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NUPRC enforces drill-or-drop rule for oil blocks

NUPRCThe Nigerian Upstream Petroleum Regulatory Commission has declared that the era of oil companies holding on to exploration licences for years without developing the assets is officially over, as new provisions under the Petroleum Industry Act compel operators to either develop their fields or relinquish them.

The Commission Chief Executive of the NUPRC, Oritsemeyiwa Eyesan, disclosed this while receiving a delegation from the Petroleum Directorate of Sierra Leone at the commission’s headquarters in Abuja.

Eyesan also expressed satisfaction with the level of investor interest recorded so far in Nigeria’s 2025 oil licensing round, describing the number of applicants as encouraging despite stricter bidding conditions introduced by the regulator.

This was contained in a statement issued on Friday by the Head of Media and Corporate Communications at the commission, Eniola Akinkuotu.

According to Eyesan, the response from investors to the licensing round has demonstrated renewed confidence in Nigeria’s upstream petroleum sector following regulatory reforms introduced by the Petroleum Industry Act.

She said the ongoing exercise involves 50 oil blocks currently on offer, adding that the strong level of participation was recorded despite a rule limiting companies to a maximum of two blocks, whether bidding individually or as part of a consortium.

“For the 2025 licensing round, we have 50 oil blocks on offer. And the outcome of the pre-qualification submission was a demonstration that there is indeed a very good appetite for the bid round,” Eyesan said.

She explained that the commission deliberately introduced restrictions on the number of blocks that companies can bid for in order to prevent asset hoarding and encourage wider participation from investors.

According to her, the policy ensures that exploration assets are allocated to companies that are genuinely ready to invest and develop them. Eyesan also disclosed that the commission had taken additional steps to strengthen transparency and investor confidence in the licensing process.

She said the regulator engaged an independent audit firm to review the digital bidding system and validate its integrity.

“In order to ensure total transparency in the licensing round, the commission added an extra layer of validation by partnering with a reputable audit firm to interrogate the system and validate that the system is foolproof. The result of that exercise will be made public just to boost investor confidence,” she stated.

The NUPRC boss said the introduction of the “drill or drop” provision under Section 94 of the Petroleum Industry Act has fundamentally changed the way exploration licences are managed in Nigeria.

She noted that the provision compels operators to either commence exploration and development activities within a specified timeframe or surrender the licence to the government.

According to her, the reform has eliminated the longstanding practice where companies held on to oil blocks for decades without developing them.

Eyesan said, “One of the beauties of the PIA is Section 94, which compels operators to either commence work or relinquish the licence, what we call the drill or drop provision.

“The PIA also opened opportunities for both small and big players because there is now a drill or drop provision in the Act. So we have cured the problem of uncertainties.”

She explained that prior to the reform, some operators retained prospecting licences for as long as 20 years without carrying out meaningful exploration work, thereby slowing down Nigeria’s efforts to expand its petroleum reserves.

“In the past, we had operators who had 20-year licences and sat on these blocks and did absolutely nothing.

“Now we have moved from that era to drill or drop. So we have more assets in the basket, which has given us the impetus to even consider holding bid rounds more frequently, possibly on an annual basis,” the CCE noted.

She added that the policy shift has helped return more dormant assets to the government’s portfolio, thereby creating new opportunities for investors in the ongoing licensing round.

According to the commission, the renewed interest in the bid round could also support Nigeria’s long-term goal of increasing its proven crude oil reserves and sustaining upstream investments.

Nigeria currently holds some of the largest hydrocarbon reserves in Africa, but exploration activity has slowed in recent years due to regulatory uncertainty, security challenges, and global energy transition pressures.

The enactment of the Petroleum Industry Act in 2021 has helped restore investor confidence by introducing clearer fiscal terms, improved regulatory frameworks, and stricter accountability requirements for operators.

Meanwhile, the Director-General of the Petroleum Directorate of Sierra Leone, Foday Mansaray, said his country was seeking to learn from Nigeria’s regulatory experience in developing its own hydrocarbon sector.

Mansaray explained that the delegation’s visit to the NUPRC was aimed at deepening bilateral cooperation and gaining insights into Nigeria’s petroleum governance framework.

