The House of Representatives on Thursday took initial legislative steps to strengthen transparency and accountability in the operations of the Central Bank of Nigeria, following the second reading of a bill seeking comprehensive amendments to the Central Bank of Nigeria Act, 1991.

The proposed legislation, co-sponsored by the House Leader, Prof Julius Ihonvbere, and Lagos lawmaker, Jesse Onakalausi, received unanimous support during plenary.

Titled “A Bill for an Act to Amend the Central Bank of Nigeria Act, 1991, to allow for proper day-to-day operations, professional oversight and enhance checks and balances, and for other matters connected thereto, 2025,” the bill responds to mounting concerns about gaps in governance and oversight at the apex bank—issues that gained national prominence following recent controversies surrounding monetary policy decisions, foreign exchange management, and the 2022 currency redesign.

Nigeria’s central banking framework has long been criticised for its weak corporate governance structure, particularly the concentration of operational and oversight powers in the office of the CBN Governor.

This fusion, analysts argue, contributed to years of opacity in policy formulation, excessive discretion in foreign exchange administration, and insufficient checks on fiscal financing through Ways and Means advances. These concerns set the backdrop for the latest legislative push.

Explaining the rationale behind the bill, Onakalausi said it arose from an urgent need to reinforce governance, autonomy, transparency, and accountability within the apex bank, “In light of recent national and global economic realities.”

Addressing lawmakers on the general principles of the proposed amendments, he emphasised the overarching responsibility of the central bank, noting that, “The CBN plays a central role in stabilising the financial system, ensuring monetary credibility, safeguarding price stability, and promoting public confidence in the Nigerian economy.”

However, he observed that recent developments have exposed deep-seated weaknesses. According to him, “Developments in recent years – ranging from governance concerns, foreign exchange distortions, monetary policy inconsistency, weak oversight mechanisms, to the challenges witnessed around currency redesign and policy communication – have exposed structural gaps in the principal Act.”

A key objective of the bill, Onakalausi said, is restoring sound corporate governance. He argued that in most jurisdictions, the Governor manages day-to-day operations while the Board provides oversight—an arrangement that ensures institutional balance.

While stressing that “Both roles are meant to be separate to avoid conflict of interest,” he noted that “The current CBN Act merges the positions of Governor and Board Chairman, creating an avoidable concentration of power. This bill separates these roles to ensure professional oversight without interference in day-to-day operations.”

Onakalausi added that the bill seeks to strengthen monetary policy independence and bring Nigeria’s regulatory architecture in line with global standards. “This bill restructures the MPC to improve expertise, independence, and transparency, aligning Nigeria with best practices seen in economies such as the United Kingdom, South Africa, the European Union, and Brazil.”

He also highlighted concerns over the historic misuse of Ways and Means financing. “It prevents fiscal abuse as Section 38 (Ways and Means Advances) has historically been one of the most abused provisions under the CBN Act.

“This bill introduces a clear limit – 10% of the previous year’s actual revenue – to prevent inflationary financing of government deficits and ensure fiscal responsibility,” he said.

Additional provisions of the bill focus on safeguarding the naira and improving transparency in foreign exchange management.  It also introduces “A 90-day notice, impact assessments, mandatory National Assembly briefing before major monetary actions like redesign or demonetisation,” ensuring that sudden policy shocks are avoided.

While acknowledging the need for central bank autonomy, Onakalausi maintained that such independence must be accompanied by strong oversight mechanisms.

The bill proposes new reporting standards that will require the apex bank to submit its annual audited accounts within two months, provide quarterly reports on monetary policy decisions, and maintain a publicly accessible website containing all its publications.

Other key amendments include revising Section 6 to read: “A professional Chairman separate from the Governor, experienced in economics, banking, finance, or public financial institutions.” Section 8 is also amended to state: “Governor and Deputy Governors to serve a single six-year term.”

To promote continuity and reduce political interference, the draft legislation provides that “Two Deputy Governors must be drawn from internal Directors for institutional continuity.”

The reconstituted Monetary Policy Committee will consist of the Governor, four Deputy Governors, two board members, and four external experts who, according to the bill, “Must be independent and cannot hold public office.”

