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NUPRC rejects N8.4tr oil theft report, says crude losses down 90%

The Nigerian Upstream Petroleum Regulatory Commission (NUPRC) has dismissed a report alleging that Nigeria lost N8.41 trillion to oil theft between 2021 and 2025, insisting that crude oil losses have dropped by more than 90 percent over the period.

In a statement signed by Eniola Akinkuotu, Head of Media and Strategic Communications, the commission described the report, published by one of Nigeria’s dailies (not The Guardian) on Wednesday, September 24, 2025, as a misrepresentation of official data.

According to the NUPRC, the figures cited were derived from a flawed methodology and incorrect exchange rate assumptions.

“In the misleading report, an exchange rate of N1,500/$1 is used from 2021 to 2025 to increase the figures and sensationalise actual losses when in actual fact, Nigeria’s exchange rate was less than N430 on the official market and barely N600/$1 on average between 2021 and mid-2023. The N8.41 trillion is therefore inaccurate,” the statement read.

The commission explained that when it released crude loss statistics earlier this month, it was done in the spirit of transparency and in compliance with the Petroleum Industry Act, 2021. It noted that crude oil theft, which stood at 102,900 barrels per day in 2021, had dropped to 9,600 barrels per day in 2025—the lowest since 2009.

“The collaborative efforts between the NUPRC, the Office of the National Security Adviser, the military, operators and other stakeholders, through both kinetic and non-kinetic means, have yielded results. Losses have been reduced by over 90 percent,” the commission stated.

Nigeria’s oil output hits 1.63 mbpd in August
The regulator further pointed to the National Bureau of Statistics’ latest report, which showed a 4.23 percent growth in Nigeria’s economy, attributing the improvement partly to increased oil production. It argued that this performance confirmed steady progress in combating crude theft and restoring output levels.

The NUPRC also maintained that Nigeria has been meeting its OPEC quota due to ongoing industry initiatives, including the Project 1 Million Barrels programme, metering audits, restoration of shut-in strings, increased rig counts, and creation of alternative evacuation mechanisms.

It added that Nigeria now possesses the technical capacity to produce above two million barrels per day and that the commission is working with operators, service providers, rig owners, off-takers, and financiers to expand production within an improved operating environment.

On its dispute with the newspaper, the commission criticised the paper for failing to seek clarification before publication.

“The story also fails the integrity test as no attempt was made by the reporter to get a clarification from the commission in the spirit of fairness and balanced reporting,” the statement said.

The NUPRC called on media organisations to verify statistics with relevant authorities before publishing, stressing that inquiries could be directed to its corporate communications department.

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NNPCL gets ₦318bn for frontier oil search in eight months

The Nigerian National Petroleum Company Limited (NNPCL) has received ₦318.05 billion between January and August 2025 for frontier oil exploration, according to documents from the September Federation Account Allocation Committee (FAAC) meeting.

The deductions represent 30% of Production Sharing Contract (PSC) profits, automatically set aside monthly for exploration in inland basins under the Petroleum Industry Act (PIA) 2021.

The law created the Frontier Exploration Fund, managed by the Nigerian Upstream Petroleum Regulatory Commission (NUPRC), to drive oil search across under-explored basins such as Anambra, Bida, Dahomey, Sokoto, Chad and Benue.

In July, the NUPRC unveiled its 2025 Frontier Basin Exploration and Development Plan, outlining seismic surveys, stress-field detection, and drilling programmes, including the logging of the Eba-1 well in Dahomey, a new wildcat in Bida, and reassessment of old wells in Chad.

Read Also: Naira hits 15-month high of N1,490 on black market amid low demand

Analysis of FAAC data shows PSC profits totalled ₦1.06 trillion in the eight months — below the ₦1.58 trillion budgeted — but the 30% deduction was consistently applied.

