Emmanuel Addeh in Abuja

West African Exploration and Production Company (WAEP), an upstream oil company majority owned by Nigerian businessman, Aliko Dangote, has contracted three jack-up rigs to commence a drilling campaign aimed at unlocking more than 1.6 billion barrels of oil in place across two Nigerian oil blocks.

The company’s Managing Director and Chief Executive Officer, Mrs. Cecilia Ajayi, disclosed that drilling activities on Oil Mining Leases (OMLs) 71 and 72 would begin in December, with WAEP targeting increased production and the installation of gas monetisation infrastructure within the next 24 months.

Ajayi spoke at the Africa Oil Week Energy Conference in Accra, Ghana, where she outlined the company’s plans for the assets acquired from the Shell joint venture, a report by Billionaires Africa website stated. “We will be drilling to ramp up production and also bring out the value in the asset,” she said.

The two assets hold more than 1.6 billion barrels of oil in place, based on discoveries made so far, as well as approximately 1.9 trillion cubic feet of gas.

WAEP acquired a 45 per cent working interest in both OMLs in 2015, while the Nigerian National Petroleum Company Limited (NNPC) holds the balance. The blocks are located in shallow waters, approximately 22 kilometres from the Bonny terminal.

Dangote holds an 85 per cent interest in WAEP through Dangote Exploration Assets Limited and Dansa Energy Resources Limited, while First Exploration and Petroleum Development Company Limited holds the remaining 15 per cent.

Production from the assets resumed in December 2025 after a prolonged shutdown, beginning with approximately 4,500 barrels per day from the Kalaekule field on OML 72.

Ajayi said the company was pursuing a phased redevelopment strategy focused initially on securing quick production gains and generating cash flow for reinvestment in the assets.

“The first thing is to look at the low-hanging fruit, the short-term oil gains, generate cash flow from that, put it back into the assets and start redevelopment. And that’s exactly what is happening currently,” she stated.

She added that six Field Development Plan studies were currently underway to support a series of developments across the portfolio after the drilling programme.

Ajayi also said WAEP expected to benefit from a ready domestic market for its crude, given the ownership of Dangote Petroleum Refinery and Petrochemicals by the same principal shareholder.

“One of the shareholders, one of the partners on this asset, is the owner of the largest refinery in Africa, Dangote Petroleum Refinery and Petrochemicals. So the oil would definitely be needed by the refinery,” she said.

She further disclosed that WAEP was working towards developing its own crude evacuation terminal, which could also provide services to other producers.

Ajayi said the company’s objective over the next two years was to achieve sustained production growth while putting gas monetisation infrastructure in place.

“Between now and the next 24 months, gas monetisation would have been in place. We would have ramped up production consistently,” she added.

Emmanuel Addeh in Abuja 

The Nigeria Extractive Industries Transparency Initiative (NEITI) has announced the arrival of the global Extractive Industries Transparency Initiative (EITI) assessors as part of the ongoing 2026 EITI validation exercise which commenced on July 1, 2026.

The presence of the EITI Mission in Nigeria, a statement from NEITI spokesperson, Obiageli Onuorah, said marks a significant stage in Nigeria’s validation and forms part of the global EITI validation process.

During the mission which commenced August 10 2026, the assessors will undertake a comprehensive quality assurance assessment and hold consultations with key stakeholders, including government institutions, the National Assembly, extractive companies, civil society organisations, development partners, anti-corruption agencies, host communities, the media and other stakeholders. 

According to the statement, the consultations are designed to provide the assessors with diverse perspectives on Nigeria’s implementation of the EITI standard and ongoing reforms in the extractive sector. Announcing the arrival of the validation mission, the Executive Secretary of NEITI, Musa  Adar, described the mission as an important opportunity to showcase Nigeria’s commitment to transparency and accountability in the governance of its extractive industries.

“Nigeria remains firmly committed to the principles of the extractive industries transparency initiative. We regard the validation process as an opportunity not only to assess the progress we have made, but also to highlight areas where further reforms can enhance extractive sector governance,” he stated.

Adar noted that NEITI, working in collaboration with the National Stakeholders’ Working Group (NSWG) and other stakeholders, had concluded extensive preparations for the exercise, including the submission of Nigeria’s validation documentation and targeted stakeholder engagements in line with the requirements of the 2023 EITI Standard.Emmanuel AddehAdar noted that NEITI, working in collaboration with the National Stakeholders’ Working Group (NSWG) and other stakeholders, had concluded extensive preparations for the exercise, including the submission of Nigeria’s validation documentation and targeted stakeholder engagements in line with the requirements of the 2023 EITI Standard.

In January 2023, Nigeria underwent its fourth validation exercise under the 2019 EITI Standard. Based on the validation report, Nigeria achieved a moderate overall score of 72 points in implementing the EITI.

Emmanuel Addeh in Abuja 

Despite meeting its Organisation of Petroleum Exporting Countries (OPEC), Nigeria fell significantly below its budget crude oil production target in the first half of 2026, leaving the country with an estimated output deficit of 38.4 million barrels and a potential gross revenue gap of about $2.49 billion.

A ������Ƶ analysis of data released by the Nigerian Upstream Petroleum Regulatory Commission (NUPRC) during the period indicated that total liquids production, comprising crude oil and condensates, averaged 1.626 million barrels per day (bpd) between January and June, compared with the budget benchmark of 1.84 million bpd.

The figures indicated that Nigeria underproduced its budget target by an average of 213,815 bpd during the six-month period, representing a shortfall of 11.6 per cent, despite slightly exceeding its 1.5 million bpd crude oil production quota approved by OPEC.

In cumulative terms, the review showed that Nigeria produced an estimated 294.6 million barrels of crude oil and condensates during the first half of the year, compared with the budget expectation of about 333.0 million barrels, resulting in a production deficit of approximately 38.4 million barrels.

Based on the 2026 budget oil benchmark of $64.85 per barrel, the shortfall represents an estimated gross revenue opportunity of about $2.49 billion. Since Brent crude traded above the budget benchmark for much of the first half of the year, the actual notional value of the production deficit is likely much higher.

President Bola Tinubu signed the N68.32 trillion 2026 Appropriation Act after the National Assembly retained the fiscal assumptions of a $64.85 per barrel oil benchmark and 1.84 million bpd production target, even as lawmakers increased the overall size of the budget during its consideration.

However, although production remained below the fiscal target, the NUPRC data indicated that Nigeria’s upstream sector maintained a steady recovery throughout the review period.

Total liquids production stood at 1.627 million bpd in January before declining to 1.484 million bpd in February, the weakest monthly performance recorded this year. Output recovered to 1.546 million bpd in March, rose to 1.663 million bpd in April, climbed further to 1.701 million bpd in May and reached 1.735 million bpd in June.

The figures indicated that Nigeria increased total liquids production by 107,940 bpd, or 6.6 per cent, between January and June. Compared with the February low, production expanded by 251,450 bpd, representing growth of 16.9 per cent, underscoring the sustained recovery witnessed during the second quarter.

Nevertheless, June production still remained 104,600 bpd, or 5.7 per cent, below the budget benchmark of 1.84 million bpd, indicating that while the gap had narrowed considerably, the fiscal target remained out of reach.

Also, a breakdown of production by export streams indicated that Bonny Blend remained Nigeria’s largest producing stream throughout the first half of the year. Bonny Blend increased from 244,870 bpd in January to 276,050 bpd in February before moderating to 271,770 bpd in March. Production strengthened to 295,100 bpd in April, eased marginally to 293,880 bpd in May and climbed to 318,280 bpd in June, representing an overall increase of about 30 per cent during the six-month period.

Similarly, Forcados recorded one of the strongest recoveries among Nigeria’s major export streams. Production declined from 282,020 bpd in January to 243,740 bpd in February before dropping sharply to 167,190 bpd in March. The terminal rebounded strongly to 245,140 bpd in April, 289,900 bpd in May and 306,360 bpd in June, ending the first half 8.6 per cent above its January output.

Qua Iboe also maintained a generally positive trend. Production increased from 148,610 bpd in January to 158,750 bpd in February and 169,240 bpd in March before easing slightly to 165,500 bpd in April. Output rose again to 173,360 bpd in May before moderating to 164,720 bpd in June, remaining 10.8 per cent above the January level.

Besides, Escravos Blend remained relatively stable throughout the review period, fluctuating between 135,470 bpd and 144,060 bpd before ending June at 138,030 bpd, almost unchanged from January.

Brass Blend also maintained relatively stable production, increasing from 39,870 bpd in January to 44,450 bpd in February and 44,460 bpd in March before easing to 41,500 bpd in April, recovering to 43,540 bpd in May and ending June at 41,850 bpd.

Among the deepwater assets, Bonga experienced the sharpest operational disruption during the first quarter. Production plunged from 119,400 bpd in January to just 2,020 bpd in February before recovering to 91,990 bpd in March. Output improved further to 102,120 bpd in April, 102,540 bpd in May and 103,660 bpd in June.

Among the condensate streams, Agbami recorded one of the strongest performances, rising from 54,200 bpd in January to 74,060 bpd in June. Conversely, Akpo condensate production declined from 50,110 bpd to 40,630 bpd over the review period.

The figures indicated that the gradual increase in national production reflected improved security around critical oil infrastructure, sustained efforts to curb crude theft, higher asset reliability and increased collaboration between regulators and upstream operators.

However, they also indicated that while Nigeria had successfully exceeded its OPEC production quota and recorded a steady recovery in output after February’s slump, the country was yet to attain the production level required to fully support the revenue assumptions embedded in the N68.32 trillion budget.

Emmanuel Addeh in Abuja

The Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA) has announced a 30 per cent reduction in gas imbalance on the country’s Western Network following the conclusion of the first half of 2026 Nigerian Gas Network Reconciliation (NGNR) Workshop.