If passed, the bill would mark one of the most far-reaching reforms of the CBN Act since its enactment, with implications for governance, monetary policy, and the broader financial system.

Nigeria recorded a trade surplus of N6.69tn in the third quarter of 2025, at a 27.29 per cent growth rate, continuing a trend of trade surpluses. Stakeholders attribute the consistent positive performance to the economic reforms in the foreign exchange market.

Latest data from the National Bureau of Statistics on foreign trade in goods showed that total exports in Q3 2025 stood at N22.81tn, while imports amounted to N16.12tn, resulting in a surplus of N6.69tn.

The figure represents a 27.29 per cent year-on-year rise, compared to the N5.26tn surplus recorded in Q3 2024. However, it reflects a 10.36 per cent decline from the N7.46tn surplus posted in Q2 2025.

Economists and private-sector groups explained to The PUNCH that the Q3 2025 foreign trade figures showed that reforms in the FX market, trade liberalisation, and currency adjustments have boosted export competitiveness and encouraged backward integration.

Stakeholders, including the Director of the Centre for the Promotion of Private Enterprise, Dr Muda Yusuf, stated that the reforms had significantly strengthened Nigeria’s export position.

Yusuf said, “The current economic reforms have resulted in a situation where export performance has been increasing because of the reform in the foreign exchange market, the liberalisation of the market, the ease with which export proceeds can come in, and the fact that the depreciation in the currency has made our export sector more attractive and more competitive.”

He added that the policy environment had also slowed imports. “Once you experience depreciation, imports become more expensive and less attractive. People will now import only if they don’t have a choice. Local products, especially those with high local content, are generally more competitive,” he stated.

Yusuf explained that the FX reforms had pushed firms into backward integration, saying, “We are seeing more backward integration now than before because it is cheaper to use local resources than to bring in resources from outside the country.”

Although some short-term shocks, including insecurity, logistics challenges and the recent 30 per cent local value-addition policy for shea exports, had affected certain sectors, he stressed that Nigeria remained on course. “Our balance of trade and balance of payment situation has improved as a result of the reform,” the CPPE chief stressed.

The PUNCH had reported the Former President of the Lagos Chamber of Commerce and Industry, Gabriel Idahosa, stating that the country’s export growth trends aligned with the expectations of the market.

He noted that non-oil exports should continue to expand, citing growing investment in processing and value addition. According to him, “the various efforts by individuals and companies should see a steady growth in non-oil exports.”

Idahosa said the fall in crude exports was expected due to increased domestic refining. “Since the government has resumed the Naira for crude to all refineries, we expect exports of crude to reduce,” he said, adding that this only underscored the need to deepen non-oil export growth.

He explained that currency reforms were already yielding the intended effect. “The whole idea of unifying the exchange rate is that we should be gaining from exports since the value of the Naira has come down. Most countries tactically devalue their currency to promote exports,” he said.

Idahosa stressed that Nigeria must remain an export-led economy. “Any strong economy in the world must be a significant exporter of goods and services. That is the only way to keep the currency strong,” the former LCCI president added.

The NBS data further showed that agricultural imports rose to N1.10tn, a 25.03 per cent increase from Q3 2024 but a 6.87 per cent drop from Q2 2025. Raw material imports surged 27.70 per cent year-on-year to N2.02tn, while manufactured goods imports stood at N7.77tn.

On the export side, crude oil remained dominant at N12.81tn, followed by other petroleum gases and manufactured products. Agricultural exports fell 11.69 per cent year-on-year to N786.62bn, while raw material exports jumped 136.38 per cent to N1.04tn.

Nigeria’s top five export destinations in Q3 2025 were India, Spain, France, the Netherlands, and Italy. Stakeholders noted that despite some sectoral declines, recent figures showed that Nigeria’s trade structure was shifting in line with policy goals.

Yusuf called for policy stability to sustain gains, saying, “Consistency in policy is what guarantees continuity. The reform has come to stay.”

Nigeria’s petrol import bill fell sharply in the first nine months of 2025, dropping by N6.07tn compared with the same period of 2024, according to an analysis of National Bureau of Statistics trade data.

The value of imported motor spirit, ordinary, stood at N5.42tn between January and September 2025, far below the N11.50tn recorded in the corresponding period of 2024. The contraction represents a 52.82 per cent collapse in the country’s petrol import bill, a shift analysts link to improvements in domestic refining output and reduced dependence on offshore supply.

