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Tag: Oil

  • 2025 Oil bid round: New vista for energy transformation

    2025 Oil bid round: New vista for energy transformation

    • By Akpandem James

    Nigeria appears set for another decisive round of oil field development, coming just a year after a successful bid cycle that delivered new oil wells and expanded the nation’s crude oil production capacity. Signalling a shift toward structured and predictable upstream governance, the Nigerian Upstream Petroleum Regulatory Commission (NUPRC) recently announced that licensing rounds will henceforth be a yearly affair, a deliberate strategy by the Gbenga Komolafe-led management to deepen investor confidence and encourage long-term capital commitments in the upstream sector. The 2025 licensing round is emerging as one of the most strategically significant bid rounds since the enactment of the Petroleum Industry Act (PIA) 2021.

    Set to formally open on December 1, the 2025 bid round aims to prioritise natural gas alongside crude oil as part of Nigeria’s commitment to Sustainable Development Goals (SDGs). The focus of the exercise is on discovered and undeveloped fields, especially fallow assets. The narrative emphasis is on transparency, regulatory stability, investor confidence and the development of both oil and gas resources to increase production capacity. Two main reasons drive the focus of the 2025 bid round: optimising Nigeria’s existing hydrocarbon resources rather than just exploring new opportunities and supporting energy transition and domestic energy needs.

    At the centre of the upcoming round is the commitment to operationalising the PIA’s “drill or drop” provision, which requires operators to develop awarded discoveries within a set timeframe or relinquish them to the state. In line with this, the commission embarked on recovering idle assets, which it has prepared for reallocation. The recovered and under-utilised assets, complemented by newly delineated blocks, collectively form the drawing pool for the proposed 2025 bid round. Estimates from industry sources suggest that about 24 blocks, combining newly identified acreage and recovered fallow assets, may be included, spanning onshore, shallow-water and deep offshore terrains. This policy, strengthened under Section 94 of the 2021 Act, aims to activate and free up fallow assets, encouraging new investments by ensuring unproductive blocks are either developed or returned.

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    Section 94(4) of the PIA requires the holder of a marginal field (or discovery) to present a field development plan within three years. Section 94(4)(b) gives the operator the option, with NUPRC’s consent, to farm-out the discovery (bring in a partner), subject to conditions which include presenting a development plan. Section 94(5) defines the timeframe for submitting the development plan. Sections 94(6), (7) and (8) deal with failure to comply if no valid development plan is submitted, or other conditions are not met. Operators either develop the field (drill) or relinquish their rights (drop) if they remain inactive beyond the set period.

    The fully digitized 2024 bid round earned strong industry praise for its transparency and efficiency. Building on that, the 2025 round is set to enhance the process through a real-time, non-discriminatory digital system that enables applicants to track their status at every stage. The bid framework follows a rigorous multi-tiered structure: first, a pre-qualification stage that assesses technical capacity, financial stability and legal compliance; second, an open technical evaluation for all qualified applicants, with no restrictions on block selections; and finally, a commercial bid stage conducted on an encrypted digital platform and livestreamed for transparency. These steps ensure that only competent bidders advance, reflecting the same standards established in the 2024 round and mandated by the PIA and regulatory guidelines.

    The procedure marks a significant change from past experiences, following the upstream regulator’s initiatives under the PIA. Hitherto, bid rounds were plagued by opacity, trailed by protests and assailed by petitions. It came once in a long while in staccato patterns, but the current posture is fashioned to provide regulatory stability and boost investment confidence. It aligns with the PIA, which is part of a broader strategy to attract more upstream investments and increase production. The entire process is tailored to drive infrastructure development, increase production levels and enhance economic gains for shared prosperity.

    Although the commission has indicated that a formal list of blocks and guidelines will be released before the portal opens on December 1, public data, especially the June 2025 NUPRC Concession Situation Report, offers strong indications of which blocks are likely to be offered and the types of companies expected to participate. Based on the report, several Oil Mining Licenses (OMLs) and Petroleum Prospecting Licenses (PPLs) align closely with the regulator’s priority criteria. Among these are OML 24, OML 29, OML 33, OML 40, OML 42, OML 49, OML 53 and OML 67, along with associated PPLs. These assets represent areas of discovery that have remained underdeveloped or where previous awardees did not effectively commercialise.

    Most of these blocks are located in the onshore and shallow-water Niger Delta, an area known for challenging operating conditions and inconsistent commercial activity, which has led to many stalled developments. Also likely are blocks in the continental shelf and deep offshore zones, where technical discoveries exist but remain under-utilised due to capital constraints or stalled development plans. The inclusion of both mature and frontier terrains aligns with NUPRC’s goal to diversify the opportunity set and stimulate production from assets with shorter development cycles.