The biannual workshop brought together gas transporters, suppliers, shippers and off takers to reconcile gas volumes traded between January and June 2026 as part of efforts to improve transparency, accountability and operational efficiency in the domestic gas market.

A major outcome of the exercise, a statement from the organisation said, was the introduction of a Network Entry and Exit Point Measurement Infrastructure Audit Template, which is expected to enhance metering accuracy, strengthen accountability and improve confidence in gas measurement across the national gas transmission network.

Speaking at the close of the workshop on behalf of the Authority Chief Executive,  Rabiu Umar, the Director of Transportation Systems and Networks, Joseph Musa, underscored the importance of the reconciliation exercise in ensuring equitable commercial transactions, improving transparency, boosting investor confidence and enhancing the efficiency of gas network operations.

According to him, since the introduction of the Nigerian Gas Network Reconciliation process in 2023, it has significantly improved gas measurement, strengthened regulatory compliance through consequence management, reduced operational imbalances and contributed to a more reliable domestic gas supply system.

Participants also reviewed the performance of the Nigerian Gas Transmission Network (NGTN), assessed progress on major pipeline infrastructure projects and received updates on the Escravos Lagos Pipeline System (ELPS) Gas Shrinkage Factor and Hydraulic Modelling Project.

Emmanuel Addeh in Abuja

Seplat Energy Plc has released its financial performance for the first half of 2026, with Profit After Tax (PAT) soaring by 498 per cent year-on-year to $164 million, buoyed by stronger crude oil prices, improved production and robust operational performance.

Seplat also announced that it had reached an agreement to sell a 10 per cent interest in the NNPCL-SEPNU Joint Venture (JV) to the Nigerian National Petroleum Company Limited (NNPC) in a transaction valued at $281.6 million.

According to the company, the NNPC deal, expected to close in the second half of the year, will significantly enhance shareholder returns, with total planned dividends for 2026 projected to rise to 68.3 cents per share, equivalent to about $410 million and representing a 173 per cent increase year-on-year.

The company attributed the improved output to stronger production from its West, East and Elcrest assets, continued success of its idle well restoration programme and higher natural gas liquids (NGLs) production.

Commenting on the results, outgoing Chief Executive Officer, Roger Brown, said the company entered the second half of the year from a position of considerable strength.

“As I hand over leadership of Seplat, the company is stronger than ever. Production improved from the first quarter and remains on track to grow further in the second half of 2026 as temporary restrictions are lifted and planned activities are completed,” he said.

Brown noted that higher commodity prices had translated into stronger cash generation, enabling the company to reduce debt significantly while rewarding shareholders.

“Our first-half performance benefited from a supportive commodity price environment, translating into strong cash generation. Given the limited visibility on how long these elevated prices may persist, we prioritised balance sheet strength during the quarter, repaying $200 million of our outstanding APF debt, equivalent to 20 per cent of gross debt. At the same time, robust cash flows enabled us to continue enhancing shareholder returns,” he stated.

Emmanuel Addeh in Abuja

The federal government has reaffirmed its commitment to creating an enabling environment for local and foreign investors as it seeks strategic partnerships to accelerate the delivery of affordable housing and critical infrastructure across Nigeria.

Minister of Housing and Urban Development, Muttaqha Darma, stated this during a meeting with officials of Japanese engineering and infrastructure firm, Chodai Company Limited, whose visit to the ministry was facilitated by the Nigerian Investment Promotion Commission (NIPC).

Darma said partnerships with credible investors were critical to achieving the federal government’s housing objectives under President Bola Tinubu’s Renewed Hope Agenda, stressing that the ministry remained open to collaborations that would improve the quality of life of Nigerians through sustainable housing and infrastructure development.

He disclosed that the ministry was preparing to roll out an ambitious Social Housing Programme across the country’s 774 local government areas to expand access to affordable housing, particularly for low and middle-income earners.

“We are ready for partnership. The ministry is embarking on an ambitious Social Housing Programme that will provide affordable homes for Nigerians across the country. We welcome investors and development partners who share our vision of making decent housing accessible to every Nigerian,” he said.

According to the minister, the programme will incorporate a gender inclusion initiative under which a percentage of housing units will be reserved for vulnerable women and children. It will also provide housing support for victims of flooding, insecurity, banditry and insurgency.

Earlier, leader of the Japanese delegation, Motoko Imai, said smart city development through Public-Private Partnerships (PPP) remained one of Chodai’s strategic priorities.

She explained that the Tokyo-based company had delivered infrastructure projects across Asia and Africa and was currently implementing development projects in partnership with the Niger state government.

• IMF leaves Nigeria’s 2026 growth forecast at 4.1% and 4.3% for 2027  

•S&P Dow Jones may reclassify Nigeria as frontier market

Emmanuel Addeh in Abuja and Nume Ekeghe in Lagos

Crude Oil prices jumped over 8 percent yesterday, hitting over a two-week high, after U.S. President Donald Trump declared that the Memorandum of Understanding (MoU) signed with Iran to end the Gulf conflict was over.

Trump warned Iran that the US will likely engage in additional strikes last night (Wednesday)  after attacks  the previous day, adding that the country might take over Kharg Island as well.

Specifically, Brent crude futures were up by as much as 8.05 per cent as of yesterday evening, hitting $80.05 a barrel, while U.S. West Texas Intermediate (WTI) crude climbed 7.5 per cent to $75.72  per barrel.

Trump said earlier that the memorandum of understanding signed with Iran to end the conflict was “over,” adding he didn’t want to engage with Tehran any longer.

An agreement brokered by Pakistan last month to provide a 60-day window for negotiations, came under strain after the U.S. launched fresh strikes on Iran. The U.S. airstrikes were in response to Iranian attacks on three commercial vessels that were transiting the Strait of Hormuz, U.S. Central Command said on Tuesday.

In retaliation, the Iran’s Revolutionary Guards then said they targeted U.S. military sites in Bahrain and Kuwait early yesterday. The attacks renewed concerns about tanker traffic through the Strait of Hormuz, which carried about one-fifth of global energy supply before the war began in late February.

Iran exports 90 per cent of its crude via Kharg Island, which sits 16 miles (26 km) from Iran’s coast in the northern end of the Gulf, and about 300 miles (483 km) northwest of the strait. Seizing Kharg would give the U.S. the ability to severely disrupt Iran’s energy trade.

At least four oil and gas tankers have turned back from attempting to transit the strait, ship-tracking data showed, as renewed attacks on vessels heightened safety concerns.

After the U.S. and Iran signed their truce last month, oil prices tumbled to pre-war levels of about $70 and traders amassed large short positions in oil futures, betting prices would fall further.

Since the start of the conflict, nations have drawn down their inventories to make up for the supply shortfall.

Also, Nigeria’s Dangote Group plans to finance a proposed 700,000-barrel per day oil refinery in Kenya through internal cash flow, bonds and an initial public offering, a senior company executive told Reuters.

The refinery, East Africa’s largest refining project, is expected to take up to three years to build and would supply refined petroleum products to Kenya and neighbouring countries, helping to reduce East Africa’s dependence on imported fuels, the report said.

It would also fulfil Dangote’s ambition to expand fuel-processing capacity across Africa following the start-up of its 650,000-barrel-per-day refinery in Lagos.

“The site has been selected, soil tests are under way, and design and engineering work has commenced. Kenya was the choice from the beginning,” Edwin Devakumar, Dangote Industries’ vice president for oil and gas, told Reuters.

The refinery, which would be built on the island of Lamu, off the coast of Kenya, would mark Dangote Group’s biggest refining investment outside Nigeria and would cost about $17 billion , it was learnt.

Devakumar said the refinery would be financed through a mix of internally generated cash, bonds and proceeds from a planned initial public offering. He did not disclose the project’s exact cost, but said it would be comparable to that of the Lagos refinery.

Built by Aliko Dangote, ranked as Africa’s richest man by Forbes, the Lagos refinery had cost more than $20 billion by the time it began operating in 2024.

It will take around 30 months to build the facility in East Africa’s largest economy, it was learnt, even as there had been conflicting messages on the project’s location for months, with Tanzania and the Kenyan port of Mombasa also mooted.

Nigerian billionaire Dangote was in Tanzania late last month, where he held talks with President Samia Suluhu Hassan and explained the commercial and technical considerations behind the Group’s decision to locate the planned East African facility.

Meanwhile, the International Monetary Fund (IMF) has maintained Nigeria’s economic growth forecast at 4.1 per cent for 2026 and 4.3 per cent for 2027, leaving unchanged its previous projections contained in its April 2026 World Economic Outlook (WEO) despite heightened global uncertainty stemming from the Middle East conflict.

In its July 2026 World Economic Outlook (WEO) Update, titled, “Global Economy in Crosscurrents of War and Technology,” released yesterday, the Washington-based institution noted that Nigeria’s growth outlook remains broadly stable, supported by improved macroeconomic stability and favourable terms of trade as an oil-exporting nation, although higher prices for essential goods are expected to aggravate poverty and food insecurity.

For Sub-Saharan Africa, the IMF predicted that the region’s growth would remain at 4.3 per cent in 2026 before improving to 4.5 per cent in 2027, representing a minimal 0.1 percentage point upward revision from its April forecast.

The report stated: “Nigeria is supported by improved macroeconomic stability and favorable terms-of-trade effects, though higher prices for essentials are expected to further aggravate poverty and food insecurity.”

Speaking during a virtual briefing on the report, the Division Chief in the IMF’s Research Department, Deniz Igan, said Nigeria remains one of the region’s stronger-performing large economies, with growth underpinned by policy reforms that have improved macroeconomic stability.