A breakdown of the quarterly data shows that the decline has been consistent since the start of the year. In the first quarter of 2024, Nigeria spent N3.81tn on PMS imports, but this fell to N1.76tn in the first quarter of 2025, indicating a 53.8 per cent decline, or about N2.05tn.

The second quarter followed the same pattern, with PMS imports sliding from N4.36tn in Q2 2024 to N2.38tn in Q2 2025. This represented a year-on-year fall of N1.99tn, or 45.6 per cent. The third quarter recorded the sharpest contraction: petrol imports dropped from N3.32tn between July and September 2024 to N1.29tn in the same period of 2025, a decrease of N2.03tn or 61.2 per cent.

Across all three quarters combined, Nigeria imported N6.07tn less PMS than it did in 2024, underscoring the magnitude of the shift in its petroleum supply structure.

Although the NBS has not attributed the decline to a single factor, the speed and scale of the reduction align with ongoing improvements in domestic production capacity.

The trend also suggests a gradual easing of foreign exchange pressure caused by large-scale fuel importation since the subsidy reform of 2023. The NBS filings show that PMS remained one of the country’s top import items through 2024, but its share has thinned steadily.

In Q1, Q2, and Q3 of 2025, motor spirit still featured prominently in the import basket, but at far lower values than in previous years. The declining import trend corresponds with the growing influence of the Dangote Petroleum Refinery, the 650,000-barrel-per-day facility, which began diesel and aviation fuel production in January and added petrol output in September, and is considered central to Nigeria’s goal of fuel self-sufficiency.

The refinery’s entry has created greater competition in the downstream market, with petrol retail prices in the country dropping randomly throughout the year. However, operations at the facility have faced early challenges. In March, Dangote Refinery temporarily suspended local currency sales due to difficulty in sourcing foreign exchange, as the refinery purchases crude oil in dollars but receives payments in naira.

The Federal Government has since stepped in to resolve the naira-for-crude bottleneck, allowing the refinery to continue the deal and reducing Nigeria’s reliance on petrol imports.

The President of the Dangote Group and founder of the Dangote Petroleum Refinery, Aliko Dangote, earlier said that there would be an announcement of what he called a major ‘shakedown’ in the entire country soon. Dangote said this was not about price reduction, but the complete overhaul of the downstream sector.

He stated this in an interview with newsmen following the recent visit of President Bola Tinubu to the $20bn refinery in Lekki, Lagos.

Asked to mention the ‘big thing’ he had in store for Nigerians with the refinery, Dangote replied, “Now that the President has visited and he has given us additional energy, we will inform you, you will hear from us soon, and that will be one of the major shakeups in the entire country. It is not the reduction of price; it will be the total overhaul of the downstream.”

Dangote, who refused to let the cat out of the bag, noted that the company would go on a “massive trajectory” with the refinery. “I told the President that he had not seen anything yet; we are going on a massive trajectory, much more than what you have seen here. If you come back in the next five years, the refinery will be on the back burner,” he stated

The businessman also restated that the refinery would be listed on the stock exchange market, starting with the fertiliser company this year. Dangote noted that the refinery offered extensive benefits to the Nigerian economy and its people, declaring that the days of long fuel queues were over in Nigeria.

“We remain steadfast in our commitment to contributing meaningfully to Nigeria’s economic transformation, supporting your administration’s efforts to build a self-reliant, globally competitive nation. We have remained Nigeria’s highest tax-paying company.  With continued collaboration and shared resolve, we are confident that the journey ahead will usher in even greater opportunities for our people and our country,” Dangote said.

In October 2025, Dangote said there are plans to expand the Dangote oil refinery from the 650,000 capacity to 1.4 million barrels per day, the largest in the world. The PUNCH first reported in July that the refinery planned to scale up to 700,000 bpd by December this year.

According to S&P Global, the Nigerian business mogul is seeking to double the size of the refinery with Middle Eastern funding, putting it on track to become the largest in the world. The Dangote refinery has transformed Nigeria into a net exporter of diesel and jet fuel and supplies vast quantities of petrol that were once imported from Europe.

