Crude oil price rises on US data, geopolitical tension

Oil rises for sixth session on US data, geopolitical tensionCrude Oil oil prices rose for a sixth day on Wednesday, supported by robust U.S. economic growth and the risk of supply disruptions from Venezuela and Russia, though prices were on course for their steepest annual decline since 2020.

Brent crude futures were up 13 cents, or 0.2%, to $62.51 a barrel, while U.S. West Texas Intermediate crude was up 22 cents, or 0.4%, at $58.60. Both contracts have gained about 6% since December 16, when they plunged to near five-year lows.

“What we’ve seen over the past week is a combination of position squaring in thin markets, after last week’s breakdown failed to gain traction, coupled with heightened geopolitical tensions, including the U.S. blockade on Venezuela and supported by last night’s robust GDP data,” IG analyst Tony Sycamore said.

U. S. data showed the world’s largest economy grew at its fastest pace in two years in the third quarter, fueled by robust consumer spending and a sharp rebound in exports.

Still, Brent and WTI prices are on track to drop about 16% and 18%, respectively, this year – their steepest declines since 2020 when the COVID pandemic hit oil demand – as supply is expected to outpace demand next year.

On the supply side, disruptions to Venezuelan exports have been the most significant factor pushing up oil prices, while Russia’s and Ukraine’s continued attacks on each other’s energy infrastructure have also supported the market, Haitong Futures said in a report.

More than a dozen loaded vessels are in Venezuela waiting for new directions from their owners after the U.S. seized the supertanker Skipper earlier this month and targeted two additional vessels over the weekend.

Additionally, oil shipments from Kazakhstan via the Caspian Pipeline Consortium are set to drop by a third in December to the lowest since October 2024 after a Ukrainian drone attack damaged facilities at the main CPC export terminal, two market sources said on Wednesday.

U.S. crude inventories rose by 2.39 million barrels last week, while gasoline stocks increased by 1.09 million barrels and distillate inventories rose by 685,000 barrels, market sources said, citing American Petroleum Institute figures on Tuesday.

Customs moves to end physical cargo checks at Apapa port

BrandEconomy » BRAND REPORT » Apapa Port Goes Digital as Customs Nears End  of Physical Cargo Checks

The Nigeria Customs Service (NCS) is edging closer to ending physical cargo examination at Apapa Port as preparations intensify for the full deployment of the FS6000 cargo scanner at APM Terminals, Lagos.

The move is move expected to significantly reshape cargo clearance at the country’s busiest maritime gateway.

The scanner, with a throughput capacity of about 200 containers per hour, has completed final test runs and simulation exercises, signalling readiness for operational rollout and a transition to non-intrusive, technology-driven inspections.

The development followed a working visit to the scanning site by the Deputy Comptroller-General in charge of Information and Communication Technology (ICT), Oluyomi Adebakin, to assess pre-operational readiness and alignment with Customs’ trade modernisation agenda.

The Command’s Public Relations Officer, Chief Superintendent of Customs Isah Sulaiman, in a statement, said the initiative was part of a broader strategy to migrate to a paperless clearance environment in line with international best practices and improved trade facilitation.

According to Sulaiman, the FS6000 scanner has successfully undergone all required simulations, marking a major milestone in Customs’ push to reduce manual intervention in cargo processing at Apapa Port.

Speaking during the inspection, Adebakin said the visit was aimed at ensuring a smooth transition to scanner-based examination. She described the deployment as “a critical step in modernising customs operations and improving efficiency at the nation’s busiest port.”

She disclosed that operational preparedness had reached about 80 per cent, noting that outstanding components required for full take-off were being addressed. Adebakin stressed that scanner deployment was a collective responsibility involving the Nigeria Customs Service, APM Terminals, and the Trade Modernisation Project.

Assuring port users of tangible business benefits, she said the scanner would deliver faster cargo clearance, reduced demurrage, improved compliance and enhanced ease of doing business across the port ecosystem.

