President Bola Tinubu has issued Executive Order 9, a significant policy shift for Nigeria's oil and gas sector. The order mandates that all government entitlements, including Royalty Oil, Tax Oil, Profit Oil, and Profit Gas from Production Sharing and related contracts, must now be paid directly into the Federation Account. This move centralizes the flow of crucial hydrocarbon revenues, which are constitutionally meant to be shared among the federal, state, and local governments, potentially increasing transparency and direct allocations to sub-national entities.
A major financial implication of Executive Order 9 is the scrapping of the 30 per cent Frontier Exploration Fund established under the Petroleum Industry Act (PIA). This fund was designed to finance oil and gas exploration in new, frontier basins across Nigeria. Its elimination redirects those resources, signaling a potential reprioritization of national spending away from high-risk exploration ventures and towards immediate fiscal needs distributed via the Federation Account.
Furthermore, the order stops the 30 per cent management fee on profit oil and profit gas that was previously retained by the Nigerian National Petroleum Company (NNPC) Limited. This fee was a source of operational funding for the national oil company. Halting it could significantly impact NNPC's financial autonomy and operational budget, forcing a restructuring of how the company funds its activities and manages joint venture obligations.
In a separate development in Anambra State, Governor Chukwuma Soludo commenced the demolition of the historic Onitsha Main market in the early hours of Sunday. The demolition activity targeted shops at Johnson Street and sections of the major structure known as Gwongworo, with significant portions pulled down by noon on Sunday. This action by the state government represents a major urban renewal or enforcement move affecting one of the country's largest commercial hubs.
Critically, the demolition in Onitsha began despite an existing court order that prohibited the destruction of the market pending the determination of a substantive lawsuit. The governor's decision to proceed raises serious legal and constitutional questions about the respect for judicial injunctions and the rights of the traders and property owners involved in the pending case.
Hundreds of kilometers away in the nation's capital, residents of the Federal Capital Territory (FCT) woke up on Thursday morning to a heavy deployment of security personnel. This show of force followed intelligence reports warning of a potential protest by the Islamic Movement in Nigeria (IMN), the group popularly known as the Shiites. The security operation aimed to preempt any disruption in the city center.
Strategic locations across Abuja, including the sensitive Three Arms Zone housing the presidential villa and National Assembly, Eagles Square, and major entry points into the city, were cordoned off. A combined team of soldiers, police officers, and operatives of the Nigeria Security and Civil Defence Corps secured these areas. However, in a conflicting claim, the IMN has officially distanced itself from any planned demonstration, creating a narrative disconnect between the security intelligence and the group's public position.
In the business and technology sector, e-commerce giant Konga has announced the launch of its Berekete Sales, a nationwide promotional campaign. Among the standout offers is a special deal on the Starlink Gen 3 satellite internet kit, now available for N550,000. This price represents a reduction from its regular price of N590,000, making high-speed satellite internet more accessible to Nigerian consumers and businesses amid ongoing connectivity challenges.