January: ₦31.77bn

February: ₦38.30bn

March: ₦61.49bn (sharp surge)

April: ₦36.58bn (40% drop)

May: ₦38.8bn

June: ₦6.83bn (lowest so far)

July: ₦25.34bn

August: ₦78.94bn (highest so far)

By August, allocations had accumulated to ₦318.05bn. A parallel 30% deduction also went to NNPCL as management fees, bringing its total take to ₦636.1bn in eight months.

The 40% share of PSC profits that flows into the Federation Account has been hit by the deductions. Year-to-date, the account received ₦424.07bn — ₦207.5bn below target.

Compounding the pressure, NNPCL has yet to remit a kobo of its interim dividends budgeted at ₦2.17 trillion for the year. A FAAC subcommittee has demanded that the oil firm provide detailed financial records of all frontier exploration projects by September 19, but documents note the exercise is still “work in progress.”

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Dangote Refinery reviving moribund companies in Nigeria — MAN

The Kano-Jigawa branch of the Manufacturers Association of Nigeria (MAN) has lauded Dangote Refinery and Petrochemicals for its role in revitalising struggling companies in the country.

According to the association, the refinery’s intervention through the reduction of diesel prices and the steady availability of petroleum products has provided significant relief to manufacturers grappling with high energy costs.

Speaking on the sideline of the ongoing MAN Annual Products Exhibition, taking place at Sani Abacha SAtadium in Kano, the branch chairman of MAN Kano and Jigawa, Muhammad Bello Isyaku Umar, noted that the measures were already helping “dying companies come back to life” by reducing production expenses, stabilising operations, and sustaining jobs.

The association explained that access to affordable diesel is critical to the survival of many small and medium-scale industries in Nigeria, particularly those outside the national grid or in areas plagued by inconsistent power supply.

MAN reiterated its commitment to partnering with the refinery and other stakeholders to strengthen the manufacturing sector, describing the Dangote Refinery as a game-changer in the country’s quest for industrial sustainability and self-reliance.

Umar said the exhibition, which has Dangote Industries Limited as one of the major sponsors, is bringing together top manufacturers, entrepreneurs, policymakers, and consumers in a showcase of innovation, quality, and resilience in the nation’s economy.

He explained that the refinery would reduce the country’s reliance on imported petroleum products, while supporting local manufacturing.

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FG pledges to sustain incentives as Chevron vows continued investment

The Federal Government has reaffirmed its commitment to maintaining investment-friendly policies in the oil and gas sector, pledging measures to keep Nigeria competitive in the global energy market.

Minister of State for Petroleum Resources (Oil), Senator Heineken Lokpobiri, gave the assurance during an inspection of the Escravos Gas-to-Liquids (EGTL) facility operated under the NNPC/Chevron Nigeria Limited joint venture in Delta State.

Lokpobiri said the administration is focused on boosting production through sustained capital inflows, stressing that viable oil blocks should not remain dormant.

“Where you are not ready to develop, it’s better to farm out to partners rather than wait decades,” he said, adding that the government is considering enforcing the “drill or drop” provision in the Petroleum Industry Act (PIA) to ensure optimal asset utilization.

Chevron Nigeria Limited’s General Manager for the joint venture, Segun Kuteyi, said the company is increasing investments to monetise existing resources, describing the minister’s visit as a strong signal of the administration’s seriousness about collaboration.

Also speaking, Chevron Chairman and Managing Director, Jim Schwartz, said government backing and the PIA have been instrumental in sustaining the company’s interest in Nigeria.
“We have a lot of resources we still want to develop here that will enable production growth,” he said.

The visit comes amid ongoing efforts to attract fresh investment into Nigeria’s oil and gas industry, which has faced production challenges in recent years despite its vast reserves.

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‘How Nigeria can leverage $4.2b African lubricant market’

Group Chairman of Oilden Energies, Oluwatoni Oladiran, has disclosed that Nigeria can maximise opportunities in the continent’s lubricants market, currently valued at $4.2 billion.

