Business
Energy watchdog hails NUPRC’s N12.25tn revenue performance, credits Komolafe’s reforms
*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.
Alpha Morgan to Host 19th Economic Review Webinar
In an economy shaped by constant shifts, the edge often belongs to those with the right information.
On Wednesday, February 25, 2026, Alpha Morgan Bank will host the 19th edition of its Economic Review Webinar, a high-level thought leadership session designed to equip businesses, investors, and individuals with timely financial and economic insight.
The session, which will hold live on Zoom at 10:00am WAT and will feature economist Bismarck Rewane, who will examine the key signals influencing Nigeria’s economic direction in 2026, including policy trends, market movements, and global developments shaping the local landscape.
With a consistent track record of delivering clarity in uncertain times, the Alpha Morgan Economic Review continues to provide practical context for decision-making in a dynamic environment.
Registration for the 19th Alpha Morgan Economic Review is free and can be completed via https://bit.ly/registeramerseries19
It is a bi-monthly platform that is open to the public and is held virtually.
Visit www.alphamorganbank to know more.
GTBank Launches Quick Airtime Loan at 2.95%
Guaranty Trust Bank Ltd (GTBank), the flagship banking franchise of GTCO Plc, Africa’s leading financial services group, today announced the launch of Quick Airtime Loan, an innovative digital solution that gives customers instant access to airtime when they run out of call credit and have limited funds in their bank accounts, ensuring customers can stay connected when it matters most.
In today’s always-on world, running out of airtime is more than a minor inconvenience. It can mean missed opportunities, disrupted plans, and lost connections, often at the very moment when funds are tight, and options are limited. Quick Airtime Loan was created to solve this problem, offering customers instant access to airtime on credit, directly from their bank. With Quick Airtime Loan, eligible GTBank customers can access from ₦100 and up to ₦10,000 by dialing *737*90#. Available across all major mobile networks in Nigeria, the service will soon expand to include data loans, further strengthening its proposition as a reliable on-demand platform.
For years, the airtime credit market has been dominated by Telcos, where charges for this service are at 15%. GTBank is now changing the narrative by offering a customer-centric, bank-led digital alternative priced at 2.95%. Built on transparency, convenience and affordability, Quick Airtime Loan has the potential to broaden access to airtime, deliver meaningful cost savings for millions of Nigerians, and redefine how financial services show up in everyday life, not just in banking moments.
Commenting on the product launch, Miriam Olusanya, Managing Director of Guaranty Trust Bank Ltd, said: “Quick Airtime Loan reflects GTBank’s continued focus on delivering digital solutions that are relevant, accessible, and built around real customer needs. The solution underscores the power of a connected financial ecosystem, combining GTBank’s digital reach and lending expertise with the capabilities of HabariPay to deliver a smooth, end-to-end experience. By leveraging unique strengths across the Group, we are able to accelerate innovation, strengthen execution, and deliver a more integrated customer experience across all our service channels.”
Importantly, Quick Airtime Loan highlights GTCO’s evolution as a fully diversified financial services group. Leveraging HabariPay’s Squad, the solution reinforces the Group’s ecosystem proposition by bringing together banking, payment technology, and digital channels to deliver intuitive, one-stop experiences for customers.
With this new product launch, Guaranty Trust Bank is extending its legacy of pioneering digital-first solutions that have redefined customer access to financial services across the industry, building on the proven strength of its widely adopted QuickCredit offering and the convenience of the Bank’s iconic *737# USSD Banking platform.
About Guaranty Trust Bank
Guaranty Trust Bank (GTBank) is the flagship banking franchise of GTCO Plc, a leading financial services group with a strong presence across Africa and the United Kingdom. The Bank is widely recognized for its leadership in digital banking, customer experience, and innovative financial solutions that deliver value to individuals, businesses, and communities.
