Business
Intrigues as NNPC Exploration and Production Limited (NEPL) and NECONDE Struggle to Develop 0ML42 By Efemina Williams
Intrigues as NNPC Exploration and Production Limited (NEPL) and NECONDE Struggle to Develop 0ML42
By Efemina Williams
Our attention has been drawn to recent false and malicious publications regarding the investments of well-known philanthropist and entrepreneur, Dr. Ernest Obiejesi (OFR) in 0ML42. Dr. Obiejesi for more than 4 decades, either directly or through any of his associated investments played major roles in the growth and development of host communities.
For the records, the 0ML42 is an Asset owned by NEPL and Neconde but operated by NEPL. The NEPL and NECONDE partnership has been riddled with all manner of intrigues and drama to the chagrin of the host communities who have patiently awaited improvements in their livelihood and those of their loved ones.
It is a pity that stakeholders including the host communities, the Nigerian government, and her people have been denied the expected benefits from this Asset. A value-driven approach to ensure uninterrupted production of hydrocarbons from the field has consistently been fought against by some elements who are just interested in procurement and award of contracts.
This unfortunately was the case for nearly a decade until the government decided on an alternative funding mechanism that is envisaged to bring a disciplined and more accountable approach to operations. Sadly, this is not what inspires those who do not believe in integrity. Dr. Obiejesi has been nicknamed a “fighter.” I heard that the man has been fighting those bad elements. Personally, I do not like fighting, but if fighting will enable him to achieve his years-long desire of bringing a disciplined, transparent, and more accountable approach to operations in the 0ML42 Assets, then let him fight on. It is for good. But I don’t envy him.
As I said, I do not like to fight, but can you blame the man? For instance, it is unbelievable that the Asset will be allowed to shut down at a time when the Federal Government is demanding an increase in production and oil prices are nearing US$100 per barrel. Besides, Chimaobi Okoro who is the NEPL representative on the Asset appears to be more interested in jumping from one Asset to another, not too long ago, he moved into OML 42 and since then the production and stability that was being achieved with the community and vendors seems to have fallen apart as he seem to be interested in non-value driven contract award rather than well thought out quality execution strategies, asset stability and production.
Recently a vendor supplied fuel (VLSFO) that was of very poor quality but was rejected by a vessel owner (another contractor) but some incorrigible members of the Asset team are pushing that this should be accepted and paid for even if it won’t be used. Upon inquiry, it was realized that these government officials who use these funds to support their families in Canada, purchasing houses in Dubai and Lekki, and have expensive lifestyles that are way above their salary income.
They work with some dissident community elements and are fighting desperately to ensure they grab these fictitious contracts disguising themselves as community contractors, instead of pushing for the Petroleum Industry Act (PIA) and the development of the Asset that will benefit genuine investors, the Government, and the community.
As a community, we can say that we have seen it all. We have observed these two “supposed” JV partners hurl aspersion at each other, and we have observed a lazy and lackadaisical approach to Corporate Social Responsibility (CSR). Recently we have observed the return of old players who honed their skills in nefarious activities during the AMT period. These “returnee” old players have been doing all manner of things in order to scuttle a recent beneficial solution championed by Dr. Ernest with the alternative funding mechanism — Financing and Technical Service Arrangement.
I care little about Dr. Ernest as a person and his riches, but I doff my hat for his tireless persistence to bring transparency and increase production for the benefit of Nigeria and Nigerians. But I must say that I still hold the entities NEPL and NEL responsible for the state of affairs in 0ML42.
It is known widely within the community that Dr. Ernest for several years undertook the burden of a CSR initiative termed the Peace Bonus. He had wisely put structure to the initiative which prevented the bad apples within NEPL and NEL from dipping their proverbial hands in the cookie jar. This wise initiative has been ensuring that the community has full transparency on the remittance. When he struggled under the low oil price regime, he still insisted that enhanced CSR- GMOU- practice being deployed by the IOC should be implemented on the Asset.
Once again to ensure transparency, a well-known astute, and principled community member with a consultancy practice was assigned this promising task. Today, the PIA Chapter 3 (Host Community Development Trust Fund) which by law requires that the Settlor (NEPL as Operator) should implement within the deadline of August 2022 is yet to be done. I keep wondering, why NEPL is still the operator? While it may be evident that there are indeed bad apples in these organizations who are vision scuttles, it may be said that the mistake Dr. Ernest continues to make is that he has left his precious investment to be attended to by persons who have not invested a dime and essentially have nothing to lose.
Williams, a seasoned Public Analyst, writes from Asaba, Delta State
FirstBank Makes Home Ownership Possible for Nigerians with Single-Digit Interest Rate Loan
For millions of Nigerians, homeownership has long felt like an ambition deferred. Squeezed by rising property prices, persistent double-digit inflation and high commercial lending rates, the dream of owning a home has remained just that – a dream.
But that narrative is quietly changing. Thanks to FirstBank.