“We are here to collaborate with the NUPRC at a bilateral level and learn from Nigeria, our big brothers in the industry,” he said. “We are a small country of just eight million people, but very ambitious, and we believe there is a lot we can learn from Nigeria’s experience in managing the petroleum sector.”

He also called for stronger energy collaboration between both countries and proposed the signing of a Memorandum of Understanding to formalise cooperation in regulatory capacity building and petroleum sector development.

The 2025 oil licensing round was formally launched in December 2025 following approval by President Bola Tinubu as part of efforts to attract fresh investment into the country’s upstream petroleum sector.

The bid round offers 50 oil and gas blocks located across several sedimentary basins, including the Niger Delta, Anambra, Bida, Benue Trough, and Chad basins, with the objective of boosting exploration activity, increasing reserves, and supporting long-term crude production growth.

As of now, the process has completed the pre-qualification stage, with the submission window closing on February 27, 2026, after which qualified companies are expected to proceed to the technical and commercial bidding phase, where bids will be evaluated before final awards are announced

Overall, the licensing round is expected to run for about eiht months, from November 2025 to July 2026, when the commercial bid conference and final approvals are scheduled to conclude the process.

admin by — March 14, 2026 in Business 0
Shell resumes Production At Bonga As it Completes Turnaround Maintenance On FPSO

 

Ronald Adams, Managing Director, Shell Nigeria Exploration and Production Company Limited (SNEPCo)

Shell Nigeria Exploration and Production Company Limited (SNEPCo) has completed the turnaround maintenance on the Bonga Floating Production, Storage and Offloading (FPSO) vessel, leading to resumption of production at Nigeria’s premier deepwater field on March 6, 2026.

 

The project was delivered 11 days ahead of schedule and without any safety incident, reinforcing SNEPCo’s longstanding commitment to operational excellence and asset integrity.

 

“Completing the turnaround safely and ahead of schedule is a testament to the dedication and professionalism of our Nigerian workforce and the helpful support of our partners,” SNEPCo Managing Director Ronald Adams said. “The achievement not only secures the long‑term integrity of the Bonga FPSO but also positions us strongly for the successful delivery of the Bonga North project, which will leverage the improved reliability of the FPSO.”

 

The exercise which began on February 1, 2026, highlights SNEPCo’s leading role in advancing deep‑water expertise in Nigeria. Of the 55 companies involved in the execution, 43 were wholly Nigerian. Additionally, eight of the 12 international service providers maintain operational bases in Nigeria, contributing to knowledge transfer and increased local investments.

 

More than 1,000 personnel worked offshore during the turnaround, with over 95% being Nigerians involved in maintenance, engineering, operations, inspection and construction. Thousands more supported activities from onshore locations, reflecting the depth of Nigerian capability in offshore oil and gas operations.

 

Adams added: “We acknowledge the support of several stakeholders towards the successful execution of the exercise, including the NNPC Upstream Investment Management Services (NUIMS), the Nigerian Upstream Petroleum Regulatory Commission (NUPRC), the Nigerian Content Development and Monitoring Board (NCDMB) and our partners.”

admin by — March 14, 2026 in Business 0
2027: Atiku’s son officially registers with ADC

Former vice president, Atiku Abubakar’s son, Adamu Abubakar has defected to the African Democratic Congress, ADC.

DAILY POST had reported that Adamu, a former commissioner in Adamawa State resigned his membership of the Peoples Democratic Party, PDP on Thursday.

A few hours after his resignation, Adamu completed his online registration with the ADC, a party where his father is aspiring to contest the 2027 election.

In an X post on Thursday night, Adamu called on “all my supporters and well wishers to join me by registering with the ADC as we work together to advance the cause of good governance and national development”.

admin by — March 13, 2026 in News 0
ADC now leading opposition, more set to defect – Kenneth Okonkwo

A legal practitioner, Kenneth Okonkwo, has said the African Democratic Congress (ADC) is now the leading opposition party in Nigeria, predicting that more politicians will soon defect to the party.

DAILY POST earlier reported that a total of nine senators have defected to the ADC, making it a leading minority in the National Assembly.

