The Nation Newspaper

Category: Energy

  • Malaria poses a significant structural crisis in Nigeria, says Sen. Ned Nwoko

    Malaria poses a significant structural crisis in Nigeria, says Sen. Ned Nwoko

    Sen. Ned Nwoko (APC-Delta), has said that Malaria posed a significant structural crisis in Nigeria, going beyond a mere public health issue .

    Nwoko, who represents Delta North Senatorial District, is the Chairman the Prince Ned Nwoko Malaria Eradication Project.

    He told the News Agency of Nigeria (NAN), Abuja on Thursday that makaria accounts for about 11 per cent of maternal mortality in the country.

    Shedding light on his Bill ‘’An Act To Establish the National Agency For Malaria Eradication’’ which had passed its second reading in the senate, he noted that the disease drains economic productivity and impedes national development.

    ‘’Malaria is a structural crisis that impairs maternal health, drains economic productivity, and impedes national development.

    ‘’It accounts for approximately 11 per cent of maternal mortality in Nigeria, contributing to severe anemia, miscarriages, stillbirths, and infant deaths, tragic outcomes that disproportionately affect our most vulnerable citizens,’’ he said.

    He noted that in the World Health Organisation’s 2024 report, Africa recorded approximately 600,000 malaria deaths annually, with Nigeria accounting for more than 184,000 of the deaths, the highest burden globally.

    He added that beyond the statistics, this translated to families devastated, futures aborted, and national productivity diminished.

    According to him, economically, malaria bleeds the nation through the loss of millions of man-hours each year.

    ‘’Entire sectors experience drops in efficiency, businesses absorb avoidable health-related costs, and our national output is compromised, simply because we have normalised what should never have been normalised.

    Read Also: ‘Ned Nwoko’s defection to APC has proved political pundits wrong’

    ‘’This normalisation is the root of the problem. If malaria were endemic to Europe or North America, we will not still be grappling with it a century later.

    ‘’COVID-19 showed us what is possible when the world mobilises against a health crisis. In mere months, vaccines were developed, global funding was unleashed, and containment protocols deployed.

    ‘’By contrast, malaria, in spite of centuries of devastation, continues to receive tepid responses and fragmented interventions.

    ‘’As a private citizen, I have taken bold steps through my foundation to mobilise advocacy, promote research, and initiate high-level consultations.

    ‘’This include hosting a strategic WHO meeting in Idumuje Ugboko, my community, to shape a Pan-African strategy. But these efforts, however well-meaning, cannot substitute for structured national action.’’

    Nwoko also noted that the current health architecture was insufficient as the National Malaria Elimination Programme, NMEP, was policy-based but underpowered.

    ‘’The National Primary Healthcare Development Agency, NPHCDA, delivers care but lacks scale and support.

    ‘’The Nigeria Centre for Disease Control, though stellar during COVID-19, is peripheral in malaria matters. Even the Presidential End Malaria Council, though well-conceived, lacks legislative anchoring and executive muscle,’’ he added.

    The senator explained that his bill was therefore proposing a centralised, autonomous, and fully resourced National Agency for Malaria Eradication, which mandate would be clear and aggressive.

    According to him the agency if established will see to the formulation and championing of national policies for malaria eradication, as well as coordinate inter-agency and sectoral responses with authority.

    ‘’The agency will also mobilise and manage resources efficiently and transparently and invest in/ support vaccine research, including genetic innovations being explored globally.

    ‘’Nigeria cannot continue to lead the world in malaria deaths. Our vectors are evolving, our parasites adapting, so must our institutional response.

    ‘’A fragmented structure cannot confront a mutating threat. We need a unified, science-driven, and legislatively backed institution with the singular mandate to end malaria in Nigeria.

    ‘’The time has come for this nation to demonstrate the political will, urgency, and resolve that malaria eradication demands.’’

    (NAN)

  • House Committee ready to collaborate with Egbin Power

    House Committee ready to collaborate with Egbin Power

    The House of Representatives Committee on Privatisation and Commercialisation has expressed its readiness to collaborate with Egbin Power Plc to improve its performance.

    The House Committee, led by its Chairman, Hamisu Ibrahim, conveyed this commitment during an oversight visit to the plant, noting that partnering with the stakeholders in the Nigerian Electricity Supply Industry (NESI) is necessary to achieve improved power generation.

    The visiting lawmakers, accompanied by the Director General, Bureau of Public Enterprises (BPE), Ayo Gbeleyi and his team, were received by the CEO of Egbin Power, Mokhtar Bounour, and members of the management team.

    The Committee was given an overview of the plant and later accompanied on a tour of the facility.

    Bounour emphasised that Egbin Power remains committed to providing stable and reliable power generation to drive socio-economic progress in Nigeria. However, some constraints impact the company’s operations, which in turn affect its ability to operate at optimal capacity.