“Just to give you a sense, the two largest economies in the region: Nigeria is expected to grow at 4.1 per cent, quite stable, and this is supported by improved macroeconomic stability and favourable terms of trade, with Nigeria being an oil exporter.

“At the same time, tighter prices so there is some offset to that positive terms-of-trade effect because higher prices for essentials are expected to aggravate poverty and food insecurity,” Igan added.

The IMF also left Nigeria’s 2027 growth projection unchanged at 4.3 per cent, reinforcing its view that recent macroeconomic reforms were helping to strengthen resilience despite a challenging external environment.

Globally, the Fund projected economic growth to moderate to three per cent in 2026, down from 3.5 per cent in 2025, as the economic fallout from the Middle East conflict offsets part of the gains from the accelerating artificial intelligence (AI)-driven technology cycle.

On SSA’s outlook, Igan added: “The broader outlook for Sub-Saharan Africa is faring within this picture. Let me start by noting that we actually had seen a broad-based pickup in growth in 2025 in the region. We had an acceleration of growth to 4.5 per cent.

“Now, the war obviously has clouded the outlook for 2026, and we are now projecting a softening of growth to 4.3 per cent in the region as a whole.”

She explained that the deterioration in the outlook extends beyond higher energy costs, noting that rising fertiliser prices are coinciding with the planting season in several African countries and could weigh heavily on agricultural output.

“This is beyond the cost of energy for the region. What matters also is the increase in fertilizer prices that we have seen, and this is coinciding with the planting season in some countries, and it may hurt the agricultural sector, in addition to all the other impacts of energy prices. The agricultural sector accounts for a large share of some Sub-Saharan economies,” the IMF said.

According to Igan, the regional outlook masks wide differences in country performance, reflecting disparities in policy space, reform implementation and exposure to both the Middle East conflict and the global technology value chain.

“Again, the overall picture, the relatively small softening to 4.3 per cent is masking substantial divergence across countries. This reflects primarily the differences in policy space, how reform implementation has been going even before the shock arrived, but also how exposed different economies have been, both to the war and to the technology chain.

“Basically, what we are seeing is that the oil-importing, non-resource-intensive economies are more adversely affected by the higher energy and food prices, while some larger economies in the region are continuing to benefit from earlier stabilisation and reform efforts,” Igan stressed.

On artificial intelligence, Igan said African countries stand to benefit from AI adoption but only if they significantly strengthen digital infrastructure and invest in human capital.

“In terms of the AI issue, what is important to recognise is that, in order for countries to benefit, there are preconditions how well they were already integrated into the technology chains, and, going forward, how well they can position themselves in terms of adopting AI.

“We have done several analyses there, and one thing to note is that while Sub-Saharan Africa is poised to benefit from some of the adoption of AI, there is a need for more investment in infrastructure and in skills upgrading in order to reap even greater benefits,” she added.

In the meantime, S&P Dow Jones Indices (S&P DJI) has placed Nigeria on its 2027 watchlist for a potential reclassification as a “frontier” market, citing regulatory reforms aimed at improving transparency, market integrity, and accessibility.

The global index provider disclosed this in a notice released yesterday, noting that it will monitor developments in Nigeria for the remainder of 2026 before deciding whether to reclassify the country from its current “Standalone” status to “Frontier” during its 2027 Country Classification Annual Review.

The development signals growing international recognition of reforms in Nigeria’s capital market, although S&P stressed that consistent policy implementation and stronger operational resilience will be critical before any upgrade is approved.

“The Nigerian regulatory environment has modernised to improve transparency, enforcement,

and market integrity. While these reforms are intended to support a structurally more accessible market, consistency in policy application and operational resilience are required for reclassification.

“Consequently, S&P DJI places Nigeria on its 2027 watchlist and will closely monitor developments for the remainder of 2026 and potentially consider Nigeria’s status for reclassification to Frontier from Standalone in conjunction with next year’s Country Classification review,” it said in a note.

Emmanuel Addeh in Abuja

The Executive Chairman of the Presidential Initiative on Compressed Natural Gas (PICNG) and Electric Vehicles (EVs),  Ismaeel Ahmed, has signed a Memorandum of Understanding (MoU) with a Chinese firm to enhance in-country production of some needed infrastructure in the sector.

The deal took place when Ahmed led a delegation on a five-day working visit to the factories and corporate offices of You Jie Te Environment Technology Ltd (YJT) in Chengdu and Hangzhou, China, culminating in the signing of the deal between both organisations.

YJT is a leading Chinese infrastructure and Internet of Things (IoT) solutions provider operating within the downstream oil and gas sector, a statement from the PICNG secretariat in Abuja stated.

The partnership is focused on localising the manufacturing and assembly of critical energy infrastructure in Nigeria, including CNG dispensers, refuelling stations, and electric vehicle charging facilities.

Under the MoU, PICNG and YJT will also integrate advanced IoT solutions into Nigeria’s CNG and EV ecosystem. YJT’s smart monitoring technologies will complement PICNG’s National Gas Vehicle Monitoring System (NGVMS), enabling real-time oversight of refueling equipment, operational performance, regulatory compliance, and economic data across stations nationwide.

Speaking on the importance of the agreement, the executive chairman of PICNG, Ahmed, said the collaboration would deliver far-reaching benefits beyond infrastructure development.

“This partnership is a significant step forward in ensuring that Nigerians benefit not only from cleaner and more affordable transport energy, but also from job creation, skills transfer, and improved service reliability. 

“By localising manufacturing and deploying smart monitoring technologies, we are strengthening transparency, safety, and efficiency across the CNG and EV refuelling value chain, ultimately delivering better outcomes for commuters, operators, and the broader economy,” he said.

Emmanuel Addeh in Abuja

The Chairman and Chief Executive of Lee Engineering Group and Allied Companies Limited, Dr Leemon Ikpea, yesterday stressed that the management of the organisation was working to ensure it goes public in the future.

Speaking at the 34th Anniversary Town Hall meeting of Lee Engineering and Construction Company, themed: “Sustaining Excellence, Deepening Legacy, and Shaping the Future,” he stated that to secure the long-term leadership and stability of the group, the Board had recently approved the appointment of new Chief Operating Officers for some of its subsidiaries.

In the same vein, he stressed that the company was empowering existing COOs to take greater ownership and responsibility for driving their businesses under the umbrella of the Group.

Thirty-four years ago, he recalled that the company began the journey in a modest 40-foot container — armed with faith, determination, and an unyielding vision, but said that today, through hard work, resilience, and divine grace, Lee Engineering has grown into a multi-subsidiary enterprise with strong footprints across Nigeria and beyond.

This remarkable transformation, he pointed out, was made possible by employees’ dedication, professionalism, and loyalty.

“Our story remains one of vision, persistence, and purpose. From our humble beginnings to our current position as a leading indigenous engineering group, we have shown that integrity, innovation, and teamwork are the true foundations of enduring success.

“As we celebrate this 34th anniversary, we must also look to the future with renewed commitment. The future belongs to those who plan for it. This is why our focus remains firmly on: Building profitable and sustainable growth across all subsidiaries ensuring efficiency, competitiveness, and operational excellence.

“(We are) strengthening corporate governance to secure the long-term leadership and stability of the Group.

“In line with this, the Board has recently approved the appointment of new COOs for some of our subsidiaries, while empowering existing COOs to take greater ownership and responsibility for driving their businesses under the umbrella of the Group.

“This marks a deliberate step in nurturing the next generation of leaders, fostering accountability, and ensuring that Lee Engineering continues to thrive well into the future. (We are) preparing for the future of the Lee Group — including exploring pathways that will, in the decades ahead, position the company to go public, while preserving our ownership philosophy and values,” he stated.

In the same vein, he noted that the company was expanding its frontiers, explaining that the subsidiaries — Lee Engineering and Construction Company Ltd, Lee International Machinery and Services Ltd, Trebet Aviation Ltd, Trebet Travels and Tours Ltd, and KIZI Oil and Gas Services Ltd continue to create value, contribute to national development, and sustain its reputation for quality and innovation.

The Amaniba Oil Field Project being handled by KIZI, among others, he explained, stands as a testament to overall capacity and bold vision to break new grounds in the Nigerian business environment.

Yet, even as the Group grows, he maintained that it must never lose sight of the principles that brought it this far, hinged on hard work, unity, discipline, and faith in God. These, he said, remain the enduring pillars of the Lee Engineering brand.

“As I gradually take a back seat in the day-to-day operations of our businesses, my greatest joy lies in seeing the structures we have built become stronger, and the next generation taking up the mantle with renewed vigour.

“Leadership succession is not about stepping aside; it is about ensuring continuity — about building something that will outlive us all. Let us, therefore, continue to sustain excellence, deepen our legacy, and shape our shared future together,” Ikpea stated.

Emmanuel Addeh in Abuja 

Electricity Distribution Companies (Discos) in Nigeria have posted a record revenue of over N1.51 trillion in the first eight months of 2025, and are underway to significantly exceed the N2 trillion mark by the end of this year.

A ������Ƶ analysis of data from the Nigerian Electricity Regulatory Commission (NERC), showed that the amount is over N460 billion increase compared to between January and August 2024.

A breakdown of the total revenue for the first eight months of 2025, showed that the Discos posted N178.68 billion in January; N191.75 billion in February; N188.89 billion in March; N199.85 billion in April; N191.57 billion in May and N182.11 billion in June. Besides, in July, total revenue collected was N193.96 billion, while August collection was N191.11 billion 

This means that the power distribution companies collectively raked in a total of about N1.517 trillion in the first eight months of this year, compared to N1.053 trillion in the eighth months to August 2024,  representing a N464 billion increase over the same period last year.

