Nigeria underperforms OPEC oil quota for six months

OPECNigeria failed to meet its crude oil production quota of 1.5 million barrels per day approved by the Organisation of the Petroleum Exporting Countries in the first month of 2026, extending its streak of underperformance to six consecutive months.

According to OPEC’s Monthly Oil Market Report, Nigeria produced about 1.46 million barrels of crude oil per day in January 2026. Specifically, output rose from 1.422 mbpd in December 2025 to 1.459 mbpd in January, representing an increase of about 38,000 barrels per day.

Despite the marginal improvement, production remained below the 1.5 mbpd quota, marking the sixth straight month the country has missed its OPEC target, spanning August 2025 to January 2026.

Crude oil output had dipped in December 2025 by 14,000 barrels per day, despite government efforts to ramp up production. Data from the Nigerian Upstream Petroleum Regulatory Commission showed that production fell from 1.436 mbpd in November to 1.422 mbpd in December, instead of rising to meet the OPEC quota.

In 2025, Nigeria’s crude oil production fell below its OPEC quota in nine months, meeting or slightly exceeding the target only in January, June, and July. Year-on-year, crude production declined by over 80,000 barrels per day. Nigeria opened 2025 strongly, producing 1.54 mbpd in January, about 38,700 barrels per day above its OPEC allocation.

Output, however, slipped below the quota in February at 1.47 mbpd and weakened further in March, when production averaged 1.40 mbpd, representing one of the widest shortfalls of the year.

Although output recovered modestly in April at 1.49 mbpd and May at 1.45 mbpd, Nigeria remained under its OPEC ceiling until June, when crude production edged up to 1.51 mbpd, marginally exceeding the quota. The country sustained this momentum in July, producing 1.51 mbpd, before slipping below the threshold again in the following months.

As 2026 progresses, expectations are that Nigeria will ramp up crude production, especially as the Dangote refinery announced it has reached its full capacity of 650,000 barrels per day.

Meanwhile, the new Chief Executive of the NUPRC, Oritsemeyiwa Eyesan, has pledged to increase oil production. In a statement issued by the commission’s Head of Media and Strategic Communication, Eniola Akinkuotu, the NUPRC boss said her vision for the upstream sector rests on three pillars: production optimisation and revenue expansion; regulatory predictability and speed; and safe, governed and sustainable operations.

According to her, the agenda aligns with President Bola Tinubu’s Renewed Hope Agenda and the administration’s plan to grow Nigeria’s crude oil production to 2 mbpd by 2027 and 3 mbpd by 2030.

Eyesan said the commission would pursue production and revenue growth by recovering shut-in volumes with economic value, arresting natural field decline, reducing losses, and accelerating time-to-first oil, without imposing additional regulatory burdens or transaction costs on operators.

US Congress: Kwankwaso caught in web of international hypocrisy, blackmail – NNPP

The New Nigeria Peoples Party, NNPP, has said it received with shock reports that the Congress of the United States of America is considering a bill titled The Nigeria Religious Freedom and Accountability Act, 2026 (H.R. 7457), in which the national leader of the party, Rabiu Kwankwaso, was named as the sole individual, alongside the Miyetti Allah Cattle Breeders Association and a Fulani ethnic militia, to face targeted sanctions, including visa bans and asset freezes.

This, according to the reports, is due to his purported responsibility for “severe religious freedom violations.”

Responding to the reports, the NNPP National Publicity Secretary, Ladipo Johnson, dismissed any suggestion that Senator Rabiu Kwankwaso has been responsible, in any way, for religious freedom violations.

The party said it was curious and regrettable that Kwankwaso would be cited for issues he knew nothing about.

“We see this development as a contrived action against an innocent man who clearly has no relationship with religious fundamentalism in Nigeria.

“His record is in the public domain, both in public office and in private life, and it is advisable for people to investigate such matters properly before reaching such conclusions,” the party said.

Johnson stated that months before the latest development, Kwankwaso had openly reacted when President Donald Trump redesignated Nigeria as a Country of Particular Concern over alleged religious persecution.

In a statement posted on his X handle at the time, Senator Kwankwaso cautioned against what he described as oversimplified characterisations of Nigeria’s internal challenges.

Kwankwaso stated that it was important to emphasise that Nigeria is a sovereign nation whose people face diverse threats from outlaws across the country.