Dangote was said to have described his ambitions to develop African energy independence as a “herculean task.” “We have to build the refinery again, either here or somewhere else. But really, somewhere else is not possible because we’d have to go and spend so much building infrastructure, and we have the infrastructure already here,” Dangote was quoted as saying.

 

Guinness Nigeria Plc has commemorated its landmark 75th anniversary with a dinner celebration in Lagos, delivering an experience crafted to show deep appreciation to the people and partners who have shaped the brand’s journey.

The grand event, themed “A Bold Past, A Bright Future,” took place in Lagos recently and gathered captains of industry, government leaders, trade partners, regulators, staff, royal fathers, diplomats, and the media.

Speaking at the ceremony, Managing Director/CEO of Guinness Nigeria, Girish Sharma, reflected on the brand’s rich history and profound emotional connection with Nigerians.

“We’re glad to be here with our critical stakeholders to celebrate Guinness at 75. We’re not in the business of selling beverages, but in the business of selling happiness. After going through stressful days, we are glad to brew the happiness that Nigerians return to and to have done this for 75 eventful years,” he said.

“We have faced challenges, but we have a much better future where we will be stronger, sharper, and more transformed. This success is powered by the people who stood by us — our employees, past and present, our distributors, and the regulators.”

Chairman of the Board, Prof Fabian Ajogwu (SAN), highlighted the brand’s legacy of care and community. “Guinness has shown vision, resilience, and purpose. Part of what we also celebrate today are those who have pledged allegiance to the order of the Black Bottle over the years,” he noted.

“Guinness has always been a brand built on care — care for the communities we serve, where we are, and this also finds expression in our deliberate choice of the musical band that has just performed, the Federal Nigerian School of the Blind. We care for and serve the underserved and underprivileged. From ready-to-drink innovations to heritage breweries, Guinness has earned its place in homes, celebrations, and in culture.”

The Secretary to the Lagos State Government, Abimbola Salu-Hundeyin, representing the Governor of Lagos State, Babajide Sanwo-Olu, emphasised the company’s cultural imprint.

“We are glad to celebrate a remarkable 75 years of Guinness Nigeria Plc, a company that has become a part of the rich history, culture, and the enduring soul of Lagos and of Nigeria. The story of Guinness Nigeria has never been just about beer — it is, above all, a story about the people, about the thousands of Nigerians employed, the communities supported, and the shared identity built over generations.”

Representing the President of the Federal Republic of Nigeria, Senator John Owan Enoh, Minister of State for Industry, Trade and Investment, lauded Guinness Nigeria’s sustained commitment to national growth.

“Guinness Nigeria’s 75th anniversary celebration is a major milestone. We recognise and celebrate its unyielding commitment to sharing happiness in Nigeria these past 75 years, and we commit to making the environment more conducive for the business to endure much longer,” he said.

“Guinness means much to Nigerians, as we not only celebrate its corporate existence but also its relationship with the people. Guinness has invested, innovated, and grown in ways worth celebrating.”

The evening was carefully curated by Guinness Nigeria as a heartfelt appreciation to its stakeholders. Guests were serenaded by the Federal Nigerian School of the Blind, while the vibrant Eminent Band energized the atmosphere at various moments, keeping the crowd engaged during interludes.

The night reached its peak with the spellbinding performance of Afro-Juju legend Sir Shina Peters, sealing the dinner as an unforgettable memory. As Guinness Nigeria looks to the future, the company reaffirms its commitment to continue brewing boldness, joy, and great possibilities for generations to come.

The Central Bank of Nigeria has announced that all legacy Bureau De Change operators who failed to meet its new licensing requirements by 30 November 2025 have automatically lost their licences, effectively ceasing to operate as BDCs in the country.

This was disclosed in a Frequently Asked Questions document on the current reform of the bureau de change, published on Tuesday on the CBN website.

The PUNCH reported that the CBN confirmed on Monday that only 82 Bureaux De Change have been licensed to operate, having met its new guidelines.

The development follows an extended compliance window granted by the apex bank. Under the revised BDC Guidelines, existing operators were initially given six months, from 3 June to 3 December 2024, to satisfy the new regulatory conditions. The CBN later granted an additional six-month extension, which elapsed on 3 June 2025, to allow more operators to align with the updated standards.