The turnaround marks the strongest nominal financial performance for the distribution segment of the electricity value chain since Nigeria began the power sector reforms over 12 years ago, specifically in 2013 when the sector was privatised.

Although the Discos maintain that the collection is still not enough to end the illiquidity in the sector, however, it is a significant improvement on past revenue collection performances by the power utilities.

In the past, the Discos struggled with weak collections, mounting debts to the Transmission Company of Nigeria (TCN) and the Generation Companies (Gencos), as well as chronic customer dissatisfaction over poor supply. But the latest figures suggest that recent policy shifts are beginning to translate into stronger financial flows across the electricity value chain.

A major reason for the improvement in revenue has been the upward adjustment in electricity tariffs, especially for Band ‘A’ customers who enjoy a minimum of 20 hours of power supply daily. The increase was approved in April 2024, a key factor underpinning the revenue surge. 

Before the adjustment, many Discos lamented that they were forced to sell electricity below the cost of procurement from the bulk trader, deepening liquidity shortfalls. NERC has argued that new tariffs, though a difficult decision, were necessary to sustain investment, attract financing, and guarantee more reliable supply.

The total revenue in the period is higher than the N1.053 trillion generated in the first eight months of 2024 by the distribution companies. Broken down, it showed that in 2024, N95 billion was generated in January out of N130.92 billion billed for the month.

Similarly, the sum of N97 billion was collected in February out of the projected N113 billion; N100.44 billion was generated in March out of N126.56 billion billed; N142.92 billion was made by the Discos in April out of N178.72 billion, and N139.23 billion was generated in May out of N191.65 billion billed for the month.

Besides, in June 2024, the revenue increased to N150.86 billion out of an estimated billing of N176.57 billion, while in July and August respectively, the distribution companies generated a revenue of N162.14 billion and N168.7 billion for that year.

In all, aside from the significant tariff increase in April 2024 as well as the rapid rollout of meters under both government-backed schemes and private financing initiatives, which have helped raise collections by the power utilities, there are also efforts to curb Aggregate Technical and Commercia (ATC&C) losses.

According to recent sector reports, more than 800,000 new meters were deployed in recent times under the Meter Asset Provider (MAP) framework, alongside accelerated installation through the National Mass Metering Programme (NMMP). This has reduced the number of unmetered customers significantly, cutting revenue losses tied to unbilled consumption.

Besides, some Discos have invested in digital payment platforms and mobile applications, making it easier for customers to recharge, track usage, and resolve disputes. The use of electronic vending channels has minimised leakages associated with manual collection and improved real-time monitoring of cash flows.

However, despite the strong growth in revenue, concerns remain about supply shortages, affordability and service quality by the 12 electricity distribution companies.

Emmanuel Addeh in Abuja 

Nigeria’s electricity supply in September 2025 remained heavily concentrated among a handful of generation stations, with just 10 of the 26 grid-connected power plants accounting for 81 per cent of total energy produced during the month. 

This is according to the latest Operational Performance of Power Plants factsheet released by the Nigerian Electricity Regulatory Commission (NERC).

The report paints a picture of a power sector still struggling with uneven performance, with only a few plants driving the bulk of generation while several others contributed little or nothing. 

Out of a total installed capacity of 13,625 megawatts (MW), only 5,200MW was available on average, representing just 38 per cent plant availability. Despite this low figure, the national load factor stood at 78 per cent, showing that plants in operation were generally running close to their generation potential.

Leading the pack was Zungeru Hydro, which operated at full capacity, posting a 100 per cent plant availability factor but only managing a 51 per cent load factor, generating 355 megawatt-hours per hour (MWh/h). Egbin, the country’s largest thermal station, followed with a strong 90 per cent load factor and an average hourly generation of 546MWh/h, despite a plant availability rate of only 46 per cent.

Other top performers included Kainji (91 per cent load factor), Jebba (73 per cent), Delta (83 per cent), Shiroro (68 per cent), Ihovbor (86 per cent), Okpai (87 per cent), Geregu (86 per cent), and Afam II (99 per cent). Together, these 10 plants, a mix of hydro and gas-fired stations,  formed the backbone of national electricity generation in September.

Among the lower-tier plants, the performance was more uneven, as Olorunsogo II, with an installed capacity of 750MW, achieved only 26MW average availability, translating to a dismal 3 per cent availability factor and 37 per cent load factor. Similarly, Sapele Steam (720MW) operated at just 3 per cent capacity, though its 100 per cent load factor suggested that the little power it produced was consistently dispatched.

By contrast, Odukpani, with 625MW installed capacity, stood out among the smaller contributors, achieving 29 per cent availability and a remarkable 97 per cent load factor, generating 177MWh/h. Afam I also delivered 72 per cent load factor on limited available capacity.

Some plants contributed nothing to the grid. Alaoji I, with 500MW installed capacity, recorded zero generation and availability. Rivers I, Omoku I, and Ikeja I also posted minimal or zero outputs.

The data underscored the fragility and imbalance in Nigeria’s generation mix. While a few well-maintained stations such as Egbin, Kainji, and Delta 1, continue to sustain national supply, several others remain idle due to gas shortages, mechanical faults, or transmission constraints.

In total, the grid generated an average of 4,091MWh/h in September. However, with less than 40 per cent of total capacity actually available, the system continued to underperform relative to its potential.

Emmanuel Addeh in Abuja

The Nigerian National Petroleum Company Limited (NNPC) has reported a combined N801.3 billion from Management Fees and Frontier Exploration Funds within the first nine months of 2025,  representing 56.5 per cent of the N1.42 trillion budgeted for both streams this year.

The data, drawn from the company’s September 2025 revenue and distribution report to the Federation Accounts Allocation Committee (FAAC), indicated that each of the two categories  recorded N400.667 billion in the period under review. 

Both items are derived from 30 per cent apiece of the profit oil and gas under the Production Sharing Contract (PSC) arrangements.

While the figures suggested modest progress, they also exposed a significant shortfall against projections as each of the two lines showed a variance of N264.4 billion below expectation for the first three quarters of the year, reflecting the wider fiscal pressures confronting the oil and gas sector despite production recovery efforts.

The NNPC management fee, a charge representing the corporation’s entitlement from managing PSCs on behalf of the federation, recorded a variance of N132.233 of its annual projection. The same applied to the frontier exploration fund, a dedicated pool for financing hydrocarbon search and development in underexplored or virgin basins across the country.

However, the N801.3 billion combined inflow nonetheless signalled a measure of consistency in upstream cash generation through PSCs, which have become the backbone of Nigeria’s crude output in recent years. 

Besides, a breakdown of the NNPC report to FAAC showed that year-to-date the company distributed N1.335 trillion from PSC operations to FAAC over the nine-month period, against an annual budget of N2.368 trillion. 

This translated to 56.3 per cent performance, leaving a deficit of over N440 billion in the nine months under consideration. Out of this, 30 per cent went to NNPC’s management fee, another 30 per cent to the frontier exploration fund, and the remaining 40 per cent as the federation’s direct share.

This means that for every N100 earned from PSC profits, N30 was retained by the company as its management entitlement, N30 was set aside for frontier exploration, and N40 was remitted into the federation account. 

However, the pace of remittance highlights the slow rebound of Nigeria’s upstream output and the continued gap between target and actual production. Average crude oil output in 2025 has hovered around 1.6 million barrels per day, below the official benchmark of 2.06 million bpd in the country’s budget for this year. 

The frontier exploration fund, in particular, continues to attract attention given its strategic role in expanding Nigeria’s reserve base. Statutorily,  it is managed by NNPC to finance exploration in frontier basins such as the Chad, Bida, Sokoto, Dahomey, and Benue troughs. 

The N400.6 billion mobilised for that purpose so far is expected to support seismic and appraisal activities in those basins through the final quarter of the year, although issues remain as to the deployment of these funds.

The NNPC’s September FAAC snapshot further showed that the Federation’s 40 per cent PSC share amounted to N710.52 billion for the nine months, while total PSC distribution stood at N1.776 trillion. 

With three months left in the fiscal year, NNPC faces the challenge of closing the gap between budget and actual inflows. If current trends persist, the company may end 2025 with roughly half of what was projected at the start of the year.

Besides, whether the last quarter’s performance will tilt the balance closer to target will depend largely on stability in production, crude prices, and continued efficiency in PSC administration.

•Issue seven-day ultimatum  

•Dangote: We stand by our statement, go and seek redress

•Accuses association of asking for annual subsidy of N1.5tn 

•Ndume backs refinery’s management, slams saboteurs

Emmanuel Addeh, Sunday Aborisade in Abuja and Peter Uzoho in Lagos

The Depot and Petroleum Products Marketers Association of Nigeria (DAPPMAN) and the Dangote refinery again clashed yesterday over the allegation of diversion of petroleum products by members of the association, and demanded a retraction of the claim in seven days.

DAPPMAN said the refinery should provide documented proof of its members diverting products, threatening to take legal action against the refinery if it failed to comply with its position.

But in a response last night, the Dangote refinery stated that it was standing by its comments, insisting that any party which feels aggrieved by the contents of the publication is entitled to seek redress through the appropriate legal channels, without recourse to any so-called seven-day notice.

In the same vein, Borno South Senator, Ali Ndume, has issued a strong appeal for restraint, urging stakeholders to stop what he described as a coordinated media demonisation campaign against the Dangote refinery.

DAPPMAN in a statement yesterday said: “We challenge Dangote refinery to present verifiable evidence that DAPPMAN members are diverting products to neighbouring countries. Smuggling is a national security matter. If any member is complicit, let the relevant agencies act.

“We issue a seven-day ultimatum to the refinery to either retract this allegation or provide documented proof. If neither occurs, we reserve the right to seek legal redress”, DAPPMAN stated.