The N1 Trillion Intervention Reshaping Access
In partnership with the Ministry of Finance Incorporated Real Estate Investment Fund (MREIF), FirstBank has unveiled a mortgage opportunity that could redefine access to housing finance in Nigeria.
Backed by the Federal Government’s N1trillion mortgage fund, the initiative is designed to empower Nigerians with affordable, long-term credit to own their homes.
9.75% Interest Rate in a 30% Lending Environment
MREIF is priced at 9.75% per annum, dramatically lower than prevailing commercial loan rates. Eligible Nigerians can access up to N100 million and repay within 20 years. This translates into significantly more manageable monthly repayments and greater long-term financial stability.
Built for Salary Earners, Entrepreneurs and the Diaspora
The MREIF mortgage facility has been structured to be inclusive. It is available to salary account holders, business owners and diaspora customers. Whether you are a young professional aiming to exit the rent cycle, an entrepreneur building generational stability, or you’re a Nigerian abroad looking to secure assets locally, the product opens a pathway that has historically been out of reach for many.
Taking the First Step
For those who have been waiting for the right time, this is definitely it. The question is no longer whether homeownership is possible. The real question is: will you act before the window narrows?
Visit https://www.firstbanknigeria.com/personal/loans/mreif-home-loan/ and in no time you could be the latest homeowner in town.
Alpha Morgan Bank Deepens Presence in Abuja with New Branch in Utako
Marking another milestone in its expansion drive, Alpha Morgan Bank has opened a new branch in Utako, Abuja, reinforcing its strategy of building closer institutional ties within key business communities and bringing its financial expertise closer to individuals, and enterprises driving the city’s growth.
The new branch, located at Plot 1121 Obafemi Awolowo Way, Utako, Abuja is strategically positioned to serve individuals, entrepreneurs, and corporate clients within Utako and surrounding districts.
The expansion follows the Bank’s recently concluded Economic Review Webinar held in February 2026, as the bank continues to position as a thought-leader in the financial services industry.
Speaking on the opening, Ade Buraimo, Managing Director of Alpha Morgan Bank, said the move underscores the Bank’s commitment to accessibility and service excellence.
“Proximity matters in banking. As communities grow and commercial activity expands, financial institutions also evolve to meet customers where they are. The Utako Branch allows us to deliver our services to people in that community efficiently while maintaining the high standards our customers expect,”
The Utako location will provide a full suite of retail and corporate banking services, including account opening, deposits, transfers, business banking solutions, and financial advisory support.
Customers and members of the public are invited to visit the new Utako Branch to experience the Bank’s approach to satisfying banking.
Dangote Refinery Prioritises Domestic Supply Amid Global Energy Turbulence
By George Omagbemi Sylvester | Published by SaharaWeeklyNG
“Nigeria insulated from international fuel shocks as Dangote Petroleum commits to uninterrupted local delivery.”
Dangote Petroleum Refinery and Petrochemicals has reaffirmed its commitment to prioritising the domestic market, pledging to shield Nigerians from the ripple effects of ongoing global energy disruptions. The assurance, delivered in Lagos on 5 March 2026, comes as international refinery operations experience shutdowns or reduced output due to escalating Middle East geopolitical tensions, which have sent crude oil and petroleum product prices soaring worldwide.
“Our mandate remains clear: Nigeria’s local market takes precedence. In times of global supply shocks, we will continue to ensure that domestic availability of petrol, diesel, and kerosene is uninterrupted,” said Mr. Folorunsho Alakija, spokesperson for Dangote Petroleum Refinery.
The refinery’s declaration arrives amid mounting concerns over fuel scarcity, triggered by export restrictions imposed by major international producers, including China, and shipping delays that have further tightened global petroleum supply chains. Industry analysts have hailed the domestic focus as a critical buffer against volatility that could otherwise push Nigeria into deeper energy insecurity.
Domestic Shield Against Global Disruption
Dangote Refinery, Africa’s largest oil processing facility, has leveraged its multi-million-barrel refining capacity to mitigate Nigeria’s historical dependence on imported petroleum products. The company emphasised that prioritising local supply provides a strategic advantage in insulating the nation from international market shocks.
“Our refinery’s scale allows Nigeria to withstand short-term external disruptions. We have the infrastructure and capacity to meet local demand even when global supply chains falter,” explained Mr. Chijioke Okonkwo, Operations Director at Dangote Refinery.
The proactive approach is particularly significant as several international refineries have either reduced throughput or temporarily halted operations, causing a global scarcity of refined products. Experts warn that without domestic cushioning, fuel prices in Nigeria could have surged sharply, exacerbating inflationary pressures in a fragile economy.
Managing Costs While Prioritising Supply
In response to rising procurement costs for crude oil amid the international crisis, Dangote Refinery introduced a modest ₦100 per litre increase in the ex-depot price of Premium Motor Spirit (PMS), absorbing roughly 20 percent of the cost escalation to lessen the impact on consumers.
