The Group Chief Executive Officer of the Nigerian National Petroleum Company Limited (NNPCL) Engr. Bashir Bayo Ojulari, has said the Ogoni re-entry plan is a bold step towards justice, healing, and national prosperity.

The re-entry into Ogoniland marks a historic turning point for Nigeria — not just in terms of oil production, but more broadly, the milestone reflects the spirit of President Bola Ahmed Tinubu’s Renewed Hope Agenda, which commits to building a stronger country, attracting responsible investment, and ensuring that community development is at the heart of national progress.

Speaking during the presentation of the Ogoni Consultations Report at the State House in Abuja on Wednesday, President Tinubu acknowledged that the Ogoni people have endured long years of pain, and that this re-entry reflects the government’s recognition of their sacrifices.

“We are not, as a government, taking lightly the years of pain endured in Ogoniland. We recognise that, otherwise we would not be here today…We declare with conviction that hope is here and is back with us,” the President said.

Ojulari, emphasized that the re-entry demonstrates that Nigeria can confront its past, honour the sacrifices of its communities, and forge a new path with a vision of prosperity and justice for all.

“The re-entry into Ogoniland is not just about oil and gas. It is about justice, healing, and charting a new future for our nation,” Ojulari said.

Ogoni re-entry can be seen as both a test and an opportunity for the country. It demonstrates that equity can exist in national development, and oil can co-exist with environmental stewardship and inclusive nation-building. This milestone is a practical example of how President Tinubu’s Renewed Hope Agenda translates into reality by strengthening our country, creating conditions for responsible investment, while prioritising the prosperity of host communities.

Ojulari acknowledged the pivotal leadership of the National Security Adviser, Mallam Nuhu Ribadu, in convening a committee that brought diverse stakeholders together, creating the platform for dialogue and consensus that made this breakthrough possible. He also praised the work of Professor Don Baridam and members of the Presidential Committee, who engaged tirelessly and transparently with all relevant parties to produce a report that tells a story of fairness and inclusivity that will ultimately bring closure and renew hope for the Ogoni people and all Nigerians.

“The lesson is that this journey cannot be driven solely by production volumes. It must be anchored on justice, equity, sustainability, and most importantly, collaboration with the very people whose land bears this wealth,” he stated.

To that end, Ojulari was categorical that in resuming operations in Ogoni, NNPC Ltd will continue to build trust by prioritising community engagements with key stakeholders, investing in infrastructure, and empowering local enterprise.

He confirmed that NNPC has already began initiatives in road construction, infrastructure upgrades, and economic empowerment programs designed to rebuild trust and demonstrate accountability in an inclusive manner. “NNPC Ltd is determined to transform Ogoniland from a symbol of conflict into a beacon of reconciliation, renewal, and sustainable progress,” he concluded.

In his remarks, the National Security Adviser, Mallam Nuhu Ribadu, echoed the general sentiments that sustainable progress is possible and proven through collaboration with all parties concerned. He said the report was the outcome of an intensive, methodical, and transparent engagement, while Professor Baridam, on behalf of the Committee, thanked the President for his unwavering commitment to the well-being of the Ogoni people, stressing that through diplomacy and relentless insistence on dialogue, host community trust was earned, and hope restored.

This restored hope is also a message for the international community— Ogoni re-entry is more than a Nigerian milestone. It is a classic example of how a resource-rich nation like Nigeria can reconcile environmental protection with energy security. By placing community benefit at the centre, Nigeria is rewriting the global playbook on how oil and gas operations can co-exist with local aspirations, sharing a global example of how energy development can be reconciled with environmental protection and community inclusion.

For Nigeria, it signals progress is being redefined as a partnership between government, industry, and the people.

The Nigerian National Petroleum Company Limited (NNPCL) and TotalEnergies Joint Venture (JV) have commissioned seven development projects spanning health care, infrastructure, agriculture, economic empowerment, and human capacity development.

The projects under the Obagi Oilfield Host Communities Development Trust (HCDT) in OML58, Ogba/Egbema/Ndoni Local Government Area of Rivers State aimed at building capacity of community people to further improve economic development in the area.

