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FG Backs $400m Investment, 10,000 Jobs in View

By
Toyin Adebayo
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0

***Nigeria to Host Africa’s Largest Rare Earth Plant

The Federal Government has endorsed a $400 million foreign direct investment (FDI) by Hasetins Commodities Limited to establish Africa’s largest rare earth and critical minerals processing plant in Nasarawa State — a transformative project expected to generate over 10,000 jobs nationwide.

Minister of Solid Minerals Development, Dr. Dele Alake, who received the management team of Hasetins Commodities in Abuja, described the initiative as a bold response to President Bola Ahmed Tinubu’s value-addition policy aimed at reviving Nigeria’s mining sector through local processing and beneficiation.

“With your collaboration, we are witnessing the birth of Africa’s biggest rare earth metals plant right here in Nigeria,” Alake said. “This project is a testament that our reforms are working, attracting the right investments, and creating opportunities for Nigerians.”

Hasetins Commodities, a firm specializing in critical metals for advanced technology and defence industries, plans to triple its existing 6,000 metric tonnes processing capacity by adding another 12,000 metric tonnes through the new facility. The company is also setting up regional mineral separation plants across the country to support artisanal miners and foster community development.

Alake commended the company for aligning its business model with the federal government’s drive for in-country mineral processing and industrialization. He noted that the project will not only boost job creation and skills development, but also stimulate investor confidence and economic diversification.

On behalf of President Tinubu and the Nigerian people, the Minister pledged full institutional support for the project, which he described as a game-changer in the nation’s solid minerals value chain.

In his remarks, Prince Jidayi, Managing Director/CEO of Hasetins Commodities Limited, credited the Minister’s leadership and sector-wide reforms for creating a more transparent and investor-friendly environment.

“The introduction of mining marshals to tackle illegal mining, and the simplification of licensing processes, gave us the confidence to commit to this major investment,” Prince Jidayi said. “Beyond this plant, we are investing in early-stage beneficiation to empower local miners, including training, safety equipment, and direct community engagement.”

Echoing this, the company’s Director of Corporate Affairs, Mr. Peter Butt, said Hasetins’ decision was further driven by the Ministry’s emphasis on value addition, structure, and long-term sustainability in the mining ecosystem.

“This is more than a business investment — it’s a shared vision for national development,” Butt said.

Hasetins Commodities’ rare earth plant will focus on metals essential for high-tech sectors, including green energy, aerospace, and electronics. With construction plans underway, the facility is expected to place Nigeria at the forefront of Africa’s critical minerals economy and reduce dependence on raw mineral exports.

The initiative represents a significant step in Nigeria’s plan to transform solid minerals into a pillar of industrial growth, innovation, and inclusive development.

Wike Declares IBB Golf Club a National Tourism Asset, Warns Tax Defaulters: “We Won’t Let Anyone Take What Belongs to the People”

By
Toyin Adebayo
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0

Minister of the Federal Capital Territory (FCT), Barr. Nyesom Wike, has described the IBB International Golf and Country Club as a strategic national tourism asset that must be preserved, upgraded, and properly managed to support Nigeria’s economic diversification drive through tourism.

Speaking during his first official visit to the club on Friday, Wike commended the club’s standard and tourism potential, stressing that his administration would not tolerate misuse or backdoor privatization of government-owned assets.

“This is the property of the Nigerian government, and I’m proud to see it being properly managed. Some countries don’t have oil or gas, but thrive on tourism. If we get this place running to international standards, it will attract serious investors and boost our image globally,” Wike said.

He emphasized that although the club would be run through a private management structure, ownership would remain fully with the government. “We didn’t say go and own it; we said go and manage it. There is a big difference, and we won’t allow anyone to take what belongs to the people,” he warned.

The minister said Julius Berger Nigeria Plc, which built the facility in the 1990s, would be engaged again to lead the rehabilitation of the clubhouse and surrounding infrastructure. “They built it originally. It’s only logical that they take charge of the upgrade. This is an emergency project,” he added.

