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

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*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.

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UK State Visit: Governor Lawal Eyes Investment Boost for Zamfara’s Economy

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Governor Dauda Lawal Set To Unlock Zamfara’s Economic Potentials with Tinubu’s UK State Visit

By Oladapo Sofowora

As President Bola Ahmed Tinubu commences his landmark state visit to the United Kingdom the first by a Nigerian leader in 37 years, the inclusion of Zamfara State Governor Dauda Lawal in the presidential entourage is not a fluke; rather, it signals a strategic opportunity for the northwest state to transform its economic fortunes. Beyond the ceremonial pageantry, this high-level diplomatic engagement holds concrete prospects for Zamfara, particularly in agriculture and solid minerals development, sectors where the state possesses a comparative advantage but has struggled to attract meaningful investment. With Governor Lawal working assiduously to generate more IGR for the state and also position it as an economically advanced hub within the region with the construction of a Cargo Airport, this ushers in an era where the state is about to witness a great turnaround championed by Governor Lawal.

The timing of the bilateral engagement between the UK and Nigeria is significant, as the trade surplus between the two countries has reached a record £8.1 billion annually, and both nations are intensifying collaboration under the UK–Nigeria Enhanced Trade and Investment Partnership (ETIP) framework.

According to economic pundits, key sectors targeted for cooperation include trade and investment, energy transition, solid minerals development, and security collaboration – all areas with direct implications for subnational governments like Zamfara. For Governor Lawal, being part of this engagement provides direct access to British investors and development partners that could reshape Zamfara’s economic landscape.

Governor Lawal arrives in London with ambitious development plans to corroborate the budget he presented in December 2024, a ₦861.3 billion budget proposal for the 2025 fiscal year submitted to the Zamfara State House of Assembly, a document he described as “a roadmap for transformation and a declaration that Zamfara will rise stronger.” The budget allocates ₦714.05 billion (83 per cent) to capital expenditure, with sectoral allocations including ₦86 billion for agriculture and significant provisions for infrastructure development. However, these ambitious plans require corresponding revenue streams and investment partnerships to allow them to materialise and reach their full potential.

The governor has been implementing domestic reforms to strengthen the state’s fiscal position. In March 2025, he abolished cash revenue collection across Zamfara, directing all Ministries, Departments, and Agencies to adopt digital systems for revenue collection. His administration set an Internally Generated Revenue target of ₦38 billion to ₦42 billion for 2025, building on 2024’s revenue performance of ₦358.9 billion. With all these impeccable performance indicators, domestic resource mobilisation alone cannot fund the scale of transformation he envisions for the state. The only way to scale up is through Foreign Direct Investment, particularly in agriculture and mining, which represents the missing piece of Zamfara’s development puzzle.

Zamfara State is predominantly agrarian, with the majority of its indigenous population engaged in farming. The state’s favourable climate and vast arable land position it as a potential breadbasket for northern Nigeria. However, the sector remains largely subsistence-based, with limited processing capacity and weak linkages to export markets.

The UK state visit offers opportunities to change this dynamic. British companies have demonstrated growing interest in Nigerian agriculture, as evidenced by Twinings Ovaltine’s £24 million manufacturing facility launch in Lagos its first in Africa creating over 100 direct jobs. Similar investments could be directed toward Zamfara’s agricultural sector, which would be a boost and also create more income for farmers in the production of specific crops with value-addition potential. These include:

Zamfara lies within Nigeria’s cotton belt, but the state lacks ginning and textile processing facilities. Partnerships with British textile companies could establish local cotton processing capacity, capturing value currently lost to exports of raw lint. Groundnut is also a major export commodity from northern Nigeria, but production has declined due to neglect of the sector. British confectionery and food processing companies represent potential off-takers for processed groundnuts.

With growing demand for animal feed and industrial starch, Maize and Sorghum crops offer processing opportunities. British agribusiness firms with expertise in agro-processing could establish milling and processing facilities in Zamfara.

With Sesame Seeds already an export crop, sesame production could benefit from improved processing and certification to meet international standards, particularly for the UK market.

For Zamfara, “opportunities for Nigerian businesses” translates directly to potential agricultural partnerships that could modernise farming practices, establish processing infrastructure, and create export linkages.

