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
Business
Coalition Announces Nationwide and Global Protests Demanding Immediate Removal of NMDPRA CEO Farouk Ahmed*
*Coalition Announces Nationwide and Global Protests Demanding Immediate Removal of NMDPRA CEO Farouk Ahmed*
A powerful coalition of civil society organizations has declared joint nationwide protests across Nigeria, with simultaneous demonstrations in New York and London, to demand the immediate removal of Farouk Ahmed as Chief Executive Officer of the Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA).
The protests will commence on Wednesday from Ahmed’s office in Abuja and continue throughout the week in major cities, while diaspora actions target the UN House in New York and Nigeria House in London.
The coalition includes the Nigerian Citizens for Transparency (NCT), Anti-Corruption Alliance of Nigeria (ACAN), Sokoto Welfare Foundation (SWF), Coalition for Economic Justice (CEJ), African Refiners Network (ARN), Lagos Civil Rights Movement (LCRM), Global Nigerians Diaspora Forum (GNDF), Nigerian Integrity Watch (NIW), Petroleum Workers Union of Nigeria (PWUN), Youth Empowerment Initiative (YEI), Economic Sabotage Watch Group (ESWG), International Coalition Against Corruption (ICAC) and Diaspora Advocacy Network (DAN).
Others are British-Nigerian Solidarity Forum (BNSF), Anti-Graft Campaign UK (AGCU), Human Rights Defenders League (HRDL), Sustainable Energy Alliance (SEA), and National Anti-Corruption Front (NACF).
“Nigerians are deeply shocked and outraged that a public official entrusted with regulating a critical national resource has allegedly squandered millions of dollars sending just three of his children to exclusive secondary schools in Switzerland, while millions of suffering citizens in his home state of Sokoto and across the country cannot afford basic school fees,” a statement by Comrade Dan Danilson on behalf of the groups said.
“These allegations expose a glaring betrayal of public trust and highlight unacceptable extravagance at the direct expense of impoverished communities in Nigeria and beyond.”
Danilson condemned Ahmed’s conduct in the strongest terms and vowed unrelenting pressure until he is removed and fully investigated.
Dan Danilson stated:
“The lavish lifestyle of Farouk Ahmed, funded by questionable wealth while he occupies one of the most sensitive positions in Nigeria’s economy, is an intolerable insult to every struggling Nigerian.
“Spending millions on foreign luxury education for his children while Sokoto parents beg to pay N10,000 school fees reveals a man utterly detached from the suffering he is supposed to help alleviate.
“These are not mere allegations—they point to deep corruption and conflict of interest that have directly sabotaged Nigeria’s push for energy independence. By protecting fuel importers and undermining local refineries, Ahmed has chosen personal gain over national progress, condemning millions to continued poverty and fuel scarcity.
“We will not stand by as one man hands over Nigeria’s downstream petroleum sector to vested foreign interests. His actions amount to economic treason, enriching himself and his allies while driving domestic investments to ruin and keeping petrol prices artificially high for the suffering masses.
“The protests starting Wednesday from his very office will send an unmistakable message: Farouk Ahmed must go now. No investigation can restore the trust he has shattered; only his immediate removal will begin to heal the damage he has inflicted on our nation.
“We call on all Nigerians—home and abroad—to join this historic stand against corruption. This is our moment to hit back hard against those who plunder our future for private luxury. Farouk Ahmed’s time is up.”
The coalition emphasized that the allegations against Ahmed are far too grave to be dismissed or covered up, warning that failure to act decisively would signal official tolerance of corruption in critical sectors.
BUA Group Honours 510 Employees with ₦30 Billion Cash Awards at its 2025 Night of Excellence
BUA Group has disbursed a total of ₦30 billion to 510 employees at its 2025 Night of Excellence and Long Service Awards, one of the most significant employee reward initiatives undertaken by a Nigerian private sector company.
The ceremony recognised long service, loyalty, and exceptional contribution by employees whose commitment spans from five years to over four decades. It reflected a belief that has guided the Group since inception: enduring businesses are built by people.