Addressing journalists on the forthcoming product launch and subsidiary unveiling in Lagos, he disclosed that Nigeria alone accounts for over 600 million litres in yearly lubricant consumption.

He observed that globally, the top 30 suppliers collectively account for over 70 per cent of global production capacity, adding that their goal is to take a rightful place among them.

While saying Oilden Energies is proudly 100 per cent Nigerian-owned, he added that the mission is to deliver petroleum services of the highest quality, onshore and offshore, and provide world-class products at competitive prices for domestic and international markets.

He stated: “So far, we are making measurable strides towards this goal. Our state-of-the-art lubricant plant currently produces over 40,000 metric tonnes yearly when working at full capacity, meeting 25 per cent of Nigeria’s industrial grease and lubricant demand. By 2028, we are on track to expand capacity to 60,000 metric tonnes, enabling us to capture 67 per cent of the domestic market while deepening our footprint across West and Central Africa.”

The growth, he explained, is powered by innovation, rigorous quality control, and a motivated workforce of highly skilled professionals dedicated to excellence. Oladiran said that every facility they run, every product they release, and every piece of equipment they deploy is designed to meet or exceed API, ISO, and NLGI world-class standards.

To him, one of the firm’s strongest value propositions is price and supply stability. He said that through robust local production and an integrated supply chain, they shield their clients from unpredictable dollar exchange rate fluctuations. Newspaper subscription bundles

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Energy Centre applauds Komolafe as NUPRC records N5.21tr revenue in Q1 2025

The Energy Policy Advancement Centre (EPAC) has commended the Nigerian Upstream Petroleum Regulatory Commission (NUPRC) for generating N5.21 trillion in the first half of 2025, describing it as a clear demonstration of strategic revenue management in Nigeria’s oil and gas sector.

In a statement signed by its Director-General, Dr. Ibrahim Musa, EPAC said the mid-year performance under the leadership of NUPRC Chief Executive, Gbenga Komolafe, shows what is possible when regulation is matched with foresight, accountability, and determination.

Figures from the commission’s latest report to the Federation Accounts Allocation Committee (FAAC) revealed that the January–June 2025 earnings represent 42.7 per cent of the record N12.2 trillion revenue achieved in the entire 2024 fiscal year. The inflows came from royalties, gas sales, flared gas penalties, and joint venture proceeds.

EPAC noted that NUPRC’s strong showing was achieved despite the volatility of the global oil market and domestic production challenges, adding that the performance strengthens the country’s fiscal position at a time of significant budgetary demands.

“NUPRC has shown that with deliberate strategies and a results-oriented approach, Nigeria can unlock more value from its upstream petroleum sector. This is not just about impressive figures—it is about building the confidence that our institutions can deliver on ambitious national targets,” he said.Newspaper subscription bundles

The report indicated that the commission’s earnings include N1.04 trillion from Nigerian National Petroleum Company Limited (NNPCL) joint venture and production sharing contract royalty receivables, alongside N315.93 billion from Project Gazelle receipts in January and March 2025.

It also highlighted that NNPCL’s JV royalty receivables from October 2022 to June 2025 amounted to N6.60 trillion, underscoring the cumulative effect of delayed remittances from oil companies.

Musa particularly applauded the NUPRC’s debt recovery drive, which yielded \$459,226 from outstanding obligations—part of a cumulative \$1.436 billion owed from crude oil lifting contracts. This recovery, he said, was a product of rigorous reconciliation processes between NNPCL and FAAC, overseen by the Technical Sub-Committee of the Alignment Committee on the Reconciliation of Indebtedness.

For 2025, the Federal Government has tasked the commission with raising N15 trillion to fund national expenditure. EPAC said that while the mid-year figure of N5.21 trillion represents 34.7 per cent of this target, the pace of achievement so far—combined with strategic arrears recovery and potential production boosts—suggests that the goal remains within reach.

