UNION BANK RESPONDS TO HIGH COURT RULING ON NICON INVESTMENTS
LIMITED, GLOBAL FLEET AND JIMOH IBRAHIM CASE

Union Bank of Nigeria acknowledges the recent judgment of Justice Abike Fadipe of the Ikeja High Court in the matter involving Senator Jimoh Ibrahim, NICON Investment Limited, Global Fleet, and the Bank.

We wish to assure our customers, partners, and the public that Union Bank operates with the highest levels of professionalism, ethical conduct, and legal compliance in all our dealings.

While we respect the authority of the court, we strongly disagree with the judgment delivered and have instructed our lawyers to file an appeal against it immediately.

The court’s findings, including its position on the consolidation of indebtedness, locus standi, and third-party liability, are at variance with established legal principles and the Bank’s
understanding of the facts. We are confident in our legal position and intend to vigorously pursue all lawful avenues to ensure that justice is served.

Union Bank had previously transferred the relevant debt obligations to the Asset Management Corporation of Nigeria (AMCON), and we maintain that all actions taken in this regard were in line with applicable laws and banking practice.

We reiterate our unwavering commitment to acting in good faith, protecting stakeholder
interests, and preserving the integrity that has defined our institution for over a century. The Bank remains resilient and focused on continuing to deliver excellent service and value to its customers.

We appreciate the continued trust and support of all stakeholders as we navigate this legal process.

*Energy watchdog hails NUPRC’s N12.25tn revenue performance, credits Komolafe’s reforms

The Energy Governance Alliance (EGA) has commended the Nigerian Upstream Petroleum Regulatory Commission (NUPRC) for generating a record N12.25 trillion in revenue in 2024, describing it as a testament to the commission’s regulatory reforms and strategic leadership under Chief Executive, Gbenga Komolafe.

In a statement issued on Tuesday and signed by its Executive Director, Dr Kelvin Sotonye William, the alliance said the revenue achievement marked a watershed moment in Nigeria’s oil and gas sector, affirming NUPRC’s central role in repositioning the upstream industry for value creation, fiscal accountability and national development.

The figure, disclosed in the commission’s newly released 2024 Annual Report, represents a 182.25 percent increase from the N4.34 trillion generated in 2023. It also significantly surpassed the 2024 forecast revenue of N6.93 trillion by over N5 trillion.

“The Energy Governance Alliance welcomes the stellar performance of the NUPRC, under the visionary stewardship of Mr Gbenga Komolafe, for generating over N12 trillion in 2024 — the highest ever recorded in a single year in Nigeria’s upstream sector,” the statement reads.

“This performance is not accidental. It reflects sustained policy clarity, increased compliance, and a bold enforcement posture on critical issues such as royalty payments, gas flare penalties and lease renewals. These are the very foundations of energy justice, and we applaud the Commission for restoring regulatory credibility in a sector long plagued by opacity and inefficiency.”

EGA said the unprecedented revenue inflow has “revalidated the Petroleum Industry Act (PIA) 2021 as a working framework for revenue optimisation, investor discipline and upstream transparency”, adding that the Komolafe-led NUPRC had broken new ground in actualising the fiscal and institutional aspirations of the landmark law.

According to the commission’s breakdown, oil and gas royalties alone accounted for N11.08 trillion in 2024 — nearly twice the projected figure — while gas flared penalties brought in N391.26 billion, and concession rentals fetched N23.71 billion. Other key revenue lines included N369.57 billion from signature bonuses, N230.73 billion from lease renewals, N35.19 billion in miscellaneous income, and N117.02 billion from goods and valuable consideration.

Reacting to the figures, Dr William said the scale and spread of the revenue performance demonstrated a “whole-of-sector approach” that has closed long-standing loopholes and challenged entrenched rent-seeking behaviour.

“For the first time in recent memory, we are seeing a regulator extract value from multiple pressure points across the upstream system — from flare penalties to lease administration. This is what it means to govern oil in the public interest,” he said.

EGA urged other agencies in the oil and gas ecosystem to emulate NUPRC’s results-oriented culture, noting that the commission’s transparency in publishing unreconciled production volumes, average daily outputs, and compliance with the technical allowable rate (TAR) regime was “a welcome deviation from the era of secrecy”.

The report had revealed that total crude production in 2024 stood at 578.5 million barrels — comprising 482.8 million barrels of oil and 95.7 million barrels of condensate — with a daily average output of 1.58 million barrels per day. Joint ventures contributed 48 percent of the production, followed by production sharing contracts at 35 percent, sole risk operations at 13 percent, and marginal fields at 4 percent.

The alliance also welcomed NUPRC’s disclosures on the TAR, which stood at 67 percent in 2024, and urged further collaboration with industry players to raise efficiency levels.

“This is not just about revenue. It’s also about regulatory honesty. By publishing unreconciled volumes and clarifying that they are not to be mistaken for export figures, NUPRC has sent a strong message that it is no longer business as usual. This level of transparency is key to improving investor confidence and public trust,” William said.

EGA said it was particularly impressed with the commission’s performance in gas flare penalties and lease renewals, which surpassed their 2024 projections by over 200 percent, indicating renewed rigour in enforcement.

It noted that N391 billion was realised from gas flaring penalties, compared to a projected N126 billion, while lease renewals brought in N230.73 billion, almost three times the forecasted N80.63 billion.

“Gas flaring is an ecological crime and an economic waste. The fact that penalties have become a major revenue item shows the Commission’s zero-tolerance stance. We expect this to further push operators towards cleaner and more responsible energy production,” the alliance added.

The alliance urged the Federal Government to channel a significant portion of the NUPRC’s revenue surplus into supporting host communities, funding clean energy transitions and closing infrastructure gaps in the Niger Delta.

“Komolafe’s performance shows that Nigeria’s oil sector can deliver both revenue and reform — if we prioritise competence, clarity and courage. The Energy Governance Alliance urges President Bola Ahmed Tinubu to continue backing such reforms and ensure that the NUPRC remains insulated from political interference,” the statement concluded.

US Tightens Visa Rules: Students, Exchange Applicants Must Make Social Media Accounts Public

The United States Mission in Nigeria has announced a new visa requirement mandating that all applicants for F, M, and J nonimmigrant visas must set their personal social media accounts to “public.”

These visa categories are issued to individuals seeking entry into the U.S. for educational and cultural exchange programs—including international students and scholars.

In a post on its official X (formerly Twitter) page on Monday, the U.S. Mission declared that the directive takes immediate effect, stating:

“Effective immediately, all individuals applying for an F, M, or J nonimmigrant visa are requested to adjust the privacy settings on all of their personal social media accounts to ‘public.’”

The U.S. Department of State emphasized that the move is part of its intensified vetting process to verify identities and determine admissibility, particularly to safeguard national security.

“We use all available information in our visa screening and vetting to identify visa applicants who are inadmissible to the United States, including those who pose a threat to U.S. national security,” the statement read.

The policy shift was first announced in June 2025, when the Department of State underscored that applying for a U.S. visa is a privilege, not a right.

“We will conduct a comprehensive and thorough vetting, including online presence, of all student and exchange visitor applicants,” the guidance stated.
“Every visa adjudication is a national security decision.”

The U.S. stressed that this move is to ensure that all applicants are credibly vetted, with proof that they intend to engage only in activities consistent with the terms of their visa and have no intention to harm U.S. interests.