Reacting to this via Channels TV morning brief on Friday, Okonkwo stressed that the ADC does not rely on government power or resources to attract members.

According to him, the party’s growing appeal is driven by a coalition of opposition leaders seeking to challenge the ruling All Progressives Congress (APC).

“We’re not APC; we don’t have power to give and we don’t have resources to give. It’s not even within our reach because we are not the ruling power,” he said.

He, however, insisted that despite not controlling federal power, the ADC has emerged as the most viable opposition platform in the country.

“The truth is that ADC, the African Democratic Congress, is today the leading opposition party,” Okonkwo stated.

The lawyer noted that he had earlier advised opposition leaders from parties such as the Peoples Democratic Party (PDP) and Labour Party (LP) to unite in order to effectively challenge the ruling party.

“I said this a long time ago that PDP, LP and other parties are not viable. The opposition leaders and parties should do themselves good to form a coalition,” he said.

According to him, the coalition eventually agreed to adopt the ADC as the political platform to pursue what he described as the aspiration for a new Nigeria.

“When they coalesced, they were able to deal with the APC that has constituted itself as an enemy of democracy and certainly an enemy of the welfare of the people,” Okonkwo added.

He further claimed that more politicians would soon join the party as the political landscape continues to shift ahead of future elections.

“You will see more politicians joining us soon, and APC will soon be history by the grace of God,” he said.

admin by — March 13, 2026 in News 0
Jubilation as Kaduna records first rain, eases intense heat

Kaduna state has recorded its first rain of the year. The rain touched the soil of the state at about 10pm on Thursday.

The rain which was accompanied by heavy wind sparked jubilation among residents who had grappled with a heat wave in the past weeks.

Recall that both Christians and Muslims have had to battle with high humidity amid ongoing fasting.

Many believe the change in weather has affected how members of both religions observe their fasting obligations, largely due to increased fluid intake.

A resident, Mallam Yusuf Dan Musa, told DAILY POST that the rain has now reduced the amount of water intake.

“We saw rain coming when we noticed the heat was much. Most of the time, excess heat brings instant rain.”

The rains came one week to the end of Muslim Ramadan fasting and more than two weeks before Easter that marks the end of Christian fasting.

admin by — March 13, 2026 in News 0
Taraba varsity strike nears end as Kefas approves N3bn for staff entitlements

The lingering crisis at the Taraba State University, TSU, which forced academic staff to embark on an indefinite industrial action, may soon be resolved following a major financial intervention by the Taraba State government.

This development, as noticed by DAILY POST became evident on Thursday when the state governor, Agbu Kefas, personally visited the university campus in Jalingo, the state capital, where he announced the approval of N3 billion to address outstanding entitlements owed to staff unions.

The intervention is widely seen as a decisive step toward ending the prolonged strike by the Academic Staff Union of Universities, ASUU, chapter of the institution.

While addressing members of the university community, the governor approved the immediate release of N200 million as part of the settlement. He also authorized monthly payments of N100 million beginning in April, which, according to him, will continue until the accumulated arrears are fully cleared.

In a symbolic show of commitment to the agreement, Kefa ,who serves as the Visitor to the university, was observed to have also signed documents authorizing the disbursement of the funds in the presence of the union leaders, including the ASUU Chairman, Dr. Mbave Joshua Garba.

Members of the university community have welcomed the intervention, describing it as a positive step toward restoring normal academic activities after months of disruption caused by the industrial action.

Meanwhile, the Joint Action Committee (JAC) of the university unions has scheduled a congress meeting to deliberate on the government’s offer.

Observers expect the unions to consider suspending the strike to allow lectures and other academic activities to resume.

However, some lecturers who spoke with DAILY POST noted that the final decision will depend on the outcome of the congress.

If the strike is eventually called off, the development is expected to stabilize the academic calendar at Taraba State University and bring relief to thousands of students whose studies have been stalled by the dispute.

admin by — March 13, 2026 in News 0
Benue: Senate urges FG to establish military base in Kwande over rising attacks

The Nigerian Senate has urged the Federal Government to establish a military base in Kwande Local Government Area to improve security and help displaced residents safely return to their communities.