The projects, executed under the Petroleum Industry Act (PIA) 2021, were drawn from the Community Development Plan (CDP) in which 539 projects were identified across 64 host communities.

The Managing Director, TotalEnergies EP Nigeria Limited and Country Chair of TotalEnergies in Nigeria, Mr. Matthieu Bouyer, while speaking at the event, said: “The projects with impacts on health, agriculture, livelihood support, human capacity development, economic empowerment, among others, are part of the early fruits of the establishment of the HCDTs under the Petroleum Industry Act, (PIA) 2021.

The establishment of the HCDTs under the Petroleum Industry Act 2021 marked a new era in community engagement; one that places host communities at the centre of development planning and execution.”

He noted further that, “The commissioning of these projects reflects TotalEnergies’ identity as a responsible multi-energy company committed to enhancing the well-being of its host communities, in alignment with our ‘Sustainable Lever 4: Our Communities’. Through our five levers for sustainable change, we continue to give tangible expression to our broader development strategy as an energy company in transition and committed to the implementation of the 17 UN Sustainable Development Goals as it relates to our host communities.”

Mr, Bouyer reassured the Obagi people and Nigerians that,” We will continue to work with industry stakeholders for effective implementation of the PIA to ensure the sustainable socio-economic development of our host communities and the country at large.”

In his remarks, the Chairman, Senate Committee on Host Communities, Senator Ben Agadaga described the projects as quite significant, attributing the relative peace in the Niger Delta and the oil industry to the achievements of the PIA such as the Obagi HCDT.

River State Deputy Governor, Prof. Ngozi Odu, who is from the area recalled the challenges faced by the people especially poor infrastructures before the implementations of the projects.

She applauded Total Energies and its partners for implementing the PIA. She also thanked President Bola Tinubu and members of the National Assembly for creating the enabling environment to achieving such milestones.

Also speaking, the Chairman, House Committee on Host Communities, Dumnamene Dekor, represented by a member of the Committee, Cyril Hart, expressed delight on the quality of the projects delivered, stating that it is joyful to see communities enjoying social economic benefits from oil and gas revenue which according to him, brings peace.

On his part, the Executive Commissioner, Nigeria Upstream Petroleum Regulatory Commission, NUPRC, Capt. John Tonlagha, who represented the Commission Chief Executive, described the projects as a true representation of wisdom, accountability and diligence.

He said, ” This milestone translates to impacts, touching lives and strengthening sustainability. It shows that prioritizing dialogue over conflict is what has made this achievement possible. Sustainable development cannot thrive without support and ownership. Today, you have proven to Nigeria and the world that true progress is best built on foundation of unity and peace”.

Community leaders expressed delight at the initiative which directly or indirectly impacts more than 50,000 community residents, and called on people, especially the youth, to take ownership of the projects to ensure sustainability for generations to come.

The non-interest bank, TAJBank, has met the new capital thresholds for its operations set by the Central Bank of Nigeria.

According to a statement on Thursday, this was confirmed by the Managing Director/Chief Executive Officer of the bank, Mr. Hamid Joda.

In March 2024, the CBN directed commercial banks with international authorisation to increase their capital base to N500bn and national banks to N200bn, while those with regional authorisation are expected to achieve a N50bn capital floor.

Similarly, non-interest banks with national and regional authorisations will need to increase their capital to N20bn and N10bn, respectively. CBN gave the banks a deadline of March 2026

Speaking on the sidelines of an investment summit in Abuja, Joda revealed that with compliance with the required minimum capital base as directed by the CBN, TAJBank has joined the ranks of a few banks that had already met or exceeded the CBN’s revised capital thresholds scheduled for enforcement from March 2026 by the apex bank.

“I am happy to report that through the leadership of our bank’s board, which is led by an industry doyen, Tanko Gwamna, and the support of our valued shareholders and investors, TAJBank has fulfilled the mandatory recapitalisation requirement and is now fully prepared for a more customer-friendly, innovative banking services delivery to our growing customers nationwide.

