The Chief Executive of the Nigerian Upstream Petroleum Regulatory Commission, Gbenga Komolafe, has expressed optimism that Nigeria’s crude oil output will soon witness a significant boost following the completion of a new offshore production facility.

Komolafe expressed his excitement in a statement issued by the commission’s Head of Media and Strategic Communications, Eniola Akinkuotu, on Thursday, after an official visit to Dubai Drydocks World in the United Arab Emirates, where he inspected the EMEM Floating Production Storage and Offloading vessel, which is currently undergoing final conversion works.

The visit formed part of the commission’s regulatory oversight function to assess the vessel’s sail-away readiness ahead of its deployment to Nigerian waters.

The statement read, “The commission Chief Executive of the Nigerian Upstream Petroleum Regulatory Commission, Gbenga Komolafe, has expressed delight over the impending increase in oil production.

“The CCE shared his view during an official visit to Dubai Drydocks World in the United Arab Emirates, as part of regulatory oversight of the EMEM Floating Production Storage and Offloading vessel’s sail-away readiness.”

According to the statement, the EMEM FPSO is being converted for Oriental Energy Resources Limited and will be deployed to the Okwok Field, operated by Oriental Okwok Limited, offshore Nigeria.

The NUPRC boss undertook a four-hour detailed inspection of the vessel, examining critical areas including the Oil and Produced Water Treatment Unit, Gas Injection Modules, Seawater Treatment Facilities, Gas Turbine Generators, Electrical House, LACT Unit, Laboratory, Control Room, and Accommodation Quarters.

The walkthrough enabled the commission to assess the project’s compliance, quality, and readiness for sail-away. The EMEM FPSO, once deployed, will handle crude production, processing, storage, and offloading operations for the Okwok Field, one of Nigeria’s key offshore assets expected to add meaningful volumes to the nation’s output target.

The development is timely, given Nigeria’s recent push to ramp up production to meet its OPEC+ quota and restore investor confidence in the upstream sector.

Delivering his remarks after the tour of the FPSO, the NUPRC boss said the FPSO’s planned departure to Nigeria was good news, as it aligns with the Project One Million Barrels initiative, which seeks to increase the country’s oil production by one million barrels.

“This FPSO is coming to Nigeria at a time we are seeking to increase production. It will help us achieve our project, One Million Barrels. From what I have seen, I am very impressed, and as the regulator, we will continue to give support to Oriental Energy,” he said.

Komolafe also advised Oriental Energy to participate in the next licensing round, as the company had shown that it had the capacity to take on more projects in Nigeria’s vibrant oil and gas sector.

“We advise that you participate in the next licensing round, at least to optimise your capacity. We are convinced that Oriental Energy has the capacity to contribute to our national development,” he added.

Also speaking, the Executive Vice Chairman of Oriental Energy Resources Limited, Engineer Goni Sheikh, thanked the CCE for encouraging investments in the oil sector.

“We have engaged with your team and they have been working around the clock, including Saturdays and Sundays, to beat the timelines and attain this. And we must also say that since the start of this project, we have received 100 per cent support from the NUPRC. We thank the regulator for the support, oversight, and guidance that the regulator gives us. You are truly a business facilitator,” he stated.

The Okwok Field Development Project represents a strategic milestone in Nigeria’s upstream petroleum industry, demonstrating growing indigenous technical capability.

The project entails the conversion of Nordic Mistral, a double-hulled crude tanker with a one-million-barrel storage capacity, into a fully integrated FPSO with a 15-year operational lifespan.

The EMEM FPSO boasts a processing capacity of 40,000 barrels of oil per day, 70,000 barrels of liquid per day, and includes systems for produced water treatment (60,000 barrels of water per day, water injection (60,000 BWPD), gas processing (15 MMSCFD), gas lift (7.5 MMSCFD), and gas injection (3.5 MMSCFD).

FirstHoldCo Plc has sustained its growth momentum across core business segments, reporting a 17.1 percent year-on-year increase in gross earnings to ₦2.64 trillion for the nine months ended September 30, 2025, compared to ₦2.25 trillion in the corresponding period of 2024.

According to the unaudited results released by the Group, interest income rose sharply by 40.4 per cent to ₦2.29 trillion from ₦1.63 trillion in September 2024, reflecting improved asset yields and loan book expansion. Net interest income also climbed 71.7 per cent year-on-year to ₦1.5 trillion, buoyed by stronger core banking operations.

However, non-interest income declined 49.2 percent to ₦296.9 billion, while impairment charges for credit losses surged 68.6 percent to ₦288.9 billion, reflecting prudent risk provisioning in a volatile operating environment.

