All Posts in "cover"

Nigeria’s Local Content Model Suitable For African Oil Producers Growth-  PETAN 

 

The Petroleum Technology Association of Nigeria (PETAN), has urged stronger public–private supplier collaboration across Africa’s oil and gas industry.

Noting that Nigeria’s NOGICD Act, implemented by the NCDMB, has delivered impressive results, raising in-country value retention and local manufacturing from 5% in 2010 to 56% in 2024, a model PETAN believes other African jurisdictions should adopt.

Engr. Kevin Nwanze, Executive Secretary  who represented PETAN Chairman , Engineer Wole Ogunsanya , made the remarks during his paper presentation at the 4th Conference and Exhibition on Local Content in the African Oil and Gas Industry (CECLA), organised by the African Petroleum Producers Organisation (APPO) in Kintélé, Brazzaville, Congo.

Speaking on the theme “Sustaining Public/Private Suppliers Collaboration in the African Oil and Gas Industry,” he underscored the importance of deepening partnerships to drive long-term growth and competitiveness across the continent.

Nwanze explained that the complexity of modern oil and gas projects has made collaboration indispensable.

According to him, “Collaboration is no longer a ‘nice-to-have’ but a ‘must-have’ for sustainable local content in Africa’s oil and gas industry.”

Nwanze noted that the relationship between public and private suppliers must balance collaboration, competition, and regulation, stressing that regulation remains the backbone of any successful partnership.

He noted that Nigeria’s regulatory foundation—the Nigerian Oil and Gas Industry Content Development (NOGICD) Act of 2010, has been central to the country’s progress in local content development, implemented effectively by the Nigerian Content Development and Monitoring Board (NCDMB).

“The NOGICD Act remains the primary engine driving fairness, transparency, and measurable local content growth in Nigeria’s oil and gas sector,” he said.

He added that Nigeria’s in-country value retention has risen from 5% in 2010 to 56% in 2024, a development he described as proof of what is achievable under structured collaboration.

“Nigeria’s in-country value retention has grown from 5% in 2010 to 56% in 2024—clear evidence that structured collaboration works,” he stated.

Nwanze argued that collaboration is essential because oil and gas projects require both the financial and technical power of international firms and the community knowledge and contextual expertise of local suppliers.

He warned that without collaboration, countries risk project delays, cost overruns, and minimal benefits to host communities.

“Today’s oil and gas projects are too complex for any single party; without collaboration, delays, cost overruns and poor host-country benefits are inevitable,” he said.

The PETAN Executive Secretary, however, cautioned that several obstacles continue to hinder cross-sector collaboration in Africa, including weak policy environments, difficulty accessing finance, trust deficits, capacity gaps, and inconsistent operational standards.

“Weak policies, financing gaps, trust deficits, and capacity limitations remain the biggest obstacles to effective collaboration across Africa,” he noted.

He urged African governments to shift from merely setting local content targets to building truly enabling frameworks.

“African governments must move beyond setting targets and focus on creating enabling environments that simplify procurement and expand access to finance,” he stated.

Speaking about the need for transparent procurement systems, open publication of contract awards, and robust oversight structures, Nwanze said, “Open procurement, contract publication, and independent oversight are non-negotiable if we want sustainable and trust-driven collaboration.”

On technology transfer, he stressed that private sector commitment is crucial for meaningful progress.

“Technology transfer can only succeed when private companies make a firm commitment to support local suppliers and the change-management process,” he added.

He cited Nigeria’s successful collaboration models, including the engineering consortium on the Egina FPSO topsides, the EnServ–Schlumberger alliance, and the Kwale Gas Gathering (KGG) Hub, noting that all were enabled by the NOGICD Act.

“Nigeria’s major project collaborations, from Egina FPSO engineering to the EnServ–Schlumberger alliance, were only possible because the NOGICD Act provided the regulatory backbone,” Nwanze explained.

Looking ahead, he said Africa must build long-term capabilities within local suppliers and diversify into emerging energy technologies.

“True sustainability comes from building lasting capabilities, not just transferring jobs; Africa must invest in skills, innovation, and sector diversification,” he said.

The PETAN ES also pointed to emerging opportunities in renewable energy integration, carbon capture, utilisation and storage (CCUS), and decommissioning of oil and gas assets.

