Category: Nigerian Tribune

Geregu Power Plc has released its unaudited interim financial statements for the third quarter which ended September 30, 2025, it reported a pre-tax profit of N11.151 billion, representing an 82.47 percent year-on-year (YoY) growth, though slightly missing its Q3 2025 forecast.

Combined with its H1 profit of N26.311 billion, the company’s nine-month pre-tax profit stood at N37.462 billion, which is 3.31 percent higher than the nine-month figure for 2024.

Revenue for Q3 2025 grew by 37.38 per cent YoY to N43.834 billion, pushing the nine-month revenue to N131.467 billion; about 96 percent of the 2024 full-year total.

A review of the financial statements shows that energy sales remain the dominant revenue driver, accounting for over 65 percent of total revenue.

Energy sales increased by 39.7 percent to N28.76 billion in Q3, while capacity charges also grew strongly by 33 percent to N15.1 billion.

On the cost side, gas supply and transportation continue to account for a significant portion of direct expenses, consuming over 65 percent of revenue in Q3 2025, compared to about 58 per cent in Q3 2024.

This pressure on input costs led to a 53 percent year-on-year increase in the cost of sales to N28.58 billion in Q3, bringing the nine-month cost of sales to N78.5 billion.

Nevertheless, the company maintained solid profitability, with profit from core operations rising to N12.546 billion in Q3, representing an 89.98 percent increase from N6.604 billion recorded in the same period last year.

On the balance sheet, total assets grew to N273.152 billion as of September 2025, up from N243.470 billion in December 2024.

Trade receivables accounted for over 62 percent of the asset base, while property, plant, and equipment, which dropped by about 9 percent to N66.238 billion, made up 24.2 percent of total assets.

On the equity side, about 98 percent of shareholders’ funds (N56.413 billion) came from retained earnings, indicating that the company’s total assets are roughly five times its shareholders’ equity.

As of the close of trading on October 10, 2025, Geregu Power Plc’s shares were priced at N1,141.50 on the Nigerian Exchange, reflecting a 0.74 percent year-to-date decline.

Geregu Power’s Q3 2025 results highlight a resilient operation, marked by strong revenue growth and improved cost management.

However, the after-tax margin of around 11 percent indicates pressure from taxes, which tempered overall profitability.

Overall, while rising gas and input costs, along with growing receivables, remain key concerns; Geregu’s consistent profitability and solid balance sheet are encouraging.

At a trying time in Nigeria when the interest of young people, especially young men, in marriage seems to be waning, owing largely to economic reasons, awful stories emanating from the homes of some married couples have the potential to exacerbate the growing apathy. The seeming inability to vouch for the durability and safety of such contracts and, more significantly, the contractors, is a major source of demotivation.

For instance, around the third week of September, a horrific incident capable of dampening the enthusiasm of young men and women in matrimony happened in a home that was just being built: a Nigerian Army officer, Lieutenant Samson Haruna, was reportedly doused with petrol and allegedly set ablaze by his wife, Retyit Dalong, following a domestic dispute at the Wellington Bassey Barracks in Abak Local Government Area of Akwa Ibom State. The young officer reportedly succumbed to his injuries arising from burns, even though he was promptly given medical attention, underscoring the severity of the inferno allegedly orchestrated by his wife. It is terrible.

In the aftermath of the incident, an audio recording surfaced on social media wherein Mrs Haruna purportedly claimed that the fire incident was an accident. According to the recording, the fire started when her husband accidentally kicked a fuel gallon during their dispute, accidentally setting himself on fire. The recording also claimed that the deceased had subjected her to domestic violence.

However, reacting to the incident, the Assistant Director, Army Public Relations, Headquarters 2 Brigade, Uyo, Captain Lawal Muhammad, said: ‘The Nigerian Army condemns this act of domestic violence, recognising the imperative of peaceful coexistence and mutual respect within families.’

Ironically, Samson and his wife, Retyit, belong to the medical profession, which is reputed for valuing life and prioritising its safety and protection. While Samson was a medical doctor serving as the regimental medical officer at the 6 Battalion in Ibagwa, his wife is a nurse. The couple, who got married just five months prior to the tragic incident, were said to have been having recurrent arguments verging on alleged infidelity until the escalated one that culminated in fatality. A five-month-old union in which a domestic dispute resulted in the death of one partner is, no doubt, a bad advertisement for matrimony. Yet, as usual, this couple must have been beneficiaries of the free and common admonitions at weddings on the imperative of healthy relations, avoidance of domestic violence, and a culture of respect and dialogue within families and communities.