Linking the upgrade of public infrastructure to tax compliance, Wike issued a stern warning to property owners and residents of Abuja who default on ground rent. “Where do you think the money to fix this will come from—my personal pocket? If you don’t pay your ground rent, I will seal up your property. Public projects depend on public responsibility,” he declared.

Wike affirmed the administration’s commitment to tourism, describing the golf facility as a venue of high economic value, particularly during diplomatic and high-level government events. “This is the kind of facility that dignitaries and visitors can use. We are hosting ECOWAS meetings; delegates who play golf will want to use this space. That’s why it matters,” he said.

Earlier, the President of the Court of Appeal and Chairperson of the Club’s Board of Trustees, Justice Monica Dongban-Mensem, made an emotional appeal for urgent government intervention to save the club from collapse.

“This club, inaugurated in 1991 by the Federal Government, is one of the best in Sub-Saharan Africa. But decades of heavy usage and limited maintenance have taken a toll,” she said.

She noted that membership had grown from 29 at inception to over 5,000 members, but the infrastructure had remained the same. “This clubhouse was meant to have a second floor that was never built. Now we’re in a critical state—we are in the emergency unit,” she warned.

Dongban-Mensem likened the club’s potential to that of other major global tourism hubs and called on Wike to replicate the transformation he oversaw at the International Conference Centre. “That was amazing. We are hoping that this will be your next major intervention,” she said.

She further described the golf course as an ecological haven that must be protected. “This club is home to birds, monkeys, and other wildlife. It is also a bird observatory. If we leave it closed for too long, we risk losing this natural treasure.”

She appealed for urgent funding to rehabilitate the course, describing golfers as passionate and loyal members who had already endured weeks of closure. “Golfers are like fish out of water without their game. I cannot in good conscience recommend the reopening of the course without the necessary repairs.”

The minister concluded by assuring the club of full government support. “We won’t let this facility die. It’s a gem not just for Abuja, but for Nigeria’s international image. We will act fast,” he said.

Wike was later led on a guided tour of the facility’s most distressed areas, where he promised to prioritize the upgrades as part of his broader urban renewal efforts under President Bola Ahmed Tinubu’s Renewed Hope Agenda.

Tinubu’s Promise Underway: Wike Assures Apo Mechanics of Infrastructure in Wassa Relocation Plan

By
Toyin Adebayo
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0

Minister of the Federal Capital Territory (FCT), Nyesom Wike, has assured that President Bola Ahmed Tinubu’s administration is set to fulfill the long-standing promise of relocating Apo Mechanics to a permanent site in Wassa District — this time with the necessary infrastructure in place.

Wike gave the assurance in Abuja on Friday while inaugurating a ministerial committee to facilitate the relocation process. The committee, chaired by Wike himself, includes top officials from key departments such as Development Control, Lands, Urban and Regional Planning, Survey, Resettlement and Compensation, and the Abuja Metropolitan Management Council.

He noted that for over a decade — since 2011 — several governments had pledged to move the mechanics from their current location along the Outer Southern Expressway corridor to Wassa but failed to act.

> “It’s been promise after promise since 2011 without fulfillment,” Wike said. “But President Tinubu has made a promise, and we’ve already started the process of delivering on that promise.”

As part of the renewed plan, Wike announced that he and the leadership of the Apo Mechanics association will visit the Wassa site on June 27 to inspect the area and determine the infrastructure needs required to make the relocation viable.

> “The visit will help us assess what critical infrastructure needs to be provided — roads, electricity, water — to ensure a smooth and successful relocation,” the Minister explained.

Wike appealed to the mechanics to stay united and avoid internal disputes that could hinder the process, emphasizing that collaboration would fast-track progress.

> “You will achieve more by working together. Government exists to bring happiness to the people, and we are committed to ensuring that this relocation brings satisfaction and stability to your businesses,” he said.

The relocation project is seen as part of President Tinubu’s broader effort to restore order and ensure economic opportunity in the FCT. For the Apo auto dealers and artisans many of whom have worked for years in makeshift conditions the promise of a permanent, planned business hub in Wassa offers long-awaited hope.