However, in a post shared on X, Rep. Riley Moore of the U.S. Congress stated to Kwankwaso: “Governor, do you care to comment on your own complicity in the death of Christians? You instituted Sharia law. You signed the law that makes so-called blasphemy punishable by death.”

The NNPP said this allegation stemmed from the fact that Kano State, under Kwankwaso’s leadership, brought the Islamic legal code into full effect, joining other northern states such as Zamfara, Sokoto, Katsina, Yobe, Jigawa, and Borno.

“But is this enough to accuse Kwankwaso of severe religious freedom violations? Why were the other state governors who introduced Sharia in their states not accused as well?” the statement asked.

“Is Rep. Moore being fair or selective? Isn’t the U.S. in good relations with Qatar and Saudi Arabia, both Sharia countries? Why is this coming just after our government apparently paid for a consultant in the U.S.? Isn’t it strange that it is Kwankwaso, an opposition leader who has spoken out repeatedly about insecurity under this administration, that the United States now seems to be turning on?”

The party recalled that as governor of Kano State, Senator Kwankwaso ensured that the Boko Haram sect was wiped out of the state, adding that his close relationships with Christian leaders in Kano and across the country attest to his credibility as a national leader and statesman.

“Even when he was pressured to introduce Sharia, he still lost his election because predominantly Muslim voters punished him for supporting a Christian presidential candidate, Chief Olusegun Obasanjo. Furthermore, in 2023, he ran his presidential campaign with a Christian bishop, Bishop Isaac Idahosa, as his running mate.

“These are the facts which we believe should guide the Congress and its leaders, particularly Reps. Riley Moore and Chris Smith, to carry out a thorough investigation into the credibility of our leader, Senator Rabiu Musa Kwankwaso, so that justice is done to his noble name and he is cleared of such undue embarrassment,” Johnson said.

APC National Secretary visits Kano Governor, Yusuf

The National Secretary of the ruling All Progressive Congress, APC, Surajudeen Basiru, on Wednesday paid a courtesy visit to Kano State Governor, Abba Yusuf.

Basiru in a statement described the meeting as an opportunity to explore ways to further consolidate the APC’s presence in Kano State.

“I paid a courtesy visit to the Kano State Governor, H.E. Abba Yusuf, at the Kano Governor’s Lodge.

“The visit afforded us the opportunity of discussing how to further strengthen and unify our party, the APC, in Kano State and further the support base of the Governor,” he said.

The visit comes weeks after Governor Yusuf’s high-profile defection from the New Nigeria Peoples Party, NNPP, to the APC in late January 2026.

Judges, magistrates tools in hands of politicians – NBA President, Osigwe

President of the Nigeria Bar Association, NBA, Afam Osigwe, SAN, has lamented that judges and magistrates appear to be tools in the hands of politicians and ‘big men’.

Osigwe said this on Wednesday during an interview on Arise Television’s ‘Prime Time’ monitored by DAILY POST.

He said that free speech is being concealed in Nigeria under the guise of cyber crime and defamation.

“Free speech is being muzzled in Nigeria under the guise of charging people to court and investigating them for cyber crime and criminal defamation.

“Even when the matters are ordinarily bailable, judges and magistrates appear to be tools in the hands of politicians and ‘big men’ and refuse bail even where there is no basis for not granting bail.

“This is a violation of the right to freedom of expression and an abuse of the democratic space.

“Because these public office holders should be held to a higher standard of accountability and if they deprive people of the ability to criticize and hold them to account, then democracy dies.

“If our judges become willing tools in giving them that which they desire, which is to put those people out of circulation, then there’s something wrong and the judiciary becomes a willing tool in the hands of the oppressors and thereby becomes an oppressor itself,” he said.

Traffic diversion begins as Lagos City Marathon holds February 14

Lagos State Government has announced a comprehensive traffic diversion plan ahead of the 2026 Lagos City Marathon scheduled to take place on Saturday, February 14, 2026.

The plan, released by the Lagos State Ministry of Transportation, is aimed at ensuring smooth traffic management and public safety during the event, which will feature both 42-kilometre and 10-kilometre races taking place simultaneously across designated routes in the state.

According to the ministry, the 42-kilometre marathon will commence at Ahmadu Bello Way, by the MRS Gas Station, and run through the entire stretch of the Coastal Road, which will serve as the finishing point of the race.

The 10-kilometre race, on the other hand, will begin at Durosimi Etti Street in Lekki Phase 1. From there, runners will proceed through Ozumba Mbadiwe, Bishop Oluwole Street, Akin Adesola Street and Sanusi Fafunwa Street, which marks the endpoint of the shorter race.

