An intraday rally in GTCO, OANDO Plc, and some other mid-cap stocks boosted the Nigerian Exchange ,NGX, All-Share Index, or the market index, yesterday.

The market opened the trading session on Wednesday strongly with some price uptick in banking and oil and gas names in the local bourse. The industrial index is making an uptrend, and stockbrokers anticipated the Nigerian Exchange could actually reach N79 trillion its highest market cap ever.

Apart from banking stocks, which have become attractive at the respective valuation, investors also show interest in Oando. The energy stock has already attained maximum allowable price surge for the day. Lafarge experienced mild demand, and International Breweries is up.

At midday, the NGX All-Share Index rose by 0.17%, Alpha Morgan Capital Limited told investors in an emailed note, indicating an upward trend. Stockbrokers said this positive movement was driven by investor interest in some mid- to high capitalized stocks.

Top gainers include OANDO ,10.00%, GTCO ,1.47%, ACCESSCORP ,0.69%, UBA ,0.58%, VFDGROUP ,0.56%, INTBREW ,0.50%, ZENITHBANK ,0.21%, WAPCO ,0.06%, among others.

From Ngozi Nwatu in Umuahia

Chief of Staff to the Abia State Governor, Pst. Caleb Ajagba has raised concerns over Nigeria’s skewed trade relationship with Turkey, describing it as a reflection of the country’s failure to add value to its natural resources.

Ajagba made the remarks on Wednesday during the inauguration of the Steering Committee for the Turkey-Abia ,TURAB, Investment Summit and Exhibition scheduled to take place from November 25 to 27, 2025, at the International Conference Centre, Umuahia.

Ajagba, who represented Governor Alex Otti at the event, said that Nigeria’s economic vulnerability is largely a result of its over-reliance on unprocessed exports and the importation of finished products.

“No country will be able to sustain another country, and no economy will be able to sustain another economy if there is no private creation.

“In February this year alone, Nigeria exported crude oil to Turkey worth $4.3 million, but imported goods valued at over $34.5 million. That’s a trade deficit of more than $30 million in a single month. No nation grows when there is no value addition”, he said.

He blamed this trend on the lack of creative economic thinking in many developing countries, particularly in sub-Saharan Africa, stressing that while other countries have maximised their resources, nations like Nigeria have continued to export raw materials.

Ajagba, however, expressed optimism that the Turkey-Abia Investment Summit would mark a turning point for the state, citing the present administration’s focus on industrialisation and infrastructure.

According to him, places like Aba are already witnessing uninterrupted electricity and being repositioned as industrial clusters for textile, garment, and fashion production areas where Turkey has long-established dominance.

“These are some of the things we currently import from Turkey. Now we are setting up the environment to produce them here”, he said.

In his voice, the Chairman of the Steering Committee and Special Adviser to the Governor on Investment Promotion and Public-Private Partnerships ,PPP, High Chief J. N. Green-Amakwe explained that the summit is designed to attract foreign direct investment ,FDI, and promote business collaboration between Abia State and the Turkish business community.

He said the three-day event, being organised in partnership with Vega Growing Global Enterprises, will bring together international and Nigerian investors to explore the economic potential of Abia across sectors such as agriculture, agro-allied processing, textiles, leather, energy, solid minerals, warehousing, and infrastructure.

“We aim to promote export-oriented investments and establish joint venture projects between Abia and Turkey. This is more than a summit. It’s a platform to reset the economic narrative of Abia and connect our local entrepreneurs to global opportunities”, Green-Amakwe stated.

He also said the event would build on Nigeria’s longstanding diplomatic relationship with Turkey, which began shortly after Nigeria gained independence in 1960.

“Turkish businesses enjoy a strong public image in Nigeria. We are leveraging this to build trust, expand trade, and create jobs through investment-driven industrialisation”, he added.

The event is expected to serve as a gateway for broader regional partnerships and attract the interest of neighbouring states, reinforcing Abia’s ambition to become Nigeria’s leading investment destination.

