Nigeria may possess one of Africa’s largest hydrocarbon endowments, but the Petroleum and Natural Gas Senior Staff Association of Nigeria has warned that the country can no longer rely on the sheer size of its oil and gas reserves to win the increasingly competitive battle for global investment capital.

PUNCH Online reports that Nigeria has about 37.01 billion barrels of proven oil and condensate reserves and 215.19 trillion cubic feet of natural gas reserves, making it one of Africa’s most resource-rich petroleum countries.

The union said Nigeria was competing with other oil-producing jurisdictions for a limited pool of global capital and must therefore offer investors competitive fiscal and commercial terms, improved security, predictable regulations and efficient project execution.

This was contained in a communiqué issued on Friday at the end of the three-day 5th PENGASSAN Energy and Labour Summit, held in Abuja from August 19 to 21, 2026.

The communiqué was jointly signed by the PENGASSAN President, Festus Osifo, and the General Secretary, Jerry Amah.

The summit, with the theme, “Strengthening Regulatory Frameworks as a Catalyst for Stability and Growth in Nigeria’s Oil and Gas Industry,” brought together government officials, regulators, oil companies, investors, organised labour and other industry stakeholders.

It focused on the regulatory, commercial and labour conditions required to attract investment, raise production and sustain employment in Nigeria’s petroleum industry.

The union said, “The Summit recognised the direct relationship between regulatory certainty, investment, projects, production, government revenue and sustainable employment.

“Nigeria competes with other jurisdictions for finite global capital and cannot rely solely on the size of its hydrocarbon resources to attract investment. The country must offer competitive fiscal and commercial terms, security, predictable regulation and efficient project execution.”

PENGASSAN urged the Federal Government and petroleum regulators to consolidate recent reforms and incentives that had stimulated renewed investments and Final Investment Decisions, stressing that Nigeria must remain internationally competitive to attract long-term energy capital.

The warning comes as Nigeria continues efforts to reverse years of declining investment and production in its oil and gas sector. Although the Petroleum ndustry Act, signed into law in 2021, was expected to provide a clearer legal and commercial framework, industry stakeholders have continued to raise concerns about regulatory uncertainty, policy changes, approval delays, security challenges and the high cost of operating in the country.

PENGASSAN acknowledged the PIA as a major milestone but argued that the existence of legislation alone was insufficient to attract the long-term capital required for multi-billion-dollar petroleum projects.

“The long-term capital required for oil and gas development depends not only on the existence of laws and regulations, but on their predictability, durability, transparency and consistent application,” the union said.

It consequently called for greater stability in Nigeria’s fiscal and regulatory environment, urging government institutions to avoid abrupt policy changes and ensure adequate consultation with industry stakeholders before introducing major changes.

The union also demanded that the recent executive orders issued by President Bola Tinubu to improve investment conditions in the petroleum sector should be transmitted to the National Assembly as an executive bill to amend the PIA.

It said, “The recent ‘Executive orders’ issued by the President and Commander-in-Chief should be submitted to the National Assembly as an executive bill to amend the PIA. This should be transparently done, and all stakeholders in the industry must be carried along.”

The union argued that incorporating the reforms into the petroleum law would provide greater certainty and durability for investors whose projects often require billions of dollars and several years to develop.

PENGASSAN further urged the government to rehabilitate and expand critical energy infrastructure while addressing insecurity and other challenges that increase investment risks and operating costs.

It stated, “They should also prioritise the rehabilitation and development of critical energy infrastructure and address wider issues, including security and other factors that increase the risks and costs associated with investment.”

The union called for what it described as smarter and outcome-driven regulation, supported by digitalisation, clear timelines and faster approvals.

According to the communiqué, “Regulatory effectiveness should ultimately be measured by its ability to facilitate responsible investment, increase production, generate revenue, protect workers and create sustainable national value.”

