Minister laments non-implementation of planning law

Minister of Housing and Urban Development, Ahmed Musa Dangiwa, has decried the failure of most states to adopt and implement the Urban and Regional Planning Law (Decree 88 of 1992, Cap. 138 LFN 2004) more than 30 years after its passage, calling it a major setback to the nation’s quest for orderly and sustainable urban growth.

Speaking at the National Colloquium on the Implementation of the Urban and Regional Planning Law, organised by the Nigerian Institute of Town Planners (NITP) in Abuja, he expressed concern that only two States, including Katsina, have domesticated the landmark legislation since its enactment in 1992.

‘It is regrettable that more than three decades after the promulgation of this progressive law, only two States, including my home State of Katsina, have adopted and operationalised it. This has contributed to the uncoordinated growth of our cities, the proliferation of informal settlements, and widening gaps between planning ideals and urban realities,’ Dangiwa stated.

He commended the Nigerian Institute of Town Planners for convening the colloquium, describing it as timely and essential for national reflection on how to revitalise planning practice as a tool for sustainable development.

The Minister explained that the 1992 Urban and Regional Planning Law was a bold reform that replaced the obsolete 1946 Town and Country Planning Law – providing, for the first time, a comprehensive framework for land use and physical development across all tiers of government. However, he lamented that weak institutional capacity, inadequate manpower, poor intergovernmental coordination, and low public awareness have hindered its implementation.

Dangiwa noted that the realities of rapid urbanisation, climate change, and technological advancement have further outpaced the provisions of the law, making its review and update both urgent and necessary.

Under the Renewed Hope Agenda of President Bola Ahmed Tinubu, the Minister reaffirmed the commitment of the Federal Ministry of Housing and Urban Development to driving the nationwide adoption, domestication, and effective implementation of the law. He added that the Ministry is also working to review and modernise the legislation to align with current realities and emerging global standards in spatial and physical planning.

‘We are determined to ensure that every state of the federation adopts and operationalises this law; urban and regional planning is not a theoretical exercise – it is the backbone of sustainable growth, efficient infrastructure, and social well-being,’ he said.

Dangiwa disclosed that as part of its reform agenda, the Ministry has completed the review of the National Urban Development Policy, approved by the Federal Executive Council (FEC), and is finalising the National Physical Planning Standards and the National Policy on Rural Settlements Planning and Development to promote balanced regional development and reduce migration pressures on urban centres.

He further cited the Renewed Hope Housing Programme as a practical demonstration of integrated land use and planning principles envisioned under the law, with each housing project reflecting proper spatial planning and environmental sustainability.

‘Through the Renewed Hope Housing Programme, we are showing that effective planning leads to better, more liveable, and inclusive communities,’ he noted.

The Minister urged State Governments, professional bodies, and development partners to work collectively to reposition urban and regional planning as a strategic instrument for economic transformation, social equity, and environmental resilience.

Tinubu commissions Africa’s largest fibre optic factory

President Bola Ahmed Tinubu has lauded Coleman Technical Industries Limited for its resilience, innovation, and commitment to Nigeria’s industrial growth as the company marked its 50th anniversary with the commissioning of Africa’s largest fibre optic cable manufacturing plant in Sagamu, Ogun State.

Speaking at the event on Wednesday, President Tinubu, represented by the Minister of Industry, Trade and Investment, Dr Jumoke Oduwole, described the new fibre optic facility as a strategic asset for Nigeria’s economic competitiveness that would strengthen the nation’s digital backbone, enhance broadband penetration, and support the country’s transition from potential to performance, and from production to prosperity.

‘Every kilometre of fibre produced here strengthens the backbone of our digital economy, accelerates broadband performance, enables secure e-commerce, and modernises public services.

‘Local capacity in fibre optics reduces import dependence, conserves foreign exchange, creates quality jobs, and positions Nigeria as a regional supplier under the African Continental Free Trade Area,’ he said.

