Author: Ogochukwu Ndubuisi

Nigeria’s Oil Reforms Will Unlock $50bn Deep Offshore Investments -Tinubu President Bola Tinubu says recent reforms in Nigeria’s oil and gas sector are designed to unlock up to 50 billion dollars in new deep offshore investments. Tinubu, represented by Vice-President Kashim Shettima, said this on Tuesday in Abuja at the fifth anniversary of the Nigerian Upstream Petroleum Regulatory Commission (NUPRC), established under the Petroleum Industry Act (PIA) 2021. The President said the Deep Offshore Oil and Gas Projects Incentive Tax Order 2026 had replaced uncertainty with clear and published investment criteria. “The order replaces that uncertainty with clear, published…

EFCC Opposes Diezani’s Plea to Present Evidence of UK Court Judgment Acquitting Her The Economic and Financial Crimes Commission (EFCC) has opposed the application filed by former Minister of Petroleum, Diezani Alison-Madueke, to present evidence of her acquittal by the Southwark Crown Court, London, UK.  EFCC, in a further counter-affidavit to Diezani’s request, prayed Justice Inyang Ekwo to dismiss the application. The commission argued that Diezani’s purported acquittal by a foreign criminal court was neither material nor relevant to the issues for determination before the court.  The News Agency of Nigeria had, on July 1, reported that Justice Ekwo…

Global Oil Refining Capacity Set to Rise 4.2mbpd Global oil refining capacity is expected to increase by 4.2 million barrels per day (mbpd) between 2026 and 2030, according to the Global Oil Refining Outlook by international energy research and analysis provider BloombergNEF (BNEF). The report shows that global refining capacity growth is expected to rebound strongly until 2030, following a decline last year. Global net refining capacity is projected to increase by around 4.2 million bpd during the period, 162% higher than the net capacity growth recorded over the previous 5 years. Of the projected increase, around 2.9 million bpd…

NCC to Leverage DBI’s ITU Recognition to Advance Digital Literacy The Nigerian Communications Commission (NCC) says it will leverage the Digital Bridge Institute’s (DBI) designation as an International Telecommunication Union (ITU) Digital Transformation Centre (DTC) to accelerate digital literacy, enhance digital inclusion, and equip more Nigerians with the skills needed to participate effectively in the digital economy. The Commission made this known while receiving the Senior Digital Skills Officer of the International Telecommunication Union (ITU), Ms. Robyn Fysh, who paid a courtesy visit to the NCC Head Office in Abuja on Wednesday. The visit took place on the sidelines of…

Equities investors trading highs and lows on the Nigerian Exchange (NGX) platform lost more than N91 billion

ICPC, AGF Ask Court to Dismiss El-Rufai’s N1bn Suit ‍⁠The Independent Corrupt Practices and Other Related Offences Commission (ICPC) has prayed the Federal High Court in Abuja to dismiss a N1 billion rights suit filed by former Gov. Nasir El-Rufai of Kaduna State over alleged refusal to allow him access to his family members. The Attorney-General of the Federation (AGF), also in a separate counter affidavit, urged that the suit, which has been assigned to Justice Chigozie Onah, be dismissed, arguing that the ICPC is empowered to put in place protocols within its facilities to prevent breach of security.  The…

Iran’s oil minister, Mohsen Paknejad, has resigned and been replaced by the country’s top oil executive

Oil prices eased more than 4% in 5 days as recovering flows through the Strait of Hormuz

FG Approves N185bn to Clear Legacy Gas Debts The Federal Government says the National Economic Council (NEC) has approved N185 billion to settle validated legacy debts owed to upstream gas producers. The Minister of State for Petroleum Resources (Gas), Dr Ekperikpe Ekpo, disclosed this at a news conference on Friday in Abuja. Ekpo said settling the debts would improve gas supply to power plants and strengthen investor confidence in Nigeria’s gas sector. “This is not merely about settling debt. It is about restoring commercial discipline, improving supply reliability and rebuilding investor confidence,” he said. The minister said the approval…

Tinubu Reforms Revive Oil Industry Investment, Says Shettima Vice President Kashim Shettima says economic reforms under President Bola Tinubu have renewed investment and strengthened performance across Nigeria’s oil industry. Shettima stated this on Friday while inaugurating the corporate headquarters of Northwest Petroleum and Gas Company Ltd. in Victoria Island, Lagos. He said the removal of petroleum product subsidies and foreign exchange market reforms had addressed distortions that discouraged productive investment. “The stabilisation of the market is restoring the confidence businesses need to commit capital beyond the next quarter,” Shettima said. He added that greater exchange-rate predictability would strengthen procurement,…