“The FS6000 scanner has a throughput capacity of about 200 containers per hour,” Adebakin said, highlighting its suitability for high-volume port operations. She added that non-intrusive inspection would eliminate delays and cargo damage associated with physical examinations while also strengthening revenue protection.

On his part, the Area Controller, Comptroller Emmanuel Oshoba, reaffirmed the command’s commitment to ICT-driven reforms and sustained stakeholder collaboration. He said the deployment underscored Customs’ resolve to modernise port operations, strengthen trade facilitation and improve transparency at Apapa Port.

For maritime operators, the imminent deployment signals a structural shift in cargo handling—one expected to decongest terminals, cut transaction costs and reposition Apapa Port for more competitive regional trade flows.

Nasarawa APC adopts consensus for congresses

The All Progressives Congress (APC) in Nasarawa State has agreed to use consensus to choose party officials at ward, local government, state and national levels ahead of its congresses.

The decision was taken at an expanded State Executive Council meeting held on Tuesday at the Government House in Lafia.

At the meeting, the party’s legal adviser moved a motion, which Governor Abdullahi Sule supported, allowing non-executive members to take part in the discussions.

This widened participation in the decision-making process.

State APC Chairman, Dr Aliyu Bello, then invited Hon. Hassan Abubakar Nalaraba, who represents Awe/Doma/Keana Federal Constituency and is also a member of the state executive, to formally move the motion.

“I rise to move that this expanded State Executive Council resolves to adopt consensus as the preferred mode for selecting party officials at ward, local government, state, and national congresses, provided it is transparently and voluntarily achieved by all stakeholders. I so move,” Hon. Nalaraba said.

The Deputy National Secretary of the APC, Prof. Abdulkarim Abubakar Kana (SAN), seconded the motion.

Former Nasarawa State governor and ex-APC National Chairman, Senator Abdullahi Adamu, conducted a voice vote, and the decision was approved unanimously.

In his opening remarks, Dr Bello said the meeting was meant to brief party leaders and stakeholders on recent changes within the APC, especially under the new national leadership.

He noted that the party was enjoying wider acceptance and continued to receive defectors.

Governor Sule welcomed the decision, describing the adoption of consensus as a step that would promote peace within the party.

“You’ve reduced potential challenges. Our congresses will now proceed by consensus, decided by you and brought back to us,” the governor said.

He also restated his support for zoning, saying it played a key role in his emergence as governor and has helped maintain peace in the state.

Governor Sule further highlighted some achievements of his administration, describing 2025 as the most resource-rich year for Nasarawa State so far.

Those present at the meeting included Senator Abdullahi Adamu, former Speaker of the Nasarawa State House of Assembly, Rt. Hon. Ibrahim Balarabe Abdullahi, members of the National and State Assemblies, serving and former government officials, and other key party stakeholders.

INEC failed to register us after meeting requirements – ADA

The All Democratic Alliance, ADA, has accused the Independent National Electoral Commission, INEC, of failing to register it despite meeting registration requirements.

“The All Democratic Alliance has provided INEC with all the documents they require for registration.

“INEC did not register any of the associations, not one. And incidentally, virtually every Thursday when INEC meets and comes up with a decision, they usually give out a press release, updating Nigerians, but incidentally, in this situation, it was mute, it never made the press release.

“It never posted anything on his website, because it knows that public opinion will be highly against it. Why? Because, out of the 172 that applied with letter of intent, they screened down to 14, and out of the 14, they sold the administrative fee of 2 million naira we paid, and then we went into its dedicated portal for the purpose of applying and we applied.

“Out of the 14, INEC pre-qualified eight and wrote us and said that we are ready for the next stage, which is the last stage for physical verification.

“INEC conducted our office verification, and our office is as well-equipped as any other political party’s office in terms of infrastructure. We ought to have at least 24 states and the FCT by law, but we have 36 states and the FCT represented.

