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RMAFC Mediates between Anambra Communities and Oil Exploration Company

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Joel Ajayi 


As part of its oversight functions, the Revenue Mobilization Allocation and Fiscal Commission (RMAFC), through its Investment Monitoring Committee, convened a high-level engagement to mediate  between the Sterling Oil Exploration & Energy Production Company (SEEPCO) and the host communities in Ogbaru Local Government Area of Anambra State.


Speaking during the engagement which took place today at the Commission’s Boardroom at the headquarters in Abuja, Hon. Ekene Enefe disclosed that the Committee called for the hearing because there were so many outstanding issues that needed to be thrashed out between the Company and the host Communities following some complaints  that SEEPCO was not living up to its corporate social responsibility. 


He emphasized the need to resolve the issues as they have direct revenue implications for the Federation. He said, if operations take place in a stable, inclusive, and conducive host community environment, the nation could be sure of higher, safer and predictable revenue generation.


The Hon. Commissioner asked the representative of SEEPCO Mr. Rajender Bhangara qestions on whether the Company had properly established a Host Community Development Trust as required under the Petroleum Industry Act; made the required  contribution from its qualifying expenditure and  how those funds were being applied to infrastructure and environmental remediation. 


He also enquired whether SEEPCO had conducted a needs assessment of the affected communities. He further requested information on gas flaring in the Ogbaru axis and evidence of flare penalty payments to government and compensation to the Communitues. He  requested to know the metering systems used to determine flared volumes.  


Hon. Enefe also queried the status of pipelines and wondered why the product was being evacuated from Anambra to Delta State without a local flow station or farm tank. He also wanted the company to reveal the proportion of the stream of gas versus crude and the extent of their commitment in terms of payment made to the  communities under the existing MoUs. 


He added that the Committee expected full disclosure on scholarships awarded, indigene employment—especially full‑time, skilled workers—and visible infrastructure delivered in the communities hosting their operations.


A member of the Investment Committee and Honourable Commissioner representing Delta State in the Commissio, Barr. Mathew Aruviere Egharhevwa emphasized the need for the representatives of SEEPCO to provide the  database detailing the quantity of gas exploration and what had been embarked on in terms of human capital and infrastructural development.


In their contributions, the community representatives welcomed the intervention, adding that they desired to have a peaceful and harmonious relationship with the company built upon fairness and accountability.  


Mr. Esumai Patrick Chukwudi, who represented the Ogwu Ikpele community, said. “What we want is fairness and a sense of belonging; our people need to see real development—water, health, access roads , jobs—not just promises,” 


In his contribution, Hon. Vitalis Ekweanua of Ogwu Aniocha stressed that the communities came to Abuja because of their belief in dialogue and desire to have a robust  relationship that would serve the interest of everyone. He said, “We are not against operations; we are partners in progress, but host communities must see benefits where resources are taken.”


Responding, SEEPCO’s Head of Business Development, Mr. Rajender Bhangara, thanked the Commission for providing the platform for the discussion, saying “we value this dialogue and the concerns raised; we have taken detailed notes and will return with our technical community, and operations teams to respond comprehensively.”


He said the company’s operations within OML 143 link Anambra field locations to existing  infrastructure in Delta state as well as all produced volumes of oil and gas are monitored and accounted for through established metering and evacuation systems. He assured the gathering that the company would  share the records, including gas flare and environmental compliance data, with the Commission. 


Mr. Bhangara then requested another date to enable the company to sufficiently provide the required information regarding their operations. 
Parties agreed to continue engagement under the facilitation of RMAFC and to reconvene with full technical and community relations teams to address the issues raised. 

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TAJBank Emerges Nigeria’s Biggest Non-Interest Bank

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Cyril Ogar


After five years of operations in Nigeria’s rapidly evolving non-interest banking (NIB) space, TAJBank Limited has become the biggest player in the NIB subsector based on its total assets and gross earnings values.


Disclosing this during his paper presentation on the key performance indices in the non-interest banking space over the past few years at a seminar organized by Leaders Corporate Services with the theme “Roles of Non-Interest Banks In SMEs’ Financing” for SME entrepreneurs yesterday in Abuja, an investment expert, Mr. Olabode Akeredolu-Ale, maintained that based on the non-interest banks’ approved financial statements for the half year 2025, TAJBank currently remained the biggest in terms of its total assets.

The expert, a chartered stockbroker, specifically confirmed that his recent investment researches on the NIBs and their financial performances showed that TAJBank, with its total assets rising to N1.017 trillion in half year 2025 up from N953.098 billion as of December 2024, which is about N53 billion higher than the nearest NIB’s assets, now ranked top in the banking subsector.

According to him, TAJBank’s gross earnings for H1 2025 also surged to N53.752 billion from N32.86 billion as of December 2024, representing a 64% growth, and higher than the nearest NIB’s gross earnings in the period under review. 

This is even as he disclosed that on the NIBs’ earnings per share during the half year, TAJBank reported N61.36 kobo earnings per share, about 92% higher than the earnings per share of the next NIB during the period. 

Akeredolu-Ale, who is also a chartered accountant, clarified: “The figures I am reeling out here on the NIBs are sourced from the banking and capital market regulatory institutions’ platforms, which anyone can access to verify. 

“I am part of this event because of my research interest in non-interest banking and how the players in the subsector in Nigeria can help to leverage their competencies in innovation and ethical banking to support our MSMEs.

“Today, the MSMEs cannot access DMBs’ loans due to high lending rates and other inclement macroeconomic factors. This is where I think the NIBs have become very crucial to Nigeria’s economic growth.

 “Overall, my findings on the NIBs indicated that they are all trying their best with non-interest loans to support entrepreneurs, particularly the MSMEs owners. I have advised those of them at this seminar to explore the cost-friendly financing options of the NIBs to grow their businesses by opening accounts with the NIBs”, the expert added.  

Another speaker at the event, Benjamin Chukwudi, also commended the NIBs for their “catalytic roles in helping SMEs to access interest-free loans and providing them the needed financial management advisory, which have been helping them in sustaining their operations in the face of rising cost of doing business in the country.” 

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