The Wassa relocation, once considered a stalled agenda, now appears to be gaining fresh momentum under the current administration’s “Renewed Hope” commitment.

Tinubu Commissions Obafemi Awolowo Road in Abuja, Says ‘Vision Must Meet Action for National Progress’

By
Toyin Adebayo
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0

…Wike hails President’s resolve, defends compensation for non-indigenes

President Bola Ahmed Tinubu has declared that visionary leadership must be backed by decisive action for Nigeria to achieve meaningful progress. The President made the remark on Friday, during the official commissioning of the newly completed Arterial Road N5 in the Federal Capital Territory (FCT), now named Chief Obafemi Awolowo Road.

Speaking through the Secretary to the Government of the Federation, Senator George Akume, President Tinubu said the road project reflects his administration’s Renewed Hope Agenda, translating policy into concrete benefits for citizens. “This road, named after a man of vision—Chief Obafemi Awolowo—now carries the legacy of forward-thinking leadership into the future of our capital city,” he said. “The Arterial Road N5 represents what we can achieve when vision meets action. It is a symbol of our collective progress and commitment to a better future.”

President Tinubu commended FCT Minister, Barr. Nyesom Wike, and his team for delivering the project within record time, stating that the road will significantly ease congestion around Life Camp Junction and improve connectivity between Dape, Gwarinpa 1, Kado, Karsana, Idu, and Dambora. “To Abuja residents and indeed all Nigerians—this is your road. Own it, use it wisely, protect it, and celebrate it,” he urged.

In his remarks, Minister Wike thanked President Tinubu for his continued support and political will in backing Abuja’s development. He noted that the road, constructed by Julius Berger Nigeria Plc, features a six-lane dual carriageway with parking lanes, making it an eight-lane expressway that stretches from the Central Business District to Ring Road III in Gwarinpa.

Wike also addressed the initial resistance the project faced, particularly over compensation. “Some said because the residents were not ‘indigenous,’ they didn’t deserve compensation. But I insisted—under President Tinubu’s administration, no Nigerian should be denied justice. Everyone whose property was affected was paid, and that’s how we got this road completed,” he stated.

He praised Julius Berger for their professionalism and timely delivery, recalling his long-standing relationship with the construction giant since his time as Governor of Rivers State. “When we negotiated this project, I told the MD that it must be completed in time for Mr. President’s second-year anniversary—and they delivered,” Wike said.

Wike also expressed appreciation to the affected communities, acknowledging the emotional and cultural loss many endured. “No amount of money can replace one’s heritage, but I thank you for your understanding. Your sacrifice has made this development possible.”

Mr. Richard Dauda, Acting Executive Secretary of the Federal Capital Development Authority (FCDA), described the road as a vital corridor that aligns with the FCT Master Plan. “It begins near the Bola Ahmed Tinubu International Conference Centre in the Central Business District, cuts across Wuse, Utako, Jabi, Dape, and Life Camp, and ends at Ring Road III. Future development will see it extend into Phase IV of the FCT,” he explained.

Wike revealed that talks are underway to further extend the road toward the Nnamdi Azikiwe International Airport, with compensations being processed to allow construction to continue unhindered.

The commissioning ceremony drew top officials, community leaders, lawmakers, contractors, and residents, who all hailed the road as a testament to President Tinubu’s commitment to delivering infrastructure that improves lives and connects communities.

“This is Renewed Hope in action,” Wike said. “This is how we build a greater Nigeria vision matched with action.”

Wike Declares Political Strength Unshaken: “No One Can Say There’s No Hope for Me in Rivers State”

By
Toyin Adebayo
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0

…Says loyal allies across Nigeria remain his biggest strength

Minister of the Federal Capital Territory (FCT), Barr. Nyesom Wike, has firmly declared that his political relevance remains unshaken, especially in his home state of Rivers, insisting that no one can dismiss his influence.

“No one can say there’s no hope for me in Rivers State. I don’t see that person—and that’s the truth,” Wike stated emphatically during the commissioning of the Arterial Road N5 in Abuja on Friday.

