Shell Nigeria Exploration and Production Company Limited has partnered with nine Nigerian banks to launch a $3bn contract finance facility aimed at improving access to credit for indigenous oil and gas contractors executing projects for the company.

According to a statement, the financing scheme, unveiled on Thursday, is designed to provide credit support to local contractors handling projects for SNEPCo and will be available in both naira and United States dollars.

The participating banks are First Bank, Guaranty Trust Bank, Zenith Bank, Access Bank, United Bank for Africa, Stanbic IBTC, Standard Chartered Bank, First City Monument Bank, and Fidelity Bank.

Speaking at the signing of the Memorandum of Understanding in Lagos, the Managing Director of SNEPCo, Ronald Adams, said the initiative aligns with the objectives of the Nigerian Oil and Gas Industry Content Development Act by promoting greater in-country value retention.

“The initiative reflects the spirit of the Nigerian Oil and Gas Industry Content Development Act, which is aimed at in-country value retention. Our partner banks offer capital and discipline.

“SNEPCo brings contracts and domiciliation of payments that de-risk lending.

On their part, the contractors provide performance. Each is accountable to the others, and the mutual accountability gives the arrangement its strength,” he said.

The Vice President, Finance, Shell Nigeria, CJ Akwaeze, said the financing scheme demonstrates Shell’s commitment to supporting the growth of oil and gas operations in Nigeria.

The Chairman of the Petroleum Technology Association of Nigeria, Wole Ogunsanya, who was represented by Dr Joan Faluyi, described the facility as a major boost for indigenous contractors.

Ogunsanya lauded the initiative as a “gateway to unlocking contractor financing issues, which will also drive efficiency in contract execution.”

Representatives of the participating banks also commended SNEPCo for introducing the financing arrangement, saying the partnership would strengthen local contractors, and pledged their continued support for the initiative.

SNEPCo said Nigerian companies have continued to play significant roles in its operations and project delivery. It noted that earlier this year, 43 wholly Nigerian companies participated in the turnaround maintenance exercise at the Bonga Floating Production Storage and Offloading vessel out of the 53 companies involved in the exercise.

According to the company, the Contract Finance Facility is expected to further strengthen the capacity of Nigerian companies and enhance value delivery in the operations of Nigeria’s premier deepwater producer.

Foreign airlines and other organisations owe the Nigerian Airspace Management Agency more than N67bn in unpaid charges, a debt burden that is deepening the financial strain on the country’s air navigation service provider and threatening industrial peace in the aviation sector.

The mounting debt has emerged as a key factor in the dispute between NAMA and the Nigerian Meteorological Agency, with aviation unions warning that the agency cannot remit funds it has not received.

Meanwhile, despite the huge debt, The PUNCH learnt that international airlines remain the major contributors to NAMA’s revenue, while many domestic airlines have been reluctant to meet their payment obligations.

The PUNCH gathered that the cumulative debt owed to NAMA by both foreign and domestic airlines, as well as other companies, exceeds N90bn, with domestic airlines identified as the most difficult debtors from whom to recover payment

Findings by The PUNCH from NAMA’s Credit Control Records, an internal document obtained by our correspondent, showed that as of April 30, 2026, the agency was owed N34.69bn in domestic receivables and $49.48m in foreign receivables. At prevailing exchange rates, the combined debt exceeds N67bn.

The revelation comes amid rising tension in the aviation industry following NiMet’s threat to embark on a nationwide industrial action over the alleged non-remittance of its statutory revenue by NAMA.

The PUNCH reported last week that the NiMet Unions Joint Action Committee accused NAMA of failing to remit the statutory 10 per cent of en-route and overflight charges due to the agency.

The unions alleged that the non-remittance persisted despite the intervention of the Minister of Aviation and Aerospace Development, Festus Keyamo.