Members of the TURAB 2025 Steering Committee:

High Chief J. N. Green-Amakwe – Chairman

Mr Kingsley Chibueze Nwokocha – Honourable Commissioner for Trade and Commerce

Mr Chinedu Chijioke – Vice Chairman

Mrs Igwe Jane – Permanent Secretary, Ministry of Trade and Commerce

Mrs Abalogu Lois Kelechi – Secretary (Head of Department, Investment, Ministry of Trade and Commerce)

Pastor John Onyekachi – Vega Project Partner Group

Prince Eniola Ojajumi – Managing Director, Vega Growing Global Enterprises

Engr. Cletus Ogboms Epko – Abia Chamber of Commerce, Industry, Mines and Agriculture (ACCIMA)

SA Agbonma Ukaobasi – Entrepreneurship and Opportunities Development Office ,E.O.D.

Madukairo Uzoma F.C. – Ministry of Justice ,MOJ.

Akpa Morrison Udo – Nigerian Export Promotion Council ,NEPC.

Ajagba, however, charged the committee to work closely with both local and international stakeholders to deliver a successful summit that will stimulate job creation, technology transfer, and industrial growth across the state.

“The government of His Excellency is solidly behind this collaboration. With the calibre of individuals in this committee, I am confident you will deliver creative ideas that will drive Abia’s next industrial phase,” he affirmed.

Nigerian Copyright Commission ,NCC, has warned Disc Jockeys ,DJs, to stop performing other people’s music publicly without a license or the owner’s authorisation, threatening to prosecute defaulters in a case that could lead to a N1 million fine or a 5-year jail term upon conviction by a court.

Dr John Asein, Director-General of NCC, disclosed this in an advisory issued on Wednesday in Abuja.

The NCC stressed that its attention has been drawn to the practice of some DJs, who publicly perform music without obtaining the requisite copyright licences from rights holders or their approved Collective Management Organisations ,CMOs.

Asein explained that based on sections 9 and 12 of the Copyright Act, 2022, it is only the owner of copyright in a musical work or sound recording who has the exclusive right to reproduce, perform, or communicate it to the public.

“Engaging in any of these acts without the owner’s authorisation constitutes an infringement under the Act. 

“Such infringement may constitute a civil wrong or a criminal offence under section 44 (7), punishable upon conviction by a fine of not less than N1 million or imprisonment for a term of not less than five years or both. 

“The public performance of music by a DJ, whether at hotels, event centres, clubs, gardens, or recreational facilities, constitutes both a public performance and a communication to the public of the musical work and sound recording, as provided for under the Act”, he stressed.

The D-G highlighted that the commission would “not hesitate to investigate, arrest, and prosecute any DJ found to be in contravention of the law”.

He advised DJs to obtain appropriate licences and pay royalties to the approved Collective Management Organisation ,CMO, before engaging in such performances.

“For the avoidance of doubt, the approved CMO for musical works and sound recordings in Nigeria is the Musical Copyright Society, Nigeria ,MCSN. 

“The Commission is aware that the Disc Jockey’s Association of Nigeria ,DJAN, as the umbrella body representing DJs in Nigeria, has entered into a Memorandum of Understanding with MCSN. 

“Under the arrangement, DJAN is authorised to work with MCSN to facilitate the payment of royalties by DJs nationwide, based on the tariff that DJAN had negotiated with MCSN”, he added.

He stated that henceforth, the commission would be collaborating with other relevant authorities to support the initiative of DJAN, to ensure that DJs carry out their trade in compliance with the Copyright Act.

By Charles Ebi

Nigerian Exchange Group says it is working assiduously to ensure the Nigerian capital market contributes to actualising President Bola Tinubu’s proposed $1 trillion economy by 2030.

Dr Umaru Kwairanga, Chairman of NGX while speaking to journalists yesterday, said that the NGX Group is strategically positioning the capital market to support Nigeria’s economic transformation through several initiatives.

According to him, these initiatives were through NGX’s investment to expand retail access to the Nigerian market; strengthening market oversight and through diversified capital formation.

“The Nigerian capital market has keyed into President Bola Tinubu’s vision for Nigeria to achieve a one trillion dollar economy by 2030 and has been making efforts to ensure that the vision is realised.

“As a concrete example of that, the Nigerian Exchange Group and the capital market has been fully represented in President Tinubu’s interactions with various investing blocs locally and abroad in order to attract much needed investment into the country.

“I was in New York last year with the President where we met with foreign investors at Nasdaq and it was a very successful outing.

“Also last month, I was in the United States of America with the CBN Governor to meet with potential foreign investors as well as our Nigerians in diaspora”, he said.

According to Kwairanga, the NGX is currently working with the consciousness that no country achieves sustainable economic transformation without a vibrant and inclusive capital market.

