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Total’s Divestment From Rivers: Matters Arising

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The vigilance of a federal lawmaker representing Degema, Bonny Federal Constituency, Honourable Farah Dagogo has put the multinational oil company, Total Group on the block over its planned divestment from the Rivers State. The company’s agenda commenced with the shifting of its oil servicing companies from the Egina offshore field in Onne, Rivers State to LADOL Yard in Lagos State. The significance of the planned shift of services from Rivers State to Lagos remains a tacit gesture of divestment by Total Group and is underscored by the fact that Egina field produces at peak performance, about 200,000 barrels of oil daily, making it a major facility.
LADOL is an acronym for Lagos Deep Offshore Logistics Base, located at the entry point to Lagos harbour and accessed by 200-metre quay which is to be expanded to 1000 metres. It is a logistics and supply chain centre which was established in the year 2000 as part of the Lagos Special Economic Zone and serves as one stop service shop for multinational industrial and oil and gas operations. The irony here is that LADOL was established in Lagos with no drop of crude oil while the Niger Delta region which is the source of the resource has been left bereft of such facility.
Alerting the nation over this development, Honourable Dagogo highlighted its dangerous implications for escalating the level of unemployment with loss of jobs for the employable youth of the Niger Delta region. The loss of jobs will invariably lead to escalation of unrest and its unpalatable consequences. To accentuate his case, Honourable Farah Dagogo plans to present a motion on the matter during plenary of the House of Representatives after the institution’s resumption from its ongoing recess. The motion is intended to compel the multinational oil companies in the region to be more domesticated in their operational bases including moving their operational headquarters to the area. By his intervention, Honourable Dagogo is lending his voice to a growing lobby of advocacy aimed at compelling the corporate oil companies to relocate their headquarters to the Niger Delta region. In the same vein calls on relevant stake holders to join the advocacy for the firms to do the needful.
The divestment agenda of Total Group therefore comes against the backdrop of the aforementioned stringent calls on multinational oil companies operating in the country’s Niger Delta region to increase their presence, through establishing their downstream operations such as services delivery activities in the region. By such activities, they were expected to create jobs for locals around their operational bases and thereby vitiate the incentive for restiveness among such people.
It is easily recalled that among the factors that have bedevilled oil and gas exploration and production in the region is the perception of the oil companies as mere agents of mindless exploitation of the resources of the region without commensurate concern and commitment to the often deleterious consequences of the activities. Given the highly automated processes in the oil and gas sector, operators virtually garner the resources with minimal direct physical presence at the operational sites. This situation has isolated the critical decision makers in the industry from direct contact with the harshest state of affairs in the actual operational zones leaving much of the victims of hazards from hazardous activities unattended to.
Just as well, the absence of the strategic leaders of the oil firms is often exploited to violate extant laws and regulations governing operational expedients aimed at facilitating environmental soundness. The advocacy for encouraging the designated oil is to enhance their direct contact with consequences of their operations on a real time basis, as well as facilitate closer interface with their host communities. And as experience has shown in several instances, it is actually in the best interest of the firms to be as close as possible to their operational bases and host communities.
It is significant that while a company like Total Group is sneaking its service operations out of Rivers State to Lagos, another younger oil company, Belema Oil Producing Limited is demonstrating a higher sense of responsibility and sensitivity to the aspirations of its host communities by identifying with the core concerns of the latter. For instance, Belemaoil has apart from investing commendably in its host communities, recently splashed scores of scholarship awards to deserving beneficiaries from its host communities.
It is with this context that the alert by Honourable Dagogo remains commendable and qualifies to be seen in its fuller panoply as a wake-up call for the establishment of world class maritime as well as oil and gas facilities of the class of LADOL, within the Niger Delta region, for the purpose of trapping the jobs that are ferried out to Lagos and possibly abroad. It is also in such a respect that the various statutory interventionist agencies lie the Ministry of Niger Delta Affairs, the Niger Delta Development Commission (NDDC) should go beyond the traditional handout class programmes and projects and aspire to develop long term turnkey facilities that will redefine life and business in the area. By partnering with well-disposed public and private sector interests both at home and abroad, the NDDC can stimulate the development of key economic facilities that will predispose the Rivers State in particular and the rest of the Niger Delta region a bigger role in the maritime based blue economy, which is their natural due.
This is why the divestment moves by Total Group and any other multinational from the Rivers State remains a business challenge that needs to be addressed. Honourable Farah Dagogo’s take is therefore on course.