According to the document, the CBN has now enforced the final cutoff, declaring that any BDC that did not meet the requirements by the end of November is no longer recognised.

“The Guidelines provided a transition timeline of six months from the effective date, 3 June 2024, with a deadline of 3 December 2024, for all existing BDCs to meet the requirement of the new Guidelines or lose their licence(s). However, the management of the CBN graciously extended this deadline by another six months, which ended 3 June 2025, to give ample time for as many legacy BDCs desirous of meeting the new requirements to do so.

Consequently, any legacy BDC that failed to meet the requirements of the new Guidelines as of 30 November 2025 has ceased to be a BDC, as its licence no longer exists. Please visit the CBN website for the updated list of existing BDCs in Nigeria,” the apex bank said.

The CBN added that it would continue to receive applications on its Licensing, Approval and Requests Portal from prospective promoters, and those that meet the criteria will be considered for a licence. However, the CBN reserves the right to discontinue the licensing of BDCs at any time.

The new measures form part of broader efforts by the CBN to strengthen transparency, compliance, and stability within Nigeria’s foreign exchange market.

The new CBN regulatory framework for BDCs, introduced in February 2024, mandated BDC operators to meet higher capital requirements. Tier-1 operators are required to meet a minimum capital requirement of N2bn, while Tier-2 operators must meet N500m as MCR.

The Nigerian National Petroleum Company Limited has resumed large-scale importation of petrol, barely a year after declaring it had stopped bringing the product into the country, The PUNCH reports.

Latest figures from the Nigerian Midstream and Downstream Petroleum Regulatory Authority show that NNPC imported the bulk of Nigeria’s petrol needs in November, as the importers supplied 1.563 billion litres during the month.

The authority disclosed this in its latest November 2025 Fact Sheet titled State of the Midstream and Downstream Sector, released on Wednesday. The publication is part of a new monthly reporting framework the regulator introduced last month to strengthen transparency and provide real-time insight into fuel supply, consumption, and refinery performance across the country.

According to the report, NNPC Limited and other marketers imported 52.1 million litres of petrol per day in November, amounting to 1.563 billion litres for the month. This represents a near 89 per cent increase compared to the 828 million litres imported in October, highlighting a sharp rebound in fuel importation after weeks of below-threshold supply.

The sharp increase that followed in November helped push total national PMS supply to a record 71.5 million litres per day.

Despite the supply surge, the fact sheet showed that actual national petrol consumption fell to 52.9 million litres per day in November, down from 56.74 million litres per day recorded in October, reflecting a slowdown in demand even as inventory levels were being rebuilt ahead of the festive season.

The authority indicated that the surge was fuelled mainly by large-scale NNPC imports.

On November 12, 2024, NNPC’s former Group Chief Executive Officer, Mele Kyari, said the national oil company has stopped importing refined petroleum products and is now off-taking fuel from the Dangote Petroleum Refinery and other local refineries. “Today, NNPC does not import any product, we are taking only from domestic refineries,” he stated.

But the regulator in the new report, explained that the sharp rise in petrol supply recorded in November was driven by several market factors. It noted that national supply in September and October fell well below the country’s demand threshold, creating the need for an aggressive stock build-up going into the year-end period when consumption typically spikes.

To stabilise the market, the Nigerian National Petroleum Company Limited ramped up importation in November. Although the NMDPRA did not publish specific import tonnages, the document stated clearly that NNPC, acting as the “supplier of last resort”, was responsible for the November import surge, undertaken to rebuild inland stock and guarantee uninterrupted supply during the end-of-year demand spike.

The authority added that 12 vessels originally scheduled to discharge in October slipped into November, further swelling the month’s reported volumes. It clarified that the domestic supply figures captured in the report were based on actual import and discharge volumes, as well as refinery truck-outs, reflecting only the quantities that reached the market.

The document read, “The significant increase in PMS Supply in November 2025 was on account of the following: Low supply recorded in September and October 2025, below the national demand threshold; The need for boosting national stock level to meet the peak demand period of end-of-year festivities;

“Imports by the NNPC, the supplier of last resort, in November 2025, were made to build inventory and further guarantee supply during the peak demand period. Twelve vessels programmed to discharge in October but were shifted to November 2025. The Domestic supply volumes are based on disport/discharged figures + refinery truck-outs.”