The President praised Coleman’s half-century journey as a model of Nigerian enterprise, succession planning, and sustainability, adding that the project aligns with several pillars of his administration’s Eight-Point Agenda, including job creation, digital economy expansion, and local content development.

He noted that the factory’s expansion would create thousands of skilled and semi-skilled jobs, promote backward integration, and drive foreign exchange savings through import substitution and export growth.

In his address, Coleman’s Managing Director and Chief Executive Officer, Mr George Onafowokan, described the new facility as the single largest fibre optic cable factory by capacity and Africa’s first Fibre-Reinforced Plastic (FRP) production plant.

Tracing the company’s evolution from a 200-square-metre site in Idimu to over 400,000 square metres of manufacturing space across Arepo and Sagamu, Onafowokan said the milestone reflects decades of deliberate investment, efficiency, and bold risk-taking.

‘Coleman has grown beyond being just a cable manufacturer. We now produce low, medium and high voltage cables, fibre optics for broadband and digital infrastructure, aluminium conductors for power transmission, and armoured cables for oil, gas, and industrial applications,’ he said.

He revealed that Coleman’s Sagamu and Arepo facilities now have a combined fibre production capacity of 12 million kilometres annually, enough to serve the entire sub-Saharan African market.

Onafowokan disclosed that the company’s next major investment is a $100 million Fibre Optic Cable Drawing Tower to deepen local content, boost exports, and position Nigeria as Africa’s hub for fibre technology.

He also announced plans to designate the Sagamu expanse as a Free Trade Zone, expected to generate over N1 trillion in export revenue and create over 20,000 direct and 200,000 indirect jobs, with at least 30 per cent female participation.

‘With continued support from government and stakeholders, Coleman is on track to become a N15 trillion ($10 billion) enterprise, with more than half of revenue from exports,’ he stated.

Minister of Communications, Innovation and Digital Economy, Dr Bosun Tijani, emphasised the critical role of fibre optics in driving national productivity and GDP growth.

‘Connectivity is now the backbone of every prosperous society. Studies show that for every 10 per cent improvement in broadband quality, GDP grows by about 2.5 per cent. This is why the President has committed to a 90,000-kilometre national fibre network,’ Tijani said.

He said Coleman’s investment directly supports this national objective and will help deliver affordable, high-quality internet access to millions of Nigerians, particularly the youth.

At the commissioning, Ogun State Governor, Dapo Abiodun, hailed Coleman’s success as ‘a true Nigerian story of foresight, faith, and innovation.’

‘Fifty years ago, a vision was born, and today that vision has transformed into one of Nigeria’s foremost manufacturers. Coleman stands as a symbol of entrepreneurial spirit and excellence, qualities that define our state,’ Governor Abiodun said.

The governor commended President Tinubu’s economic reforms for creating a stable business environment and reaffirmed Ogun State’s commitment to supporting industrial investors.

He described the commissioning as a defining moment for Nigeria’s digital revolution and a testament to what is possible when vision meets determination.

Coleman Technical Industries Limited, established in 1975 by Dr George Onafowokan, has evolved into Nigeria’s leading cable manufacturer, producing a wide range of electrical, telecommunications, and industrial cables. The newly commissioned Sagamu 5 Fibre Optic Factory marks a major step in Nigeria’s quest for technological self-reliance and digital infrastructure expansion.

Nigeria’s TB fight must not depend on foreign aid – First Lady

The First Lady, Sen. Oluremi Tinubu has reaffirmed Nigeria’s commitment to ending Tuberculosis (TB) by 2030 through concrete actions, in line with the Renewed Hope Agenda President Bola Tinubu.

This is contained in a statement issued on Wednesday by the first lady’s Media Aide, Busola Kukoyi, during her message as the special guest of honour at the 39th Stop TB Partnership Board Meeting held in Manila, Philippines.

The first lady explained to the gathering of over 180 participants from 47 countries that Nigeria is strengthening its commitment to reduce reliance on donor funding, to build resilient systems to ensure no setback on ending TB by 2030.