Operating income rose 23.2 percent to ₦1.80 trillion, though profit before tax slipped 7.3 percent to ₦566.5 billion, down from ₦610.9 billion a year earlier. Profit after tax also fell by 15.5 percent to ₦450.9 billion, largely due to reduced fair value gains and higher operating costs, which jumped 39.3 percent to ₦942.7 billion.

Despite the profit decline, the Group maintained balance sheet stability, with total assets at ₦26.4 trillion, marginally lower than ₦26.5 trillion as of December 2024. Customer deposits rose 4.2 percent year-to-date to ₦17.9 trillion, while net loans and advances increased by 9 percent to ₦9.6 trillion.

Key performance ratios show that FirstHoldCo maintained a post-tax return on average equity of 19.9 per cent and a post-tax return on assets of 2.3 percent. The Group’s cost-to-income ratio stood at 52.4 per cent, compared with 46.4 percent a year earlier, while the non-performing loan (NPL) ratio improved to 8.5 per cent from 10.2 percent in December 2024.

Group Managing Director, Adebowale (Wale) Oyedeji, described the results as a reflection of the Group’s underlying resilience and commitment to sustainable growth.

“FirstHoldCo has once again demonstrated solid earnings capability,” Oyedeji said. “Our interest and operating income grew strongly by 40.4 percent and 23.2 percent, respectively, supported by a 26.9 percent rise in fees and commission income. The decline in profit before tax was due to the normalisation of fair value gains and balance sheet strengthening initiatives.”

He noted that the Group’s strategic risk management measures were already yielding results, as seen in the improved asset quality.

On the recapitalisation of FirstBank, Oyedeji disclosed that the first phase of its private placement capital raise had been successfully executed and is awaiting final regulatory approvals.

“We expect to conclude this phase in November 2025, ensuring FirstBank’s full compliance with the new minimum capital requirements by year-end,” he said. “Subsequent capital raising rounds will further enhance our financial solutions and support value-accretive initiatives.”

Oyedeji reaffirmed the Group’s commitment to achieving its 2029 financial targets, noting that FirstHoldCo remains well-positioned to deliver stronger shareholder value through operational scalability and prudent capital management.

Genesis Energy Limited and the Nigerian National Petroleum Company Limited have announced plans to supply excess power generated from the Port Harcourt Refining Company to the national grid.

The partnership, unveiled during an official visit by the Minister of Power, Chief Adebayo Adelabu, to Genesis Energy’s operational site within the Port Harcourt Refinery in Eleme, Rivers State, is aimed at improving grid stability, expanding electricity access, and advancing Nigeria’s energy transition goals.

Genesis Energy said in a statement that it operates the nation’s largest licensed private off-grid clean power plant, an 84-megawatt facility that supplies sustainable energy to the Port Harcourt refinery, which is currently dormant due to an ongoing technical review.

Recall that the power minister has recently lamented that Nigeria had over 10,000 megawatts of power locked in idle plants across the nation.

According to Adelabu, the Port Harcourt refinery could only use 20 MW out of its current capacity, leaving over 60 MW stranded.

Under the new arrangement, Genesis Energy and NNPC will work together to channel the refinery’s excess or stranded power to the national grid in line with the Federal Government’s Power Sector Reform and Energy Transition Agenda.

Speaking during the visit, Adelabu commended Genesis Energy’s operational excellence and reaffirmed the Federal Government’s support for private-sector investment in the power industry.

“We have over 10 gigawatts of stranded generation capacity in Nigeria today. We have energy being generated or capacity being installed all over the country that cannot be evacuated because of transmission and distribution bottlenecks,” the minister said.

He added, “We are ready to do everything possible to attract investors to support us so that industries, businesses, and households can have uninterrupted, functional, and reliable electricity. This collaboration will serve as proof of concept for integrating excess capacity into the national grid and could lead to an additional 120 megawatts once the pilot phase is concluded.”

Adelabu further assured that the government would fast-track transmission infrastructure and commercial arrangements to enable seamless evacuation of power from the facility to the grid.

The Chairman and Chief Executive Officer of Genesis Energy Group, Mr Akinwole Omoboriowo, said the partnership with NNPC underscored the company’s commitment to leveraging clean energy solutions for national development.

“At Genesis Energy, we remain committed to powering progress through strategic partnerships that strengthen Nigeria’s energy infrastructure and expand access to reliable power. This collaboration with NNPC Ltd. exemplifies pragmatic innovation, leveraging existing assets to expand energy access, enhance refinery productivity, and contribute to national development,” Omoboriowo stated.

