A UAE-based energy firm, ePointZero, has announced its decision to acquire a 90 per cent stake in Azura Power Holdings, a major African independent power producer, marking a significant entry into the continent's power generation market. ePointZero is a global energy infrastructure platform and subsidiary of the 2PointZero Group. The company made this known in …
The Nigeria National Petroleum Company Limited (NNPC) revenue and profit witnessed a significant decline as oil production dropped in July. NNPC’s profit after tax fell by 47.9 per cent to N279 billion in July 2026 from N535 billion in June. This was contained in the NNPC Limited Monthly Report Summary for July 2026, released on …
There are concerns that Nigeria's progress toward becoming a refining hub and achieving energy self-sufficiency has come under threat as domestic crude supply shortages have led to a surge in imports in recent months. While domestic production of refined petroleum products has surged over the past two years, a sharp drop in local crude supply …
A Federal High Court in Lagos has issued an interim injunction restraining the Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA) from interfering with the operations of the Dangote Petroleum Refinery in exercising its oversight authority. Justice Akintayo Aluko granted the order on Monday following an ex parte application by the refinery challenging NMDPRA's August …
The Nigerian Upstream Petroleum Regulatory Commission (NUPRC) has announced that the Federal Government retains the $300 helicopter levy for air navigational services. In a circular signed by the Commission Chief Executive, Mrs. Oritsemeyiwa Eyesan, the NUPRC confirmed that the $300 helicopter levy remains payable to the Nigerian Airspace Management Agency (NAMA). The Commission said the …
As Nigeria pushes to end the persistent shortage of crude oil feedstock for domestic refineries, the Nigerian Upstream Petroleum Regulatory Commission (NUPRC) recently announced moves to deepen the implementation of a crude oil and gas swap mechanism to increase supply and boost local refining capacity. The initiative is designed to address what many industry stakeholders …
The Nigerian Upstream Petroleum Regulatory Commission (NUPRC) has revealed that the mandatory 3% Operating Expenditure (OPEX) contribution by oil and gas companies to Host Communities Development Trusts (HCDTs) is yielding significant dividends—enhancing both peace and crude oil production across oil-producing areas. Speaking during a meeting with the leadership of the Revenue Mobilisation Allocation and Fiscal …
Despite increasing its ex-depot price of Premium Motor Spirit (petrol), in the last one week, Dangote Petroleum Refinery’s cost still remains lower than imported products. Pinnacle Daily’s analysis of available trade data shows that the landing cost of imported petrol in Nigeria has risen above the ex-depot price offered by Dangote Refinery despite periods of …
The Nigerian Upstream Petroleum Regulatory Commission (NUPRC) has set a target of completing its proposed permanent headquarters in the first quarter of 2027, saying the project will enhance operational efficiency and strengthen Nigeria’s attractiveness to oil and gas investors. According to a statement by the Head, Media and Communications, NUPRC, Eniola Akinkuotu, the Commission’s Chief Executive, …
Minister Tegbe expresses optimism that Nigeria will achieve 24-hour electricity supply to boost industrialisation The Nigerian government has set a target of 8,000 megawatts (MW) of electricity generation and transmission by the end of 2027 as part of its efforts to address persistent power supply challenges and support industrial growth. Speaking on Wednesday, August …
