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Senate Begins Phased PIB Debate …Denies Working Against Buhari

Published

9 years ago

November 4, 2016

Finally, there seems to be light at the end of the tunnel for the Petroleum Industry Bill (PIB) as the Senate has commenced batch-by-batch consideration and passage of the Bill with the first batch scaling through second reading.
The first batch of the bill read a second time basically spells out the governance and industrial framework for the Nigeria’s oil industry while the second batch, according to the Senate President, Bukola Saraki, would deal with the host community funds and other financial components of the Bill.
The bill sponsored by Senator Donald Alasoaudura is titled, “A Bill For An Act To Provide For The Governance And Institutional Framework For The Petroleum Industry And For Other Related Matters 2016”, and is co-sponsored by 28 senators.
In his lead debate, Alasoaudura said the objective was to create an efficient and effective governing institution with clear and separate roles for the petroleum industry.
Alasoaudura said the bill seeks to establish a framework for the creation of commercially-oriented and profit-driven petroleum entities that ensures value addition and internationalization of the petroleum industry, and when passed, will ensure transparency and accountability in the administration of Nigeria’s petroleum resources; and foster a conducive business environment for petroleum industry operations.
In his contribution, Senator James Manager, noted that oil discovery in the Niger Delta has been a blessing to the world, and Nigeria in particular, but a curse to the people of the region.
He pointed out that the region tells only story of devastation and exploitation, and lamented that the golden hen that lays the golden eggs should not be taken for granted, hence the need for the 10 per cent revenue allocation for oil host communities.
Manager urged his colleagues to overlook the primordial sentiments that frustrated the passage of the bill since it was first introduced in the Sixth Senate, even as he commended the Senate leadership for the decision to split the bill into batches.
Senator Barnabas Gemade said the oil producing countries have robust, efficient and effective legislations guarding the operations within the individual countries, and hoped that the bill will redress the anomaly.
“And this has been to their advantage but Nigeria has become an exception, and we have seen the adverse effects of lack of proper legislation to guide the petroleum industry in this country.
“Every investor wants to know what is happening legally within the environment it wants to invest. It wants to know the dos and don’ts, it wants to know the opportunities because you can calculate the opportunities, you can’t calculate the risks if you don’t know what is happening legally within a given system, like what is obtainable in our petroleum industry as we speak”, he said.
Provisions of the bill include that NNPC be split into two companies; the Nigeria Petroleum Assets Management Company (NPAM) and a National Oil Company (NOC).
According to the bill, NOC will be an “integrated oil and gas company operating as a fully commercial entity”, and will run like a private company.
The company will as well keep its revenues, deduct costs directly and pay dividends to the government, thereby putting an end to the era of waiting for federal allocation for funding and always failing to meet cash call obligations.
President of the Senate, Bukola Saraki, had announced the immediate need for the consideration of the batch providing for the host community funding.
His words, “Before we proceed into the finalization of this part of the bill, the committee must come with a bill regarding the issue of the host communities for discussion. And I think that that can be done within the next four weeks before we come back for clause-by-clause consideration of the bill.
“We must bring the bill here on community issues and frontiers so that we can also pass it into second reading and commit it to the committee. I think it would be fair to create an understanding that the purpose of this bill is to send the message that truly, as a Senate, we are committed to ensuring that we create that enabling environment for this sector”.
The bill was later referred to Senate Committees on Petroleum (Upstream and Downstream) and that of Gas for more legislative inputs within the next four weeks.
Meanwhile, the Senate of the Federal Republic of Nigeria has debunked reports in some quarters that it may have been working against the interest of the Presidency.
Leader of the Senate, Aliyu Ndume, made this remark on behalf of the Senate yesterday while reacting to a newspaper publication.
In the said publication, the Minister of Budget and National Planning, Barr Udo Udoma, was quoted as saying the Senate should be held responsible for the failure to meet October target for the consideration of 2017 budget.
Citing Order 42, 52 and 15 of the Senate standing rules, the leader said the minister has been invited to appear before him to throw more light on the document he submitted relating to the 2017 budget but he failed to appear.
“In this Senate, we have the opposition that is cooperating with us. We are also the majority who make the government, so we are not working against the government”, the Senate leader added.
On his part, the Senator representing Akwa Ibom North-East, Albert Bassey, said he had personally confronted the minister, who is his own “brother” and that he denied making such remarks, adding that he was quoted out of context by the media.
In his ruling, the Senate President, Bukola Saraki also confirmed that he got across to the minister as soon as he saw the said publication and he (minister) did promise to retract the statement through subsequent publications.
He, however, cautioned both the executive and the legislature not to go into blame game but work towards nation building.
Saraki, therefore, assured the Presidency that the Senate would commence considerations of the budget as soon as the document required is provided by the minister.

