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FG To Sanction Erring Miners

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The Ministry of Mines
and Steel says plans are underway to sanction mining operators that fail to operate within the laid down procedures in the country.
The Minister of Mines and Steel, Alhaji Musa Sada, said this in Abuja last Monday at the template workshop for the 2011 Solid Minerals Sector Audit organised by the Nigeria Extractive Industry Transparency Initiative (NEITI).
Sada said the ministry was already working with NEITI and other stakeholders in the sector to ensure professionalism in the sector.
He said that the ministry would revoke the mining licences of operators that failed to operate in line with the laid down procedures.
“The penalty for non-disclosure of required information may include revocation of mining licences, amongst others.
“We, in the ministry, will not only support NEITI but will work with them (it) to ensure that this cycle of Audit are successful.’’
He said the 2007 to 2010 NEITI audit report had exposed some of the anomalies in the sector, which included under collection of mining revenues, inadequate funding and unethical activities of artisans.
Sada expressed optimism that the synergy with NEITI would lead to improved revenue collection for government and enhance transparency and accountability in the sector.
“It is very important that I state here, that cooperating with NEITI during this Audit period is mandatory,
“Otherwise, you will be in default of the Nigerian Minerals and Mining Act, 2007 which is very clear on declaration of all results of your mining operations.’’
Earlier, NEITI’s Executive Secretary, Mrs Zainab Ahmed, in her opening remarks, said the workshop was organised to acquaint mining companies and government agencies on the templates designed for the audit exercise.
“The audit is expected to track solid minerals sector fund collected by various Government Agencies to the Federation Account,
“Other objectives of the exercise include the reconciliation of the payments made by major players (Companies/entities) in the solid minerals sector in Nigeria with Government receipt of revenues during the period 2011.’’
She said the 2007 – 2010 audit report recently released by NEITI revealed that the Federal Government received a total of N54.5 billion from the mining companies while the companies reported they paid N53.8 billion in the form of taxes and royalties.
Ahmed also decried the lack of effective regulatory and monitoring framework in the sector and called on all stakeholders  to support the Federal Government in transforming the sector.
The workshop was attended by officials of NEITI, Federal Ministry of Mines and Steel, Mining Cadastral Offices, representatives of mining companies, Civil Society Organisations and Development Partners.

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NNPC Targets Two Million Bpd Productions In 2027

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The Nigerian National Petroleum Company Limited (NNPC) has said that ongoing reforms in Nigeria’s oil and gas sector have lifted national crude oil production by 600,000 barrels per day, from about 1.2 million barrels per day to 1.8 million barrels per day.
According to the company, the improvement has strengthened Nigeria’s position as a destination for international energy investment.
Group Chief Executive Officer ( GCEO) of NNPC Limited, Engr. Bashir Bayo Ojulari, made the remarks last week at an Energy Talk titled “Nigeria’s Reform Agenda: Competing for Energy Capital”, moderated by John Defterios, Chairman, MENA, APCO, at the 2026 Abu Dhabi International Petroleum Exhibition and Conference (ADIPEC) in Abu Dhabi, United Arab Emirates.
Ojulari linked the production growth to the implementation of the Petroleum Industry Act (PIA) 2021, an improved investment climate, better investment decisions, and stronger collaboration between NNPC Limited and its partners.
He said the current output level is a milestone in NNPC Limited’s journey towards its 2 million barrels per day target by 2027.
The Company, he explained, is focused on maintaining infrastructure, protecting base production, increasing output from existing assets, and advancing new projects designed to lift production further.
“The figure of 1.8 million barrels per day is a stage in a journey towards our objective.
We are concentrating on the basics, which are maintaining our infrastructure, protecting base operations and executing the projects that will take production higher,” Ojulari stated.
On the domestic market, the GCEO said the removal of petrol subsidy has been accompanied by an expanded Compressed Natural Gas (CNG) programme.
He noted that over 400 CNG conversion centres have been established, while more than 1,000 trucks are transporting petroleum products

Nkpemenyie Mcdominic, Lagos

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SEREC Demands Independent Forensic Audit Of NIMASA CVFF Funds