According to Mrs Tinubu, who is the Global and National Stop TB Champion, TB remains the biggest infectious killer disease and is a threat for all of us, being airborne.

She said the stainability of TB response cannot depend solely on external assistance but from within the nation through leadership, community engagement and strategic national coordination.

‘I am equally pleased to share that, despite the temporary shifts in support from some financing partners, Nigeria’s efforts in the fight against TB have remained strong.

‘Through steadfast leadership, community engagement, and strategic national coordination, we have ensured that the number of people diagnosed and treated for TB in 2025 did not increase..

‘This stands as a testament to the power of country ownership and to the unwavering commitment of Nigerians who continue to drive this response forward, even in the face of uncertainty.

‘Health for all begins in our communities, therefore, coming together for the Stop TB Partnership Board meetings remind us that the fight against tuberculosis is not finished, ‘ the first lady said.

She emphasised that TB was a threat that has claimed lives saying ‘it claims close to 1.3 million lives each year.

‘In Nigeria, we remain among the eight countries that account for two-thirds of global TB cases, with an estimated 479,000 Nigerians developing TB in 2023 and more than 150,000 deaths recorded.

‘These are not numbers, they are mothers, fathers, sons, and daughters whose lives compel us to act with urgency and compassion,’ Mrs Tinubu said.

She commended the Ministry of Health and Social Welfare and its affiliate agencies, the Stop TB Partnership and others for their dedication and transparency in ensuring that all the money mobilided towards expanding access to testing, diagnosis, treatment and integrating TB services into primary healthcare are judiciously utilised.

In his remarks, the Stop TB Partnership Board Chair and Secretary of Health of Philippines Teodoro Herbosa pointed out that TB was more than a health concern but a development challenge for many nations.

‘It is critical fight, despite the remarkable progress made but we must be relentless and determined.

The Executive-Director of Stop TB Partnership, Dr Lucica Ditiu while giving the board report said that integrating data systems with governments of various country’s is vital to ending TB by 2030.

‘In five countries, in the last two months new facility for grants have been deployed and with it, 8,000 were screened, 5,000 were diagnosed and 3,000 enrolled in preventive treatment.’

The News Agency of Nigeria (NAN) reports that the Coordinating Minister of Health and Social Welfare, Prof. Muhammad Ali Pate was in attendance at the meeting.

The 38th edition of the Stop TB Partnership Board Meeting was held in Abuja in 2024. (NAN)

Ekiti APC primary transparent, fair, credible – Asefon

The Senior Special Assistant to the President on Students Engagement, Sunday Asefon, has condemned the alleged false and misleading claims by a coalition of civil society groups on the just-concluded All Progressives Congress (APC) governorship primary election in Ekiti State.

He said contrary to misleading claims by the group, the primary election, which produced Governor Abiodun Oyebanji as the consensus and authentic candidate of APC, was done in a transparent, fair and credible manner.

Asefon, in a statement on Wednesday, described the group as non-indigenes of Ekiti State, and known members of opposition Peoples Democratic Congress (PDP) and African Democratic Congress (ADC), trying to meddle in the internal affairs of APC in the State.

He insisted that the APC gubernatorial Primary election held on Monday, October 27, 2025, was peaceful, free, fair, and credible, and one of the best in the political history of Ekiti State.

In a statement entitled, ‘Condemnation of Kangaroo Press Conference by Non-indigenes of Ekiti in Abuja on Ekiti APC Consensus Primary Election,’ made available to newsmen in Abuja, President Tinubu aide urged Nigerians to disregard any false claims about the primary election supervised by the electoral umpire and party officials and adjudged to be transparent, fair and credible.

The statement read in part: ‘Our attention has been drawn to a kangaroo press conference held in Abuja by some individuals who are not indigenes of Ekiti State, making false and misleading claims about the just concluded APC Governorship Consensus Primary Election in Ekiti

‘We wish to categorically state that the primary election held on Monday, October 27, 2025, was peaceful, free, fair, and credible, one of the best in the political history of Ekiti State.