Addressing a gathering of high-ranking officials, lawmakers, and supporters, Wike said his political momentum is not by chance but anchored on a nationwide network of loyal allies. “Mr. President, I don’t know any politician who enjoys this kind of support. Each time we commission a project in Abuja, friends from Rivers, Abia, Enugu, Sokoto, Cross River, and other states come in solidarity. These men are worthy of commendation. May God bless and strengthen them,” he said.

The former Rivers State governor emphasized that true leadership derives power from the strength and loyalty of those around it. “A man is only as strong as those beside him. If I come out alone, you might say, ‘forget him.’ But when I stand with these people, you know we mean business,” Wike added.

His remarks not only reaffirmed his continued political relevance but also served as a subtle message to critics who have questioned his standing in Rivers State politics. Wike’s growing influence in Abuja, paired with strong ties across Nigeria, signals a political figure far from retreat.

Tinubu Reaffirms Commitment to Infrastructure Development

By
Toyin Adebayo
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0

…Says Road Projects Are Not Expenses But Smart Investments in People’s Lives

President Bola Ahmed Tinubu has reaffirmed his administration’s unwavering commitment to infrastructure development, describing it as a strategic investment in national growth and an essential tool for improving the lives of citizens.

Speaking through the Deputy Speaker of the House of Representatives, Dr. Benjamin Kalu, during the commissioning of the newly completed Collector Road CN2 (Zakari A. Kiari Street) in Mabushi, Abuja, Tinubu lauded the project’s timely delivery, which connects Amadu Bello Way to Katampe District, easing traffic, improving access, and boosting local economic activity.

“President Tinubu asked me to convey his heartfelt commitment to the development of the FCT and to commend the FCT Minister for his tireless efforts in delivering quality infrastructure,” Dr. Kalu said. “This road reflects our administration’s dedication to urban renewal and improving the quality of life for Nigerians.”

Applauding the pace and standard of execution, Tinubu, through his representative, hailed FCT Minister, Barr. Nyesom Wike, for completing the project ahead of schedule and within budget, calling it “a testament to transparency, accountability, and visionary leadership.”

The President also acknowledged CGC Nigeria Limited, the contractor, for delivering a high-quality job, and urged residents of Mabushi, Katampe, and surrounding areas to take ownership of the infrastructure and protect it from misuse.

“Infrastructure development is not an expenditure—it is an investment in our people and our future,” Tinubu emphasized. “Our administration will continue to prioritize critical sectors, including roads, housing, transportation, education, and healthcare. Every Nigerian must feel the impact of good governance.”

Dedicating the road to Nigerian workers, families, and youth who would benefit most, the President added, “We hope this road brings convenience, safety, and opportunity.”

Echoing his broader national vision, he declared, “May we move forward united in purpose, bold in vision, and unshaken in our belief that a greater Nigeria is not just possible—it is inevitable.”

Meanwhile, FCT Minister, Barr. Nyesom Wike, used the occasion to deliver a blunt warning to property owners in Abuja who have failed to pay their ground rent, vowing to publish the names of defaulters. “If you know you have land here and you’ve not paid your ground rent, I will publish your name,” Wike stated. “We need that money to build roads and infrastructure—no one gets to enjoy the city for free.”

Wike criticized elite landowners who evade tax obligations locally but comply with property tax laws abroad. “Before they leave London or America, they pay their property tax. But here in Nigeria, they want to be begged and given time. That must stop,” he said.

Following the road commissioning, the Minister also inspected the Judges’ Quarters and the ongoing N5 Road project in Life camp, reaffirming his resolve to accelerate infrastructure delivery across the Federal Capital Territory.

Wike Warns Landowners: Pay Your Ground Rent or Face Public Exposure

By
Toyin Adebayo
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0

…Says Abuja can’t develop on free rides, defaulters risk being named and shamed

Minister of the Federal Capital Territory (FCT), Barr. Nyesom Wike, has issued a strong warning to property owners in Abuja who have refused to pay their ground rent, vowing to publicly publish the names of defaulters if they continue to evade their obligations.

