NUPRC denies withholding N283.3bn exploration funds from NNPC

The Nigerian Upstream Petroleum Regulatory Commission has disclosed that over $185m (about N268.4bn) and N14.9bn have so far been released to the Nigerian National Petroleum Company Limited from the Frontier Exploration Fund.

The commission’s Head of Media and Strategic Communication, Eniola Akinkuotu, made the revelation in a statement issued on Monday, addressing recent reports that the NUPRC had withheld the Frontier Exploration Fund from NNPC Ltd.

Akinkuotu’s disclosure confirms that the fund has been disbursed to NNPC Ltd as planned, countering the assertions that payments were being withheld by the regulator.

The disclosure provides fresh insight into the utilisation of the controversial fund, which has been at the centre of transparency concerns following the introduction of the Petroleum Industry Act that mandates a 30 per cent allocation of NNPC Ltd’s profit oil and gas to frontier exploration.

According to the commission, the fund, drawn from statutory allocations for the exploration of frontier basins, was made available to the national oil company to accelerate oil and gas discovery efforts, particularly in underexplored regions across the country.

Akinkuotu explained that the Frontier Exploration Fund was not domiciled in the Commission but in an account controlled by the Central Bank of Nigeria. The commission added that its role was simply to evaluate the Work Programme submitted by NNPCL after which an approval would be given for the release of the fund.

“The Nigerian Upstream Petroleum Regulatory Commission has dismissed reports that it is withholding the Frontier Exploration Fund from the Nigerian National Petroleum Company. $185,123,333 had been approved along with N14.9bn. We approve funds based on certified activities and contracts awarded. So, if a contract has not been awarded, we cannot approve payments” the statement read.

According to the statement, the NUPRC in a bid to promote transparency, had contracted PwC to evaluate NNPCL’s claims before the final approval of the fund.

“So far, there is no outstanding sum. The NUPRC approved the final release on November 27, 2025 to the tune of $140,000,000. We have documents to back this up. Earlier, N14.9bn and $45m were released.

“Anyone interested can also reach out to the NNPCL rather than rely on faceless individuals seeking to tarnish the image of the Commission,” the statement added.

The commission noted that the Frontier Fund was solely for the use of the NNPC and it would be absurd for any operator to make spurious claims.

The upstream regulator added that the Minister of State for Petroleum, Senator Heineken Lokpobiri, had earlier issued a statement denying investigating the NUPRC over the handling of the fund.

“The minister had issued a rebuttal on the so-called investigation on November 17, 2025. It amounts to mischief for anyone to reference a statement which has been denied by the purported author,” the Commission concluded.

Shell Nigeria Gas Limited Boosts Operations In Ogun State

Nigeria’s premier gas distribution company, Shell Nigeria Gas Limited (SNG) is expanding its operations in Ogun State with an agreement to provide gas to SG Industrial FZE, a leading steel company in the Guandong industrial zone in the State.

 

The agreement adds to a growing list of clients for SNG which has developed as a dependable supplier of gas through distribution pipelines of some 150km, serving over 150 clients in Abia, Bayelsa, Ogun, and Rivers states.

 

The company recorded the achievements working in close collaboration with NNPC Gas Marketing Limited (NGML).

 

“Our commitment is clear — to build, operate, and maintain a gas distribution system that is not only reliable, but resilient, transparent, and designed to fuel growth,” Managing Director, SNG Managing Director, Ralph Gbobo said at the signing ceremony. “The agreement reflects our commitment to expanding access to cleaner and more reliable energy to support Nigeria’s growth agenda.”

 

Vice General Manager SG Industrial FZE, Moya Shua said: “We are thrilled to partner with SNG on this transformative journey. This collaboration marks a major step forward in securing reliable energy that will power our growth and long-term ambitions.”

 

SNG was incorporated in 1998 as a fully Shell-owned company. It had also increased access to its natural gas pipeline network, connecting new customers like Reliance Chemical Products Limited II, Ultimum Limited, Nigeria Distilleries Limited III and Rumbu Industries Nigeria Limited, reinforcing its commitment to boosting domestic gas utilization across Nigeria.