    Alongside the identification of block candidates, the landscape of likely bid participants has become clearer. Expected bidders fall into three broad groups: international majors and large independents, Nigerian upstream independents and new entrants or consortiums with technical or financial backing.

    Among the international oil companies (IOCs), TotalEnergies has expressed strong interest in the bid round. The company has repeatedly commended the upstream regulator for its transparent and digitized licensing process, aligning with its deep-water and gas strategy in Nigeria. Other oil majors, such as Shell, Eni and Chevron, have a history of participating in Nigerian bid rounds and remain engaged in the upstream sector. However, their participation in 2025 will likely depend on whether the block offerings align with their evolving strategic focus, which increasingly prioritises gas, high-margin deep-water assets and de-risked developments over greenfield exploration.

    The second prominent group comprises Nigerian and regional private operators, who have often played a pivotal role in driving the development of marginal and medium-sized fields. Companies such as Seplat Energy, Ardova, First E&P and Famfa Oil are strong potential bidders, given their existing portfolios and history of acquiring and developing assets relinquished by the oil majors. The Concession Situation Report also lists numerous smaller indigenous companies operating PPLs and marginal field assets. These firms may seek to expand their footprints or bid through joint ventures with technical and financial partners. For many of these indigenous players, the attraction lies in the availability of discovered resources with shorter development horizons, which aligns with their operating models and capital access patterns.

    The third category includes new entrants and service-company-backed consortiums, typically structured to leverage a combination of technical expertise and financial capacity. In previous licensing rounds, such consortiums have partnered with Engineering, Procurement and Construction (EPC) contractors, Floating Production, Storage and Offloading (FPSO) providers and energy-focused investment funds. This pattern is likely to continue, especially because NUPRC has made rapid development a central objective. Bidders who can demonstrate credible field development plans, integration with midstream infrastructure and access to FPSOs, modular production units and early-production facilities are likely to have a competitive edge.

    Investor confidence appears to have surged due to positive signals from the regulator and the federal government. There are indications that the 2025 round will adhere strictly to the PIA, with complete digitization of the bid process, transparent evaluation criteria and stable regulatory conditions. Political support, combined with the promise of annual licensing rounds, helps create predictability, which is crucial for both domestic and international investors assessing long-term commitments.

    However, to achieve improved infrastructure development and support a rise in production, certain conditions must be considered. There is a need for more FPSO units and other infrastructure, a factor the industry regulator has underscored at every point, highlighting a commitment to not just exploration but also the development of near-production assets. The NUPRC has recognised funding challenges and is collaborating with relevant stakeholders to address these financing issues and improve production capacity.

    Recently, financial institutions, including global investment banks, have shown interest in supporting upstream transactions, given Nigeria’s renewed push to increase production. The 2025 round promotes collaboration between investors and financial institutions to address financing challenges. It is so designed under the Petroleum Industry Act framework and it benefits from political support, including promises from legislative committees to maintain sector stability and investor confidence.

    • Akpandem James, a Fellow of the Nigerian Guild of Editors, lives in Abuja.

  • Reps to address longstanding revenue leakages in Nigeria’s oil, non-oil export

    Reps to address longstanding revenue leakages in Nigeria’s oil, non-oil export

    The House of Representatives ad-hoc committee investigating pre-shipment inspection failures and the non-remittance of crude oil proceeds said on Tuesday that it was determined to address longstanding revenue leakages in Nigeria’s oil and non-oil export.

    Speaking at a capacity-building workshop for members of the committee in Abuja, Chairman of the committee, Seyi Sowunmi, Nigeria’s continued losses running into billions of dollars were not abstract figures but the equivalent of hundreds of hospitals, schools, and critical infrastructure denied the citizens because of violations of pre-shipment regulations.

    He said the committee was set up in response to mounting evidence of systemic exploitation in crude and non-oil exports, stressing that the probe is a national mission, not a witch-hunt.

    He said, “This committee intends to close loopholes, recover lost value, and restore confidence in Nigeria’s economic governance. For the first time, we are looking at the entire export chain from crude oil flows to financial repatriation through a transparent, data-driven lens”.

    The chairman said the workshop was designed to equip lawmakers with the expertise needed to confront the technicalities surrounding export data, maritime operations, and financial intelligence.

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    He said experts in trade compliance, forensic auditing, and international oil transactions are facilitating the training, saying the exercise is an investment in competence, credibility, and national integrity.

    While saying public scrutiny was welcome as democracy flourishes when the people are informed and engaged, Sowunmi stressed that the country must transition to a system where exported barrels are digitally tracked and every dollar earned is accounted for.