Lawmakers also called on security agencies to increase surveillance and carry out coordinated patrols and operations across affected communities to prevent further attacks.

In particular, the Senate recommended setting up a military base along the Ikyurav–Ya–Ukusu corridor to ensure a consistent security presence in the troubled area.

The chamber further appealed to telecommunications companies to install communication masts in the locality so residents can make distress calls during emergencies.

It also directed the National Emergency Management Agency to provide relief materials and humanitarian assistance to families impacted by the attacks in Kwande and other parts of Benue State.

During the session, senators observed a one-minute silence in honour of those killed in recent attacks in Abande, Awu, Asinuba, Awapacho and neighbouring communities.

The resolutions followed a motion of urgent public importance sponsored by Senator Emmanuel Udende concerning the rising attacks in communities within Kwande Local Government Area.

While presenting the motion, Udende explained that recent coordinated attacks by armed assailants in the area had resulted in the deaths of more than 20 people and forced many residents to abandon their homes.

He recalled that on February 5, 2026, gunmen stormed a settlement in the area, killing several residents, injuring others and destroying houses and other property.

According to him, about 50 people were reportedly killed during the February attacks, while a number of others are still missing.

The senator further noted that another round of violence occurred in March, worsening the humanitarian crisis in the area.

He stated that on March 10, gunmen reportedly killed about 11 people in fresh attacks, while an earlier assault on March 5 in Bachor community also caused casualties and destruction of property.

Udende told lawmakers that several of the bodies recovered after the attacks remain unidentified, while about 25 people are still unaccounted for.

He also cautioned that the arrest and harassment of local vigilantes by security operatives could weaken collaboration between community volunteers and formal security agencies.

According to him, poor road networks, limited communication infrastructure and the absence of permanent security formations continue to slow down response efforts to distress calls in the rural communities.

Seconding the motion, Senator Osita Izunaso described the security situation in Benue as a national emergency requiring swift government action.

Also speaking, Senator Ahmed Lawan emphasized the need to strengthen Nigeria’s overall security framework, stressing that security agencies must be properly funded and equipped with adequate logistics to effectively confront armed groups.

admin by — March 13, 2026 in News 0
Forum dismisses claims of N210tn missing in NNPC accounts

NNPC LimitedA coalition of professionals under the Ajiyya Solidarity Forum has dismissed allegations that about N210tn is missing from the accounts of the Nigerian National Petroleum Company Limited.

Addressing journalists on Thursday, ASF National Coordinator, Usman Hamza, described the claim as “mathematically impossible” and politically motivated.

The group’s position is in response to a recent claim by the Chairman of the Senate Public Accounts Committee, Ahmed Wadada, that the NNPC Limited could not account for about N210tn.
Hamza said such a figure was misleading.

“Senator Wadada’s claim of N210tn ‘unaccounted for’ funds is a mathematical impossibility designed to shock the public,” Hamza said.

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He argued that the claim did not align with Nigeria’s fiscal reality, noting that the country’s entire 2024 national budget stood at about N28.7tn.

“To suggest that a single entity ‘lost’ nearly eight times the national budget is an insult to the intelligence of Nigerians,” he added.

The forum also condemned threats of arrest warrants against former officials of NNPCL, including former Chief Financial Officer, Umar Ajiya, describing the move as part of a coordinated campaign of political blackmail.

According to the group, the Senate committee may have misinterpreted financial figures by combining accrued expenses and receivables in a way that falsely suggests missing funds.

“We consider that the committee has erroneously ‘netted’ N103tn in accrued expenses, largely joint venture liabilities, with N107tn in receivables owed to NNPCL. Labelling money owed to a company as ‘missing funds’ is a professional travesty,” Hamza stated.

During the ongoing review of the financial records of Nigerian National Petroleum Company Limited, the Senate Public Accounts Committee, chaired by Wadada, had raised concerns over alleged discrepancies running into trillions of naira.

The ASF maintained that the allegations ignored the broader financial and structural reforms undertaken by the national oil company in recent years.

Furthermore, Hamza mentioned that the tenure of former CFO Ajiya coincided with the transition of the national oil firm into a commercial entity under the Petroleum Industry Act, a reform that ended decades of opaque financial reporting.

