Echotitbits – Nigeria News

Tag: Oil and gas

  • EFCC refinery investigation drags on as Nigerians press for named suspects and charges

    EFCC refinery investigation drags on as Nigerians press for named suspects and charges

    Photo Credit: The Punch
    2025-12-21 00:40:00

    Reporting by The Punch indicates the EFCC’s probe into alleged mismanagement of billions allocated to state refinery rehabilitation remains unresolved months after invitations and reported recoveries, with no suspects arraigned.

    The report says investigators are looking at how funds for Port Harcourt, Warri and Kaduna refineries were spent without commensurate improvements in output, as civil society groups warn delays deepen perceptions of selective enforcement.

    In the piece, advocacy groups argue prolonged silence can weaken public confidence and create room for interference, while the economic cost of non-performing refineries remains a recurring policy sore point.

    BusinessDay reported the EFCC opened investigations into alleged abuse of office and misappropriation tied to refinery funds, describing it as “an investigation into alleged abuse of office and misappropriation of funds.” The Punch also quoted an anti-corruption advocate urging action, saying, “It baffles us that nothing has been heard from the EFCC after over six months.”

    Echotitbits take:
    The credibility marker is court action: charges filed, defendants named, and a clear recovery/prosecution track. Watch for any formal arraignments, asset recovery disclosures, and whether NNPCL’s governance reforms alter how such projects are procured and audited.

    Source: The Punch — December 21, 2025 (https://punchng.com/nnpc-refinery-probe-drags-as-efcc-keeps-mum-on-suspects/)
    The Punch 2025-12-21

  • Petrol pricing dispute deepens as Dangote pushes for probe of NMDPRA chief

    Petrol pricing dispute deepens as Dangote pushes for probe of NMDPRA chief

    2025-12-15 01:06:00

    According to The Punch, the petrol market dispute between Dangote and the downstream regulator escalated as Dangote called for a probe of the NMDPRA boss, alleging sabotage and impropriety in the ongoing pricing and supply tensions.

    The story outlines claims and counter-claims around access, pricing, and oversight in Nigeria’s post-subsidy downstream landscape, with stakeholders watching for regulatory response.

    The development comes as consumers and marketers track pump prices amid volatility, while policymakers weigh competition and transparency in the sector.

    Analysis/Echotitbits take: This is a credibility test for downstream regulation. The next signals to watch are any official inquiry, clarifications from NMDPRA, and whether the dispute affects depot-to-retail supply or triggers fresh price adjustments.

    Source: THISDAYLIVE — December 15, 2025 — https://www.thisdaylive.com/2025/12/15/dangote-nmdpra-ceo-must-be-probed-prosecuted-for-graft-economic-sabotage/

    Photo credit: THISDAYLIVE

    THISDAYLIVE https://www.thisdaylive.com/2025/12/15/dangote-nmdpra-ceo-must-be-probed-prosecuted-for-graft-economic-sabotage/ December 15, 2025

  • Dangote Refinery IPO to Pay Dollar-Denominated Dividends

    Dangote Refinery IPO to Pay Dollar-Denominated Dividends

    Photo Credit:Punch Newspapers

    Aliko Dangote has disclosed that the planned initial public offering of the Dangote Refinery will feature dollar‑denominated dividends to attract global investors. He said the structure is designed to hedge against naira volatility and position the refinery as a world‑class asset in international capital markets.

    The IPO is expected to deepen liquidity on the Nigerian Exchange and provide new investment options for domestic and diaspora investors. Market watchers say the listing could become one of the largest in Africa, offering exposure to downstream petroleum revenues and non‑oil export earnings.

    Source: Punch Newspapers – 11 Dec 2025

    2025-12-12 10:00:00 Punch Newspapers – 11 Dec 2025 2025-12-11

  • Minister: No Nigerian Firm Can Handle Deep Offshore Drilling Yet

    Petroleum Minister of State (Oil) Heineken Lokpobiri says no Nigerian company currently has capacity for deep offshore drilling and warned against excluding IOCs under local-content rules. He called for collaboration between foreign and local operators in the mature oil sector.