The summit also welcomed the Nigerian Upstream Petroleum Regulatory Commission’s commitment to continually review its regulations and maintain transparent and time-bound licensing processes.

Beyond crude oil, PENGASSAN said Nigeria must urgently convert its vast gas reserves into industrial and economic value.

The union noted that Nigeria has more than 215 trillion cubic feet of proven gas reserves but continues to struggle with inadequate infrastructure, commercially sustainable pricing, bankable offtake arrangements and creditworthy customers.

It called for an integrated approach covering upstream gas supply, processing facilities, pipelines, storage and infrastructure for LNG, LPG and CNG.

The union also pushed for accelerated gas utilisation in power generation, manufacturing, transportation, fertiliser production, petrochemicals and domestic cooking, while reducing gas flaring and methane emissions.

On refining, the union urged sustained policies to expand domestic processing capacity and reduce the economic inefficiency of exporting crude oil while importing refined petroleum products.

It specifically stressed the need to protect investments in domestic refineries, including the Dangote Refinery and Waltersmith refinery, while encouraging greater value addition through petrochemicals and gas processing.

On the industry’s broader outlook, PENGASSAN said Nigeria’s fundamental problem was not a shortage of resources, laws or human capacity but the failure to convert these advantages into bankable projects and measurable outcomes.

“The Summit observed that Nigeria already possesses significant resources, laws, institutions, policies and human capacity. The critical challenge is the ability to convert these advantages into bankable projects and measurable outcomes,” it said.

It added, “Policies must translate into implementation; resources into projects; projects into production; production into value; and investment into sustainable jobs and national prosperity.”

PENGASSAN therefore called for stronger collaboration among the government, regulators, NNPC Limited, operators, investors, organised labour and host communities, insisting that Nigeria’s petroleum industry would ultimately be judged not by the quantity of hydrocarbons beneath the ground but by the value generated from them.

“The strength of Nigeria’s oil and gas industry will not be measured merely by the resources beneath the ground, but by the projects delivered, the value created, the Nigerian capabilities developed, the decent jobs sustained and the prosperity generated for the Nigerian people,” the union said.

It added, “The opportunity is enormous. The responsibility is shared. Execution must now be the priority.”

AIICO Insurance Plc has dismissed as misleading some damaging allegations being circulated by Mr. Obinna Adolphus Nwosu, a former agent of the Company, to various stakeholders, including regulatory authorities, law enforcement Agencies, media organisations, bloggers, employees and other members of the public.

AIICO Insurance said Mr. Nwosu’s appointment as an agent of AIICO Insurance Plc was terminated and the termination of his appointment, the Company published a public notice in national newspapers on 26 June 2025, expressly warning customers and members of the public against continuing to transact or maintain any business relationship with him on behalf of, or in connection with, AIICO Insurance Plc.

Notwithstanding this, Mr. Nwosu has continued to circulate false and misleading narratives about the Company through various channels, including digital platforms and direct communications with stakeholders.

His persistent and increasingly aggressive efforts to disseminate these claims have the potential to cause unwarranted damage to the Company’s reputation and create unnecessary concern among its employees, customers and other stakeholders.

AIICO Insurance Plc wishes to state unequivocally that these allegations are false and should be treated with the utmost caution.

Rather than engage in a media exchange or submit to a trial in the court of public opinion, the Company has elected to pursue the matter through the appropriate legal channels and has consequently commenced a defamation action against Mr. Nwosu at the Lagos State High Court.

AIICO Insurance Plc said it will not be drawn into a public exchange with a former agent who has chosen to continue making unsubstantiated allegations while the matter is being pursued through the courts.

The Company said it remains confident that the facts will be properly examined and determined through the established judicial process.

It urged the media, regulators, employees, customers and the public to exercise due caution and discountenance the false and misleading narratives being circulated by Mr. Nwosu.

“Mr. Nwosu should make himself available to receive the relevant court processes and allow the matter to proceed in accordance with the law, rather than continuing to prosecute his claims through digital media and direct approaches to individuals within and outside the Company.

