Business
MAKING THE OIL AND GAS SECTOR WORK FOR CITIZENS: NUPRC RESCUE MISSION
*MAKING THE OIL AND GAS SECTOR WORK FOR CITIZENS: NUPRC RESCUE MISSION*
By James Itodo
The Nigerian oil and gas sector, since its discovery, exploration, and exploitation at the turn of the century, has become the goose that lays the golden egg, likened only to the much-sought-after bride.
This is because oil, and later gas, remained the main economic sustainer, accounting for virtually all the revenue utilised for the economic sustainability and stability of the country—a nation driven by a monolithic economy.
Various attempts at sustaining its viability failed because those reforms lacked the necessary ingredients and the political will of their drivers to succeed. Moreover, the temptation of the enormous amounts generated, and the ease of generating this revenue, became stronger than the moral responsibility and patriotic devotion of the country’s leaders, causing various rulers to rely completely on oil while abandoning or ignoring agriculture and every other means of generating revenue, including all forms of diversification and integration.
The present Nigerian Upstream Petroleum Regulatory Commission (NUPRC) was born out of necessity: first, to inherit the abnormalities of the past; and second, to set in motion reforms aimed at effectively repositioning the sector. Key among these is strong political will and the appropriate sensitisation of the country’s political leaders to look beyond oil and gas revenue and think towards diversification.
To carry this out effectively, there is a need to build trust and confidence on the fulcrum of accountability and transparency.
So far, the verdict has been positive. The basic recipe for repositioning and bringing about a volte-face in the sector is now present: accountability and transparency.
A new era, based on a better concept of transparency and accountability, is enhancing the effective repositioning of the Nigerian oil and gas sector, which will work for the overall benefit of all citizens and indeed residents.
Today, Nigerians are now seeing the oil and gas sector as a blessing, with transparency and accountability becoming the fulcrum of operations at the NUPRC.
There is no doubt that, for decades, Nigeria’s oil and gas sector was a cesspit of abhorrent and odious corruption, coupled with mismanagement—a centre of graft, earning the moniker “resource curse.”
Instead of bringing blessings to the country, it became an avenue for self-aggrandisement and self-enrichment at the detriment of national interest, economic growth, prosperity, and development.
As a whole, the sector’s opacity and lack of accountability led to widespread corruption, where the few who had access to this national wealth enriched themselves and their families—buying choice houses at highly exorbitant prices in prime cities of the world and sending their children to schools abroad on ear-splitting school fees, all with our common patrimony—at the expense of the country. This resulted in environmental degradation and human rights abuses, leaving citizens with little to show for the country’s vast oil resources, world oil production status, and its derived and associated wealth.
However, a new dawn has emerged with the Nigerian Upstream Petroleum Regulatory Commission (NUPRC) leading a rescue mission to reposition the sector with renewed vigour, intentionality, and patriotic commitment under the leadership of Engr. Gbenga Komolafe, who has turned the NUPRC into a beacon of hope for Nigerians.
Unambiguously, the NUPRC’s commitment to transparency is demonstrated through its proactive disclosure of key industry data—which had previously been shrouded in obscurity—including production figures, revenue streams, and contract awards.
The demystification and openness of this key information have greatly enhanced the fostering of trust and confidence among stakeholders, including local communities, civil society organisations, and international partners.
Another signature reform is the strengthening and implementation of the Nigeria Extractive Industries Transparency Initiative (NEITI), which ensures that oil and gas revenues are transparently tracked and accounted for, thereby reducing corruption and ensuring that revenues are channelled for the overall benefit of all citizens.
Projecting the ideals of the Renewed Hope Agenda of the Tinubu-led administration, the NUPRC has also prioritised increased utilisation of local content development, bringing on board many more Nigerian companies to participate in the oil and gas value chain, thereby creating more jobs, stimulating economic growth, and empowering local communities.
The sector’s transformation is an unequivocal demonstration of the power of transparency and accountability.
Daily, Nigerians are beginning to see oil and gas resources as a direct blessing rather than a curse, with a sector and operators poised to drive economic growth, create jobs, and improve living standards.
However, this is just the beginning; the journey is far from over, and the best is yet to come—for all of us.
While Nigerians holistically embrace these reforms, they must also continue to demand transparency and accountability from their leaders, while the NUPRC’s efforts must be supported and sustained to ensure that the sector remains a catalyst for national development.
There is no doubt that the oil and gas sector can be a powerful catalytic tool for poverty reduction, wealth creation, and economic transformation. This can be imminently and necessarily achieved when the NUPRC continues in its commitment to transparency and accountability, predicated on the resilience of Nigerians, who will look forward to a brighter future where their natural resources work for them, not against them.
It must be a collaborative and conscientious responsibility of all Nigerians not only to support the NUPRC’s efforts and reforms targeted at transforming the oil and gas sector but also to demand consistent transparency and accountability from our leaders, as this will ensure that our natural resources benefit all Nigerians, securing a brighter future for Nigeria and Nigerians.
Itodo writes from Abuja
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.
-
society6 months agoReligion: Africa’s Oldest Weapon of Enslavement and the Forgotten Truth
-
news3 months agoWHO REALLY OWNS MONIEPOINT? The $290 Million Deal That Sold Nigeria’s Top Fintech to Foreign Interests
-
Business6 months agoGTCO increases GTBank’s Paid-Up Capital to ₦504 Billion
-
society6 months ago“You Are Never Without Help” – Pastor Gebhardt Berndt Inspires Hope Through Empower Church (Video)