Nigeria’s oil reserves dip, as gas resources rise

NUPRCNigeria’s oil reserves recorded a marginal decline in 2026, while gas resources expanded, reflecting a gradual shift in the country’s hydrocarbon profile amid sustained production and discoveries.

The Nigerian Upstream Petroleum Regulatory Commission disclosed this on Wednesday in Abuja, releasing the nation’s official petroleum reserves position as of January 1, 2026.

In a statement signed by its Chief Executive, Oritsemeyiwa Eyesan, the commission said Nigeria’s total oil and condensate reserves stood at 37.01 billion barrels, while total gas reserves rose to 215.19 trillion cubic feet.

Titled “Media Release on the National Annual Petroleum Reserves Position as at 1st January 2026,” the statement highlighted the commission’s commitment to strengthening upstream performance and ensuring long-term resource sustainability.

Eyesan said, “The Nigerian Upstream Petroleum Regulatory Commission, in keeping with its mandate, is committed to improving upstream sector performance, enhancing the growth of oil and gas reserves, and ensuring stable production for shared prosperity via the operationalisation of the Petroleum Industry Act, 2021, and implementation of the strategic pillars of the Commission.”

Providing a breakdown, she stated, “2P crude oil and condensate reserves stand at 31.09 billion barrels and 5.92 billion barrels, respectively, amounting to a total of 37.01 billion barrels.”

On gas, she said, “2P associated gas and non-associated gas reserves stand at 100.21 trillion cubic feet and 114.98 trillion cubic feet, respectively, resulting in total gas reserves of 215.19 trillion cubic feet.”

The commission added that Nigeria’s reserves life index stood at 59 years for oil and 85 years for gas, indicating the estimated duration the resources would last at current production levels.

Explaining the changes recorded within the period, Eyesan noted that crude volumes declined slightly due to production activities during the previous year.

“The Reserves Life Index is 59 years and 85 years for oil and gas, respectively. The reason for the slight change in 1.1.2026 oil and condensate reserves by 0.74 per cent is attributable to production in 2025 and reserves update due to field performance and technical evaluation based on subsurface studies.

“The reason for the increase in 1.1.2026 AG and NAG reserves by 2.21 per cent is largely because reserves update is based on discoveries and the result of robust reservoir studies,” she said.

In contrast, gas reserves increased on the back of fresh discoveries and improved technical assessments. “The reason for the increase in 1.1.2026 associated gas and non-associated gas reserves by 2.21 per cent is largely because the reserves update is based on discoveries and the result of robust reservoir studies,” Eyesan added.

Declaring the figures official, she said, “Consequently, and in furtherance of the provisions of the Petroleum Industry Act, I hereby declare the total oil and condensate reserves of 37.01 billion barrels and total gas reserves of 215.19 trillion cubic feet as the official national petroleum reserves position as of 1st January 2026.”

Findings show that Nigeria’s reserves position in 2026 reflects a modest shift from 2025, when total oil and condensate reserves were slightly higher at about 37.3 billion barrels, while gas reserves stood at approximately 210–211 trillion cubic feet.

The 2026 data indicate a 0.74 per cent decline in oil reserves, largely driven by sustained production and limited new oil discoveries, while gas reserves expanded by 2.21 per cent due to ongoing exploration success and renewed focus on gas development.

The trend underscores Nigeria’s gradual transition towards a gas-driven energy strategy, in line with the Federal Government’s “Decade of Gas” initiative and global demand for cleaner fuels.

The Petroleum Industry Act, 2021, which restructured the upstream sector and strengthened regulatory oversight, is expected to play a key role in boosting reserves growth through improved investment climate, enhanced data management, and more transparent licensing processes.

Nigeria exports 950,000 barrels of new crude blend

NNPC LimitedThe Nigerian National Petroleum Company Limited has marked a major milestone with the lifting of 950,000 barrels of Cawthorne blend crude into the global market through the ultramodern FSO Cawthorne vessel, Nigeria’s first new crude oil terminal in 50 years.

According to a statement by Sahara Group, the development confirms reports on the exportation of a new light sweet crude called Cawthorne under the Bayo Ojulari-led NNPC.

According to Sahara Group, over the weekend, the first shipment of 950,000 barrels from FSO Cawthorne was initiated following its licensing and gazetting by the Nigerian Upstream Petroleum Regulatory Commission.

It was stated that FSO Cawthorne serves as a critical offshore production support asset, providing storage and offtake capabilities for crude produced from OML 18 and nearby producing assets.