“Mr Ajiya’s tenure saw the transition of NNPC into a commercially driven entity and the publication of the first audited financial statements in 43 years,” the forum stated.

ASF defended the N5.9bn cost incurred during the transition process of NNPC to NNPC Limited, saying it covered complex legal and structural reforms required to transform the former state corporation into a limited liability company.

The forum warned that politicising the Senate’s oversight role could damage Nigeria’s credibility in the eyes of international investors.

“Using the Senate’s hallowed chambers to pursue personal vendettas damages Nigeria’s reputation with international investors,” Hamza said.

The forum further called on the leadership of the Senate to institute an independent ethics investigation into what it described as an alleged demand for bribes linked to the ongoing oversight process.

“We call on the Senate leadership and its Ethics Committee to investigate the alleged bribe demand connected to this oversight exercise,” he said.

He urged lawmakers to stop what he described as the harassment of officials who have already submitted several technical responses to the committee.

“Public accountability should be pursued through a sober forensic review of facts, not through sensational claims and phantom numbers,” he added.

admin by — March 13, 2026 in News 0
Maritime stakeholders raise alarm over $4,000 cargo surcharge

Maritime Port

There seems to be tension in the nation’s maritime sector following the introduction of up to a $4,000 war surcharge on Nigeria-bound cargoes by MSC Shipping Company.

Last week, MSC, in a post on its website seen by The PUNCH, announced that with effect from March 5 till further notice, it will introduce a war risk surcharge of up to $4,000 for cargo shipments to Nigeria, other African countries, and Indian Ocean islands from the Indian subcontinent and Gulf countries.

“The evolving security situation in the Middle East is affecting maritime traffic in the Straits of Hormuz and Bab El-Mandeb and causing disruption throughout our network. Consequently, MSC Mediterranean Shipping Company will implement a War Risk Surcharge for all cargoes moving from the Arabian Peninsula (Bahrain, Iraq, Kuwait, Oman, Qatar, Saudi Arabia, UAE to West Africa, East Africa, South Africa, Mozambique, and the Indian Ocean Islands.

“The surcharge will be effective as of 05 March 2026 (gate-in date) local time until further notice, and will be charged as follows: $2,000 for 20ft, $3,000 for 40ft, and $4,000 for reefer cargoes. MSC continues to closely monitor the situation and is working with relevant authorities to ensure the safety of its operations. We thank you for your understanding and patience, and we will keep you updated with further developments,” it stated.

Reacting to the development, a former acting National President of the National Association of Nigerian Licensed Customs Agents, Mr Kayode Farinto, in a chat with The PUNCH on Thursday, said shipping companies would likely add the surcharge.

“Because, whether you like it or not, there’s nothing anybody can do. Any shipping company that is bringing cargo will want to charge, and most of the insurance companies are dropping insurance policies because of this war.

“And the route that they are taking is being taken over by Iran. So it’s expected, except there should be a reasonable thing that they want to charge for the insurance. $4,000 is high, but it’s expected, it’s normal. There’s nothing anybody can do about it. The whole world is at war. That’s what it means. So if you are bringing your goods and taking a high risk, because they cannot take the Straits of Hormuz now, they will have to go and manoeuvre and take another route, maybe to South Africa,” Farinto said.

According to him, the development will definitely lead to a drop in cargo. “It means that our cargo volume will drop, but nobody wants to take risks. Secondly, the freight will increase, and thirdly, the goods will increase. Because whoever is managing to bring goods will add the overhead costs and the insurance premiums. So definitely, things will start increasing.”

Farinto added that the development is likely to lead to an increase in the price of products from the Dangote Refinery.

He added that the impact would be felt more in the coming weeks. Also speaking, the Chief Executive Officer of the Centre for the Promotion of Private Enterprise, Muda Yusuf, admitted that the development will affect trade in the country, especially the region.

“It’s going to affect trade significantly because cost will go up, and in fact cost has gone up and may even go higher. And if the cost is going up that much, then the volume of trade will drop. If the volume of trade drops, that is less business for the maritime industry.

