News
Diri calls for amendment of PIA to address flaws
Bayelsa State Governor, Senator Douye Diri, has called for an amendment to the Petroleum Industry Act (PIA) in order to address the flaws observed in the legislation. Diri also said the amendment would go a long way in tackling the ongoing crisis between oil companies and their host communities. Describing the Act as a time bomb, the governor emphasised that since the country operates a federal system of government, it was an aberration for the federal government to deal directly with oil producing communities while excluding the states and local governments. Diri made the position known when the new Commander of the Joint Military Task Force, Operation Delta Safe (OPDS), Rear Admiral Eugenio Ferreira, and other officers called on him in Yenagoa.
A statement by his Chief Press Secretary, Daniel Alabrah, quoted the governor as saying that the oil producing states and the local governments were now being called upon to intervene in resolving issues between the oil companies and their host communities. He said “We are happy we have a PIA that guides the industry. However, we saw a lot of flaws even before the Bill was assented to. At that point, l referred to the Act as a time bomb. I also said that there would still be serious crisis between the oil producing communities and oil companies and by extension, the Federal Government. One of such indications is that the Federal Government in that Act successfully excluded the state and local governments to deal directly with the communities.
“In recent times, we have started seeing crisis between the communities and oil companies over the signing of Memorandum of Understanding (MoU) and other issues. And the state governments have been called to intervene. So that Act needs further amendment.” Diri said both state and local governments should be incorporated into the oil industry legislation to enable them contribute towards ensuring peace and stability in the industry. He also called for collaboration between the oil producing states and relevant institutions to bring development closer to the people as one of the surest ways in tackling oil theft, pipeline vandalism and illegal refining activities. According to him, “while as a government, we would not support anybody involved in oil theft, illegal oil refining and all other acts that contribute to pollution, underdevelopment and killings, we would also like to state that the best way to tackle the issues is to fast-track development to these areas. We can assure you that these same people will become protectors of oil installations domiciled in the Niger Delta.” The governor welcomed Rear Admiral Ferreira and urged him to join hands with the state government in surmounting the security challenges in his area of operation.
Earlier, the new OPDS Commander, Rear Admiral Ferreira, said he was posted to the command in May this year. He said that the OPDS was established with a mandate to protect oil infrastructure in the Niger Delta and ensure a stable and peaceful environment for all. While expressing gratitude to the state government for the support given to the command, Ferreira said they had achieved 80 per cent success of attaining their mandate, which he attributed to the kinetic and non-kinetic approach of the military. He commended the governor for his support to the task force and pledged that the command would continue to cooperate and collaborate with the state government to ensure peace and security of the state.
A new technology transfer agreement between the Nigeria–China Strategic Partnership (NCSP) and the Presidential Implementation Committee on Technology Transfer (PICTT) is expected to open more job opportunities, improve local skills, and expand access to advanced technology for ordinary Nigerians.
In a press statement reaching Vanguard on Friday, the MoU aims to strengthen industrial development, support local content, and create clearer pathways for Nigerians to benefit from China’s growing investments in the country.
PICTT Chairman, Dr Dahiru Mohammed, said the partnership will immediately begin coordinated programmes that support local participation in infrastructure and industrial projects.
Special Adviser to the President on Industry, Trade and Investment, Mr John Uwajumogu, said the deal will help attract high value investments that can stimulate job creation and strengthen Nigeria’s economy.
NCSP Head of International Relations, Ms Judy Melifonwu, highlighted that Nigerians stand to gain from expanded STEM scholarships, technical training, access to modern technology, and collaboration across key sectors including steel, agriculture, automobile parks, and cultural industries.
The NCSP Director-General reaffirmed the organisation’s commitment to measurable results, noting that the partnership with PICTT will prioritise initiatives that deliver direct national impact.
The MoU signals a new phase of Nigeria–China cooperation focused on practical delivery, local content, and opportunities that improve everyday livelihoods.
EU regulators launched an antitrust investigation into Meta Platforms on Thursday over its rollout of artificial intelligence features in its WhatsApp messenger that would block rivals, hardening Europe’s already tough stance on Big Tech. The move, reported earlier by Reuters and the Financial Times, is the latest action by European Union regulators against large technology firms such as Amazon and Alphabet’s Google as the bloc seeks to balance support for the sector with efforts to curb its expanding influence.
Europe’s tough stance – a marked contrast to more lenient U.S. regulation – has sparked an industry pushback, particularly by U.S. tech titans, and led to criticism from the administration of U. S. President Donald Trump. The European Commission said that the investigation will look into Meta’s new policy that would limit other AI providers’ access to WhatsApp, a potential boost for its own Meta AI system integrated into the platform earlier this year.