Reacting to the development, Sahara Group, a global energy and infrastructure conglomerate, reiterated the strategic role of FSO Cawthorne in strengthening Nigeria’s energy security through its reliable production, storage and evacuation infrastructure.

Sahara Group also said it recognised the advanced technologies deployed on FSO Cawthorne, noting that the facility incorporates cutting-edge systems supported by AI-enabled monitoring and robust QHSE frameworks, enhancing operational efficiency, asset integrity, safety performance and environmental stewardship.

Sahara commended NNPCL for its leadership of OML 18, where Sahara Group is a joint operator and joint venture partner, noting that the company’s collaborative approach continues to drive continuous improvement and value delivery across Nigeria’s upstream sector.

The Head of Commercial and Planning at Asharami Energy, a Sahara Group upstream company, Dr Tosin Etomi, said the crude lifting from FSO Cawthorne represents a defining moment for the asset, the OML 18 partnership and the wider oil and gas sector.

“The successful commencement of crude lifting from FSO Cawthorne is a significant milestone for the OML 18 partnership and a strong demonstration of what can be achieved through shared vision, technical discipline and committed collaboration,” Etomi said.

Etomi noted that the milestone aligns with Sahara Group’s broader upstream strategy, which is focused on building a resilient, scalable and responsible production portfolio anchored on strong partnerships, asset optimisation and long-term value creation.

“The transition of FSO Cawthorne into active export is consistent with our upstream growth strategy, prioritising operational excellence, indigenous participation and infrastructure capable of sustainably supporting Nigeria’s production ambitions,” he said.

He noted that Sahara Group’s upstream portfolio includes a growing oilfield services division, which is redefining innovation, efficiency and sustainability in the sector.

“Our expanding oilfield services capabilities are integral to our upstream vision, enabling smarter operations, improved efficiencies and responsible resource development,” Etomi said.

He added: “Sustainable social impact interventions and community participation have been key drivers of our upstream success, and we remain committed to aligning our operations with the highest global environmental, social and governance standards.”

Bank recapitalisation: Local investors provide 72% of N4.6tn

CBN-VUILDING-700×375The Central Bank of Nigeria on Wednesday said domestic investors accounted for the bulk of funds raised under its banking sector recapitalisation programme, contributing 72.55 per cent of the N4.65tn total capital secured by lenders.

The apex bank disclosed this in a statement marking the conclusion of the exercise, which began in March 2024 and saw 33 banks meet the new minimum capital requirements.

The statement was jointly signed by the Director of Banking Supervision, Olubukola Akinwunmi, and the Acting Director of Corporate Communications, Hakama Sidi-Ali.

According to the CBN, Nigerian investors provided about N3.37tn of the total capital raised, underscoring strong domestic confidence in the banking sector, while foreign investors accounted for the remaining 27.45 per cent.

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“Over the 24-month period, Nigerian banks raised a total of N4.65tn in new capital, strengthening the resilience of the financial system and enhancing its capacity to support the economy,” the statement said.

Commenting on the outcome, the CBN Governor, Olayemi Cardoso, said, “The recapitalisation programme has strengthened the capital base of Nigerian banks, reinforcing the resilience of the financial system and ensuring it is well-positioned to support economic growth and withstand domestic and external shocks.”

The bank confirmed that 33 lenders had met the revised capital thresholds, while a few others were still undergoing regulatory and judicial processes.

“The CBN confirms that 33 banks have met the revised minimum capital requirements established under the programme,” it stated.

“A limited number of institutions remain subject to ongoing regulatory and judicial processes, which are being addressed through established supervisory and legal frameworks.

“All banks remain fully operational, ensuring continued access to banking services for customers.”

The regulator stressed that the recapitalisation exercise was completed without disrupting banking operations nationwide, noting that key prudential indicators, particularly capital adequacy ratios, had improved and remained above global Basel benchmarks.

Minimum capital adequacy ratios were pegged at 10 per cent for regional and national banks and 15 per cent for banks with international licences.

The CBN added that the exercise coincided with a gradual exit from regulatory forbearance, a move it said improved asset quality, strengthened balance sheet transparency, and enhanced overall system stability.

To sustain the gains, the apex bank said it had strengthened its risk-based supervision framework, including periodic stress tests and requirements for adequate capital buffers.

It added that supervisory and prudential guidelines would be reviewed regularly to improve governance, risk management, and resilience across the sector.

“The successful completion of the programme establishes a stronger and more resilient banking system, better positioned to support lending, mobilise savings, and withstand domestic and global shocks,” the statement added.

Meanwhile, data from the National Bureau of Statistics showed that foreign capital inflows into the banking sector rose by 93.25 per cent year-on-year to $13.53bn in 2025 from $7.00bn in 2024, reflecting strong investor interest during the recapitalisation drive.

