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Buhari Seeks NASS’ Amendment Of PIA …Wants NNPC, EFCC Boards’ Confirmation
President Muhammadu Buhari has written to the Senate, seeking an amendment to the recently signed Petroleum Industry Act, PIA.
President Muhammadu Buhari also sought the House of Representatives’ amendments to the Petroleum Industry Act, including removal of the Ministry of Petroleum Resources and Ministry of Finance, Budget and National Planning from the boards of the Nigerian Upstream Regulatory Commission and the Nigerian Midstream and Downstream Petroleum Regulatory Authority.
In the letter, Buhari wants an amendment to the new Act to allow for the removal of the Ministers of Petroleum and Finance from the board of the Nigerian National Petroleum Corporation (NNPC), saying that they can continue to perform their functions without necessarily being members of the board.
In the letter read, yesterday, during plenary by the President of the Senate, Dr Ahmad Lawan, Buhari is also seeking for the amendment to allow the Non-Executive Members to be increased from two to six in the national interest.
The President, in three other letters to the Senate, asked for the confirmation of nominees into the boards of the Nigerian Midstream and Downstream Petroleum Regulatory Authority, Upstream Regulatory Commission and the Economic and Financial Crimes Commission (EFCC).
The three confirmation letters from the President were read in yesterday’s plenary by Senate President, Dr Ahmad Lawan.
In a letter dated September 16, 2021, Buhari stated that the request to confirm the chairman, chief executive and executive directors for the Nigerian Midstream and Downstream Petroleum Regulatory Authority was being made in accordance with the provision of Section 34(3) of the Petroleum Industry Act 2021.
The nominees for confirmation into the Nigerian Petroleum Regulatory Board are: Idaere Gogo Ogan (chairman); Engr. Sarki Auwalu (chief executive); Abiodun A. Adeniji (executive director, Finance and Accounts); and Ogbugo Ukoha (executive director, Distributions Systems, Storage and Retail Infrastructure).
In another letter also dated September 16, 2021, the President while relying on the provision of Section 11(3) of the Petroleum Industry Act 2021, requested the Senate to confirm the appointment of four nominees as chairman, chief executive and executive commissioners to the Board of the Upstream Regulatory Commission.
The nominees are: Isa Ibrahim Modibo (chairman); Engr. Gbenga Komolafe (chief executive); Hassan Gambo (executive commissioner, Finance and Accounts); and Ms Rose Ndong (executive commissioner, Exploration and Acreage Management).
According to the President, requests for the confirmation of the board’s membership were made “in order to fast track the process for the establishment of the commission”.
In the third letter dated September 17, 2021, Buhari requested the upper legislative chamber to confirm the appointment of the secretary and board members of the Economic and Financial Crimes Commission (EFCC).
He explained that the request for the confirmation of the nominees was in accordance with the provision of Section 2(1) of the Economic and Financial Crimes Commission (Establishment) Act, 2004.
Those to be confirmed include George Abbah Ekpungu, secretary (Cross River); Luqman Muhammed (Edo); Anumba Adaeze (Enugu); Alhaji Kola Raheem Adesina (Kwara); and Alhaji Yahaya Muhammad (Yobe).
At the House of Representatives, the Speaker, Hon Femi Gbajabiamila, read the cover letter attached to an executive bill presented to the House by Buhari at the opening of plenary, yesterday.
The proposals also include the appointment of non-executive board members; removal of the ministries from the boards of the two institutions; and appointment of executive directors to the boards.
The President’s requests to the House of Representatives are a rehearsal of the same demands he made to the Senate.
It would be recalled that the joint National Assembly committees that worked on the PIB had proposed five per cent equity share for the development of the host communities but the Senate-led the campaign for its reduction to three per cent while the House of Representatives approved the panel’s recommendation.
The conference committee set up by the presiding officers of both chambers in their recommendation, fixed the equity share at three per cent and was invariably approved by the National Assembly.
The development generated into controversy with senators from the South-South geopolitical zone kicking against it and asked Buhari to resolve the impasse by seeking amendment to increase the equity share to five per cent.
However, the new amendments proposed by the President did not address the concerns of the South-South stakeholders.
Rather, Buhari’s fresh request centred basically on the need to review the administrative structure of the Upstream Regulatory Commission and the Nigerian Midstream and Downstream Petroleum Regulatory Authority.
Buhari is seeking the senators’ approval to increase the numbers of the non-executive board members of each of the regulatory agencies from two to six, in order to capture the six geopolitical zones.
He said, “The Petroleum Industry Act 2021 provided for the appointment of two non-executive members for the board of the two regulatory institutions.
“I am of the view that this membership limitation has not addressed the principle of balanced geopolitical representation of the country.
“Therefore, I pray for the intervention of the 9th Assembly to correct this oversight in the interest of our national unity.
“Needless to add that this amendment will provide a sense of participation and inclusion to almost every section of the country in the decision making of strategic institutions such as oil industry.
“If this amendment is approved, it will now increase the number of the non-executive members from two to six that is one person from each of the six geopolitical zones of the country”.
The President also removed the Ministers of Finance and Petroleum Resources from the board of the two agencies.
He said the two ministers already have constitutional responsibilities of either supervision or inter-governmental relations.
He said, “They can continue to perform such roles without being in the board.
“It is also important to note that administratively, the representatives of the ministries in the board will be directors – being the same rank with the directors in the institution
“This may bring some complications in some decision making, especially on issues of staff related matters.”
Buhari added that the appointments of the executive directors who would be in charge of the seven departments in the NMDPRA should not be subjected to Senate confirmation since they are civil servants who were promoted in the course of their career.
He said, “The Act has made provision for seven departmental heads in the Authority to be known as executive directors.
“Their appointment (according to the PIA) will also be subjected to Senate confirmation. These category of officers are civil servants and not political appointees.
“The Senate is invited to note the need to exempt serving public officers from the established confirmation process for political appointments.
“This will ensure effective management of the regulatory institutions through uniform implementation of public service rules for employees of the authority.
“In the future, these positions will obviously be filled by the workers in the authority.
Buhari said the proposed amendment would also increase the membership of the board from nine to 13 members that is representing 44 per cent expansion of the board site.
He said, “This composition would strengthen the institutions and guarantee national spread and also achieve the expected policy contributions”.
By: Nneka Amaechi-Nnadi, Abuja
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Tinubu Hails NGX N100trn Milestones, Urges Nigerians To Invest Locally
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
The Rivers State Government has reiterated its commitment towards the welfare of veterans, serving officers and widows of fallen officers in the State.
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?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.
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?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.
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?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.
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?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.
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Fubara Redeploys Green As Commissioner For Justice
The Governor of Rivers State, Sir Siminalayi Fubara, has approved a minor cabinet reshuffle in the State Executive Council.
Under the new disposition, Barrister Christopher Green, who until now served as Commissioner for Sports, has been redeployed to the Ministry of Justice as the Honourable Attorney General and Commissioner for Justice.
This is contained in an official statement signed by Dr. Honour Sirawoo, Permanent Secretary, Ministry of Information and Communications.
According to the statement, Barrister Green will also continue to coordinate the activities of the Ministry of Sports pending the appointment of a substantive Commissioner to oversee the ministry.
The redeployment, which takes immediate effect, was approved at the last State Executive Council meeting for the year 2025, underscoring the Governor’s commitment to strengthening governance, ensuring continuity in service delivery, and optimising the performance of key ministries within the state.
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