    READ ALSO: Seyi Tinubu and sirens of hypocrisy

    “Power is an essential utility that drives socio-economic progress. That is why we are focused on delivering best-in-class service, bringing energy to life responsibly in line with global best practices. Since the takeover, Egbin Power has continuously invested in the plant, our people, and the environment.

    “To enable us to operate more efficiently, we have significantly enhanced our health and safety measures, upgraded our Distributed Control System for five units, ensured capacity building and development for our staff, provided a conducive work environment for our employees, and created sustainable initiatives that promote good health and support biodiversity, among other major investments made by the management over years,” Bounour explained.

    He further noted that the GenCo will continue to drive operational excellence and sustainable growth through innovative solutions and technology.

    Hon. Ibrahim mentioned that the essence of the visit was to understand the challenges facing the GenCo and subsequently explore ways to improve its effectiveness and efficiency. Hon. Ibrahim noted that the issues highlighted by Egbin Power were similar to those affecting other generation companies.

    He stated that performance in the power sector will improve when challenges are carefully addressed through deliberation and collaboration with other stakeholders. He further commended Egbin Power for its commitment to national service.

    He said: “We are impressed with the operations of Egbin Power Plant. We will do everything possible at the National Assembly level to partner with Egbin Power to improve its performance.”

  • Fed Govt urges firms to meet OPEC quota

    Fed Govt urges firms to meet OPEC quota

    The Minister of State for Petroleum Resources, Gas Chief Ekperenkpo Ekpo yesterday urged oil and gas stakeholders to collaborate to meet the quota approved by the Organisation of Petroleum Exporting Countries (OPEC).

    Ekpo, who was represented by the Permanent Secretary, Mr Emeka Obi made the call while speaking at the ongoing 2025 Nigeria Oil and Gas Opportunities Fair (NOGOF) in Yenagoa.

    ‘The theme is: “Driving Investment and Production Growth: Shaping a sustainable Oil and Gas Industry through Indigenous Capacity Development’’

    He noted that the oil output of 1.4 million barrels per day as of first quarter of 2025 falls short of the 1.8 million barrels quota approved by OPEC.

    READ ALSO: Oloyede: Beyond the glitch

    The minister said that with the nation’s oil reserve and a commitment by industry players, there is an opportunity to meet the quota.

    He commended the Nigeria Content Development and Monitoring Board (NCDMB) for the fair showcasing opportunities for Nigerian companies.

    He said that the growth of Nigerian content from five percent in 2010 to 56 per cent in 2024 was a laudable achievement.

    About 1,000 companies are participating in the fair where major oil producers showcase opportunities and projects.

  • Boyo unveils N23bn tech-driven blueprint to transform oil sector

    Boyo unveils N23bn tech-driven blueprint to transform oil sector

    CEO of DEP Multifunctional Services Ltd, Dr Doghor Boyo has announced a N23 billion technological roadmap to modernise the sector, improve efficiency and integrate sustainable practices.

    Speaking at a briefing in Abuja, Boyo described the initiative as a “comprehensive response to the systemic inefficiencies that have long plagued Nigeria’s energy landscape.”

    “This is not just about DEP,” he said. “It’s about redefining how we operate as an industry. We are introducing a smarter, cleaner, and more transparent oil sector—one that meets global standards and secures a future for the next generation.”

    The multi-billion-naira project, according to Boyo, will centre on digital infrastructure, automation of oil production processes, and renewable energy integration. One of its core objectives is to reduce Nigeria’s dependence on outdated systems while fostering local expertise through capacity-building programs.

    “We are investing in people as much as we are in machines,” Dr. Boyo said. “Without skilled hands to drive innovation, technology becomes meaningless. That’s why a significant portion of this investment will go into training young Nigerians to manage and maintain the systems we’re putting in place.”

    DEP Multifunctional Services, which has worked with major players including Oando, Chevron and Mobil, says its partnerships will be critical to the success of the initiative. 

    Boyo emphasised that collaboration across the public and private sectors is essential to unlocking the full potential of the oil industry.

    “Gone are the days of working in silos. Our strategy is built on synergy, where innovation meets experience, and local knowledge meets global expertise,” he said.

    Boyo, who was recently awarded an honorary doctorate by Prowess University in recognition of his contributions to the oil and gas sector, also reiterated his commitment to national development beyond corporate interests.

    “A strong oil industry must reflect not just economic prosperity, but also security, youth empowerment, and environmental responsibility,” he said. “We owe it to the country to build something lasting.”

    Read Also: ASUSS applauds FG’s free education policy in federal science, technical colleges

    With Nigeria facing mounting pressure to diversify its economy and embrace cleaner energy, the announcement has already drawn attention from industry regulators and investors.