    He urged his colleagues to embrace stronger legislative oversight and champion reforms that would guarantee that natural resource earnings benefit Nigerians, warning that the era of impunity and unaccounted exports is coming to an end.

  • OTL 2025: Nigeria committed to optimising oil, gas resources through sustainable practices

    OTL 2025: Nigeria committed to optimising oil, gas resources through sustainable practices

    The Chairman, OTL Africa Downstream Energy Week Advisory Board, Tunji Oyebanji, has said the country is committed to fully optimising its crude oil and gas resources while ensuring that all operations are carried out in a sustainable manner.

    He made this known ahead of the 19th edition of the OTL Africa Downstream Energy Week which began in Lagos on Sunday. 

     The Energy Week conference and exhibition is focusing on sustainability, carbon capture, competition and cost-saving strategies as the industry adapts to Nigeria’s full deregulation regime.

    According to him, the deregulated market, which stakeholders advocated for many years, is now upon the industry and all interested parties are still trying to achieve balance and equilibrium in the new regime.

    Oyebanji noted that with deregulation now in full effect, conversations around sustainability, carbon management and energy transition has intensified, creating new opportunities for innovation within Nigeria’s downstream space.

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    “Energy security remains a top priority for the sector as it navigates the evolving energy landscape. Transparency and data reliability will be key focus areas at the 2025 edition of the OTL Africa Downstream Energy Week because improving transparency remains critical to the growth of Nigeria’s downstream petroleum sector. Nigeria would benefit from a dedicated government agency mandated to determine the nation’s true fuel consumption, refinery output, and total depot capacity. This would allow for informed commercial and investment decisions and provide a basis for accurate fact-checking,” Oyebanji said.

    This year’s edition, with the theme: “Energy Sustainability – Growth Beyond Boundaries and Competition,” focuses on navigating the realities of a deregulated market and promoting balance within the evolving downstream landscape.

    “The event will feature high-level engagements, including ministerial and regulator panels from five West African countries, alongside over 60 speakers across 10 sessions addressing investment, finance, technology, and corporate realignment.

    “Delegates will also explore innovations and partnerships at the OTL Trade Exhibition, with focus areas spanning refining, trading, logistics, LPG, lubricants, petrochemicals, and energy transition,” he stated.

    The Chief Executive Officer of OTL Downstream Development in Africa Ltd./Gte, Joyce Akabogu, noted that the event continues to lead the conversation in shaping the sector’s agenda, driving business growth, and promoting operational excellence.

    She assured that the forum will once again bring together Lagosians, Nigerians and international participants for insightful discussions, networking, and meaningful business engagements.

  • ‘Oil industry risks $20billion in compliance gap’

    ‘Oil industry risks $20billion in compliance gap’

    A member of the House of Representatives,  Zakaria Nyampa (PDP, Adamawa) has said that Nigeria’s petroleum industry faces between $15 billion and $20 billion decommissioning and abandonment compliance gap following non compliance with the extant laws by many industry operators.

    In a motion of urgent public importance, Nyamkpa accused regulatory bodies like the NUPRC and NMDPRA of failing to effectively enforce penalties, leading to fiscal leakages, environmental risks, and loss of governance credibility, thereby threatening Nigeria’s oil sector reputation and sustainability.

    Following the adoption of the motion, the House decided to set up an Ad-hoc Committee to investigate the decommissioning and abandonment (D&A) compliance in Nigeria’s petroleum industry in line with the petroleum industry Act considering the low compliance risk of abandoned assets, pollution, and stranded costs.

    The Lawmaker said firm legislative oversight can secure billions in D&A escrow accounts, protecting the environment, communities, and public finances. The National Assembly has a chance to act decisively and establish a legacy of environmental stewardship and fiscal responsibility”.

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    Nyamkpa describe decommissioning and abandonment (D&A) as the process of safely shutting down and dismantling oil and gas facilities, wells, and infrastructure after their productive life, saying it is a critical issue in Nigeria’s petroleum sector.

    He said globally, the regulatory regimes mandate operators to set aside funds during the productive life of assets to cover future decommissioning, dismantling, remediation, and site restoration costs, which run into billions of dollars, as failure to plan adequately exposes the host communities to massive environmental, financial, and social liabilities.

    According to him, the fund is designed to address the environmental, safety, and financial risks associated with abandoned or decommissioned facilities, preventing state liabilities and ensuring orderly asset closure in accordance with the best global best practices.

