Economy
Komolafe Says Digitalisation Cuts Oil Licensing Corruption by 70%
By Adedapo Adesanya
The Chief Executive of the Nigerian Upstream Petroleum Regulatory Commission (NUPRC), Mr Gbenga Komolafe, has said that the commission’s reduction of human interference in its licensing and permit issuance processes reduced corruption by 70 per cent.
This is coming as the NUPRC announced a strategic partnership with an Argentine tech company, Galileo, for the reduction of gas flaring in the oil and gas industry in Nigeria.
Speaking during a visit by the management of the Independent Corrupt Practices and Other Related Offences Commission (ICPC) to the NUPRC’s headquarters in Abuja, Mr Komolafe highlighted the crucial role the NUPRC played in regulating and supervising Nigeria’s upstream petroleum sector, emphasising the commission’s focus on promoting transparency, efficiency, and sustainability through a robust regulatory framework.
According to him, the organisation’s efforts have facilitated investment, enhanced operational standards, and maximised the socioeconomic benefits derived from Nigeria’s commonwealth.
He noted that combating corruption required a multifaceted approach, to which the firm was deeply committed, leading to the implementation of several initiatives to promote accountability and good governance.
Mr Komolafe said the award of petroleum licences through open competitive bids has enhanced transparency and eliminated partiality and favouritism.
He added that the transparent approach has instilled confidence in investors and stakeholders, fostering a ‘corruption-free’ environment in Nigeria’s oil and gas sector.
In addition, he said the establishment of the beneficial ownership register, as mandated by the Petroleum Industry Act (PIA), would provide valuable insights into the ownership structures of entities operating within the upstream petroleum sector.
According to him, this has helped enhance accountability and prevent illicit financial flows.
“The commission is also in the process of gazetting a code of conduct for operators in the sector to ensure adherence to ethical practices, with penalties for non-compliance.
“The NUPRC has also taken steps to reduce human interference in its permit processes, successfully decreasing incidents of bribery by 70 per cent through digitising permits and licensing processes. The implementation of the oil and gas industry service permit portal allows for transparent and expeditious processing of permits.
“Furthermore, the commission recently launched the ‘Host Comply’ platform to enhance the administration of the Host Communities Development Trust (HCDT). This initiative ensures that host communities benefit directly from petroleum operations and simplifies the administration, reporting, monitoring, and management of development trust activities.
“In February 2024, the commission inaugurated an anti-corruption unit to ensure that its operations are conducted with integrity and in compliance with regulatory standards,” a part of a statement issued by NUPRC on Saturday stressed.
Mr Komolafe, commended the ICPC for its pivotal role since its inception in 2000, lauding the agency for its efforts in investigating and prosecuting corrupt practices across various sectors, safeguarding public resources, and promoting ethical conduct throughout Nigeria.
In his remarks, ICPC Chairman, Mr Musa Aliyu, noted the establishment of a special investigation unit within the commission, underscoring the NUPRC’s efforts at transparency and efficiency.
Highlighting initiatives such as the metering system and Host Comply, Aliyu assured NUPRC of ICPC’s unwavering support in the fight against corruption and urged the members of staff to support leaders with integrity to enhance Nigeria’s global image.
As MSMEs across the South-East seek opportunities for growth, market expansion and cross-border trade, Stanbic IBTC, in partnership with the Anambra State Government, convened the Nigeria Business Summit Regional Tour in Onitsha to equip businesses with practical solutions for sustainable growth.
The summit, organised in collaboration with the Anambra State Ministry of Commerce, Industry and Trade, brought together government officials, business leaders, trade associations, development partners and entrepreneurs to explore practical pathways for economic growth, business sustainability and increased participation in local and international trade.
Speaking at the event, which took place on Wednesday, 29 July 2026, Honourable Nonso Chukwuma Ebonwu, Commissioner for Commerce and Industry, Anambra State, highlighted the importance of stronger partnerships between government, financial institutions and the private sector in creating an environment where businesses can thrive and contribute meaningfully to economic growth.
“Sustainable economic development requires strong partnerships between the public and private sectors. Financial institutions such as Stanbic IBTC have an important role to play by providing not only access to finance but also business advisory services, capacity building and the knowledge that enables businesses to grow sustainably,” he said.
Given Onitsha’s strategic position as a commercial hub, discussions centred on access to finance, enterprise development, business sustainability and opportunities for expansion into new markets. Stanbic IBTC’s Trade Team also provided practical insights into trade and export opportunities available to businesses operating within the South-East’s manufacturing and distribution value chains, highlighting strategies that can help enterprises improve competitiveness and unlock new growth opportunities.