    “This initiative is a timely intervention,” said an official from the Department of Petroleum Resources who attended the event. “If implemented effectively, it could serve as a model for oil-producing nations in the Global South.”

    As DEP embarks on this ambitious journey, stakeholders will be watching closely to see whether this technological pivot can truly reshape one of Nigeria’s most vital—yet troubled—sectors.

    “This is not a promise,” Boyo concluded. “It’s a plan. And we’re ready to deliver.”

  • How Ghana tamed fuel prices–and what Nigeria can learn

    How Ghana tamed fuel prices–and what Nigeria can learn

    By Adetoun Alamutu

    Accra hums with chaos: vendors weaving through traffic, taxis honking, and sometimes, you can catch the scent of grilling plantain in the nasal salad of vehicle exhaust. 

    Accra is like Lagos, but not quite—just a little tamer.

    However, in Ghana, despite not being immune to global oil shocks, you won’t find as many arguments over petrol prices as in Nigeria. 

    Still, its petrol prices seem to fluctuate within a more predictable band. 

    In Ghana, there are no overnight petrol price hikes, no rumours of backroom deals. This isn’t even magic. It is a system that is built on transparency and one that Nigeria, even as we might be teetering on the edge of pricing chaos, should study attentively. 

     *Ghana’s No Secrets, No Monopolies Model* 

    Ghana’s National Petroleum Authority (NPA) publishes a pricing formula that accounts for international crude prices, exchange rates, distribution margins and taxes. 

    Every two weeks, prices are published and open to everyone from drivers to petrol station owners and even competitors. 

    This openness helps achieve two things: first, it prevents any single player from hijacking the narrative. 

    As a consequence, whenever prices rise, the “why” is not a mystery. 

    Second, it allows the market to maintain its fragmentation. 

    No company can establish control of the supply chain. No system is perfect. 

    While this system does not entirely eliminate profiteering, it is harder to manipulate prices, especially when the math is public and the market is full of small and nimble competitors. 

    An Uber driver in West Legon put it bluntly, “If one station tries to cheat, we will drive to the next.” 

     *Nigeria’s Deregulation Dilemma: When Freedom Has No Map* 

    Nigeria, on the other hand, seems to be stumbling through a deregulation experiment that feels less like policy and more like the fat man falling and rolling and waiting for something to stop him. 

    After decades of subsidies, the government finally stepped back with the expectation that market forces would stabilise prices, and, to an extent, we have seen that. 

    But there is still market uncertainty. Petrol stations adjust rates daily and sometimes hourly. 

    Our Federal Competition & Consumer Protection Commission (FCCPC), tasked with policing anti-competitive action in the market, has been criticised as “toothless” as it seems unable or unwilling to rein in cartel-like behaviour. 

    The irony is that market deregulation was supposed to invite competition. 

    But, without guardrails, Nigeria is tending towards a Wild West where the strongest bully might dominate. 

    Read Also: NMDPRA reaffirms FG’s commitment to steady fuel supply, distribution

    Deregulated market competition is to allow petrol to flow into Nigeria at market-competitive prices. 

    But a pending court case could revoke the import licenses instead, arguing that Nigeria’s mega-refinery–the world’s largest single train facility–makes those imports obsolete. On paper, this is great. 

    A homegrown goliath can meet domestic demand. But in reality, this is a gamble. 

     *One Refinery Will Never Be Enough* 

    First, I must explain. I am not anti-local refinery. Domestic production is extremely important. But, Nigeria can not build its house on one pillar by pinning its petrol supply to a single entity. 

    If we lived in a Nigeria with several refineries of this scale, this op-ed would never have existed. 

    What if maintenance shuts down the refinery? What if global crude prices swing? What if–and let us remember we are in Nigeria–logistics have a hiccup or debt delays deliveries? 

    Ghana’s model works because it acknowledges a messy truth we are too proud to consider: redundancy is safety. 

    When there are multiple importers, supply chains stay flexible. Players in the market compete not only on price but reliability. Nigeria’s refinery could be a crown jewel, but it should not be the only jewel. 

    Everybody must compete on merit and not mandate. 

     *The Ghost of Subsidies Past* 

    Nigeria’s regulators seem to be trapped between old habits and new ideals. 

    In the previous pricing regime, the culture of dependency for consumers and also the government, controlling prices through back channels, was born. 

    But now, that muscle memory seems to linger. The FCCPC’s reluctance to act on allegations of price fixing feels less like corruption and more like confusion. 

    Ghana’s NPA is not flawless. Market players and critics complain about bureaucratic delays. But, its commitment to transparency has put an end to any perceptions and insinuations of favouritism. 

    There are no whispers of special deals. Everything is public. 