    He argues that in Nigeria, the Petroleum Industry Act (PIA) 2021 (Sections 232-233) and the NMDPRA/NUPRC Decommissioning and Abandonment Regulations (2022) require all licensees and lessees to establish D&A programmes for their assets and contribute to D&A Escrow Accounts ring-fenced for dismantling and remediation.

    The law, he said also required that operators should secure regulatory approvals for plans, timelines, and funding, and pay applicable penalties for non-compliance, mandates the operator to establish a dedicated escrow fund for licensed facilities based on the estimated residual value and projected decommissioning cost of the facility, spread evenly over its remaining operational life; and make mandatory annual payments into the escrow account mandatory and impose pay prescribed penalties for non-compliance.

    He disclosed that most States in Nigerian are facing increasing risk exposure due to low compliance with decommissioning and asset transfer provisions in the oil industry, including the upstream, midstream, and downstream sectors, which face decommissioning liabilities and lack formal remediation plans or funding provisions.

    He said there are instances where, International Oil Companies (IOCs) exited assets in the Niger Delta and transferred them to domestic operators without adequate provision for D&A, effectively externalizing future liabilities to the government and host communities, leaving behind aging wells, flow stations, pipelines, FPSOs and platforms with few D&A escrow funds established, despite multibillion-dollar liabilities.

    He alleged that about 90% of operators in Nigeria’s petroleum sector, including refineries, depots, pipelines, gas plants, and retail infrastructure, are non-compliant with PIA provisions.

    He said that Nigeria’s upstream oil sector, with over 250 OMLS/OPLs, 1,500 producing wells, and hundreds of flow stations, faces financial exposure in Decommissioning & Abandonment (D&A) costs.

    He stressed that data sourced from global and local platforms such as Wood Mackenzie, IHS Markit and even NUPRC, estimates place D&A at between $500,000 and $1 million per well and $20-50 million per field for associated surface facilities, totaling liabilities of $10-15 billion. He further disclosed that less than 20 per cent of operators have adequately funded their D&A escrow accounts, leaving cumulative funds supervised by NUPRC/NMDPRA below $1 billion, far short of the requirement.

    He expressed concerned that Nigeria’s midstream and downstream sector faces a potential remediation liability of $4-5 billion due to widespread infrastructure breakdown.

    He said “the risk of this inaction will result in abandoned offshore rigs, rusting pipelines, and non-functional refineries, which could lead to oil spills, toxic contamination, and severe ecological damage, which will worsen environmental degradation, fueling unrest and risks of explosions, gas leaks, fires, and pipeline vandalism, endangering lives and infrastructure in host communities.

    “Nigeria’s petroleum industry faces a $15-20 billion decommissioning & abandonment compliance gap, with low compliance risk of abandoned assets, pollution, and stranded costs.

    “However, firm legislative oversight can secure billions in D&A escrow accounts, protecting the environment, communities, and public finances. The National Assembly has a chance to act decisively and establish a legacy of environmental stewardship and fiscal responsibility”.

  • Nigeria’s oil rigs increase by 762.5 %

    Nigeria’s oil rigs increase by 762.5 %

    • 400 oil fields dormant

    Nigeria’s crude oil rigs have risen astronomically from eight to 69 in the past four years.

    The 762.5 per cent leap, said Nigerian Upstream Petroleum Regulatory Commission (NUPRC), indicates renewed investor confidence in the nation’s energy sector.

    NUPRC, in a statement highlighting its successes in the last four years, expects the number of rigs to increase in the coming months.

    The commission, however, revealed that it identified 400 dormant oil fields during the period.

    The statement yesterday by its spokesman, Eniola Akinkuotu, was titled:  ‘’Rising Rig Count: As a testament to the renewed vigour in Nigeria’s upstream oil and gas sector.’’

    NUPRC also explained that it approved 79 Field Development Plans (FDPs) between 2024 and 2025, with estimated investments valued at $39.98 billion. This comprises $20.55billion in 2024 and $19.43billion in   2025.”

    The commission, which put current crude oil production at 1.65mbpd, projected the figure to   2.5 Mbpd in 2027.

    It added that crude oil theft has dropped by 90 per cent with the combined efforts of  ‘’General Security Forces and a private security contractor, Tantita Security Services Nigeria Limited.

    The statement partly reads: “The latest rig count of 69 which comprises 40 active rigs, eight  on standby, five  on warm stack, four  on cold stack and 12 on the move, represents a 762.5 per cent increase in barely four years.’’

    On dormant oil fields, the commission said:  “We  successfully identified 400 dormant oil fields and have also propelled complacent oil companies to take quick action.”

     NUPRC explained that its successes in the past four years align with the charge of President Tinubu that Nigeria is ready for business and that the right investment climate prevails now in the Nigerian upstream sector.