A strike by NiMet workers could have far-reaching consequences for the aviation industry, as the agency’s meteorologists provide the weather briefings and forecasts pilots rely on before take-off and landing. Any disruption to those critical services could significantly affect flight operations nationwide.

But in a letter jointly addressed to the minister, aviation unions defended NAMA, insisting that the agency’s financial challenges were largely caused by huge outstanding debts owed by airlines, government agencies, state governments and corporate organisations.

The letter was jointly signed by the Branch Chairman of the Air Transport Services Senior Staff Association of Nigeria, Oluwole Dada; Branch Chairman of the Association of Nigeria Aviation Professionals, Afatakpa Patrick; Branch Chairman of the National Union of Air Transport Employees, Abah Mathias; and Branch Chairman of the Amalgamated Union of Public Corporations, Civil Service Technical and Recreational Services Employees, Turkur M.

According to the unions, NAMA had continued to make payments to NiMet despite its financial difficulties. The letter read in part, “While we recognize and respect the legitimate rights of every worker and every aviation agency to pursue its welfare within the law, it has become imperative to present the complete financial picture surrounding this issue in order to ensure that the government is fully apprised of the underlying facts.

“Available records indicate that despite NAMA’s severe financial constraints, the Agency has continued to demonstrate good faith by paying approximately N400 million to NiMet between April and June 2026 towards the settlement of its outstanding obligations. This clearly demonstrates NAMA’s commitment to meeting its statutory responsibilities even under extremely difficult financial conditions.

“However, it is important to state that NAMA itself is operating under enormous financial constraints largely because huge statutory revenues due to the Agency remain unpaid by several government agencies, airlines, state governments, corporate organisations and other debtors. Simply put, NAMA cannot reasonably be expected to pay what it has not received.”

Documents obtained by The PUNCH further corroborate the unions’ position. The agency’s Credit Control Records stated that “as at 30th April 2026, NAMA is owed over N34.69bn in domestic receivables and approximately US$49.48m in foreign receivables.”

According to the unions, the development showed the growing financial pressure facing the country’s aviation agencies, with concerns mounting that unless the debts are recovered promptly, funding challenges could continue to disrupt critical industry services and fuel further labour unrest across the sector.

When contacted, the spokesperson for NAMA, Abdullahi Musa, confirmed the development but said the agency’s major concern was domestic operators, adding that both the Nigeria Civil Aviation Authority and NAMA’s commercial and legal departments were handling the debt recovery process.

He said, “Our major debtors are airline operators in Nigeria. The NCAA, Commercial Department, and Legal Department are on top of the situation for debt recovery.”

He added, “Many of the foreign airlines have been paying because IATA stands as their intermediary.” He further stated that the larger chunk of the foreign debts was owed by African airlines, adding that “they behave like domestic airlines.”

Efforts to obtain the minister’s reaction on the issue were unsuccessful. A message seeking clarification on the Federal Government’s plans to address the mounting debts was sent to him, but as of the time of filing this report, he had yet to respond.

Attempts to obtain the reaction of the Airlines Operators of Nigeria on the reasons for not paying charges due to NAMA were also unsuccessful. Calls and text messages sent to the spokesperson for AON, Prof Obiora Okonkwo, were not responded to.

The Central Bank of Nigeria has issued interpretative guidance clarifying the practical application of Sections 34(2)(b) and 40(2) of the Banks and Other Financial Institutions Act, 2020, setting a maximum period of two business days for the suspension of certain contractual obligations during the resolution of failing banks.

The clarification was contained in a circular issued on Wednesday by the Acting Director of the Financial Markets Department, Okey Umeano, who said the guidance takes immediate effect.

According to the apex bank, the absence of a clearly defined maximum duration for the exercise of its powers under the two BOFIA provisions had created uncertainty for banks, financial institutions, and their counterparties in relation to financial contracts.