“Now in acknowledging our application, there is a clause where INEC said that if there is any other any need for any information, they will contact us but they did not contact us,” he said.

Gov Yahaya sacks four aides over alleged assault on Councillor

Gov. Inuwa YahayaGombe State Governor, Muhammadu Inuwa Yahaya has ordered the immediate removal of four of his aides following their alleged roles in the assault of a serving councillor.

The decision followed the conclusion of investigations into the attack on Abdulrahman Abubakar Sheriff, who represents Shamaki Ward in Gombe Local Government Area.

In a statement, the governor’s spokesperson, Ismaila Uba Misilli, said the directive was communicated by the Secretary to the State Government, Professor Ibrahim Abubakar Njodi, after a special committee set up by the state government submitted its findings.

The statement explained that the committee’s report, which was backed by information from security agencies, formed the basis for the governor’s action.

Those affected by the dismissal are Adamu Abdullahi Danko, Senior Special Assistant II (Domestic), Garba Mohammed Mai Rago, Senior Special Assistant II (Political), Rabiu Sulaiman Abubakar, Senior Special Assistant II (Social Media), and Ali Ibrahim Baban Kaya, Senior Special Assistant II (Community Relations).

Governor Yahaya directed that the dismissal should take effect immediately and instructed the former aides to return all government-owned items in their custody to the relevant authorities.

According to Misilli, the governor restated his administration’s firm stance against violence, misconduct and the misuse of public office, warning that such actions will not be tolerated under any circumstances.

Atiku, NBA ask Nigerian govt to halt new tax laws over alleged alterations

The Nigerian Bar Association (NBA) and former Vice President, Atiku Abubakar have asked the Federal Government to stop the implementation of the new Tax Reform Acts, following claims that the laws were altered after they were passed by the National Assembly.

In a statement on Tuesday, NBA President, Mazi Afam Osigwe (SAN), said the controversy around the tax laws threatens the credibility of Nigeria’s law-making process and raises serious constitutional concerns.

He called for a full and transparent investigation, stressing that public trust in the legislature must be protected.

“The Nigerian Bar Association considers it imperative that a comprehensive, open, and transparent investigation be conducted to clarify the circumstances surrounding the enactment of the laws and to restore public confidence in the legislative process. Until these issues are fully examined and resolved, all plans for the implementation of the Tax Reform Acts should be immediately suspended,” Osigwe said.

The NBA warned that uncertainty caused by the dispute could scare investors, disrupt businesses, and create confusion for individuals and institutions expected to obey the new laws.

Similarly, Atiku criticised the alleged changes, describing them as a “grave assault on legislative supremacy.”

He accused the executive arm of government of adding harsh enforcement powers and heavier financial obligations without the approval of lawmakers.

According to him, some of the alleged insertions include arrest powers for tax officials, seizure of property without court orders, and enforcement actions without judicial oversight.

“These provisions transform tax collectors into quasi-law enforcement agencies, stripping Nigerians of due process protections that the National Assembly deliberately included,” Atiku said.

He also raised concerns about increased financial pressure on citizens, including a compulsory 20 per cent deposit before appealing tax assessments and tougher reporting requirements for businesses.

The controversy began after a lawmaker from Sokoto State, Abdussamad Dasuki, told the House of Representatives that the version of the tax laws signed and gazetted by the Federal Government was different from what lawmakers approved.

In response, the House set up a seven-member committee to investigate the allegation.

The tax laws are scheduled to take effect from January 1, 2026.

Both Atiku and the NBA said the rollout should be suspended until the investigation is completed.

They urged the National Assembly to correct any illegal changes and ensure those responsible are held accountable.

Atiku also called on the judiciary to strike down any unconstitutional sections and asked Nigerians and civil society groups to resist what he described as an attack on democracy.

“This draconian overreach by the executive branch undermines the foundational principle of legislative supremacy in the making of laws,” he said.

