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OPEC Commends Nigeria For Exiting Joint Cash-Call Debt

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9 years ago

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The Secretary-General of the Organisation of Petroleum Exporting Countries (OPEC), Dr Mohammed Barkindo, has commended Nigeria for exiting the Joint Venture Cash Call debt (JVC).
Barkindo gave the commendation in Abuja on Monday at a World press briefing he jointly held with the Minister of State for Petroleum, Dr Ibe Kachikwu.
Cash calls is the counterpart funding which the Federal Government, represented by the Nigerian National Petroleum Corporation (NNPC), annually pays as its 60 per cent equity shareholding in various oil and gas fields.
It is operated by international oil companies in the country for more than four decades and indigenous oil firms and Nigeria owe arrears of $6.8 billion.
Kachikwu had said an outstanding debt of $5.1 billion would be paid over five years through incremental oil production volumes.
Barkindo commended Kachikwu for securing the feat on behalf of government.
He said: “I must single out the frontal approach on the lingering issue of funding our exploration as well as production, the JVC.
“Many of my colleagues, here that we served together, will testify that government after government, regime after regime we have battled with this issue continuously without solution.
“This is a confession: the day you overcame this issue that had beleaguered this industry as well as government, you made my day.
‘’Same for the day of all participants who knew what the government had battled to stay afloat on the issue of cash-call.
“The approach has been innovative, the solution is very practical.
“You are clearing an overhaul of debt too high, yet maintaining the level of production.
‘’You also focusing on an incremental level of growth that will continue to sustain not only the industry but also the domestic economy’’.
He also commended government for embracing diversification, disclosing that it was a topical issue that arose during his member-visits to other OPEC countries.
“I am just coming from Saudi Arabia, the largest producer who depends solely on oil and gas but it came up with a programme to diversify its economy within the context of the vision 2030.
“Therefore, I urge all colleagues and industry chieftains to rally round the honourable minister to march forward.
“Despite all reform programmes on diversification which we support, we should support farming. Diversification for now remains the music for the future.
“Our economies will continue to determine what you do, and with what we have seen, the future is brighter than what we have hitherto expected.’’
On his visit to Nigeria, he said he had to insist on reducing his entourage to Nigeria, because everyone was willing to come to Nigeria and see firsthand Kachikwu’s “giant strides’’.
He commended Kachikwu for building the confidence of OPEC members and earning their respect saying, “the minister was able to convince OPEC member countries to drop their candidates for his candidate.
“That shows the level of respect they have for him, for him to have persuaded sovereign nations and say I have a better candidate.
“With those words, history was made in June in Vienna. It says a lot about who you are, your character.
“Continue with this tradition of maintaining stability, continue to remain focused, we have a lot to achieve’’.

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Agency Gives Insight Into Its Inspection, Monitoring Operations

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6 days ago

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January 12, 2026

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The Director, South South Zone National Agency for Food Drug Administration and Control (NAFDAC), Pharmacist Chujwuma P.Oligbu has said its  thorough implementation of its core mandate of monitoring has no link with witch-hunting or fault finding as perceived at some quarters.
 Oligbu, made this known when he spoke as as guest at the maiden Rivers state Supermarkets stakeholders’ Seminar/Workshop in Port Harcourt recently.
Rather, he said they were mere opportunities for education, correction and continuous improvement.
The Agency’s South South Boss, noted that  Supermarket operators who maintain transparent records, cooperate during inspections, and promptly address identified gaps demonstrate professionalism and commitment to public health standard.
He listed the deserving essence of supermarket operation to include the key aspects of supermarket operation that deserves emphasis is product sourcing.
“Supermarkets must ensure that all regulated products stocked on their shelves are duly registered with NAFDAC and sourced from legitimate manufacturers or distributors”, he said .
According to him, the presence of unregistered, expired, counterfeit, or improper labelled products undermines consumer confidence and poses serious health risks.
He pointed out that such has the likelihood of  exposeing supermarket operators to legal sanctions that could damage their reputation and financial stability.
The NAFDAC Operator, further enlightened the participants that mere registration of a particular product with the Federal agency do not guarantee absolute consumption safety.
“Temperature control, cleanliness, pest control, stock rotation, and proper shelving are not optional practice; they are essential components of compliance”, he said.
The South South zonal director also told the operators of supermarket that their employees rotine training on the basis of the product they display for sale is of utmost importance.
In her presentation a Breast Milk Nutrition Expert , Professor Alice Nte of University of Port Harcourt Teaching Hospital (UPTH), was against the body’s prime attention to breast milk substitute or baby milk in supermarkets as well as its advertisement or promotion.
Nye jerked up  the importance of mothers breast milk to the newborn baby and added that it  help in fighting against childhood diseases, infections and combating cancer in breastfeeding mothers.
Meanwhile, NAFDAC Deputy Director, South – South Zone , Mrs. Riter Chujwuma educated the participants on the guidelines for global listing, and the need to adhere strictly to rules guiding global listing to avoid confiscation of their imported products.
By: King Onunwor
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BVN Enrolments Rise 6% To 67.8m In 2025 — NIBSS

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6 days ago

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January 12, 2026

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The Nigeria Inter-Bank Settlement System (NIBSS) has said that Bank Verification Number (BVN) enrolments rose by 6.8 per cent year-on-year to 67.8 million as at December 2025, up from 63.5 million recorded in the corresponding period of 2024.