Dangote had in a widely advertised statement on Monday, in response to an earlier statement by DAPPMAN, accused the association’s members of engaging in diversion of petrol from Nigeria to neighbouring West African countries.

The company added that DAPPMAN was the force behind the recent strike action embarked by the Nigerian Union of Petroleum and Natural Gas Workers (NUPENG).

But in its statement in response to Dangote, DAPPMAN in its 10-point rebuttal, categorically rejected what it described as the misleading and factually incorrect statements made by the  refinery.

“DAPPMAN categorically rejects the misleading and factually incorrect statements made by the Dangote Petroleum Refinery in its press release of 15 September 2025.

“As an association representing legitimate depot owners and marketers in Nigeria’s deregulated downstream sector, we are compelled to correct the record and address claims that threaten the integrity of our industry, mislead the public, and undermine regulatory confidence.

“We categorically state that our members, including Matrix, AA Rano, AYM Shafa, and NIPCO are fully tax compliant as we are not aware of any pending cases or disputes against them for default in their tax obligations.”

It described Dangote Refinery’s allegation of sponsoring NUPENG strike as false and baseless, saying the refinery’s claim that DAPPMAN sponsored NUPENG suggests a fundamental lack of understanding of how Nigeria’s downstream ecosystem works.

It said stakeholders such as NUPENG, Nigerian Association of Road Transport Operators (NARTO), Petroleum and Retail Outlet Owners Association of Nigeria (PETROAN), Major Energies Marketers Association of Nigeria (MEMAN), Independent Petroleum Marketers Association of Nigeria (IPMAN) and DAPPMAN were independent entities, each with distinct roles and interests.

The statement noted that DAPPMAN does not control labour unions or other industry associations and has no business interfering in their decisions.

“DAPPMAN did not sponsor or support NUPENG’s proposed industrial action. Our role has been one of de-escalation, focused on averting disruption to fuel supply and national mobility,” the association added.

DAPPMAN argued that the recent reductions in pump prices were primarily the result of a number of factors including  “a stronger naira (N1,500–N1,550/$ since Q1 2025), supported by the fiscal and monetary reforms of President Bola Tinubu’s administration and the Central Bank of Nigeria (CBN), declining international crude prices (Brent crude fell from $92 to $76 per barrel)  market deregulation and improved FX liquidity under the current administration.”

On round-tripping accusations by Dangote Refinery, DAPPMAN described it as misleading, saying, allegations that Nigerian marketers import Dangote-refined products from Togo are both misleading and ironic.

“For clarity, Offshore Lome is a recognised West African (WAF) trading hub, not a blending plant, as some commentators have suggested. Just as the Dangote Refinery is a refinery and not a factory, Offshore Lome is a trading point where cargoes are exchanged, not processed,” they added.

It noted that pricing ‘Offshore Lome’ reflects international market transactions and was not the same as retail pricing within Lome, Togo.

“It is, in fact, the Dangote Refinery that offers discounts of over $40/MT to foreign traders while denying Nigerian marketers access to coastal vessel loading and restricting them to gantry-only lifting. This restrictive access and pricing structure create the very arbitrage opportunity the refinery now criticizes”, DAPPMAN stated.

“Dangote’s claims that DAPPMAN members import fuels with sulphur levels above 50ppm contradict its own operational record. The refinery itself applied for waivers from NMDPRA to distribute high-sulphur products, in direct contravention of PIA Section 317(11). We challenge the refinery to publicly deny this”, it stated.

But in a response last night, Dangote stated: “We wish to emphasise that any party who feels aggrieved by the contents of the publication is entitled to seek redress through the appropriate legal channels, without recourse to any so-called seven-day notice. We are fully prepared to defend our position.

“We wish to clarify that the crux of DAPPMAN’S sustained attacks Dangote Petroleum Refinery stems from their demand for an annual subsidy of N1.505 trillion to enable their members to match the refinery’s gantry prices at their own depots.

“While we offer petroleum products to marketers at our gantry price, DAPPMAN insists on receiving products via coastal logistics, an option that would add N75 per litre in additional costs. Based on projected daily consumption volumes of 40 million litres of Premium Motor Spirit (PMS) and 15 million litres of Automotive Gas Oil (AGO), this amounts to an additional annual cost of N1.505 trillion (N1,505,625,000,000), which they are effectively asking us to absorb and pass it on to consumers.

“Specifically, the marketers are demanding that we discount N70/litre in coastal freight, NIMASA, NPA and other associated costs as well as N5/litre for the cost of pumping into vessels to enable them to transport products from our refinery to their depots in Apapa and sell at the same price as our gantry.

“We wish to make it clear that we have no intention of increasing our gantry price to accommodate such demands, nor are we willing to pay a subsidy of over N1.5 trillion, a practice that historically defrauded the Federal Government for many years. DAPPMAN and other marketers are welcome to lift products directly from our gantry and benefit from our logistics-free initiative,” Dangote added.

But in defence of Dangote, Ndume, a former Senate Leader, in a statement yesterday,  warned that the barrage of accusations directed at the $20 billion privately-owned refinery risks undermining national economic interest, even as the federal government has created a level playing field for all investors in the oil and gas space.

 Ndume cautioned against what he described as a “poisonous media narrative” that seeks to cast the Dangote Refinery as a threat to fair competition and national interest.

He noted that contrary to the claims of its critics, the refinery represents the kind of bold, long-term investment the country desperately needs to reduce dependence on imported fuel and build economic resilience.

Ndume said: “Before Dangote took the risk to build his refinery, previous administrations had granted licenses to many Nigerians to do the same. What did they do with it? Some simply capitalised on crude oil allocation incentives without ever breaking ground on a refinery project.”

Ndume recalled that as far back as 2002, at least 12 licenses were issued to private sector players to build refineries.  He said the licenses were later revoked, and a new round of permits were issued in 2007 by the then Department of Petroleum Resources (DPR).

Yet, according to him, most of the licensees failed to act. He said: “Those parading themselves as fuel importers today didn’t seize the initiative to come together and build refineries. Again, under the late Muhammadu Buhari administration, modular refinery licenses were issued.

“How many of them actually scratched the surface? But they are now ganging up to accuse Dangote falsely of monopolising the market.”

The senator stressed that the Petroleum Industry Act (PIA) provides a robust legal framework for a deregulated downstream sector, where fair competition, not protectionism, should thrive.

According to him, the Dangote Refinery, which has the capacity to process 650,000 barrels of crude oil per day, is a vital strategic asset and not a threat.

Emmanuel Addeh in Abuja

The Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA) and the Federal Competition and Consumer Protection Commission (FCCPC) have inaugurated a 10-member Joint-Technical Working Committee to strengthen consumer protection in the energy sector.

Executive Director, Distribution Systems, Storage and Retailing Infrastructure (DSSRI), Mr Ogbugo Ukoha, who represented the Authority Chief Executive, Farouk Ahmed, at the event in Abuja, said the committee was established to address recurring complaints relating to competitive practices and service delivery in the oil and gas sector.

The new committee has been mandated to share market data, monitor and investigate anti-competition practices, and ensure adequate consumer protection, a note from the NMDPRA stated yesterday.

The Joint Committee is led by the FCCPC’s Deputy Director of Surveillance and Investigation, Mrs. Omagu Nwachukwu, and Mr Charles Nwachukwu, Head of the Alternative Dispute Resolution Centre of the NMDPRA.

Besides, the committee is expected to identify potential threats to the sector that could negatively impact the market and escalate such issues to the top management of both organisations.

On September 4, 2025, the Authority’s top management team, led by its Chief Executive, Ahmed, visited the FCCPC headquarters to meet with its Executive Vice Chairman/Chief Executive, Mr. Tunji Bello.

The meeting, according to the NMDPRA, was aimed at charting a course for collaborative engagement to promote fair market prices and consumer value.

The Authority also emphasised that its collaboration with the FCCPC is expected to establish a level playing field for operators, prevent monopoly, and provide modalities for prosecution in cases where abuse is established after further investigation.

The NMDPRA regulates Nigeria’s midstream and downstream petroleum operations to ensure efficiency, safety, and fair market practices, while the FCCPC protects consumers by promoting fair competition, preventing monopolies, and safeguarding consumer rights in Nigeria.

Emmanuel Addeh in Abuja 

Electricity Distribution Companies (Discos) in Nigeria recorded a dramatic surge in revenue collection in the first half of 2025, rising by 55.8 per cent compared to the previous year.

This is according to a ������Ƶ analysis of data from the Nigerian Electricity Regulatory Commission (NERC), with the result reflecting a combination of tariff adjustments, stepped-up metering, and intensified enforcement of payment discipline across the power sector. 

The Discos collectively raked in a total of about N1.13 trillion in the first half of this year, compared to N725.45 billion in the six months to June 2024,  representing an over 55 per cent per cent increase.

The turnaround marked one of the strongest half-year performances for the distribution segment since Nigeria began the power sector reforms over a decade ago, specifically in 2013 when the sector was privatised.

For years, Discos struggled with weak collections, mounting debts to the Transmission Company of Nigeria (TCN) and the Generation Companies (Gencos), as well as chronic customer dissatisfaction over poor supply. But the latest figures suggest that recent policy shifts are beginning to translate into stronger financial flows across the electricity value chain.

The upward adjustment in electricity tariffs, approved in April 2024, has been a key factor underpinning the revenue surge. Under the new Multi-Year Tariff Order (MYTO), certain customer bands are now charged cost-reflective levels, particularly those in Band ‘A’ who enjoy a minimum of 20 hours of power supply daily.
Before the adjustment, many Discos lamented that they were forced to sell electricity below the cost of procurement from the bulk trader, deepening liquidity shortfalls. NERC has argued that new tariffs, though a difficult decision, were necessary to sustain investment, attract financing, and guarantee more reliable supply.

