Echotitbits – Nigeria News

Tag: Oil and gas

  • Maritime Firm Announces Pan-African Fleet Expansion Drive

    Maritime Firm Announces Pan-African Fleet Expansion Drive

    Figures cited by BusinessDay show that Starzs Investment Company Ltd, a leading Nigerian maritime and logistics firm, is set to significantly expand its operations across the continent. The company’s CEO, Iroghama Ogbeifun, revealed plans to acquire new DP2 AHTS tugboats as part of a fleet renewal strategy to meet the rising demand in Africa’s oil and gas sectors.

    Beyond Nigerian waters, the firm is targeting emerging oil hotspots in Namibia, Mozambique, Guinea, and Congo. This expansion is fueled by strategic partnerships and a renewed investment momentum within the Nigerian offshore industry, where Starzs currently operates 11 vessels, including security patrol boats for major international oil companies.

    As one of the few privately licensed maritime security firms with a Memorandum of Understanding with the Nigerian Navy, the company’s growth is seen as a boost for indigenous participation in the high-stakes maritime sector. The move is expected to create jobs and enhance Nigeria’s footprint in the global maritime economy.

    The expansion was also reported by NANNamed and ThisDay, with ThisDay noting, “Starzs is positioning itself as a Pan-African champion in the maritime space.” The Guardian quoted Ogbeifun saying, “We are investing in response to aging assets and the growing offshore demand across the Gulf of Guinea.”

    Echotitbits take: Starzs’ move into Namibia and Mozambique shows that Nigerian indigenous firms are now mature enough to export services. This is a positive sign for the “Blue Economy” policy of the current administration.

    Source: DailyByTesng – https://dailybytesng.com/single_news/firm-plans-fleet-expansion-across-africa-as-oil-gas-projects-gain-momentum, February 8, 2026

    Photo credit: DailyByTesng

  • Nigerian CEOs Express Record Optimism for 2026 Economic GrowthI

    Nigerian CEOs Express Record Optimism for 2026 Economic GrowthI

    In a report published by ThisDay, a survey conducted by PwC Nigeria reveals that 91% of Nigerian Chief Executive Officers expect the country’s economy to improve significantly in 2026. This surge in confidence, up from 64% in the previous year, is attributed to the stabilizing impact of disciplined monetary reforms and the successful transfer of several oil and gas assets to indigenous operators.

    The optimistic outlook was echoed in reports by The Sun and Vanguard, which analyzed the impact of these sentiments on the capital market. The Sun reported that “business leaders are now pivoting from survival mode to growth strategies,” while Vanguard quoted a leading economist saying, “The 2026 horizon looks bright if the current fiscal discipline is maintained.”

    Despite the optimism, the survey also flagged rising cyber risks as a major threat to corporate stability. CEOs noted that as operations become more digitized, the exposure to high-level data breaches has increased, necessitating greater investment in national cybersecurity infrastructure.

    Echotitbits take: High CEO confidence is a leading indicator of increased capital expenditure and job creation. However, the government must address the “cyber risk” warning mentioned by these leaders to ensure that the digital economy doesn’t become a new bottleneck for growth.

    Source: ThisDay — https://www.thisdaylive.com/2026/02/02/pwc-nigeria-91-ceos-expect-nigeria-economic-growth-in-2026/, February 6, 2026

    Photo credit: ThisDay

  • Clarivo Refinery Set to Drastically Cut Nigeria’s Fuel Imports

    Clarivo Refinery Set to Drastically Cut Nigeria’s Fuel Imports

    Reporting by Vanguard indicates that the management of Clarivo Refinery has announced a strategic roadmap to significantly reduce Nigeria’s dependence on imported petroleum products by the year 2035. The refinery, which is part of a new wave of private energy investments, aims to scale its production capacity to meet both domestic demand and export requirements. This announcement comes as the federal government continues to encourage private modular and large-scale refineries to stabilize the energy sector.

    The management emphasized that the refinery will focus on high-efficiency output and local value addition, ensuring that crude oil produced in Nigeria is refined within the country. This move is expected to save the nation billions in foreign exchange and create thousands of direct and indirect jobs in the downstream sector. The project is seen as a major win for the “Renewed Hope” economic agenda which prioritizes domestic energy security.

    The development was also validated by The Nation and Leadership. The Nation mentioned that “Clarivo is seeking further partnerships for its petrochemical wing,” while Leadership noted that “the refinery’s first phase is already 60% complete.”

    Echotitbits take:

    With the Dangote Refinery already operational, the addition of Clarivo suggests Nigeria is finally moving toward becoming a net exporter of refined products. Watch for the competition between these private giants to potentially drive down local pump prices through increased supply.