The boost in national supply did not come from local refining. For consecutive months, the three state-owned refineries, Port Harcourt, Warri and Kaduna, remained shut down, contributing zero litres of petrol to the national pool.

The Fact Sheet showed that the Port Harcourt Refinery remained shut down throughout November, with no fresh production recorded. However, the NMDPRA noted that the facility continued to evacuate leftover diesel produced before its shutdown on May 24, 2025, averaging 0.349 million litres per day during the month.

“No production activities as the refinery remained in shutdown mode. However, evacuation of AGO produced while the refinery was operational before 24th May 2025 continued at an average of 0.349 million litres/day,” It noted.

The report also provided an update on the performance of the Dangote Refinery in November 2025. According to the NMDPRA, the refinery’s petrol output remained below the national target.

Although the planned domestic supply from October 2024 stood at 35 million litres per day, actual PMS evacuation from the facility in November averaged 23.52 million litres per day, leaving a supply gap of more than 11 million litres daily.

For diesel, the refinery performed more strongly, with an average domestic evacuation of 5.596 million litres per day during the month. The authority noted that these volumes contributed to national diesel sufficiency levels but were still insufficient to offset the broader shortfall in petrol supply.

On the country’s product sufficiency level, the fact sheet showed that Petrol supply stood at 17 days in November, slightly lower than October’s 18 days, while diesel sufficiency rose to 35 days from 32 days the previous month. Jet A-1 stock remained relatively stable at 15 days, compared with 14 days in October.

LPG sufficiency held at eight days, unchanged from the prior month, while low pour fuel oil increased to 51 days, up from 48 days in October, reflecting improved availability of heavier fuel products.

The regulator said the November import surge was deliberate. Apart from compensating for the supply shortfall recorded in previous months, it aimed at building a buffer stock for the Yuletide travel season, historically Nigeria’s peak period for petrol consumption.

The NMDPRA issued one new refinery establishment licence and one construction licence, while Waltersmith’s 5,000bpd Train-2 entered the commissioning phase, a sign of gradual movement within the domestic refining landscape, even as large-scale local production remains elusive.

Nigeria continues to rely heavily on petrol importation, nearly two years after removing fuel subsidy, and despite repeated government assurances that refining capacity will improve. Prolonged shutdowns at Port Harcourt, Warri and Kaduna have left the domestic supply chain dependent on the Dangote Refinery and NNPC cargo imports.

The November spike underscores ongoing structural weaknesses in the supply system, where import schedules, shipping delays and refinery downtime quickly translate to nationwide fluctuations in availability and sufficiency.

Commenting, the Independent Petroleum Marketers Association of Nigeria has urged regulators and oil companies to prioritise uninterrupted and affordable supply of petroleum products, amid conflicting signals over domestic output and import levels.

Chinedu Ukadike, IPMAN’s Publicity Secretary, made the call in a telephone interview on Thursday, stressing the need for clarity and stability in the downstream sector.

“Nothing is stable in this country. The NMDPRA is the policeman of the industry and I have total belief that they understand the output of both refineries and importers. They are also trying to ensure petroleum products are scarce as far as the downstream sector is concerned,” Ukadike said.

He noted the apparent contradiction between official data and private sector reports. “So if we go by their records, it is also pertinent that they continue to issue import licenses. But Dangote himself has also said he has PMS in excess.  So these two conflicting pieces of information are not what marketers are interested in; what we are interested in is ensuring that we get these products at the cheapest rate and deliver to our final consumers,” he added.

Ukadike said the focus of marketers is on availability and affordability for consumers. “We are interested in ensuring these products get to the final consumers at the cheapest rate. Anything that ensures uninterrupted supply and lowers prices is what we want.”

He further highlighted the role of foreign exchange in moderating product costs. “If the foreign exchange used is bringing the price of products down, what else do we want? The market is driven by demand and supply. If importing makes products cheaper than domestic prices, we are fine. Just make the products available and affordable,” he said.