“Any genuine grievance or complaint should be presented through the appropriate regulatory, investigative or judicial channels, where it can be properly examined and determined based on verifiable facts and evidence.

“AIICO Insurance Plc remains committed to the highest standards of integrity, accountability and transparency. The Company will continue to pursue all lawful avenues available to protect its reputation, its employees, customers and other stakeholders, and to ensure that the matter is resolved through due process and in accordance with the law.” AIICO said in a statement.

The Managing Director of Coronation Asset Management, Aigbovbioise Aig-Imoukhuede, has asserted that Nigeria’s equities market recorded a 57 per cent return in the first seven months of 2026, was driven predominantly by domestic capital.

Aig-Imoukhuede’s comments come as Coronation continues to position itself around long-term capital allocation and investment opportunities in Nigeria and across Africa.

United Bank for Africa Plc has approved its audited financial statements for the half-year ended 30 June 2026, subject to clearance by the Central Bank of Nigeria.

The approval was given at the bank’s board meeting held on 13 August 2026, according to a statement signed by the lender.

UBA said the Nigerian Exchange Limited and the investing public would be notified immediately after receiving the CBN’s approval for the half-year financial statements.

The bank also said its closed period would remain in force until 24 hours after the audited results are released to the public.

In a separate board decision, UBA approved the appointment of Ibrahim Puri as a non-executive director, also subject to CBN approval.

Puri is a financial services and corporate executive with more than 35 years of experience spanning banking, fintech, telecommunications and fast-moving consumer goods.

He previously served as an executive director on UBA’s board before retiring from the position in 2022.

He currently serves as a non-executive director on the boards of several companies, including Nigerian Breweries Plc and 9mobile.

The bank said his appointment remains subject to regulatory approval by the CBN.

UBA had earlier notified the Nigerian Exchange and investors in July of the scheduled 13 August board meeting at which the financial statements were considered.

The Nigerian National Petroleum Company Limited has raised the alarm over Nigeria’s widening energy workforce and technical skills gap, warning that the country risks losing control of its energy future if urgent steps are not taken to close the gap.

The Chief Human Resources Officer, NNPC Limited, Kazachiyang Nuhu, said the convergence of the Petroleum Industry Act, the Decade of Gas, rising participation by local operators and the global energy transition were creating a demand for technical talent that the industry was struggling to develop fast enough.

Nuhu spoke Thursday at the Oil and Gas Trainers Association of Nigeria HCD Conference and Expo in Warri, Delta State.

In a presentation at the OGTAN conference, Nuhu maintained that the changing energy landscape, driven by policy, market shifts, technology and changing expectations of younger workers, had created a technical talent demand that Nigeria could not afford to ignore.

He said artificial intelligence, digitalisation and automation were compressing skill cycles, while capital was increasingly moving towards liquefied natural gas, cleaner molecules and low-carbon opportunities.

Nuhu warned that unless the workforce was urgently reskilled and repositioned, Nigeria could lose its ability to effectively participate in the emerging energy economy.

“Reskill, reposition or risk becoming a spectator in our own industry,” he told stakeholders at the conference.

He identified workforce and skills gaps, an ageing workforce and brain drain, commonly referred to as ‘japa’, among the major challenges confronting the industry. He also identified a widening disconnect between academia and industry, particularly the gap between what was taught in educational institutions and what the industry required from employees from day one.

Other challenges highlighted included weak safety culture, spills and flaring; vandalism, crude theft, surveillance and metering gaps; supply of quality materials and equipment; ageing assets, reliability and project overruns; digital oilfield and environmental, social and governance skills; as well as refinery operations, product quality, LPG safety and trade finance.

Nuhu noted that the solution required a fundamental shift in how human capital development was approached across the industry, noting that training must become more closely linked to production, safety, reliability and cost, while programmes must be based on current field realities rather than generic manuals.