The circular stated, “The Central Bank of Nigeria has observed that the absence of a defined maximum duration period pursuant to the exercise of its powers under Sections 34(2)(b) and 40(2) of the Banks and Other Financial Institutions Act, 2020 has created some uncertainty for counterparties dealing with Nigerian banks and other financial institutions in respect of financial contracts.”

It added that the uncertainty had the potential to impede the effective management of commercial risk.

To address this, the CBN said the circular provides interpretative and operational guidance on how it will exercise the powers conferred on the Governor under the relevant provisions of BOFIA.

The guidance applies to banks, other financial institutions, and counterparties to what the CBN described as “Affected Contracts,” defined as contracts to which a bank or other financial institution is a party and which fall within the scope of Sections 34(2)(b) or 40(2) of BOFIA.

Under the new guidance, the CBN said any suspension of payment or delivery obligations under an affected contract involving a failing bank pursuant to Section 34(2)(b), as well as any suspension of termination rights under contracts covered by Section 40(2), “shall not exceed a period of two business days commencing from the date on which the written order or notice of suspension is issued by the CBN Governor.”

The clarification relates to two key provisions of BOFIA 2020 that underpin the CBN’s bank resolution framework.

Section 34(2)(b) empowers the apex bank to facilitate the acquisition of a failing bank by one or more banks as part of efforts to preserve financial stability, while Section 40(2) allows the CBN Governor, where a banking licence has been revoked and it is considered to be in the public interest, to direct the commencement of resolution actions, including the temporary suspension of certain contractual termination rights.

By introducing a two-business-day limit, the CBN has clarified that any suspension arising from the exercise of these powers will be temporary, providing greater certainty for market participants and counterparties to financial contracts.

The circular comes as the apex bank revoked the licences of 46 inactive, insolvent, or non-operational microfinance banks, citing its powers under BOFIA. While the latest guidance is not linked to any specific institution, it provides greater clarity on how contractual obligations will be treated whenever the CBN exercises its statutory resolution powers over troubled banks.

The CBN said the guidance was issued pursuant to the powers granted to the Governor under Section 56 of BOFIA and Section 33(1)(b) of the Central Bank of Nigeria Act, 2007, and took immediate effect on July 1.

The Heirs Energies OML 17 Joint Venture, in collaboration with Redtech, has unveiled its Integrated Operations Monitoring Centre, a next-generation digital operations hub designed to transform the way upstream assets are monitored, managed and optimised.

According to the company, the commissioning marks a significant milestone in the joint venture’s commitment to operational excellence, innovation and technology-driven performance by bringing together operational intelligence, production monitoring, security surveillance, hydrocarbon evacuation, facility performance and critical asset data into a single integrated environment.

In a statement, the company stated that the monitoring centre, developed through a collaboration between Heirs Energies, operator of OML 17, and Redtech, the technology company within the Heirs Holdings Group, represents the convergence of energy expertise and digital innovation to enable faster decision-making, improved collaboration and greater operational visibility across OML 17.

Speaking at the unveiling, the Chief Executive Officer of Heirs Energies, Osa Igiehon, said the centre would provide real-time visibility of the company’s operations and improve efficiency.

“The future of upstream operations will be driven by data, technology and intelligent decision-making. The Integrated Operations Monitoring Centre provides us with a real-time operational view of our assets, enabling quicker decisions, improved collaboration and enhanced operational efficiency. It reinforces our commitment to deploying innovation to deliver safer, smarter and more resilient operations across OML 17,” the CEO said.

According to the company, the Integrated Operations Monitoring Centre serves as the digital nerve centre of the joint venture by integrating operational data from multiple systems into a single platform that supports proactive decision-making, production optimisation, asset integrity and operational risk management.

It added that the centre also strengthens the security of OML 17’s remote assets through an intruder detection and surveillance system, enabling real-time monitoring, early threat detection and faster incident response across critical facilities and infrastructure.

The firm added that beyond real-time monitoring, the centre provides a foundation for future capabilities, including predictive analytics, remote operations, artificial intelligence-enabled decision support and advanced production optimisation.