The milestones support the Federal Government’s Decade of Gas initiative and the broader gas development agenda.

CBN Names 82 Licensed BDCs, Warn Unlicensed Dealers Of Possible Penalties

The Central Bank of Nigeria (CBN), has granted Final Licenses to 82 Bureaux De Change (BDCs) to operate with effect from November 27, 2025.

This is in exercise of its powers conferred under the Bank and Other Financial Institutions Act (BOFIA) 2020, and the Regulatory and Supervisory Guidelines for Bureaux De Change Operations in Nigeria 2024.

While the CBN will continue to update the list of Bureaux De Change with valid operating licences for public verification on its website (www.cbn.gov.ng), the Bank advises the general public to avoid dealing with unlicensed Foreign Exchange Operators.

CBN warned, “For the avoidance of doubt, operating a Bureau De Change business without a valid licence is a punishable offence under Section 57(1) of the Banks and Other Financial Institutions Act (BOFIA) 2020.

“Members of the public are hereby advised to note and be guided accordingly.”

FG, SEC, NGX Group Forge Unified Direction On Capital Gains Tax Reform

The Federal Government has inaugurated the National Tax Policy Implementation Committee (NTPIC), marking a deliberate shift toward a more predictable and market-aligned rollout of the newly enacted capital-gains-tax (CGT) provisions.

The move follows extensive technical engagements with key capital-market institutions, including the Securities and Exchange Commission (SEC) and Nigerian Exchange Group (NGX Group), reflecting policymakers’ recognition of the market’s role in sustaining liquidity, price discovery and long-term capital formation.

 

Chaired by leading tax and fiscal-policy expert Joseph Tegbe, the committee has been tasked with steering the implementation process toward clarity, investor protection and policy coherence. Its mandate includes ensuring transparent guidelines, broad stakeholder consultation and an execution framework that minimizes market disruption while reinforcing confidence among domestic and foreign investors.

 

Tegbe said the government would avoid policies that risk disrupting market activity or business investment. “Implementation of the new tax laws will be fair, transparent and humane. We will not roll out these policies in a way that cripples businesses or investors. Stakeholder engagement will be central to this process,” he said at the inauguration.

 

The shift follows sustained engagements by NGX Group and the SEC, during which market operators outlined the potential implications of a rapid CGT rollout on liquidity, investor sentiment and the market’s competitiveness at a time when Nigeria is seeking deeper pools of domestic and foreign capital.

 

Temi Popoola, GMD and CEO of NGX Group, commended the government’s approach, noting that the group, in collaboration with the SEC, has consistently advocated for a data driven approach that balances fiscal objectives with the need to preserve market depth. “We support the modernisation of Nigeria’s tax system, but reforms of this scale must be carefully calibrated to protect liquidity, sustain participation and maintain competitiveness,” he said. “Our engagements with government have focused on ensuring that implementation supports the capital market’s role in long-term investment and economic growth”. Popoola added that global competitiveness hinges not only on policy intent but also on the precision of execution, particularly for emerging markets seeking cross-border flows.

 

The government’s consultations intensified after the Honorable Minister of Finance and Coordinating Minister of the Economy, Wale Edun, visited NGX Group, where market operators outlined the potential unintended consequences of an abrupt CGT rollout.

 

Analysts view the inauguration of the NTPIC as a constructive signal to investors, indicating that authorities intend to anchor fiscal reforms in evidence and consultation, rather than speed alone.

 

Both SEC and NGX Group have pledged continued collaboration with the committee to ensure that the eventual CGT implementation supports confidence, broadens participation and aligns with long-term capital-market development objectives

Journalists raise alarm over upsurge of insecurity in parts of Imo

Association of Ngor Okpala Journalists (ANOJ), has raised the alarm over the upsurge of insecurity in parts of Ngor Okpala Local government Area of lmo State, especially around the Sam Mbakwe airport, Umuowa-Ihitte-Umuhu-Okpala axis along Owerri-Aba Expressway.