However, the Centre for the Promotion of Private Enterprise has cautioned that despite the strengthened banking system, credit to small businesses remains weak, warning that the benefits of the reforms are yet to fully impact the real economy.

Oil prices drop amid US withdrawal from Iran

FUEL PUMPOil prices slumped on Wednesday amid reports that the United States would be “out of Iran pretty quickly” and could return for “spot hits” if needed.

President Donald Trump told Reuters on Wednesday about the planned withdrawal of troops from Iran to end a war that started on February 28.

According to Reuters, Trump and his top officials have offered a variety of timelines for ending the war. He said on Tuesday that the US could end its military campaign against Iran within two to three weeks. In the Reuters interview, he declined to provide a precise timeline.

“I can’t tell you exactly … we’re going to be out pretty quickly,” he said, adding that once a US exit is achieved, “we’ll come back to do spot hits” on Iranian targets as needed.

Following the report, Brent crude fell from about $115 on Tuesday to $101 on Wednesday evening. WTI traded at $99.32 at the same time. According to oilprice.com, oil prices eased in Wednesday’s session on hopes of a quick de-escalation of the conflict.

Brent crude for May delivery was down 1.9 per cent.

However, oil prices remained more than 40 per cent above late February levels when the war broke out.

It remains uncertain whether the region will return to its pre-crisis state any time soon, as tensions are still very high. Iran’s Islamic Revolutionary Guard Corps (IRGC) has issued a direct threat to target 18 American technology and industrial companies in the Middle East, including Microsoft, Google, Intel, Tesla, IBM, Apple, and Boeing.

The IRGC has labelled these firms as “legitimate targets,” alleging they are “spy companies” involved in designing and tracking targets for US and Israeli military operations.

Meanwhile, as the war continues to disrupt traffic through the Strait of Hormuz, Brazilian state-run oil firm Petrobras hiked jet fuel prices by about 55 per cent on Wednesday, according to data on the company’s website.

Petrobras, the largest oil producer in Brazil and responsible for most refining activity, adjusts jet fuel prices at the beginning of each month based on factors such as international oil prices and foreign exchange rates.

In Nigeria, the Dangote Refinery is shipping aviation fuel and diesel to other countries due to escalating tensions in the Middle East. The refinery assured Nigerians that its fuel export would not affect the domestic supply of petroleum products.

2027: Kwankwaso’s exit means NNPP is dead – Kwankwasiyya Movement

The Kwankwasiyya Movement has said that the exit of the former presidential candidate of the New Nigerian Peoples Party, NNPP, Rabi’u Kwankwaso, from the party means the party is dead in Kano and beyond.

Spokesman for the Movement, Habibu Mohammed, made this statement on Tuesday during an interview on Arise Television.

He was reacting to the recent defection of Kwankwaso from the NNPP into the African Democratic Congress, ADC.

“Everybody knows that the NNPP is synonymous with Kwankwaso and him leaving the NNPP automatically means that the NNPP is actually dead in Kano, and maybe beyond Kano, which might be seen to be dead across the nation.

“Just like what Kwankwaso meant for the NNPP in Kano, he will now be seen to be the ADC in Kano State, and it will be an interesting scenario.

“So many people believe in Kwankwaso and his principles. There will be a lot of influx into the ADC.

“And I believe from the recent happening, it is going to be a very interesting scenario in Kano, because there are several others that are actually going to come along, and this is the result of the fact that so many people believe that Kwankwaso is a man with principle, and he’s the man that doesn’t actually meander. He goes straight to the point.

“He’s somebody who is ready to actually say it as it is, and for both parties to understand.

“So there are so many politicians that knew very well that they can align with him, even if they have different opinions, but the fact that he can lead, he can provide direction, he can protect his own and he will be able to actually turn things around, so many other people are coming,” Mohammed said.

Abuja court to rule on suit seeking to prohibit Kingibe from ADC activities

The Federal High Court in Abuja will today deliver ruling in a legal battle seeking to prohibit Senator Ireti Kingibe from participating in all activities of the African Democratic Congress (ADC) following her alleged suspension from the party by the Wuse Ward Executive in Abuja.

Justice Peter Odo Lifu is billed to deliver the ruling following the service of hearing notice on the party that filed an ex-parte application in the legal battle.

Senator Kingibe, representing the Federal Capital Territory (FCT) in the Senate, was said to have been suspended on March 10 by her Wuse Ward Executive and ratified by two thirds of the leaders on allegations of anti-party activities and disregard to the Constitution of the ADC.

