The Nigerian Upstream Petroleum Regulatory Commission (NUPRC) says it is actively consulting with industry stakeholders on a proposed domestic crude oil and gas swap mechanism designed to reduce costs and enhance product availability across the country. Commission Chief Executive Mrs. Oritsemeyiwa Eyesan revealed the initiative on Thursday during a courtesy visit to the Nigerian Midstream …
Aradel Holdings Plc has announced plans to commence production of Premium Motor Spirit (PMS), also known as petrol at its modular refinery located in Rivers State in 2027. The move is driven by the deregulation of Nigeria's downstream petroleum market in recent years under the current administration. According to an interview published by Bloomberg on …
Nestlé Nigeria has marked the fifth anniversary and 10th edition of its Empowering Rural Women Initiative with expansion into Zaria, Kaduna State, where 50 women retailers have received practical business training and product grants. The event brings the total number of women entrepreneurs supported since the programme’s inception in 2021 to 482. Before the Zaria …
The National Insurance Commission (NAICOM) has concluded Nigeria's insurance industry recapitalisation exercise, clearing an additional seven companies and bringing the total number of compliant firms to 50. This was confirmed in a statement released by NAICOM on Thursday, August 13. The statement contains a list of seven more companies that have met the new minimum …
The Federal Government has reached an agreement with aviation sector unions and airline operators, granting domestic airlines flexible repayment plans for their outstanding debts to aviation agencies. The resolution also affirms that workers are free to join unions without interference by management of airlines. These were the key outcomes of an emergency stakeholders' meeting convened …
The president says "ordinary flame and smoke" is not enough; he commits to a structural reset of the nation's oil assets. President Bola Tinubu has assured Nigerians that the country's refineries will not be allowed to waste away, vowing to undertake a comprehensive restructuring that will reposition them for long-term profitability and value delivery. …
The Nigerian National Petroleum Company Limited (NNPC) has declared that the Federal Government's newly signed Deep Offshore Oil and Gas Projects Incentives (Tax Remission) Order 2026 will serve as a catalyst for achieving Nigeria's ambitious production target of 3 million barrels of oil per day by 2030. The landmark reform, officially titled the Deep Offshore …
Geregu Power Plc has confirmed it has commenced discussions with relevant stakeholders and advisers to resolve concerns surrounding its N40.09 billion bond repayment obligations, following a default on its latest coupon and principal payments. The company defaulted on the eighth coupon payment and fourth bullet principal repayment of its N40.09 billion Series 1 Senior Unsecured …
Energy sector stakeholders have called for stronger financing, regulatory convergence, and active cross-border cooperation to establish a transparent regional petroleum pricing hub in West Africa. The call was made during the second edition of the West Africa Refined Fuel Market Conference hosted by the Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA), in collaboration with …
Nigeria's total public debt stock has surged by 82.4% over a three-year period under President Bola Ahmed Tinubu’s administration. The country's public debt has become one of the defining economic policy issues that has persisted over time. According to the latest data released by the Debt Management Office (DMO), the national debt expanded from ₦87.38 …