     *Moving Forward?* Revoking licenses would betray the spirit of deregulation and unwittingly hand a monopoly to the refinery. True market freedom means that consumers and not the courts or people in government, decide winners. 

    Even as the refinery asserts that it offers a reliable supply and fair prices, let importers keep testing those terms. This is not hypothetical. 

    In Ghana, oil marketing companies are unable to gouge prices because competitors can notice discrepancies and alert regulators. 

    The NMDPRA and FCCPC should borrow this playbook: publish a clear pricing framework, demand real-time price reporting, encourage whistleblowing, and most importantly, keep the gates open. 

    Every importer is a check against complacency. Human “Efficiency” I need to admit that I sympathise and understand the argument the refinery makes. 

    One massive operation can streamline costs and boost exports. Consolidation is efficient. 

    But where there’s centralised efficiency, there is also fragility; centralised systems break, and that could be catastrophic. 

    Nigeria’s COVID-19 lockdowns showed us how dire shortages could be when our borders were closed. 

    After efficiency, we need to have equity, too. When a single player controls a market, wages will stagnate, innovation will slow down, and the regions outside the supply chain will get neglected. 

    Just like Nigeria, Ghana’s fragmented and decentralised market employs thousands, not just in Accra, but in villages where small stations often double as community hubs. 

     *A Closing Half Thought* 

    Transparency is not the ultimate-everything fix. Nigeria’s petrol problems are rooted in much deeper issues. 

    But Ghana shows that sunlight is a decent disinfectant. Let’s have public prices. Let importers keep the market honest. 

    Maybe, when we give Nigerians the tools to compare, we can trust them to choose better. 

    The court ruling looms. I read another Nigerian write about how regulators and not courts should decide regulatory matters like import licences, and I agree wholeheartedly. 

    If import licences disappear, that is also the end of the last lever in ensuring market choice. 

    Nigeria’s leaders promised that deregulation would be the end of an era of artificial scarcity. 

    They will soon have to decide if that promise includes freedom or a different kind of control. 

    •Adetoun Alamutu, a multidisciplinary storyteller and Head of Story for Culture Custodian, writes from Lagos.

  • NOG Energy Week focuses on investment, energy security

    NOG Energy Week focuses on investment, energy security

    The 24th NOG Energy Week, themed ‘Accelerating Global Energy Progress Through Investment, Partnerships & Innovation’, is scheduled from 29 June – 3 July 2025, at the Abuja International Conference Centre (ICC) in Nigeria.

    As the largest energy gathering in Sub-Saharan Africa, NOG Energy Week will bring together over 7,000 leaders, policymakers, regulators, and industry professionals from more than 85 countries across the globe.

    The event offers a rare intersection of government policy, industry strategy, and technical expertise focused on creating a more resilient and forward-looking energy ecosystem across Africa.

    Spanning five days, NOG Energy Week will feature a Strategic Conference, CPD-accredited Technical Seminar, Nigerian Content Seminar, International Exhibition, Energy Awards, Leadership Roundtables, a Golf Day and an exclusive Energy Club. Each segment is designed to foster meaningful dialogue, showcase innovation, and facilitate strategic partnerships across the entire energy value chain. The Strategic Conference has a structured, formal agenda, including ministerial sessions, energy talks and strategic panel sessions with a multilateral focus on Africa’s comparative position within the evolving international order. It considers how to safeguard energy security and climate goals simultaneously.

    READ ALSO: Tribute to Omololu Olunloyo

    Speaking on the content of the programme, Wemimo Oyelana, Country Director – Nigeria & Portfolio Director – Energy for dmg Nigeria events, emphasised, ‘’NOG Energy Week 2025 is more than just a convening of industry players; it is a strategic catalyst for Africa’s evolving energy narrative. The breadth of this year’s programme, from policy-shaping ministerial dialogues to technical deep dives and innovation showcases, reflects our commitment to facilitating real progress across the entire energy value chain. As energy systems worldwide become more integrated and complex, our platform remains focused on unlocking investment, driving partnerships, and ensuring that Africa’s voice is central in shaping a resilient and sustainable global energy future.’’

    Running alongside the Strategic Conference, the CPD-certified Technical Seminar serves as a practical forum for accelerated multi-disciplinary vocational training for engineers, scientists, project managers, and innovators. The seminar will focus on midstream infrastructure optimisation, drilling, sustainability, modular gas systems, emission reduction, and other important issues.

    The Nigerian Content Seminar, organised with the Nigerian Content Development and Monitoring Board (NCDMB), will evaluate the strides made regarding the NOGICD Act and the local capacity and service delivery strategy levers to be used within Nigeria’s oil and gas industry. Participants will engage in implementation pathways to deepen domestic value retention and support the sustainable growth of indigenous companies in global energy supply chains.