“Because with that kind of cost, I don’t know how many businesses will be viable anymore. So this part will be very severe in the maritime sector. And if there is a drop in activities in maritime, that means loss of jobs, loss of income, and a whole lot of issues that will affect the maritime sector,” he said.

Also speaking, the Secretary of Manufacturers Association of Nigeria Export Group, Dr Benedict Obhiosa, said, “The recent increment in charges by the Mediterranean Shipping Company will lead to further weakening of the competitiveness of manufactured products in the international market space.

“However, exporters may decide to consider exporting by road as there is an alternative. In general, the hike in prices will discourage further export and that will, by extension, affect the volume and value of non-oil export in this concluding quarter and even the next if the problem is not resolved by the Nigerian government and shipping authorities.”

Meanwhile, the Africa Association of Professional Freight Forwarders and Logistics of Nigeria has expressed grave concern over the newly introduced surcharge.

In a statement on Thursday signed by its National President, Frank Ogunojemite, obtained by The PUNCH, APFFLON described the surcharge as a major economic “shock that could further worsen Nigeria’s already fragile import-dependent economy.”

He noted that Nigeria relies heavily on maritime transport for over 80 per cent of its international trade, “meaning that any sudden increase in shipping costs automatically translates to higher prices of goods, inflationary pressure, and increased cost of doing business.”

Ogunojemite warned that the surcharge will have far-reaching consequences for Nigeria’s maritime sector and the broader economy, including “sharp increases in food and pharmaceutical prices. Refrigerated containers (reefers), which carry essential goods such as frozen foods, dairy products, fish, and pharmaceuticals, will be the most affected by the $4,000 surcharge.”

He urged the Federal Government, the Ministry of Marine and Blue Economy, the Nigerian Shippers’ Council, and other relevant maritime regulators to urgently engage international shipping lines and global maritime stakeholders to mitigate the impact of these war-induced surcharges on Nigerian trade.

admin by — March 13, 2026 in Business 0
Equities market rebounds with N649bn gain

NGXThe Nigerian stock market reversed the negative trend witnessed in the previous two trading sessions, recording a gain of N649bn on Thursday.

The All-Share Index rose by 1,010.22 points, representing an increase of 0.52 per cent to close at 196,908.76 points. Market capitalisation gained N649bn to close at N126.399tn.

The upturn was driven by gains in medium and large-cap stocks, including Transcorp Hotels, BUA Cement, Fidson Healthcare, CAP, and Guinness Nigeria.

Of the 132 traded stocks, 30 advanced, 30 declined, and 62 closed unchanged, indicating a mixed market breadth. FTN Cocoa Processors recorded the highest price gain of 10 per cent to close at N6.27 per share.

Fidson Healthcare followed with a gain of 9.97 per cent to close at N105.35, while DEAP Capital Management & Trust was up by 9.89 per cent to close at N7.00 per share.

Caverton Offshore Support Group rose 9.40 per cent to close at N6.40, while Livestock Feeds appreciated 9.30 per cent to close at N7.05 per share.

On the other hand, Eterna and Omatek Ventures led the losers’ chart with a 10 per cent decline each, closing at N42.30 and N2.52, respectively. SCOA Nigeria followed with a decline of 9.94 per cent to close at N22.65 per share.

Fortis Global Insurance depreciated 9.24 per cent to close at N1.08, while Sovereign Trust Insurance declined 9.09 per cent to close at N2.10 per share.

Meanwhile, the total volume traded declined by 25.84 per cent to 549.781 million units, valued at N44.736bn across 55,465 deals. Transactions in the shares of Fortis Global Insurance topped the activity chart with 32.182 million shares valued at N34.775m.

Access Holdings followed with 28.124 million shares worth N700.986m, while First Holdco traded 27.722 million shares valued at N1.385bn.

Zenith Bank traded 27.483 million shares valued at N2.559bn, while Dangote Cement saw 26.893 million shares worth N20.671bn traded.

Regarding market performance, Imperial Asset Managers Limited stated, “Overall, the session reflects a return of investor confidence, supported by selective accumulation of fundamentally strong stocks amid a positive macroeconomic environment and above-par corporate earnings released so far for the 2025 full-year season.”

admin by — March 13, 2026 in Business 0