In line with the traffic management arrangement, the state government disclosed that all adjoining roads, junctions and intersections connected to both race routes will be temporarily blocked from 12:00 a.m. to 12:30 p.m. on Saturday, February 14, 2026. The roads, however, will be opened intermittently to motorists as the race progresses.

The ministry further stated that all affected roads will be manned by operatives of the Lagos State Traffic Management Authority (LASTMA), alongside other security agencies, to restrict access to the main race corridors and ensure orderliness throughout the duration of the marathon.

Reacting to the development, the Lagos State Commissioner for Transportation, Mr. Oluwaseun Osiyemi, reassured residents that adequate measures had been put in place to ease movement during the event.

“Traffic Management Officials will be strategically positioned to help motorists navigate their journeys,” Osiyemi said, while urging Lagosians to plan their trips ahead of time.

He also advised members of the public to make use of alternative routes and, where possible, adopt other modes of transportation to reduce inconvenience during the partial road closures.

In an advisory issued by the ministry, motorists were implored to remain patient, noting that the temporary restrictions form part of the traffic management plans for the 11th edition of the Access Bank Lagos City Marathon Race 2026.

The state government appealed for the understanding and cooperation of road users, stressing that the measures are necessary for the successful hosting of the marathon and the safety of participants and the general public.

Tension mounts over NHIA office relocation in Edo

UntitledA socio-cultural organization, Edo First, has accused Obaro Ologbo, the South South Zonal Director of the National Health Insurance Authority’s (NHIA) of influencing the relocation of the NHIA office from Benin to Port Harcourt, River State.

However, Ologbo described the allegation as a “big, fat lie”, stating that the decision to relocate the office is the decision of the Abuja office.

In a February 4 internal memo signed by Director, Human Resources, Halima Zakari, named new seven zonal offices that have been created to run the affairs of the NHIA.

The memo stated in part, “This is to inform all that the NHIA Governing Council at its first retreat in August, 2025 approved the creation of two news departments – Strategic Purchasing Department Risk and Regulatory Services Department

“These Departments have been forwarded to the Office of the Head of the Civil Service of the Federation for ratification. However, the Departments have commenced operational activities.

“Furthermore, the organizational structure of the Authority now has seven Zonal Offices as follows. They are North Central Zonal Office (Ilorin);  North East Zonal Office (Maiduguri); North West Zonal Office (Kano}; South East Zonal Office (Enugu); South-South Zonal Office (Port Harcourt); South West Zonal Office (Ibadan) and Lagos Zonal Office (Lagos).

“All staff are requested to take note.”

The group said the decision to relocate its zonal office from Benin City to Port Harcourt, is a deliberate affront on Edo State.

A statement on Tuesday signed by the group President, Edosa Idahosa and Secretary, Ehiadolor Osakue, accused the zonal director of orchestrating the move for selfish reasons, citing proximity to his adopted home base of Bayelsa.

The statement read in part, “The relocation of the NHIA from Benin to Port Harcourt can be traced to the zonal director.

“The Edo State Government in its magnanimity provided rent-free accommodation for about 20 years and a Certificate of Occupancy for a permanent site, but the zonal director, from Delta State, refused to work in Benin. The zonal office is currently suffering from neglect

“We, therefore call on the Oba of Benin, Omo N’Oba N’Edo Uku Akpolokpolo, Oba Ewuare II, and influential Edo State personalities to look into the matter and prevent the relocation.

But Ologbo told the PUNCH in a telephone interview that he was not instrumental to the relocation of the zonal office, noting there are channels of decision in the organization.

He said, “Why would I do that? There is a board, there is a top management. There are a lot of channels before decisions are taken. If there is a group saying things, they may not know how the decisions are being made.

“I am happy you are reaching out to me. I am denying the claim. It is not true. It is absolutely a big, fat lie. I can’t be instrumental to government’s decisions. It’s not me. Why should that be?”

The National Health Insurance Agency is a government body, established to provide financial access to healthcare for all citizens, aiming for universal coverage by pooling funds, regulating schemes, and managing enrolment for formal and informal sectors, replacing older, less effective systems like Nigeria’s previous National Health Insurance Scheme (NHIS).

It manages contributions, offer benefit packages (for employees, families, elderly, self-employed), and partner with providers to ensure affordable, quality care for everyone.

