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Vitol, Glencore Win $380m Award in Nigerian LNG Litigation

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By Tony Obiechina Abuja 

Trading Houses, Vitol and Glencore will receive $380 million in compensation after their gas supplier, trading firm Taleveras, won a legal battle in a London court against Nigeria’s sole liquefied natural gas (LNG) producer for non-delivery of cargoes, court documents seen by Reuters showed.

The case heard in London’s High Court and Court of Appeal is the latest in a string of lawsuits brought by buyers against sellers and producers for non-delivery of cargoes after gas rallied from lows plumbed during the COVID pandemic when Russia invaded Ukraine in February 2022.

Taleveras sued Nigerian venture, known as NLNG and involving Shell, Total Energies and Eni partners, four years ago.

These three companies are minority shareholders in NLNG, along with the Nigerian state-owned oil company, which has 49%. Last week, Taleveras had NLNG’s appeal rejected, according to an official video of court proceedings.

A full written judgment is due to be released in the coming weeks.

NLNG runs Nigeria’s biggest LNG plant, which covers around 5% of global supply.

NLNG said it was reviewing the ruling and declined further comment. Shell and Eni declined to comment, while TotalEnergies did not respond to a request for comment, Reuters reported.

Court proceedings focused on 19 cargoes that NLNG had been due to deliver to Taleveras in 2020-2021.

Taleveras had pre-sold some of these cargoes to Vitol and Glencore, according to court documents.

The trading houses took legal action against Taleveras for non-delivery, leading to a chain of litigation.

The lost appeal means NLNG will need to pay Vitol around $260 million and about $120 million to Glencore, the documents said.

Vitol and Glencore did not respond to requests for comment. It was not clear how much Taleveras would receive on top of $380 million. Taleveras declined to comment.

European benchmark gas prices swung between 3.63 euros ($4.14) per megawatt-hour in 2020 as demand fell because of the pandemic and 311 euros ($328) per MWh in 2022 after the invasion of Ukraine disrupted supplies to Europe.

When prices soared, some producers cut supply under long-term deals and sold those volumes at higher prices on the spot market instead, triggering a wave of complaints about legality of such actions.

In one such case, Shell (SHEL.L), opens new tab and BP (BP.L), opens new tab pursued arbitration against Venture Global LNG, a U.S. gas exporter, for failing to supply contracted cargoes. Venture Global cited technical issues at its LNG facilities as the reason for delayed deliveri.

In the case of Taleveras versus NLNG, Reuters could not establish the reasons NLNG cited for delays.

Taleveras was founded in 2004 by Igho Sanomi, one of Nigeria’s independent energy traders. The company is now based in Dubai.

Nigeria’s GDP Grows by 3.84% in Fourth Quarter, 2024

Meanwhile, Nigeria’s economy showed strong growth in the fourth quarter (Q4) of 2024, with the country’s Gross Domestic Product (GDP) expanding by 3.84% in real terms compared to the same period in 2023, according to the latest data from the National Bureau of Statistics (NBS). 

This marks an improvement over the 3.46% growth seen in Q4 2023, signaling increased economic activity at the close of 2024.

Statistician-General of the Federation and Chief Executive Officer of the NBS, Prince Adeyemi Adeniran emphasized that the services sector played a central role in driving the economy, registering a robust 5.37% growth in Q4 2024. This sector accounted for 57.38% of Nigeria’s total GDP, highlighting its vital contribution to the national economy.

On a quarterly basis, Nigeria’s GDP rose by 10.99%, reflecting a higher level of economic activity than in the preceding quarter, Q3 2024. The total economic output for Q4 2024 reached ₦22.61 trillion, surpassing the ₦20.12 trillion recorded in Q3 2024 and the ₦21.77 trillion seen in Q4 2023.

Despite a strong performance in Q4, Nigeria’s annual GDP growth for 2024 stood at 3.40%, slightly up from the 2.74% growth recorded in 2023. However, agriculture and industry showed slower growth, while services continued to expand at a solid pace.