Commenting on Stanbic IBTC’s commitment to supporting Nigerian businesses, Chuma Nwokocha, Chief Executive, Stanbic IBTC Holdings, said:
“We recognise the critical role businesses play in driving economic growth, creating jobs and fostering innovation. Supporting their growth remains central to our purpose of driving Africa’s growth, and we will continue to provide the solutions, partnerships and platforms they need to thrive.”
Also commenting on Stanbic IBTC’s support for Nigerian businesses, Remy Osuagwu, Executive Director, Business and Commercial Banking, Stanbic IBTC Bank, said:
“Our commitment to supporting businesses is unrelenting. Through strategic partnerships and platforms such as the Nigeria Business Summit Regional Tour, we are connecting entrepreneurs to the knowledge, networks and financial solutions needed to scale their businesses and compete more effectively in today’s evolving marketplace.”
The summit also highlighted Stanbic IBTC’s focus on providing businesses with access to the capital, insights and connections needed to achieve sustainable growth. This commitment aligns with the strategic direction of the bank’s Enterprise Banking business, led by Olajumoke Bello, as Stanbic IBTC continues to deepen engagement with MSMEs and growth-focused businesses across Nigeria.
The Onitsha engagement builds on successful editions of the Nigeria Business Summit Regional Tour previously held in Katsina, Aba and Ibadan. Through the initiative, Stanbic IBTC continues to work with public and private sector stakeholders to equip entrepreneurs with practical insights, strategic partnerships and business solutions that support sustainable growth.
By Aduragbemi Omiyale
The board of Presco Plc has proposed the payment of an interim dividend of N10 per share to shareholders of the organisation for the first six months of this year.
This information was conveyed in the unaudited financial statements of the company released to the Nigerian Exchange (NGX) Limited.
In the results for the half-year ended June 30, 2026, the fully integrated agro-industrial firm said the cash reward reinforces its commitment to delivering consistent shareholder returns.
It further assured that looking ahead, it remains focused on disciplined capital allocation, operational efficiency and long-term value creation while navigating evolving market conditions.
A look at the key financial highlights of the results showed that revenue was relatively stable at about N199.0 billion in the first half of 2026 and the same period of 2025 amid a high-cost operating environment and softer crude palm oil prices.
However, the pre-tax profit rose by 9.3 per cent to N122.2 billion from N119.9 billion as result of a 31.9 per cent reduction in financing costs.
Further, the Edo State-based company posted an EBITDA of N123.1 billion, which yielded a margin of 61.9 per cent, as the organisation strengthened its balance sheet, reducing total liabilities by 42.5 per cent to N277.8 billion, while equity grew 13.8 per cent to N503.6 billion, with a current ratio of 345.6 per cent, which underscores robust liquidity.
“Our H1 2026 performance underscores the strength of our operational model in a challenging environment. The 9.3 per cent growth in profit before tax, driven largely by a 31.9 per cent reduction in financing costs, reflects our deliberate focus on cost optimisation and balance sheet discipline.
“With equity up 13.8 per cent and liabilities down by 42.5 per cent, we have further fortified our financial foundation.
“The proposed interim dividend of N10 per share signals our confidence in the business’s trajectory and our commitment to rewarding shareholders,” the chief executive of Presco, Mr Reji George, stated.
By Aduragbemi Omiyale
The ex-depot prices of the two major petroleum products in the country, Premium Motor Spirit (PMS), commonly known as petrol, and Automotive Gas Oil (Diesel), have been slashed by Dangote Petroleum Refinery.
The company, in a statement on Wednesday, disclosed that while petrol is now N1,165 per litre, diesel is now N1,570 per litre.
The energy firm said it slashed the prices to reaffirm its commitment to providing affordable, high-quality petroleum products to the Nigerian market.
The latest cut in the price of PMS represents N50, as it was previously sold to marketers at N1,215 per litre, while diesel witnessed an N80 reduction, as it was formerly being sold at N1,650 per litre.
Dangote Refinery stated that the downward price review reflects its ongoing efforts to enhance energy affordability, improve access to refined petroleum products, and support economic activities across Nigeria, saying it remains committed to ensuring stable supply while leveraging operational efficiencies to deliver value to consumers, businesses, and stakeholders.
As Africa’s largest refinery, Dangote Petroleum Refinery continues to play a pivotal role in strengthening Nigeria’s energy security, reducing reliance on imports, and supporting the nation’s economic development through the supply of world-class petroleum products.
The company reaffirmed its dedication to contributing to the growth of the Nigerian economy and passing on the benefits of improved operational efficiencies to consumers whenever market conditions permit.