But apparently, the import of such admonitions was lost on them.

For Samson, a marriage contracted six months ago which many thought was the beginning of a blissful union has ended in tragedy, causing his relations, family, colleagues, friends and well-wishers to bear the brunt of an irreparable damage. And as for his wife, she has to prove that the tragic incident was not due to irascibility, impulsiveness and uncontrollable anger on her part. If she is ultimately found guilty of culpable homicide, it will put an indelible mark on her both as a person and a professional. This is really unfortunate and worrisome, especially against the backdrop of the fact that her alleged action was patently avoidable.

The incident is regrettable and confounding. It is a sad story, especially for a young couple who were still supposed to be enjoying their honeymoon. As noted earlier, both are in the medical profession, which prioritises the preservation of life. Now, unless evidence emerges indicating that the incident was accidental, the story is that a nurse allegedly killed a doctor in a most brutal fashion.

It is important to find out what actually went wrong so that other young couples can learn useful lessons from the tragic occurrence. Truth be told, there is hardly any marriage that is insulated from challenges but it is also true that there is no marital issue that constant communication and understanding cannot rein in. And that is in addition to a commitment to peace and harmonious relationship which ordinarily should be a given from the average couple. Yet, the young couple under reference were so reckless that they allowed unsubstantiated allegations to result in tragedy.

According to the Army authorities, Lt. Haruna’s demise resulted from domestic violence. Certainly, not even animals should be killed in the vicious manner in which he died. Assuming but not conceding that he was guilty of the alleged infidelity, a painful death through burning is surely not the penalty for adultery under the criminal code that applies in Southern Nigeria where the offence was allegedly committed. And what if the allegations are even false? But as it is, the victim has been denied an opportunity to tell his own side of the story.

Why did Mrs Haruna not pack out when the situation at the home front became intolerable? Or why didn’t she press charges through the appropriate channel for redress, if she believed she had been wronged by her husband? And did Lt. Haruna really set himself on fire during a domestic dispute, as she is presumed to have said? It is good to know that the suspect is already in lawful custody. We urge the police to launch a painstaking inquiry into the incident and ensure that justice is done in this case. The law must take its full course without fail.

Members of the Peoples Democratic Party (PDP) Caucus in the House of Representatives on Monday called on the National Judicial Council (NJC) to caution Judges against being used by desperate politicians to derail Nigeria’s democratic process.

In a statement issued on Monday and signed by the leader of the PDP caucus, Honourable Fred Agbedi, the lawmakers expressed concern over what they described as a growing trend of judicial interference in the internal affairs of political parties, a practice that, according to them, poses a grave threat to the country’s democratic stability.

The caucus’s position followed a ruling by a Federal High Court in Abuja which declined to grant an interim injunction seeking to stop the PDP from holding its scheduled meetings and national convention, but went ahead to make orders which negate the benefits of his ruling refusing the interim injunction.

The suit, marked: FHC/ABJ/CS/2120/2025, was filed by some individuals who has consistently opposed the planned national convention of the PDP.

The plaintiffs: Austine Nwachukwu, PDP Chairman in Imo State; Amah Abraham Nnanna, chairman of the Abia State chapter; and Turnah George, the South-South secretary of the party, had asked the court to compel the Independent National Electoral Commission (INEC) to prevent the PDP from holding any meetings, congresses, or conventions pending the determination of their substantive suit.

Although the presiding Judge, Justice James Omotosho declined to grant the ex parte order, he made pronouncements to the effect that any steps taken by the party during the pendency of the suit would be null and void, a pronouncement the lawmakers said could be interpreted as indirectly enabling those seeking to disrupt the Party’s activities.

‘We are deeply concerned that despite repeated Supreme Court pronouncements against judicial interference in the internal affairs of political parties, some Judges continue to make themselves available as instruments in the hands of desperate politicians seeking to subvert democracy and impose a one-party on Africa’s largest democracy.

‘We are worried that while Justice James Omotosho refused the grant of the restraining order asked by the plaintiffs in this case, he still went ahead to declare that any action taken by party in preparation for its National convention during the pendency of the suit shall be null and void, might embolden anti-democratic elements determined to truncate democratic process in Nigeria.

‘These pronouncements clearly provide an enabler for those who do not want the PDP National convention to hold so that the main opposition political party in Nigeria will not be able to present candidates in the Presidential and other elections in 2027.