In nominal terms, Nigeria’s GDP for Q4 2024 reached ₦78.37 trillion, reflecting an 18.91% year-on-year increase from ₦65.91 trillion in Q4 2023.

Key contributors to this growth included crop production, trade, telecommunications, real estate, and financial institutions, with crop production alone accounting for 23.42% of the GDP.

Agriculture and industry experienced slower growth, with agriculture growing by just 1.76% (down from 2.10% in Q4 2023) and industry expanding by 2.00% (compared to 3.86% in the same quarter of 2023). In contrast, the services sector saw a notable 5.37% growth, a significant increase from 3.98% in Q4 2023.

The oil sector saw modest growth, with oil GDP increasing by 1.48% in Q4 2024, a sharp drop from the 12.11% growth recorded in Q4 2023. Average daily oil production for the quarter stood at 1.54 million barrels per day, slightly lower than the 1.56 mbpd seen in Q4 2023 but higher than the 1.47 mbpd recorded in Q3 2024.

The non-oil sector remained a strong performer, contributing 95.40% of the GDP in real terms, up from 95.30% in Q4 2023. Key sectors driving this growth included rail transport, metal ores, financial institutions, and insurance.

Looking ahead, Nigeria’s economy is expected to maintain its recovery momentum, with the services sector continuing to lead growth. However, challenges in agriculture and industry could pose risks to sustained expansion. The government’s focus on enhancing the non-oil sector, particularly in transportation and financial services, could further strengthen economic stability in 2025.

“A simplified tax system will attract investments, create jobs, and stimulate economic growth in the region. This, in turn, will lead to increased economic activity, improved living standards, and reduced poverty levels.

“As the North is a significant contributor to Nigeria’s economy, the benefits of the Tax Reform Bills will be felt across the country. 

“The reduction in compliance costs will also ease the burden on taxpayers in the North, enabling them to invest in their businesses and communities.

“This will be particularly beneficial for small and medium-sized enterprises (SMEs), which are the backbone of the Northern economy. By reducing the tax burden on SMEs, the tax reform bills will promote entrepreneurship, innovation, and job creation in the region.

“The increased revenue generated from the reforms will also enable governments in the North to fund critical infrastructure projects and social programs.

“This will help to address the region’s developmental challenges, such as inadequate healthcare, education, and transportation infrastructure. By investing in these critical areas, the North will be better equipped to unlock its economic potential and improve the lives of its people.

“The benefits of the tax reform bills to the North are numerous. The reduction in compliance costs will ease the burden on taxpayers, enabling them to invest in their businesses and communities.

“Additionally, the increased revenue generated from the reforms will enable governments to fund critical infrastructure projects and social programs.

“The tax reform bills will also promote fairness and equity in the tax system, eliminating multiple taxation and reducing the tax burden on low-income earners.

“This will promote social justice and reduce poverty in the region. Furthermore, the reforms will promote transparency and accountability in the tax system, building trust between governments and the people,” Garuba said.

He also commended the Senate Committee Chairman, Senator Sani Musa for his neutrality and impartiality by ensuring that all Nigerians were heard during the hearing.

Garuba in the same vein urged all northerners to support the tax reform bills, emphasising that the reforms are in their best interest.

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Turkish Embassy Pledges Partnership with Asset Media Group

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By Donald Andoor, Abuja

The Turkish Embassy in Nigeria has pledged a working relationship with the Asset Media Group and Nigeria’s media in general to further boost long lasting diplomatic and trade relations existing between the two countries.Head of Political Office, Embassy of the Republic of Turkiye, Muzaiffer Hakan Tok who was exchanging views with the management team of Asset Media Group in Abuja, yesterday recalled the robust diplomatic, trade and cultural relationship between Nigeria and Turkiye.