‘The exercise was conducted transparently, witnessed by INEC officials, and supervised by the APC National Chairman, where His Excellency, Abiodun Oyebanji (BAO) emerged as the authentic candidate of our great party, the All Progressives Congress (APC).

‘We therefore condemn in strong terms , the actions of these non-indigenes and so-called CSOs most of whom are known members of the ADC and PDP based in Abuja.

‘They have no moral or political authority to meddle in the internal affairs of the APC in Ekiti State. We advise them to steer clear of Ekiti politics and focus on resolving issues within their own parties.

‘Ekiti State remains peaceful and united, and our delegates have spoken clearly through their votes. Any attempt by outsiders to distort this democratic process or undermine the will of the people will be resisted. The good people of Ekiti will not take it lightly with them or their sponsors when the time comes.

‘We urge the general public to disregard the baseless statements issued by these impostors and continue to support the peace, unity, and progress of our dear state under the capable leadership of Governor Abiodun Oyebanji’.

Agbese lauds Tunji-Ojo’s reforms, dismisses certificate allegation

The Deputy Spokesman of the House of Representatives, Hon. Philip Agbese on Wednesday described the Minister of Interior, Dr Olubunmi Tunji-Ojo, as ‘not just a super-performing Minister, but parliament’s treasured asset,’ dismissing recent allegations surrounding his National Youth Service Corps (NYSC) certificate as ‘mere political noise by enemies of progress determined to derail the Renewed Hope Agenda’.

Agbese, who spoke to Parliamentary Correspondents in Abuja, said the attacks on the Minister were ‘a calculated attempt to distract a reform-minded public servant whose record of innovation and results has redefined service delivery in Nigeria’s public sector’.

‘In less than a year, Dr. Tunji-Ojo has transformed the Ministry of Interior from a bureaucratic enclave into a model of efficiency.

‘He cleared over 200,000 passport backlogs in just three weeks, introduced end-to-end automation that eliminated touting and racketeering, and opened new passport offices across several countries to serve Nigerians in the diaspora. Today, Citizens can apply for and collect their passports within days, not months, and that’s a direct outcome of his leadership.’

The lawmaker said Tunji-Ojo’s reforms extended beyond the Nigeria Immigration Service.

‘He has brought structure and discipline into the correctional system. Over 4,500 inmates were released to decongest our overcrowded prisons, biometric systems have been deployed to track escapees, and jailbreaks have practically become a thing of the past,’ he said.

According to Agbese, the minister’s focus on human capital development within the paramilitary agencies has also restored morale and professionalism.

‘He ensured timely promotions, introduced digital monitoring systems, and improved the welfare of officers. The ministry has become a place of dignity and performance. Under his supervision, it has generated over ?6 billion in revenue this year alone, proving that transparency and efficiency can go hand in hand,’ he said.

Agbese dismissed the NYSC certificate controversy as ‘a hoax designed by desperate politicians who cannot match competence with results’.

‘The so-called certificate scandal is nothing but noise. These are the same old tactics of distraction deployed whenever a young, effective leader begins to challenge the old order. The enemies of progress cannot stand the fact that the Renewed Hope Agenda is working through people like Dr. Tunji-Ojo.’

The Deputy spokesman urged Nigerians to focus on performance and measurable impact rather than unsubstantiated allegations.

‘Governance is not about gossip; it’s about delivery. Every citizen can see the difference the Interior Ministry is making, faster services, cleaner processes, and greater accountability,’ he said.

Agbese also warned against what he called ‘the weaponisation of social media to smear public officials without proof,’ adding that every legitimate query should follow due process.

‘If there are questions, let the institutions of state handle them, not political jobbers or social media mobs. The rule of law must not give way to mob hysteria,’ he added.