    NUPRC   listed 16 high-impact post-Petroleum Industry Act (PIA) successes, saying they were attained despite challenges it inherited from the pre-Petroleum Industry Act era.

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    One of the achievements was surpassing the revenue targets.

    The commission said that in  2022, 2023 and 2024, it surpassed its revenue target by 18.3 per cent, 14.65 per cent and 84.2 per cent, respectively.

     On transparent bid rounds, NUPRC recalled that before its establishment,  licensing rounds were clouded by political influence.

    NUPRC said in line with the PIA and with the support of President Tinubu, it began implementation of the ‘Drill or Drop’ policy which prescribes that unexplored acreages are to be relinquished.

     The commission added: “  We approved divestments running into billions of dollars in 2024. From the Nigeria Agip Oil Company (NAOC) to Oando Energy Resources; Equinor to Chappal Energies; Mobil Producing Nigeria Unlimited to Seplat Energies; and Shell Development Company Nigeria Limited to Renaissance Africa Energy.

    “The divestment is about investor portfolio re-ordering to focus on deep-offshore development.’’

     To give meaning to the intent of the PIA,  the commission, in consultation with stakeholders, developed 24 forward-thinking Regulations out of which    19 have been gazetted.

    On gas flare commercialisation, NUPRC said it has completed awards of flare sites to successful bidders under the Nigerian Gas Flare Commercialisation Programme (NGFCP).

    The programme is aimed at eliminating gas flaring and attracting at least $2.5 billion in investments.

     It also said that Host Community Development Trusts have remitted N122.34billion and over $168.91 million as of the first week of this month to oil host communities.

    NUPRC added that it was currently overseeing at least 536 projects, including schools, health centres, roads and vocational centres in the oil host communities.

    The projects, according to the commission, are being funded by the trust fund.

  • Oil sector and greedy elite

    Oil sector and greedy elite

    Those of us, victims of years of abuse by Nigeria’s oil sector parasitic greedy elite, who spent hours and sometimes kept vigil at filling stations, had our days disrupted by drivers’ strike,  paid double the fuel pump price in spite  of equalization fund, have been going through great stress and strain in the last two weeks.

    We have had our sensibilities assaulted by parasitic elites, dressed in fine suits, appearing on TV platforms as representatives of the Nigeria Union of Petroleum and Natural Gas Workers (NUPENG), (junior staff and production workers in the oil and gas industry), the Petroleum and Natural Gas Senior Staff Association of Nigeria (PENGASSAN), the Depot and Petroleum Product Marketers Association of Nigeria, (DAPPMAN) and the Petroleum Products Retail Outlet Owners Association of Nigeria, (PETROAN).

    That we did not have anyone to speak for us while they disingenuously spoke of rule of law, battle against business monopoly and rights of workers only brought the past to pain.

    On September 7, NUPENG, without any consideration for the health of Nigerians, the health of the economy and the security of the nation, declared a strike to start on September 8 over Dangote’s decision to take control over distribution of products of his $20b refinery. He had announced importing 4000 CNG trucks to take products from his factory directly to buyers to ensure price uniformity and prevent periodic disruption due to strikes over equalization funds that were difficult to manage.

    Our rosy-cheeked oil sector parasitic elite expressed their opposition to monopoly, a charge Dangote who reminded them of the over 30 refinery, licences issued to private players denied. Dangote however made it clear that while “they don’t want a monopoly, and want other players in the business, they cannot come to a soccer field and want to play cricket because you would wound somebody”.

    The Department of State Security, DSS, adept at eating with the devil using a long spoon, effortlessly worked out a truce. When the truce collapsed, three days later over claim stickers were ordered to be removed from some trucks, the parasitic elite who have very little to lose threatened to resume their strike.

    On Saturday September 18, DAPPMAN accused the Dangote Refinery of “adopting pricing practices that distort competition, strain domestic businesses, and contradict its public claims of prioritizing Nigerian consumers”. But this was like the pot calling the kettle black since DAPPMAN is a  profit-driven Nigerian trading company whose only stake is raising foreign exchange to bring in cheap refined products that will guarantee maximum profits, a practice long banned by the US and Europe to protect the health of their local industries.

    BillGillis-Harry, the national President of the Petroleum Products Retail Outlets Owners Association of Nigeria (PETROAM) was last remembered presenting an award to the Group Chief Executive Officers of the Nigerian National Petroleum Company (NNPC) Limited, Mele Kyari as the most productive Group Chief Executive Officer in August 2024 even while the four refineries under him remained moribund.   But Harry was on Saturday September 20, on Channels TV speaking of the love of their associations for the Dangote’s Group while reminding him of the need to protect investment of other players and right of workers.