    Source: Vanguard – https://www.vanguardngr.com/2026/01/clarivo-oil-plans-world-class-refinery-in-nigeria-ceo-obidike/, January 31, 2026

    Photo credit: Vanguard

  • Shell CEO Announces Massive $20 Billion Investment Commitment for Nigeria

    Shell CEO Announces Massive $20 Billion Investment Commitment for Nigeria

    Shell Plc has announced a fresh $20 billion investment commitment to Nigeria’s energy sector, disclosed by global CEO Wael Sawan during a meeting at the Presidential Villa. Sawan praised recent policy reforms, saying they have helped restore investor confidence in Nigeria’s oil and gas industry.

    The investment is expected to target deepwater assets and gas infrastructure, including projects linked to Bonga North and NLNG. Shell’s leadership indicated the company is positioning for long-term capital deployment, with gas infrastructure aligned to Nigeria’s energy transition ambitions.

    The commitment is being framed by government officials as support for the administration’s wider economic agenda and efforts to reverse years of declining oil production. Separate reporting also described the package as a potential lifeline to multiple idle assets, while emphasizing leadership and policy clarity as factors driving the decision.

    Echotitbits take: After years of divestment talk, this massive commitment from Shell is a vote of confidence. The challenge now lies in ensuring security for these assets to prevent the crude oil theft that plagued previous years.
    Source: The Punch – https://punchng.com/shell-ceo-hails-tinubus-leadership-pledges-20bn-investment-in-nigeria/ 2026-01-26

    Photo Credit: The Punch

  • Peter Obi Slams ₦8 Trillion NNPCL Debt Write-Off as ‘Fiscal Recklessness’

    Peter Obi Slams ₦8 Trillion NNPCL Debt Write-Off as ‘Fiscal Recklessness’

    Reporting by The Nation indicates Labour Party leader Peter Obi criticized the federal government’s reported write-off of roughly ₦8 trillion in debts linked to the Nigerian National Petroleum Company Limited (NNPCL), calling it fiscally reckless.

    The write-off reportedly includes a mix of naira and dollar liabilities, which the presidency framed as a balance-sheet cleanup ahead of a potential public listing. Obi argued that such a large cancellation should be backed by transparent audits and accountability.

    He called for full disclosure on how the liabilities accumulated and suggested recovered sums should be reinvested into critical sectors like infrastructure and education.

    Daily Post and Tribune Online also reported responses, including claims by government spokesmen that the step is standard corporate restructuring rather than impropriety.

    Echotitbits take: This could become an early flashpoint in Nigeria’s next economic-political cycle. Balance-sheet cleanup is normal, but scale demands transparency—watch for legislative hearings or audit calls.

    Source: The Guardian – https://guardian.ng/news/obi-condemns-%E2%82%A68tr-nnpc-debt-write-off-warns-of-fiscal-recklessness/ 2026-01-09

    Photo Credit: The Guardian

  • ICPC Says Probe of Ex-NMDPRA Chief Continues Despite Dangote Petition Withdrawal

    ICPC Says Probe of Ex-NMDPRA Chief Continues Despite Dangote Petition Withdrawal

    Observations made by Premium Times show the ICPC says it will continue investigating allegations linked to the former head of the Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA), Farouk Ahmed, even after the Dangote Group reportedly withdrew its complaint.

    The commission said its mandate allows it to pursue potential systemic wrongdoing irrespective of a petitioner’s withdrawal, especially where public interest is implicated.

    The inquiry is expected to examine records and decisions linked to the regulator’s tenure in the oil and gas space.

    **Echotitbits take:** This stance reinforces the idea that anti-corruption isn’t a private dispute to be settled quietly. Watch for legal actions if investigators identify evidence strong enough to sustain prosecution.
    Source: Guardian — https://guardian.ng/news/nigeria/metro/icpc-confirms-probe-of-ex-nmdpra-boss-continues-despite-dangote-withdrawal/ 2026-01-08

    Photo Credit: Guardian

  • NNPC Ordered to Disclose Full Details of $3 Billion ‘Crude-for-Cash’ Loan

    NNPC Ordered to Disclose Full Details of $3 Billion ‘Crude-for-Cash’ Loan

    In an update published by The Punch, a Federal High Court has ruled that the Nigerian National Petroleum Company (NNPC) Limited must release the full details of its controversial $3 billion ‘crude-for-cash’ loan. The judgment is seen as a massive victory for transparency advocates who have long questioned the terms and conditions of the deal, which used future oil production as collateral for immediate liquidity.

    The court’s decision compels NNPC to reveal the interest rates, repayment schedules, and the specific identities of the financiers involved in the transaction. Legal experts believe this sets a precedent for other state-owned enterprises (SOEs) that have previously operated under a veil of ‘commercial confidentiality.’ NNPC has not yet indicated whether it will appeal the ruling.

    Validation of this legal development appeared in Premium Times and Daily Post. Premium Times reported that ‘the ruling challenges the culture of secrecy in the oil sector,’ while Daily Post quoted a civil society leader: ‘Nigerians deserve to know how their future oil wealth is being mortgaged today.’