A further breakdown of the total revenue for the first half of 2025 showed that the Discos posted a total revenue of N178.68 billion in January; N191.75 billion in February; N188.89 billion in March; N199.85 billion in April; N191.57 billion in May and N182.11 billion in June 2025, to hit the N1.13 trillion mark.
The total revenue in the period is higher than the N725.4 billion generated in the first six months of 2024 by the distribution companies. Broken down, it showed that N95 billion was generated in January out of N130.92bn billed for the month.

Similarly, the sum of N97 billion was collected in February out of projected N113 billion, N100.44 billiin was generated in March out of N126.56 billion billed, N142.92 billion was made in April out of N178.72 billion, and N139.23 billion was generated in May out of N191.65 billion billed for the month. In June, the revenue increased to N150.86 billion out of an estimated billing of N176.57 billion to hit N725.45 billion.

Besides, checks showed that the power distribution firms in Nigeria’s Electricity Supply Industry (NESI) amassed N514.95 billion in revenue in the first half of 2023, representing the highest collection recorded at the time. 

Compared with the 2025 half year data, the collection from January to June in 2024 was less than half of the amount received by the companies in the same period this year, marking a significant milestone and underscoring the evolving dynamics within the country’s power distribution landscape.
In the same vein, the payment of previously unpaid bills by electricity users in Nigeria in the first half of 2022 pushed revenue generated by distribution companies in the country to the highest level in eight years at the time.

The Discos generated N393.15 billion in revenue in the first half of 2022, up 6.15 per  cent from N368.97 billion reported in the first half of 2021, data from the National Bureau of Statistics (NBS) also showed.

This is just as electricity consumers hooked on to the national grid paid N831 billion to the Discos that was sent to their homes and offices between the two years between 2017 and 2019.

In all, the rapid rollout of meters under both government-backed schemes and private financing initiatives has also helped plug leakages. Although there is still heavy reliance on estimated billing, which often lead to disputes, underpayment, and outright rejection of bills,  the recent metering penetration has also improved collection.

According to sector reports, more than 800,000 new meters were deployed in recent times under the Meter Asset Provider (MAP) framework, alongside accelerated installation through the National Mass Metering Programme (NMMP). This has reduced the number of unmetered customers significantly, cutting revenue losses tied to unbilled consumption.

Additionally, some Discos have invested in digital payment platforms and mobile applications, making it easier for customers to recharge, track usage, and resolve disputes. The use of electronic vending channels has minimised leakages associated with manual collection and improved real-time monitoring of cash flows.

However, despite the strong growth in revenue, concerns remain about affordability and service quality. Many households and small businesses continue to complain that the tariff hike is biting into disposable income at a time of high inflation and economic pressure. 

For customers outside Band A, electricity supply remains erratic, with outages still common in parts of the country.

Despite the rise in tariff for a section of power consumers, the Minister of Power, Adebayo Adelabu, has recently maintained that the current subsidy regime in the sector was not sustainable, noting that raising prices was inevitable.

• Set to present counter proposal
  •Education minister calls for patience, says matter will be settled wholesomely
  •Insists a number of knotty issues already thrashed out

Emmanuel Addeh in Abuja

All concerned federal government ministries and agencies will today (Thursday) meet in Abuja in a bid to resolve the lingering areas of disagreement between the Academic Staff Union of Universities (ASUU) and the government.

Several branches of ASUU had on Tuesday staged coordinated protests across campuses nationwide to press home long-standing demands from the federal government, warning of an imminent strike if the government failed to meet their demands.

But the Minister of Education, Tunji Alausa told ������Ƶ last night that the Bola Tinubu administration has already resolved a number of the knotty issues it met when it took over the reins of governance, assuring the lecturers that the matter will be settled in a wholesome manner this time around.

In an interview with ������Ƶ, Alausa noted that he has already called a meeting of several ministries and departments, including that of Finance, Labour and Productivity, Budget Office, Solicitor General, Salaries and Wages Commission, among others, to iron out a counter-proposal to the one presented by the union.
Admitting that the matter has lingered for about 16 years, Alausa noted that this time around, the Tinubu administration will be very meticulous about resolving the pending issues, explaining that when thrashed out the counter-proposal will be handed over to the Yayale Ahmed Committee.

Alausa pointed out that because of the need to solve the problems once and for all, there was no need to be unnecessarily in a hurry, emphasising that part of the first tranche of about N150 billion had already been released by the government.

The education minister wondered why ASUU was protesting when it was aware of its moves to end the prolonged crisis, which first started over 16 years ago.
“Remember, we want to be very meticulous. We want to resolve it. But this agreement has lingered on for 16 years. But I’ve met with them that the government needs to start working on a counter-proposal that we give to the Yayale Ahmed committee. We want to do this in a holistic manner. And it has to take some time.
“This cannot be done in a hurry. Previous agreements were done in a hurry. And that was 16 years ago. President Tinubu had decided to release the first tranche of the N150 billion needs assessment that he promised them.

“It was N1.2 trillion. They only released N200 billion about 10 years ago or 14 years ago. Nothing has happened. So, we’re working comprehensively. The government’s side is meeting at a high level to work on a counter-proposal. A lot of the issues have been resolved already,” Alausa pointed out.

In just two years, the minister explained that Tinubu has resolved a lot of the issues, including earned allowances, which have been paid, as well as post-graduate supervision allowances, assuring that the 25 per cent wage adjustment will be paid as soon as government finances improve.

“I have met severally with ASUU, a lot of these things have already been taken care of by this current government, which include payment of arrears earned allowances, their postgraduate supervision allowance has been resolved, their 25 per cent wage adjustment will be paid as government finances improve.
“The 2009 agreement they reached that has not been implemented in 16 years, this government will work with them to ensure that this is resolved. We are meeting with our technical team to develop a counter-proposal to their own agreement and to present to ASUU.

“We urge them to be patient. We want to resolve this in a wholesome and holistic manner. We will not reach an agreement that we know is not suitable to implement,” the education minister added.

Emmanuel Addeh in Abuja 

The Group Chief Executive Officer of the Nigerian National Petroleum Company Limited (NNPC), Bayo Ojulari, has reaffirmed the company’s strategic direction towards value creation, competitiveness and efficiency as the foundation of its new business model. ‎

Ojulari made this known while delivering a keynote address themed: “Building a Resilient Oil and Gas Sector in Nigeria: Advancing HSE, ESG, Investors and Incremental Production,” at the just concluded 2025 Petroleum & Natural Gas Senior Staff Association of Nigeria (PENGASSAN) Energy and Labour Summit (PEALS 2025) held in Abuja.

‎Speaking on NNPC’s transformation, Ojulari underscored the company’s renewed focus on operational excellence and investor confidence, driven by the provisions of the Petroleum Industry Act (PIA) and global market dynamics.‎

‎He explained that resilience for the Nigerian oil and gas sector must translate into concrete reforms across operations, governance, and partnerships, the company said in a statement.

‎“With the PIA, we now have a framework to transform our investment climate. NNPC Limited is now operating under a new business model, focused on value creation, competitiveness, and efficiency. This includes restructuring joint ventures, monetising assets, and investing in critical infrastructure across the value chain,” Ojulari reiterated.‎

The GCEO emphasised that beyond production volumes, the future of Nigeria’s oil and gas industry rests on strong Environmental, Social, and Governance (ESG) practices, adding that global investors and communities alike now judge energy companies not only by what they produce but how responsibly they produce it.
“Today, oil and gas companies are judged not only by what they produce, but how they produce it. Environmental stewardship, social responsibility, and sound governance are now critical metrics for accessing capital, winning community support, and sustaining growth.  NNPC Limited has initiated an energy transition roadmap—reducing our carbon footprint, investing in gas as a transition fuel, and improving transparency,” he maintained.‎

Earlier, PENGASSAN President, Festus Osifo, said the long-term sustainability of Nigeria’s oil and gas industry hinges on a collective commitment to environmental stewardship, embedded in upholding robust corporate governance.

•Says many site workers earning about N150,000 monthly, contributing to local economy

Emmanuel Addeh in Abuja

The Minister of Housing and Urban Development, Ahmed Dangiwa, has unveiled what he termed ‘far-reaching achievements’ of the federal government in the housing sector in northern Nigeria, including the ongoing construction of 6,112 homes, upgrading of 150 slums and creation of over 152,000 jobs through housing infrastructure.

In a statement yesterday signed by the Director Press and Public Relations in the ministry, BabamasiHaiba, Dangiwa maintained that the administration of President Bola Tinubu is using housing as a transformative tool to rebuild communities, create jobs, and restore dignity in the region.

The minister declared that the ministry’s interventions are not just about physical infrastructure, but about economic empowerment and social renewal for Nigerians.

“We are not just building houses; we are rebuilding lives, restoring dignity, and laying the foundation for a more secure and prosperous North,” he stated.

In achieving the goals of the sector in the region under the ‘Renewed Hope Housing’, the ministry, he said, deployed a three-tier strategy that is already reshaping northern Nigeria’s housing landscape.

Dangiwa listed the Renewed Hope City Projects totalling 4,612 units, with Karsana in the Federal Capital Territory (FCT) having 3,112 housing units, and 1,500 units Renewed Hope City, as well as a 500-unit Estate in Kano.

Besides, he mentioned that the Renewed Hope Estate Projects , which he said have 250 units each are being delivered in Katsina, Gombe, Yobe, Sokoto, Benue, and Nasarawa, totalling 1,500 units. All the sites, he said, were integrated with road networks, water infrastructure, solar lighting, and basic social amenities.

“The planned Renewed Hope Social Housing Estates is a part of a national effort to deliver 100 affordable homes in each of Nigeria’s 774 local government areas”, he stated.