He added that the initiative would create jobs, support industries, and power local communities, while reinforcing Nigeria’s journey toward a cleaner and more sustainable energy future.

Genesis Energy said it would continue to work with the Federal Government, financiers, and other stakeholders to promote industrial growth, advance the just energy transition, and strengthen national grid reliability.

“The 84 MW off-grid independent power plant operated by Genesis Energy, located within the Port Harcourt Refining Company, stands as the nation’s largest licensed private off-grid clean power plant and the company’s pioneering clean energy investments in the country.

”The facility, powered by three GE TM2500+ gas turbines, supplies uninterrupted, sustainable power directly to the refinery, improving operational efficiency, strengthening local energy security, and reducing dependence on diesel and grid instability. The PHRC IPP also exemplifies how gas-to-power acts as a strategic enabler for renewable energy deployment, with every 1 MW of gas-to-power capacity creating potential for up to 2 MWp of solar power investment, thereby supporting Nigeria’s Just Energy Transition and climate resilience agenda,” the statement added.

The Chairman of the OPEC Board of Governors for 2025 has called on Nigerian oil producers to prioritise domestic refining and value creation instead of exporting raw crude.

Speaking on Wednesday at the Nigerian Association of Petroleum Explorationists Pre-Conference Workshop in Lagos, Adeyemi-Bero, who is also the Chief Executive Officer of First Exploration & Petroleum Development Company, said the country must move away from decades of crude exports and focus on retaining value within the local economy.

He said, “We’ve been an oil and gas exporting country. We produced oil; once there was oil, we put it in a tank and sent it abroad. 40 or 50 years later, people blame Shell and others, but I don’t. They are businesses looking for feedstock for their industrialisation. If you give it to them, they’ll still take it.”

Adeyemi-Bero argued that Nigeria had a responsibility to develop its energy resources locally and use them to drive industrial growth, rather than depend on foreign markets.

According to him, President Bola Tinubu would have returned fuel subsidies if the Dangote refinery had not been there to produce fuel locally.

”Just look at the impact the Dangote refinery has had on foreign exchange and gross domestic product growth. You can imagine if that had happened 50 years ago. If the president had said, ‘I’m cancelling subsidies, and I’m not going to allow multiple exchange rates,’ and we didn’t have the option of having petroleum products in this country, I’m sure he would have changed his policies and gone back to subsidies. It’s as simple as that. Let’s not over-aggregate.

This message is saying, We need to decline exports,” Adeyemi-Bero said.

He spoke further that, “If you go to Saudi Arabia today, if you go to the UAE, if you go to Qatar, if you go to Malaysia, if you go to Brazil, they are expanding the value chain and keeping it in their space. Now, one man built a refinery; we fought him, we argued with him. But the impact of that Dangote refinery on our GDP and foreign exchange is big.”

He added that local refining and crude utilisation would also help stabilise the naira and strengthen the nation’s economy.

“If we can sell some oil in naira, let’s do it if it works for both parties. The strength of the naira is what it commands in trade. This is why nobody wants the naira outside this space, but the day you can pay for oil in naira because both parties agree, it strengthens the naira,” he said.

Adeyemi-Bero stressed that Nigeria must deliberately reduce its dependence on exports and focus on value creation to avoid future economic decline.

“We need to decline exports. All of us like to sell, but the person that will buy from us will be willing to buy at the right price. ‘I’m investing in dollars, so don’t come and buy in naira. If I invest in dollars, then pay me in dollars.’ But we could make that happen,” he stated.

He warned that failure to change course could be costly, saying, “We need to shift from being export-driven to value-driven. If we don’t do this over the next decade, we have failed.”

The OPEC Governor also called for renewed commitment among local operators, noting that international oil companies had already played their part.

“The internationals have done their bit. But I do think that God also decided to hand over to Nigerians. ‘They’ve started it; now let me give it to the owners to make it happen,” he said.

Adeyemi-Bero emphasised that the oil and gas sector remained central to achieving the country’s economic aspirations, including its $1tn economy target.

“Nigeria wants to be a $1tn economy. Let’s not worry about where we are today. Is it possible? Yes. Who is going to make it possible? We have a responsibility, probably the primary responsibility, to drive that energy. Energy access and security is a must,” he declared.

He further noted that energy-led growth was essential for national development, saying, “The oil and gas sector can enable that to happen. Because without electricity, without fuel, the economy is not going to grow. So we have a responsibility.”

Adeyemi-Bero urged industry players to take ownership of Nigeria’s energy future, stressing, “The baton has been placed in our hands. We can have oil and gas like the UAE, Saudi Arabia, or Qatar, small nations punching their weight through their resources. We must use ours to step up as a country.”

