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The Revenue Mobilisation Allocation and Fiscal Commission (RMAFC) has ordered the Nigerian Upstream Petroleum Regulatory Commission (NUPRC) to dissolve a disputed Host Community Development Trust within 48 hours, following allegations that it was established without proper consultation with the affected oil-producing communities.

The order was issued during an investigative hearing in Abuja into the operations of Sterling Oil Exploration and Energy Production Company (SEEPCO) and the implementation of the Host Community Development Trust provisions of the Petroleum Industry Act (PIA).

Speaking at the hearing, RMAFC Chairman Dr Mohammed Bello Shehu said the Commission would continue to protect the interests of oil-producing host communities and ensure they receive the benefits guaranteed to them under the law.

According to a statement issued on Friday by the Commission’s Head of Information and Public Relations Unit, Maryam Umar Yusuf, Dr Shehu described the investigation as a national assignment aimed at promoting accountability in the management of Nigeria’s petroleum resources.

He said the Commission would continue to strengthen its oversight of oil companies and government institutions responsible for implementing the provisions of the Petroleum Industry Act, adding that transparency and accountability remain essential to protecting national revenue and restoring public confidence in the petroleum sector.

Dr Shehu commended members of the Commission’s Investment Monitoring Committee for their work and expressed optimism that the investigation would help ensure that host communities receive the full benefits provided for under the Petroleum Industry Act.

The Chairman of the Investment Monitoring Committee and Federal Commissioner representing Anambra State, Dr Ekene Enefe, led the investigation into SEEPCO’s compliance with the law establishing Host Community Development Trusts.

He said the era in which oil-producing communities endured environmental degradation and social hardship without corresponding development must end.

According to him, both petroleum operators and regulatory agencies must fully fulfil their legal responsibilities to affected communities.

The Committee also expressed concern about SEEPCO’s repeated failure to honour invitations to appear before it, despite earlier engagements.

Dr. Enefe warned that no operator would be allowed to evade legitimate oversight by the Commission.

Addressing officials of the NUPRC, he said RMAFC’s constitutional responsibility requires it to hold every institution in the petroleum industry accountable for the proper discharge of its duties.

He then issued a direct order to the regulator, saying: “We are going to give you 48 hours to dissolve that host community development trust.”

Dr. Enefe also faulted SEEPCO for what he described as its failure to meet obligations owed to host communities.

He said the company would receive a formal notice directing it to settle all outstanding obligations. “We are going to write them, and we are going to give them an ultimatum to pay up what is owed the host communities,” he said.

Enefe added that after completing its investigation, the Committee would forward its findings and recommendations to the appropriate authorities, insisting that the Commission would carry out its constitutional responsibilities without fear or favour.

Earlier, the NUPRC delegation, led by the Director of Host Communities, Mrs. Ufondu Ejiro, defended the Commission’s handling of the Host Community Development Trust.

She told the Committee that the trust had been legally incorporated, properly funded and established in line with the Petroleum Industry Act.

According to her, the Commission received and reviewed documents covering community consultations, governance arrangements, funding plans and Community Development Plans before approving the trust.

She also presented records of contributions to the trust and maintained that the regulator had carried out its responsibilities in accordance with the Petroleum Industry Act and the Host Community Development Regulations.

However, the affected host communities rejected the regulator’s position. Speaking on their behalf, legal representative Mr. Peter Chukwudi argued that several individuals presented as community representatives were not recognised by the affected communities.

He also disputed claims that adequate consultations had taken place before the trust was established.

Chukwudi questioned the level of development in the oil-producing communities despite years of petroleum exploration and urged the Committee to thoroughly investigate the issues raised by residents.

Also speaking, the Anambra State Commissioner for Petroleum and Mineral Resources, Prof. Charles Ofoegbu, called for stronger cooperation between the NUPRC and the Anambra State Government in verifying genuine community representatives and monitoring compliance with legal obligations.

He also called for greater openness in the calculation of statutory contributions, operational expenditure and the execution of community development projects, saying the state government has a responsibility to protect the interests of its oil-producing communities.

The Federal Commissioner representing Rivers State, Ambassador Desmond Akawor, said there appeared to be a communication gap between the regulator and state governments, adding that closer cooperation would improve oversight of petroleum operations.

He also expressed disappointment at SEEPCO’s absence from the hearing and urged all parties to cooperate fully with the ongoing investigation.

The Federal Commissioner representing Kogi State, Abdulazeez Idris King, questioned whether documents submitted by operators alone were sufficient to confirm that genuine consultations had taken place before community representatives were recognised.