Court seizes land linked to Goodluck Jonathan estate

A Federal High Court in AbujaThe Federal High Court in Abuja has ordered the final forfeiture of two expansive parcels of land earmarked for the Goodluck Jonathan Legacy Model Housing Estate.

Justice Mohammed Umar made the order while ruling on a motion on notice filed by the Independent Corrupt Practices and Other Related Offences Commission, which was moved by its counsel, Osuobeni Akponimisingha.

Justice Umar made the order as the defence counsel,  Hassan Liman (SAN), raised no objection.

In his ruling, Justice Umar directed the ICPC, on behalf of the Federal Government, to supervise the completion of the proposed 962 housing units on the forfeited land.

He ordered that the exercise be carried out in collaboration with the Federal Mortgage Bank of Nigeria, the sole respondent in the suit, to ensure that the housing units are ultimately allocated to intended end users.

The judge ordered the final forfeiture of Plot No. 5, Cadastral Zone D12, Kaba District, Abuja, measuring approximately 122,015.80 square metres and valued at N1.94bn, as well as Plot No. 4 in the same zone, measuring about 157,198.30 square metres and valued at N3.34bn.

The properties were declared suspected proceeds of unlawful activity.

Justice Umar further directed the ICPC to facilitate the handover of the forfeited properties to the FMBN, which he identified as the victim of the alleged unlawful activity.

He also ordered the ICPC and FMBN to constitute a joint committee to oversee the completion and implementation of the housing project.

The court recalled that on July 9, it had granted an interim forfeiture of the lands following an ex parte application by the ICPC, pending the hearing and determination of the substantive suit marked FHC/ABJ/CS/1124/2025.

In documents before the court, the ICPC stated that the lands were freely allocated by the Federal Capital Territory Administration for the construction of 962 residential housing units under the National Housing Fund Scheme through the FMBN.

An affidavit deposed to by an ICPC officer, Iliya Marcus, revealed that the commission acted on intelligence reports indicating that the FMBN had engaged a private developer, Good Earth Power Nigeria Limited, to execute the project.

The project, approved on July 30, 2012, was to be known as the “Goodluck Jonathan Legacy Model Housing Estate.”

According to the affidavit, FMBN entered into a framework agreement with the developer and secured a $65m loan facility from Ecobank for the project, which was intended to benefit low-income earners and was expected to be completed within 18 months.

However, investigations showed that FMBN allegedly paid the full $65m project sum to the developer, including a N3.78bn drawdown made in November 2012, without evidence of progress on site or compliance with regulatory requirements.

The ICPC further alleged that no single housing unit was constructed despite full disbursement of funds.

The commission also told the court that the developer was allegedly making moves to sell off the land to unsuspecting members of the public, a development it said could frustrate recovery efforts.

Justice Umar, while granting the interim forfeiture earlier, questioned why the entire project sum was paid upfront without corresponding work on the ground, stressing the need to protect public assets and ensure that the project ultimately serves its intended beneficiaries.

Akpabio mourns police escort killed by tanker

Akpabio-1The President of the Senate, Godswill Akpabio, has announced automatic employment for the two sons of his police rider, Deputy Superintendent of Police Hussani Ibrahim, who died in a motor accident on the Lagos–Ibadan Expressway on Sunday.

Akpabio made the announcement on Tuesday on the floor of the Senate while formally informing lawmakers of the officer’s death.

The late DSP Ibrahim, who served as the Senate President’s rider, according to a Premium Times report, was killed on Sunday when a petrol tanker rammed into Akpabio’s convoy.

The incident reportedly occurred in Ibadan, the Oyo State capital, after the Senate President was picked up at the airport following his attendance at the chieftaincy conferment for Senator AbdulAzeez Yari and Seyi Tinubu in Oyo.

Speaking on the incident during plenary, Akpabio said, “We went to Oyo State for the installation of our colleague and the vehicles that came to pick me at the Ibadan airport… Unfortunately, my dispatch rider was run over by a tanker driver, and his head was shattered. We just buried him 15 minutes ago in Kogi State. He left two wives and four children.”