Musa stressed that what sets the current performance apart is not only the quantum of revenue but also the discipline with which it is being pursued. He said the commission’s approach to expanding its revenue base while maintaining transparency should serve as a model for other public institutions.

“NUPRC has moved beyond passive regulation to active value generation. This is the kind of institutional energy Nigeria needs—one that does not see targets as threats but as opportunities to innovate and excel,” he said. Newspaper subscription bundles

EPAC urged oil companies and relevant agencies to align with the commission’s momentum by ensuring timely payments, compliance with regulations, and support for upstream investments that can further raise output and earnings.

“We are in an era where every revenue stream matters. With the right cooperation, there is no reason the N15 trillion target cannot be met or even surpassed. The NUPRC has set the tone; it is now up to all stakeholders to match that commitment,” he said.

The Energy Policy Advancement Centre emphasised that the commission’s mid-year achievement should serve as a reminder of the critical role upstream petroleum revenues play in Nigeria’s economic stability, and why sustained reforms in the sector must remain a national priority.

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Gas-centric transition strategy to curb flaring by 2030 – NUPRC

The Nigerian Upstream Petroleum Regulatory Commission (NUPRC) says its gas-centric transition strategy aims to eliminate routine flaring by 2030 and reduce methane by 60 per cent by 2031.

The commission’s Chief Executive, Gbenga Komolafe, made this known on Wednesday at the ongoing 24th Nigeria Oil and Gas (NOG) Energy Week conference 2025.

In his keynote address at a strategic session titled “Positioning Nigeria’s Upstream Oil and Gas for Energy Security, Sustainability and Economic Resilience,” Komolafe said the strategy would monetise vast gas reserves, creating thousands of green jobs in the process.

He revealed that the strategy was supported by initiatives such as the Decade of Gas, the Nigeria Gas Flare Commercialisation Programme (NGFCP) and the Presidential Compressed Natural Gas (CNG) Initiative.

“Nigeria is building Liquefied Natural Gas (LNG) capacity, deploying floating infrastructure, and leading cross-border pipeline development to fuel not only its own economy, but Africa’s industrial renaissance.
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“Further anchoring this ambition is Nigeria’s Upstream Decarbonisation Framework, which integrates emissions tracking, MRV systems, carbon capture, and climate finance access through carbon markets.

“These aren’t just policies; they are opportunities for investment, innovation, and inclusive growth,” he said.

He recalled that in March 2025, it inaugurated the Decarbonisation and Energy Sustainability Forum and formally declared March 18 as Nigeria’s Upstream Decarbonisation Day.

He said the annual event would serve as a rallying point for stakeholders to track progress, share knowledge, and accelerate climate-aligned development.

“Interestingly, we are enabling emissions reductions to become revenue streams through a new ecosystem of carbon services, including monitoring, consulting, tech deployment, while maintaining high environmental and asset integrity,” Komolafe added.

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VP Shettima urges Vitol Group to back $25 billion Nigeria-Morocco Gas Pipeline

Vice President Kashim Shettima on Monday met with executives of the Vitol Group at the Presidential Villa in Abuja, where he called on investors to tap into Nigeria’s vast gas sector potential.

He disclosed that the Federal Government is actively advancing the $25 billion Nigeria-Morocco Gas Pipeline project, designed to supply natural gas to Europe.

According to him, the initiative aligns with President Bola Tinubu’s bold economic reforms, which have positioned Nigeria as a key investment hub in the global energy market.

“In the past 25 years, we haven’t had a leader as courageous as President Tinubu—he removed fuel subsidies, unified exchange rates, and initiated tax reforms,” Shettima said in a statement signed by Senior Special Assistant to The President on Media & Communications (Office of the Vice President), Stanley Nkwocha on Monday.

He urged global investors to support Nigeria’s energy transition, describing the gas sector as a model of stability and transparency.