The IPMAN official warned against actions that could trigger unnecessary inflation in the economy. “Anything that will bring unnecessary inflation in the system is what we don’t want,” he concluded

The Nigeria Civil Aviation Authority has refused to reopen the Ibadan airport despite pleas from the Federal Airports Authority of Nigeria calling for the reopening of the aerodrome, after confirming that, by the level of work done at the airport, flight operations can commence, The PUNCH reports.

In February, the NCAA announced that the Ibadan airport would be shut down for six months to enable the commencement of maintenance and upgrade works. Upon the announcement, the airport was shut down, and the state government commenced rehabilitation work on the aerodrome to meet international standards.

The PUNCH gathered that upgrade works were not the only reason for the closure order, but also gaps discovered by the regulators.

In September, the Oyo State Government held an official flag-off of a N41bn upgrade of the airport, which was named Samuel Ladoke Akintola Airport, in a major push for its international status

The PUNCH, however, gathered that on September 22, the NCAA wrote to the Federal Airports Authority of Nigeria after an inspection exercise of the airport, curating a list of gaps noticed by the authority at the aerodrome.

In response, FAAN, in a letter dated November 18 and obtained by our correspondent, appealed to the NCAA to reopen the airport after some of the gaps raised in its earlier complaint letter had been closed.

The letter, referenced FAAN/HQ/MD/PA/VOL.37/7, with the heading: ‘‘Submission of corrective action plans (caps) on findings of NCAA inspection of Samuel Ladoke Akintola Airport, Ibadan and request for recertification of the airport for scheduled flight operation,’ appealed to the regulator for the immediate reopening of the airport, adding that the working hours at the airport would be reduced until all the complaints raised by the NCAA are fully rectified.

The FAAN letter said, “The purpose of this letter is to refer to the inspection conducted by the NCAA team on 11–12 September 2025, of Ladoke Akintola Airport, Ibadan, and subsequent findings communicated to us. While appreciating the effort of the NCAA team, we are pleased to submit the Corrective Action Plans (CAPs), as attached.

“The Authority is further pleased to inform the Director General that a significant number of the findings highlighted in the NCAA report have been closed, while efforts are ongoing to address the remaining ones. With the initiatives deployed, we are confident that with the implementation of the CAPs, Ibadan Airport will continue to operate efficiently and safely.”

While speaking of measures to ensure smooth resumption of flight operations, FAAN further stated that, “In further demonstrating the progress made in the implementation of the Corrective Action Plans, we wish to request for the recapsing of the airport for the resumption of scheduled flight operations, under the Visual Flight Rules (VFR), on the following operational conditions: The daily flight operations hours have been limited to 07:00hrs – 17:00hrs only.

“Chief operations officer/work hours are extended so the airfield will be reopened by 18:00hrs – 20:00hrs of the following day. This measure is intended to mitigate construction-related risks to flight operations. The threshold of Runway 04 will be displaced by 300 meters to establish a safe distinction between the Runway End Safety Area, meteor work site, and flight operations.”

The Managing Director of FAAN, Olubunmi Kuku, reassured the NCAA DG, Capt Chris Najomo, of continuous adherence to regulatory requirements in aerodrome work, as well as coordinating with the project team to achieve the timely completion of the airport upgrade project. Please accept the assurances of my highest regards.”

When contacted, the spokesperson of the NCAA, Michael Achimugu, said he would have to speak with the Director of Aerodromes to have proper knowledge of the issue at hand before getting back to our correspondent.

“Although what I can say is, the NCAA under Capt Chris Najomo will not give anything to chances, adding that as far as all the gaps pinpointed are yet to be taken care of, I doubt the NCAA will give its nod, but I will get back to you much later after I must have contacted the Director of Airworthiness and Director of Aerodromes.”

The Nigerian National Petroleum Company’s upstream subsidiary, NNPC Exploration and Production Limited, has recorded its highest daily crude oil production in more than three decades, hitting 355,000 barrels per day on December 1, 2025.

The milestone, confirmed in a statement issued on Tuesday by NNPC Limited’s Chief Corporate Communications Officer, Andy Odeh, marks the company’s biggest output since 1989 and signals renewed momentum in Nigeria’s upstream recovery efforts.

According to the statement, NNPC E&P Limited’s average daily output has surged by 52 per cent in just two years, rising from 203,000 barrels per day in 2023 to 312,000 barrels per day in 2025, a performance the company attributed to strengthened operational systems, disciplined asset management and structured field development.