“Collaboration will be critical as Africa moves into renewable integration, carbon capture, and decommissioning—skills in these areas will define the next decade,” he added.

Calling on African governments to adopt proven models, Nwanze urged policymakers to look closely at Nigeria’s experience.

“What has worked in Nigeria can work elsewhere. The NOGICD model is ripe for adaptation by other African jurisdictions seeking real local content growth,” he said.

The ES therefore emphasised that sustainable progress is impossible without strong regulation and empowered implementing agencies.

Dan Poster by — November 17, 2025 in Business 0
(BREAKING) Osun 2026: Oyebamiji resigns as NIWA MD

OyebamijiThe Managing Director of the National Inland Waterways Authority, Bola Oyebamiji, has resigned.

Confirming his resignation in a WhatsApp message to PUNCH Online on Friday night, Oyebamiji said he stepped down in compliance with the electoral law to enable him to contest the 2026 Osun State governorship election.

He said, “Yes, I have resigned in accordance with the electoral law to pursue my Osun 2026 governorship ambition.”

A source close to the NIWA boss also confirmed the development, noting that the resignation is tied to his political aspirations.

“Yes, he has resigned. He is contesting, and he wants to face the election properly,” the source said.

Before his appointment at NIWA, Oyebamiji served as Osun State Commissioner for Finance for two terms and later as Special Adviser to the Minister of Marine and Blue Economy, Adegboyega Oyetola.

He is also a banker, economist, public administrator and politician

Dan Poster by — November 15, 2025 in General News 0
PTAD disburses N3.9bn pension arrears to 91,146 retirees

PTADThe Pension Transitional Arrangement Directorate has completed the payment of N3.9bn arrears to 91,146 eligible pensioners under the Defined Benefit Scheme.

This was contained in a statement issued by the Head of Corporate Communications, Mr Olugbenga Ajayi, in Abuja on Friday.

He said the payment was part of the N32,000 increment approved by President Bola Tinubu.

“Breakdown of the payments is: N1.9bn to 59,865 pensioners under the Parastatals Pension Department; N830m to 12,976 pensioners under the Civil Service Pension Department; and N620m to 9,689 pensioners under the Police Pension Department.

“Others are N551m to 8,616 pensioners under the Nigeria Customs Service (NCS), the Nigeria Immigration Service and the Prisons Pension Department,” Ajayi said.

The Executive Secretary of PTAD, Tolulope Odunaiya, reiterated the Federal Government’s commitment to settling all outstanding arrears and improving pensioners’ welfare under the Renewed Hope Agenda of the President.

Dan Poster by — November 15, 2025 in Business 0
Fidelity Bank Grows Gross Earnings By 46% To ₦748.7 Billion For H1 2025

Fidelity Bank Plc has announced its audited financial results for the half-year ended 30 June 2025, demonstrating resilience and sustained growth across key performance indicators.

 

Highlights of the financial results which was uploaded on the Nigerian Exchange (NGX) portal on Thursday, 13 November 2025 shows that the bank delivered robust results across key financial metrics including Gross Earnings, which stood at ₦748.7 billion, up from ₦512.9 billion in H1 2024; Net Interest Income, which rose to ₦420.4 billion, compared to ₦326.4 billion in H1 2024; and Customer Deposits, which grew to ₦7.2 trillion, from ₦5.9 trillion in FY 2024.

Similarly, the bank’s Net Revenue increased to ₦444.4 billion, compared to ₦396.8 billion in H1 2024.

Fidelity Bank continued to expand its digital banking footprint, enhance customer experience, and support key sectors of the economy. The bank’s loan book grew, with Net Loans and Advances expanding to ₦4.9 trillion, up from ₦4.4 trillion in FY 2024, reflecting increased support for businesses and individuals. Asset quality remained stable, with non-performing loans well within acceptable limits.

 

The bank’s capital raising initiatives have further strengthened its financial position, ensuring readiness to meet new regulatory requirements and pursue growth opportunities. Fidelity Bank’s strong liquidity profile and robust governance framework provide a solid foundation for continued success.

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 a 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.