The Vice President said, “I will urge you to key into our nation’s energy transition programme. I want you to utilise your dominance in the Liquefied Natural Gas (LNG) and Associated Petroleum Gas (APG) sub-sectors. The world is changing, and ours is actually a gas and not an oil economy. We have the eighth-largest gas reserve in the world. We really want to harness the potential in the gas sector fundamentally because of the stability and transparency in that arena.

“The Nigeria Liquefied Natural Gas Limited (NLNG) has been largely insulated from government interference. What we are getting from the NLNG is so predictable. This is why we are seriously exploring the option of taking our gas to Europe.”

The Vice President emphasized that the government is seeking not just capital, but also technical expertise for the project.

“We urge you to use your influence, contacts, and goodwill to mobilise resources for this project. It will be a completely transparent management structure. I will urge you to come on board with this project,” VP Shettima said, he told the Vitol delegation.

Vitol Group pledges continuous collaboration with Nigeria
In response, Vitol Group’s Chief Financial Officer, Jeffrey Dellapina, reaffirmed the company’s long-standing commitment to Nigeria.

“We do want to maintain an understanding that Vitol is committed, and we are always available to deploy capital when needed. We want to say that Vitol is committed to this country, and we want to stay in this country and evolve with you,” Dellapina said.

Also speaking, Murtala Baloni, Vitol’s Head of Public Affairs, highlighted the firm’s ongoing collaboration with Nigerian entities. He noted Vitol’s role as a key financier of Project Gazelle—a crude oil-backed forward-sale facility by the NNPC Limited—where it contributed $300 million during the COVID-19 pandemic.

What you should know
In June 2018, Nigeria and Morocco signed three agreements, which includes the Nigeria Morocco Gas Pipeline (NMGP) that will see Nigeria providing gas to countries in the West Africa sub-region that extend to Morocco and Europe

The line will pass through 15 African countries, boosting trade, development, and access to electricity in the region.
In Phase One, it will link Morocco to gas fields near Senegal and Mauritania, and connect Ghana to the Ivory Coast.
Phase Two will link Nigeria to Ghana, while Phase Three will connect the Ivory Coast to Senegal.
Morocco and Nigeria have set up a joint venture to manage the project.
At about 5,660km long, the pipeline is designed to reduce gas flaring in Nigeria and encourage diversification of energy resources in the country, while cutting down poverty through the creation of more job opportunities.

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Dangote names road to its mega petroleum refinery after President Tinubu

The Chairman of the Dangote Group, Aliko Dangote, has announced that the road leading to the state-of-the-art Dangote Petroleum Refinery & Petrochemicals will be named after President Bola Ahmed Tinubu in honour of his contribution to the project.

Dangote hailed Tinubu for his unwavering support of the private sector and credited him as the visionary behind the Free Trade Zone during his tenure as Governor of Lagos State.

Dangote made the announcement during President Tinubu’s tour of the Dangote Petroleum Refinery and Petrochemicals, which coincided with the official commissioning of the Deep Sea Port Access Road on Thursday, June 5, 2025.

This strategic road links the Lekki Deep Sea Port, the Free Trade Zone, and the Dangote Refinery to the Sagamu–Benin Expressway via Ijebu Ode.

Dangote told the President, “The Dangote refinery complex is, in many ways, your brainchild. Mr President, let me just say one thing — the main road leading into our refinery is now to be known as Bola Ahmed Tinubu Road.”

Following the announcement, President Tinubu rose to shake hands with Dangote in a moment that drew applause from the dignitaries in attendance.

Dangote spending N900 billion on road projects
Dangote also revealed that, despite paying N450 billion in taxes last year, the Group is committed to spending N900 billion on road infrastructure across Nigeria. He said the Deep Sea Port Access Road is one of several roads built and being developed by the Dangote Group under the Federal Government’s tax credit scheme.