‘It is worrisome that while the Court refused to grant the restraining order requested by the plaintiffs, it still made pronouncements that could be interpreted as providing legal cover for those intent on halting the PDP’s democratic processes. This, in our view, amounts to judicial overreach,’ the PDP Caucus noted.

The PDP lawmakers noted that it is unfortunate that the principal actors in this desperate move to manipulate the judicial process are known to have done similar ignoble things in the past which the NJC frowned at but unfortunately which the damage had already been done.

They therefore urged NJC to act decisively to prevent any abuse of the judicial process that could undermine multi-party democracy in Nigeria.

‘The survival of our democracy depends on the independence, integrity, and impartiality of the judiciary.

‘The NJC must ensure that no court becomes a willing tool for the subversion of the will of the people or the destabilization of political institutions,’ the caucus urged.

The Child Body Safety Academy (CBSA), an initiative of the Speak Out for Children Development Initiative, has graduated 79 participants from 12 countries across four continents under its second training cohort.

The academy, founded by Dr. Chimdindu Ugwuanyi and coordinated by Chinenye Amagwu, provides structured training for teachers, parents, caregivers, and community leaders to strengthen child protection and prevent sexual abuse.

According to the organisers, the 2025 cohort combined online classes, self-paced learning, and community-based projects to promote practical application of the training.

Participants implemented awareness programmes in different regions. In Liberia, pupils at Zara Kids International School received lessons on body safety and self-protection. In Bauchi, displaced women attended workshops on preventing abuse.

Zambian legal practitioners committed to offering free legal support and promoting child-friendly courtrooms, while teachers in Bayelsa State used creative classroom activities to teach pupils about personal boundaries.

Data from the academy indicate that graduates of the 2025 cohort reached more than 10,000 adults and nearly 3,000 children through community projects and campaigns.

Director of the Academy, Chinenye Amagwu, said plans are underway to expand the programme’s reach.

‘We are translating the course into French and Sign Language to reach more people. Prevention must begin with education and community awareness,’ she said.

The organisers said the initiative aims to build a global network of trained advocates who can support child protection efforts in schools, homes, and communities.

The Federal Government on Monday resumed talks with the Qatari Government in an effort to enhance cultural exchange, arts, and tourism relations between the two countries.

Minister of Art, Culture, Tourism, and Creative Economy, Hannatu Musa Musawa, who held a meeting with Dr Ali Ghamen Al-Hajri, Ambassador of the State of Qatar to Nigeria, who disclosed this in Abuja, highlighted Nigeria’s rich cultural heritage and potential partnerships with Qatar to promote mutual understanding and growth.

She emphasised Nigeria’s diverse cultural history, showcasing its music, movie industry, and arts, and expressed interest in collaborating with Qatar to preserve and display Nigerian artefacts.

‘Our relationship with the Gulf is important, but not complete without Qatar. We have shared alignments with the Fulani, Hausas, and Kanuris in Qatar.

‘We generate content through music, the movie industry, and the arts. We have been very active in recovering most of our artefacts, like the Benin bronzes, and we want to work with Qatar to preserve and display our artefacts.

‘We also look forward to having a memorandum of understanding on how our culture, music and active tourism partnerships can benefit both countries’, Musawa added.

Speaking earlier, Qatari Ambassador to Nigeria, Dr. Ali Ghamen Al-Hajri, highlighted Qatar’s commitment to promoting art and cultural projects, emphasising its role in diplomacy and bridging nations.

The Ambassador noted that both countries have significantly strengthened their economic ties in recent years through diplomatic engagement to advance bilateral cooperation across several sectors, including aviation, oil and gas, mining, infrastructure, and agriculture.

‘Qatar is committed to collaborating with Nigeria to promote culture, increase tourism, and create mutually beneficial partnerships. The potential of Nigeria’s creative industry and its global influence is widespread.

‘It will be mutually beneficial to officially document this conversation in an MOU, to boost Nigeria’s cultural richness, international collaborations, and the potential for growth in the creative industry and tourism sector including cultural events, art exhibitions, and exchange programs,’ Dr. Al-Hajri said.

The meeting reflects a broader trend of cultural diplomacy, where Nigeria and Qatar leverage art and culture to foster international relations and cooperation.

Both countries aim to boost cultural exchange, tourism, and economic growth through potential collaborations, including cultural events, art exhibitions, and exchange programs.