 

Dan Poster by — November 15, 2025 in Business 0
ICPC vows strict action on LG autonomy defaulters

ICPC logo

The Independent Corrupt Practices and Other Related Offences Commission has warned that it will take action against local government officials who fail to implement the financial autonomy granted to them by the Supreme Court.

The Chairman of ICPC, Dr Musa Adamu Aliyu, stated this in Jos on Thursday during a capacity-building workshop on the Local Government Accountability Framework for LGAs in Nigeria, organised by the Rule of Law and Anti-Corruption programme, funded by the European Union and implemented by International IDEA.

Aliyu emphasised that the financial autonomy granted to local governments is a landmark decision that must be implemented and that the ICPC will ensure that officials who fail to do so are held accountable.

“The judgment is final. Anybody who is aggrieved can only appeal to God Almighty. However, we thought that it is important that once these funds start coming to you, you should be able to utilise them effectively and to ensure that the idea behind the federal government initiating that action is achieved,” Aliyu said.

The ICPC chairman also stressed that the implementation of financial autonomy will help local governments to plan and budget effectively, adding that “it is crucial for development to reach the grassroots.”

He maintained, “You know, some people look at the local government as the cash cow, where everybody goes and collects. That has to change because the federal government is not fighting for you to get your money directly, and then you go home and make use of it anyhow you like.  That is not the purpose.

“So it is part of the idea of these collaborative agencies to come and at least address you, teach you, lecture you on how you’re going to manage your funds. We’re not going to do that again, but you must show accessibility.

“All the agencies that I know here, including the Code of Conduct Bureau, Fiscal Responsibility Commission, Bureau of Public Procurement, and the Federal Ministry of Justice, have a role to play.

“In time, they will address you on that but for now, with the ICPC as we download the carrot, and of course, if at the end of the day, we lecture you and tell you what you need to

do and take you through the process and you think it is not your job, that you prefer to go by the old fashion, and then we will come after you. My brothers and sisters, everybody is united on this.

“So it is important that we take whatever thing we do here very seriously. When you go home, tell your colleagues, your neighbours that look, accountability and transparency are the way to go,” the ICPC chairman, who was represented by the Commission’s Executive Secretary, Clifford Oparaodo, added.

Emmanuel Uche, representing the European Union, RoLAC, and International IDEA, also spoke at the event, emphasising the importance of transparency and accountability in public governance.

“The European Union believes that countries get their governance correctly, and that’s why they are supporting this process,” Uche said.

“Is it right that foreigners will be the ones to insist that there should be transparency and accountability in public governance for the good of our people?” He queried the gathering.

Our Correspondent reports that the workshop was attended by various local government officials, federal government agencies, and other stakeholders, and is aimed at guiding how to implement the financial autonomy and ensure accountability in local government administration.

Dan Poster by — November 14, 2025 in General News 0
Tax breaks drive 3.1% manufacturing growth projection — MAN

The Manufacturers Association of Nigeria has projected that the country’s manufacturing output will grow by 3.1 per cent in 2026, driven by new tax incentives, harmonisation of levies expected under the new tax regime taking effect in January 2026 and increased government patronage.

According to the Manufacturers’ CEOs Confidence Index released in October by the association, the projected 3.1 per cent output growth compared to the 1.6 per cent growth recorded in the second quarter of 2025 will raise the manufacturing sector’s contribution to real Gross Domestic Product to 10.2 per cent next year.

The Director of the Research and Economic Policy Division, MAN, Dr Oluwasegun Osidipe, said the anticipated improvement would depend on the effective execution of incentives in the new tax laws, the implementation of the National Single Window Project, and the alignment of the Nigeria Industrial Policy with the Nigeria First policy framework.

Osidipe explained that manufacturers had struggled under multiple taxation, which hindered growth in recent years, stating, “You could not move your goods through the 774 local governments without paying. I’m just using that as an example for time’s sake. Without paying for something, whether it’s for loading or offloading goods. But under the new tax law, the majority of those taxes are gone.”

He noted that the government’s move to remove redundant levies and introduce targeted tax incentives for small and medium industries would help boost liquidity for manufacturers and enable them to reinvest in production.

“A majority of the membership of MAN falls in the category of the small and medium. When you look at the private sector holistically, they are small businesses, and you will see that the government incentives will provide some additional funds for the manufacturers to plug back in, and it will boost output,” he added.