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INEC To Unveil New Party Registration Portal As Applications Hit 129

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The Independent National Electoral Commission (INEC) has announced that it has now received a total of 129 applications from associations seeking registration as political parties.

The update was provided during the commission’s regular weekly meeting held in Abuja, yesterday.

According to a statement signed by the National Commissioner and Chairman of the Information and Voter Education Committee, Sam Olumekun, seven new applications were submitted within the past week, adding to the previous number.

“At its regular weekly meeting held today, Thursday 10th July 2025, the commission received a further update on additional requests from associations seeking registration as political parties.

“Since last week, seven more applications have been received, bringing the total number so far to 129. All the requests are being processed,” the commission stated.

The commission revealed the introduction of a new digital platform for political party registration. The platform is part of the Party Financial Reporting and Auditing System and aims to streamline the registration process.

Olumekun disclosed that final testing of the portal would be completed within the next week.

“INEC also plans to release comprehensive guidelines to help associations file their applications using the new system.

“Unlike the manual method used in previous registration, the Commission is introducing a political party registration portal, which is a module in our Party Financial Reporting and Auditing System.

“This will make the process faster and seamless. In the next week, the commission will conclude the final testing of the portal before deployment.

“Thereafter, the next step for associations that meet the requirements to proceed to the application stage will be announced. The commission will also issue guidelines to facilitate the filing of applications using the PFRAS,” the statement added.

In the meantime, the list of new associations that have submitted applications has been made available to the public on INEC’s website and other official platforms.

 

 

 

 

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Tinubu Signs Four Tax Reform Bills Into Law …Says Nigeria Open For Business 

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President Bola Tinubu yesterday signed into law four tax reform bills aimed at transforming Nigeria’s fiscal and revenue framework.

The four bills include: the Nigeria Tax Bill, the Nigeria Tax Administration Bill, the Nigeria Revenue Service (Establishment) Bill, and the Joint Revenue Board (Establishment) Bill.

They were passed by the National Assembly after months of consultations with various interest groups and stakeholders.

The ceremony took place at the Presidential Villa, yesterday.

The ceremony was witnessed by the leadership of the National Assembly and some legislators, governors, ministers, and aides of the President.

The presidency had earlier stated that the laws would transform tax administration in the country, increase revenue generation, improve the business environment, and give a boost to domestic and foreign investments.

“When the new tax laws become operational, they are expected to significantly transform tax administration in the country, leading to increased revenue generation, improved business environment, and a boost in domestic and foreign investments,” Special Adviser to the President on Media, Bayo Onanuga said on Wednesday.

Before the signing of the four bills, President Tinubu had earlier yesterday, said the tax reform bills will reset Nigeria’s economic trajectory and simplify its complex fiscal landscape.

Announcing the development via his official X handle, yesterday, the President declared, “In a few hours, I will sign four landmark tax reform bills into law, ushering in a bold new era of economic governance in our country.”

Tinubu made a call to investors and citizens alike, saying, “Let the world know that Nigeria is open for business, and this time, everyone has a fair shot.”

He described the bills as not just technical adjustments but a direct intervention to ease burdens on struggling Nigerians.

“These reforms go beyond streamlining tax codes. They deliver the first major, pro-people tax cuts in a generation, targeted relief for low-income earners, small businesses, and families working hard to make ends meet,” Tinubu wrote.

According to the President, “They will unify our fragmented tax system, eliminate wasteful duplications, cut red tape, restore investor confidence, and entrench transparency and coordination at every level.”

He added that the long-standing burden of Nigeria’s tax structure had unfairly weighed down the vulnerable while enabling inefficiency.

The tax reforms, first introduced in October 2024, were part of Tinubu’s post-subsidy-removal recovery plan, aimed at expanding revenue without stifling productivity.

However, the bills faced turbulence at the National Assembly and amongst some state governors who rejected its passing in 2024.