The Association said the recent reports, both confirmed and unconfirmed, have continued to indicate that the above-mentioned areas have been taken over and are currently under siege by bandits/terrorists.

It stated that between Monday 1st and Tuesday 2nd December 2025, there were reported incidents of attacks on unsuspecting motorists allegedly resulting in abduction and killing of passengers by the suspected bandits/terrorists.

It noted that the attack on the Advance Team of Abia State Governor’s Office that was heading to the Imo Airport is one case too many and a clear pointer to the alarming wave of the terrorists’ menace.

In a joint statement issued on Sunday by the Chairman, Comrade Athan Agbakwuru and Comrade Henry Amadi, the Secretary, they alleged that the Association have it on good authority that the adjoining vast bushes in the mentioned areas have become the hideouts and safe haven to the daredevil terrorists.

They added that available information further revealed that several decomposing corpses and personal valuables belonging to attacked victims were discovered in the bushes during separate periodic combing exercises by the Ihitte Okwe, Umuowa, and Umuhu communities.

Part of the statement reads, “it’s on record that in the past two years or more, Ngor Okpala has become a flashpoint for insecurity.

“A woman was killed in her farm at Amala, another pregnant woman was slaughtered near the Airport Runway at Umueze Ezemba, staff of FAAN was kidnapped with his kinsman about June this year, commercial motorcyclist was attacked, killed and his bike snatched along Umuohiagu-Umuowa Road. The list is still counting.

“These series of violent crimes have continued to pose a grave threat to commercial, economic, social and political activities in our area.

“The ugly scenario has also portrayed our peaceful locality in bad and dangerous light as an unsafe place for innocent natives, residents and passersby but a haven for bandits and terrorists.

“It’s yet uncertain who the criminals perpetrating the heinous crimes are–our own people or armed Fulani herdsmen, Boko Haram or ISWAP terrorists.

“There is a military checkpoint at Umuowa, the Airport Junction, a few metres away from where bandits are holding sway and having a field day.

“Most worrisome is the fact the ease with which they operate and no proactive or responsible action taken to foil any attack or apprehend the culprits during or after operations.

“The Divisional Police Officer, DPO, and his men and the military in Ngor Okpala should rise to the occasion and fish and flush out the criminals without further delays.

“The Imo State Police Command, Military and Nigeria Security and Civil Defence Corps, NSCDC, in collaboration with community vigilante and youth groups should wake up and clear the bushes of unwanted residents therein.

“Traditional rulers, religious and political leaders and everyone in Ngor Okpala must have to be vigilant and ready to assist security agencies with factual information to enable them get to the root of the menace.

“The strategic position of Ngor Okpala as the host to Sam Mbakwe International Cargo Airport, SMICA, Owerri, and a link Abia, Rivers States and Imo State make it inevitably imperative for immediate and urgent action against the rising wave of banditry in the area.

“We have taken necessary cognizance of the intervention of the Imo State Police Command last weekend and commend same but urge and insist that the authorities must sustain the crackdown until the culprits are brought to book and made to face the full wrath of the law.”

UI launchpad for greatness, not just university — Olajomi-Otubu tells class of 2025

The University of Ibadan, UI, is more than a higher institution. It is a launchpad that prepares people for success, according to Mrs. Bola Olajomi-Otubu, alumna of the institution and Chief Executive Officer of Beige Spaces Limited, a design and construction firm.

Speaking at the Class of 2025 convocation ceremony, Olajomi-Otubu described UI as a foundational “training ground” and a “refining fire” that has shaped every significant milestone in her life. She said the university has played a pivotal role in her personal and professional journey.

“The University of Ibadan is not just another university. It is where my foundation for success was built. It is a training ground and, in many ways, the refining fire that set me up for success,” she said.