“Let me also use this opportunity to commend the CBN Governor, Mr. Olayemi Cardoso, and the management of the apex bank for the recapitalisation initiative, which, by all assessment standards, will reposition Nigerian banks for competitiveness in the rapidly changing global banking space. I want to assure all our shareholders, new investors and customers that TAJBank will continue to prioritise their interests in our operations in the management’s sustained drive to add value to every kobo invested in the bank.”

He added that the bank would be increasing its spend on technological assets, solutions and human resources “to surpass the customers, shareholders and other investors’ expectations through real-time delivery of world-class and Shari’ah-compliant financial solutions to meet their needs.”

Meanwhile, at the end of the 302nd Monetary Policy Committee meeting of the CBN, Cardoso had revealed 14 banks had met the requirements.

He said, “In the financial sector, the MPC noted the continued resilience of the banking system, with most financial soundness indicators remaining within projected benchmarks.

The slow growth in Nigeria’s manufacturing sector has persisted, with the sector’s decline extending into the second quarter of 2025 over recent inefficient port operations.

Figures from the National Bureau of Statistics show the manufacturing sector’s real contribution to Gross Domestic Product in Q2 2025 fell 7.81 per cent, down from 9.62 per cent in Q1 2025 and 8.01 per cent in Q2 2024.

The data revealed that the sector grew 1.60 per cent year-on-year, higher than the same quarter of 2024 but 0.47 percentage points and 0.09 percentage points lower than the preceding quarter on an annual and quarterly basis, respectively. Quarter-on-quarter, the sector thinned 15.81 per cent.

The statistics also showed a slump in nominal GDP performance. The sector grew 4.51 per cent year-on-year, a decline of 3.14 percentage points compared to the same period in 2024 and a sharp drop of 37.89 percentage points from the 42.40 per cent recorded in the first quarter of 2025.

On a quarter-on-quarter basis, growth was down 31.72 per cent, with manufacturing contributing only 6.87 per cent to nominal GDP, lower than 7.84 per cent in 2024 and 10.78 per cent in Q1 2025.

Director-General of the Manufacturers Association of Nigeria, Segun Ajayi-Kadir, said manufacturers’ productivity had weakened, worsened by the backlog of uncleared inputs at the ports.

He said, “Domestic manufacturing is still struggling, and more needs to be done by the government to mitigate the decline. I also believe that we should ease the process. We should ease the situation at the port. For the past few weeks, we’ve been encountering challenges with the buildup. People are not able to clear their goods.”

The latest slowdown comes as the sector battles a widening trade deficit. According to the NBS, Nigeria imported N15.39tn worth of manufactured goods in the first half of 2025, compared to exports of N1.09tn, leaving a deficit of N14.3tn.

Although manufactured exports rebounded in the second quarter, rising to N803.81bn, representing a 173 per cent increase from the first quarter and a 67.17 per cent growth year-on-year, stakeholders insist that the pace of recovery remains too weak to offset imports.

The PUNCH reported that Ajayi-Kadir described the deficit as “a confirmation of what we have always said, that domestic manufacturing is still struggling, and that more needs to be done by the government to mitigate this spread that has continued to widen.”

Also, the President of the Lagos Chamber of Commerce and Industry, Gabriel Idahosa, linked the deficit to depleted local capacity. He said, “The N14tn deficit in manufacturing in H1 2025 is due to an imbalance in raw materials as manufacturers look outside because there are insufficient local raw materials.”

Stakeholders have renewed calls on the Federal Government to fast-track the implementation of the Nigeria First policy, which mandates ministries, departments, and agencies to prioritise locally manufactured goods in procurement. They also urged manufacturers to leverage state-level power generation to cushion high energy costs, which continue to weigh on production.

The manufacturing sector, which comprises 13 activities ranging from food and beverages to motor vehicles and assembly, remains a key driver of Nigeria’s industrialisation ambitions. But with declining contributions to GDP and a mounting trade deficit, stakeholders warn that the slowdown could be prolonged unless urgent reforms are implemented.