    At the same time, the NOG International Exhibition, which is now open for visitor pre-registration, will showcase over 350 exhibiting companies, including country pavilions from China and India, demonstrating the latest advancements in exploration and production, low carbon technologies, digital operations, LNG, and renewable hybridisation. The exhibition will enable global stakeholders to assess new commercial opportunities and pinpoint prospective investments within Nigeria and the West African region.

    For more Private and focused high-impact interactions, NOG Energy Week 2025 will host the Leadership Roundtable and Executive Meeting Suites. These sessions will provide private settings for C-suite leaders, regulators and policymakers to discuss openly and decide on investment priorities and emerging developmental strategies.

    With the increasing energy demand, changing investment flows globally, and Africa becoming a more dynamic participant in energy transition initiatives, NOG Energy Week 2025 offers a unique window of opportunity for global stakeholders to foster collective action toward resilient, inclusive, low-carbon energy systems.

    Registration for international delegates is now open. For further information about NOG Energy Week 2025, please visit nogenergyweek.com

  • Nigeria attracts $8b investments in deepwater, gas projects

    Nigeria attracts $8b investments in deepwater, gas projects

    Nigeria has attracted over $8 billion or N12.8 trillion investments in deepwater projects and gas Final Investment Decisions (FIDs) in one year.

    The Special Adviser on Energy to President Bola Tinubu, Olu Verheijen, made this known yesterday at the 2025 Africa CEO Forum holding in Abidjan, Côte d’Ivoire.

    In a statement by the Team Lead, Communications, in the Office of the Special Adviser, Senan Murray, said Verheijen the feat was achieved through decisive actions taken by President Tinubu.

    These actions, the statement noted, focused on improved fiscal terms, streamlined contracting timelines, greater clarity to local content rules, and power sector reforms enabling gas-to-power commercial viability.

    Verheijen, therefore, charged industry leaders across the continent, to take cue from Nigeria, by ensuring that Africa move beyond appeals for support, but become an investment destination by design; anchored in policy clarity, commercial logic and strategic intent.

    READ ALSO: Tribute to Omololu Olunloyo

    “Africa must partner smartly, not from dependency, but from aligned strategic interest. Nigeria has been able to prove that this approach works. We moved from gridlock to green light and investors responded.

    “Nigeria’s attainment of an increase in indigenous equity in gas, from 69 per cent to 83 per cent, is not just a statistic but a seismic shift in ownership and control of Africa’s energy future,’’ she said.

    She therefore called on African investors, DFIs, banks, pension funds, and sovereigns, to be strategic in focus, and strive to fill the vacuum left by International Oil Companies (IOCs), not just with funding, but with fit-for-purpose instruments and risk-sharing structures.

  • ANOH Gas Plant to commence full operations in 2025

    ANOH Gas Plant to commence full operations in 2025

    • Project to boost domestic gas supply

    • Seplat Energy delivers bumper dividends

    The tunneling of the pipeline crucial to the full commencement of operations by the  ANOH Gas Plant is scheduled to be completed next month, paving the way for the full operations of the plant regarded as a critical national project.

    The Assa North – Ohaji South (ANOH) Plant is a greenfield gas development project equally owned by Seplat Energy Plc and the Nigerian Gas Company (NGC), a wholly owned subsidiary of Nigerian National Petroleum Company Limited (NNPCL). The plant was built by ANOH Gas Processing AGPC.

    Providing update on the project yesterday at a post-annual general meeting interactive session with the media in Lagos, Seplat Energy Plc said the river crossing element of the OB3 line in second half of 2024 had proved technically challenging for the Nigerian Gas Infrastructure Company (NGIC) Limited such that at the end of the year, the tunnelling operations remained at 1.12 km of the 1.85 km of the river crossing.

    Seplat Energy yesterday confirmed that significant additional equipment had been delivered to site and tunnelling has recently restarted with a target completion by June 2025.

    “This is a top priority for the government, and we monitor progress on a continuous basis as a key pipeline infrastructure which is critical to the commencement of full operations of the 300 MMscfd joint-venture-operated ANOH Gas Plant.”

    READ ALSO: Dangerous lust

    We remain optimistic that full operations will commence in the latter half of 2025,” Seplat Energy stated.

    Chairman, Seplat Energy Plc, Mr Udoma Udo Udoma, said the company would continue to invest in its businesses with gas playing significant role in the future growth of the company.

    “Our gas division will grow rapidly with the enormous gas resources offshore as well as the already established gas business onshore,” Udoma said.

    He noted that the completion of the acquisition of the entire share capital of Mobil Producing Nigeria Unlimited (MPNU) in December 2024 and now merged to form Seplat Energy Producing Nigeria Unlimited (SEPNU) has turned Seplat Energy into a Nigerian energy powerhouse, with pro-forma production of 118 thousand barrels of oil equivalent per day and pro-forma combined reserves of 886 million barrels of oil equivalent, an increase of 85 per cent on reserves reported by Seplat Energy at the beginning of 2024.