He said the capital market is meant to mobilise long-term capital, provide transparent investment platforms, and promote accountability and investor confidence.

He explained that countries that have crossed key economic thresholds have relied on robust capital markets to allocate resources efficiently.

He noted that the capital market’s fundamental role is to bridge the gap between people and institutions who have funds for investment and institutions that need funds for new projects or expansion of existing projects.

According to him, the NGX had been fully involved in this. “By playing that primary role, the capital market is boosting savings in the economy, and at the same time creating or enhancing businesses and making it possible to increase factors of production.

“These are proven strategies that will increase the Gross Domestic Product of Nigeria.

“One important way in which the capital market is playing its role in increasing Nigeria’s GDP is by funding infrastructure.

“The capital market players have funded critical infrastructure in power, telecommunications, transportation and so many sectors for private sector players, the Federal Government and sub nationals through various equity and debt issues.

“By doing that, we are helping to build the physical capital required to accelerate GDP growth.

“A recent example was the Federal Government’s seven year sukuk for road infrastructure which I understand witnessed huge oversubscription”, he said.

Kwaranga noted that the capital market is heavily involved in funding tech companies either through private equity funds or through direct listings on public markets. He said this had a dual impact on GDP.

 “First, many of these companies will come up with innovative ideas and technologies that will enable Nigeria to experience quantum leaps in productivity and GDP.

 “Secondly, these companies use such funds to scale up, employ more Nigerians and boost their enterprise value and when such values are captured into the GDP, we are on track to the 2030 target.

The Chairman commended President Tinubu for introducing transformative economic reforms which had reignited investors’ confidence.

He said the fuel subsidy removal had unlocked over $10 billion annually while the exchange rate unification restored credibility to the FX market.

He noted that the enactment of the Investments and Securities Act (ISA) 2025, which is the first major update in nearly two decades, enhanced investor protection.

According to him, the gazetting of Nigeria’s AfCFTA tariff schedule strengthened regional trade access.

 “These reforms have sent strong signals to investors. Since mid-2023, Nigeria has attracted over $50 billion in FDI commitments.

 “Foreign portfolio investment through the capital market surged by 126.8 per cent, from N174.82 billion in 2023 to N396.41 billion in 2024. FDI also increased from $1.87 billion to $2.6 billion within the same period”, he said

By Henry Ibya, Makurdi

Benue Links Nigeria Limited has denied a viral social media report claiming that one of its vehicles was hijacked and its passengers kidnapped in Owukpa, Benue State. 

The company in a statement signed by Johnson Ehi, Information Officer, made available to journalists yesterday in Makurdi, and described the report as “false and misleading”.

The company in the statement explained that the vehicle in question ,PP 471, has been undergoing a complete engine overhaul for the past four weeks and has not been in operation. 

Benue Links warned that spreading unverified and malicious content is a criminal offense under the Cybercrimes Act and relevant provisions of the Criminal and Penal Codes.

The company assured the public of its commitment to providing safe, comfortable, reliable, and affordable transport services, but equally threatened to seek legal redress against individuals or groups who intentionally attempt to damage the company’s reputation.

While appreciating the support of the public, the company appealed to everyone including their teaming customers to rely on verified channels for authentic information regarding its operation, urging members of the public to disregard the misleading report.

By Aliyu Galadima

Federal government has inaugurated the first-ever liquefied compressed natural gas ,LCNG, hub in the northeast of Nigeria, the Minister of State for Petroleum Resources (Gas), Ekperikpe Ekpo, has revealed.

Ekpo stated that development is a testament to the potential of public-private collaboration in advancing the federal government’s ‘Decade of Gas’ agenda. The minister mentioned that the country was setting a new benchmark for energy accessibility and sustainability through the project by Greenville LNG.

“The strategic location of this facility in the North-East also carries deep significance. For far too long, this region has faced infrastructural challenges that have limited its full economic potential.

“This facility in Yola marks a significant turning point. It is a beacon of hope and opportunity, not only for Adamawa State but for the entire region. It demonstrates that the benefits of Nigeria’s vast natural gas resources can and must reach every corner of our country”, he added in a statement made available to newsmen on Tuesday.

The statement by his spokesman, Louis Ibah, quoted Ekpo as saying that President Bola Tinubu had made it a national priority to harness Nigeria’s gas resources for economic transformation, industrialisation, and social development.

He said the LCNG model was a perfect example of such innovation.

