services they render to our fatherland. Together we shall prevail over the enemies intent on destroying the fabric of our nation,” Mr Tinubu was quoted as saying.
By Adedapo Adesanya
The federal government has issued a data protection compliance circular to all Ministries, Departments and Agencies (MDAs) to promote public trust through data-driven governance.
The compliance directive is contained in Circular No. 59805/S.I/74, dated 27 July 2026, and signed by the Secretary to the Government of the Federation, Mr George Akume, according to a statement by the Head, Legal, Enforcement & Regulations, Mr Babatunde Bamigboye.
The initiative forms part of a continuum of regulatory measures that will be vigorously pursued as Nigeria advances towards the decisive frontiers of the Fourth Industrial Revolution.
The circular drew the attention of MDAs to a statement of President Bola Tinubu, where he said: “Data is the new oil”.
Mr Akume then directed all Ministries, Extra-Ministerial Departments and Agencies to capture the information rigorously and safeguard it under the Nigeria Data Protection Act, 2023 (NDP Act).
The circular also directed MDAs to ensure full compliance with the NDP Act, Regulations, Guidelines, and Directives issued by the Nigeria Data Protection Commission (NDPC) in relation to the processing of personal data.
To this end, the Circular directs MDAs to, designate suitably qualified officers as Data Protection Officers (DPOs) to oversee data protection compliance and advise management on all matters relating to the lawful processing of personal data, ensure that the names and contact details of their designated DPOs are communicated to the NDPC for registration and official records; engage licensed Data Protection Compliance Organisations (DPCOs), where required, to facilitate compliance with the NDP Act and support the conduct of statutory compliance audits.
It also directed them to provide adequate budgetary allocation for data protection compliance activities, including capacity building, awareness programmes, deployment of appropriate technical safeguards, and periodic compliance audits; and submit all mandatory Data Protection Compliance Audit Returns and other statutory returns to the NDPC within the timelines prescribed by law.
The circular further states that “Permanent Secretaries, Accounting Officers and Chief Executive Officers of all MDAs shall be personally responsible for ensuring institutional compliance with the Circular and the provisions of the NDP Act.”
The National Commissioner/Chief Executive Officer of the NDPC, Mr Vincent Olatunji, expressed the commission’s commitment to supporting data-driven governance.
Mr Olatunji maintained that data accountability is pivotal to achieving the eight Presidential Priorities. To provide full technical support to MDAs for the purpose of achieving compliance, the commission has constituted a regulatory clinic.
By Adedapo Adesanya
Yellow Card, a global stablecoin infrastructure provider, has raised $40 million in a strategic funding round to accelerate its international expansion and strengthen its digital payment infrastructure.
The funding round attracted investments from SC Ventures, the innovation and investment arm of Standard Chartered, Sony Innovation Fund, Polychain Capital, Blockchain Capital, and other strategic investors. With the latest raise, Yellow Card’s total equity financing has now exceeded $120 million.
The company said the fresh capital will be used to scale its Global US Dollar Accounts, an end-to-end dollar account designed for businesses, while expanding the stablecoin payment rails that connect businesses to markets around the world.
Yellow Card’s chief executive, Mr Chris Maurice, described the investment as a strong endorsement of the company’s long-term vision, noting that the company has spent years building infrastructure that allows businesses to move money globally without relying on traditional correspondent banking systems.
He added that the next phase of growth will focus on helping banks connect directly to stablecoin payment rails, enabling faster and more efficient cross-border transactions while expanding access to US Dollar services for businesses.
SC Ventures chief executive, Mr Alex Manson, said stablecoins are becoming an important part of global payments, but noted that widespread adoption will depend on reliable infrastructure and practical use cases.
He said Yellow Card has built the payment rails businesses across Africa need to move money efficiently across borders and expressed confidence in the company’s ability to expand both within Africa and internationally.
The investment also marks growing interest from global institutions in stablecoin-based payments. Sony Innovation Fund said its backing reflects confidence in Yellow Card’s ability to build digital payment infrastructure for emerging markets.
Mr Austin Noronha, Managing Director at Sony Ventures-US, said the company believes Yellow Card is creating the technology needed to help banks, financial technology firms and enterprises move money faster and more securely.
He added that the company looks forward to supporting Yellow Card as it expands beyond Africa into Latin America, the Middle East, Europe and the Asia-Pacific region.
Yellow Card said the funding will also support the wider rollout of its Global USD Accounts, which allow businesses to hold U.S. dollars, manage treasury operations, swap stablecoins, and collect or make payments in local currencies across more than 50 countries.
The company noted that the platform is already being used by major customers, including Visa and Western Union.
Founded to simplify cross-border payments through digital assets, Yellow Card has processed more than $10 billion in transactions across its network. The company supports over 50 currencies and holds licences, authorisations and registrations in 22 jurisdictions across North America, Europe and Africa.
Yellow Card has also established strategic partnerships with global payment companies including Visa, Mastercard, PayPal and Coinbase as it positions itself as a key infrastructure provider for international digital payments.