Naira set to strengthen with new BDC dollar limit

Naira and DollarFinancial market analysts have said that the naira would strengthen as the Central Bank of Nigeria announced that licensed Bureau de Change operators can purchase up to $150,000 weekly.

The experts spoke to The PUNCH in separate chats on Wednesday following the move of the CBN.

In a circular signed by the Director of the Trade and Exchange Department, Dr Musa Nakorji, and addressed to authorised dealer banks and the general public on Tuesday, the apex bank said that the move was aimed at improving foreign exchange liquidity in the retail segment of the market and meeting the legitimate needs of end users.

The Chief Executive Officer of Arthur Stevens Asset Management, Tunde Amolegbe, said the naira is likely to strengthen further against the United States dollar as forex availability improves.

“Expect further strengthening of the naira against the US dollar, which will be positive for companies with significant foreign currency-denominated inputs such as consumer goods and industrial companies,” Amolegbe said.

According to him, a firmer domestic currency would reduce the cost burden on manufacturers and import-dependent firms, particularly in the consumer goods and industrial sectors where raw materials and machinery are largely dollar-denominated.

Similarly, the Head of Financial Institutions at Agusto & Co., Ayotunde Olubunmi, described the development as part of broader CBN efforts to address distortions in the foreign exchange market, especially the widening gap between the official and parallel market rates.

“This is one of the measures by the CBN to address the widening gap between the official market and the parallel market. This is expected to improve liquidity of the BDC segment and moderate the margin,” Olubunmi said.

He explained that increasing liquidity in the Bureau de Change segment should reduce speculative pressure and arbitrage opportunities, thereby narrowing spreads and promoting a more unified exchange rate framework.

The Chief Executive Officer of CFG Advisory, Tilewa Adebajo, also emphasised the importance of widening forex distribution channels.

“Availability of forex through more channels is helping with rate stabilisation,” Adebajo said.

The apex bank also imposed strict reporting and transparency requirements, directing that “all licensed BDCs shall ensure the timely and accurate submission of returns to the Central Bank electronically and in accordance with extant regulations.”

Also, BDCs are mandated to sell back all unutilised balances to the market within 24 hours, stating that “BDCs are not permitted to keep funds purchased from NFEM in their positions.

“Settlement of foreign exchange transactions by BDCs with Authorised Dealers and/or with end-user customers shall be conducted exclusively through settlement accounts held with licensed financial institutions. Third-party transactions are prohibited, and settlement of foreign exchange sales in cash is limited to a maximum of 25 per cent of each transaction amount.”

UBA revamps agency, merchant banking services

United Bank for Africa PlcThe United Bank for Africa Plc has introduced a new Aggregator Sales Structure for its RedPay POS and Agency Banking Network, aiming to strengthen its relationships with partners and promote greater financial inclusion throughout Nigeria.

The newly launched multi-benefit structure was unveiled at the inaugural UBA Aggregator Engagement Session, held at the bank’s head office in Lagos on Tuesday. The session, themed ‘POS-itive Impact: Connecting Agents, Merchants, and Customers’, served as a collaborative platform to align strategies for scaling the UBAMONI Agency Banking ecosystem and bringing together key industry aggregators, Point-of-Sale partners, and network managers.

UBA’s Executive Director Designate, Digital Banking, Emmanuel Lamptey, who spoke at the event, said, “Today’s session marks a pivotal step in our collective journey to democratise financial access in Nigeria.

By bringing together our valued aggregators and partners, we are strengthening the ecosystem that connects UBA directly to communities and ensuring that reliable financial services are within everyone’s reach.”

Emphasising the need for partnerships, UBA’s Head of Digital Banking, Shamsideen Fashola, who presented the keynote address, outlined the strategic imperative behind the new structure.

“Our aggregators are fundamental to realising our ambition of building Africa’s most impactful digital collections network. This structured framework is designed to be scalable, transparent, and mutually rewarding, empowering our partners with the technology and support needed to drive agent productivity as well as serve underserved communities effectively,” Fashola noted.

The lender said that the platform delivers comprehensive value to agents and aggregators alike, featuring instant settlement, reliable transaction processing, real-time dashboard reporting, and a full suite of services, including dispute and terminal management, analytics, card withdrawals, bill payments, and pay-with-transfer.

For aggregators specifically, the model provides a structured opportunity to onboard and manage agents within UBA’s network and access attractive incentives and commissions, as well as leverage a dedicated Aggregator Admin Portal for real-time visibility into agent performance and transactions.

