Business
Buhari wants petroleum, finance ministers removed from NNPC board
President Muhammadu Buhari has asked the National Assembly to remove the ministers of Finance and Petroleum from the board of the soon-to-be incorporated board of the Nigerian National Petroleum Company Limited (NNPC Ltd.)
The request is contained in his letter seeking an amendment to the recently enacted Petroleum Industry Act (PIA) by the Senate and the House of Representatives.
He also asked the Senate to confirm appointments made for the boards of the Economic and Financial Crimes Commission (EFCC) and two other federal agencies.
These are the Upstream Regulatory Commission and the Nigerian Midstream and Downstream Petroleum Regulatory Authority..
The President on Sunday named a nine-member board for the NNPC Ltd headed by Senator Ifeanyi Araraume.
The President’s letter titled “Forwarding administrative structure amendments to the Petroleum Industry Act (PIA) 2021 was read to Senators by Senate President, Ahmad Lawan, during yesterday’s plenary.
He listed three sections of the PIA that he wants to be amended as 11(2)(b) and 34(2)(b); 11(2)(f-g) and 34(2)(f-g); as well as 11(3).
The President explained in the letter that amendments to the sections were needed to make for seamless administrative structure in the Act.
He also cited unbalanced geo-political representation as a reason for his request to remove the ministers of Finance and Petroleum from the NNPC Ltd. board.
A part of the letter reads, “I wish to forward to the Senate the attached Administrative Structure Amendments of the Petroleum Industry Act (PIA) 2021 for your kind consideration and approval.
“Having carefully reviewed the administrative structure of both the Commission and the Authority; I would like to propose the following amendments to the PIA 2021:
“Appointment of non-executive board members: 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 the 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.
“Removal of the Ministries of Petroleum and Finance from the board of the two institutions:
The proposed amendment will increase the membership of the board from nine to 13 that is representing a 44 percent expansion of the board site.
“This composition would strengthen the institutions and guarantee national spread and also achieve he expected policy contributions.
“The two ministries already have constitutional responsibilities of either supervision or inter-governmental relations. They can continue to perform such roles without being on 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.
“Appointment of Executive Directors: The Act has made provision for seven Departmental Heads in the Authority to be known as Executive Directors. Their appointment will also be subject to Senate confirmation. This category of officers is 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 the 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.”
Also yesterday, the President’s Special Adviser on Media and Publicity, Femi Adesina, said in a statement that the names of the EFCC, the Upstream Regulatory Commission, and the Nigerian Midstream and Downstream Petroleum Regulatory Authority board members were contained in another letter to the Senate
Adesina’s statement partly read, “Nominees for the EFCC board are George Abang Ekpungu from Cross River State (secretary); Lukman Muhammed, (Edo); Anumba Adaeze (Enugu); Alhaji Kola Adesina (Kwara); and Alhaji Yahaya Muhammad (Yobe).
“For the upstream Regulatory Commission, Isa Ibrahim Modibbo is nominated as chairman; Gbenga Komolafe, chief executive; Hassan Gambo, executive commissioner in charge of Finance and Accounts; and Rose C. Ndong, executive commissioner, Exploration and Acreage Management.
“Chairman nominee of the Nigerian Midstream and Downstream Petroleum Regulatory Authority is Idaere Gogo Ogan; Sarki Auwalu, chief executive; Abiodun Adeniji, executive director in charge of Finance and Accounts; and Ogbugo Ukoha, executive director, Distributions Systems, Storage and Retail Infrastructure.”
The Nation
Railway
BREAKING: Several Passengers Injured as Abuja–Kaduna Train Derails After Collision
BREAKING: Several Passengers Injured as Abuja–Kaduna Train Derails After Collisio
Several passengers were injured on Monday after a train travelling along the Abuja–Kaduna rail corridor derailed following a collision, authorities have confirmed.
The incident reportedly occurred near Asham along the busy rail line linking Abuja with Kaduna State, causing panic among passengers onboard the train.
The Managing Director of the Nigerian Railway Corporation (NRC), Kayode Opeifa, confirmed the development, stating that emergency response teams were immediately deployed to the scene following the derailment.
According to preliminary reports, the train derailed after colliding with another object on the track, though officials have yet to disclose full details about the circumstances surrounding the accident.
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Several passengers sustained injuries during the incident and were evacuated to the medical facility at the Idu Railway Station for treatment. Authorities, however, said no fatalities had been recorded as of the time of filing this report.
Eyewitness accounts and videos circulating on social media showed damaged train coaches and railway personnel assessing the situation while stranded passengers gathered near the tracks after disembarking from the train.