In a statement published on its website, NIBSS attributed the growth to stronger policy enforcement by the Central Bank of Nigeria (CBN) and the expansion of diaspora enrolment initiatives.

 According to the data, more than 4.3 million new BVNs were issued within the one-year period, underscoring the growing adoption of biometric identification as a prerequisite for accessing financial services in Nigeria.

NIBSS noted that the expansion reinforces the BVN system’s central role in Nigeria’s financial inclusion drive and digital identity framework.

Analysts linked the growth largely to regulatory measures by the CBN, particularly the directive to restrict or freeze bank accounts without both a BVN and National Identification Number (NIN), which took effect from April 2024.
The policy compelled many customers to regularise their biometric records to retain access to banking services.

Another major driver, the statement said, was the rollout of the Non-Resident Bank Verification Number (NRBVN) initiative, which allows Nigerians in the diaspora to obtain a BVN remotely without physical presence in the country.

The programme has been widely regarded as a milestone in integrating the diaspora into Nigeria’s formal financial system.

A five-year analysis by NIBSS showed consistent growth in BVN enrolments, rising from 51.9 million in 2021 to 56.0 million in 2022, 60.1 million in 2023, 63.5 million in 2024 and 67.8 million by December 2025. The steady increase reflects stronger compliance with biometric identity requirements and improved coverage of the national banking identity system.

However, NIBSS noted that BVN enrolments still lag the total number of active bank accounts, which exceeded 320 million as of March 2025.

The gap, it explained, is largely due to multiple bank accounts linked to single BVNs, as well as customers yet to complete enrolment, despite the progress recorded.

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AFAN Unveils Plans To Boost Food Production In 2026

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1 week ago

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January 9, 2026

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The leadership of the All Farmers Association of Nigeria (AFAN) has set the tone for the new year with a renewed focus on food security, unity and long-term growth of the agricultural sector.
The association announced that its General Assembly of Farmers Congress will take place from January 15 to 17, 2026 at the Abuja Chamber of Commerce and Industries, along Lugbe Airport Road, in the Federal Capital Territory.
The gathering is expected to bring together farmers, policymakers, investors and development partners to shape a fresh direction for Nigerian agriculture.
In a New Year address to members and stakeholders, AFAN president, Dr Farouk Rabiu Mudi, said the congress would provide a strategic forum for reviewing past challenges and outlining practical solutions for the future.
He explained that the event would serve as a rallying point for innovation, collaboration and economic renewal within the sector.
Mudi commended farmers across the country for their determination and hard work, despite years of insecurity, climate-related pressures and economic uncertainty.
According to him, their resilience has kept food production alive and positioned agriculture as a stabilising force in the national economy.
He noted that AFAN intends to build on this strength by resetting agribusiness operations to improve productivity and sustainability.
The AFAN leader appealed to government institutions, private investors and development organisations to deepen their engagement with the association.
He stressed the need for collective action to confront persistent issues such as insecurity in farming communities, climate impacts and market instability.
He also urged members to put aside internal disputes and personal interests, encouraging cooperation and shared responsibility in pursuit of national development.
Mudi outlined key priorities that include increasing food output, expanding support for farmers at the grassroots and strengthening local manufacturing through partnerships with both domestic and international investors adding that reducing dependence on imports remains critical to protecting the economy and creating jobs.
He stated that the upcoming congress will feature the launch of AFAN’s twenty-five-year agricultural mechanisation roadmap, alongside the announcement of new partnerships designed to accelerate growth across the value chain.
Participants, he said wi also have opportunities for networking and knowledge exchange aimed at transforming agriculture into a more competitive and technology-driven sector.
As part of its modernisation drive, AFAN is further encouraging members nationwide to enrol for the newly introduced Digital ID Card.
Mudi said the initiative will improve transparency, ensure proper farmer identification and make it easier to access support programmes and services.
Reaffirming the association’s long-term goal, he said the vision of national food sufficiency by 2030 remains achievable if unity and collaboration are sustained.
He expressed optimism that with collective effort, Nigeria’s agricultural sector can overcome its challenges and deliver a more secure and prosperous future.
Lady Usendi
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