The MAN economist revealed that the sector’s capacity utilisation had already improved from 57.6 per cent in the second half of 2024 to 61.3 per cent in the first half of 2025, following the extension of government stimulus packages, including access to single-digit interest loans under the N75bn industrial support fund.

He said, “When loans that used to attract 32 to 35 per cent interest are now available at single-digit rates, more manufacturers will have access to credit, produce more, employ more, and sell more. So, there’s no doubt, ultimately, output will grow.”

Osidipe stressed that government patronage would further accelerate growth, citing the example of Cross River State, which had committed to sourcing its automobile needs from local manufacturers.

He added, “We are hoping that other state governments will follow suit. Once the government, as the largest spender, upscales patronage, it will ramp up production and impact the manufacturing industry.”

Other forecasts in MAN’s outlook include a stronger naira, projected to appreciate to between N1,300 and N1,400 per dollar in 2026, buoyed by rising oil prices, robust reserves, and higher foreign investment inflows.

The association also projected that headline inflation would ease to 14 per cent, supported by stable food and energy prices, while it expects the Central Bank of Nigeria to cut the benchmark interest rate to about 23 per cent to stimulate credit expansion and output growth.

The report further indicated that overall GDP growth could reach four per cent in 2026, driven by higher oil production, improved fiscal performance, expansion in manufacturing and financial services, and increased consumption during the election season in the fourth quarter of the year.

Nigeria’s new tax laws will become operational by January 2026. President Bola Tinubu signed four reform bills into law on June 26, 2025: the Nigeria Tax Act, 2025, the Nigeria Tax Administration Act, 2025, the Nigeria Revenue Service (Establishment) Act, 2025, and the Joint Revenue Board (Establishment) Act, 2025.

These bills aim to streamline levies and eliminate multiple taxation across the federation.

The reforms introduced targeted incentives and exemptions for small and medium businesses to boost productivity and investment.

Dan Poster by — November 14, 2025 in Business 0
FG’s Suspension of 15% Fuel Import Duty: A Holistic Step Toward Economic Relief and Market Stability