Olajomi-Otubu noted that she is a proud second-generation alumna. Her father, HRH Prof. Amusat Titilayo Hassan, the Elesugbon of Esugbon, Obaruwa I, and retired Professor of Zoology, is also an alumnus who spent more than four decades at the institution. Two of her sisters also graduated from UI.

She likened the university’s impact to the strength of a building’s foundation. “When I think about UI, I think of foundations that are strong, steady and enduring. As CEO of a construction and design firm, I know that any building that will stand tall must rest on the right foundation. The same applies to life. Our foundations are critical.”

Addressing the chancellor, vice chancellor, faculty members and graduating students, she congratulated the Class of 2025 for their perseverance through academic hurdles and strike disruptions. She said returning to UI felt like coming home, recalling her childhood years in the university staff school, Abadina College, and the Department of Psychology, where she formed lasting relationships.

Olajomi-Otubu reflected on the sacrifices, late-night reading sessions and the friendships built along the way, stating that these experiences serve as the “foundation stones” upon which graduates must build their lives. She urged them to draw strength from the resilience instilled by their time at UI.

Sharing her journey from psychology graduate to human resources professional and later to construction entrepreneur, she recounted losing a job before eventually leading a company that employs nearly 60 professionals. “That is how strong the foundation this university gave me is. I can rebuild, pivot or completely change my path because I carry the lessons I learned within these great walls,” she said.

She explained that building anything meaningful in life requires more than resources, stressing that “faith” is a critical component of progress. “Life after UI will test your resolve. There will be days when your plans collapse like an unreinforced structure. In those moments, remember your foundation and the lessons you learned here.”

Shifting to spiritual insight, she said faith in God has remained her compass, adding that she has learned to choose courage over fear. She encouraged graduates to embrace patience, discipline and values that produce lasting success.

“Choose the hard and the right over the easy and the quick. Real success is not instant. It is slow-cooked like smoky jollof rice. Good things take time,” she said.

She cautioned graduates against the illusions created by social media and advised them to be mindful of the digital footprints they leave behind. “The world is loud, especially online. Loud is not always right. The internet does not forget. Stillness is power.”

Olajomi-Otubu advised the graduating class to focus on building character, relationships and legacy rather than following fleeting trends. “Anyone can hustle, but few can build. Build something that lasts longer than you.”

She emphasised the value of community, diversity of thought, and resilience, noting that life in Nigeria often presents difficult challenges. “In Nigeria, life does not throw lemons. It throws pepper, pepper pro max. Learn to make pepper soup on your way to greatness.”

Referencing outstanding UI alumni such as Nobel Laureate Prof. Wole Soyinka, Chinua Achebe, Prof. Olikoye Ransome-Kuti and Prof. Grace Alele-Williams, she described them as “giants” whose legacies continue to inspire new generations.

“We see farther today because they stood tall yesterday. You, the Class of 2025, now join this extraordinary lineage. You are the next set of shoulders for others to stand on.”

She urged the graduates to step into the world as “builders of the future,” confident in their purpose, faith and integrity. “Believe that your story matters. Believe that you can rise from pepper to purpose. Your purpose will be your compass.”

Concluding her address, she charged the class: “Go forth. May your foundations hold strong, your faith shine bright and your future stand tall.”

Canoe mishap in Borno leaves three dead, five rescued

A canoe accident in Gamboru-Ngala, Borno State, on Sunday evening left three people feared dead and five others rescued after the vessel capsized while crossing the river between Nigeria’s Gamboru town and Fotokol in Cameroon.

The incident was contained in a post shared on X on Monday by security analyst Zagazola Makama.

According to the post, the canoe, operated by Mamman Nur Abbagana of Kasuwan Katako, Gamboru, overturned around 6:30 p.m., throwing all eight passengers into the water.

“All the travellers were Chadian nationals who were reportedly returning from Jos, Plateau State, and heading to N’Djamena, Chad Republic,” Makama wrote.

Five of the passengers were rescued alive, though their identities had not been confirmed as of the time of the report.