Adetunji Iyiola, UBA’s Head of Agency Banking, highlighted the customer-focused nature of the initiative, saying the new structure significantly enhances collaboration between UBA, its merchants, and agents.

“This rollout is about creating superior value for every stakeholder and enabling better service delivery to customers while ensuring our partners have the tools and incentives to thrive. It reinforces our promise to deliver essential banking services exactly where they are needed most,” he said.

With the introduction of the aggregator framework, UBA further cements its leadership in pioneering innovative digital financial solutions that bridge the inclusion gap and drive economic empowerment across the African continent.

NDIC steps up debt recovery from failed banks

NDICThe Nigeria Deposit Insurance Corporation has vowed to fully use its enhanced enforcement powers granted by the NDIC Act 2023 to recover outstanding loans from debtors of failed banks.

This was disclosed by the Managing Director and Chief Executive of the NDIC, Mr Thompson Oludare, at a sensitisation seminar for Debt Recovery Agents in Lagos under the theme ‘Operationalising the Provisions of NDIC Act 2023 for Effective Debt Recovery’.

The NDIC Act 2023 empowers the corporation to take interim custody of any movable or immovable property of an obligor identified as the bona fide owner of the said property. The same act empowers the NDIC to freeze the funds of an obligor of a failed insured institution with any insured institution.

Oludare, who was represented by the Director of the Legal Department, Olufemi Kushimo, warned that the culture of loan defaults and protracted litigation used by debtors to stall payments would no longer be tolerated.

“We intend to utilise every section, provision, and enforcement mechanism available under the law. Those responsible for bank failures must be held accountable. We are prepared to apply every relevant provision of the Act to bring culpable parties to justice,” he said.

The new tools are designed to bypass the traditional hurdles of repeated court adjournments and “entrenched cultures of default” that have historically slowed down the liquidation of failed banks and mobile money operators.

The core objective of this aggressive recovery push is the prompt payment of liquidation dividends to depositors.

According to the Corporation, successful debt recovery is the only way to restore public confidence in the banking system

The Director of the Asset Management Department, Patricia Okosun, noted that while legal realities make it difficult to set a fixed timeline for all payments, the corporation is now better equipped than ever before.

“The essence of this engagement is to sensitise our agents to the new provisions that will support and improve their work,” Okosun said. “The earlier the recovery, the better, as it enables quicker reimbursement of depositors.”

Beyond just collecting money, the NDIC signalled that the 2023 Act serves as a deterrent. By pursuing “parties at fault”, the corporation aims to sanitise the banking industry and ensure that the consequences of bank failures are felt by those who caused them, rather than just the depositors.

 

Elumelu urges public-private synergy to boost African agribusiness

Tony ElumeluThe Chairman of Heirs Holdings, Tony Elumelu, has urged African governments to partner with the private sector to transform rural economies.

He made the call at the 49th IFAD Governing Council in Rome, according to a statement made available to The on Wednesday.

Elumelu identified electricity access, blended finance, and business education as the three pillars necessary to make agriculture a viable career for Africa’s youth.

Elumelu, who joined IFAD President Alvaro Lario on a panel at an event attended by 500 global leaders, including ministers, UN officials, and development experts, said: “We believe that increased collaboration and cooperation between government and the private sector, especially in Africa, are vital to catalyse more transformation in rural economies and agriculture, increasing food production. Food security is fundamental to societal development. We must work together to make rural economies more attractive. We need to make agriculture appealing and exciting. The youth seem eager to embrace it, but they require more support from all of us.”

Highlighting the success of the Tony Elumelu Foundation, he noted that 21 per cent of its 24,000 empowered entrepreneurs are in agribusiness, a sector where women lead 55 per cent of the ventures.

“Empowering women is akin to empowering entire communities and nations, leading to success,” he said. “These ventures have generated approximately 480,000 jobs across the continent.”

Elumelu emphasised that while seed capital is vital, “energy poverty” remains a massive barrier to the digital innovation required for modern food security, saying, “Access to electricity is essential for economic development and transformation. We cannot discuss AI without improving electricity supplies. Poor electricity access and energy poverty limit how much these young people can embrace technology.”

He urged governments to dismantle stifling regulations and high collateral requirements that currently hinder SME growth.

“In some countries, regulated environments…can be quite stifling. We need to engage governments…what benefits small-scale enterprises benefits the entire economy: jobs are created by SMEs, and we must ensure youth engagement,” he affirmed.