In a welcome display of policy sensitivity and economic rationality, the Federal Government has suspended the planned 15 percent ad-valorem import duty on petrol and diesel. This move, announced by the Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA), is more than a technical adjustment, it is a timely intervention that reflects empathy for the prevailing economic realities confronting citizens and businesses alike.
Just weeks ago, in my earlier article titled “Tinubu’s 15% Fuel Duty: Taxing Pain in a Broken Economy,” I had argued that the proposed import duty, though designed with reformist intentions, was ill-timed and risked compounding Nigeria’s inflationary crisis. The central message was simple, which is reform must not inflict further hardship on already struggling citizens. It is therefore commendable that the Federal Government heeded that call, demonstrating a rare responsiveness to constructive public criticism. The decision to suspend the 15 percent duty shows that this administration is willing to listen, to adjust, and to prioritise the welfare of Nigerians above bureaucratic rigidity.
Nigeria’s economy is still recovering from the inflationary aftershocks of subsidy removal, exchange rate harmonization, and fiscal tightening. Against that backdrop, any additional import tariff on fuel which is the single most critical commodity in the nation’s cost structure would have triggered a cascade of price increases across transportation, food, manufacturing, and logistics. The government’s decision to halt the policy therefore represents a holistic step toward economic relief and market stability.
When the import duty was first approved in October 2025, it was presented as a forward-looking reform. The Federal Inland Revenue Service (FIRS), led by Zacch Adedeji, proposed the measure to align import costs with local refining realities and discourage importers from undercutting domestic producers. In principle, the idea had merit. It sought to strengthen local refining, promote crude oil transactions in the naira, and ensure a stable, affordable supply of petroleum products.
Yet, good intentions alone cannot override economic timing. The implementation, scheduled for late November, risked amplifying inflation at a time when Nigerians were already grappling with high transport fares, shrinking disposable incomes, and rising living costs. It would also have widened the gap between policy aspiration and market readiness, given that domestic refineries, including the Dangote Refinery and several modular plants, are still ramping up to full capacity.
By suspending the policy, the Tinubu administration has demonstrated that economic reform is not about rigid adherence to plans but about flexibility and responsiveness to market signals. This decision not only stabilizes prices but also strengthens public confidence that government is capable of balancing fiscal goals with social welfare.
The economic logic of this suspension is straightforward that in an energy-dependent economy like Nigeria’s, any increase in fuel import cost transmits directly into inflation. Transport fares go up. Food distribution costs rise. Manufacturing inputs become more expensive. Even small scale traders in the street feel the pinch as diesel prices affect electricity alternatives. Therefore, by preventing an artificial rise in fuel prices, the government has effectively averted another wave of inflationary pressure. It has also given room for other economic stabilisers such as improved power supply, localized production, and currency management to take effect.
Moreover, the NMDPRA’s assurance of a robust domestic fuel supply underscores the government’s effort to ensure market stability while preventing hoarding or profiteering. Its commitment to monitor distribution and discourage arbitrary price increases is a critical safeguard for consumers and businesses alike.
However, while the suspension offers immediate relief, it also presents an opportunity to rethink the broader framework for achieving energy security and local refining growth. If the ultimate goal is to strengthen local refining, stabilize fuel prices, and secure energy independence, there are smarter and more inclusive alternatives than import tariffs. The government should guarantee crude oil supply to modular refineries through transparent contracts and fair pricing mechanisms. Many smaller refineries struggle not because they lack capacity, but because they face erratic access to feedstock. Ensuring predictable crude allocation will allow them to operate profitably and contribute meaningfully to domestic supply.
Instead of penalizing importers through duties, the government can offer targeted tax incentives and financing support for smaller refineries to expand capacity. Access to credit at concessionary rates and tax holidays for equipment importation would accelerate output growth, create jobs, and foster competition. Regulatory fairness is equally essential. The downstream sector must remain open and competitive. The government must ensure regulatory equity so that no single player, whether public or private, dominates the market. Fair competition, not favoritism, will drive efficiency, innovation, and lower prices for consumers.
Nigeria must also address the hidden costs embedded in its energy logistics. The government should invest heavily in energy infrastructure like pipelines, depots, and transport networks to reduce non-tariff costs that inflate fuel prices. Currently, poor infrastructure adds unnecessary layers of cost to the final pump price. Reforming the power sector remains pivotal. Many industries and small businesses rely on diesel generators due to inadequate grid supply. A more reliable electricity system would ease demand for diesel, freeing up supplies for transport and export, while improving overall energy efficiency.
The government should also adopt a transparent pricing mechanism that allows market participants and consumers to understand how fuel prices are determined. Transparency discourages manipulation, hidden subsidies, and monopolistic practices. When prices reflect actual costs, trust grows, and market discipline follows. Such reforms will not only strengthen local capacity but also build a foundation for competition, accountability, and long-term sustainability, which are the true pillars of a resilient energy economy.
As the government nurtures the growth of local refining, it must also guard against a creeping danger of monopolistic capture. Protecting Dangote’s investment as the largest single-train refinery in the world is understandable. The refinery represents national pride and an enormous private commitment to Nigeria’s industrialization. However, promoting a monopoly, even unintentionally, would undermine the very goals of competition and consumer protection. No single operator, however efficient, should control access to crude supply, dictate market prices, or influence import policy. The Petroleum Industry Act (PIA) empowers the government to create fiscal measures that promote investment, but these must be implemented with fairness, transparency, and a clear focus on public interest.
A healthy downstream sector requires multiple active players involving modular refineries, state refineries under revitalization, and independent marketers, all operating on a level playing field. The government must therefore guarantee open access to crude oil, enforce transparent pricing of both feedstock and finished products, and prevent any operator from cornering market advantage through political influence. Monopoly breeds inefficiency, stifles innovation, and ultimately hurts consumers. What Nigeria needs is a competitive ecosystem that rewards efficiency, not proximity to power. A balanced and inclusive market structure is the surest path to sustainable self-sufficiency.
Beyond economics, this policy reversal underscores a deeper truth showing that reform must be humane. Citizens are not fiscal instruments but human beings whose welfare defines the legitimacy of policy. The suspension of the 15 percent import duty shows that the government can still listen, learn, and adapt, which is a welcome shift from the top-down approach that has often characterized Nigerian policymaking. But this responsiveness must become institutionalized. Policymaking should be driven by data and dialogue, not decrees. Stakeholders from refinery operators to transport unions and consumer groups must be part of the conversation before policies take effect. Reform, to succeed, must be sequenced with empathy, not arrogance.
Economic transformation is not measured merely by revenue gains or fiscal alignment, but by how it improves the quality of life of ordinary citizens. A humane reform process ensures that no policy, however noble, becomes a burden too heavy for its people to bear. The reversal of the 15 percent import duty on petrol and diesel is more than a temporary reprieve; it is a course correction toward sustainable and inclusive growth. It demonstrates that reform, when guided by compassion and common sense, can build confidence rather than resentment.
But government must go further to institutionalize competition, prevent monopolistic dominance, and pursue energy self-sufficiency without sacrificing fairness. Only by balancing protection with competition, efficiency with empathy, and ambition with accountability can Nigeria achieve the promise of the “Renewed Hope” Agenda. If this new direction is sustained, the suspension will not merely be remembered as a fiscal decision but as a moment when government rediscovered its moral compass, proving that in economic policy, the best outcomes are those that serve both the market and the people.
Dan Poster by — November 14, 2025 in Business 0
SEC To Begin T+2 Settlement Cycle In Nigerian Capital Market November 28

