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BREAKING: FG to Restore Cross River Littoral Status, Allocates 119 New Oil Wells Post-Bakassi
Similarly, it recommends 119 wells for Akwa Ibom State, 22 wells for Anambra State (to be shared among relevant parties), and 92 wells for Delta and Bayelsa States combined.
he Federal Government is preparing to restore Cross River State to its status as a littoral (coastal) state, more than two decades after the International Court of Justice (ICJ) ruled in 2002 in favor of Cameroon in the dispute over the Bakassi Peninsula.
The ruling and the subsequent Green Tree Agreement in 2006 led to the cession of Bakassi to Cameroon, resulting in Cross River losing its direct access to the open sea and its classification as a littoral state, along with associated oil derivation benefits.
A recent report from the Inter-Agency Technical Committee (IATC)—comprising representatives from the Revenue Mobilisation Allocation and Fiscal Commission (RMAFC), National Boundary Commission (NBC), Office of the Surveyor-General of the Federation (OSGoF), and Nigerian Upstream Petroleum Regulatory Commission (NUPRC)—has recommended reverting to the pre-cession status quo for Cross River.
The committee, tasked with verifying coordinates of disputed oil and gas wells as well as newly drilled ones from 2017 through December 2025, conducted extensive fieldwork from September 2025 to January 2026 across affected states and offshore areas.
According to details exclusively obtained by ARISE News Channel, the IATC report not only advocates for Cross River’s restoration as a littoral state but also proposes allocating 119 new oil wells to the state. Similarly, it recommends 119 wells for Akwa Ibom State, 22 wells for Anambra State (to be shared among relevant parties), and 92 wells for Delta and Bayelsa States combined.
The committee has urged President to direct the RMAFC and other relevant agencies to implement these recommendations promptly. This follows petitions from several oil-producing states seeking clarity on ownership and revenue derivation from disputed and new wells, amid ongoing debates over maritime boundaries and the impact of the ICJ ruling on internal state entitlements.
The move could significantly boost revenue allocation for Cross River through the 13% derivation formula for oil-producing states, though it has sparked discussions and counter-claims, particularly from Akwa Ibom, which has historically maintained that Cross River lacks littoral status post-Bakassi cession. The plotting of verified coordinates is seen as a key step toward resolving these long-standing disputes transparently.
News
Senate confirms Oyedele as minister
During the screening, Oyedele proffered solutions to getting out of the various economic issues in the country.
The Senate has confirmed the nomination of Taiwo Oyedele as Minister of State for Finance.
His confirmation comes after two hours of screening as lawmakers grilled him on various aspects of the economy.
Oyedele’s screening followed a motion moved by Opeyemi Bamidele, the Senate leader, after he called for the suspension of the Senate rule to allow strangers to come into the chamber.
During the screening, Oyedele proffered solutions to getting out of the various economic issues in the country.
Oyedele was escorted to the chamber by Bashir Lado, the Special Adviser to the President on the National Assembly ( Senate), alongside others.
His screening followed President Bola Tinubu’s letter to the Senate on Tuesday, requesting his confirmation as a minister.
Tinubu had, on March 3, nominated Oyedele, who currently serves as chairman of the presidential committee on fiscal policy and tax reforms, as Minister of State for Finance.
News
Tinubu appoints Lamido Yuguda as CBN’s Deputy Governor
Lamido Yuguda’s last public post was as director-general of the Securities and Exchange Commission, a position he held from 2020 to 2024.
PRESIDENT Bola Tinubu has approved the appointment of Lamido Abubakar Yuguda as Deputy Governor of the Central Bank of Nigeria (CBN)
The appointment is in accordance with Section 8(1) of the Central Bank of Nigeria Act, 2007.
This was disclosed on Wednesday by the presidential spokesman, Bayo Onanuga.
The President charges Yuguda to discharge his responsibilities with renewed dedication, professionalism, and commitment to Nigeria’s economic stability and growth.
Lamido Yuguda’s last public post was as director-general of the Securities and Exchange Commission, a position he held from 2020 to 2024.
He is an alumnus of Ahmadu Bello University, where he graduated in 1983 with a B.Sc. in Accountancy.
In 1991, he obtained a master’s degree in Money, Banking and Finance from the University of Birmingham, United Kingdom.
He is a Fellow of the Institute of Chartered Accountants of Nigeria (ICAN) and a CFA charterholder.
He began his career in 1984 at the Central Bank of Nigeria (CBN) as a Senior Supervisor in the Foreign Operations Department.
He also worked as an economist in the Africa Department of the International Monetary Fund from 1997 to 2001, when he returned to the CBN.
He retired from the CBN in 2016, after he had served as Director of the Reserve Management Department for six years.
News
JUST IN: IGP Disu Assigns Portfolios to New DIGs
DIG Zachariah Fera Achinyan has been deployed to Legal Services, DIG Zango Ibrahim Baba to Research and Planning, and DIG Isyaku Mohammed to Training and Development departments.
The Inspector-General of Police (IGP) Olatunji Disu has assigned the new Deputy Inspectors -General of Police (DIGs) their duties responsibilities.
Sources said that the DIGs were assigned departments based on their areas of competence.
DIG Zachariah Fera Achinyan has been deployed to Legal Services,
DIG Zango Ibrahim Baba to Research and Planning, and DIG Isyaku Mohammed to Training and Development departments.
Similarly, DIG Margaret Agebe Ochalla has been posted to the Force Criminal Investigation Department (FCID);
DIG Mohammed Abdul Sulaiman to Finance and Accounts; DIG Kenechukwu Onwuemelie will oversee the Force Intelligence Department (FID); DIG Fayoade Adegoke will head Information and Communication Technology, while DIG Umar Shehu Nadada has been posted to Operations departments.
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