Those who sued the Senator in the suit marked FHC/ABJ/ CV/539/2026 are Okezuo Godfrey Anayo and Isaiah Ojonugwa Samuel, on behalf of themselves and ward members as plaintiffs, while the serving Senator is the sole defendant.

In an ex-parte application filed on their behalf by a Senior Advocate of Nigeria, Kolawole Olowookere and argued before Justice Lifu, the aggrieved ADC members in Wuse of Abuja applied for an order of interim injunction restraining Kingibe from parading herself as a member of ADC pending the hearing and determination of their motion on notice for interlocutory injunction.

They also asked the judge to restrain the Senator from performing any function, attending meetings or performing activities reserved for ADC members or representing the party in any activities.

Besides, the Ward Executive Committee asked that she be restrained from further interfering with the administration of the ward, ward register and other activities.

The suit was predicated on five grounds among which are that Mrs Kingibe was placed on suspension due to anti party activities, gross misconduct and confiscation of the ward statutory records.

“That the suspension followed due process as enshrined in the ADC Constitution and ratified by the two thirds majority of the Exco members.

“That despite the communication of the suspension to her, she has continued to hold parallel meetings, issues press statements as ADC members and using her security details to intimidate the Executive Committee.

“That her actions constitute flagrant disregard to the internal mechanism of the party,” they claimed.

After taking arguments, Justice Peter Lifu had fixed April 1 for ruling on whether to grant the request of the plaintiffs or not.

Otti intervenes as Abia LG chairman allegedly withholds councillor’s 3-month salary

Abia State Governor, Alex Otti has directed the State’s Commissioner for Finance, Mr Uwaoma Ukandu to liaese with Monday Ubani, SAN, in resolving the problem between the Chairman of Ikwuano LGA of the State, Mr. Anthony Nwaubani and one of his Councillors.

This followed the allegations that the Local Government Chairman had been withholding the salary of the Councillor since December, 2025.

The Local Government Chairman was also alleged to have seized solar-powered street light meant for Oboro Ward 2 in Ikwuano LGA.

Governor Otti, who was responding to a question from a journalist during his media chat at the Government House, Umuahia, said he was aware of the problem, assuring that he had directed that the issue be resolved amicably.

“Question about Ikwuano Local Government, I am aware of it and I have directed the Commissioner for Finance and Senior Advocate of Nigeria, Monday Ubani to sit down and resolve the problem,” Governor Otti said.

He assured the people that those he mandated to resolve the matter would bring a lasting solution.

Easter: NRC boosts Lagos-Ibadan trips, introduces free Osun train service

The Nigerian Railway Corporation, NRC, has rolled out special train service arrangements ahead of the Easter celebrations to cater to the expected rise in passenger movement across the country.

In a statement issued on Tuesday, the corporation said the measures are aimed at easing travel for commuters during the holiday period.

As part of the plan, the Lagos-Ibadan Train Service (LITS) will operate three trips on Thursday, April 2, 2026, to accommodate the anticipated surge in passengers. From the Lagos end at Mobolaji Johnson Station, Ebute Metta, trains will depart at 7:45 a.m., 1:40 p.m., and 4:00 p.m. Meanwhile, from the Ibadan end at Obafemi Awolowo Station, Moniya, departures are scheduled for 8:00 a.m., 10:50 a.m., and 4:30 p.m.

The NRC also disclosed that a special train service will run on the narrow gauge corridor in partnership with the Osun State Government, which has fully funded the service to allow passengers travel at no cost.

According to the clrporation, the train will depart Iddo Station, Lagos, for Osogbo at 10:00 a.m. on Friday, April 3, 2026, while the return journey from Osogbo to Iddo is scheduled for Monday, April 6, 2026, also at 10:00 a.m.

On other routes, the corporation said operations will continue as usual. The Abuja–Kaduna Train Service (AKTS) will maintain its regular timetable, with two trips on Thursdays and three trips on Fridays, Saturdays, Sundays, and Mondays, covering morning, mid-day, and afternoon schedules between Idu and Rigasa.

Similarly, the Warri–Itakpe Train Service (WITS) will continue to operate daily, except on Thursdays, which are set aside for maintenance to ensure safe and efficient service. Trains from Warri to Itakpe will run on Sundays, Tuesdays, and Fridays at 8:00 a.m., while services from Itakpe to Warri will operate on Mondays, Wednesdays, and Saturdays, departing at 12:00 noon.

On the Eastern corridor, the Port Harcourt–Aba Train Service will also maintain its existing schedule, with trains leaving Port Harcourt for Aba at 8:00 a.m., and returning from Aba to Port Harcourt at 3:00 p.m.