He called for training to be benchmarked against global standards and supported by emerging technologies such as simulators, digital twins, virtual and augmented reality and artificial intelligence. “Every naira spent on training must translate to a safer plant, a skilled employee, and a stronger balance sheet,” he added.

Nuhu disclosed that NNPC would also change the basis on which it engaged training providers, stressing that trainers must understand the direction in which the industry was heading. “We will partner only with trainers who teach the industry we are becoming, not the one we are leaving behind,” he said.

He said the company was already developing its workforce through initial professional development, career pathways, industry exposure, leadership pipelines, mentorship and knowledge transfer.

According to him, the ultimate measure of Nigerian content should be whether Nigerians were acquiring the expertise required to lead major projects to international standards, saying, “Not how many Nigerians were hired, but how many world-class Nigerians led the project.”

Nuhu argued that true local content should be measured by expertise rather than percentages, with future industry needs spanning technical, digital, commercial and human capabilities.

He said this would include skills in renewable integration, gas-to-power, AI, predictive maintenance, energy economics, carbon markets, sustainable finance, adaptive leadership and systems thinking.

He challenged Nigeria to determine whether it would become a contributor or merely a consumer of the future energy economy. He called on industry players, trainers and academia to move from parallel efforts towards a unified capacity compact.

OGTAN President, Chris Osarunmewense, stressed that the association was seeking to sustain conversations around how Nigeria could develop a workforce capable of delivering on the promises of companies operating in the oil and gas industry.

Osarunmewense said human capital development was a continuous process that required the industry to recognise and nurture people’s potential.

“Human capital develops by progression. At OGTAN, therefore, we treasure the potential of people who have developed human capital in nature to effectively operate within the oil and gas industry,” the OGTAN boss said.

He added that the conference was designed to bring stakeholders together and discuss the ways to address the skill gaps in the industry. According to him, the decision to hold the 2026 conference in Warri, rather than Lagos or Abuja, was deliberate, given the city’s place in the history and development of Nigeria’s petroleum industry.

“For us, this choice was meaningful. Warri is not simply a venue; it is part of the history of Nigeria’s oil and gas industry,” he added.

Osarunmewense said the Niger Delta had for decades remained at the heart of Nigeria’s petroleum industry, with the region’s history of exploration, production, processing, services, technical manpower and community development deeply intertwined with the country’s broader energy economy.

The OGTAN president said the association wanted international participants to experience the Niger Delta not merely as a geographical location associated with petroleum production but as a region with talent, enterprise, technical expertise, institutions, communities and significant human capital potential.

He said the collaboration with the Petroleum Training Institute further strengthened Warri’s suitability for the conference because of the institute’s role in technical and professional training in the petroleum sector.

Osarunmewense noted that the industry’s human capital challenges could not be resolved by any single stakeholder, stressing the need for collaboration across the value chain.

“The challenges before the industry are too complex for any single organisation to solve. The government alone cannot solve it. Regulators cannot solve it alone. Oil and gas companies cannot solve it alone. Training providers cannot solve it alone. Universities and technical institutions cannot do so alone either. We need collaboration across the value chain,” he emphasised.

Guaranty Trust Holding Company Plc has secured an extension from the Nigerian Exchange Limited to delay the publication of its half-year audited financial statements for the period ended 30 June 2026.

Although the financial results were approved by the group’s Board of Directors on 28 July 2026, mandatory clearance must be granted by its primary regulator before the figures can be released to the market.

To remain compliant with exchange rules while awaiting the required approval, GTCO requested additional time, prompting the NGX to grant a new publication deadline of 30 September 2026.

Reassuring investors over the revised timeline on Thursday, the Group General Counsel and Company Secretary, Erhi Obebeduo, stated, “Kindly be assured that if the approval is received earlier, the company’s interim audited financial statements would be released to the market earlier than the period approved by the NGX.”