EU antitrust chief Teresa Ribera said the move was to prevent dominant firms from “abusing their power to crowd out innovative competitors”. She added interim measures could be imposed to block Meta’s new WhatsApp AI policy rollout. “AI markets are booming in Europe and beyond,” she said. This is why we are investigating if Meta’s new policy might be illegal under competition rules, and whether we should act quickly to prevent any possible irreparable harm to competition in the AI space.”
A WhatsApp spokesperson called the claims “baseless”, adding that the emergence of chatbots on its platforms had put a “strain on our systems that they were not designed to support”, a reference to AI systems from other providers. “Still, the AI space is highly competitive and people have access to the services of their choice in any number of ways, including app stores, search engines, email services, partnership integrations, and operating systems.” The EU was the first in the world to establish a comprehensive legal framework for AI, setting out guardrails for AI systems and rules for certain high-risk applications in the AI Act.
Meta AI, a chatbot and virtual assistant, has been built into WhatsApp’s interface across European markets since March. The Commission said a new policy fully applicable from January 15, 2026, may block competing AI providers from reaching customers via the platform. Ribera said the probe came on the back of complaints from small AI developers about the WhatsApp policy. The Interaction Company of California, which has developed AI assistant Poke.com, has taken its grievance to the EU competition enforcer. Spanish AI startup Luzia has also talked to the Commission, a person with knowledge of the matter said.
Marvin von Hagen, co-founder and CEO of The Interaction Company of California, said if Meta was allowed to roll out its new policy, “millions of European consumers will be deprived of the possibility of enjoying new and innovative AI assistants”. Meta also risks a fine of as much as 10% of its global annual turnover if found guilty of breaching EU antitrust rules.
Italy’s antitrust watchdog opened a parallel investigation in July into allegations that Meta leveraged its market power by integrating an AI tool into WhatsApp, expanding the probe in November to examine whether Meta further abused its dominance by blocking rival AI chatbots from the messaging platform. The antitrust probe is a more traditional means of investigation than the EU’s Digital Markets Act, the bloc’s landmark legislation currently used to scrutinize Amazon’s and Microsoft’s cloud services for potential curbs. Reuters
The spouses and children of billionaires inherited more wealth in 2025 than in any previous year since reporting began in 2015, according to UBS’s Billionaire Ambitions Report published on Thursday. In the 12 months to April, 91 people became billionaires through inheritance, collectively receiving $298 billion, up more than a third from 2024, the Swiss bank said. “These heirs are proof of a multi-year wealth transfer that’s intensifying,” UBS executive Benjamin Cavalli said.
The report is based on a survey of some of UBS’s super-rich clients and a database that tracks the wealth of billionaires across 47 markets in all world regions. At least $5.9 trillion will be inherited by billionaire children over the next 15 years, the bank calculates.
Most of this inheritance growth is set to take place in the United States, with India, France, Germany and Switzerland next on the list, UBS estimated. However, billionaires are highly mobile, especially younger ones, which could change that picture, it added. The search for a better quality of life, geopolitical concerns and tax considerations are driving decisions to relocate, according to the report.
In Switzerland, where $206 billion will be inherited over the next 15 years according to the bank, voters on Sunday overwhelmingly rejected 50 per cent tax on inherited fortunes of $62 million or more, after critics said it could trigger an exodus of wealthy people.
Switzerland, the UAE, the U.S. and Singapore are among billionaires’ preferred destinations, UBS’s Cavalli said. “In Switzerland, Sunday’s vote may have helped to increase the country’s appeal again,” he said. Reuters
-
News3 days agoNigeria to officially tag Kidnapping as Act of Terrorism as bill passes 2nd reading in Senate
-
News3 days agoNigeria champions African-Arab trade to boost agribusiness, industrial growth
-
News3 days agoFG’s plan to tax digital currencies may push traders to into underground financing—stakeholders
-
Finance1 week agoAfreximbank successfully closed its second Samurai Bond transactions, raising JPY 81.8bn or $527m
-
Economy3 days agoMAN cries out some operators at FTZs abusing system to detriment of local manufacturers
-
News1 week agoFG launches fresh offensive against Trans-border crimes, irregular migration, ECOWAS biometric identity Card
-
News3 days agoEU to support Nigeria’s war against insecurity
-
Uncategorized3 days agoDeveloping Countries’ Debt Outflows Hit 50-Year High During 2022-2024—WBG