Speaking during the commissioning of a newly constructed collector Road Cn2 (Zakari a Kyari Street) from arterial road N11 (Ahmadu Bello Way) in Mabushi to Judges Quarters in katampe and other roads project on Thursday, Wike declared that Abuja’s infrastructure development cannot be sustained unless residents and landowners pay their taxes.

“If you know you have land here and you have not paid your ground rent, I will publish your name,” Wike stated firmly. “It’s not to embarrass anyone; it’s simply the truth. We need that money to build the roads and infrastructure you are benefiting from.”

He criticized wealthy individuals who shirk their responsibilities locally while complying with property tax laws in foreign countries. “Before they leave London, they pay their property tax. In America, they pay. But in Nigeria, they want to be begged and given time. That won’t continue,” he said.

Wike also took a swipe at the narrative that Abuja is a ‘rich’ city, pointing out that the FCT receives only one percent of the federal allocation each month barely enough to cover salaries, let alone infrastructure. “If the Federal Government gets ₦800 billion monthly, Abuja gets only 1% that’s ₦8 billion. Meanwhile, our salary bill is about ₦13 billion due to the new minimum wage,” he explained.

He emphasized that projects like these are made possible by residents’ compliance with financial obligations. “You can’t enjoy services in the city for free. Taxation is what drives development. We will not allow sentiment or political affiliation to interfere with what is right,” he added.

Commissioning the road project, which was completed within eight to nine months despite an initial 12-month deadline, Wike praised the contractor for demonstrating capacity and commitment. “This is what development is about,” he said. “The road not only connects Judges’ Quarters but also opens up access to multiple communities. The value of land here has now skyrocketed.”

Wike concluded by commending President Bola Ahmed Tinubu for his unwavering support and reaffirmed his administration’s determination to push forward with infrastructure renewal across the FCT.

FG, Governors Unite to Dismantle Illegal Checkpoints, Slash Levies to Curb Soaring Food Prices

By
Saladin Babagana
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0

…Pledge to streamline goods movement as food inflation worsens; seek resolution with World Bank on NG-CARES funding

In a decisive move to combat rising food inflation and ease the burden on Nigerians, the 36 state governors under the Nigeria Governors’ Forum (NGF) have agreed to work closely with the Federal Government to dismantle unauthorized checkpoints, streamline levies, and address other logistical bottlenecks that are inflating food costs across the country.

The resolution was disclosed in a communiqué read by Lagos State Governor, Babajide Sanwo-Olu, on Thursday morning, following the Forum’s 3rd meeting held on Wednesday, June 18, 2025. The communiqué was signed by NGF Chairman and Governor of Kwara State, AbdulRahman AbdulRazaq.

NSA, Ministers Brief Governors on Root Causes of Food Price Surge

During the meeting, governors received a high-level briefing from the National Security Adviser (NSA), who was accompanied by the Ministers of Defence, Agriculture, Livestock Development, and Transportation. The presentation outlined the proliferation of checkpoints, illegal taxation, and decrepit infrastructure as major drivers of food supply chain inefficiencies and inflation.

> “Governors acknowledged the urgency of the matter and expressed their commitment to collaborate with federal authorities to streamline levies, dismantle unauthorized checkpoints, and improve the movement of goods across states,” the communiqué stated.

The NSA informed the Forum that a high-level inter-ministerial committee had already been set up to address the challenges and had submitted recommendations for the governors’ endorsement.

Inflation Hits Households, Farmers, and Transporters

The development comes amid mounting concerns over food price inflation, which continues to squeeze household incomes. Farmers and transporters have repeatedly lamented the presence of multiple levies and illegal roadblocks by various government agencies—including police, customs, and road safety officials—which increase transportation costs and eventually inflate the prices of food items.

Independent reports confirm that many of these checkpoints are often unauthorized, with extortion and delays affecting perishable goods and hurting small-scale producers and traders.

NGF Presses World Bank Over NG-CARES Funding Shortfall

Also at the meeting, the governors reviewed a presentation from the World Bank on the progress of the Nigeria Community Action Recovery and Economic Stimulus (NG-CARES) programme, which has seen states invest over $2.2 billion through delivery platforms targeting vulnerable populations.