    Echotitbits take: This is a ‘litmus test’ for the NNPC’s claim of being a fully commercialized, transparent entity. If the details reveal unfavorable terms, it could lead to a significant political backlash against the leadership of the oil company. Watch for whether the Ministry of Justice supports an appeal or pushes for disclosure to appease international investors.
    Source: The Punch – https://punchng.com/court-orders-nnpc-to-disclose-details-of-3bn-crude-for-cash-loan/  January 5, 2026

    Photo Credit: The Punch

  • NCDMB launches innovation challenge, promises prizes and incubation for local solutions

    NCDMB launches innovation challenge, promises prizes and incubation for local solutions

    2026-01-01 07:45:00
    In an update published by Premium Times, the NCDMB kicked off the Nigerian Content Research, Innovation and Technology Challenge (2025/2026), inviting proposals from innovators, academia and suppliers.

    The initiative is positioned as a pipeline into NCDMB’s Technology Innovation and Incubation Centre (TIIC) in Yenagoa, linking innovation to practical industry problems and localisation priorities.

    If implemented well, the programme could deepen local content beyond procurement into prototypes, IP development and scalable industrial solutions.

    Punch also reported NCDMB said it would “award prizes” to Nigerians pursuing content research and technology solutions.

    Energy Focus Report similarly described the programme as an innovation challenge and noted it “promises awards.”

    Echotitbits take:

    The opportunity is real, but scale is the test. Watch for how many winners move from idea to prototype to pilot—and whether funding and offtake contracts follow quickly enough to prevent ‘event-only innovation.’

    Source: Premium Times — December 31, 2025 (https://www.premiumtimesng.com/promoted/846706-ncdmb-kickstarts-nigerian-content-research-innovation-tech-challenge.html)

    Premium Times 2025-12-31

    Photo Credit: Premium Times

  • Marketers say fuel imports still needed as Dangote refinery output rises

    Marketers say fuel imports still needed as Dangote refinery output rises

    Photo Credit: The Punch
    2025-12-24 07:00:00

    According to Punch, petroleum marketers argue that even with rising local refining capacity, Nigeria’s fuel supply needs cannot be met by one refinery alone—making imports and multiple supply channels necessary to prevent shortages and price shocks.

    The argument is partly about volume and partly about resilience: a single-point supply system increases vulnerability to maintenance downtime, feedstock disruptions, logistics bottlenecks, or regulatory disputes.

    Marketers also warn that policy choices that squeeze out importers too aggressively could reduce competition and create a supply monopoly—potentially weakening price discipline over time.

    The story lands amid a broader debate: how quickly Nigeria can transition from import dependence to domestic refining dominance without destabilising the downstream market.

    Premium Times cited regulators arguing the refinery “cannot meet… daily consumption demand,” while Reuters has reported Dangote’s ramp-up alongside policy shifts aimed at discouraging imports—fueling warnings about monopoly risk if competition collapses.

    Echotitbits take: Nigeria’s endgame should be diversified domestic supply—not “one refinery, one market.” Watch for transparent supply statistics (daily volumes), open access to storage/jetty infrastructure, and fair competition rules that prevent cartel behaviour on either side (importers vs refiners).

    Source: The Punch — December 24, 2025 (https://punchng.com/dangote-alone-cant-meet-nigerias-fuel-demands-marketers-insist/)
    The Punch 2025-12-24

  • Nigeria’s Petrol Supply Jumps to 71.5m Litres Daily as Imports Rise

    Nigeria’s Petrol Supply Jumps to 71.5m Litres Daily as Imports Rise

    Photo Credit: Vanguard
    2025-12-23 09:00:00

    Figures cited by Vanguard show Nigeria’s petrol supply rose sharply in November 2025, climbing to 71.5 million litres per day from 46 million litres per day in October.

    The report attributes the spike largely to import volumes—especially shipments linked to NNPC—aimed at rebuilding inventory and preventing scarcity during end-of-year peak demand.

    At the same time, regulators’ data suggest consumption also rose, reinforcing the view that the market remains supply-sensitive despite “price war” headlines and the gradual scaling of local refining.

    The broader implication is that import dependence is still doing the heavy lifting whenever domestic production or distribution falls below demand thresholds.

    Validation: The Punch notes, “The sharp increase… in November helped push total national PMS supply to a record 71.5 million litres per day.” Daily Post similarly reports that “total petrol supply in Nigeria rose to 71.5 million litres per day in November…”

    Echotitbits take: Watch December/January inventory and whether supply stability translates into sustained pump-price discipline nationwide. Also watch refinery utilisation—because a supply surge powered by imports is not the same as energy security.

    Source: Vanguard — December 23, 2025 (https://www.vanguardngr.com/2025/12/petrol-supply-rises-55-to-71-5m-litres-daily/)
    Vanguard 2025-12-23