However, a woman identified as 34-year-old Alphosine Makebu Beboroum and her two daughters, 3-year-old Centich Mamajibe and 10-month-old Mamajilem Bebaroum were feared drowned and had not yet been recovered by Monday morning.

Search and rescue efforts were still ongoing.

Makama also reported that the police arrested the canoe paddler for violating the Borno State Government’s safety directive, which requires all canoe operators to provide life jackets for passengers.

Dino Melaye cautioned against attacking other leaders

A grassroots forum of voters in Kogi State, under the aegis of the Ijumu Voters Forum, IYF, has cautioned former Senator Dino Melaye, urging him to desist from attacking leaders in the state.

This followed the former lawmaker’s recent outburst against some persons holding political offices at the federal level.

According to the group, Melaye did not significantly impact the lives of the people of Kogi West to have the moral ground to criticise others.

The grassroots voters’ forum in Kogi West, in a statement signed by its coordinator, Hon. Eleta Kelvin Oluseyi, on Monday, said the former Senator lacks the moral authority and public record required to criticise other public office holders.

According to the forum, Melaye’s years in public office were marked by noise rather than results, drama rather than development, and controversy instead of service.

“Leadership is measured by impact, and by that standard, his record falls short of what the people of Kogi West deserved,” the statement said.

“Melaye became more widely known for public stunts and political quarrels than for meaningful contributions to his constituency.

“The former Senator earned national nicknames that turned him into a spectacle rather than a statesman.”

Ogun Govt issues warning on indiscriminate waste disposal

The Ogun State Government has warned residents against the indiscriminate dumping of refuse in drainages, streets and other unapproved locations, declaring that violators risk two million naira fine or possible imprisonment.

The warning was issued on Monday by the Special Adviser to the Governor on Waste Management, Hon. Abayomi Hunye, who expressed concern over what he described as a growing culture of environmental abuse, particularly in markets across the state.

According to Hunye, the government has, in recent weeks, observed that “most people in markets dump waste indiscriminately, polluting the environment and creating a climate of filth,” a development he said poses serious risks to public health and safety.

He reminded residents of the provisions of the Ogun State Waste Management Authority Law, 2020, which criminalises improper waste disposal. Quoting Section 34(1) of the law, the government stated that “any person who contravenes any of the provisions of this law commits an offence and on arrest shall pay a penalty of twenty-five thousand naira (₦25,000) to the Authority.”

The law further provides that failure to pay the initial penalty, upon conviction by a court, attracts “a maximum fine of two million naira (₦2,000,000) or three months’ imprisonment or both.”

The government noted that despite the availability of designated waste bins and disposal points in all approved markets, many traders and residents still engage in illegal dumping.

“All the approved markets in the state have designated areas and containers for refuse disposal, but many people habitually dump refuse anywhere they choose, putting public health in jeopardy,” the statement read.

Hunye stressed that the state would no longer tolerate what he described as a “pernicious practice,” adding that enforcement would now be carried out strictly.

“There’s a law against this and henceforth, the State Government will not hesitate to implement the provisions and bring sanity to the state,” he said.

The government urged residents to cooperate with environmental officials and comply with waste disposal regulations in order to promote a cleaner and healthier Ogun State.

TikTok restricts Nigerian users from going live at night

TikTok has announced a temporary restriction on access to its live feature during late-night hours for users in Nigeria.

The social media platform has issued an in-app notice to creators to inform them.

According to the notice, their decision is a part of an ongoing safety investigation.

At midnight Nigerian time on Sunday, the platform sent a system notification to users stating, “LIVE Notices.

“TikTok LIVE Update in Nigeria: We’re temporarily limiting LIVE late at night in Nigeria as part of our investigation to ensure our platform remains safe and our community stays protected.”

Live sessions, which were active earlier in the night, became inaccessible between 11pm and 5am, with affected accounts displaying a “No Access” label.

The restriction also prevented creators from viewing live broadcasts from other countries.