While stressing the cordial relationship existing between the two nations over time, he said there was need for media practitioners to be further enlightened about those things that were common and binding between the two nations.
He applauded the people of Nigeria and the government for the hospitality accorded Turkish nationals in the country.Earlier, Dr. Cletus Akwaya, Proprietor of Asset Media Group, owners of the Daily Asset Newspaper and Asset Television, said the visit was to explore ways of media partnership with the embassy.He appealed to the Turkish Embassy in Nigeria to initiate avenues for exchange of visits between journalists of the two countries to enable them to enlighten and educate the public about opportunities that abound in the country.The diplomatic relations between the two nations started when Turkey opened an embassy in Lagos in 1962. The embassy was moved to Abuja in 2001 after Nigeria’s proclamation of Abuja as the new capital.On the other hand, Nigeria has an embassy in Ankara, the capital of Turkey and the two countries are members of a group of eight developing nations, code named D-8.The delegation of the Daily Asset Group included Donald Andoor, Chairman Editorial Board and General Manager of Asset Television, Ayami Sunny Ayami.

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Ango Abdullahi Tasks FG over Out-of-school Children in Northern States

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By Divine Ndukwe, Abuja

Chairman of the Northern Elders’ Forum, Prof. Ango Abdullahi, has raised the alarm over the growing marginalisation of Northern Nigeria, warning that the continued sidelining of the region in federal budgeting and infrastructure development poses grave dangers to national unity and progress.

The elder statesman, who spoke at the ongoing Government-Citizens Engagement Forum organised by the Sir Ahmadu Bello Memorial Foundation in Kaduna on Tuesday, described the region’s situation as nothing short of a national emergency, particularly in the areas of education, infrastructure and economic inclusion.
Abdullahi, a former vice chancellor of Ahmadu Bello University, Zaria, lamented the failure of successive administrations to address the North’s growing population of out-of-school children.
He blamed the crisis on inadequate funding and misplaced national priorities“We have 20 million out-of-school children in Nigeria—80 percent of them are from Northern Nigeria.“If just half of the N15 trillion national budget were allocated to education, we would have no child out of school.“That money would provide schools, teachers, and equipment,” he said.He said, despite the magnitude of the crisis, the North continues to receive a disproportionately low share of education funding.“This is not just a Northern problem. It is a national disaster. An uneducated population is a threat to all,” he warned.The NEF chairman, who recently toured parts of the Northeast, also described the region’s road infrastructure as “the worst in the country.”“Some of the roads are not just bad—they don’t even exist. You can’t talk about national development when a whole region remains disconnected.“There must be an intentional drive to fix our roads if we are serious about equity,” he said.He proposed a simple yet bold solution, stating, “Let’s be serious. If we use N7.5 trillion for education and N7.5 trillion for roads in the North, we’d solve two of our biggest problems.”Abdullahi also expressed strong reservations about the recent relocation of key departments of the Central Bank of Nigeria from Abuja to Lagos, describing the move as suspicious and divisive.“Why the sudden relocation of CBN departments? Why the mass retirements? And why were 15 new directors recently employed—with only four from Northern Nigeria?” he asked.He said the decision sends a troubling message to Northern Nigerians, many of whom already feel marginalised under the current administration.“These are not coincidences. They are decisions with consequences, and the North is watching,” he said.According to him, the Northern Elders’ Forum will be formally writing to President Bola Tinubu to demand clarification on the recent appointments and policy decisions, which, he said, appear designed to weaken Northern participation in the federal structure.Abdullahi did not stop at criticism. He also laid out a roadmap for equitable development, starting with the decentralisation of industrial growth.“If we truly want to develop Nigeria, then Northern Nigeria must be industrialised in line with its natural strengths—agriculture being one,” he said.He urged the Federal Government to set up agro-allied processing zones across Northern states, arguing that industrialisation anchored on agriculture would lift millions out of poverty and stabilise the region’s economy.“It is time to spread development. Northern Nigeria cannot continue to serve only as a food basket without also being a value-adding zone,” he declared.The NEF chairman ended on a strong note of civic engagement, urging Northerners to move from silence to active demand for their rights.“We must be proactive. We will be asking questions. And this time, we expect answers,” he said.He called on political leaders, community organisations, and civil society groups to join in demanding accountability from federal policymakers.“We can no longer afford to be passive. If we do not speak up and insist on fairness, the marginalisation will continue, and our children will inherit a more broken and divided nation,” he added.Katsina Approves Promotion of 3147 Teachers, OthersThe Katsina State Government has approved the promotion of no fewer than 3,147 teachers and other staff members of the state’s Ministry of Basic and Secondary Education.This was made known by the Permanent Secretary in the Ministry, Hajiya Ummukhair Ahmed-Bawa, during a senior management meeting on Tuesday in Katsina.She was represented by the Director, Administration and Supply in the ministry, Salisbury Yakubu, who also said that the development was announced by Hajiya Zainab Musa-Musawa the state’s Commissioner for Basic and Secondary Education.She noted that the landmark approval underscored the state government’s commitment to enhancing the welfare and motivation of education personnel.According to her, “The commissioner directed the convening of the meeting to kick-start the promotion process in line with the approval of Governor Dikko Radda.”The permanent secretary further assured that the exercise would be completed within the stipulated time frame.“The promotion exercise reflected the ministry’s commitment to rewarding hard work, fostering career growth, and improving service delivery in the education sector.“About 78 staff would be promoted from level 07-08, 560 from 08-09, 484 from 09-10, 587 from grade level 10-12, 627 from 12-13, 436 from 13-14, 276 from 14-15, while 98 would move from 15-16”, Ahmed-Bawa concluded.