The possibility of signing a Memorandum of Understanding (MOU) to formalise the partnership was discussed, with both parties expressing enthusiasm for the potential benefits of the collaboration.

In attendance were the Executive Director of the Katsina State History and Culture Bureau, Dr Kabir Ali Masanawa, Chioma Ude, Founder of the Africa International Film Festival (AfRIFF), Moriam Ajaga, Special Adviser to the President on Culture, and Abiola Abdulkareem, Special Adviser to the Minister on Sub-national Development.

Managing Director and Chief Executive Officer of the Nigeria Social Insurance Trust Fund (NSITF), Barrister Olúwa?eun Mayomi Faleye, has called for a comprehensive overhaul of Nigeria’s social protection system to safeguard workers against the emerging risks posed by Artificial Intelligence (AI) and other technological disruptions in the workplace.

Speaking at the 2025 Labour Writers Association of Nigeria (LAWAN) Workshop in Ibadan on Friday, Barrister Faleye said the nature of work is rapidly changing, and so are the risks that come with it. Presenting a paper titled Social Security and Protection for Nigerian Workers Amid AI Disruption, he warned that technological innovations are expanding the scope of work-related risks beyond traditional physical injuries.

‘Work-related risks are expanding. They are no longer only injuries sustained in factory floors; they now include technological displacement, income instability, and psychological stress caused by rapid workplace changes,’ he stated.

According to him, Nigeria’s social protection system must evolve to keep pace with the transformation happening across industries. ‘Social Protection must evolve. We must rethink coverage, redefine risk, and reimagine support. In the era of AI, social security must not only compensate, it must empower,’ he said, emphasizing the need for intentional policies and sustained investment in social security.

While acknowledging that AI brings innovation, efficiency, and productivity gains, the NSITF boss cautioned that it also threatens traditional job structures, leaving many workers vulnerable to displacement. ‘AI promised efficiency and productivity, but it also threatens traditional jobs from factory floors to administrative offices,’ he observed. ‘The real question now should be the protection of displaced workers.’

Faleye identified several factors hindering full social protection coverage in Nigeria, particularly the dominance of the informal sector, which constitutes over 80 percent of the economy yet remains largely outside existing safety nets. He also lamented the limited awareness among workers about their rights and the benefits available under the Employees’ Compensation Scheme operated by the NSITF.

Despite these challenges, the Managing Director expressed optimism that AI could also be harnessed to strengthen the country’s social protection framework. ‘AI itself offers tools to make social protection more efficient. From digital identity systems that verify workers, to predictive analytics that help detect fraud or anticipate workplace risks before they happen,’ he explained.

Faleye emphasized that Nigeria must prioritize expanding social security coverage, investing in digital literacy and reskilling for workers, leveraging AI for social security delivery, and fostering collaboration among government, labour, and employers to ensure continuous dialogue and action. He urged that ‘the Nigerian workers’ welfare must remain the centre of all innovation.’

Calling on journalists to play their part, the NSITF chief appealed to members of the media to help raise public awareness about social protection and the challenges of AI-driven workplace transformations.

He concluded his presentation on a note of reassurance, saying that with proactive policy reforms and adequate preparation, Nigerian workers can look to the future with hope. ‘With the right policy changes, preparations, adaptation, and adequate protection, the future would be bright, and no Nigerian workers would be left behind,’ he said.

Founder of Dangote Group, Alhaji Aliko Dangote on Monday unveiled plans to list the multi-billion dollar refinery on the Nigerian Stock Exchange (NSE), with a view to give Nigerians the opportunity to become shareholders of the national asset.

Alhaji Dangote disclosed this at the 2025 Inaugural Annual Downstream Petroleum Week organized by the House of Representatives’ Committee on Petroleum Resources (Downstream), chaired by Hon. Ikenga Ugochinyere.

Represented by the Group Chief Strategy Officer at Dangote Industries Limited, Aliyu Suleman, underscored the need for Federal Government to put in place policies that encourage productivity, innovation and competition in the bid to encourage indigenous investment and industrial growth in Nigeria.

While expressing excitement that Dangote Refinery currently can meet all of Nigeria’s demand for diesel and jet fuel and still have surplus for exports, he however observed that Africa’s refining sector remains underdeveloped, both relative to its consumption and the volume of crude that is produced in Africa.