The Securities and Exchange Commission (SEC) has announced that the Nigerian capital market will officially transition to a T+2 settlement cycle for equities transactions from Friday, November 28, 2025, in a move designed to align with global best practices and enhance market efficiency.

 

The Commission disclosed this in a statement on Thursday, noting that the transition from the current T+3 (trade date plus three days) settlement cycle is now at the implementation stage following months of preparation and stakeholder testing.

 

According to the SEC, the “migration is expected to significantly enhance the Nigerian Capital Market by allowing investors quicker access to funds, thereby enhancing overall market liquidity and reducing counterparty risk exposure, thereby fostering a more stable and resilient market environment”.

 

The Commission added that “As the central counterparty, CSCS Plc has dedicated considerable effort and resources to ensure seamless operational and technical readiness throughout the transition”.

 

“Extensive testing with market participants has been successfully conducted without any reported issues, reflecting high confidence in the market’s preparedness for this landmark change”, it disclosed.

 

Under the new system, all trades executed on Friday, November 28, 2025, will settle on Tuesday, December 2, 2025, while transactions carried out before that date will continue to follow the existing T+3 schedule. This means that trades executed on Thursday, November 27, will also settle on December 2, coinciding with the first batch of T+2 settlements.

 

The SEC reaffirmed its commitment to building a modern, efficient, and transparent capital market, adding that it will continue to engage stakeholders to drive further improvements and strengthen Nigeria’s position as an attractive investment destination.

Dan Poster by — November 14, 2025 in Business 0
FG suspends plannned 15% import duty on PMS, diesel

President Bola Ahmed TinubuThe Nigerian Midstream and Downstream Petroleum Regulatory Authority has stated that the proposed implementation of the 15 per cent of valorem import duty on imported Premium Motor Spirit and Diesel is no longer in view.

According to a statement posted on its X handle on Thursday, the Director, Public Affairs Department, NMDPRA, George Ene-Ita, said, “It should also be noted that the implementation of the 15 per cent ad-valorem import duty on imported Premium Motor Spirit and Diesel is no longer in view.”

PUNCH Online had reported that President Bola Tinubu approved the introduction of a 15 per cent ad-valorem import duty on petrol and diesel imports into Nigeria.

NMDPRA also assured all that there is an adequate supply of petroleum products in the country, within the acceptable national sufficiency threshold, during this peak demand period.

“There is a robust domestic supply of petroleum products (AGO, PMS, LPG, etc) sourced from both local refineries and importation to ensure timely replenishment of stocks at storage depots and retail stations during this period.

“The Authority wishes to use this opportunity to advise against any hoarding, panic buying or non-market reflective escalation of prices of petroleum products.

“The Authority will continue to closely monitor the supply situation and take appropriate regulatory measures to prevent disruption of supply and distributin of petroleum products across the country, especially during this peak demand period.