Perhaps the most significant potential gains for Zamfara lie in the solid minerals sector. The state is renowned for its gold deposits, which have historically attracted both licensed operators and illegal miners. However, the sector has been characterised by informality, environmental degradation, security challenges, and loss of revenue to the state.

Recent developments at the federal level underscore the growing importance of the minerals sector. The Federal Government recently announced the commencement of operations at a high-purity gold refinery in Lagos – a private-sector initiative led by Kian Smith in partnership with UAE-based Suvarna Royal Gold Trading. For Zamfara, this means advocating for gold processing facilities within the state, not merely exporting overseas, but creating a gold refinery which helps create more jobs within the mining value chain. Governor Lawal’s presence in London provides an opportunity to position Zamfara as a preferred location for one of these gold refineries, particularly with British investment partners.

In a bid to redefine the regulatory framework and investment readiness, Zamfara has been taking steps to create an enabling environment for mineral investment. In February 2025, the Federal Ministry of Solid Mineral Development, in collaboration with the Zamfara State Mineral Resources and Environmental Management Committee (MIREMCO), convened a stakeholders’ meeting with quarry operators, mineral processors, and gold dealers to promote safety and regulatory compliance. The Federal Mines Officer in Zamfara State emphasised that both the federal and Zamfara State governments are determined to promote responsible mining practices that enhance security, safeguard the environment, and ensure that solid mineral resources contribute meaningfully to economic development.

This regulatory clarity is essential for attracting foreign investors. British mining companies and equipment manufacturers require assurance that their investments will operate within a predictable legal framework. The UK–Nigeria ETIP discussions in London provide a platform for Governor Lawal to articulate Zamfara’s investment readiness and regulatory improvements directly to potential partners.

No discussion of Zamfara’s economic potential can ignore the security challenges that have plagued the state. Banditry, kidnapping, and community conflicts have disrupted farming, hindered mining operations, and deterred investment. Governor Lawal’s 2025 budget allocates ₦45 billion to public order and safety, recognising that security is foundational to economic development. The UK visit offers opportunities for security collaboration. Improved security cooperation between Nigeria and the UK could translate to enhanced capacity to protect farming communities and mining sites, creating conditions for agricultural and mineral investments to flourish.

As Governor Lawal engages with British investors and policymakers, he would do well to study how other resource-rich regions have successfully attracted investment while ensuring local benefits. For Zamfara under Governor Lawal, the lesson is clear: attracting investment in extraction must be accompanied by deliberate strategies to build local processing capacity. Simply exporting raw gold or agricultural commodities perpetuates the “resource trap” that has left many African regions impoverished despite abundant natural wealth.

If Governor Lawal’s participation in the UK state visit yields tangible results, Zamfara could experience, in agriculture, British investment in agro-processing facilities, creating jobs for local farmers and capturing value from crops like cotton, groundnuts, and sesame. Technical partnerships to improve farming practices and access to UK markets for certified organic or fair-trade products.

In solid minerals, partnerships with British mining companies for responsible gold extraction, potentially including a gold refinery within Zamfara. Technical assistance for artisanal miners to formalise operations and improve safety. Investment in environmental remediation of degraded mining areas.

For Zamfara State, Governor Lawal’s inclusion in the presidential entourage transforms a diplomatic milestone into a concrete opportunity for subnational economic development. The state’s abundant agricultural land, mineral wealth, and a population eager for economic opportunities hold immense potential. The journey from potential to prosperity is long, but it begins with a single step or in this case, a transatlantic flight carrying Zamfara’s hopes to the corridors of British power and finance.

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Oceangate Engineering Oil & Gas LTD to appeal Federal High ruling over forfeiture assets

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*Oceangate Engineering Oil & Gas LTD to appeal Federal High ruling over forfeiture assets*

 

 

Oceangate Engineering Oil & Gas Limited has said it will appeal to the recent ruling of the Federal High Court ordering the forfeiture of certain assets.

 

Barr. Nnenna Onyeaso, the Company Secretary said in a statement on Thursday insisting that neither the company nor its leadership was found guilty of any wrongdoing.

 

Onyeaso said that the firm has described the court’s decision as a civil asset forfeiture order based on suspicion rather than proof, stressing that the judgment did not establish any criminal liability against the organisation.