Similarly, the Federal Commissioner representing Jigawa State, Hauwa Umar Aliyu, called on regulatory agencies to maintain professionalism, fairness and impartiality while carrying out their statutory duties.

She said regulators must inspire public confidence by giving equal attention to the interests of host communities as well as those of oil companies.

In his closing remarks, Dr. Enefe assured all stakeholders that every submission and documentary evidence presented before the Committee would be carefully examined before recommendations are made.

He said the Committee would continue its work until all relevant facts had been established, adding that the investigation forms part of RMAFC’s broader efforts to improve transparency, strengthen accountability and ensure that oil-producing communities receive the benefits guaranteed to them under the Petroleum Industry Act.

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The equities market recorded N235 billion gain on Friday at the close of trading, reflecting sustained bullish sentiment among investors.

This marked the 3rd consecutive bullish session in the week.

The performance underscored renewed investor confidence in the stock market, driven by increased demand for blue-chip stocks and sustained positive market momentum.

Market capitalisation rose by 0.15 per cent, closing at N158.513 trillion from the N158.278 trillion recorded at the previous session.

Similarly, the All-Share Index (ASI) appreciated by 0.15 per cent, gaining 364.26 points to close at 245,573.60, compared with 245,209.34 recorded in the preceding session.

This pushed the year-to-date return to 57.81 per cent.

Meanwhile, the market breadth closed negatively, recording 24 losers against 22 gainers.

Red Star Express led the losers’ chart by 10 per cent, ending the session at N18, CAP trailed by 9.98 per cent, closing at N115.45 while John Holt dipped by 9.82 per cent, finishing at N 10.10 per share.

Also, ABC Transport declined by 9.57 per cent, settling at N5.20 and Legend Internet shed by 8.70 per cent, finishing at N4.20 per share.

On the gainers’ chart, UPDC led by 9.23 per cent, closing at N3.55, Computer Warehouse Group followed by 6.56 per cent, ending the session at N19.50 and AXA Mansard Insurance advanced by 4.80 per cent, settling at N13.10 per share.

Neimeth International Pharmaceutical gained by 4.24 per cent, finishing at N8.60 while Cutix grew by 4 per cent, closing at N2.60 per share.

Market activity strengthened during the session, with total trading volume surging by 185.55 per cent to 1.52 billion shares worth N26.65 billion, exchanged in 42,580 deals.

Fortis Global Insurance emerged as the most traded stock by volume, with 824.46 million shares, representing 54.29 per cent of the day’s total volume.

Access Corporation led by value, accounting for N4.67 billion or 17.52 per cent of the total value traded.

(NAN)

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Telecommunication operators in Nigeria and other parts of Africa are expected to inject over $76 billion as capital expenditure (CapEx) into their various networks in five years.

GSMA said this projection is for between 2025 and 2030. It, however, said that for the investment to translate into improved coverage, quality and capacity, there is a need for an improved regulatory and cost environment.

According to the telecom body, markets that have reduced rights-of-way costs, enabled infrastructure sharing and provided regulatory predictability are seeing faster and broader capital deployment.

Infrastructure-sharing models in particular are emerging as a structural solution for extending coverage into areas where individual operator economics alone cannot justify the investment, it said.

MTN Nigeria’s quarterly CapEx this year has been extremely aggressive, starting with N390.3 billion in Q1 and reaching N620.5 billion by H1, while Airtel Africa invested $389 million in Q1 2026 alone, its highest first quarter rollout.

Both operators are front loading investments to expand 4G/5G coverage and fibre infrastructure.
For FY 2025, MTN Nigeria’s CapEx surged to N1 trillion, more than doubling from N443.5 billion in FY 2024. This was driven by aggressive investment in broadband coverage and spectrum leasing.

CapEx intensity stood at 19.3 per cent of revenue, reflecting heavy reinvestment into infrastructure.

Airtel Africa CapEx rose to $884 million in FY 2026, a 31.9 per cent increase year-on-year. The company rolled out over 3,250 new sites and expanded fibre by 3,200 km, with plans to accelerate spending to $1.1 billion in FY 2027.

Both operators are scaling aggressively to meet surging data demand and smartphone penetration.

MTN’s investment intensity is higher relative to revenue, while Airtel is focusing on pan-African expansion with Nigeria as a key growth driver.

For FY 2026, Airtel reported 47.5 per cent constant currency revenue growth in Nigeria, showing strong returns on its infrastructure push.

Airtel Africa is balancing pan African expansion with Nigeria as a key growth driver. Its CapEx is more diversified across regions but still heavily weighted toward network densification.