    PUNCH

    11 Dec 2025

  • Nigeria to Become Net Importer of Petroleum with Launch of Modular Refinery

    Nigeria to Become Net Importer of Petroleum with Launch of Modular Refinery

    President Muhammadu Buhari Tuesday said the establishment of modular refineries in the country will make petroleum products available in the country and eliminate importation.

    The President spoke at the virtual inauguration of the 5,000 barrels per day Waltersmith modular refinery in Ibigwe, Imo State, as well as the Ground-Breaking Ceremony for the Phase-2 works to expand the capacity of the refinery to 50,000 barrels/day, Presidency spokesman, Femi Adesina said in a statement.

    President Buhari said the deployment of modular refineries was one of the four key elements of his administration’s Refinery Roadmap rolled out in 2018, adding that its implementation will make Nigeria a net exporter of petroleum products.

    He expressed delight that Waltersmith refinery in Ohaji Egbema Local Government Area of Imo State was coming on stream within two years of the commencement of the Roadmap, after many years of granting licenses for the establishment of modular refineries with nothing to show for it.

    ”Furthermore, there is increased momentum in the other three focus areas under the Roadmap covering the Rehabilitation of existing refineries, Co-location of new refineries, and Construction of greenfield refineries.

    ”The realization of the Refinery Roadmap will ultimately lead us to becoming a net exporter of petroleum products not only to our neighbouring countries but to the worldwide market.

    ”This modular refinery is the largest commissioned modular refinery in the country today.

    ”The role played by the Federal Government through the Nigerian Content Development and Monitoring Board (NCDMB) in going into collaboration with Waltersmith Refining and Petrochemical Company is novel in concept and superb in delivery,” he said.

    The President described plans to commence the expansion of the capacity of the refinery to 50,000 barrels per day to refine crude oil and condensates as an important part of economic reforms the country is undergoing.

    ”I look forward to seeing this new phase completed within the target timeframe,” he said.

    President Buhari, therefore, directed the Ministry of Petroleum Resources, Department of Petroleum Resources (DPR), NNPC, as well as all relevant Government Agencies to provide Waltersmith Company all the necessary support to access crude oil and condensate feedstock for the timely delivery of the additional capacity.

    In line with his administration’s agenda on jobs creation, the President said he was pleased to note that hundreds of direct and indirect jobs were created during the construction of the first phase of the project in addition to the various business opportunities.

    Equally, he expressed hope that the construction of the second phase of the project will create bigger additional employment opportunities.

    President Buhari thanked the local community and the people of Imo State for hosting the refinery, which, he stressed, will bring prosperity and economic development to the area.

    The President commended the Ministry of Petroleum Resources, the Honourable Minister of State for Petroleum Resources, Timipre Sylva, the Chairman and members of the Governing Council, and the management and staff of the Nigerian Content Development Board for making the public-private partnership a success.

    He also commended the Chairman, Board, Management and Staff of Waltersmith Refining and Petrochemical Limited for their professionalism and focus in getting the project completed.

    Governor Hope Uzodinma of Imo State and the Minister of State, Petroleum, cut the tape on behalf of the President at the event which was also attended by the Group Managing Director of NNPC, Mele Kyari, the Executive Secretary, NCDMB, Engr. Simbi Wabote and the Chairman of WalterSmith, Abdulrazaq Isa.

  • BUA, Axens Sign Agreement for 200,000bpd Refinery Project in Akwa Ibom

    BUA, Axens Sign Agreement for 200,000bpd Refinery Project in Akwa Ibom

    A leading Nigerian conglomerate with focus on manufacturing, infrastructure and agriculture, BUA Group, has ventured into oil and gas sector and signed a deal with France’s largest hydrocarbons group, Axens, to refine 200,000 barrels per day of crude oil in Nigeria.

    Located in Akwa Ibom State, South-south Nigeria, the project is expected to see Axens license key refinery technologies to BUA Group. This was contained in a contract that was signed between both parties in France on Tuesday.

    Chairman of BUA Group, Abdulsamad Rabiu, signed on behalf of his company, while the Chief Executive Officer of Axens, Jean Sentenac, did same at a ceremony presided over by France’s Minister Delegate for Foreign Trade and Economic Attractiveness, Franck Riester.

    READ ALSO:

    Mining: Adegbite urges companies to operate within guidelines 

    Speaking after signing the contract, Rabiu described the project as a very viable one given the economics of fuel importation in Nigeria.