Nneka Amaechi-Nnadi, Abuja

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Rivers: Impeachment Moves Against Fubara, Deputy Hits Rock …As CJ Declines Setting Up Panel

Published

19 hours ago

January 23, 2026

The Tide

The impeachment moves against Rivers State Governor, Sir Siminialayi Fubara, and his deputy, Prof. Ngozi Ordu, by the Rivers State House of Assembly has suffered a setback following the refusal by the State Chief Judge, Hon. Justice Simeon C. Amadi, to set up a seven-man investigate panel to probe the governor and his deputy.

Justice Amadi hinged his decision on subsisting interim court injunctions and pending appeals.

Recall that the Assembly members had earlier requested the Chief Judge to set up a seven-man investigative panel to probe allegations of gross misconduct against Fubara and his deputy.

In a letter dated January 20, 2026, and addressed to the Speaker of the Rivers State House of Assembly, Rt. Hon Martins Amaewhule, the Chief Judge acknowledged receipt of two separate letters from the Assembly, both dated January 16, 2026, requesting the constitution of an investigative panel pursuant to Section 188(5) of the 1999 Constitution of the Federal Republic of Nigeria (as amended).

However, the State Chief Judge explained that his hands were tied by ongoing judicial proceedings directly connected to the impeachment process.

He disclosed that his office had been served with interim injunctions issued on January 16, 2026, arising from two separate suits challenging the actions of the House of Assembly.

The suits include Suit No. OYHC/6/CS/2026, filed by the Deputy Governor against the Speaker and 32 others, and Suit No. OYHC/7/CS/2026, instituted by Governor Fubara against the Speaker and 32 others.

According to him, the interim injunctions expressly restrain him from “receiving, forwarding, considering and or howsoever acting on any request, resolution, articles of impeachment or other documents or communication from the 1st -27th and 31st Defendants for the purpose of constituting a panel to investigate the purported allegations of misconduct against the Claimant/Applicant for seven days.”

Justice Amadi stressed that obedience to court orders is non-negotiable in a constitutional democracy, regardless of personal opinions about such orders.

“Constitutionalism and the Rule of Law are the bedrock of democracy and all persons and authorities are expected to obey subsisting orders of court of competent jurisdiction, irrespective of perception of its regularity or otherwise,” he stated.

To further underscore his position, the Chief Judge cited judicial precedent, referring to the case of Hon. Dele Abiodun v. The Hon. Chief Judge of Kwara State & 3 Ors. (2007), in which the Chief Judge of Kwara State was faulted for proceeding to constitute a panel despite a subsisting court order restraining such action.

Quoting directly from the judgment, Justice Amadi recalled: “I liken the scenario created by the Chief Judge to the position of a chief priest and custodian of an oracle turning round to desecrate the oracle,” a passage he said highlights the sacred duty of judicial officers to uphold the law.

He added that the judiciary, as “the custodian and head of the judicial arm of the State, ought to abide by the laws of the State, nay the land…”

He further noted that the Rivers State House of Assembly had already filed appeals against the interim injunctions at the Court of Appeal, Port Harcourt Division, with notices of appeal served on January 19 and 20, 2026.

“In view of the foregoing, my hand is fettered, as there are subsisting interim orders of injunction and appeal against the said orders.

“I am therefore legally disabled at this point, from exercising my duties under Section 188(5) of the Constitution in the instant,” the Chief Judge declared.

He concluded by expressing hope that “the Rt. Hon. Speaker and the Honourable Members of the Rivers State House of Assembly will be magnanimous enough to appreciate the legal position of the matter.

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Tinubu Hails NGX N100trn Milestones, Urges Nigerians To Invest Locally

Published

2 weeks ago

January 9, 2026

The Tide

President Bola Tinubu yesterday celebrated the Nigerian Exchange Group’s breakthrough into the N100tn market capitalisation threshold, saying Nigeria has moved from an ignored frontier market to a compelling investment destination.

Tinubu, in a statement signed by his Special Adviser on Information and Strategy, Bayo Onanuga, urged Nigerians to increase their investments in the domestic economy, expressing confidence that 2026 would deliver stronger returns as ongoing reforms take firmer root.