About HabariPay
HabariPay is the payments fintech subsidiary of GTCO Plc, focused on enabling fast, secure, and accessible digital payments for individuals and businesses. By integrating payments and digital technology, HabariPay supports innovative services that make everyday financial interactions simpler and more seamless.
Enquiries:
GTCO
Group Corporate Communication
[email protected]
+234-1-2715227
www.gtcoplc.com
Business
BUA Group, AD Ports Group and MAIR Group Launch Strategic Plan for World-Class Sugar and Agro-Logistics Hub at Khalifa Port
BUA Group, AD Ports Group and MAIR Group Sign MoU to Explore Collaboration in Sugar Refining, Agro-Industrial Development, and Integrated Global Logistics Solutions
Abu Dhabi, UAE – Monday, 16th February 2026
BUA Group, AD Ports Group, and MAIR Group of Abu Dhabi today signed a strategic Memorandum of Understanding (MoU) to explore collaboration in sugar refining, agro-industrial development, and integrated global logistics solutions. The partnership aims to create a world-class platform that strengthens regional food security, supports industrial diversification, and reinforces Abu Dhabi’s position as a hub for trade and manufacturing.
The proposed collaboration will leverage BUA Group’s industrial and logistics expertise, Khalifa Port’s world-class infrastructure, and AD Ports Group’s operational experience. The initiative aligns with the objectives of the UAE Food Security Strategy 2051, which seeks to position the UAE as a global leader in sustainable food production and resilient supply chains. It also aligns with Nigeria’s food production- and export-oriented agricultural transformation agenda, focused on scaling domestic capacity, strengthening value addition, improving post-harvest logistics, and unlocking new markets for Nigerian produce across the Middle East, Asia, and beyond.
Photo Caption: L-R: Kabiru Rabiu, Group Executive Director, BUA Group; Cpt. Mohammed J. Al Shamisi, MD/Group CEO, AD Ports Group; Saif Al Mazrouei, CEO (Ports Cluster) AD Ports Group; Abdul Samad Rabiu, Founder/Executive Chairman, BUA Group; and Steve Green, Group CFO, MAIR Group
Through structured aggregation, processing, storage, and maritime export channels, the partnership is designed to reduce supply chain inefficiencies, enhance traceability and quality standards, and also create a predictable trade corridor between West Africa and the Gulf.
BUA Group—recognised as one of Africa’s largest and most diversified conglomerates, with major investments across sugar refining, food production, flour milling, cement manufacturing, and infrastructure- brings extensive industrial expertise and large-scale operational capability to the venture. MAIR Group will provide strategic support in developing integrated logistics and agro-industrial solutions, creating a seamless platform for production, storage, and distribution.
Abdul Samad Rabiu, Founder and Chairman of BUA Group, said:
“This MoU marks an important milestone in BUA’s international expansion and reflects our long-term vision of building globally competitive industrial platforms. Together with AD Ports Group and MAIR Group, we aim to develop sustainable food production and logistics solutions that strengthen regional supply chains and support the UAE’s Food Security Strategy 2051.”
He further added that, “This partnership represents not just a commercial arrangement but a strategic food corridor anchored on shared economic ambition, resilient infrastructure, and disciplined execution, reinforcing long-term food security objectives for both nations.”
A representative of MAIR Group added:
“This collaboration underscores our commitment to advancing strategic industries in Abu Dhabi and building integrated solutions that reinforce the UAE’s position as a global hub for trade, food security, and industrial excellence.”
A spokesperson from AD Ports Group commented:
“Our partnership with BUA Group and MAIR Group highlights Khalifa Port’s role as a catalyst for high-impact industrial investments. This initiative will enhance regional food security, strengthen global trade connectivity, and support Abu Dhabi’s economic diversification goals.”
This MoU marks a historic collaboration that combines world-class infrastructure, industrial expertise, and strategic vision, setting the stage for a sustainable and resilient food and logistics ecosystem that will benefit the UAE, the region, and global markets alike.
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