Economy
FG Maps Disputed Oil Wells to Reset Derivation Revenue
By Adedapo Adesanya
The federal government has launched the plotting of coordinates of disputed and newly drilled oil and gas wells, a critical process that could redefine derivation revenue flows and fiscal entitlements among Nigeria’s oil-producing states.
The exercise, formally flagged off by the Revenue Mobilisation Allocation and Fiscal Commission (RMAFC) in Abuja, follows the October 2025 flag-off of verification in the Niger Delta, triggered by petitions from the Governors of Anambra, Delta, Imo, Edo, Ondo and Rivers States, seeking clarity on ownership and boundaries of oil and gas resources.
According to the commission’s chairman, Mr Mohammed Bello Shehu, the process is a constitutional necessity rather than a political choice.
“This is not optional; it is a constitutional obligation,” Mr Shehu said. “The Constitution provides that 13 per cent of revenue from minerals, especially crude oil and gas, should be paid to the states where they are produced, and this is why the verification and plotting of coordinates of the new and disputed oil and gas wells must be done transparently and correctly.”
Mr Shehu disclosed that the Inter-Agency Technical Committee (IATC), comprising the National Boundary Commission (NBC), Office of the Surveyor-General of the Federation (OSGoF); Nigerian Upstream Petroleum Regulatory Commission (NUPRC), and RMAFC, has completed the verification phase and is now moving to the plotting stage.
“The IATC has verified the coordinates, and the next phase is to plot them, which will lead to resolving the location of the disputed oil and gas wells and properly attributing newly drilled wells to their rightful owners,” Mr Shehu said.
According to the RMAFC chairman, the exercise covers Akwa Ibom, Cross River, Bayelsa, Ondo, Rivers, Delta and offshore locations, where overlapping claims frequently emerge whenever new oil fields come on stream.
“Disputes arise when new fields are developed, because multiple states may lay claim,” he explained. “But it is the facts on ground that will reveal who actually owns what, and where ownership must be shared.”
To guarantee credibility, Mr Shehu revealed that the Commission conducted extensive fieldwork between September 2025 and January 2026, covering creeks, high seas and offshore terrains.
“We went to the field ourselves, and where we could not physically access, we deployed drones to take the coordinates,” he said. “All data collected were witnessed by representatives of the affected states.”
He assured that RMAFC would remain neutral throughout the process.
“RMAFC will be an unbiased umpire and will deploy justice, equity and fairness for which it is known,” he stated.
The Secretary to the Commission, Mr Joseph Okechukwu Nwaze, said the exercise reflects strong inter-agency cooperation.
“This process reinforces confidence in RMAFC as a neutral institution committed to fairness in revenue administration and fiscal federalism,” he said.
On her part, the Director, Crude Oil Department, Mrs Khadija Kumo, described the initiative as “timely and critical to the future of energy governance in Nigeria,” adding that “data-driven decision-making must now define oil and gas administration.”
Coordinator of the IATC, Mr Folorunsho Aderinwala, lauded the commission for providing full institutional support, noting that it enabled the committee to successfully complete verification across difficult terrains.
The mapping of coordinates is expected to become one of the most consequential fiscal governance exercises in Nigeria’s oil and gas sector in recent years, potentially redrawing the economic map of the Niger Delta.
By Aduragbemi Omiyale
The gross foreign reserves of Nigeria reached a 17-year high of $51.04 billion, data from the Central Bank of Nigeria (CBN) shows.
Business Post gathered from the apex bank’s website that this new feat was achieved on Thursday, June 18, 2026.
A day earlier, which was Wednesday, June 17, 2026, the amount in the country’s external reserves stood at $50.96 billion, indicating accretion of 0.16 per cent.
This latest development is expected to strengthen the value of the Nigerian Naira in the foreign exchange (FX) market.
It was observed that since the beginning of this month, the amount in the forex reserves has been building up gradually after an initial scare.
It is believed that inflows from crude oil sales have been boosting the reserves, though prices are expected to trend downward as a result of the ceasefire deals between the United States and Iran on Friday.