The Dangote Group helmsman argued that Nigeria holds the natural competitive advantage in refining, and enjoy proximity to oil and gas supply, underscored the need for all stakeholders to work together to develop the sector.

‘We should work to enact and implement laws that will help this sector to prosper. Let us protect our industries and deliver the economic transformation this country deserves.’

According to him, ‘while Europe and Asia refine over 95 per cent of their petroleum product refinement, Africa refines only 40 per cent. In sub-Saharan Africa, there are very few large functional refineries today. This is understandable because refining is capital intensive, it is technologically complex and often is a low margin business. So as a result, many entrepreneurs and governments have chosen to stay away.

‘But at Dangote, we are known for taking bold steps. We are known for making large-scale investments to substitute imports and create value in the country. Therefore, this is a challenge that we were happy to take. When it came to tackling the refining challenge, we decided to do it even though it was not easy. Building a world-class refinery anywhere in the world is a huge task.

‘It is capital-intensive and very demanding. To build ours, we collected over 2,700 hectares of land, pumped 65 million cubic meters of sand to stabilize the site, installed over 250,000 foundation bars, and laid millions of meters of piping, cabling, and wiring. At peak, we had over 60,000 people on site, of which 50,000 were Nigerians. We had these people working around the clock across hundreds of disciplines and nationalities.

‘Today, the Dangote refinery can meet all of Nigeria’s demand for diesel and jet fuel and still have surplus for exports, which can be used in valuable foreign exchange for Nigeria. The refinery can meet 90% of Nigeria’s PMS requirements. This is based on the official consumption numbers of 50 million per day. Our views are the real consumption, perhaps more about 40 million, in which case we should be able to meet demand.

‘Across the world, major oil producers typically meet their petroleum product requirements through their own domestic refineries, not through imports. The United States, for example, imports only about 8% of their petroleum products requirement. If you look at most of the major crude oil producers, you will see that they do not import more than 10% of their petroleum products from the US. This is where Nigeria should be heading. And with the advent of the Dangote refinery and unbundling of the sector, we hope that we will get there.

‘At the Dangote Group, our strategy across all our businesses is to provide our customers with high quality products at attractive prices. Not just in the refinery, across all the businesses. Same in cement, sugar and the rest. Refined products from our refinery are of higher quality and yet our prices are below import parity and below the average prices across most African countries. Across Africa, PMS and diesel sell for around $1 per litre, net of tax system of sorts. But in Nigeria, the current price is below $0.60 per litre.

‘This is a huge cost benefit for Nigerians. Even though the cost-benefit may not be immediately obvious because before the advent of the Dangote refinery, subsidies were used to mask the real market price. Still, despite all this, we find ourselves in a situation where Nigeria imports petroleum products, while at the same time Dangote refinery is exporting. This is a paradox that we must address in order for this sector to grow.

‘Beyond energy security, domestic refining brought economic benefits. Refineries deliver job creation, skill development, industrial linkages, and exchange rates stability. The shipping sector is handling much more volumes than they used to handle before now. Engineering capacity is strengthened.

‘Across Dangote, NNPC and the modular refineries, Nigeria has over one million barrels per day of installed domestic refining capacity. These benefits will multiply if we enable this capacity to operate fully. Across our businesses, the Dangote Group typically focuses on manufacturing, while accessing its distributors with the logistics required to deliver to their customers. Across Africa, we have over 10,000 trucks, who deliver products for our distributors. The same operating model applies to refining. We must all work together to renew distribution costs in order not to burden Nigeria’s energy efficiency.

‘Historically, marketers source products from abroad and supply the country via coastal storage terminals. Today, there is a domestic alternative. We must therefore find an optimal split of off-take between trucks loading directly at the refinery, versus loading into vessels for transportation to various storage terminals. It does not make economic sense to move products by ship to a nearby coastal depot at additional cost when the same volume could have been evacuated by trucks directly from the refinery.

‘We are also working with NPA and the NIMASA to find ways to reduce coastal transport costs as this adds up to the total product costs that end up being passed on to Nigerians. That said, Nigeria’s refining potential is massive. We are in a place where we can build a refining hub that will process crude from Nigeria, surrounding African countries and supply Nigerian commonwealths.

‘When we entered the cement sector, Nigeria produced less than two million tons per year. I was totally dependent on imports. Today, through visionary investment, timing execution and government support, we have 2 million tons of capacity across Africa, and we’ll reach 60 million by next year. Nigeria is now a lead exporter of cement, and by 2027, we plan to export $500 million worth of cement and clean cap annually. The same transformation is happening in refining.