The Dangote Group is currently the highest tax-paying company in Nigeria, contributing more in taxes than all the country’s banks combined.
According to Dangote, the Deep Sea Port Access Road is one of eight major road projects totalling 500 kilometres, including two in Borno State that will eventually link Nigeria to both Chad and Cameroon.
He praised President Tinubu’s leadership, describing him as a courageous leader whose administration has revived investor confidence in the private sector.
Dangote thanked the President for envisioning and implementing the Lekki Deep Sea Port project and assured him of the private sector’s support for expanding infrastructure nationwide.

Tinubu hails Dangote Refinery
Commissioning the concrete road to the Lekki Deep Sea Port, President Tinubu hailed the Dangote Petroleum Refinery as a “remarkable achievement,” calling it “a great point of reference, a phenomenal project of our time, and a massive investment” that exemplifies Nigeria’s potential for industrial and economic transformation.

President Tinubu said, “Having inspected the Dangote refinery, which is a great point of reference, a great phenomenon of our time and a massive investment, I want to thank Aliko Dangote. I am happy that the Deep Sea Port I initiated as Governor of Lagos State is a huge success today. Users save vast amounts of money using this port because they no longer need to trans-ship their goods. I commend the quality of the access road done by Messrs Dangote Industries Limited on our Tax Credit Road programme and the subcontractor, Messrs Hitech Construction Company Limited.”

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Energy security: Nigeria, Angola to lead Africa’s drive as refining capacity set to hit 90% – AFC

Nigeria and Angola are emerging as key players in Africa’s energy transformation, poised to lead the continent’s push for energy security as refining capacity is projected to rise significantly, reaching up to 90%.

This projection was made in the Africa Finance Corporation’s (AFC) newly-released report “State of Africa’s Infrastructure Report 2025”.

The AFC stated, “If fully utilized, refining capacity could meet up to 90% of the continent’s fuel demand—compared to just 45% last year.”

“First, brownfield upgrades: over $16 billion is needed to modernize existing refineries, meet clean fuel standards, and reduce reliance on imports. Second, greenfield investment is key to meeting future demand, with Nigeria and Angola emerging as new continental hubs.”

Dangote Refinery crucial in leading the charge
According to the report, the key to achieving energy security is the state-of-the-art Dangote Refinery facility, which has a processing capacity of 650,000 barrels per day.

The state of the continent’s refining industry has left it heavily dependent on imports of petroleum products, which are still subsidized in several countries.

According to the report, “In 2023, 55% of Africa’s demand for petroleum products was met by imports. However, if refining capacity were fully utilized, this number could drop to only 10%. In that regard, the commissioning of the Dangote Refinery, along with the gradual re-opening of the Port Harcourt and Warri Refineries in Nigeria (2024-2026) could significantly transform the continent’s fuel security landscape in the short term.”

The AFC noted further, stating “the sector’s growth is closely tied to the modernization of existing refineries in West and Central Africa, overcoming feedstock and financing challenges for new projects, and addressing critical infrastructure bottlenecks in transportation and distribution networks.

“To achieve fuel security and meet the continent’s increasing demand, Africa must prioritize investment in refinery upgrades, develop efficient distribution systems—including pipelines, railways, and diversified port infrastructure. As new energy infrastructure is built, it must also be resilient and capable of supporting future energy transitions. The successful integration of these elements will be crucial for achieving long-term fuel security and energy independence across the continent,” AFC stated.

What you should know
In May 2023, Africa’s largest oil refinery, the Dangote Refinery, was commissioned in Nigeria, with hopes that it would help alleviate the country’s chronic fuel shortages.

On Thursday, President Bola Ahmed Tinubu lauded the Dangote Petroleum Refinery, describing it as a “great point of reference, a great phenomenon of our time, and a massive investment” that showcases Nigeria’s capacity for industrial greatness and economic transformation.

The President thanked the owner, Alhaji Aliko Dangote, for his interest in developing the country through continuous investments.