    But Nigerians are not deceived. We remember Obafemi Awolowo’s admonition some 80 years back that our educated political elite will remain the scourge of Nigeria because of their greed.  In fact, he went on to say that given a choice between the departing colonial masters , the traditional rulers and the Nigerian educated elite, Nigerians would choose in reverse order because with the colonial masters, they were assured of justice.

    Of course, it was not long after independence that greed and love of self-started manifesting. For our new power inheritors, it was what was in it for me and not what was in it for Nigeria.

    Ozumba Mbadiwe, a minister in Tafawa Balewa government used his position to buy government land in Ijora Apapa at a giveaway price. He erected a mansion on it which he rented back to the same federal government at a mouth-watering price. He then took the proceeds to build a mansion among the squalor of his village peoples which he named “The Peoples Palace”.

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    Awolowo was to admit not long after of being a victim of greed of one of his trusted allies. He claimed Ayo Rosiji gave false testimony against him during his treasonable trial because he had cancelled his contract for importation of water pipes which Awo said could be produced in Nigeria at the period.

    The response of our educated political elite to Babangida’s commercialisation policy was predictable. They colluded with some multinationals to embark on massive importation of substandard goods, including drugs which not only killed Nigerians but our budding industries, thereby rendering thousands of our qualified university graduates jobless.

    They outwitted Obasanjo and his privatization programme, which the World Bank predicted would lead to creation of seven million jobs for our youth. Our greedy political elite sold the nation’s total investments of over $100b acquired between 1960 and 1998 to themselves at a paltry $1.5b.

    The educated political elite then came up with monetization policy through which physical assets dating back to the pre-colonial period were shared among top civil servants and government functionaries.

    The educated political elite still behave as if they are doing Nigerian a favour for presiding over our affairs. We don’t know the salaries of our elected lawmakers. We don’t know the sources of private projects they routinely launch on behalf of the people.

    The reason we didn’t have anyone to defend us even as greedy elite in the oil sector was publicly humiliating us in the last two weeks was because there is no difference between the fuel sector parasitic elite, their counterparts in the airline industries  which shortly after N300b intervention fund secured another $500m Chinese loan which a former commandant of Murtala Muhammed International  Airport described as a “recycling of public fund for some people”  Both are tarred with the same brush with their fellow banking sector greedy elites who deployed depositors money to buy private jets and landed properties in Dubai in the name of their children forcing government to buy up their toxic loans through AMCON.

    Perhaps our ongoing experience will sober uninformed critics of government who wrongly assume government is an independent arbiter between greedy educated political and economic elite that have captured society and the rest of us. Government cannot do more than what many have been asking it to do this past two weeks – perform a balancing act between those who are technically owners of society who want an empire of slaves, and the rest of us who without government help, will be forced to buy the air we breathe.

  • Oil dispute: Court acquits Asemota, others over alleged felony

    Oil dispute: Court acquits Asemota, others over alleged felony

    The Lagos State High Court sitting at Ikeja, has discharged and acquitted Founder and Chief Executive Officer of Mettle Energy & Gas Limited, Osahon Asemota, along with six others, in a protracted oil dispute regarding the alleged 10,000 tons of contaminated petroleum products estimated at over $11,000,000.

    Recall that the Inspector General of Police, had in November 2018, arraigned Mr. Asemota, Mettle Energy & Gas Limited and others before Justice Mojisola Dada.

    They were arraigned on a three -count charge of conspiracy to commit felony, stealing and receiving stolen property, in Suit No:ID//980c/2018: FRN V. Trafigura & 6 Ors.

    The prosecution called over 16 witnesses, including industry experts and investigators, to build its case. However, as the defence presented its evidence, a pivotal shift occurred. The office of the Attorney-General of the Federation took over from police prosecutors after the defendants had opened their cases and concluded their defence.

    However, after reviewing the case, the office of the Attorney-General filed a notice of discontinuance dated May 5, 2025.

    As a result, the team of defence counsels argued that the defendants were entitled not only to a discharge but also to an acquittal because they have fielded two witnesses already.

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    They relied on Section 108 (3) of the Administration of Justice Act, 2015 in buttressing their point.

    In her ruling, Justice Dada, agreed with the defendants, asserting that: “whereas in this case not only have the defendants been called upon to open their defence, they have already started same and called two witnesses before the filing of the Notice of Discontinuance.

    “This therefore satisfies the reason for the order discharging and acquitting the defendants forthwith and I so hold. Defendants are accordingly hereby discharged and acquitted,” the Judge ruled.