‘Nigeria is now a net exporter of refined petroleum products, polypropylene and urea. This is a historic turnaround. And we’re not getting started. Soon, the Dangote Refinery would be listed, giving Nigerians the opportunity to become shareholders in this national asset.

‘Given its potential, this sector must be nurtured and protected. The current import licensing regime, where import licenses are issued without considering domestic supply, has exposed domestic refineries to unfair competition. This is because most of this import comes from Russia and products from Russia are produced with crude that is priced $25 per barrel, cheaper than Nigerian crude because of the sanctions.

‘So this in a way, it is almost like dumping, which hurts domestic refineries. Aside from the crude for naira initiative, graciously introduced by Mr. President, local refineries grant the individual protection or incentives.’

In his keynote address, Speaker Abbas Tajudeen called on stakeholders in the petroleum industry to work collaboratively to reposition Nigeria’s downstream sector for sustainable growth, transparency, and innovation.

He said the event’s theme, ‘Celebrating Our Successes, Confronting Our Challenges and Finding Solutions for the Petroleum Downstream Sector,’ reflected the country’s need to celebrate progress while tackling long-standing challenges through collaboration and self-assessment.

The Speaker, who was represented by his deputy, Hon. Benjamin Kalu, said the conference should serve as a defining moment in reshaping the downstream petroleum landscape.

He noted that Nigeria is at a critical juncture in its industrialisation drive and commended President Bola Ahmed Tinubu for the ongoing reforms under his Renewed Hope Agenda, which, he said, are revitalising key sectors of the economy, including oil and gas.

Hon. Tajudeen particularly lauded the operational take-off of the Dangote Refinery, describing it as a turning point in Nigeria’s quest for energy self-sufficiency.

He said the anticipated emergence of other private refineries underscores the need for a functional and enabling environment that will encourage investment, promote efficiency, and reduce dependence on fuel imports.

The Speaker recalled that much of the progress recorded in the petroleum sector was made possible by the landmark Petroleum Industry Act (PIA) 2021, which restructured the Nigerian National Petroleum Company (NNPC) into a commercial entity and established regulatory agencies such as the Nigerian Upstream Petroleum Regulatory Commission (NUPRC) and the NMDPRA.

He said the PIA has renewed investor confidence, promoted transparency, enhanced competition, and curbed oil theft and inefficiencies. Abbas reiterated that the National Assembly remains committed to crafting laws and policies that strengthen the downstream sector and ensure it contributes meaningfully to national development.

Chairman of the House Committee on Petroleum Resources (Downstream), Hon. Ikenga Imo Ugochinyere, called for stronger collaboration among stakeholders to sustain ongoing reforms and build a transparent, self-reliant, and globally competitive downstream petroleum industry.

He described the summit as more than a formal gathering, but a national dialogue aimed at repositioning the downstream petroleum sector as a driver of economic growth, innovation, and industrial development.

According to him, the event, themed ‘Celebrating Our Successes, Confronting Our Challenges and Finding Solutions for the Petroleum Downstream Sector,’ represents a commitment to transparency, accountability, and progress.

He noted that the legislature, through the Petroleum Industry Act (PIA), had provided the legal foundation for reform, while the executive’s decision to remove fuel subsidies and liberalise the market restored efficiency and investor confidence.

Hon. Ugochinyere commended the Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA) and the Nigerian Upstream Petroleum Regulatory Commission (NUPRC) for their professionalism in implementing reforms and ensuring that Nigeria’s energy transition remained credible and investor-friendly.

He also paid tribute to the Crude Oil Refiners Association of Nigeria (CORAN) for their courage and foresight in investing in local refining despite uncertainties that had kept some foreign investors on the sidelines.

He described their efforts as proof that Nigerian enterprise and innovation could drive industrial transformation and job creation.

Highlighting recent achievements in the downstream sector, Ugochinyere cited the expansion of Indorama Petrochemicals’ urea and fertilizer capacity to 2.8 million metric tonnes per annum, the scaling up of Waltersmith Modular Refinery in Imo State from 5,000 to 50,000 barrels per day, and the progress of the OPAC Refinery in Delta State.

He said the Dangote Refinery, now Africa’s largest at 650,000 barrels per day, symbolises a new era of energy self-sufficiency and regional stability. According to him, these milestones, combined with over $13 billion in upstream investments in 2024, reflect renewed investor confidence in Nigeria’s oil and gas sector.