The Senate President appealed to heads of ministries, departments and agencies of the Federal Government to grant automatic employment to the children of the late rider.

He added that if no vacancies were available, he would personally ensure their employment.

“By the grace of God, I’m recommending two of his senior children for employment immediately in any parastatals that may wish to, otherwise I’ll employ them personally in any of my private concerns,” Akpabio added.

In a solemn address, Akpabio paid tribute to the deceased officer, describing him as a disciplined and dedicated professional whose life was defined by service.

Addressing the bereaved family, the Senate President said, “Your late father understood the value of work and service. He devoted himself to it. Unfortunately, instead of earning a laurel for the devotion, he earned death.

“But it is death that is not in vain. It is death that testifies to his legacy of service. May the Lord accept his soul.”

Akpabio also extended condolences to the family of the deceased, the Inspector-General of Police, and the Nigeria Police Force, describing Ibrahim as courageous and fearless.

“I commiserate with the family, the Inspector General of Police and the Nigeria Police Force over the loss of this courageous, fearless, and daring officer.

“While I pray to God to accept his soul, may He in His infinite mercy grant the family and the Nigeria Police Force the fortitude to bear the irreparable loss,” he said.

The Senate President explained that the pledge of automatic employment for the late officer’s sons was a personal gesture aimed at honouring his sacrifice and years of dedicated service.

Shortly after the announcement, Kogi West senator, Sunday Karimi, raised a motion for personal explanation to formally present the incident to the Senate through a substantive motion.

While sympathising with the Senate President, Karimi said the late dispatch rider was due for retirement next year.

He added that Mr Hussaini, a native of Kogi State, had served in Akpabio’s convoy since 2023, when he assumed office as Senate President.

Also on Tuesday, the Senate paid tribute to Alhaji Ibrahim Tukur, who died recently.

Tukur was described as a committed and dedicated driver who served for 25 years under the senator representing Kogi East Senatorial District, Jibrin Echocho.

The Senate observed a minute’s silence in honour of both deceased individuals and offered prayers for the repose of their souls.

In another development, the Consultant on Communications and Strategy to the President of the Senate, Kenny Okolugbo, on Tuesday resigned his appointment.

Okolugbo conveyed his decision in a letter dated December 22, 2025, which was addressed to the President of the Senate through his Chief of Staff, Chinedu Akubueze.

He cited “business and family commitments” as the reason for stepping aside.

In the resignation letter, Okolugbo expressed appreciation for the opportunity to serve at the highest level of the legislative arm of government, noting the privilege of working closely with the leadership of the National Assembly.

“I have enjoyed working with the team. I should also point out the privilege of being an adviser to the number three citizen of the Federal Republic of Nigeria,” he said.

Reflecting on his time in office, Okolugbo said he was delighted to be a member of the former Akwa Ibom State governor’s media office.

He said, “I am grateful for the opportunity I had to serve and will wish the best to the President of the Senate as he continues to navigate the chairmanship of the National Assembly and the Senate, in particular.”

The resignation is scheduled to take effect on January 1, 2026.

Confirming the development, Akubueze said Akpabio had accepted the resignation and extended his best wishes to Okolugbo, commending his contributions and wishing him success in his future endeavours.

Okolugbo’s exit comes amid ongoing efforts by the leadership of the Senate to consolidate its communications strategy.

Dangote alone can’t meet Nigeria’s fuel demands, marketers insist

DANGOTE REFINERYMajor oil marketers have insisted that the Dangote Petroleum Refinery, despite recent sharp price reductions and growing domestic output, cannot on its own meet Nigeria’s petrol supply requirements, warning that dependence on a single source is already creating issues across the downstream market.

The Executive Secretary of the Major Energies Marketers Association of Nigeria, Mr Clement Isong, said this while responding to questions on the impact of Dangote refinery’s recent gantry price cuts from about N828 per litre to N699 per litre, which have driven pump prices down to around N739 per litre at many MRS filling stations.