    Reacting to the judgment, Asemota, who hailed the judiciary for the ruling after a protracted legal battle, said: “I have always believed in the rule of law and that is why I have always attended court sittings because I needed to clear my name.

    “This verdict did not only clear my name and that of others but it has also ensured that we are protected from any retrial due to the painstaking effort made by the court to ensure fairness and transparency throughout the trial.”

    Also speaking, defence counsel, A. Udoh, who also hailed the judgment, said: “This judgment has put to rest the very erroneous and wicked belief being parroted by mischief makers that our client stole the same product he purchased with his hard-earned money.

    “Like they say the judiciary is the last hope of the ordinary man and today the court has done justice to this matter. It’s sad that people out of selfish interest could conspire against our client on this matter.

    However, we are happy, that after several years of legal battle, Justice was done” he stated.

  • S/Africa imports over 70% of its oil from Nigeria

    S/Africa imports over 70% of its oil from Nigeria

    South Africa imports more than 70 per cent of its oil from Nigeria, Acting High Commissioner and Consul General of the Republic of South Africa, Bobby Moroe, has said.

    Speaking at the Outward Selling Mission Programme in Lagos, Moroe said Nigeria leverages South Africa’s strategic geographic location as a hub to distribute oil and other products across the Southern African region, including Botswana, Mozambique, and Lesotho.

    “This initiative is about more than trade—it is about building on our shared history and creating opportunities that benefit both nations,” Moroe said.

    The programme, hosted annually by South Africa’s Department of Trade, Industry and Competition, returned this year after a three-year hiatus due to the COVID-19 pandemic. According to Moroe, the event aims to revitalize economic ties, resuscitate existing markets, and explore new areas of collaboration.

    A diverse delegation of South African businesses participated, spanning engineering, infrastructure, manufacturing, healthcare, mining, agriculture, and agro-processing. Moroe emphasized that beyond oil, there are wide-ranging opportunities for cooperation, including road rehabilitation, housing construction, and technology exchange.

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    He stressed that Nigeria and South Africa, two of Africa’s largest economies, must lead the continent’s push for industrialization and strengthen trade under the African Continental Free Trade Area (AfCFTA) framework. “Together, we can position Africa as a global powerhouse,” he said, noting that current trade volumes remain in Nigeria’s favor.

    The Executive Secretary of the Nigeria-South Africa Chamber of Commerce (NSACC), Iyke Ejimofor, said the forum gives Nigerian entrepreneurs direct access to South African business leaders, fostering partnerships, technology transfer, and sectoral growth. He highlighted opportunities in agriculture, mining, and engineering—sectors where South Africa’s expertise could support Nigeria’s development.

    Similarly, Chairperson of the South Africa-Nigeria Chamber of Commerce, Ije Jidenma, underscored the importance of collaboration between the two countries.

    “We all share a collective responsibility to make Africa great. What greater step can we take than for Nigeria and South Africa to work closely together? Collaboration is not just important—it is essential,” Jidenma said.

    She commended the South African Consul General for his vision, describing it as a commitment not just to trade but to humanity, compassion, and Africa’s shared future.

    Both countries, she said, are bound by unbreakable historical ties, having played pivotal roles in Africa’s liberation and integration. “Trust and truth must remain at the core of our engagements if we are to build a lasting partnership,” she added.

    As Lagos hosted the renewed mission, participants agreed that partnership must extend beyond boardrooms to embrace culture as well. With Afrobeats and Amapiano as cultural exports, both nations see music and arts as natural bridges to strengthen ties.

    “This is more than business—it is about shaping Africa’s future,” Moroe said.

  • ‘Nigeria meets oil benchmark’

    ‘Nigeria meets oil benchmark’

    The Federal Government has announced that for the first time in many years, it has met the oil and gas sector revenue benchmark for year 2025, after several years of struggle.

    The Spokesman of the Executive Chairman, Federal Inland Revenue Services (FIRS), Dr. Dare Adekanmbi, attributed the feat to the sustained peace in the Niger Delta region, which he credited to the efforts of various security agencies and firms including the Pipeline Infrastructure Nigeria Limited (PINL), vested with the protection of the government investments.

    Speaking at the August edition of PINL monthly stakeholders review meeting of Trans Niger Pipeline host communities of Rivers,  Abia and Imo States held in Port Harcourt,  the Rivers State capital yesterday, the General Manager Community and Stakeholders Relations for PINL, Dr. Akpos Meze collaborated the ascertion confirming that PINL recorded zero infraction in the past month which contributed to increased national crude oil production.