 

According to her, the company maintain that it has already directed its legal team to file an appeal, expressing confidence in the judicial process and the outcome of a thorough review of the case.

 

“To be clear, this ruling is a civil asset forfeiture order with no finding of wrongdoing against Oceangate or its leadership.

 

“The court’s decision rested on a legal standard of suspicion, not proof, and it is one we intend to pursue fully through the appeals process,” she said in a statement.

The firm secretary also said that Oceangate has reiterated its belief in the rule of law, noting that the appellate system exists to address such outcomes.

 

She added that the company remained confident that the facts of the case will ultimately affirm its integrity and business practices.

 

Onyeaso said that the firm also emphasised that its operations remained unaffected, stating that it continues to provide employment for many Nigerians while contributing to the country’s energy sector and broader economy.

 

“We have always believed in the ability of the judicial process, and that belief has not wavered,” she added.

 

She noted that Oceangate further expressed appreciation to its employees, partners, and clients for their continued support amid the development, assuring stakeholders of its commitment to transparency and accountability.

 

The Secretary said that the company reaffirmed its confidence in Nigeria as a viable destination for investment, describing the country as a land of equity, growth, and opportunity.

 

“We remain committed to the continued growth of our business and the communities we serve as we are optimistic that justice will prevail at the end of the legal process.

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FirstBank Empowers SMEs with AI-Driven Growth Strategies, Hosts SMEConnect Webinar

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FirstBank Empowers SMEs with AI-Driven Growth Strategies, Hosts SMEConnect Webinar

 

Lagos, 20 March 2026 – FirstBank, West Africa’s premier financial institution and financial inclusion services provider, is pleased to announce the upcoming edition of the SMEConnect Webinar scheduled to hold on Tuesday, 31 March 2026. The event will equip small and medium-sized enterprises (SMEs) with the knowledge and tools to harness the power of Artificial Intelligence (AI) for business growth.

 

This edition is strategically curated to inform and educate SMEs on how AI can be applied to scale their businesses in today’s rapidly evolving digital economy. The chosen theme, “AI for Business Growth: From Adoption to Integration and Scalable Impact,” reflects the growing importance and timeliness of AI as one of the most influential trends shaping the SME business landscape. The session will provide SMEs with actionable insights on how to leverage AI to enhance productivity, streamline operations, strengthen customer engagement, and make smarter, data-driven decisions.

 

The SMEConnect webinar will feature experts, including Temitope Odude, Senior AI Solutions Architect at Microsoft as a guest speaker. Odude will provide credible and globally relevant perspectives on how SMEs can successfully adopt and integrate AI into their everyday business operations. Other speakers include Abednego Ugwueke, Head of Digital Channels and Ibidun Adedewe, Head of SME Acquisition & Partnerships at FirstBank.

 

Speaking ahead of the event, Chuma Ezirim, Group Executive, e-Business and Retail Products at FirstBank, said “SMEs are the backbone of the Nigerian economy, and at FirstBank, we recognise that the economy cannot thrive without them. As a committed growth partner to SMEs, this session reinforces our strong focus on innovation, demonstrated through initiatives such as the use of AI‑enabled credit scoring to deliver fast, instant loans to micro‑SMEs, with over ₦1 trillion disbursed to support customers’ financial needs. Building on this foundation, we are equipping business owners with the right knowledge and practical insights on Artificial Intelligence to help them scale in the short term and drive sustainable growth. I encourage every business owner to participate in this session to gain hands‑on guidance on integrating AI into everyday business operations.”

 

SME owners and entrepreneurs can register for the webinar at https://firstbanknigeria.zoom.us/webinar/register/WN_cUr1LhWFQXymTqWtONOOVg

 

SMEConnect Webinar series is one of FirstBank’s signature platforms for supporting SMEs with practical knowledge and strategic insights. The Bank has consistently won awards for impacting businesses and for providing innovative solutions for customers and other stakeholders, including SMEs.

 

The Bank was named Best SME Bank in Nigeria and Best SME Bank in Africa by TAB Global Excellence in Retail Finance Awards for 2 years as at 2025. The Bank also won the SME Financier of the Year- Nigeria awarded by The Digital Banker.

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