US-based oil company Vaalco Energy is preparing to re-enter Nigeria’s oil and gas sector as part of its renewed strategy to expand operations in Africa. The independent energy firm, which previously held assets in the country, has indicated that it is exploring fresh opportunities in Nigeria’s upstream sector, leveraging ongoing reforms and government initiatives aimed at attracting more foreign investment into the petroleum industry. Industry insiders suggest that Vaalco’s renewed interest is driven by recent policy changes under the Petroleum Industry Act (PIA), which has provided greater clarity on fiscal terms, royalties, and production-sharing agreements. Nigeria remains Africa’s largest oil…
Author: Temitope N.
Zenon Petroleum and Gas Limited has denied reports alleging that its corporate headquarters was seized by authorities in connection with a pending N7.2 billion legal dispute. The company described the claims as misleading and unfounded, insisting that its operations and assets remain intact and unaffected by any such action. In a statement issued by its management, Zenon clarified that while it is involved in an ongoing legal matter, the narrative circulating in some quarters that its head office had been taken over or sealed is entirely false. The company emphasized that it has continued business operations as usual and that…
Experts and industry stakeholders have emphasized that for the Nigerian fashion industry to reach its full potential and compete globally, it must embrace innovation and prioritize sustainability. Speaking at a recent fashion and creative economy forum in Lagos, designers, policymakers, and business leaders stressed the need for technological integration, eco-friendly practices, and better support systems for emerging talents. According to industry insiders, the global fashion landscape is rapidly evolving, with increased consumer demand for ethical production, sustainable materials, and unique cultural expressions. Nigerian designers, who are renowned for their creativity and vibrant styles, must align with these trends to stay…
Renaissance Energy has highlighted the growing trend of International Oil Companies (IOCs) divesting from Nigeria’s oil and gas sector, attributing the exodus largely to diminishing profit margins and a challenging operating environment. The firm stated that the migration of these companies underscores the need for Nigeria to improve its investment climate and address structural issues within the industry. Speaking on the matter, Renaissance Energy executives noted that global energy firms are increasingly shifting their portfolios to regions where returns on investment are higher and operating conditions are less cumbersome. According to the company, Nigeria’s oil and gas sector has faced…
The Nigerian Railway Corporation (NRC) has confirmed that passenger train operations along the Warri-Itakpe corridor will resume soon, following months of suspension due to a derailment incident and other operational disruptions. The Corporation disclosed that comprehensive repair works and safety checks have been carried out on the rail infrastructure to ensure a smooth and secure restart of services. The Warri-Itakpe standard gauge rail line, which connects Ujevwu in Delta State to Itakpe in Kogi State, is a key transport link for both passengers and freight. It serves as a critical component of Nigeria’s rail modernization agenda, aimed at boosting connectivity…
Nigeria’s Minister of Solid Minerals Development, Dele Alake, has reiterated that Africa, with its vast mineral wealth and growing infrastructure needs, remains the world’s greatest destination for mining investments. Speaking at a recent international mining conference, Alake noted that the continent possesses abundant deposits of critical minerals needed for the global energy transition, and Nigeria is strategically positioned to benefit from the rising demand. He explained that Africa’s vast resources—including lithium, cobalt, gold, iron ore, and rare earth elements—are increasingly attracting the attention of global investors, particularly as the world accelerates toward cleaner energy and advanced technology production. According to…
Nigeria’s foreign reserves have reached a level that could finance up to 10 months of the nation’s import bill, according to the latest data from the Central Bank of Nigeria (CBN). The reserves, which currently stand above $37 billion, have been boosted by improved crude oil receipts, tighter monetary policies, and increased foreign portfolio inflows triggered by ongoing economic reforms. CBN officials noted that the steady accretion in reserves over the past months is largely due to a rebound in global oil prices, enhanced production, and increased remittances from Nigerians in the diaspora. Recent figures from the Nigerian Upstream Petroleum…
A recent mid-year performance assessment by PricewaterhouseCoopers (PwC) has revealed that only about 36 percent of Nigeria’s targeted 15 million households have benefitted from the federal government’s conditional cash transfer programme. This scheme, launched as part of the Renewed Hope Agenda, was designed to cushion the impact of economic reforms such as subsidy removal and foreign exchange liberalisation. However, the latest findings highlight deep implementation gaps and structural bottlenecks that have slowed its full rollout. According to PwC’s report, just 5.6 million households received at least one payment between the programme’s commencement and mid-2025. Out of this number, only 2.4…
The African Export-Import Bank (Afreximbank) has reaffirmed its commitment to expanding financing support for new energy projects across Africa, aiming to accelerate the continent’s transition towards cleaner and sustainable energy systems. The move comes as global energy dynamics shift toward low-carbon solutions, with African economies seeking to diversify their energy mix while addressing infrastructure gaps and energy poverty. Speaking recently on the initiative, Afreximbank executives noted that the bank is working closely with African governments, private sector players, and international partners to facilitate investments in renewable energy, energy storage, and other emerging technologies. The bank’s strategy is focused on providing…
The Nigerian Meteorological Agency (NiMet) has forecast significant thunderstorms and rainfall across various parts of the country between Friday and Sunday, urging residents and relevant agencies to take precautionary measures against potential weather-related disruptions. In its latest weather outlook, NiMet indicated that the weather systems will affect several states across the North, Central, and Southern regions, driven by increased moisture influx and atmospheric instability. According to the agency, parts of the North including Sokoto, Kano, Katsina, Kebbi, and Zamfara are expected to experience thunderstorms beginning on Friday, which could extend into the weekend. The Central region comprising Abuja, Niger, Plateau,…