Isong said all MEMAN members currently purchase petrol from the Dangote refinery but stressed that supply constraints, logistics challenges, and timing issues make it impractical for the refinery to be Nigeria’s sole source of supply.

Isong said the Nigerian Midstream and Downstream Petroleum Regulatory Authority planned well for the Yuletide season by granting licences for importation.

“So many of my members, all my members, buy from the Dangote refinery. They all buy from him; it’s just that if everybody in Nigeria is buying from him, then from time to time he’s unable to meet their needs – what they want, when they want it, and how they want it – then they have to find alternatives.

So some of them import, and some of them buy from those who import,” he said.

He explained that marketers’ supply needs vary widely, noting that reliance on a single refinery operating from one location naturally creates bottlenecks.

“It’s almost impossible for a single (petrol) source to be able to meet people’s needs when they want it, how they want it, when they want it. Sometimes they want it by boat in certain quantities; sometimes they want it by loading gantry in certain quantities. You go and line up with other people there. The circumstances of buying from a single source or a single location naturally make it very difficult to be able to meet all your needs,” he added.

According to him, the supply challenges have already led to dry filling stations among some major marketers, despite the general availability of petrol in the country.

“I was looking at some of my member stations I went to today (Monday); some stations are dry because of the challenges they are facing with the supply situation. But they all buy from Dangote. They all buy from him when they can and how they can. So, my members have some stations that are dry,” Isong told our correspondent.

Asked if the stations became dry because they could not get sufficient stocks from the $20bn refinery or from importers, he replied, ”No, it just depends on the situation. It’s quite chaotic right now. So if you get it wrong, if you depend on a single source, you need to go and buy from somebody else.

“They will go and buy from other people. Some of them import, but if they’re not importing and you were unable to get from Dangote yesterday, the situation will be dry, unless you go and buy from an importer or somebody else who bought from Dangote, that is, from a third party. And that will come at a premium. It’s not so easy to supply your stations right now with the current situation we find ourselves in.”

Having described the current market situation as chaotic, he noted that pricing volatility has made supply planning extremely difficult for marketers.

Despite reports of dry stations in some locations, the MEMAN executive dismissed fears of an impending fuel scarcity, insisting that Nigeria currently has excess petrol in the system. He added that more petrol is coming into the country.

He explained that many marketers are deliberately avoiding large-volume purchases because of the risk of sudden price crashes, which can wipe out margins.

“There’s a glut. There are excess products in the country. And there will continue to be imported products coming in. The authority planned well for the season; it is true that there are products everywhere. It’s just that you need to be able to buy at a good price for your station. But there are excess products in the system.

“But people are being careful because of the price. Nobody buys in large volumes. So, you know, there’s an advantage to volume purchase, to bulk purchase. The bigger you buy, the lower your unit cost. But if you buy in bulk now and the price crashes, then the bigger the amount of money you lose,” he warned.

According to him, losses are being recorded across the value chain, including by the Dangote refinery. “Everybody is losing money. Even the producer himself has confirmed it. You heard him say that he is losing money,” Isong submitted.

Last week, the Dangote refinery shocked depot owners and marketers when it slashed the gantry price of petrol by N129, from N828 to N699 per litre. During a recent press briefing, the President of the Dangote Group, Aliko Dangote, said he had information that some marketers planned to keep pump prices high despite the reduction in the gantry price.

Consequently, Dangote vowed to enforce the new price regime, with MRS selling petrol at N739 from last week Tuesday. The PUNCH reports that as more MRS filling stations in Lagos and Ogun states join in dispensing the Premium Motor Spirit (petrol) produced by the Dangote Petroleum Refinery at N739 per litre, motorists have started boycotting retail outlets that sell the product at higher prices.