    “Nigeria imports 90 per cent of its petroleum products. We spend 35 per cent of our foreign exchange on importing petroleum products.

    “President Emmanuel Macron has given special determination and support to this project,” Rabiu told The Africa Report.

    BUA Group chairman expressed belief in the project’s sustainability, noting that the investment would pay off in the long run, as new fuel standards continue to evolve along with the climate crisis.

    According to him, “It is in the DNA of BUA Group; look at our cement plants, the most sustainable in Nigeria, same with our sugar plants. This is the hard part, we cannot get this wrong. It is like in an aeroplane, you always look at who built the engine, it is the most important thing.”

    Rabiu said there’s space for another project, despite the growing international glut of refinery projects, the tapering of transport fuel use globally and the strong local competition.

    His projection was based on the high rate of fuel consumption in Nigeria, saying the country today consumes about 500,000 to 550,000 barrels a day of petrol and partly because of demand in the region.

    He said: “We will have the marine infrastructure for easy export, and the external market for polypropylene (the other major product from the refinery) is very strong.”

    Rabiu has been serving as the Chairman of the Macron-initiated Franco-Nigerian Investors’ Club.

    Also speaking, Sentenac described the technologies that Axens would be licencing as a chance to breathe easier in Nigeria, with the plant having the ability to refine biofuels.

    Sentenac said: “We are the world leader in the Euro 5 fuel standard; this has already reduced car pollution in Europe by a factor of 5 or 6, and it also allows Nigeria to start using the latest generation of fuel efficient engines, the first step towards fighting global warming.”

    He added that his company, which makes systems to convert oil and biomass to cleaner fuels, would provide technology for the greenfield project designed to produce Euro-V fuels and polypropylene targeted at domestic and regional markets.

    In his remarks, Riester said the deal would be “one of the things that will help build up the necessary intrapersonal relationships” between industrial players in the two countries, part of a wider French strategy of greater engagement in Anglophone Africa.”

    The new refinery is expected to be operational in 2024. The refinery would be built using an undisclosed mix of debt and equity, with several development and commercial banks in negotiations with BUA Group.

    The new project is expected to directly compete with Nigeria’s other large refinery project, piloted by Dangote Group, which would be operational by 2021.

    Axens beat the US company, Honeywell UOP, which got through to the final round, according to sources close to the bid.

    The bidding process was managed by energy consultants, KBR, which would also be handling subsequent rounds for the engineering and construction phase, currently underway.

    Idowu Sowunmi

  • Buhari virtually commissions 17-storey Content Tower in Bayelsa

    Buhari virtually commissions 17-storey Content Tower in Bayelsa

    President Muhammadu Buhari has on Thursday commissioned a 17-storey Nigerian Content Tower, a project of the Nigerian Content Development and Monitoring Board (NCDMB) in Bayelsa.

    The tower project, which was commissioned by the president virtually will now serve as the headquarters of the agency.

    In his address, broadcast from the State House, Abuja via zoom, President Buhari, who described the tower as historic said he was pleased that the project has been delivered by local contractors, supported by local engineers and project consultants.

    READ ALSO:

    International Youth Day: Gbajabiamila, Atiku argue for youth participation in governance 

    “We must all be proud that we finished what we started”, he enthused.

    President Buhari then went on to mandate the Minister of State for Petroleum, Timipre Sylva, to physically commission the building on his behalf.

    Some of the listed quality of the commissioned NCDMB building are a 10-Megawatt gas-fired power plant and a 1,000 seater conference hall.

    Furthermore, the power plant, which NCDMB said was built in partnership with the Nigerian Agip Oil Company, was also commissioned by President Buhari.

    Some cabinet members who participated in the commissioning virtually are Minister of Information and Culture, Lai Mohammed and Minister of Transportation, Rotimi Amaechi.

    READ ALSO:

    Baba Eto of Lagos, Folarin Coker dies at 97

     

    The Nigerian Oil and Gas Industry Content Development (NOGICD) Act which came into effect on April 22, 2010 established the NCDMB agency.