“On December 1st, 2025, NNPC E&P Limited, the flagship upstream subsidiary of NNPC Limited, achieved a record production level of 355,000 barrels of oil per day, its highest daily output since 1989. The milestone marks a significant step forward for Nigeria’s upstream sector and reflects the company’s ongoing transformation anchored on efficiency and discipline.

“The figures show genuine transformation: average daily production surged 52 per cent, rising from 203,000 barrels per day in 2023 to 312,000 in 2025.

“This record growth is no coincidence; it stems from a clear strategy anchored on operational excellence, strong asset management, and structured field development,” the statement said, stressing that the achievement reflects a “genuine transformation” underway within the company.

Commenting on the achievement, the Group Chief Executive Officer of NNPC Limited, Bayo Ojulari, described the accomplishment as fresh evidence that Nigeria’s energy revival “is not a dream but already happening.”

Ojulari noted that by exceeding its own production benchmarks, NNPC E&P has demonstrated that the essential building blocks needed to scale national output are being firmly established.

“By showing its ability to exceed its own production benchmarks, NEPL confirms that the essential building blocks for scaling national output are being firmly established. The achievement signals that the machinery of production, equipment, processes, capabilities, and partnerships can be driven with commercial discipline to produce real and positive outcomes.

“The achievement converts national ambition into measurable momentum. The presidential targets of two million barrels per day by 2027 and three million by 2030 have often appeared aspirational. NEPLs’ delivery brings them closer to reality,” he added.

Ojulari said the accomplishment boosts investor confidence and reassures global partners that Nigeria remains committed to reclaiming its place as a stable, dependable crude supplier.

The Executive Vice President, Upstream, Udy Ntia, said the milestone represents more than a production figure, stressing that NEPL’s growth is anchored on responsible and sustainable operations.

“In a sector where shortcuts can yield short-term wins but long-term damage, NEPL is making a different point: sustainable progress must rest on responsible operations. This ensures that scaling production does not compromise worker safety, community wellbeing, or environmental protection. It reinforces a shift away from extraction at any cost towards sustainable value creation, a core requirement for any modern energy company seeking global relevance,” Ntia said.

According to him, the company’s approach ensures that scaling output does not undermine worker safety, environmental protection or community wellbeing.

Similarly, the Managing Director of NNPC E&P Limited, Nicolas Foucart, said the new production record reflects the broader transformation sweeping through NNPC Limited.

“This is a story shaped by leadership that charts a clear course; by partnerships built on alignment and accountability; and by a workforce whose hard work is turning goals into measurable progress. Our people, our processes, and principles are the real engines behind this success. We are building for tomorrow, not just celebrating today,” Foucart noted.

He added that the gains translate into increased national revenue, stronger energy security and a more resilient economic foundation.

“For Nigerians, this accomplishment means far more than increased barrels; it translates into greater national revenue, stronger energy security, and a more resilient economic foundation. NEPL has not only produced more hydrocarbons; it has reignited belief in what Nigeria’s energy sector can achieve with the right systems, culture, and dedication.”

Nigeria’s crude oil sector has struggled over the past decade, with output frequently dropping below OPEC quotas due to pipeline vandalism, crude theft, underinvestment, deferred maintenance and declining performance of mature fields.

At several points between 2021 and 2023, the country’s production fell to multi-decade lows, raising concerns about revenue losses and the long-term viability of the industry.

Reforms under the Petroleum Industry Act, the unbundling of NNPC into a commercial entity and renewed upstream interventions have aimed to reverse the decline.

President Bola Tinubu’s administration has set ambitious production targets of two million barrels per day by 2027 and three million barrels per day by 2030, goals industry players previously considered optimistic.

NNPC E&P Limited, a wholly-owned subsidiary responsible for several joint venture and production-sharing assets, has been positioned as a critical driver of this revival. The company has implemented field optimisation strategies, renewed contractor alignment, strengthened governance structures and ramped up previously underperforming assets.

The latest 355,000 bpd performance, the company’s highest since 1989, is a significant step toward stabilising national output and rebuilding investor confidence in Nigeria’s oil industry.