He described Tunji-Ojo as one of the brightest examples of President Bola Tinubu’s Renewed Hope vision, saying his blend of youth, competence, and patriotism had restored citizens’ confidence in government institutions.

‘Dr. Tunji-Ojo represents a new generation of leadership – focused, innovative, and accountable. He is building systems, not headlines. Those peddling falsehoods will fade, but his legacy of reform will remain,’ Agbese declared.

’Realign reforms

Chemical and Non-Metallic Products Employers Federation has called on Federal Government to realign its reforms to avoid stifling private sector’s growth.

The federation raised concerns about the country’s business environment, calling for action to address rising energy costs, multiple taxation and weak infrastructure that continue to stifle growth in the industrial sector.

Speaking at its 46th AGM in Lagos, President, Chief Devakumar Edwin, painted an economy struggling under inflationary and structural pressures, but praised the resilience of manufacturers who ‘innovate, diversify and adapt amid daunting challenges.’

Some reforms, he said, are tax/fiscal policy, monetary policy, trade policy, industrial revolution, aviation sector and immigration policy reforms.

‘The removal of fuel subsidy and floating of the naira were intended for reform. But these escalated energy and import costs, raising operational expenses in industries. Despite the headwinds, members adapted, optimising resource use and exploring regional export markets, ‘ Devakumar said.

According to him, the non-oil sector, which includes manufacturing grew by 3.96 percent in 2024, yet this growth did not translate into improved competitiveness due to high input costs, multiple taxation, and limited access to foreign exchange.

The CANMPEF President acknowledged the Federal Government’s recent efforts to stabilize the economy, including the suspension of the Expatriate Employment Levy (EEL) and the introduction of the Nigeria First policy to promote local content and import substitution.

He also commended the issuance of N1.1 trillion Sovereign Sukuk bonds for road projects but cautioned that infrastructure development must move from ‘policy to practice.’

He added that, ‘A ‘Nigeria First’ policy must be matched with ‘Nigeria’s Infrastructure First’ to succeed. Poor road networks, unreliable power supply, and multiple taxes continue to inflate production costs. These issues must be addressed if local industries are to thrive.’

Edwin outlined CANMPEF’s strategic priorities for 2025 and beyond, emphasizing aggressive advocacy on infrastructure, development of local value chains, and strengthening member support systems.

‘The operationalization of the Dangote Refinery is a milestone. But we must build linkages that connect raw material producers to end-users for a resilient, self-sufficient industry.

‘Our vision is clear, to position the chemical and non-metallic industry as a pillar of Nigeria’s industrial renaissance,’ he declared.

Edwin further urged the Federal Government to harmonize regulatory functions, reduce energy costs, and prioritize industrial infrastructure.

The Federation also called on policymakers to partner more closely with industry groups in crafting policies that encourage investment, create jobs, and strengthen Nigeria’s manufacturing competitiveness.

In his own words, CANMPEF Executive Secretary, Femi Oke, presented a detailed report that described 2024 as ‘a year of perfect storms’ for manufacturers.

He cited the combined effect of global trade tensions, the aggressive monetary tightening by the Central Bank, the lingering fuel subsidy removal, and the 230.8 per cent electricity tariff hike as critical factors that worsened production costs and squeezed profit margins.

‘In April 2024, the Nigerian Electricity Regulatory Commission increased tariffs for Band A customers from N68 to N225 per kilowatt-hour. For an industry already battling fuel shortages and weak infrastructure, this was devastating. Many manufacturers are now questioning their sustainability.’

Oke noted that recurring fuel scarcity, protests over economic hardship, and high borrowing costs created a stagflationary environment that eroded industrial productivity.

‘The Monetary Policy Rate rose to 27.5 percent by Q4 2024, one of the steepest increases in our history,’ he added. ‘This has made access to credit for working capital nearly impossible for many firms.’

Both executives lamented the burden of overlapping taxes and regulatory levies imposed by multiple federal and state agencies.

His words: ‘Our members face a web of duplicative mandates from agencies such as NESREA, SON, NAFDAC, and numerous Lagos State regulatory bodies.