    “I believe the performance of the business met our expectations. The year was truly transformational for the development of our business. Our core business delivered another year of safe and reliable operations, achieving key targets for production and operating efficiency, which supported another year of strong cash flow generation and shareholder returns.

    “I am especially pleased to report that the closing cash consideration of $800 million at completion was funded entirely from cash, new and available debt facilities, with no dilution of shareholdings.  This speaks volumes to the strength of our business.

    “We believe the future is very bright for the newly enlarged Seplat Energy. We plan to invest in both our Onshore and SEPNU businesses to increase production in both divisions, at the same time investing in maintenance and integrity activities to ensure the infrastructure will continue to support production well into the future,” Udoma said.

    According to him, the company delivered a year of strong production, with revenues at $1.116 billion, achieved through safe and reliable operations, with 11 million man hours without any lost-time injury (LTI)

    He outlined that bin order to ensure the long-term sustainability of its business, the company would continue to focus on three key areas, which are driving social development, focusing on environmental care and reporting and lastly, maximizing returns for all stakeholders.

    “These key areas ensure that business can be financially sustainable while caring for the environment in which we operate and the communities of stakeholders with whom we interact,” Udoma said.

    He said the company would outline its full group operational strategy at the Capital Markets Day in third quarter 2025, assuring shareholders that the board and management would continue to prioritise value creation for all stakeholders.

    Chief Executive Officer, Seplat Energy Plc, Mr. Roger Brown, said the group has witnessed phenomenal growth from being a 100 per cent onshore operator, with now approximately 70 per cent of production offshore, and exported through three terminals which Seplat operates.

    According to him, the improved security and higher volumes passing through Qua Iboe and Yoho would improve revenue assurance and diversify export infrastructure in the Niger Delta.

    “The increased reserves and production that the Seplat Energy Producing Nigeria Unlimited (SEPNU) assets add to Seplat Energy’s operations is significant, making us to consolidate on our position as the leader, and this is a significant responsibility of stewardship of Nigeria’s natural resources, which we do not take lightly.

    “Along with the oil and gas producing assets we gain operating control of dedicated shallow water infrastructure and three export terminals, namely Qua Iboe Terminal, Bonny River Terminal and the Yoho Floating Storage and Offloading (FSO) facility, as well as Natural Gas Liquids (NGL) plants at East Area Project (EAP) and Oso,” Brown said.

    He said Seplat Energy is investing in its workforce, infrastructure and communities to ensure sustainable operations.

    “Our vision — transforming lives through energy — goes far beyond powering homes, transport and industry. We are deeply committed to creating social value that enhances lives by improving education and healthcare, and by fostering entrepreneurship in our communities. By embedding social development goals into our strategy, we not only contribute to improving Nigeria’s energy landscape, but also help to drive progress in healthcare, education and personal empowerment,” Brown said.

    Chief Operating Officer, Seplat Energy Plc, Mr. Samson Ezugworie said the group is on course to sustain its upwardly performance.

    “In 2025, our production guidance to the market is 120,000 to140,000 boepd working interest and as seen from our first quarter 2025 results, we reported 131,561 boepd which is in line with our guidance.

    “We are focused on reviving existing wells in the SEPNU asset, investing in more drilling campaigns in our onshore assets and increasing gas volumes with the activities at SIGP,” Ezugworie said.

    According to him, 2024 was a strong year for the company because in addition to the strong oil and gas production from its onshore business, it completed the transformational acquisition of MPNU in December 2024, an acquisition for the entire shallow water operations of Exxon Mobil in Nigeria.

    “For our financial results, 2024 results benefited from higher production particularly oil production from the consolidation of SEPNU for the final 19 days of the year; total revenue reached a record of $1.116 billion or N1.652 trillion, reflecting a higher output partially offset by modestly lower oil price realizations. The group adjusted EBITDA reached $539 million or N796 billion including $99 million contribution from SEPNU and this represented a 20.3 per cent increase on 2023.

    “After taxes of nearly $235 million, our net profit was approximately $145 million. We generated $383 million cash from operations and our Net debt increased to $898 million following the completion of the acquisition of MPNU but despite this, our pro forma net leverage of 0.7 times was flat on 2023 as the company maintained its strong balance sheet.

    We maintained good credit ratings in international markets, and this helped us to refinance our $650 million bond in March 2025, where our yield priced inside the comparable Nigerian Government Sovereign bond, a first for Seplat. We look forward to further improvements in key financial metrics in 2025 as a bigger company,” Ezugworie said.