According to him, it creates an integrated solution for powering vehicles and industrial equipment with both LNG and CNG, offering cleaner, cheaper alternatives to diesel and petrol.

Ekpo said, “This transformative project highlights the federal government’s unrelenting efforts to drive economic growth through gas adoption, building on the immense promise of natural gas as a cornerstone for national energy security.

“By leveraging advanced technology and innovative models like this LCNG facility, we are setting a new benchmark for energy accessibility and sustainability. This LCNG facility is not only delivering energy but also delivering hope, creating jobs, enabling businesses, and fostering peace through inclusive development”.

He also called on other investors and gas developers to invest in the LCNG project, noting that there is still so much ground to cover and so many communities that remain underserved.

He also thanked the government and people of Adamawa State for their support for the project through the provision of land and a conducive environment for construction by contractors, saying the CNG is cheaper and cleaner than petrol, and that Tinubu means well for Adamawa.

Adamawa State Governor, Ahmadu Fintiri, represented by his deputy, Kaletapwa Farauta, commended the Federal Government for facilitating the investment, saying it aligned with the vision of the state government for cleaner and affordable energy sources.

The Governor noted that the state has witnessed the impact of climate change and that it is real and is behind every policy and project geared at saving the environment and ensuring that citizens live and breathe healthy air.

“We will need more of the federal government’s intervention, and we will do our best to ensure that the project succeeds”, he stated.

The Chairman of Greenville, Eddy Broeke, said the company was committing over $1 billion as investments in the country and that similar projects would be replicated in other states, calling on the government for support to bring them to fruition

By Dickson Pat

Nigerian Exchange ,NGX, sustained its positive momentum, hitting a new historic high of N70.89 trillion; the equities market capitalisation appreciated by about N260 billion. The sustained bargain hunting lifted the All-Share index to 112,427 points, up by 37 basis points amidst renewed interest in some bellwether stocks.

Driving the uptrend, the market recorded positive price appreciation in DANGCEM ,+2.27%, alongside strong performances in FIRSTHOLDCO ,+8.82%, and INTBREW ,+3.11%. The upward trend was driven by continued buying interest in medium- and large-scale stocks, including HONYFLOUR, FIRSTHOLDCO, and DANGCEM, among others.

Stockbrokers said the bullish pattern highlights strong investor confidence in the equities market. The market index increased by 411.53 basis points to close at a new all-time high of 112,427.48 points, representing a 0.37% increase from the previous session.

Trading activities were up as the total volume and total value of all trades conducted in the stock market increased by 20.21% and 60.12%, respectively. Brokers said approximately 622.64 million units valued at ₦16,123.75 million were transacted across 17,044 deals.

In terms of volume, FIDELITYBK led the activity chart, accounting for 17.44% of the total volume of all trades conducted on NGX, followed by LEGENDINT ,9.83%, UBA ,8.99%, GTCO ,6.65%, and ACCESSSCORP ,5.56%, rounding out the top five.

GTCO emerged as the most traded stock in value terms, accounting for 17.48% of the total value of all trades on the exchange. HONYFLOUR and SCOA topped the advancers’ chart with a price appreciation of 10.00 percent each, trailed by IMG ,+9.96%, INTENEGINS ,+9.82%, MAYBAKER ,+9.75%, ELLAHLAKES (+9.74%), VERITASKAP ,+9.38%, and twenty-eight others.

Thirty-one stocks depreciated, according to trading records in the local bourse. CONOIL was the top loser, with a price depreciation of -10.00%. Other decliners include TRANSCOHOT ,-9.97%, JBERGER ,-9.94%, DAARCOMM ,-7.69%, UCAP ,-3.51%, and ZENITHBANK ,-0.72%.

On Tuesday, the market breadth closed positive, recording 35 gainers and 31 losers. Sector performance mirrored the market’s overall strength, with five of six indices closing in positive territory. The Oil & Gas index ,-0.21%, shed some value, dragged by selloffs in CONOIL ,-10.00%.

The banking index ,+1.36%, advanced, buoyed by gains in GTCO 

,+2.10%,  and STANBIC ,+4.26%. The Consumer Goods ,+1.05%, and Industrial Goods ,+0.96%, indices were lifted by INTBREW ,+3.11%, and DANGCEM ,+2.27%, respectively.