‘There is an urgent need to harmonize these functions to reduce cost and confusion,’ he said.

The Federation, he added, has intensified advocacy through partnerships with the Nigeria Employers Consultative Association (NECA) and continued dialogue with government agencies.

‘We remain committed to promoting a predictable regulatory environment.

‘A stable policy framework is the foundation of industrial growth,’ he said.

Top 10 countries with highest petrol prices in October 2025

As of October 2025, petrol prices have seen significant variations across the globe due to geopolitical tensions, subsidy reforms, supply chain disruptions, and local tax policies.

Libya – ($0.028 / ?40.204)

Libya has the world’s cheapest petrol, thanks to heavy government subsidies and its large oil reserves. Despite ongoing political instability, petrol remains highly affordable domestically.

Iran – ($0.029 / ?41.670)

Iran maintains low petrol prices through state control and subsidies, using its vast crude oil resources. However, sanctions and smuggling issues continue to affect its energy market.

Venezuela – ($0.035 / ?50.986)

Once offering nearly free petrol, Venezuela still keeps prices extremely low through government control. Economic challenges and inflation persist despite the low cost of petrol.

Angola – ($0.327 / ?476.574)

Angola’s petrol prices remain relatively low due to its oil production capacity. However, recent subsidy cuts have slightly increased domestic petrol costs.

Kuwait – ($0.342 / ?498.682)

As a major oil exporter, Kuwait offers some of the cheapest petrol in the Gulf region. Citizens benefit from generous fuel subsidies supported by oil revenues.

Algeria – ($0.354 / ?515.492)

Algeria’s low petrol price is sustained by government intervention and its strong energy sector. The state heavily subsidises petrol to ease living costs.

Turkmenistan – ($0.429 / ?625.462)

Turkmenistan provides low-cost petrol due to state control of its rich natural gas and oil resources, though access can sometimes be limited.

Egypt – ($0.443 / ?645.786)

Egypt’s petrol prices remain low but have been gradually rising as the government scales back subsidies under economic reform programmes.

Kazakhstan – ($0.458 / ?667.883)

Kazakhstan, a major oil producer in Central Asia, keeps petrol prices relatively low. However, protests in 2022 over fuel price increases led to tighter state regulation.

Bahrain – ($0.531 / ?772.798)

Bahrain has one of the lower petrol prices in the Gulf but higher than its neighbours due to fewer oil reserves. The government balances subsidies with economic diversification plans.

Chelsea join European Chase for Nigerian youngster

Club World Cup champions Chelsea have entered the race to sign highly rated Nigerian winger Sani Suleiman, joining a host of European clubs monitoring the AS Trencin sensation, as reported by Tribalfootball.

Suleiman, 19, has been in outstanding form since returning to his Slovak club after representing Nigeria at the U20 World Cup. His recent assist against Skalica earned Trencin a valuable draw and saw him named in the Nike Liga Team of the Week.

Chelsea’s scouting team have reportedly requested updated information on the young winger, who is attracting growing attention across Europe. Suleiman’s contract runs until June 2026, with Trencin holding a two-year extension option, effectively securing his services until 2028 – a clause that strengthens the club’s hand in any transfer talks.

The Nigerian’s impressive displays have also drawn interest from Tottenham Hotspur, Rangers, and Bayer Leverkusen, alongside several Italian clubs making preliminary enquiries.

According to the CIES Football Observatory, Suleiman was recently rated the most complete U21 winger in the world, based on seven key performance metrics, and ranked among the top 200 U20 outfield players globally.

With his meteoric rise and increasing demand, this season could mark Suleiman’s final campaign at Trencin, as Europe’s elite continue to circle one of Africa’s brightest young talents.

Nigeria’s money supply falls to N118trn in Sept 2025 – CBN

Nigeria’s money supply (M²) fell month-on-month to about ?118 trillion in September 2025, down from ?119.7 trillion in August, according to the Central Bank of Nigeria (CBN).