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The Sea Empowerment and Research Centre (SEREC) has call for an independent forensic audit of the Nigerian Maritime Administration and Safety Agency (NIMASA), following conflicting claims over the management and currency status of the Cabotage Vessel Financing Fund (CVFF).
The centre said the controversy surrounding the fund had reinforced its earlier concerns about transparency, accountability and the possible erosion of contributions through currency conversion and administrative decisions.
In a reaction titled, “Cocks Crow at Dawn — On the CVFF Audit Crisis,” forwarded by SEREC’s representative, Eugene Nweke, the organisation said the latest revelations had vindicated its earlier calls for a comprehensive examination of NIMASA’s accounts from 2004 to date.
SEREC said former NIMASA Director-General, Temisan Omatseye, had disclosed that dollar-denominated contributions were converted into naira and invested in fixed deposits during his tenure, while the incumbent Director-General, Dr Dayo Mobereola, maintained that the fund remained in dollars with the Central Bank of Nigeria.
The organisation said the conflicting accounts raised questions about the actual value, location and management of the fund, which was to provide financing support established for indigenous shipowners under the Coastal and Inland Shipping (Cabotage) Act.
It argued that shipowners, as contributors to the fund, deserved documentary evidence showing how much had accrued, where the money was domiciled, the interest generated and the amount currently available for disbursement.
SEREC also warned that converting dollar contributions into naira exposed the fund to significant foreign exchange losses, given the depreciation of the local currency over the years.
According to the organisation, if the contributions were converted into naira and retained in that currency, the fund could have suffered a substantial erosion in its real value, undermining its original objective of strengthening indigenous shipping capacity.
It maintained that the CVFF was contributors’ money and should not be treated as government largesse, stressing that shipowners had a legitimate right to demand accountability.
The centre further criticised maritime industry stakeholders, particularly shipowners’ associations, for allegedly prioritising access to the fund over sustained demands for transparency in its management.
SEREC insisted that no disbursement should take place without a comprehensive forensic audit to establish the fund’s financial history and current position.
It said the audit should cover all contributions, currency conversions, investments, accrued interest and administrative transactions relating to the fund from 2004 to date.
The organisation said the findings would provide the necessary clarity on the financial position of the CVFF and help restore confidence among indigenous shipowners seeking access to the facility.

 

Nkpemenyie Mcdominic, Lagos

 

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Wigwe’s Luxury Yacht Goes For N8.74 Billion After Legal Proceedings

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The daughter of late Nigerian banking executive, Herbert Wigwe has sold her father’s luxury yacht for $6.5 million which is the equivalent of N8.74 Billion following legal proceedings involving her, Otutochi Wigwe, and the company holding the vessel, Grosvenor Marine Ventures Limited.

This was contained in an online report obtained by The Tide Source in Port Harcourt recently.

The Source further clarified that $6. 5 Million dollars or N8.74 Billion was the asking price as at March this year but was unable to prove, if the said amount was exactly what the vessel went for.

The yacht, known as Chitochi, is a 2016 Custom Line 108 superyacht measuring approximately 33 metres (108 feet) in length. The transaction was handled by international yacht brokerage firm IYC, with its sales and charter consultant, Mark Elliott, overseeing the sale.

The disposal of the high-value vessel followed legal steps taken to address the corporate status of Grosvenor Marine Ventures Ltd., the company through which the yacht was held.

Otutochi Wigwe reportedly approached a court in the British Virgin Islands (BVI) to secure the restoration of the company to the corporate register, a move that enabled the necessary legal steps towards the sale of the vessel.

The proceedings were central to resolving the corporate issues affecting the company and facilitating the transaction, underscoring the legal complexities that may arise when valuable assets are held through corporate entities in foreign jurisdictions.

The sale is also significant in the context of estate administration, as luxury yachts require substantial financial commitments to maintain, even when they are no longer actively used by their owners or beneficiaries.

Such vessels typically attract considerable expenses, including crew salaries, insurance premiums, berthing charges, routine servicing and other maintenance costs, making their continued ownership a major financial responsibility.

Beyond the recurring expenses, luxury yachts are depreciating assets that may lose value over time. Their disposal can therefore form part of a strategy to preserve estate value, reduce liabilities and convert an expensive asset into liquid funds.

Wigwe, who was the former Group Chief Executive Officer of Access Holdings, died on February 9, 2024, in a helicopter crash in California, United States, alongside his wife, Chizoba; their son, Chizi; and former Nigerian Exchange Group chairman, Abimbola Ogunbanjo.

His death was widely mourned across Nigeria’s banking and business communities, where he was recognised for his contributions to the financial services industry, entrepreneurship and philanthropy.

Wigwe’s passing left behind an estate whose administration involves the management of assets and other financial interests, a process that can require legal and financial decisions to protect the interests of the estate and its beneficiaries.

The sale of Chitochi highlights the challenges associated with managing high-value assets held through corporate structures, particularly where the relevant companies and legal proceedings fall under different jurisdictions.

The $6.5 million transaction brings the yacht’s ownership chapter to a close while illustrating how legal procedures, financial considerations and estate management can intersect in the administration of the assets of a prominent business figure.

‘’We determined to get all our equipments and machinery functioning as we progress. For now we’ve about 105 workers, comprising daily paid harvesters and regular staffs. But aside these 105 staffs we also employ daily slashers who for now are about 100.

“During peak periods, hopefully on or before January 2026 we hope to increase our work force for maximum production”, the firm’s management Stated.

 

King Onunwor

 

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