The Dangote Petroleum Refinery has ramped up its crude oil processing capacity to 610,000 barrels per day (bpd), bringing the facility closer to its full operational potential and signaling a major step toward energy self-sufficiency in Nigeria. Industry officials and analysts have described the development as a significant boost to the nation’s refining capabilities, reducing dependence on imported petroleum products and strengthening foreign exchange reserves. According to executives at the Dangote Group, the refinery’s expansion in output is the result of sustained investment in state-of-the-art technology and a phased commissioning process that began earlier in the year. The facility, located…
The Enugu State Government has accused MainPower Electricity Distribution Company of breaching the approved electricity tariff regime and warned that sanctions would be imposed if the company fails to comply with regulatory standards. According to state officials, the breach involves alleged overbilling of consumers and failure to adhere to the agreed tariff structure set by the Nigerian Electricity Regulatory Commission (NERC). Government representatives disclosed that investigations revealed several instances where consumers in Enugu and surrounding communities were charged above the approved rates, further compounding the hardship faced by residents amid the prevailing economic challenges. The state authorities noted that such…
The Nigerian Upstream Petroleum Regulatory Commission (NUPRC) has announced the successful conclusion of its comprehensive review of marginal oil field licences across the country. This strategic move is aimed at improving regulatory oversight, ensuring optimal resource utilization, and boosting investment within Nigeria’s upstream petroleum sector. The review, which covered several fields awarded in past licensing rounds, focused on compliance with operational guidelines, technical capacity, and the financial obligations of license holders. According to the Commission, the evaluation became necessary to address lapses identified in previous marginal field programmes, including underutilization of awarded assets and delayed project take-off due to financing…
FCMB Group Plc has reported a significant increase in its financial performance for the first half of 2025, with its Profit Before Tax (PBT) rising by 23 per cent to N79.3 billion, underscoring the company’s resilience and strategic business growth. The financial group, which operates across banking, asset management, and other financial services, attributed the strong performance to improved revenue generation, effective cost management, and robust growth in its loan and deposit portfolios. The company’s unaudited financial results for the period ended June 30, 2025, showed that gross earnings rose sharply compared to the same period last year, driven by…
Nigeria’s electricity distribution companies (DisCos) recorded a 4.9 per cent decline in their monthly revenue, which dropped to N182.11 billion, according to the latest industry data. The decline highlights ongoing challenges within the power sector despite recent tariff reviews and efforts to improve collections. Figures from the Nigerian Electricity Regulatory Commission (NERC) indicate that the revenue shortfall was driven by a combination of factors including lower energy offtake by some customers, persistent metering gaps, and rising incidences of electricity theft. Industry sources also attribute the dip to the lingering economic difficulties affecting household and industrial consumers, leading to reduced capacity…
President Bola Ahmed Tinubu has departed Japan for Brazil as part of his ongoing diplomatic engagements aimed at strengthening Nigeria’s global partnerships and promoting economic cooperation. The trip follows his participation in a high-level summit in Tokyo, where he held discussions with Japanese government officials and business leaders on investment opportunities in Nigeria. According to the Presidency, Tinubu’s visit to Brazil underscores his administration’s commitment to deepening bilateral relations with key global economies. The state visit will focus on trade, energy, technology transfer, and agriculture, with a particular emphasis on attracting foreign direct investment into Nigeria. While in Japan, the…
The Federal Government is set to raise N200 billion through its latest bond auction, as part of efforts to finance the national budget and manage the country’s growing fiscal obligations. According to sources within the Debt Management Office (DMO), the auction is scheduled to offer a mix of Federal Government Bonds across different maturities to attract a broad range of investors. The bond issuance comes against the backdrop of Nigeria’s rising public debt profile and the need to finance budgetary deficits occasioned by lower-than-expected revenues and increased government spending on infrastructure and social programs. Officials explained that proceeds from the…
The Nigerian Economic Summit Group (NESG) has raised concerns that the country’s chronic infrastructure deficits are severely undermining productivity and discouraging both domestic and foreign investments. The policy think-tank noted that inadequate power supply, poor transportation systems, weak logistics networks, and insufficient digital connectivity continue to constrain Nigeria’s economic potential despite its vast resources and youthful population. Speaking during a recent economic briefing, NESG officials emphasized that infrastructure remains a critical enabler of sustainable economic growth, yet Nigeria’s infrastructure stock falls far below international benchmarks. The group highlighted that with the country’s infrastructure-to-GDP ratio estimated at about 30 percent—far lower…
The Nigerian National Petroleum Company Limited (NNPC Ltd) has reported a significant decline in its monthly profit, dropping from N905 billion in June to N185 billion in July. This represents one of the sharpest monthly decreases for the company in recent years and has raised concerns about operational and market dynamics within Nigeria’s oil and gas sector. The latest financial disclosure underscores the volatility that continues to characterize Nigeria’s petroleum industry. Analysts attribute the steep decline to a combination of factors, including production challenges, rising operational costs, foreign exchange fluctuations, and weaker crude oil sales during the review period. Despite…
United Kingdom emerged as the largest source of capital inflows into Nigeria in the first quarter of 2025, contributing a significant share of total foreign investments despite global economic headwinds. Data from the National Bureau of Statistics indicated that Nigeria attracted over N5.5 trillion in foreign capital during the period, with the UK accounting for the majority of the inflows. This marked a notable increase compared to the same period last year and highlights renewed investor confidence in Africa’s largest economy. Analysts attribute the surge to ongoing economic reforms aimed at stabilising Nigeria’s macroeconomic environment and liberalising key sectors. The…