The apex bank disclosed this in its Money and Credit Statistics Data for September 2025, attributing the decline primarily to a drop in banks’ credit to the economy amid continued monetary tightening aimed at curbing inflation.

According to the report, overall credit to the economy fell by 2.1 per cent month-on-month to ?96.7 trillion in September from ?98.8 trillion in August, reflecting the CBN’s restrictive policy stance.

The decline was driven by a 4.4 per cent contraction in banks’ credit to the private sector, which dropped to ?72.5 trillion from ?75.9 trillion during the same period.

The impact of the contraction was only partially offset by a 5.67 per cent rise in credit to the government, which increased to ?24.2 trillion in September from ?22.9 trillion in August.

The CBN noted that the tightening of liquidity was part of its ongoing effort to tame inflation, which has remained stubbornly high despite multiple interest rate hikes. Since mid-2023, the Monetary Policy Rate (MPR) has been raised by over 800 basis points.

A breakdown of the data showed that Narrow Money (M¹) declined by 0.76 per cent month-on-month to ?39.1 trillion in September from ?39.4 trillion in August, while Quasi Money dipped by 1.99 per cent to ?78.7 trillion from ?80.3 trillion in the same period.

Similarly, Demand Deposits fell by 0.86 per cent to ?34.6 trillion from ?34.9 trillion, while Currency Outside Banks (CoB) was the only component that recorded an uptick – rising slightly by 0.45 per cent to ?4.47 trillion in September from ?4.45 trillion in August.

Analysts say the decline in money supply underscores the CBN’s firm stance on monetary tightening, even as the economy grapples with reduced liquidity and sluggish private sector credit growth.

FirstBank vindicated: Arbitration tribunal dismisses GHL’s $718m claim

The Final Award in the arbitration initiated by General Hydrocarbons Limited against First Bank of Nigeria Limited, issued by Sole Arbitrator Hon. Justice Kumai Bayang Akaahs, was published today the 28th, October 2025,

General Hydrocarbons Limited (GHL) was represented by Messrs. Paul Usoro SAN and and Abiodun Layonu SAN. First Bank of Nigeria Limited (FBN) was also represented by Messrs Gbolahan. Elias, SAN; Babajide Koku, SAN and Victor Ogude, SAN.

The Tribunal dismissed GHL’s case in its entirety, affirming FBN’s financing obligations as conditional, finding no breach or entitlement to damages by GHL, and ordering GHL to bear the costs of arbitration.

The dispute arose from the Subrogation Agreement dated May 29, 2021, under which GHL undertook the repayment of an outstanding debt of $718 million and FBN undertook to provide additional loans to finance the development and production of OML 120 in line with the provisions of the Subrogation Agreement.

GHL alleged that FBN breached the agreement by failing to provide absolute and timely financing, sabotaging alternative funding efforts, and causing losses including liabilities to third party and leading to loss of productive time in the development of OML 120.

FBN argued its financing obligation was conditional and not absolute but subject to review and professional discretion in line with banking policies and regulatory guidelines.

The key Findings of the Tribunal are as follows:

1. FBN has a conditional, not absolute, obligation to finance OML 120 development. It must review and evaluate financing requests and may attach competitive terms as deemed suitable.

2. GHL failed to prove any breach by FBN. FBN made several financing offers totaling $185 million, and delays alleged by GHL were not found unreasonable or in breach.

3. Introduction of an Independent Asset Manager as a financing condition by FBN was consistent with the agreement and not a breach.

4. Allegations of FBN sabotaging alternative financing arrangements were unsubstantiated and dismissed for being devoid of any merit.

5. All reliefs sought by GHL, including declarations, damages for unpaid contractor fees, losses, and termination of the Subrogation Agreement, were refused.

6. FBN was adjudged entitled to recover reasonable legal and arbitration costs from GHL, amounting to $112,100 and N111,250,000, payable within 30 days with interest on late payment.