Speaking at the event, Founder and Executive Chairman of BUA Group, Abdul Samad Rabiu CFR CON, described the evening as a moment to acknowledge loyalty, resilience, and shared ownership of the BUA journey.
He recalled that from modest beginnings 36 years ago, BUA has grown into one of Nigeria’s most valuable listed enterprises, with a combined market capitalisation now in the trillions of naira. He noted, however, that the journey was never the achievement of one man, one board, or capital alone.
According to Rabiu, “every factory built, every system strengthened, every challenge overcome, and every milestone reached carries the imprint of employees who believed in the vision long before the results were visible.”
He reaffirmed that BUA has always regarded its workforce as partners in a shared legacy rather than merely staff, adding that loyalty and professionalism are values that must be recognised in tangible ways.
As part of the 2025 awards, ₦30 billion was disbursed to 510 recipients across multiple long service and excellence categories. Due to time considerations at the event, only 41 recipients received their awards physically from the Chairman during the ceremony. These represented the highest award categories, ranging from ₦100 million to ₦1 billion.
The on stage recipients comprised sixteen recipients of ₦100 million each, nine recipients of ₦200 million each, seven recipients of ₦250 million each, three recipients of ₦500 million each, five recipients of ₦1 billion each, and one special award recipient whose cash award was not announced at the event. The special award was presented to Kabiru Rabiu in recognition of his exceptional loyalty, leadership, and long standing contribution to the growth and stability of the BUA Group.
All other awardees had received their plaques and cheques ahead of the ceremony or will receive theirs at their respective plants and operational locations across the country.
Rabiu described the cash awards as a token of appreciation, noting that no amount of money can fully account for decades of dedication, personal sacrifice, and belief in the company’s mission.
Looking ahead, he said BUA would continue to expand capacity, invest in advanced technologies, and strengthen its footprint across cement, food, sugar, and infrastructure, adding that the people who built the Group would continue to grow with it.
The BUA Night of Excellence and Long Service Awards is part of BUA Group’s cultural backbone, reflecting an organisation built on shared prosperity, long term thinking, and respect for its people. In addition to staff, partners, and customers, the event had in attendance, distinguished. captains of industry including Alhaji Aliko Dangote, friends, well-wishers, as well as the Executive Governor of Ogun State, Dapo Abiodun, Nigeria’s Minister of Finance (State), Dr Doris Uzoka-Anite, and Nigeria’s Minister of Arts, Culture, Tourism and the Creative Economy, Hannatu Musawa.
*12 Days of Christmas with 5 for 5 Rewards: Celebrating the Season the Wema Way*
December is a season built on gratitude, reflection, and giving. It is a time when small gestures carry deeper meaning and everyday moments turn into shared joy. At Wema Bank, this spirit of the season has inspired the launch of 12 Days of Christmas with 5 for 5 Rewards, a festive campaign created to celebrate customers who continue to make the Bank part of their daily lives.
Running from December 14 to December 25, 2025, the campaign is designed to reward simple, everyday banking while spreading cheer across homes and communities. For twelve days, 33 customers will be rewarded daily with five thousand naira each when they fund their accounts with five thousand naira.
The idea behind the campaign is simple in action but thoughtful in intent. It recognises that during the festive period, every extra support counts. Whether it is preparing for family gatherings, running errands, or planning end-of-year activities, Wema Bank is turning routine transactions into moments of delight.
To take part in the 12 Days of Christmas with 5 for 5 Rewards, customers only need to fund their accounts with five thousand naira through any of the following channels:
ALAT app
*945#
Debit cards
Once the account is funded with five thousand naira, they get an additional five thousand naira as a reward.
Beyond the rewards, the 12 Days of Christmas with 5 for 5 Rewards reflects Wema Bank’s broader commitment to customer-centric banking. It reinforces the Bank’s focus on creating experiences that go beyond transactions, especially during moments that matter most to customers.
As the year draws to a close, Wema Bank is inviting customers to enjoy the festive season knowing that their loyalty is valued and celebrated. With every transaction, the Bank continues to find new ways to connect, appreciate, and give back during a season defined by generosity.
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