Earlier in his welcome remarks, the President of the Nigerian Association of Petroleum Explorationists, Mr Johnbosco Uche, said the pre-conference workshop was a vital part of the association’s annual conference and a platform for industry leaders to deliberate on critical sector issues.

Uche explained that this year’s conference theme, ‘Revitalising the Nigerian Petroleum Exploration and Production Strategies for Energy Security and Sustainable Development’, reflected the urgency of the times and the need for collective industry action.

He said the country must work to increase production to meet its national target while ensuring long-term sustainability.

“In the near term, we need to increase production. The country is pushing to hit the three million barrels per day target. We have to push it to that three million target. But most importantly, sustaining that production is also key,” Uche stated.

The NAPE president underscored the role of explorers in achieving this objective, adding that maintaining technical excellence was vital for the industry’s survival.

First HoldCo Plc has reported a profit after tax of N450.9bn for the nine months ended 30 September 2025.

According to the group’s unaudited financial statement filed with the Nigerian Exchange Limited, the figure represents a 15.5 per cent decline from the N533.9bn profit recorded in the same period of 2024.

First HoldCo’s gross earnings rose by 17.1 per cent year-on-year to N2.63tn from N2.25tn in September 2024, driven by interest income, which rose to N2.29tn in the nine months of 2025 from N1.63tn in the corresponding period of 2024, representing a 40.4 per cent increase. However, interest expense climbed to N791.8bn from N759.1bn, while impairment charges for losses rose to N288.9bn from N171.4bn in the previous year.

The group’s fee and commission income grew to N260.5bn from N205.3bn. First HoldCo also recorded a net foreign exchange gain of N71.9bn, a recovery from a loss of N226.7bn posted a year earlier.

Profit before tax for the group stood at N566.5bn, down from N610.9bn in the corresponding period of 2024.

Similarly, the group’s total comprehensive income declined to N335.1bn from N848.8bn reported in the previous year, while earnings per share dropped to N10.65 from N14.64 in 2024.

Commenting on the development, the Group Managing Director of First HoldCo, Adebowale Oyedeji, said, “FirstHoldCo has once again shown solid earnings capabilities. The Group posted a strong financial performance over the period, with interest income and operating income growing by 40.4 per cent and 23.2 per cent year-on-year, respectively. The robust performance of the core business was supported by a 26.9 per cent rise in gross fees and commission income. Consequently, gross earnings reached N2.6tn, marking a 17.1 per cent year-on-year increase.

“The decline in profit before tax is directly attributable to the normalisation of fair value gains and measures implemented to strengthen the balance sheet for the long term. Our strategic risk management initiatives are already yielding positive results, as evidenced by an improvement in the non-performing loan ratio to 8.5 per cent, and we are on track to exit the forbearance regime by year-end.”

Speaking on the ongoing recapitalisation, Oyedeji said, “Regarding the recapitalisation of FirstBank, the first phase of our private placement capital raise has been successfully executed. Pending final regulatory approvals, we anticipate this phase will conclude in November 2025, ensuring FirstBank’s full compliance with the minimum capital requirements before year-end 2025. The proceeds from the subsequent rounds of capital raising will be used to further enhance and broaden our innovative financial solutions and explore value-accretive opportunities.

“Overall, FirstHoldCo’s underlying metrics affirm its fundamental strength, resilience, and scalability of operations. The Group is well-positioned to not only achieve its 2029 financial targets but also to significantly enhance shareholder returns.”

Nigerians will pay an additional amount of about N1tn (N973.6bn) annually on petrol imports following the Federal Government’s planned introduction of a 15 per cent import tariff on Premium Motor Spirit (petrol), a price analysis conducted

According to a petrol import trend report obtained from the Nigerian Midstream and Downstream Petroleum Regulatory Authority, reviewed by The PUNCH on Tuesday, Nigeria imported an average of 26.75 million litres of petrol daily between January and September 2025.

At a projected import tariff rate of N99.72 per litre, as stated in the presidential approval letter for the 15% tariff, the amount that would be spent as tariff for the 26.75 million litres would be about  N2.67bn daily.

When computed over a full year, this adds up to a staggering N973.64bn, which Nigerians will ultimately bear through higher pump prices once the policy is implemented. This amount, while representing additional revenue for government coffers, will translate to a direct increase in fuel expenses for households, transporters, and businesses nationwide.

President Bola Tinubu’s approval of a 15 per cent import policy on PMS and diesel has stirred widespread concern across the oil and gas sector, with operators warning it could raise petrol prices, worsen inflation, and increase import costs, even as the government insists the policy aims to boost local refining and generate revenue.