Meanwhile, the insurance index ,+0.81%, benefited from continued bullish sentiment in CORNERST ,+3.48%. Overall, the equities market capitalisation grew by ₦259.49 billion to settle at ₦70.89 trillion, also marking a 0.37% increase.

…As NCSP, Steel Ministry propose revenue-sharing agreement

By Yahaya Umar

Nigeria is actively seeking to woo the Australian government and investors to tap into the country’s mining sector.

The Minister for Solid Minerals, Mr Dele Alake, is currently at Murdoch University in Australia for a two-week programme focused on enhancing mining sector expertise and strengthening bilateral ties between Nigeria and Australia.

The initiative, running until June 15, includes lectures on extractive metallurgy and sustainable geochemistry, alongside field visits and high-level discussions with industry experts.

The scheme, backed by the Commonwealth Department of Foreign Affairs and Trade and the Australian High Commissioner to Nigeria, aims to support Nigeria’s efforts to revitalize its solid minerals sector for economic diversification.

A key part of the visit will be an Industry Panel Discussion to develop actionable strategies for Nigeria’s mining sector and foster cooperation in resource development.

Murdoch University’s Vice Chancellor, Professor Andrew Deeks, highlighted the programme’s alignment with the university’s commitment to ethical and sustainable engagement, as well as Australia’s broader foreign policy goals.

The visit also further solidifies Murdoch University’s ongoing relationship with Africa.

This is not the first time that the country has been targeting Australia. In April 2024, The minister spoke with potential investors while virtually addressing the Nigeria-Australia Investment Roundtable

Mr Alake assured the Australian investors that plans for the establishment of the private sector led Nigerian Solid Minerals Corporation has reached advanced stages.

He stressed that the corporation was poised for Joint Ventures with investors on critical minerals like lithium, gold, baryte lead, and iron-ore amongst others.

“Both the legislative and corporate processes for the establishment of the corporation have reached appreciable stages. I hope to invite you to the formal unveiling of Nigeria’s intervention in the international mining business, very soon”, he added.

However, the Nigeria-China Strategic Partnership ,NCSP, is collaborating with the Federal Ministry of Steel Development to revive the long-dormant Ajaokuta Steel Company by proposing a revenue-sharing agreement.

According to a statement, the partnership is set to position the structure as a cornerstone of Nigeria’s renewed push toward industrialisation, with a strong focus on the automotive and manufacturing sectors.

In a recent briefing with the Minister of Steel Development, Mr Shuaibu Abubakar Audu, the Director General of NCSP, Mr Joseph Tegbe, confirmed that discussions are progressing around a public-private partnership with leading Chinese steel manufacturers.

The proposed structure is a zero-cost investment model for Nigeria, anchored on a revenue-sharing agreement designed to support sustainable steel production and long-term economic growth.

“This initiative is not just about restarting Ajaokuta it’s about positioning Nigeria to lead in sectors where steel is central to productivity and development”, said Mr Tegbe.

The plan, which has received full endorsement from President Bola Ahmed Tinubu, includes proposed 10-year revenue-sharing arrangement between Nigerian and Chinese investors.

Key focus areas include technology transfer, sheet metal production, furnace modernization, and the expansion of manufacturing value chains.

Responding to the briefing, the Minister emphasized the urgency of execution and reaffirmed his commitment to the initiative, describing Ajaokuta as “the cornerstone of Nigeria’s industrial potential”.

Consequently, a high-level delegation comprising of the Minister of Steel Development, MD Ajaokuta Steel Company and DG NSCP will be visiting major steel production facilities in China, engage prospective investors, and deliver strategic presentations focused on both the technical feasibility and commercial viability of the Ajaokuta project.

Industry experts suggest that a successful revival of the steel sector could dramatically reduce Nigeria’s reliance on steel imports, boost local vehicle production and spur growth across manufacturing and infrastructure.

Once envisioned as the backbone of Nigeria’s industrial future, the Ajaokuta Steel Company has remained largely inactive since the 1990s. With renewed political will and targeted international collaboration now in motion, stakeholders are increasingly optimistic that Ajaokuta may finally realize its long-awaited potential.

From INIOBONG SUNDAY, Uyo 

Peace Point Development Foundation PPDF, a Civil Society Organization, CSO, working to promote ecological justice in Nigeria has raised the alarm over the devastating impacts of oil spills in the coastal communities of Eastern Obolo local government area of Akwa Ibom state.