He noted that the NGX closed 2025 with a 51.19 per cent return, outperforming global indices such as the S&P 500 and FTSE 100, as well as several BRICS+ emerging markets, after recording 37.65 per cent in 2024.

“With the Nigerian Exchange crossing the historic N100tn market capitalisation mark, the country is witnessing the birth of a new economic reality and rejuvenation,” Tinubu said.

He attributed the stellar performance to Nigerian companies proving they can deliver strong investment returns across all sectors, from blue-chip industrials localising supply chains to banks demonstrating technological innovation.

The President added, “Year-to-date returns have significantly outpaced the S&P 500, the FTSE 100, and even many of our emerging-market peers in the BRICS+ group. Nigeria is no longer a frontier market to be ignored—it is now a compelling destination where value is being discovered.”

Tinubu disclosed that more indigenous energy firms, technology companies, telecoms operators and infrastructure firms are preparing to list on the exchange, a move he said would deepen market capitalisation and broaden economic participation.

He also cited what he described as a sustained decline in inflation over eight months—from 34.8 per cent in December 2024 to 14.45 per cent in November 2025—projecting that the rate would fall below 10 per cent before the end of 2026.

“Indeed, inflation is likely to fall below 10 per cent before the end of this year, leading to improved living standards and accelerated GDP growth. The year 2026 promises to be an epochal year for delivering prosperity to all Nigerians,” he said.

The President attributed the trend to monetary tightening, elimination of Ways and Means financing, and agricultural investments, which he said helped stabilise the naira and ease post-reform pressures.

Nigeria’s current account surplus reached $16bn in 2024, with the Central Bank projecting $18.81bn in 2026, reflecting a trade pattern shift toward exporting more and importing less locally-producible goods.

Non-oil exports jumped 48 per cent to N9.2tn by the third quarter of 2025, with African exports nearly doubling to N4.9tn. Manufacturing exports grew 67 per cent year-on-year in the second quarter.

Foreign reserves have crossed $45bn and are expected to breach $50 billion in the first quarter, giving the CBN ammunition to maintain currency stability and end the volatility that previously fuelled speculation, according to the President.

Tinubu also highlighted infrastructure expansion in rail networks, arterial roads, port revitalisation, and the Lagos-Calabar and Sokoto-Badagry superhighways, alongside improvements in healthcare facilities that are reducing medical tourism costs, and increased university research grants funded through the Nigeria Education Loan Fund.

“Our medicare facilities are improving, and medical tourism costs are declining. Our students benefit from the Nigeria Education Loan Fund, and universities are receiving increased research grants,” he said.

He described nation-building as a process requiring hard work, sacrifices, and citizen focus, pledging to continue working to build an egalitarian, transparent, and high-growth economy catalysed by historic tax and fiscal reforms that came into full implementation from January 1.

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RSG Kicks Off Armed Forces Remembrance Day ‘Morrow …Restates Commitment Towards Veterans’ Welfare

Published

2 weeks ago

January 9, 2026

The Tide

The Rivers State Government has reiterated its commitment towards the welfare of veterans, serving officers and widows of fallen officers in the State.

?The Secretary to the Rivers State Government, Dr. Benibo Anabraba, in a statement by ?Head, Information and Public Relations Unit, SSG’s ?Office, ?Juliana Masi, stated this during the Central Planning meeting of the 2026 Armed Forces Remembrance Day in Port Harcourt, yesterday.

?Anabraba thanked the Committee for their contributions to the success of the Emblem Appeal Fund Ceremony recently held in the State and called on them to double their efforts so that the State can record resounding success in the remaining activities.

?According to him, the remembrance day events will begin with Jumaàt Prayers on Friday, 9th January at the Rivers State Central Mosque, Port Harcourt Township, while a Humanitarian Outreach/Family and Community Day will be hosted on Saturday, 10th January, by the wife of the governor, Lady Valerie Siminalayi Fubara, for widows and veterans.

?”On Sunday, 11th January, an Interdenominational Church Thanksgiving Service will hold at St. Cyprian Anglican Church, Port Harcourt Township while the Grand-finale Wreath- Laying Ceremony will hold on Thursday, 15th January at the Isaac Boro Park Cenotaph, Port Harcourt”, he said.

?The SSG noted that one of the highlights of the events is the laying of wreaths by Governor Siminalayi Fubara and Heads of the Security Agencies.