    Meze noted that the FIRS announcement underscores the strength and effectiveness of the collaboration/partnership that exists among the Stakeholders, “which can be attributed to consistent application of proven strategies viz: Safety measures for surveillance personnel timely salary payments, rapid dispute resolution within communities, amongst others.

    “These combined efforts have resulted in reduced downtime and increased trust.”he said.

    Speaking further, he announced some of the company’s achievements including interventions in an oil spill location in Yorla, Kpean community in Khana Local government area and bursting of illegal bunkering sites in Umubule and Oyigbo communities both in Rivers State.

    Mezeh, used the medium to update the stakeholders on its Corporate Social Responsibility (CSR) packages for youths and women of the host communities.

    He however, reiterated PINL’s commitment to sustainable energy security in the country, calling for support from all stakeholders.

    “We reaffirm our unwavering commitment to sustainable energy security, in full alignment with the Renewed Hope Agenda of the Federal Government. We have a shared responsibility to rescue our economy from further bleeding, and achieving this goal requires that all hands remain on deck.

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    “We look forward to your honest and constructive feedback on how we can sustain and surpass our outstanding records in combating pipeline vandalism, oil theft, and environmental pollution,” he said.

    Speaking at the stakeholders meeting, Head of Field Operations, Eastern Corridor of the Project Monitoring Office, Nigerian National Petroleum Corporation (NNPC) Limited, Akponine Omojevwe, an engineer, called for effective collaboration between the host communities and PINL.

    He noted that for the progress already achieved in the sector to be sustained stakeholders and host communities must synergize with the surveillance company.

    “We want to emphasise that, there must be collaboration between PINL and the communities. PINL has gone the extra mile by approving scholarships for the host communities, they have gone out to make sure their areas of operations benefit from their activities, let us make sure that in this task of securing the pipelines, we support them, don’t destroy their equipments,” he urged.

    Meanwhile, the collaborative security is operations between PINL and the Special Prosecution Task Force (SPT) of the Federal Government have led to the busting of two illegal refining sites in Oyigbo local government area of Rivers State.

    The sites operating under the cover of a logistics company, Emekus Nigeria Ltd, and a large piggery used for active illegal refining of millions of litres of stolen petroleum products with equipment of the illegal business found on the sites.

  • Firm trains 46, employs six to boost local content in oil sector

    Firm trains 46, employs six to boost local content in oil sector

    An oil firm, PE Energy Limited, in collaboration with Chevron Nigeria Limited and the Nigerian Content Development and Monitoring Board (NCDMB), has employed six persons out of 46 graduate trainees after concluding its Human Capital Development (HCD) training programme to boost the Nigeria’s content in the oil and gas sector.

    The firm gave automatic employment to the six graduates described as high-performing following their excellent performance after 12-month intensive programme at the PANA Academy, the competency development arm of PE Energy Limited and a subsidiary of PANA Holdings.

    Speaking at the graduation ceremony, held in Port Harcourt at the weekend, the Group CEO of PE Energy and Chairman, Pana Holdings, Dr Daere Akobo, said the programme underscored the commitment of the company to build the Nigerian content in the oil and gas.

    He said: “This initiative is a clear example of our philosophy in action. At PE Energy, we are not only supporting Nigerian content we are building it. Through direct investments in human capital via PANA Academy, we are equipping Nigerian youths with future-proof skills to thrive and lead in the energy space.”

    He harped on the importance of public-private partnerships in achieving developmental goals and acknowledged the vital roles played by Chevron Nigeria Limited and NCDMB.

    “Their active collaboration, technical support, and alignment with national policy objectives are pivotal to the programme’s success”, he said.

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    In his opening remarks, the Executive Secretary of NCDMB, who was represented by the Manager of Human Capital Development, Mrs. Tarilate Teide-Bribena, commended PE Energy Limited and PANA Academy for the efficient execution of the training programme.

    She reiterated the board’s commitment to strategic capacity-building initiatives to enhance indigenous competence, standardisation, and global competitiveness.

    She also encouraged the people to actively participate and register on the NOGIC JQS portal to maximize access to training and employment opportunities in the oil and gas industry.

    She appreciated PE Energy for living up to the spirit of the HCD programme by providing instant employment to six out of the 46 graduates.

    The Representative of Chevron Nigeria Limited, Nonso Echukwu, said that Chevron was satisfied with the successful execution of the training programme.

    He commended PE Energy Limited and the NCDMB for their partnership with Chevron in achieving the significant milestone urging the graduands to apply the skills acquired during their career in the oil and gas industry.

    In his remarks, the Director of Human Resources at NDDC, represented by Mr. James Foli Odafe, highlighted the commission’s shared vision and commitment to developing the human capital of the Niger Delta.