Shareholders and stakeholders seeking further clarification regarding the postponed publication were directed to contact Oyinade Adegite of the group’s corporate communications division.

Under Central Bank of Nigeria directives, major commercial banks and financial holding entities operating in Nigeria are mandated to submit interim and full-year financial accounts for comprehensive supervisory reviews before public dissemination.

While the NGX enforces standardised timelines to maintain market transparency, temporary filing extensions are common practice for dual-listed financial institutions like GTCO to accommodate regulatory review cycles without violating listing compliance rules.

Market analysts will be watching closely for the eventual release of the half-year audited figures to assess the group’s operational performance, asset quality and proposed interim dividend declarations for the 2026 financial year.

The Nigerian equities market extended its downward trajectory on Wednesday as profit-taking in high-priced energy and insurance equities dragged key market indicators lower.

Negative sentiment dominated trading sessions across major sectors on the Nigerian Exchange Limited, driving the benchmark All-Share Index below the 241,000 thresholds.

At the close of trading, the ASI declined 0.36 per cent, or 860.76 points, to settle at 240,750.47 points, compared with Tuesday’s close of 241,611.23 points. In tandem with the benchmark index, the overall equity market capitalisation contracted by N555.68bn, slipping from N155.97tn recorded in the previous session to close at N155.42tn.

Investor interest was dampened by significant sell-offs in market heavyweights, particularly within the energy space. Aradel Holdings Plc suffered a maximum daily price correction, tumbling 9.99 per cent to close at N1,374.20 per share, from its previous valuation of N1,526.70.

Other energy equities recorded mixed performances, as Japaul Gold & Ventures Plc and Oando Plc recorded modest gains of 0.35 per cent and 0.57 per cent, to close at N2.90 and N35.30 per share respectively, while Seplat Energy Plc and TotalEnergies Marketing Nigeria Plc held firm without price adjustments.

The insurance sector witnessed intense selling pressure, emerging as the biggest underperformer among sub-sectors. International Energy Insurance Plc anchored the losers’ chart, shedding 10.00 per cent to close at N4.77 per share.

Universal Insurance Plc plummeted 9.41 per cent to settle at N0.77 per share, while Royal Exchange Plc dipped 8.62 per cent to N1.06 per share. Sovereign Trust Insurance Plc and Regency Assurance Plc also sustained losses of 7.41 per cent and 5.88 per cent, to close at N1.75 and N0.80 per share, respectively.

Conversely, Haldane McCall Plc spearheaded the gainers’ chart for the session, rising 10.00 per cent to close at N3.52 per share. Coronation Insurance Plc delivered strong capital appreciation with an 8.44 per cent rise to finish at N2.44 per share, while UACN Plc recorded an advance of 6.56 per cent to hit N177.85 per share.

AVA Capital Plc and Caverton Offshore Support Group Plc also recorded strong performances, expanding 6.29 per cent and 5.32 per cent to close at N7.60 and N4.95 per share, respectively.

Banking and financial services equities presented a mixed trading pattern across the board. United Bank for Africa Plc rising 2.22 per cent to close at N46.00 per share, while Zenith Bank Plc appreciated 1.64 per cent to N124.00 per share.

FCMB Group Plc added 1.69 per cent to hit N12.00 per share, and Access Holdings Plc rose marginally by 0.93 per cent to N27.15 per share. However, losses in Sterling Financial Holdings Company Plc, Ecobank Transnational Incorporated, and Guaranty Trust Holding Company Plc, which shed 0.65 per cent, 0.36 per cent, and 0.08 per cent respectively, capped the banking sector’s broader upward movement.

Overall trading activity stayed active across the market floor, with a total of 1.19 billion shares valued across 34,491 deals exchanged on the floor of the bourse. Market participation was heavily driven by transactions in insurance and tier-one banking stocks, as investors rebalanced portfolios ahead of mid-quarter corporate developments.