“We are balancing operational sustainability with affordability. While global prices have risen sharply, we have chosen to absorb a significant portion to protect Nigerian households and businesses,” noted Mr. Emmanuel Adeyemi, Chief Finance Officer.
This pricing strategy underscores the refinery’s dual focus: ensuring uninterrupted supply while cushioning the public from abrupt spikes that could destabilize economic activity. Industry observers have lauded the approach as pragmatic, considering the volatility in international oil markets.
Strategic Distribution Initiatives
Beyond refining, Dangote Petroleum has initiated Compressed Natural Gas (CNG) powered trucks to enhance nationwide distribution efficiency. The initiative seeks to reduce logistics costs and carbon emissions while ensuring a more reliable delivery network to petrol stations across urban and rural areas.
“Logistics is a critical part of the energy supply chain. By deploying CNG-powered trucks, we reduce dependency on expensive diesel, lower delivery costs, and improve supply reliability across the country,” explained Ms. Funke Adedoyin, Head of Logistics Operations.
This strategic move reflects a broader commitment to modernising Nigeria’s petroleum distribution infrastructure, reducing bottlenecks that have historically contributed to scarcity at retail outlets.
Implications for National Energy Security
Nigeria has historically struggled with fuel imports to meet domestic demand, making the country vulnerable to international market fluctuations. Dangote Refinery’s prioritisation of local supply mitigates this vulnerability by leveraging home-grown refining capacity, which allows for timely access to petroleum products and less reliance on foreign shipments.
“With Dangote Refinery leading local prioritisation, Nigeria is less exposed to global fuel shocks. The country is moving towards self-reliance in petroleum product supply,” commented Dr. Halima Suleiman, energy sector analyst.
Experts note that sustained operations at the refinery not only enhance energy security but also preserve foreign exchange, reduce import bills, and stabilise domestic market prices.
Corporate Social Responsibility and Market Stability
The refinery’s commitment is part of a broader corporate responsibility framework. Dangote Petroleum continues to engage with government agencies and regulatory bodies, ensuring that domestic supply is coordinated with Nigeria’s Petroleum Product Pricing and Regulatory Agency (PPPRA) to prevent panic buying and market distortions.
“We are in constant consultation with the government to ensure that our supply strategies align with national economic priorities,” said Mr. Alakija.
Such collaboration helps avert artificial shortages, stabilises pump prices, and maintains confidence in the domestic fuel market. Analysts argue that this approach exemplifies how private sector capabilities can complement governmental policies to enhance national resilience.
Navigating Global Uncertainties
The refinery operates in a complex global environment, where geopolitical crises, shipping constraints, and crude oil volatility can trigger disruptions. Dangote Petroleum’s domestic-first approach positions Nigeria to weather such crises more effectively.
“Global uncertainties are unavoidable, but our infrastructure and strategy ensure that Nigerians remain insulated from immediate shocks,” said Mr. Okonkwo.
This emphasis on resilience aligns with global best practices, where national refining capacity is leveraged to protect local markets from international supply disruptions.
Stakeholder Reactions
The government, civil society, and industry stakeholders have welcomed Dangote Petroleum’s strategy. Officials from the Federal Ministry of Petroleum Resources noted that prioritising local supply aligns with Nigeria’s energy security policies and reduces the burden of foreign exchange expenditures on crude imports.
“Dangote Refinery is demonstrating leadership. Its domestic prioritisation ensures that the Nigerian economy remains insulated during turbulent global markets,” said Dr. Tunji Olumide, Special Adviser on Energy.
Consumers have also expressed cautious optimism. Retail operators and commuters reported steadier fuel availability in Lagos and other cities, though concerns remain about sustained pricing and distribution efficiency.
The Road Ahead
While Dangote Refinery’s strategy provides immediate relief, experts argue that long-term stability requires further investments in alternative energy, diversified refining infrastructure, and strategic reserves. This ensures that Nigeria can withstand global shocks without relying excessively on imports or temporary supply adjustments.
“Short-term measures like prioritising local supply are critical, but long-term energy security demands diversification, renewables adoption, and consistent policy implementation,” said Dr. Suleiman.
The refinery is exploring additional initiatives, including expanding storage capacity, upgrading pipeline networks, and adopting technology-driven monitoring systems to ensure supply continuity across the country.
Final Take
By prioritising domestic fuel supply amid global market turbulence, Dangote Petroleum Refinery and Petrochemicals has demonstrated its role as a stabilising force in Nigeria’s energy sector. Through strategic logistics, modest pricing adjustments, and engagement with government regulators, the refinery is insulating the nation from international shocks while maintaining operational sustainability.
“Our responsibility extends beyond profitability; it’s about ensuring Nigerians have reliable access to essential fuel. We take that mandate seriously,” concluded Mr. Adeyemi.
The refinery’s actions offer a blueprint for how large-scale domestic capacity can protect national economies in times of global energy instability, underscoring the critical intersection of private sector resilience, public policy, and national energy security.
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