  • ‘Investment Committee will provide a bridge between investors and African energy industry’

    ‘Investment Committee will provide a bridge between investors and African energy industry’

    African Energy Chamber Wednesday announced the appointment of a seven-man member to its Investment Advisory Committee, the last body to serve on its Advisory Board for 2020 and 2021.

    The chamber said the new Investment Committee would provide solutions towards financing Africa’s energy resurgence.

    The members of the committee include: Global Head, Client Relations, Afreximbank, René Awambeng; Managing Director, EnergyInc Advisors and Senior Africa Advisor, IFU Danish Investment Fund, Rolake Akinkugbe-Filani; former Oil Executive and Energy Consultant, Abongwa Ndumu; Partner and Executive Director – Upstream, Cayo Energy LP, Robert Erlich; Vice President – Africa, ION, Folarin Lajumoke; Executive Chairman/Founder, Raise Africa Investments, Nosizwe Nokwe-Macamo; and CEO, Afara Solutions, Rachelle Yayi.

    Members of the Investment Committee have been serving in their personal capacity and have gathered a wide range of expertise in finance, legal and consulting.

    Beyond this, the members would play a key role in supporting the African Energy Chamber’s investment outreach initiatives.

    “Our Investment Committee is central to the African Energy Chamber’s objective of providing a bridge between investors and the continent’s energy industry.

    “Africa has limitless investment opportunities across energy sources and across value-chains, and there is a pressing need to communicate better with financiers and investors to increase investments in the continent.

    “The African Energy Chamber has made it its mission to boost capital and technology inflow on the continent, from engaging with new capital providers interested in Africa to advising on the structuring of better and future deals,” said the Executive Chairman at the African Energy Chamber, NJ Ayuk.

    With billions of dollars required every year to upgrade its energy infrastructure and fight energy poverty, the continent needs to successfully mobilise a wide variety of capital and financing.

    In doing so, African energy markets should be engaging with a broader range of capital providers, from traditional lenders to global institutional investors and private equity firms to venture capitalists.

    The energy resurgence of the continent following the novel Coronavirus (COVID-19) would require all stakeholders to come together and find new ways to structuring deals and raising capital for the benefits of local economies and jobs creation.

    Landmark gas projects across Africa have managed to attract regional and global capital in recent months and years.

    From Senegal to Mozambique and Equatorial Guinea, Africa has demonstrated its ability to attract funding. However, investment is still falling short of market needs.

    While Nigeria’s ongoing Marginal Fields Bidding Round stands to be a success, access to financing the development of such fields will remain a key challenge for the operators.

    African energy companies in Nigeria, Cameroon, Gabon, Ghana, Mozambique and South Sudan, Uganda and South Africa continue to see capital as their biggest obstacle when it comes to developing African natural resources or even competing for service contracts.

    Idowu Sowunmi

  • Energy Chamber strengthens quest for enabling environment with key appointments 

    Energy Chamber strengthens quest for enabling environment with key appointments 

    African Energy Chamber has announced the appointment of some prominent experts in the oil and gas industry into its Regulatory Affairs Committee to serve on its Advisory Board for 2020 and 2021.

    The experts so appointed include: Regional CTO, Strategy and Innovation at Microsoft, Jovita Nsoh; Associate Attorney, Centurion Law Group, Oneyeka Ojogbo; Managing Director, Africa Oil & Gas Limited, Nicolas Bonnefoy; President/CEO, WTD Resources LLC, Bill Drennen; Managing Director/CEO, Ocean Deep Drilling ESV Nigeria Limited (ODENL), Chijioke Akwukwuma; and Bruce Falkenstein of Upstream Advisory and Consulting.

    The committee would be central to the chamber’s policy advocacy and advisory efforts across the continent to provide an enabling business environment for investors and entrepreneurs.

    READ ALSO:

    How we spent N500m on school feeding programme during lockdown – Minister

    Members of the Regulatory Affairs Committee act in their personal capacity and gather decades of experience within the public and private sector, with a strong legal expertise of African and global energy markets.

    “African markets must stay competitive and must do better at attracting investment and respecting the sanctity of contracts.

    “From adopting progressive local content legislation to implementing better fiscal regimes, African energy markets must seize the opportunity offered by the global pandemic to review their existing frameworks, keep what is working and amend what is slowing down the pace of investment in the continent,” said the Executive Chairman at the African Energy Chamber, Nj Ayuk.