The lawmaker also lauded the NUPRC for enforcing the Domestic Crude Oil Supply Obligation (DCSO), which mandates producers to prioritise crude supply to local refineries before exports.

He said the policy marks a shift from rhetoric to action, ensuring local value addition, job creation, and energy independence.

To deepen reforms, Ugochinyere announced plans by his committee to push new legislative measures granting local refineries the first right of refusal on crude allocations, streamlining regulatory processes, and introducing a Refinery Protection and Promotion Bill to classify refineries as strategic national assets.

These, he said, would guarantee stability, protect investments, and promote growth across the value chain.

On labour relations, Hon. Ugochinyere emphasised that no reform can succeed without industrial harmony, urging dialogue over disruptions in resolving disputes between industry players and unions.

In his remarks, Minister of State for Petroleum Resources (Gas), EkperikpeEkpo, called for sustained collaboration between the Executive and Legislature to address lingering challenges in Nigeria’s downstream petroleum and gas sectors.

The Trade Union Congress (TUC) has called for full implementation of the Justice Mohammed Uwais report on electorial reform for the nation’s electoral system, News Agency of Nigeria (NAN) reported.

TUC President, Mr Festus Osifo made the call on Monday at a one day Public Hearing on a Bill for an Act to Repeal the Electoral Act No 13, 2022 and enact the Electoral Act 2025.

The public hearing was organised by the Joint Senate and House of Representatives Committee on INEC.

Osifo, represented by Mr Tolulope Akinyoye, an official of TUC, said the credibility of Nigeria’s democracy is repeatedly undermined by flawed elections, underscoring the need to implement the Uwais report.

‘We support full implementation of the recommendations of the Justice Uwais electoral reform, which includes transfer of power, shifting the authority to appoint INEC commissioners and chairman from the President to the National Judicial Council (NJC).

‘Criminalisation of vote buying, pre-election violence with enforcing sanctions, restructuring and unbundling INEC to improve its effectiveness.

‘Establishing a specific timeline for resolving election disputes and implementing modern technology, such as biometric data capture, electronic voting, and electronic transmission of results among others.’

He said the recommendations aimed to enhance the integrity and transparency of Nigeria’s electoral process.

According to him, credible elections are not only about votes but about giving voice to working class, ensuring that governments reflect the will of the people.

Osifo recommended the protection of workers’ political rights, saying that the act should explicitly safeguard rights of Nigerian workers, including those in public sector and private sectors.

He said workers should freely participate in political activities without fear of intimidation, harassment or loss of employment.

‘We believe that no worker should be penalised for exercising their constitutional right to vote, campaign or belong to a political party.

‘Democracy loses its meaning, when workers are afraid to express their political preferences; we believe that the productive backbone of the nation as workers must be protected from victimisation by employers and political authorities for participating in civic activities.

‘Political neutrality in workplaces should not translate to political violence, we also recommend that election days and voter periods should be recognised as public holidays to enable all categories of workers, including shifts and factory workers, to participate fully in the electoral process.’

He also recommended organised labour participation at electoral stakeholder forums and voter education programmes to protect interest of the working class.

‘We also believe that campaign financing provisions should be reviewed to reduce financial barriers to political participation.

‘Reasonable limits should be placed on campaign expenditure and corporate donations to prevent marginalisation of qualified workers who are candidates and to promote a level playing field for Nigerians.’

The TUC president also recommended that the act strengthened speedy resolution of election-related grievances and explicitly prohibits any form of workplace victimisation based on political preference or participation.

‘The law should establish strict timelines for adjudicating on electoral petitions to restore public confidence and ensure accountability.

‘We also recommend that INEC collaborate with trade unions to conduct mobile voter registration exercises within major workplaces, industrial areas and informal sector clusters to ensure wider participation of the working population.’

Osifo also called for promotion of affirmative action in the act to encourage women and persons with disabilities within the workforce to seek elective and appointive positions for gender equality and inclusion.

‘We further advocate for enforcement of quota for women and persons with disabilities, especially within trade unions and political structures.’

He said a democracy that excludes half of its population from the political process cannot be said to achieve full legitimacy, saying that the working citizens remained key to future development of the electoral process.

The National Agricultural Seed Council (NASC) and key industry stakeholders have taken a major step toward improving the quality and efficiency of Nigeria’s seed industry with the validation of the Draft National Seed Regulation.