The President’s approval was conveyed in a letter signed by his Private Secretary, Damilotun Aderemi, following a proposal submitted by the Executive Chairman of the Federal Inland Revenue Service, Zacch Adedeji.

The proposal sought the application of a 15 per cent duty on the cost, insurance, and freight value of imported petrol and diesel to align import costs with domestic market realities.

Adedeji, in his memo to the President, explained that the measure formed part of ongoing fiscal and energy reforms designed to strengthen the naira-based oil economy, ensure price stability, and accelerate the nation’s transition toward local refining capacity in line with the administration’s Renewed Hope Agenda for energy security and economic sustainability.

He also advised the government to ensure transparency by creating a designated Federal Government revenue account managed by the Nigeria Revenue Service, with verification and clearance oversight by the NMDPRA.

“At current CIF (Cost, Insurance, and Freight) levels, this represents an increment of approximately N99.72 per litre, which nudges imported landed costs towards local cost recovery without choking supply or inflating consumer prices beyond sustainable thresholds.

“The core objective of this initiative is to operationalise crude transactions in local currency, strengthen local refining capacity, and ensure a stable, affordable supply of petroleum products across Nigeria,” Adedeji stated.

The FIRS boss noted that the policy is not revenue-driven but corrective, introduced to align import costs with local production realities and prevent duty-free imports from undercutting domestic refineries that are just beginning to recover.

He argued that the new tariff framework would discourage duty-free fuel imports from undercutting domestic producers and foster a fair and competitive downstream environment. He also warned that the current misalignment between locally refined products and import parity pricing has created instability in the market.

“While domestic refining of petrol has begun to increase and diesel sufficiency has been achieved, price instability persists, partly due to the misalignment between local refiners and marketers,” he wrote. The new policy takes effect after a 30-day transition period expected to end on November 21, 2025.

Brent crude oil prices are expected to fall to an average of $60 per barrel in 2026, the World Bank has forecast, as global supply continues to outstrip demand. The decline marks a continuation of a multi-year moderation in energy prices.

In its latest report, The Commodity Markets Outlook in Eight Charts, the lender predicted that global commodity prices would fall by roughly seven per cent next year, the fourth consecutive annual decline. Energy prices are set to lead the downward trend, with a projected 10 per cent drop in 2026, following a 12 per cent fall in 2025.

The downward pressure on oil prices reflects subdued global economic activity, persistent trade tensions, and policy uncertainty and is compounded by ample oil supplies. Brent crude has already dropped 14 per cent in the first nine months of 2025 amid oversupply and weak demand, particularly from China. However, occasional price spikes were recorded due to geopolitical events and US sanctions on Russian oil.

“OPEC+ has gradually increased production targets throughout 2025, contributing to an approximate three million barrels per day year-on-year rise in global supply,” the World Bank noted

“With demand expanding by less than one million barrels per day, the oil market is likely to face a sizable surplus in the coming year.”

The report also highlighted that natural gas prices have experienced significant regional variation. US benchmark prices rose 44 per cent year-on-year in the third quarter of 2025 due to strong liquefied natural gas demand, while European prices remained largely unchanged.

Looking ahead, natural gas is expected to stabilise in the United States in 2027 after a moderate 11 per cent increase in 2026, whereas European prices are projected to decline by 11 per cent next year.

The World Bank’s analysis points to broader risks influencing commodity markets, including geopolitical tensions, extreme weather events, and shifts in global trade policy. Despite these uncertainties, energy markets are expected to remain oversupplied, keeping Brent crude prices on a downward trajectory.

“The expected moderation in oil prices is consistent with subdued economic growth and the continued expansion of oil production,” the report stated. “While temporary spikes may occur due to geopolitical events, the overall trend points to a further decline in 2026.”

Furthermore, the World Bank stated that metals and minerals prices are expected to remain broadly stable, while precious metals are projected to gain five per cent, following a record investment-driven surge of more than 40 per cent in 2025. Agricultural prices are anticipated to edge lower amid favourable supply conditions, with food prices stabilising and beverage prices declining by seven per cent next year due to expanding output.

The World Bank also warned that fertiliser prices, which have surged 28 per cent over the past year due to strong demand, trade restrictions, and production shortfalls, are expected to ease gradually in 2026, though remaining elevated compared with the 2015–2019 average.

“Commodity markets continue to face a complex mix of factors,” the report said. “Sluggish global growth, policy uncertainties, and oversupply in key sectors are weighing on prices, while extreme weather events, easing trade tensions, or changes in input costs could shift market dynamics.”