The PPDF Coordinator, Comrade Umo Isuah – Ikoh, told Journalists in Uyo, the Akwa Ibom state capital on Tuesday, that their findings revealed that the spills emanated from Sterling Oil Exploration & Energy Production Company Limited, SOEPCL, facility, and charged the firm to commence immediate clean-up and other remediation programmes.

He listed Emere-Oke and Akpabom, as communities’ worse hit by the spills and urged the National Oil Spill Detection and Response Agency, NOSDRIA, to investigate as the aquatic ecosystem has become toxic, throwing several fishermen out of job.

He said: “Sterling Oil with an operational base in Eastern Obolo, Akwa Ibom state is operating a marginal field within the OML 13 oil and gas asset.

“After our on-the-spot visit to the communities affected by the spill at Emere-Oke and Akpabom communities, we are calling on Sterling Oil to immediately stop the spill, clean up the mangroves of the affected communities and the Atlantic Ocean which the spill has flowed into.

“After receiving information from the affected communities that an oil spill has been going on within communities in Eastern Obolo for months now due to oil exploration and production activities by Sterling Oil, we visited the communities and had seen that a large part of the mangrove at Akpabom community has been devastated by oil.

“At Emere-Oke community, we have also seen where the oil spills from the Durga 4 oil rig into the Atlantic Ocean. This is an unacceptable development as the aquatic environment will be deeply polluted. 

“As reported by the community that this situation has been going on for months, we are deeply concerned that no action has been taken to address the spills. We are very worried over the impact this will have on aquatic lives and the environment”, Isuah-Ikoh stated.

He recalled that that Sterling Oil had a few months ago, accused by the state government of violating the terms of land grants and unlawful encroachment beyond its legally assigned portion in Eastern Obolo LGA, and surrounding communities, wondering why the firm should continue to violate and pollute the environment without imbibing best practices in the oil exploration and exploitation business.

“The company now allows oil spill to go on within its host communities unabated. We are calling on Sterling Oil to immediately stop the spill, clean up the environment and compensate the communities over the destruction of their environment.

“We are therefore calling on the National NOSDRA to investigate the spills and level of destruction caused so as to take actions in accordance with their mandate. Equally, we are appealing to the state government to be more sensitive and concerned over the operations of companies within the state through effective monitoring of their operations”.

… As Renaissance Energy increases crude oil output by 200,000bpd

By Charles Ebi

Nigerian Upstream Petroleum Regulatory Commission ,NUPRC, has affirmed that it followed due process and did not violate oil licensing guidelines during the 2024 Oil Block Licensing Round.

The upstream regulator also affirmed the licensing round was conducted in line with the provisions of the Petroleum Industry Act, 2021.

The NUPRC stated this position while refuting allegations by a newspaper, suggesting guidelines were violated.

NUPRC said on Wednesday that “The entire process was conducted in strict compliance with the Petroleum Industry Act (PIA) and its own licensing guidelines, ensuring a transparent, competitive and technology-driven bidding exercise”.

The paper claimed that a particular company registered days before the commencement of bidding was improperly awarded oil blocks.

In his clarification, the Commission Chief Executive ,CCE, Engr. Gbenga Komolafe, explained that the bid guidelines do not restrict participation based on the age of a company’s incorporation; instead, eligibility was determined by a rigorous assessment of technical expertise, financial strength and legal compliance.

The NUPRC boss noted that the “technical and financial capacity of a bidder is assessed not merely by the date of incorporation of the bidding entity, but by the pedigree and proven track record of its promoters, affiliated companies or parent organisations.

‘This approach allows newly formed Special Purpose Vehicles ,SPVs, when backed by credible and experienced industry players, to compete effectively and fairly”.

He further explained that the 2024 Licensing Round involved multiple stages, including prequalification, technical evaluation and commercial bid evaluation.

The NUPRC boss said applicants were required to demonstrate financial capability, technical expertise and legal compliance by submitting detailed documentation, such as incorporation papers, tax clearances and proof of operational experience.

Komolafe said, “The pre-qualification window was open with no restrictions on company age.

“The commercial bidding phase was carried out digitally using encrypted technology to ensure the integrity and confidentiality of the data”.

The results of the 2024 Licensing Rounds were announced transparently and publicly.

Also, the Nigerian Extractive Industry Initiative ,NEITI, and relevant government ministries were part of the process.

The CCE said, “The commercial bid evaluation was conducted using a transparent, digital and point-based assessment system, which included Signature Bonus, Proposed Work Programme Financial Commitments and Work Performance Security.