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Oluremi Tinubu in Makurdi, Seeks End to Benue Killings

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From Attah Ede, Makurdi

First Lady of Nigeria, Sen. Oluremi Tinubu yesterday visited Benue State, with a call to put an end to the insecurity and incessant killings of innocent citizens especially women and children in the State.Mrs Tinubu, who spoke during her visit to the State, where she met with state officials, traditional rulers, and internally displaced persons as part of her humanitarian and peace-building engagements, called for unity and solidarity among the people of the State to combat the senseless killings that have continued despite spirited and concerted efforts.

She said it was most worrisome to find displaced persons living in dehumanising conditions, describing it as hellish.
According to her, when faith is lost, family bonds are broken, life no longer carries the hope it once did, everything changes, stressing that every society must decide what it would serve, adding however, “No nation can serve two masters”.”There must be a choice between what builds and what destroys, between people and the structures that either uplift or oppress them.”We speak of teaching lessons about peace, love, and how to live with one another. These are not abstract ideals. They are necessities. Dialogue and patience remain the best solutions wherever conflict exists. But often, we hesitate, we ask ourselves: Why do I need to act? Why do I need to speak?, And so the doors remain closed. Teachers go unheard. People are left without guidance on how to move forward and how to heal.”Today, I decided to come because I feel that much of the light has dimmed. The weight of silence is heavy, but conversations like this bring hope. Nigeria is a nation of deep complexity. Ethnicity, religion, and culture all have their place, but they must not become walls between us. They should instead be bridges of understanding.”And now, we are in a time in a world where we must decide what we are preparing for. Will it be a future shaped by division, or one built on compassion, dialogue, and shared humanity?”, Tinubu stated.The Nigeria first lady, who also donated one billion Naira to the victims of the displaced communities in the state and provided relief materials to help alleviate their suffering, promised to continue supporting those in need, particularly children, girls, and individuals with disabilities.On his part, the Paramount ruler of the Tiv nation, Tor Tiv, Prof. James Ayatse, called on the Federal Government to take decisive action against networks of terrorists operating in Benue and Nasarawa States and stressed the need for reconstruction of destroyed communities and compensation for victims of the attacks.He intimated that the violent attackers responsible for the frequent killings and displacements in Tiv land usually came from neighboring Nasarawa State and returned there after carrying out their assaults.“Your Excellency Ma, our attackers come from Nasarawa State. After attacking us, they withdraw and go back to Nasarawa State.””I appeal to you to convey the people’s anguish and plead for justice to President Bola Tinubu. Peace in Benue cannot be achieved until the sources of these attacks are addressed through decisive federal intervention.”Thank you for your patience and resilience. Families have been torn apart, ancestral homes abandoned but there is hope. With a guarantee of restored peace, our people will be able to return to their ancestral communities, resume their lives, and rebuild what was lost.”It looks like we will achieve our goals and with that, we will see the gains we have long hoped for.”The barriers we once faced are giving way. We are determined not to let terrorists define our destiny. We have confronted major enemies and made progress, though the scars and memories of destruction remain with us.