The Managing Director and Chief Executive Officer of Redtech, Emmanuel Ojo, said the project demonstrates the value of technology in addressing operational challenges.

He said, “At Redtech, we believe technology should simplify operations, improve decision-making and create measurable business value. The IOMC demonstrates what is possible when digital innovation is applied to industrial operations. Working alongside Heirs Energies, we have delivered a platform that enables connected operations, intelligent monitoring and faster operational response. This is another example of how technology can unlock greater efficiency and performance across Africa’s energy sector.”

The statement noted that since assuming operatorship of OML 17 in 2021, Heirs Energies has transformed one of Nigeria’s largest onshore assets through its Brownfield Excellence strategy, increasing oil production to over 50,000 barrels of oil per day while expanding domestic gas supply to over 135 million standard cubic feet per day and improving operational reliability.

According to the company, the addition of the Integrated Operations Monitoring Centre represents the next phase of this transformation by embedding digital capability at the heart of field operations and reinforcing the joint venture’s commitment to safe, efficient and technology-enabled energy production.

Nigeria’s telecommunications regulator has been ranked among the country’s best-performing federal agencies in the latest government assessment of public institutions, a recognition that comes as the commission seeks to strengthen transparency, consumer protection, and regulatory oversight in Africa’s largest telecoms market.

The Nigerian Communications Commission placed third in the 2026 Public Service Reforms Performance Assessment conducted by the Bureau of Public Service Reforms, behind the Nigerian Investment Promotion Commission and the Nigerian Export Promotion Council, it revealed in a statement to The PUNCH.

The assessment evaluated ministries, departments, and agencies across a range of governance indicators, including compliance with the Freedom of Information Act, fiscal transparency, institutional self-assessment, and the quality of official digital platforms.

The ranking provides an independent endorsement of reforms pursued by the NCC over the past two years as the regulator navigates mounting pressure to improve service quality, strengthen consumer confidence, and increase accountability in a telecommunications sector that underpins much of Nigeria’s digital economy.

Receiving the award on behalf of the Executive Vice Chairman and Chief Executive Officer of the NCC, Aminu Maida, the commission’s Executive Commissioner for Technical Services, Abraham Oshadami, said the recognition validated the agency’s reform agenda while underscoring the need for sustained improvements.

“This recognition acknowledges our ongoing reform efforts and underscores the need to sustain them,” Oshadami said during the award ceremony in Abuja.

He said the assessment reflected the commission’s efforts to improve service quality, transparency, and responsiveness for telecommunications consumers while reinforcing confidence in regulatory standards across the industry.

The recognition follows a series of governance and regulatory initiatives introduced by the NCC, including the launch of the National Coverage Map, which provides near real-time information on mobile network availability across the country, and the publication of quarterly network performance reports aimed at improving transparency around operators’ service quality.

The regulator has also directed mobile network operators to simplify the presentation of tariff information for consumers and strengthened corporate governance requirements for licensees as part of broader efforts to improve accountability within the industry.

The reforms come at a pivotal period for Nigeria’s telecommunications sector, which is contending with rising operating costs, infrastructure challenges, and growing demand for reliable digital connectivity from businesses and consumers.

Director-General of the Bureau of Public Service Reforms, Dasuki Arabi, said the annual assessment recognises institutions that have demonstrated measurable progress in implementing public sector reforms, improving service delivery, and advancing transparency and accountability.

The latest ranking builds on the NCC’s performance in last year’s BPSR assessment, when it was recognised as the second-best-performing federal agency for official website performance. This year’s evaluation expanded its scope to include broader governance and institutional performance indicators, providing a more comprehensive measure of public sector effectiveness.

For the NCC, the recognition serves not only as a measure of institutional performance but also as an indication that governance standards are becoming an increasingly important benchmark for regulators overseeing critical sectors of Nigeria’s economy.