NUPRC also noted that indigenous oil companies aggressively participated and outbid some national and international players, reflecting strong investor confidence following the enactment of the PIA 2021.

It is understoods that at the conclusion of the process, NEITI commended the transparency of the exercise.

NUPRC noted, “The NEITI report praised NUPRC for significant improvements in the 2022-2023 Mini Bid Round and the 2024 Licensing Round, emphasizing professionalism, transparency and inclusivity.

“The Commission insisted that the 2024 Oil Block Licensing Round adhered fully to all statutory provisions and guidelines, with no discrimination or corrupt practices involved”.

Komolafe reiterated NUPRC’s commitment to transparency in its upstream regulatory obligations in line with the government’s ambition.

He said, “The NUPRC remains committed to transparent regulation aimed at optimizing Nigeria’s hydrocarbon resources and attracting investment under President Bola Tinubu’s administration”.

Similarly, the Commission refuted a publication in one of the newspapers,  that claimed that 40 oil block license will expire on June, 27 this year.

NUPRC said the report misinterpreted a document downloaded from the NUPRC website.

“The Commission clarified that the 40 Petroleum Prospecting Licences ,PPLs, referenced in the publication are at different stages of exploration, appraisal and pre-development.

“Each stage has distinct regulatory requirements and timelines. Several licensees have formally applied to convert their PPLs into Petroleum Mining Leases ,PMLs, as required by the Petroleum Industry Act (PIA) 2021. These applications are currently under review”, It are

According to the NUPRC, many of the operators have already fulfilled their minimum work programme obligations under Section 78 of the PIA, qualifying them for extensions.

It said, “Production commencement is not the sole measure of compliance, the Commission emphasised.

“The Commission firmly asserts its commitment to maintaining an open dialogue while upholding a strong and transparent regulatory regime that benefits all Nigerians”.

The NUPRC emphasised the importance of ensuring that reports on its operations are properly contextualised, thoroughly fact-checked, and aligned with the statutory provisions of the Petroleum Industry Act (PIA) 2021 and its accompanying regulations.

Since the acquisition and operational takeover of Shell Petroleum Development Company’s ,SPDC, onshore assets in Nigeria, Renaissance Africa Energy Company has increased the crude oil production of the assets by over 200,000 barrels per day.

This was revealed when a delegation from Renaissance Africa Energy Company Limited ,RAEC, paid a courtesy visit to the Minister of Finance and Coordinating Minister of the Economy, Mr. Wale Edun.

The meeting was part of ongoing engagement with strategic indigenous players in Nigeria’s energy sector.

Renaissance Africa Energy Holdings, a consortium of Nigerian and international oil and gas companies, had acquired Shell Petroleum Development Company of Nigeria ,SPDC, a subsidiary of Shell, in a deal valued at $1.3bn.

The acquisition involves Renaissance acquiring 100% equity in SPDC, which holds onshore assets in the Niger Delta region.

The deal was completed after initial agreement in January 2024 and all regulatory approvals were obtained. SPDC had been renamed to Renaissance Africa Energy Company Limited.

The delegation was led by Dr. Layi Fatona, Chairman of RAEC, alongside Engr. Tony Attah, the company’s Managing Director and Chief Executive Officer. The purpose of the visit was to formally brief the Minister on RAEC’s recent acquisition and operational takeover of Shell Petroleum Development Company ,SPDC, onshore assets in Nigeria.

During the meeting, the RAEC leadership shared key updates, highlighting that since assuming control of the assets, the company has ramped up production to over 200,000 barrels per day, a major milestone for both RAEC and the broader Nigerian oil and gas industry.

Fatona and Attah reaffirmed RAEC’s full alignment with the Federal Government’s economic priorities, particularly in revenue generation, job creation, and upstream expansion.

They reiterated their long-term commitment to community engagement and responsible energy development.

In his remarks, Edun applauded the operational strides made by RAEC. He noted that the increasing participation of Nigerian-owned companies in key sectors reflects a broader shift toward homegrown solutions and inclusive economic growth.

The Minister reiterated President Bola Tinubu’s commitment to fostering a level playing field for all private sector actors and stressed the importance of sustained collaboration between government and industry to deliver long-term value to the nation.

The meeting concluded with a shared understanding of indigenous firms like RAEC’s vital role in Nigeria’s energy transition and macroeconomic advancement.