At the NASS, the bills sparked heated debate, particularly around the revenue-sharing structure, which governors from the North opposed.

They warned that a shift toward derivation-based allocations, especially with VAT, could tilt fiscal balance in favour of southern states with stronger consumption bases.

After prolonged dialogue, the VAT rate remained at 7.5 per cent, and a new exemption was introduced to shield minimum wage earners from personal income tax.

By May 2025, the National Assembly passed the harmonised versions with broad support, driven in part by pressure from economic stakeholders and international observers who welcomed the clarity and efficiency the reforms promised.

In his tweet, Tinubu stressed that this is just the beginning of Nigeria’s tax evolution.

“We are laying the foundation for a tax regime that is fair, transparent, and fit for a modern, ambitious Nigeria.

“A tax regime that rewards enterprise, protects the vulnerable, and mobilises revenue without punishing productivity,” he stated.

He further acknowledged the contributions of the Presidential Fiscal Policy and Tax Reform Committee, the National Assembly, and Nigeria’s subnational governments.

The President added, “We are not just signing tax bills but rewriting the social contract.

“We are not there yet, but we are firmly on the road.”

 

 

 

 

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Senate Issues 10-Day Ultimatum As NNPCL Dodges ?210trn Audit Hearing 

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The Senate has issued a 10-day ultimatum to the Nigerian National Petroleum Company Limited (NNPCL) over its failure to appear before the Senate Committee on Public Accounts probing alleged financial discrepancies amounting to over ?210 trillion in its audited reports from 2017 to 2023.

Despite being summoned, no officials or external auditors from NNPCL showed up yesterday.

However, representatives from the representatives of the Economic and Financial Crimes Commission, Independent Corrupt Practices and Other Related Offences Commission and Department of State Services were present.

Angered by the NNPCL’s absence, the committee, yesterday, issued a 10-day ultimatum, demanding the company’s top executives to appear before the panel by July 10 or face constitutional sanctions.

A letter from NNPCL’s Chief Financial Officer, Dapo Segun, dated June 25, was read at the session.

It cited an ongoing management retreat and requested a two-month extension to prepare necessary documents and responses.

The letter partly read, “Having carefully reviewed your request, we hereby request your kind consideration to reschedule the engagement for a period of two months from now to enable us to collate the requested information and documentation.

“Furthermore, members of the Board and the senior management team of NNPC Limited are currently out of the office for a retreat, which makes it difficult to attend the rescheduled session on Thursday, 26th June, 2025.

“While appreciating the opportunity provided and the importance of this engagement, we reassure you of our commitment to the success of this exercise. Please accept the assurances of our highest regards.”

But lawmakers rejected the request.

The Committee Chairman, Senator Aliyu Wadada, said NNPCL was not expected to submit documents, but rather provide verbal responses to 11 key questions previously sent.

“For an institution like NNPCL to ask for two months to respond to questions from its own audited records is unacceptable,” Wadada stated.

“If they fail to show up by July 10, we will invoke our constitutional powers. The Nigerian people deserve answers,” he warned.

Other lawmakers echoed similar frustrations.

Senator Abdul Ningi (Bauchi Central) insisted that NNPCL’s Group CEO, Bayo Ojulari, must personally lead the delegation at the next hearing.

The Tide reports that Ojulari took over from Mele Kyari on April 2, 2025.

Senator Onyekachi Nwebonyi (Ebonyi North) said the two-month request suggested the company had no answers, but the committee would still grant a fair hearing by reconvening on July 10.

Senator Victor Umeh (Anambra Central) warned the NNPCL against undermining the Senate, saying, “If they fail to appear again, Nigerians will know the Senate is not a toothless bulldog.”

Last week, the Senate panel grilled Segun and other top executives over what they described as “mind-boggling” irregularities in NNPCL’s financial statements.

The Senate flagged ?103 trillion in accrued expenses, including ?600 billion in retention fees, legal, and auditing costs—without supporting documentation.

Also questioned was another ?103 trillion listed under receivables. Just before the hearing, NNPCL submitted a revised report contradicting the previously published figures, raising more concerns.

The committee has demanded detailed answers to 11 specific queries and warned that failure to comply could trigger legislative consequences.

 

 

 

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