The corporation assured passengers of its commitment to providing safe, reliable, and efficient rail transport services across all routes.

Passengers were advised to plan ahead, arrive early, and comply with ticketing and security requirements.

“Passengers are advised to plan their trips, arrive early at stations, and adhere to all ticketing and security procedures,” the statement said.

The NRC also wished passengers a peaceful and enjoyable Easter celebration and encouraged continued patronage of rail transport as a safe and dependable means of travel.

Plateau attacks: Govt eases curfew in Jos North

With the return of calm and relative peace following the Palm Sunday night attack in the Gari Yawaye community, Angwan Rukuba, Jos North Local Government Area, Plateau State, the government has announced the relaxation of the 48-hour curfew it had imposed on the council.

The state government had imposed a two-day curfew which had restricted movement and commercial activities across the LGA following the attack by gunmen which claimed the lives of over 30 residents, while several others sustained varying degrees of injuries.

In a statement announcing the relaxation of the curfew, issued on Tuesday by the Commissioner for Information and Communication, Joyce Lohya Ramnap, the government said the decision was taken after security assessments indicated an improvement in the situation.

Ramnap stated that the curfew relaxation will take effect from Wednesday, April 1, 2026, with movement permitted between 7am and 3pm daily, and urged residents to use the approved window to carry out their lawful activities while strictly adhering to security guidelines.

The Commissioner reiterated the need for citizens and residents of the state to be vigilant, remain calm, and law-abiding as security agencies maintain surveillance and patrols to prevent any breakdown of law and order.

“The Plateau State government under His Excellency, Barr. Caleb Manasseh Mutfwang has assured citizens that efforts are ongoing to consolidate peace and prevent further unrest in the area.

“Government also commends residents for their resilience and cooperation during the period of restrictions,” Ramnap said, reiterating the administration’s commitment to safeguarding lives and property across the State.

Court freezes N448m assets in Keystone Bank debt recovery suit

Federal High Court, Lagos

The Federal High Court in Lagos has ordered the freezing of funds and assets valued at N448,263,172.41 in a debt recovery suit instituted by Keystone Bank Limited against five defendants.

The order was made on March 26, 2026, by Justice Chukwujekwu Aneke following an ex parte application moved by Keystone Bank’s counsel Mofesomo Tayo-Oyetibo (SAN), against Relic Resources, Olufunmilayo Emmanuella Alabi, Uwadiale Donald Agenmonmen, The Magnificent Multi Services Limited, and Raedial Farms Limited.

In his ruling, Justice Aneke granted a Mareva injunction restraining the defendants, whether by themselves, their agents, privies, or assigns, from withdrawing, transferring, dissipating, or otherwise dealing with funds, shares, dividends, and other financial instruments standing to their credit in any bank or financial institution in Nigeria, up to the sum in dispute.

The court further directed all banks and financial institutions within the jurisdiction to forthwith preserve any funds belonging to the defendants upon being served with the order.

The said institutions were also ordered to depose to affidavits within seven days of service, disclosing the balances in all accounts maintained by the defendants, together with the relevant statements of account.

In addition, the court granted a preservative order restraining the defendants from disposing of, alienating, or otherwise encumbering any movable or immovable property, including any future or contingent interests, up to the value of the alleged indebtedness.

The court also granted leave for substituted service of the originating and other court processes on the second and third defendants by courier delivery to their last known addresses.

The matter was adjourned to April 9, 2026, for mention.

According to the originating processes before the court, the suit arises from a N500 million overdraft facility granted by the claimant to the first defendant on March 28, 2023, for a tenure of 365 days at an interest rate of 32 per cent per annum.

The claimant averred that the facility, initially secured by a $200,000 cash collateral and subsequently by a mortgaged property located at Itunu City, Epe, Lagos, expired on March 27, 2024, leaving an outstanding indebtedness of N448,263,172.41 as at October 31, 2024.

In the affidavit in support of the application, the claimant alleged that the facility was diverted for personal use by the third defendant and channelled through the fourth and fifth defendant companies.

It further contended that the first defendant is no longer a going concern and has failed, refused, and neglected to liquidate the outstanding indebtedness despite several demands made between May and October 2025.

The claimant also expressed apprehension that the defendants may dissipate or conceal their assets, thereby rendering nugatory any judgment that may be obtained in the suit, and consequently urged the court to grant the reliefs sought in the interest of justice.

After considering the application and submissions of learned silk, Justice Aneke granted all the reliefs sought and adjourned the matter to April 9, 2026, for further proceedings.