Business

MAKING THE OIL AND GAS SECTOR WORK FOR CITIZENS: NUPRC RESCUE MISSION

Published

5 months ago

December 17, 2025

Sahara Weekly

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

Bank

Union Bank Honoured by ASBON at Nigeria National SME Business Awards

Published

5 minutes ago

May 13, 2026

Sahara Weekly

Union Bank Honoured by ASBON at Nigeria National SME Business Awards

Lagos, Nigeria – Union Bank of Nigeria has reaffirmed its reputation as a strong supporter of Nigerian businesses, receiving the Best SME Growth Banking Initiatives Award for 2025 from the Association of Small Business Owners of Nigeria (ASBON) at the Nigeria National SME Business Awards, held recently in Lagos.

The award was presented to the Bank in recognition of its strategic leadership in advancing the growth and resilience of small and medium-sized enterprises, through a differentiated suite of solutions designed to enable business expansion and long-term value creation.

Receiving the award on behalf of the Bank, Ayokunnumi Abraham, Head of SME Segment at Union Bank, described the recognition as a strong endorsement of the Bank’s commitment to supporting small and medium-sized businesses. He said:

“We are honoured to receive this recognition, which reflects Union Bank’s continued commitment to helping SMEs grow by making banking simpler, faster, and more accessible. Through enhancements to our specialised platforms such as Union360, we have meaningfully reduced the time it takes for businesses to come on board and begin transacting. These improvements have shortened onboarding, increased digital adoption among our SME customers, and supported the acquisition of new business clients. Our focus remains on delivering practical solutions that help Nigerian businesses thrive.”

Organised by ASBON in partnership with the Lagos State Government through the Ministry of Commerce, Cooperatives, Trade and Investment, the event convened stakeholders from the public and private sectors to recognise individuals and organisations driving meaningful impact across Nigeria’s SME ecosystem.

Union Bank remains focused on deepening its support for SMEs through customer-led solutions and processes that strengthen business growth across the ecosystem.

Bank

Atlantian Crown Bank Rebrands as Arizona Global Bank LLC, Begins Licensing for Global Expansion

Published

13 hours ago

May 12, 2026

Sahara Weekly

Atlantian Crown Bank Rebrands as Arizona Global Bank LLC, Begins Licensing for Global Expansion

_By AGP News

*UNITED KINGDOM OF ATLANTIS* — In a move signaling a push into international markets, the Royal Throne of the United Kingdom of Atlantis on Sunday announced the corporate transformation of Atlantian Crown Bank LLC into *Arizona Global Bank LLC*, as part of a wider restructuring to position the institution for global banking and financial innovation.

The announcement was made at a press conference in the UKA capital by *HRM Queen Amb. Cletus C. Leaticia*, Chief Executive Officer of the newly named bank. She told reporters the rebranding marks _“more than a name change”_ and reflects a strategic pivot toward digital finance, cross-border investment, and modern banking standards.

_“This transformation represents our commitment to innovation-driven banking and our vision to become a globally competitive financial institution,”_ Queen Leaticia said.

*Licensing Process Underway*

According to the Department of Financial Administration and Corporate Affairs, which issued the official communication, Arizona Global Bank LLC has formally begun the process of applying for a *Banking Operational Licence* under UKA’s financial regulatory framework.

Once licensed, the bank plans to operate as a modern financial enterprise focused on four pillars:

1. Innovation-driven banking and digital financial solutions

2. Corporate financing and structured investment services

3. International financial partnerships and cross-border trade facilitation

4. Financial inclusion initiatives

Bank officials stressed that the institution will _“maintain strict compliance with all banking regulations and supervisory standards”_ set by UKA financial authorities.

*Strategic Shift Amid Global Ambitions*

Management described the rebranding as part of a broader restructuring initiative to _“strengthen the bank’s international identity, expand its global financial footprint, and align operations with contemporary banking standards.”_

Representatives called the licensing and rebranding process a _“major milestone”_ aimed at supporting economic growth, international trade, and cross-border investment initiatives.

*No Disruption to Existing Commitments*

Addressing potential concerns from clients and partners, management reassured stakeholders that _“all existing institutional commitments, operational objectives, and long-term strategic plans remain fully intact throughout the transition process.”_

The Royal Throne indicated that further updates on the licence approval, commencement of operations, corporate partnerships, and investment programmes will be released through official UKA and Arizona Global Bank LLC channels.

_The Department of Financial Administration and Corporate Affairs, Royal Throne of United Kingdom of Atlantis, issued the official statement._

Bank

Fidelity Bank grows Gross Earnings by 45.6% for FY 2025

Published

14 hours ago

May 12, 2026

Sahara Weekly

Fidelity Bank grows Gross Earnings by 45.6% for FY 2025

Lagos, Nigeria – Fidelity Bank Plc, a leading Nigerian financial institution, has announced its audited financial results for the year ended 31 December 2025, reporting Gross Earnings growth of 45.6% from N1.04 trillion in 2024 to N1.52 trillion in FY 2025, reflecting stronger topline momentum across core business segments.

The Group recorded a Profit Before Tax of N347.7 billion. This performance was underpinned by a 38.7% year-on-year increase in interest income to N1.11 trillion (FY 2024: N803.1 billion) and a 44.7% year-on-year rise in fees and commission income to N113.4 billion (FY 2024: N78.4 billion).

On the balance sheet, total assets grew by 18.6% year-on-year to N10.46 trillion (FY 2024: N8.82 trillion), while customer deposits increased by 16.1% year on year to N6.89 trillion (FY 2024: N5.94 trillion), reflecting continued franchise strength and growing customer confidence in the brand. Net loans and advances declined by 2.4% year-on-year to N4.28 trillion (FY 2024: N4.39 trillion) as customers paid down on their mature obligations.

The Bank also strengthened its capital position during the period, with eligible capital rising to N561 billion, above the regulatory minimum of N500 billion for banks with international authorisation. In addition, capital adequacy remained robust, with Capital Adequacy Ratio of 30.94 percent as at 31 December 2025 (FY 2024: 23.47 percent).

Ranked among the best banks in Nigeria, Fidelity Bank Plc is a full-fledged Commercial Deposit Money Bank serving over 9.1 million customers through digital banking channels, its 255 business offices in Nigeria and United Kingdom subsidiary, FidBank UK Limited.

The Bank is the recipient of multiple local and international Awards, including the 2024 Excellence in Digital Transformation & MSME Banking Award by BusinessDay Banks and Financial Institutions (BAFI) Awards; the 2024 Most Innovative Mobile Banking Application award for its Fidelity Mobile App by Global Business Outlook, and the 2024 Most Innovative Investment Banking Service Provider award by Global Brands Magazine. Additionally, the Bank was recognized as the Best Bank for SMEs in Nigeria by the Euromoney Awards for Excellence and as the Export Financing Bank of the Year by the BusinessDay Banks and Financial Institutions (BAFI) Awards.