    READ ALSO:

    Air Peace admits 40% salary cut, silent on sacked pilots figure

    Given increasing competition for investment and challenging market conditions, the right to adopt market-driven policies and promote an enabling business environment across Africa is greater than ever.

    Acting as the link between the public and private sector, the African Energy Chamber strongly believes that a recovery from the novel Coronavirus (COVID-19) pandemic would require a stronger emphasis on market-driven policies, investors-friendly environments and regulations that embrace digitisation so African markets could compete for capital and technology globally.

    Idowu Sowunmi

  • NNPC warns of contaminated diesel, explains measures to cut crude oil production cost

    NNPC warns of contaminated diesel, explains measures to cut crude oil production cost

    Idowu Sowunmi

    Nigerian National Petroleum Corporation (NNPC) has raised an alarm over prevalent low grade and contaminated Automative Gas Oil (AGO), otherwise called, diesel offered at discounted prices in parts of the country.

    This was coming as the corporation has taken measures to bring down cost of crude oil production to $10 per barrel or below.

    NNPC’s warning was contained in a report by the corporation’s Retail Limited Managing Director, Sir Billy Okoye, who admonished motorists to be wary of the off-spec products.

    Okoye explained that “the warning became necessary because the low grade, contaminated diesel is harmful to machines and environment”, adding that “NNPC Retail Limited as a market leader considered it incumbent upon it to alert the public on the subject.”

    He assured consumers that “NNPC Retail Limited deals only in premium, high-quality products in the interest of Nigerian motorists and users”, urging consumers to patronise the company’s stations where the quality of their products is assured.

    As a deregulated product, diesel is also imported by other major and independent marketers in the country.

    READ ALSO: FCTA issues guidelines on reopening of worship centres in Abuja

    Meanwhile, NNPC said it’s taking measures to bring down cost of crude oil production to $10 per barrel or below. This was disclosed by the corporation’s Chief Operating Officer (COO), Ventures and Business Development, Mr. Roland Ewubare.

    NNPC, in a statement by its Group General Manager, Group Public Affairs Division, Dr. Kennie Obateru, stated that Ewubare made the declaration today on a Channels TV breakfast programme, Business Morning.

    The COO explained that terrain peculiarity was an important factor in determining cost, arguing that issues such as pipeline vandalism and crude oil theft, among others, were some of the factors peculiar to the Nigerian terrain that drive up crude oil production cost in the country.

    He, however, stated that NNPC was looking very closely at such variable as logistics, security and transportation with a view to reducing cost of production to $10 and below per barrel.
    He disclosed that much had been done over the years in the area of reducing contracting cycle which used to be a major factor responsible for high cost of production, noting that the National Petroleum Investment Management Services (NAPIMS) achieved a six-month contracting cycle under him as Group General Manager.

    Amidst speculations of non-compliance by some countries with the production cuts agreed upon by the Organisation of the Petroleum Exporting Countries (OPEC) and its non-member allies, Ewubare affirmed that Nigeria was in full compliance with the agreed output cuts, saying reports including Nigeria on the list of non-compliant countries were not true.

    Ewubare explained that though Nigeria’s total production capacity was 2.3 million barrels per day (mbpd), it was currently producing only about 1.4mbpd in compliance with the OPEC+ production quota, adding that what makes up the little extra over the 1.4mbpd figure being bandied around for Nigeria was condensate which is usually not computed as part of production in OPEC quota.

    “There’s some confusion in the market around the parameters for the production cuts. Nigeria has a full production capacity of about 2.3mbpd. We are currently producing between 1.6 and 1.7mbpd.

    “Our OPEC quota as a result of the cuts is about 1.4mbpd. You and I know that condensate is not included in the computation of the cut numbers. So what we have is 1.4mbpd of crude oil.

    “The little you see above 1.4mbpd is made up of condensate which does not count as part of the basis for assessing our OPEC quota”, Ewubare said.

    READ ALSO: AfDB board finds middle ground, supports Adesina, grants US a review

    NNPC Group Managing Director, Mallam Mele Kyari, in a recent interview advanced a similar position where he stressed that NNPC was working assiduously to bring down the cost of crude oil production to not more than $10 per barrel by 2021.