“While appreciating the continued efforts of all stakeholders in the midstream and downstream value chain in ensuring a smooth and uninterrupted supply and distribution, the public is hereby assured of NMDPRA’s commitment to guarantee energy security,” the statement read.

Dan Poster by — November 13, 2025 in General News 0
TotalEnergies eager to develop oil assets — Deputy MD

Total EnergiesTotalEnergies EP Nigeria is racing to unlock the full potential of its oil assets in Nigeria, driven by what the company describes as a “desperation” to optimise existing fields and accelerate new deepwater projects, the Deputy Managing Director, Deepwater Asset, Victor Bandele, told participants at the ongoing NAPE conference in Lagos.

Bandele, speaking during a panel session, traced the company’s deepwater journey in Nigeria, highlighting key milestones and the operational challenges that have shaped its strategy.

“We have a desperation in TotalEnergies. And that desperation is to ensure the optimal development of all the assets that are in our possession,” he said.

Bandele said this will begin with existing assets like Egina, which has a Floating Production, Storage and Offloading vessel capable of moving up to 200,000 barrels of oil per day but is doing less than 100,000 barrels due to the natural decline of the field.

“There is a desperation to bring all the tiebacks that are possible on that asset in place. We are working on all the possible tiebacks. And that’s one of the reasons why I will always go to the regulator to say the environment needs to help me to do more. So, we build that on the existing assets,” Bandele said.

He stressed that TotalEnergies’ drive is not limited to maximising production from current fields but also includes exploration in older fields like Akpo and developing new blocks in deepwater.

“We are building exploration wells on even old fields like Akpo. We still have opportunities for exploration around there. So, we have plans with our partners. We have potential exploration objectives for next year,” he stated.

Bandele disclosed the company’s plans for its newly acquired block, saying, “We acquired a new block. This new block is in the deep water, and it’s a big one. We are hoping, and we are going to try to mature it as quickly as possible. So, there is a possibility of moving into that block in 2026.”

He recounted the company’s deepwater milestones in Nigeria, noting the “series of first oils” from key projects: Akpo in 2009, Usan in 2012, and Egina in 2018.

He highlighted that each field operates with a dedicated FPSO, representing substantial capital investment.

“Our operational efficiency was increasing with each FPSO that you bring to it. Because then you see a significant number of synergies that you’re able to do with two FPSOs working simultaneously; when you add a third one, you have even increased operational efficiency,” Bandele explained.

According to him, Nigeria was expected to follow the deepwater development trajectory of countries such as Brazil and Angola, but progress has slowed.

“After the investment in Egina and the first oil in 2018, there is no other new FPSO coming to our water. This was a trend that Nigeria was supposed to follow. Deep water was supposed to be a major area of growth for us. But I dare say, after Egina, we stopped. So this is a problem that seems to have been solved with the PIA. There is a lot of activity going on in Shell now with Bonga, of which I am also a partner. I think the government is doing its own bit in opening the space,” he added.

The deputy managing director highlighted how multiple FPSOs and shared operations could improve efficiency and reduce costs, noting the challenges of operating alone in Nigeria’s deepwater sector.

“In the last two years, we were drilling on Akpo and Egina as the only operator drilling in the deep water. I see the big problem that I encountered because when my drilling contractors are having challenges, the only way to get support is from Angola or from far away. And the reaction time is definitely not optimal. So, if we are having a lot of operations going on in the deep water, first, we will have a lot of synergy in terms of those operations; you will not believe how much cost that brings back.”

He cited TotalEnergies’ history of collaboration, including bringing in the Q7000 vessel in 2002, as a model for shared services.

“We had the Q7000 that was in our waters in 2002. We were in the forefront of bringing it in. But almost all the IOCs benefited, and all of us used it afterwards. So sharing and collaboration still become the key. But you will share only what you have. So let’s help a lot so that we can share a lot.”

Bandele argued that the more activity there is in deepwater, shallow water, and onshore operations, the greater the operational efficiency and cost savings for all operators.

“As soon as you have a lot of activities going on in deepwater space, in the shallow water space, and onshore, honestly the amount of operational efficiency that comes from there is significant. And we need to support one another,” he advised.

Dan Poster by — November 13, 2025 in Business 0