This has compelled other stations to lower their petrol prices by about N100 per litre, an amount that is far below their cost of purchase, indicating the severity of the price war in the downstream oil sector.

Speaking with our correspondent, the spokesperson of the Independent Petroleum Marketers Association of Nigeria, Chinedu Ukadike, stated that any marketers who refuse to reduce prices would lose their customers, saying price determines patronage.

“We are in a situation where competition can be determined by price. Patronage will be determined by pricing. Nobody is against you; nobody is regulating you. You will regulate yourself. The market will regulate itself. The time has gone when people were queuing at NNPC filling stations. Wherever the fuel is cheap, that is where the marketers go. So, we are in a price war. Demand and supply determine the price.

“Once Dangote has reduced the gantry price to N699, marketers will dive towards competitive pricing whereby they can retain their numerous customers; if not, interest from banks would be ‘eating’ your capital,” Ukadike said.

He announced that the association has entered into a partnership with the Dangote refinery. “We have formed a partnership already because Dangote has invited IPMAN for the first time. The major marketers have failed Dangote. He has now realised that only the independent marketers are the strategic partners that can evacuate his petroleum products as quickly as possible. He said IPMAN should come and pick up the products. He said it clearly. And since that time, we have provided tremendous patronage,” Ukadike disclosed.

Meanwhile, the Dangote refinery recently said it has the capacity to supply the daily petrol needs of Nigeria. President of the Dangote Group, Aliko Dangote, said the refinery currently supplies 50 million litres into the local market daily. He accused the NMDPRA of issuing “reckless” licences when his tanks were full.

Officials of the plant backed their boss, insisting that the refinery has the capacity to meet local fuel demand nationwide.

Seplat completes onshore assets conversion

Seplat Energy PlcSeplat Energy Plc has completed the conversion of its operated onshore assets to the Petroleum Industry Act fiscal regime, replacing the former Petroleum Profit Tax framework, in a move expected to support improved profitability and operational efficiency.

The company disclosed in a notice filed on the Nigerian Exchange Limited on Tuesday that its subsidiaries, Seplat West Limited and Seplat East Onshore Limited, concluded the conversion process after fulfilling all technical and regulatory requirements with the Nigerian Upstream Petroleum Regulatory Commission. The assets involved were previously held under Oil Mining Leases 4, 38, 41 and 53.

“The conversion relates to assets formerly held under OML’s 4, 38 & 41 and 53, which in the first nine months of 2025, averaged working interest production of 42,591 boepd, representing approximately 31% of the Company’s Total production.”

Seplat said the converted onshore assets recorded average working interest production of 42,591 barrels of oil equivalent per day in the first nine months of 2025, accounting for about 31 per cent of the company’s total production during the period.

With the issuance of new Petroleum Mining Lease and Petroleum Prospecting Licence numbers, operations under the Petroleum Industry Act are expected to commence from 1 January 2026, subject to regulatory guidance.

“Following the execution of the Conversion Contracts in February 2023 in compliance with the PIA, Seplat and its Joint Venture partners have now completed all technical and regulatory requirements with the Nigerian Upstream Petroleum Regulatory Commission. New Petroleum Mining Lease and Petroleum Prospecting License numbers have now been issued, and subject to the regulatory guidance, operations under the PIA are expected to commence from 1 January 2026,” the statement read.

The company noted that the conversion aligns with its strategy of driving increased investment, production growth and improved operational efficiency. The anticipated impact of the new fiscal regime was already incorporated into Seplat’s medium-term guidance presented at its Capital Markets Day in September 2025.

Commenting on the development, Seplat’s Chief Executive Officer, Roger Brown, said the conversion of the onshore assets was delivered within the timeline earlier communicated to investors. He added that the new fiscal framework presents enhanced value creation opportunities and lays the foundation for improved profitability and cash flow margins in the company’s onshore business.

Seplat also reiterated its plan to complete the conversion of its offshore assets to the Petroleum Industry Act fiscal regime by 2027.