The World Bank highlighted that the programme has impacted over 17 million direct beneficiaries nationwide. However, governors raised concerns over the non-fulfilment of pledged funding under NG-CARES 1.0.

> “The Forum emphasized the need for an amicable resolution between the World Bank and participating states to conclude the first phase of the programme before advancing to NG-CARES 2.0, which is designed to build long-term resilience for vulnerable households and enterprises,” the communiqué noted.

Way Forward

As Nigeria grapples with economic challenges, including inflation and insecurity, the governors’ renewed alliance with the federal government on key reforms signals a pragmatic approach to reducing barriers to food access, stimulating local economies, and strengthening safety nets.

Stakeholders say the success of these initiatives will hinge on strict enforcement, transparency, and sustained coordination between federal and sub-national authorities.

Tinubu Fully Committed to Lifting the Poor, Says Budget Minister Bagudu

By
Shehu Danladi
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0

…Over 16 million Nigerians already benefited from NG-CARES as FG pushes for additional $500m World Bank funding

The Minister of Budget and Economic Planning, Senator Abubakar Bagudu, has reaffirmed President Bola Ahmed Tinubu’s unwavering commitment to improving the lives of poor and vulnerable Nigerians, stressing that targeted economic recovery programmes remain at the heart of the administration’s Renewed Hope Agenda.

Speaking in Abuja on Wednesday at a stakeholders’ meeting on the Nigeria Community Action for Resilience and Economic Stimulus (NG-CARES) Programme Additional Financing, Bagudu emphasized that the President is determined to restore livelihoods, ensure food security, and revive micro and small enterprises across the country.

> “President Bola Tinubu’s visionary leadership has created a favourable macroeconomic environment, enabling the launch of impactful programmes that directly support underprivileged and vulnerable groups,” Bagudu said, addressing commissioners of Finance, Budget, and Economic Planning from the 36 states and the FCT.

NG-CARES: A Lifeline for the Poor

The NG-CARES programme, initially launched in June 2021 as a COVID-19 recovery initiative, has evolved into a broader social safety net to cushion the effects of climate change, conflict, natural disasters, and economic shocks—especially for vulnerable populations. Backed by a $750 million World Bank credit facility through the International Development Association (IDA), the programme has already delivered over 16 million direct beneficiaries across Nigeria’s states and the FCT.

According to Bagudu, the Federal Government, acting on behalf of state governments, has now requested an additional $500 million from the World Bank to scale up the intervention through NG-CARES Additional Financing (AF).

> “The World Bank Board and the Federal Executive Council have approved the credit. What we await now is the approval of the National Assembly so we can move forward with this crucial support,” he disclosed.

Programme Expansion to Sustain Livelihoods

Bagudu noted that the expanded NG-CARES programme is essential for mitigating extreme poverty and strengthening the capacity of communities to absorb future shocks.

> “Nigeria cannot afford to remain in poverty. With a population exceeding 200 million, sustaining livelihoods is central to all our development priorities,” he said.

The Minister explained that the Additional Financing will:

Scale up successful components of the original programme

Deepen coordination between the federal and state governments

Strengthen service delivery systems

Accelerate the implementation of crisis-response initiatives

Institutional Support, Monitoring, and Accountability

Bagudu assured stakeholders that the Tinubu administration would continue to uphold high standards of monitoring, evaluation, and quality assurance for all programme activities.

He added that federal entities will provide technical assistance, institutional support, strategic guidance, and capacity building to the states to ensure the programme’s success.

> “We will offer coordinated institutional strengthening and technical support to all participating states. Our aim is proper oversight, strategic review, and enhanced results,” he said.

The minister concluded by urging state officials to foster stronger collaboration between their Finance and Planning Ministries, in line with the federal government’s approach to integrated service delivery for poverty reduction and economic resilience.