He explained that through these housing projects, the ministry has generated over 152,000 direct and indirect jobs, empowering thousands of northern youths and artisans. According to the minister, many now earn up to N150,000 monthly, contributing to local economic activity and household stability.

Dangiwa stated that the ministry is also investing in building materials manufacturing hubs across all regions to promote local content, reduce building costs, and create additional industrial jobs.

On the post-conflict resettlement initiative, the Resettlement Scheme for Persons Impacted by Conflict (RSPIC), Dangiwa highlighted that the RSPIC is a major humanitarian component of the housing programme.

The initiative, he said, aims to build 252 new homes across seven northern states of Kaduna, Katsina, Zamfara, Kebbi, Niger, Benue, and Sokoto, to rehabilitate families displaced by banditry and terrorism.

“The pilot project in TudunBiri, Kaduna State, is already underway, providing safe, decent housing for victims of the December 2023 accidental military airstrike. This is housing as healing, helping families affected by conflict reclaim stability and hope,” the minister noted.

On urban renewal and infrastructure development, he stated that through the National Urban Renewal and Slum Upgrade Programme, the Ministry has completed over 150 projects and has more than 100 ongoing across northern communities.

He listed the major intervention sites under the programme to include;Tudun Wada (Sokoto), Yankaba (Kano), and Tunga (Niger). Under the special projects unit, he stated that the ministry has delivered across the nation 71 new classrooms, 15 primary health centres, 58 boreholes and 63 rural access roads.

With over N61 billion invested, he noted that these projects have created more than 10,700 jobs and improved the quality of life in vulnerable communities.

Dangiwa also affirmed that the miinistry is scaling up efforts to deepen the reach of the programme in the region, including; New Renewed Hope Cities and Estates in additional Northern states; full implementation of the 774 local governments social housing rollout, and expansion of single-digit mortgage and rent-to-own financing.

Another plan, he said,  include the launch of building material hubs to enhance affordability and self-reliance.

“This is more than infrastructure. It’s a renewal of trust in government, a practical demonstration that President Tinubu’s Renewed Hope Agenda is delivering real change,” he stressed.

Emmanuel Addeh in Abuja 

The Minister of Housing and Urban Development, Ahmed Dangiwa, has stated that over N70 billion has so far been mobilised under a Public Private Partnership (PPP) to upscale Nigeria’s urban housing development.

Speaking while officially declaring open the 19th Edition of the Africa International Housing Show (AIHS), Dangiwa reaffirmed the commitment of the federal government to bridge Nigeria’s housing gap through bold, inclusive, and innovative reforms.

A statement by Special Assistant Media & Strategy to Dangiwa, Mark Chieshe, stressed that the minister noted that affordability remains the biggest barrier to homeownership on the continent, despite growing housing supply efforts.

“Across Africa, millions of families still cannot afford decent homes even when they are available. This administration is not just building houses; we are fixing the structural and macroeconomic foundations that will make housing truly affordable and sustainable for Nigerians today and in the future,” the minister said.

He highlighted the federal government’s three-tier Renewed Hope Housing Programme – comprising Renewed Hope Cities, Renewed Hope Estates, and Renewed Hope Social Housing Estates – as the blueprint for delivering affordable homes nationwide. 

“To date, over N70 billion in private capital has been mobilised under Public-Private Partnerships (PPPs) to drive large-scale urban housing developments,” Dangiwa stated.

The minister also spotlighted key interventions by the Federal Mortgage Bank of Nigeria (FMBN), including the Rent-to-Own Scheme and Rental Assistance Product, designed to ease housing pressure on urban workers and young families, as well as the upcoming MOFI Real Estate Investment Fund (MREIF) to expand access to long-term mortgage loans at affordable rates.

He further reiterated the commitment of the ministry to urban renewal and slum upgrades, aligning with the UN-Habitat Global Action Plan and the Addis Declaration on Inclusive Urban Development to ensure that “no one and no place is left behind.”

Dangiwa called on development finance institutions, donor agencies, and the private sector to partner with the federal government in transforming shared knowledge from forums like AIHS into tangible results for Nigerians.

Emmanuel Addeh in Abuja 

The Transmission Company of Nigeria (TCN), Kano Region, and the Kano State Ministry of Land and Physical Planning have reached an agreement to resolve legal disputes that had stalled the Kumbotso–Rimin Zakara 330kV transmission line project. 

The meeting, held last week was convened by the ministry to address litigation surrounding land ownership and compensation, which had significantly delayed progress, a statement by the TCN’s General Manager, Public Affairs, Ndidi Mbah, said.

Under the terms of the agreement, the Kano state government will compensate individuals whose cases remain under legal consideration and provide alternative land to affected parties. The resolution removes the final obstacles to the project’s completion.

“TCN is optimistic that the agreement will accelerate work on the transmission line, which is critical to improving electricity infrastructure and supporting industrial development in the northern parts of the nation. The development is a major breakthrough in the ongoing efforts to further strengthen the national grid,” it stated.

Meanwhile, TCN has announced that a vandal was electrocuted while attempting to vandalise transmission Tower 34 along the Nkalagu-Abakaliki 132kV Transmission Line in Ebonyi state.

“The body of the electrocuted vandal hanging on the tower has since been brought down. TCN has consistently warned against such acts, emphasising the potentially fatal consequences of tampering with transmission infrastructure, which carries high voltages critical to national development and poses significant risks to health and safety,” the company stated.

Emmanuel Addeh in Abuja 

TotalEnergies has reported a 23 per cent fall in second-quarter earnings, the French oil major’s worst performance in four years, as lower oil and gas prices outweighed a rise in production and power sales.

Adjusted net income fell to $3.6 billion for the three months to June 30, down from $4.7 billion a year earlier and $4.2 billion in the first quarter, Reuters reported.

Chief Executive of the company, Patrick Pouyanne, told analysts on a call that the company could maintain shareholder returns in a low oil price environment, as several expressed concern about a sharp increase in the company’s net debt.

Brent crude prices have fallen 20 per cent from a year ago, reaching $67.9 per barrel in the second quarter of 2025, as members of the Organisation of Petroleum Exporting Countries (OPEC) and allies such as Russia started to unwind output cuts of 2.17 million barrels per day in April.

Emmanuel Addeh in Abuja 

Seplat Energy Plc, has reinforced its commitment to responsible leadership and sector transformation, noting that with its indigenous capacity and deployment of innovative strategies, it was set to markedly impact the oil sector in the country positively.

Participating in the 13th Annual ������ƵDay CEO Forum Nigeria, with the theme, “Nigeria: From Reform to Recovery,” Seplat Energy’s Chief Executive Officer, Mr. Roger Brown, represented by the company’s Chief Operating Officer, Mr. Samson Ezugworie, underscored the increasing role of indigenous companies, and how Seplat has been leveraging technology to enhance operations and build in-country capacity.

The 2025 edition of the CEO Forum brought together senior government officials, investors, corporate leaders and experts to discuss Nigeria’s ongoing reforms, and share strategic insights for national renewal and sustainable economic growth.

Brown was a panelist on one of the high-level sessions with the sub-theme: “Oil and Gas in Transition – Reforms, Recovery and Deals That Matter”.

He shared perspectives on Nigeria’s oil and gas transformation, the increasing role of indigenous companies, and how Seplat has been leveraging technology to enhance operations and build in-country capacity.

“If you look at the trajectory, I would personally say that the outlook is very excellent, and we are well-positioned for a transformative oil and gas industry,” Brown stated, according to a statement from the organisation.

“Nigeria is rich in both oil and gas resources — with over 200 trillion cubic feet of gas — we are in the right place. We are also seeing international oil companies exiting the onshore and shallow water areas and transferring them to indigenous players,” he added

Earlier, Publisher and CEO of ������ƵDay Media Limited,Frank Aigbogun,  welcomed guests with a compelling address that framed the tone of the forum. He noted the theme of this year’s CEO Forum — “Nigeria: From Reform to Recovery”, as ������ƵDay has a duty not only to report, but also to point the way to the future.

Emmanuel Addeh in Abuja 

Nigeria underperformed its 2025 budget crude oil production target in the first half of 2025 by over 70 million barrels or about 19 per cent, a shortfall that may compound the federal government’s fiscal challenges and undermine key economic projections for the year.

Data obtained from the Nigerian Upstream Petroleum Regulatory Commission (NUPRC) showed that the country pumped a total of 303,194,677 barrels of crude and condensates from January to June 2025.

������Ƶ’s checks indicated that this figure fell significantly below the government’s projected benchmark of 2.06 million barrels per day, which would have yielded approximately 373.86 million barrels over the same period.

The actual shortfall of about 70.67 million barrels, based solely on crude and condensate production, does not take into account possible additional losses from shut-ins, theft, sabotage, or deferred output due to operational setbacks. 

A detailed breakdown from the NUPRC data showed that Nigeria produced 53,861,877 barrels in January; 46,824,697 barrels in February; 49,717,065 barrels in March; 50,499,206 barrels in April; 51,380,475 barrels in May; and 50,911,357 barrels in June. 

On the average, the country produced about 1.67 million barrels per day during the six-month period, well below the budget assumption of 2.06 million barrels per day budget benchmark for the period.

Although the federal government has said that there’s no cause for concern, the underperformance has recently sparked concerns across economic and policy circles, as crude oil earnings remain the bedrock of Nigeria’s foreign exchange inflow and government revenues, even in an era of expanding focus on non-oil sources.

Using a conservative average Brent crude price of $72 per barrel for the period, Nigeria’s estimated revenue loss from the H1 2025 production shortfall of about 70.67 million barrels, that is, covering January to June was approximately $5.09 billion, based on the volume gap alone. 