The price of crude oil has cooled to around $80 per barrel. It should further moderate to its level before February 28, 2026, when the bombardment of Iran started, which led to the death of the country’s 86-year-old Supreme Leader, Ayatollah Ali Khamenei.
By Aduragbemi Omiyale
A €200 million financial partnership to support the development of small-scale investments of Nigerian enterprises contributing to the country’s green and digital economy has been signed by the Development Bank of Nigeria (DBN) and the development arm of the European Investment Bank (EIB) Group, EIB Global.
The funds would be disbursed to Micro, Small, and Medium Enterprises (MSMEs) in Nigeria, with a focus on agriculture, renewable energy, digitalisation and innovation.
The collaboration aligns with EIB Global’s strategy to support sustainable, inclusive, and resilient economic growth in Nigeria under the Global Gateway Initiative.
The investment programme will boost private sector development in Nigeria and support entrepreneurs and job creation by easing access to suitable finance for MSMEs and Midcaps.
It will also strengthen Nigeria’s green transition by expanding financing opportunities for companies in the renewable energy and agribusiness sectors.
In agriculture, it will help improve productivity, develop local supply chains, and strengthen food security for a country that hosts the largest population in Africa.
On the energy side, improved financing for renewable energy businesses will support clean energy access, reduce carbon emissions, and help build climate resilience in underserved communities.
“This partnership with DBN will strengthen the competitiveness of Nigeria’s private sector, especially for SMEs in the green and digital sectors.
“In supporting green projects and women entrepreneurs, we are also fostering inclusive growth and climate action.
“This is a powerful example of EIB’s real impact on the ground,” EIB Vice-President, Mr Ambroise Fayolle, said at a signature ceremony on Thursday, June 18, 2026, at the Lagos office of the DBN.
Also commenting, the chief executive of DBN, Mr Tony Okpanachi, described the investment as a significant milestone in efforts to drive Nigeria’s economic growth and sustainability.
“The €200 million investment from EIB Global is a significant milestone in our mission to drive Nigeria’s economic growth and sustainability. By supporting local financial institutions and MSMEs in key sectors like agriculture, renewable energy, digitalisation, and innovation, we’re empowering entrepreneurs and fostering a culture of sustainable innovation,” he stated.
By Adedapo Adesanya
Nigeria has the potential to produce 1.9 million barrels of crude oil per day, having hit a peak production of 1.86 million barrels per day in May, according to the chief executive of the Nigerian Upstream Petroleum Regulatory Commission (NUPRC), Mrs Oritsemeyiwa Eyesan.
The NUPRC chief said this on Wednesday during a meeting with the chairman of the Nigeria Revenue Service, Mr Zacch Adedeji, at the NRS headquarters in Abuja.
In a statement signed by the agency’s Head of Media and Corporate Communications, Mr Eniola Akinkuotu, it was disclosed that the country’s oil industry has continued to record production growth, noting that crude output reached a peak of 1.86 million barrels per day in May, placing the industry on a stronger recovery path.
The meeting also focused on strengthening collaboration between the two agencies to promote transparency, accountability and efficiency in the collection of oil and gas revenues.
Speaking during the engagement, Mrs Eyesan commended the leadership of the NRS for reforms that culminated in the enactment of the NRS Act and described the transition of revenue collection responsibilities as smooth.
Mrs Eyesan said the process had been seamless. The CCE also highlighted the Commission’s efforts in creating an enabling environment for operators in the oil and gas industry.
“We are here to enable them, enable their businesses, ensure that they survive and succeed. And we want to grow the pie because when you grow the pie, everybody benefits,” she said.
She also disclosed that recent gains in crude production demonstrate that industry reforms and collaborative efforts by stakeholders are beginning to yield positive results.
“We are back to production. We are ramping up now, and we want to continue working. We still recognise the constraints. Infrastructure and asset integrity are major constraints, but we will work on these. Even human capacity in the industry—we see that because we want to grow, we must also grow that capacity to meet the demands,” she said.
The NUPRC boss also pointed out that one of the key targets upon assuming office was the digitisation of NUPRC’s operations, a goal she said has largely been achieved.
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