    Chief Finance Officer, Seplat Energy Plc, Mrs. Eleanor Adaralegbe highlighted the fact that Seplat Energy has remained consistent in dividend payments to shareholders with the 2024 highly remarkable with a special dividend.

    Shareholders approved a core dividend of US$ 3.6 cents per share or N55.27 per share for the final quarter of 2024, bringing the total core dividend declared for 2024 to US$ 13.2 cents per share or N202.66 per share, a 10 per cent increase on payout for the 2023 business year. Also, following a review of Seplat’s operational performance and business outlook, the board declared an additional special dividend of US$ 3.3 cents per share or N46.06 per share.

    The fourth quarter 2024 and special dividends would be paid to shareholders whose names appear in the register of members as at the close of business on May 9, 2025  at the London Stock Exchange (LSE) and May 12, 2025 at Nigerian Exchange (NGX). This brings the total dividend declared for 2024 to US$ 16.5 cents per share or N253.33 per share.

    Adaralegbe said: “The payment of the special dividend reflects the board’s continued confidence in the outlook for the company and is underpinned by a strong balance sheet. The company will review its dividend policy through 2025 as part of the overall capital allocation policy of the enlarged group”.

    She said Seplat Energy continues to maintain corporate credit ratings with Moody’s Investor Services (Moody’s), Standard & Poor’s Rating Services (S&P) and Fitch Ratings (Fitch), with current corporate ratings of Moody’s Caa1 (positive, S&P B, Stable and Fitch, B, stable.

    “In April 2025 Fitch upgraded our corporate rating to B from B- (positive). This was linked to an upgraded outlook for the Nigerian sovereign long-term rating and the agency’s view of a stronger business profile post the completion of the MPNU acquisition. Our ratings with S&P and Moody’s were reaffirmed in April 2025 and March 2025 respectively,” Adaralegbe said.

  • Petrobras seeks return to Nigeria, eyes deepwater fields

    Petrobras seeks return to Nigeria, eyes deepwater fields

    Brazil’s state-owned oil giant, Petrobras, is making moves to return to Nigeria’s petroleum sector with a focus on acquiring frontier deepwater acreage, signaling renewed investment interest spurred by the economic reforms of President Bola Ahmed Tinubu’s administration.

    This development came to light during a high-level interministerial review meeting chaired by Vice President Kashim Shettima yesterday at the Presidential Villa, Abuja, as Nigeria ramps up preparations for the second session of the Nigeria-Brazil Strategic Dialogue Mechanism (SDM) scheduled for June 2025.

    Petrobras, which previously exited Nigeria after operating in the Agbami Field, is now actively engaging Nigerian authorities as part of a broader strategy to revitalize bilateral cooperation between the two largest economies in Africa and South America.

    READ ALSO: Tribute to Omololu Olunloyo

    Vice President Shettima, while addressing ministers and senior government officials at the meeting, highlighted the strategic timing and global significance of Brazil’s role in 2025.

    According to a statement issued by Senior Special Assistant to the President on Media and Communications, Office of the Vice President, Stanley Nkwocha, Shettima said the presence of six ministers and the Solicitor-General of the federation in this review meeting ahead of the second session of the Nigeria-Brazil Strategic Dialogue Mechanism shows the importance we have attached to our relationship with Brazil.

    “We have not maximally capitalised on the fraternity between us and Brazil, but it is better late than never.”

     The upcoming SDM presents an opportunity to execute sector-specific Memoranda of Understanding (MOUs) and unlock investment flows,” he said.

    The Vice President particularly noted that 2025 represents a critical moment of interface with Brazil, emphasising that the convergence of international events provides Nigeria a unique opportunity to advance its interests on the global stage.

    “This year is our moment of interface with Brazil. Brazil is hosting so many global events this year, from the BRICS Summit to the G20 Summit and COP30. This convergence of events provides us with a unique opportunity to advance our interests on the global stage,” the Vice President said.

    VP Shettima commended the ministers for their passion and aggression in pursuing Nigeria’s national interest, noting that “there is a sea change in our attitude, disposition, and commitment.”

    Earlier, Minister of Foreign Affairs, Ambassador Yusuf Tuggar, confirmed ongoing engagements with Petrobras, saying: “Apart from Ethanol, which they are hoping to engage the NNPCL for blending, Petrobras is also being actively engaged, and we expect they will form part of the delegation to Nigeria. Petrobras is no longer active in Nigeria, but they are very keen on coming back to Nigeria. They said they want frontier acreage in deep waters.”

    The Foreign Affairs Minister further reported that Brazil’s preparations for the dialogue are well advanced, with both government agencies and private sector players being actively engaged by the Brazilian Vice President.

    The Ministry of Foreign Affairs, which is coordinating the interministerial working groups, has compiled at least 12 draft MoUs pending approval from the Ministry of Justice. These cover areas such as energy, health, culture, and agriculture.