“Still, everything we are doing now is to bring lasting peace and we believe peace will come soon.”To the communities that have suffered attacks: you do not need to remind us of what has happened. We know. We have seen the devastation. We share the pain.”Nigeria has been plagued by discontent for many years. I have lived here all my life, and I know this much: if we keep playing with this weakness, it will grow and if it grows unchecked, it will destroy us.”If our leaders do not decisively confront terrorism and malice, and instead keep playing politics with it trying to be “politically correct” for the sake of convenience, Nigeria will be in grave danger. The time to act is now”, Ayatse alluded.He maintained that the government is already beginning to respond, securing vulnerable areas and strengthening borders, noting that the visit today has given Benue citizens encouragement and has further reassured them that they are not forgotten.The Benue State Governor, Rev. Fr. Hyacinth Alia reiterated his call for the establishment of a state police and a national policy on ranching to address the insecurity caused by herders.He applauded Mrs Tinubu for her visit and commitment to national solidarity in the face of the ongoing crisis bedeviling over 1.5million displaced individuals in the State.”This visit comes after the massacre of over 200 of our people on the night of Saturday, the 13th, and the morning of Sunday, the 14th of June, 2025. Your visit follows closely after your husband, the Commander-in-Chief of the Armed Forces, His Excellency President Bola Ahmed Tinubu, altered his itinerary to send us a message of comfort shortly after June 18, 2025.”We have over 3,500 new IDPs in Gwer-West local government. It is my prayer that this land becomes one of reunions and grace. I would like to express our deep gratitude to you for making time to visit us.”Following the President’s directive, the Chief of Defence Staff ordered the deployment of security personnel to our communities. While the attacks by militias and bandits have not completely stopped, we can report that there has been some noticeable improvement in security.”Your presence here today reflects not only your strategic support as a former Senator of the Federal Republic but also your motherly and compassionate response to moments of distress in our nation. Your initiatives in health, social investment, agriculture, care for orphans, IDPs, persons living with disabilities, and the elderly have not gone unnoticed.”We are aware of the over 70,000 posts you facilitated through the Ministry of Education for distribution to primary schools. We are equally aware of over 270 support programs for economic empowerment. You have already done so much for us in this state, and we believe your presence today will not only inspire you to do more but also create a deeper connection to our plight as you hear the stories of consistent and protracted attacks on our people by terrorists and armed groups.”We are grateful for the goodness you have shared with us at this very difficult time and for the honor and support you have continually extended to our grassroots”, Alia stated.The governor lamented that the persistent attacks by militias on Benue farms have been sustained for years, leading to the loss of lives and property. Farmers have been driven away from their lands because so many have been killed, leaving us in pain and despair.”Some of our people are displaced and living in camps, while many more are staying with friends and relatives across different parts of the state under harsh conditions. Hunger is widespread, and food is scarce in a state once celebrated as the “Food basket of the nation.””In all of this, we have not received adequate compensation or meaningful support. Instead, what has been offered to our grieving people feels like salt added to their wounds, token gestures that do not meet the needs of mothers, who have lost children or families who have been destroyed”, he said.Gunmen Invade Benue Community, kill One Farmer Suspected armed herdsmen, on Tuesday launched fresh attack on Tse-Kalema in Mbazun, Atogbenda, Ukum Local Government Area of Benue State, killing one farmer identified as Lucky Tsetim. A source from the area told DAILY ASSET that the victim was attacked while working on his farm on Tuesday.The killing has sparked fresh fears among residents, who say Fulani attacks in Tse-Kalema are becoming frequent.They called on security agencies to urgently intervene and restore peace in the area.As of press time, no official response has been issued by the authorities.Efforts to speak with the Benue State Police Command Public Relations Officer, DSP Udeme Edet failed as she did not respond to calls or texts.

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