With the additional financing in the pipeline and renewed political will at the highest levels, NG-CARES stands poised to become one of Nigeria’s most impactful social protection initiatives, accelerating the President’s vision of inclusive growth and shared prosperity.

Reps Panel Threatens Sanctions as Oil Firms Owe FG $456m, Recovers ₦86.5bn in Unremitted Revenues

By
Shehu Danladi
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0

Reps Panel Threatens Sanctions as Oil Firms Owe FG $456m, Recovers ₦86.5bn in Unremitted Revenues

…Neconde, Heirs Holdings, Aiteo, and others face July summons over unpaid obligations

The House of Representatives Public Accounts Committee (PAC) has issued a final warning to thirteen oil companies over their failure to honour multiple official summons in an ongoing probe into unremitted revenues owed to the Federal Government, amounting to a staggering $456.95 million (₦731.12 billion).

This development comes as the Committee, in a statement by its spokesperson, Hon. Akin Rotimi, expressed deep concern over the continued refusal of these firms to appear before lawmakers despite repeated invitations and public notices in national dailies.

The PAC, chaired by Hon. Bamidele Salam, has now mandated the companies to appear without fail on Wednesday, July 2, and Thursday, July 3, 2025, or face constitutional sanctions for contempt of the National Assembly.

> “Recalcitrant companies will face the constitutional consequences of their refusal to cooperate. We are resolute in our commitment to uphold accountability and recover every kobo owed to the Nigerian people,” Hon. Salam declared.

Defaulting Companies and Debt Profiles

According to documents released by the PAC, the following companies are under investigation for failing to remit various statutory revenues:

Neconde Energy Ltd – $326 million

Heirs Holdings – $137.7 million

Continental Oil & Gas Ltd – $57 million

Aiteo Ltd – $34.8 million

Eroton – $34.5 million

General Hydrocarbon Ltd – $22.5 million

Energia Ltd – $19.5 million

Waltersmith OML 16 – $8.7 million

Millennium Oil & Gas Ltd – $2.07 million

Pillar Oil Ltd – $4.6 million

Frontier OML 13 – $952,216.51

Bilton – $5 million

Conoil Producing Ltd – $5 million

In addition to these, the PAC has summoned six other oil firms for further clarification on liabilities totaling $125.5 million, including:

Shoreline Natural Resources – $70 million

Newcross Exploration – $25 million

Aradel Holdings – $8.2 million

OML 18 Resources – $15.2 million

Ocean Energy – $4.5 million

Network Exploration – $2.6 million

Committee Recovers ₦86.5 Billion So Far

Despite the ongoing defiance by several companies, the Committee recorded major breakthroughs in its recovery drive, confirming that it has so far recovered ₦86.5 billion, including a recent ₦25 billion ($15.7 million) from various operators.

These recoveries stem from the Committee’s scrutiny of the Auditor-General’s Annual Report on Nigeria’s Consolidated Financial Statements for the year ending December 31, 2021, which had flagged a jaw-dropping ₦9.4 trillion in liabilities owed to the Federation Account as of Q4 2024.

Breakdown of Latest Recoveries

Among the latest companies to remit outstanding debts are:

TotalEnergies – $2 million

Shoreline Natural Resources – $10 million

OML 18 Resources – $3,474,123

Enageed Resource Ltd – $280,000

These debts are linked to unpaid royalties, concession rentals, gas flare penalties, and other statutory obligations arising from Production Sharing Contracts (PSCs), Repayment Agreements, and Modified Carry Arrangements.

Strengthening Transparency in Oil and Gas

The Committee described the ongoing recoveries as a major milestone in its drive to instill fiscal discipline, transparency, and accountability in Nigeria’s oil and gas industry—a sector long plagued by opacity and revenue leakages.

Hon. Salam reaffirmed the resolve of the 10th Assembly to act decisively. “We will not tolerate impunity. This is not just about figures—it is about restoring public confidence in the institutions that manage our commonwealth,” he said.

As the July deadline approaches, all eyes are now on the summoned companies to either comply or face the full weight of legislative sanctions as Nigeria intensifies efforts to plug revenue gaps and rebuild fiscal credibility.

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