    Also, Minister of Art, Culture, Tourism, and Creative Economy, Hannatu Musawa, emphasised the historical and ancestral connections between Nigeria and Brazil, noting that a significant percentage of Brazilians trace their roots to Nigeria.

    “We must not only preserve this relationship but deepen it. We’ve finalised MOUs with the Nigerian Film Corporation on audiovisual co-productions, the National Gallery of Arts for joint exhibitions, and the Centre for Black and African Arts and Civilisation ahead of FESTAC at 50 next year,” Musawa said.

    On agriculture, Minister of Agriculture, Senator Abubakar Kyari, outlined completed MoUs focused on research collaborations: “We have finalised MoUs that focus on research in three areas of soybean value chain development, cassava research and technology transfer and agro-forestry systems, which promote integrated crop and livestock models and erosion control and climate adaptation,” he said.

    The minister noted that these efforts build on the previously signed Green Imperative Project (GIP) agreement between Nigeria and Brazil.

    Also, Coordinating Minister of Health and Social Welfare, Professor Muhammad Pate, pointed to Brazil’s achievements in universal health coverage as a model for Nigeria.

    He said: “There are important opportunities for us in several areas in our efforts to achieve universal health coverage and primary health care between Nigeria and Brazil- they have done a lot that we can learn from them. There is the aspect of knowledge sharing and workforce, and human capital training in specialised areas.

    “We see potential for collaboration in pharmaceutical research, local drug manufacturing, and workforce training. Brazil’s experience in addressing tropical and sub-tropical diseases makes it an ideal partner for joint research and development.”

    Other ministers present at the meeting included the Minister of Livestock Development, Idi Mukhtar Maiha and the Minister of Environment, Balarabe Lawal.

  • AEC warns against disruptive probes in oil industry

    AEC warns against disruptive probes in oil industry

    The African Energy Council (AEC) has said that the series of media trials, probes and investigations in oil and gas are stifling the growth and development of the sector.

    The council, in a statement, warned that the recent allegations and investigations involving the leadership at the Nigerian National Petroleum Company Limited (NNPCL) highlight the urgent need to step back and reassess national priorities.

    Last week, an online media reported a group protest calling for the probe and prosecution of NNPCL’s former Group Chief Executive Officer (GCEO), Mallam Mele Kyari. 

    The coalition later made a U-turn and withdrew all allegations, saying it no longer wants Kyari investigated.

    AEC, however, said it believes that this is a critical moment for Nigeria’s oil and gas sector — one that demands unwavering focus, strategic execution, and long-term vision.

    It said: “As headlines once again turn to allegations and investigations involving leadership at the Nigerian National Petroleum Company Limited (NNPCL), there is an urgent need to step back and reassess national priorities.

    “This is not the first time Nigeria has faced a wave of high-profile probes in the petroleum sector. From the widely publicised cases involving former Minister Diezani Alison-Madueke to the arrest of former NNPC GMD Andrew Yakubu, Nigeria has, over the past two decades, launched numerous investigative efforts.

    Read Also: NNPC to resume exploration in Kolmani

    “Yet, despite the media attention, these efforts have done little to fundamentally shift sector performance, governance quality, or investor sentiment.”

    Rather than engage in needless probes, the Council advised that there is a need to focus such energy on boosting oil production in line with the budget parameters.

    It added: “Today, Nigeria’s production levels remain fragile, fluctuating between 1.4 and 1.6 million barrels per day, well below both its 2 million bpd budget benchmark and OPEC quota.

    “Meanwhile, the country’s four state-owned refineries—intended as a cornerstone of national energy security—have continued to underperform, despite years of rehabilitation attempts and expenditures exceeding ₦4tn.

    “The challenge before Nigeria is not simply one of accountability, but of institutional delivery. At a time when global capital is becoming more selective, and the energy transition is reshaping upstream investment strategies, Nigeria cannot afford to be distracted by reactive cycles.

    “The implementation of the Petroleum Industry Act (PIA) is still in early stages, and its success hinges on stable leadership, clear policy direction, and results-driven reform.

    “The AEC therefore urges a realignment of national attention toward outcomes that will tangibly benefit the Nigerian people.”

    It called for reforms to boost oil output back above two million bpd to maximise fiscal resilience and foreign exchange earnings, completing refinery rehabilitation to reduce import dependency and reclaim value along the downstream chain, and restoring confidence among investors and international partners through regulatory consistency and institutional continuity.

    It also added that there is a need to enhance transparency and governance without sacrificing operational momentum.

    “This is not a dismissal of the need for oversight or reform. But the country must be cautious not to mistake movement for progress.

    “A sustainable future for Nigeria’s energy sector will not be built in courtrooms—it will be built in control rooms, boardrooms, and drilling fields,” the statement added.