The Abuja–Kaduna rail corridor is one of Nigeria’s busiest passenger routes and serves thousands of commuters daily, particularly travellers seeking a safer alternative to road transportation.
Officials of the Nigerian Railway Corporation said investigations have commenced to determine the exact cause of the collision and derailment.
More details are expected as authorities continue rescue operations and assess the extent of the damage.
BREAKING: Several Passengers Injured as Abuja–Kaduna Train Derails After Collision
Business
NAJA to Tinubu: Guarantee crude supply to local refineries to tame petrol prices
NAJA to Tinubu: Guarantee crude supply to local refineries to tame petrol prices
The Nigeria Auto Journalists Association (NAJA) has urged President Bola Tinubu to ensure steady supply of crude oil to domestic refineries, particularly the Dangote Refinery, as part of measures to reduce the impact of rising petrol prices.
The association said prioritising crude allocation to local refineries would help Nigeria reduce its exposure to global energy shocks currently driving up fuel costs amid tensions in the Middle East.
The call came days after the Federal Government unveiled a plan to distribute 100,000 Compressed Natural Gas conversion kits nationwide to encourage motorists to switch to alternative fuel and reduce dependence on petrol.
While describing the CNG initiative as a positive step, NAJA stressed that strengthening domestic refining through reliable crude supply remains a more sustainable solution to Nigeria’s fuel pricing challenges.
NAJA Chairman, Theodore Opara, said the government should adopt policies that allow local refineries to obtain crude directly from the Nigerian National Petroleum Company Limited (NNPC), preferably in naira.
According to him, the current arrangement—where the Dangote Refinery imports a large share of its crude—leaves the facility vulnerable to global supply disruptions and price fluctuations.
“Dangote Refinery imports most of its crude, hence it is exposed to the effects of the ongoing crisis in the Middle East,” Opara said. “Direct crude supply from the NNPC will strengthen the country’s long-term energy diversification strategy and reduce exposure to international supply shocks.”
He noted that despite being Africa’s largest crude oil producer, Nigeria still depends heavily on imported refined petroleum products, a situation that continues to expose the economy to volatility in the international oil market.
Opara argued that allowing domestic refineries to source crude locally and transact in naira would not only stabilise the downstream petroleum sector but also reduce pressure on the local currency.
“If Nigeria’s major refineries, including Dangote, receive crude locally and transact in naira, the country will reduce its vulnerability to global market disruptions,” he said.
He added that while the government’s CNG programme could provide relief for motorists in the medium term, ensuring optimal operation of domestic refineries would deliver quicker and more far-reaching benefits for fuel pricing.
“CNG is a good transition policy for transportation, but the backbone of Nigeria’s fuel supply must still come from efficient domestic refining,” he said.
Industry analysts say a coordinated strategy that combines the CNG initiative with strong support for domestic refining could help shield Nigerian consumers from the impact of international oil market volatility.
Business
Naira Gains Ground in Official FX Market, Ends Week on High Note
Naira Gains Ground in Official FX Market, Ends Week on High Note
The Nigerian naira ended the week on a stronger footing at the official foreign exchange (FX) market, closing at ₦1,366.23 per US dollar on Friday, according to the Central Bank of Nigeria (CBN). This marked a ₦5.27 gain over Thursday’s rate of ₦1,371.50, representing a 0.3% weekly improvement.
Throughout the week, the naira recorded steady gains, reflecting improved liquidity in the official FX window and growing confidence among investors and traders. On Monday, the currency opened at ₦1,405.62 per dollar, appreciating slightly to ₦1,401.40 on Tuesday and ₦1,376.19 on Wednesday before closing stronger on Friday. Analysts said this upward trend signals a stabilising official exchange market amid ongoing monetary reforms.
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Market observers attribute the naira’s appreciation to a combination of enhanced FX supply, consistent trading activities, and the CBN’s continued interventions to boost stability in the official market. The gradual recovery is seen as a positive indicator for importers, businesses, and consumers, as it helps moderate inflationary pressures and reduces the cost of foreign-denominated goods.
While the official market shows signs of stability, rates in the parallel market remain influenced by demand pressures. Experts, however, note that narrowing the gap between official and parallel exchange rates will require sustained policy consistency, stronger FX inflows, and continued investor participation.
The recent performance underscores the resilience of the naira and highlights the impact of strategic interventions by the Central Bank aimed at strengthening the currency, improving market depth, and supporting Nigeria’s broader economic recovery objectives.
Naira Gains Ground in Official FX Market, Ends Week on High Note
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