The move, described as a a good reform, is expected to decentralize seed certification, enhance private sector participation, and ensure that farmers across the country have better access to high-quality seeds.

Speaking at the Stakeholder Validation Workshop in Abuja, Dr. Okelola Folarin Sunday, Registrar of the Plant Variety Protection Office at NASC, said the new regulations aim to harmonise existing laws and create a clear framework for operations within the seed industry.

‘When you have clear regulations or clear laws and people know what they need to do and how they have to do it, then you can get the best result.

‘The seed space is a regimented one where everybody must know the right approach to do things. So today we are looking at harmonizing our regulations as they affect variety registration, release, and other key components like third-party certification’, he said.

He explained that one of the key reforms is the decentralisation of NASC’s roles, allowing private actors to handle certain certification functions under strict supervision.

The initiative, he noted, would enable the Council to focus on oversight and regulatory functions while empowering trained, licensed third-party operators to handle field and laboratory certification.

‘Our eyes will be on the job, but our hands will be off the job. We are bringing in more actors to produce early generation seeds, such as breeder and foundation seeds, to ensure farmers have access to certified seeds for improved productivity’, Okelola added.

He further noted that companies seeking to operate their own internal quality assurance units would be required to meet stringent standards, including staff training and periodic audits by NASC.

The approach, he said, would build the capacity of the seed industry while addressing funding limitations that make it difficult for government to solely police the fast-growing sector.

Also speaking at the event, Mr. Dahiru Rabiu, a Director in the Office of the Director General of NASC, described the validation as a memorable moment for the Nigerian seed industry, marking a transition toward greater private sector involvement and improved regulatory efficiency.

According to Rabiu, three key draft regulations were being reviewed and validated; Third Party Certification Regulation 2025, Early Generation Seed Production Regulation 2025 and crop Variety Release Regulation 2025

He explained that the regulations were developed to operationalize sections of the National Agricultural Seed Council Act, 2019, which empowers the Council to engage private operators in certification and quality assurance processes.

‘The Council is going to license private sector players to handle some of these activities because the number of staff we have is too small compared to the growing needs of the industry. By bringing in the private sector, we can ensure wider coverage and better quality assurance across the country’, Rabiu said.

Rabiu disclosed that three models are being tested under the new framework, the company model, where seed companies establish internal quality control units; the institutional model, involving research and academic institutions; and the independent third-party model, comprising accredited private firms.

He also highlighted efforts to liberalize Early Generation Seed (EGS) production, noting that Nigeria currently meets only about 30 percent of its national seed requirement. Most breeder and foundation seeds, he said, come from public research institutions, a gap the private sector can help close to boost productivity and food security.

The validation workshop brought together representatives from across the seed value chain, including seed companies, research institutions, NAFDAC, and the National Centre for Genetic Resources and Biotechnology (NACGRAB). Participants described the effort as a necessary step toward a more competitive, transparent, and sustainable seed system in Nigeria.

The new regulatory framework, once adopted, is expected to strengthen Nigeria’s seed quality assurance, attract private investment, and accelerate the country’s drive toward agricultural transformation and food security.

Trading in the shares of Smart Products Nigeria on the floor of the Nigerian Exchange (NGX) Limited has been suspended.

According to a notice from the NGX signed on Wednesday, October 8, 2025, signed by its Head of Issuer Regulation Department, Mr Godstime Iwnekhai, the action was taken in preparation for the delisting of the company’s securities from the stock exchange.

It also followed the closure of the Alternative Securities Market (ASeM) index of the exchange, effective July 1, 2025, and the failure of Smart Products Nigeria to meet a part of the listing rules.

In the disclosure, the NGX said it was migrating companies in the defunct ASeM board to the Growth board and Smart Products Nigeria is short of the requirements to be on the new category.

‘NGX RegCo has commenced the process of migrating the securities of Juli Plc to the Entry Segment of the Growth Board while the securities of Smart Products Nigeria Plc will be delisted due to the closure of the ASeM Board and the failure of the company to meet the required criteria for migration to the Growth Board.

‘Consequently, the securities of Smart Products Nigeria Plc have been suspended from trading on the facilities of NGX effective today, Wednesday, October 8, 2025, pending the delisting of the company’s securities,’ parts of the circular stated.

The winding-down of the ASeM board was approved by the board of the NGX. The group was created for small and medium-sized companies seeking to access the capital market with less stringent listing requirements.