By Adedapo Adesanya

Nigeria will introduce real-time tracking for oil export shipments, requiring exporters to obtain a permit, vessel clearance and a unique identification number to enable monitoring of cargoes.

According to the Nigerian Upstream Petroleum Regulatory Commission (NUPRC), the updated regulations are designed to enable real-time monitoring of oil cargo exports to combat theft and under-declaration at export terminals, and thereby significantly enhance government revenue.

The new directive, issued under the Nigerian Upstream Petroleum Advance Cargo Declaration Regulation 2024, mandates the use of the commission’s online platforms for the processing of all pre-shipment documentation.

This includes verifying the identity of exporters, confirming export volumes, and embedding a UIN into every clearance notification to enable real-time tracking.

According to the agency, all relevant export documents, such as the Bill of Lading, Certificate of Origin, and cargo manifest, must reference the UIN to ensure full traceability and compliance with regulatory protocols.

The guidelines, approved by the organisation’s chief executive, Mr Gbenga Komolafe, aim to address long-standing issues of under-declaration, oil theft, and revenue loss at export terminals.

According to a statement, the guidelines issued under Section 10(f) of the Petroleum Industry Act 2021, provide a comprehensive framework for obtaining export permits, vessel clearance, and a mandatory Unique Identification Number for all crude oil, condensate, natural gas liquids, and petroleum product exports from Nigerian terminals and export points.

According to NUPRC, the Advance Cargo Declaration (ACD) solution is designed to enhance transparency and accountability in crude oil export operations.

NUPRC aims to achieve this by establishing a robust system for declaring and tracking crude oil movement, from production to export terminals, and ensuring that only certified products are exported.

The ACD solution will monitor and account for crude oil movement by tracking crude oil from its origin within Nigeria to its export point, ensuring a clear record of its journey.

It will also prevent disruptions, theft, and under-declaration of petroleum products by providing a transparent and traceable system.

The NUPRC explained that the new system, driven by its Advance Cargo Declaration Portal, allows for seamless integration with other government export systems, real-time monitoring, and timely upload of cargo data within 24 hours of loading.

The regulation applies to all licences and leases granted or preserved under the Petroleum Industry Act, 2021, covering exports from every terminal and point of exit across the country.

In addition, the guidelines empower the Commission to deny vessel clearance for incomplete or false documentation. Offenders may be penalised through administrative fines and other sanctions.

Mr Komolafe emphasised that the initiative aligns with the Commission’s broader mandate to modernise the upstream oil sector, minimise waste, maximise government revenue, and enforce regulatory compliance in line with the Petroleum Industry Act.

By Adedapo Adesanya

The OPEC Fund for International Development has pledged to provide more than $1 billion in funding to Africa and developing countries elsewhere as part of a broader $2 billion pledge by Arab nations over the next five years.

The fund, founded by the Organisation of the Petroleum Exporting Countries (OPEC) to fund projects in non-OPEC member states, also laid out a new trade finance initiative to help countries secure imports and liquidity during periods of turmoil.

It comes as the United States and a number of European countries reduce the amount of bilateral aid they provide to poorer countries around the world.

The Vienna-based OPEC Fund announced on Wednesday around $720 million in new financing to support development efforts across Africa, Asia, Latin America and the Caribbean, and the signing of $362 million in new loan agreements.

The agreements included a $300 million plan for Rwanda over the next three years as well as programmes worth $65 million and $40 million, respectively, in Ivory Coast and for the Uganda-based East African Development Bank.

The OPEC Fund also announced a new Trade Finance Initiative to boost trade resilience in partner countries by facilitating access to essential imports, closing liquidity gaps, and strengthening resilience to external shocks in vulnerable economies.

There was also a cooperation agreement with the Central American Bank for Economic Integration for infrastructure, energy and human development projects and the formalisation of a tie up with the Islamic Organization for Food Security on climate-resilient agriculture.

The OPEC Fund hosted the annual meeting of the heads of institutions of the Arab Coordination Group (ACG) this week.

The roundtable resulted in an ACG joint pledge of $2 billion financing over the next five years. A dedicated Arab Donors Roundtable on the Sahel also discussed greater support for the region’s urgent challenges such as drought.

The OPEC Fund also disclosed that a cooperation agreement with the International Anti-Corruption Academy (IACA) will support training programs to promote institutional transparency and anti-corruption capacity building in partner countries.

By Dipo Olowookere

A subsidiary of United Capital, United Capital Asset Management West Africa Limited (UCAMWAL), has finally commenced operations, introducing two new mutual funds targeted at investors throughout Francophone West Africa.

The new firm, headquartered in Cote d’Ivoire, will deliver sophisticated yet accessible wealth management solutions to residents of the region, especially in Benin Republic, Burkina Faso, Côte d’Ivoire, Guinea-Bissau, Mali, Niger, Senegal, and Togo.

United Capital recently made an in-road to the French-speaking country as part of its strategic pan-African expansion. It obtained a license from the Financial Markets Authority of the West African Economic and Monetary Union (AMF-UMOA).

Business Post reports that UCAMWAL has launched two CFA franc-denominated mutual funds known as the UCAMWAL Bond Fund and the UCAMWAL Diversified Fund.

These products have been carefully designed to meet the diverse needs of both individual and institutional investors, offering tailored support to long-term wealth creation while addressing varying risk appetites.

The UCAMWAL Bond Fund is a low-risk, open-ended fund that focuses on fixed-income and money market instruments, making it ideal for steady capital preservation and long-term wealth building, while the UCAMWAL Diversified Fund offers moderate risk exposure through a balanced mix of fixed income, money market assets, and equities – perfect for investors seeking both growth and income diversification.

“These funds are tailored to meet the distinct needs of our investors, blending global standards with local market insight. We recognize that every investor’s journey is unique, which is why our solutions are built to support diverse goals across different life and business stages,” the Managing Director of UCAMWAL, Labas Bamba, explained.

“This product launch signals the kick-off of the expansion of our pan-African footprint, starting with the WAEMU region. We are here to make a difference, and we are bringing our proven investment expertise into this market, to support cross-border investment, and support Africa-driven prosperity,” the chief executive of United Capital, Mr Peter Ashade, said.

The Director for Africa Operations at United Capital, Mr Ejikeme Okoli, said, “Our strategy is not exploitative but collaborative, and will harness local insights to create shared value. We aim to deliver tailored financial solutions, manage risk effectively, and drive inclusive growth across the region.”