The actual impact could be even larger when fiscal oil terms, crude differentials, and production sharing contracts are factored in. While the federal government had banked on increased output to drive key infrastructure spending and fund critical budgetary items, the shortfall risks putting pressure on external borrowing, the value of the naira, and debt servicing capabilities.

The International Monetary Fund (IMF) earlier in the month raised concerns over the issue, saying that it expects the gulf between this year’s budgetary spending and revenue of Africa’s biggest oil producer to widen further in the face of geopolitical threats to the prices of crude, which contributes around two-thirds of government income.

“Downside risks have increased with heightened global uncertainty,” the Fund stated in its periodic review of economic developments in the country. “A further decline in oil prices or increase in financing costs would adversely affect growth, fiscal and external positions, undermine financial stability and exacerbate exchange rate pressures,” the IMF added in the document titled “Nigeria: 2025 Article IV Consultation.”

It alerted authorities to the danger that Nigeria’s financing needs and fiscal position may vary from forecasts, should the government fail to revise the budget and announce new targets for its spending plan.

In the same vein, Nigeria only struggled to meet its Organisation of Petroleum Exporting Countries (OPEC) quota this June, having consistently failed to do so for a long time, specifically since January when it temporarily achieved the feat.

In January it produced 1.53 million bpd; 1.46 million bpd in February; 1.4 million bpd in March; 1.48 million bpd in April; 1.45 million bpd in May before it finally touched the 1.5 million bpd this June. While OPEC does not calculate condensate, Nigeria adds it to its targeted oil output yearly.

Adding to these worries, the World Bank recently warned that Nigeria faces a growing risk of a widening budget deficit if oil production continues to underperform. 

In May, the World Bank described Nigeria’s 2025 federal budget as overly ambitious, warning that the federal government may be forced to turn to the Central Bank of Nigeria’s Ways and Means facility to finance likely revenue shortfalls.

Giving the warning during the public presentation of its Nigeria Development Update report titled ‘Building Momentum for Inclusive Growth’ in Abuja, the Bank said that despite strong revenue gains recorded in 2024, Nigeria’s 2025 budget assumptions remain optimistic and may prove difficult to meet.

He said, “It’s a very ambitious budget. Even with the very positive revenue sort of tailwind that we have… even considering that, it looks like it’s going to be pretty hard to meet some of the ambitious revenue targets that are in there,” the Bank added.

The concerns are not without precedent. In recent years, Nigeria has repeatedly missed oil output benchmarks, leading to sharp revisions in its Medium-Term Expenditure Framework (MTEF). In 2022, for example, Nigeria’s actual crude production dropped to multi-decade lows, dipping below 1 million barrels per day in some months due to theft and pipeline shutdowns.

Several factors continue to undermine Nigeria’s ability to meet production benchmarks. Chief among them are insecurity and oil theft in the Niger Delta region, which has led to persistent pipeline vandalism and production shut-ins; aging infrastructure and delays in finalising repairs on key crude evacuation routes.

President Bola Tinubu signed the 2025 Appropriation Act into law, approving a record budget of N54.99 trillion, the highest in Nigeria’s history. The budget was raised from the initial proposal of N49.7 trillion submitted to the National Assembly.

•Spends N4bn on power supply infrastructure

Emmanuel Addeh in Abuja

The Ekiti state government yesterday said that it remained committed to achieving a 120mw daily electricity supply by 2030 as against the current grid-supplied power of roughly 25mw, which it said is grossly inadequate for the development of the state.

Speaking in Abuja during the signing of a Memorandum of Understanding (MoU) with the Rural Electrification Agency (REA) for the implementation of off-grid electricity projects across the state, Governor Biodun Oyebanji stated that despite spending about N4 billion on fixing electricity in Ekiti, a large number of households remain without power due to national grid challenges.

Coming under the REA’s state-by-state roundtable engagement, the agreement is to accelerate energy access to unserved and underserved communities in the state, and to ramp up rural economic activities through access to sustainable and reliable off-grid power supply.

The programme was tagged: “Leveraging Public-private Partnership for Scalable Energy Access Infrastructure in Ekiti” and had in attendance top officials of the state government as well as the leadership of the REA.

Oyebanji, who said he sat through the over four-hour session due to its importance, stressed that the meeting was not just about discussions on electricity or renewables, but about lighting up homes, powering the state’s economy and creating a future where no community is left in the dark.

“We remain resolute in our drive to achieve 120mw through the contributions of these investments by 2030, thereby closing the energy gaps of the state. I want to assure you that we are hoping for further collaborations such as the ones that REA offers in isolated power plants, integrated grid, and integrated grid energy solutions,” he stated.

To demonstrate his commitment to achieving energy independence, in line with the enactment of the Electricity Act (EA) of 2023, the governor stated that licences had since been granted to four distribution companies, four generation companies, four mini-grid generation companies, 11 meter assets providers, and one independent electricity distribution network.

He highlighted that a significant population in Ekiti state still needs access to reliable power, disclosing that his administration has spent over N4 billion  to improve electricity supply in the state since he took the reins of governance in the state.

This effort, according to him, has seen several unserved communities getting reconnected to the national grid after years of blackout, enabling some underserved communities to be better served, easing the burden on entrepreneurs and fostering business growth.

Besides, the governor said his administration, through a Public Private Partnership (PPP) arrangement has in operation an Independent Power Project (IPP) facility providing 2.6mw to government facilities.

In the same vein, he said the state is investing in solar power infrastructure to provide reliable electricity to the general hospitals, primary health care facilities and public schools, to boost efficient service delivery.

He further explained that his government has initiated measures that have put prepaid meters in the homes of thousands of consumers in the state, thereby reducing the 80 per cent metering gap and eliminating estimated billing.

Oyebanji described the partnership as a game-changer, adding that his government will leverage on the opportunities provided by REA to catalyse and unlock private capital development energy sufficiency in the state.

He lauded the REA for its consistent efforts in bridging the energy gap across the country, explaining that through the government’s effort, over 40 towns have been connected to the national grid.

“I am extremely pleased to address the esteemed stakeholders participating in today’s Strategic Roundtable Event with the Renewable Energy Agency focusing on Ekiti state. This event is to facilitate the acceleration of energy access to unserved and underserved communities in Ekiti State, and to jumpstart rural economic activities through access to sustainable and reliable power supply.

“Today’s event is not simply about discussions on electricity, power, energy, or their renewable forms, it is about our people. It is about lighting up homes, powering the state’s economy and creating a future where no community is left behind

“We have taken visible steps in upgrading electricity infrastructure across the state, a process that has seen several unserved communities getting reconnected to the national grid after decades of blackout, and enabling some underserved communities to be better served.

“This, in no small measure, has eased the burden on entrepreneurs and foster business growth. Through this effort, over 40 towns have been connected to the national grid,” Oyebanji stated.

Also speaking, the Managing Director of the REA, Abba Aliyu, lauded Oyebanji for prioritising rural electrification as a key component of his development agenda, and putting the right policies and institutional framework in place to drive energy access.

While explaining that the REA with Ekiti state government would not only bring about a transformative change in the state’s energy landscape,  Aliyu explained that the collaboration is designed to extend reliable electricity to rural and underserved communities through off-grid solutions.

 “We are one of the few government agencies that will come to you and tell you that our problem is not funding, we have money. And we are not ashamed to say that we have funding. Our main thing is creating an innovative environment, leveraging on the work of the REA to drive our economy to create sustainable development in the states. And this is exactly why we are having this negotiation,” Aliyu said.

Aliyu highlighted the mapping of the communities in the state as well as the entire country, stressing that this is important to ensure data-driven information.

Earlier, the Commissioner for Infrastructure and Public Utilities, Prof. Mobolaji Aluko,  described the partnership with the REA as a milestone achievement in the state’s drive towards universal energy access.

He said the collaboration aligned with the state government’s strategic infrastructure plan, which according to him, prioritises the extension of electricity to all communities, particularly rural and economic viable areas

Aluko asserted that the state government has invested heavily in grid extension and other electricity interventions,  stressing that the partnership with REA would further complement efforts of the state government to improve electricity access thereby resulting in tangible benefits for the residents.

In her presentation, the Executive Director, Rural Electrification Fund (REF), Doris Uboh, highlighted the need to provide electricity for productive uses, including in agriculture infrastructure,  to support post-harvest preservation of produce and reduce spoilage.

As for transportation, she said the REA was adopting e-mobility solutions to help improve rural transportation and enable the smooth, effective movement of goods and people both within and between communities.

Also, Head of Project Management Unit, REA, Olufemi Akinyelure, stated that the activities of the REA have positioned Nigeria as a leader on the continent in terms of energy access.

Emmanuel Addeh in Abuja 

The Nigerian National Petroleum Company Limited (NNPC) has said that it uncovered an emerging coordinated sabotage campaign being waged by what  it described as syndicate of known and faceless actors, both outside and within various levels of the organisation.

This group, the national oil company stressed, is actively spreading lies and misinformation simply to discredit NNPC’s leadership and derail the organisation’s ongoing ‘’transformation into a corruption-free, performance-driven energy company.”

According to a statement from the NNPC, their tactics include planting scandalous and fabricated reports, curated to distract leadership, mislead the public, and undermine the commitment of its workforce and reform-minded Nigerians.

“These are calculated efforts by those who feel threatened by reform, transparency, accountability, and change—clear evidence of the lengths to which they will go to obstruct the transformation of Nigeria’s foremost energy institution.

“We expect a surge of defamatory content in the days and weeks ahead. NNPC Ltd. remains undeterred. The transformation is underway, and no amount of sabotage will stop it.We urge our dedicated staff, stakeholders, and all patriotic Nigerians to stay focused, ignore the noise and not be discouraged. We remain on mission,” it added.