Economy
Nigeria Targets 1.5 Billion Barrels from 2024 Licensing Round
By Adedapo Adesanya
The Nigerian Upstream Petroleum Regulatory Commission (NUPRC) has disclosed that the 2024 oil licensing round is expected to yield as much as 1.5 billion barrels in oil output for Nigeria within the next 10 years.
The Executive Commissioner, Exploration and Acreage Management (E&M) of the commission, Mr Bashir Indabawa, stated this in a special edition of the NUPRC’s magazine to mark the 4th anniversary since its establishment.
Mr Indabawa stated that the E&AM department in the last four years has recorded several significant milestones in assessing the hydrocarbon potential of Nigeria’s sedimentary basins, building on the regulatory foundation for the implementation of the Petroleum Industry Act (PIA) 2021.
He said the commission expanded geoscience data coverage by facilitating the acquisition, processing and reprocessing of large volumes of 2D and 3D seismic data across both the onshore and offshore basins and advancing Nigeria’s multi-client projects.
This, he said, was done in partnership with local and international geophysical companies, to de-risk exploration and attract investments.
The NUPRC in 2024 opened an ambitious upstream licensing round aimed at revitalising Nigeria’s oil and gas sector. At launch the regulator invited bids for 12 new blocks onshore, continental shelf and deep offshore, alongside seven deep-offshore blocks carried over from the 2022/23 mini-bid round, bringing the initial package to 19 blocks.
However, following acquisition of additional subsurface data and a review of acreage, the NUPRC added 17 more deep offshore blocks while withdrawing five blocks under litigation (PPL 3008, 3009, PML 51, PPL 267, PPL 268), resulting in a revised total of 24 to 31 blocks on offer depending on counting method.
While implementing the Drill or Drop provisions of the PIA to reduce the number of inactive or underperforming licenses through monitoring and enforcement, Indabawa stated that about 400 fields were identified as fallow or inactive.
“Four companies from the 2020 Marginal Field Licensing Rounds have applied for conversion to Petroleum Mining Licence (PML) and added about 80MMbbl of oil reserve. In total, we are expecting the recently concluded 2024 Licensing Rounds to add between 500 million to 1.5 billion barrels of oil within the next five to 10 years,” the executive commissioner stated.
He acknowledged that while big players remain cautious due to geological risk, security, and energy transition dynamics, this encouraged indigenous operators to take the lead, adding that this set the stage for broader participation once more discoveries and infrastructure are established.
“Exploration activity has picked up since the 2023 decline. The NUPRC achieved this by enforcing acreage work obligations, fast-tracking Field Development Plans (FDPs), launching bid rounds, improving data access and deploying the Frontier Exploration Fund (FEF).
“The result is a number of seismic surveys, exploration wells and approved projects, which are expected to stabilise and grow Nigeria’s oil and gas reserves in the medium term. The 2023 regulations have brought structure, funding and transparency to frontier exploration.
“Early wins include stronger data coverage, improved industry participation (especially indigenous) and proof-of-concept developments like Kolmani. However, sustained success will depend on addressing security, infrastructure and energy transition dynamics to fully unlock Nigeria’s frontier hydrocarbon potential.
“The passage of the regulation has brought about a resurgence of exploration activities by the NNPC- Enserv to acquire geological, geochemical and geophysical data in the frontier basins.
“This is a key element of de-risking these basins to enable hydrocarbon discovery and exploitation. Kolmani exploration phase has been concluded and is now in the FDP phase.
“Re-entering the Chad basin through Wadi wells drilling campaign and the ongoing drilling effort in the lower Benue trough via the drilling of Ebenyi-01 well in Obi LGA of Nasarawa State are testimonies of renewed exploration activities brought about by the passage of the regulation,” he stated.
According to him, the recent bid rounds have helped unlock reserves from dormant marginal fields and open blocks by reallocating them to new operators with technical and financial capacity.
By Dipo Olowookere
A cryptocurrency investor and owner of Polyfarm, Mr Bamu Gift Wandji, is currently cooling off in the custody of the Economic and Financial Crimes Commission (EFCC).
He was handed over to the anti-money laundering agency by the Nigerian Security and Civil Defence Corps (NSCDC) on Friday, January 30, 2026, after his arrest on Monday, January 12, 2026.
A statement from the EFCC yesterday disclosed that the suspect was apprehended by the NSCDC in Gwagwalada, Abuja for running an investment scheme without the authorisation of the Securities and Exchange Commission (SEC), which is the apex capital market regulator in Nigeria.
It was claimed that Mr Wandji created a fraudulent crypto investment platform called Polyfarm, where he allegedly lured innocent Nigerians to invest in Polygon, a crypto token that attracts high returns.
Investigation further revealed that he also deceived the public that his project, Polyfarm, has its native token called “polyfarm coin” which he sold to the public.
In his bid to promote the scheme, the suspect posted about this on social media platforms, including WhatsApp, X (formally Twitter) and Telegram. He also conducted seminars in some major cities in Nigeria including Kaduna, Lagos, Port Harcourt and Abuja where he described the scheme as a life-changing programme.
Further investigation revealed that in October, 2025, subscribers who could not access their funds were informed by the suspect that the site was attacked by Lazarus group, a cyber attacking group linked to North Korea.
Further investigations showed that Polyfarm is not registered and not licensed with SEC to carry out crypto transactions in Nigeria. Also, no investment happened with subscribers’ funds and that the suspect used funds paid by subscribers to pay others in the name of profit.
Investigation also revealed that native coin, polyfarm coin was never listed on coin market cap and that the suspect sold worthless coins to the general public.
Contrary to the claim of the suspect that his platform was attacked, EFCC’s investigations revealed that the platform was never attacked or hacked by anyone and that the suspect withdrew investors’ funds and utilized the same for his personal gains.
The EFCC, in the statement, disclosed that Mr Wandji would be charged to court upon conclusion of investigations.
By Dipo Olowookere
Profit-takers pounced on the Nigerian Exchange (NGX) Limited on Friday, weakening it by 0.09 per cent at the close of transactions.
Investors toned down on their hunger for Nigerian stocks during the last trading session of the week, with selling pressure mainly on the banking space, which shed 0.78 per cent.
The bourse crumbled despite the other sectors closing green, with the consumer goods up by 0.10 per cent, and the energy index up by 0.02 per cent, while the industrial index closed flat.
Livestock Feeds depreciated by 10.00 per cent to sell for N6.30, Learn Africa declined by 10.00 per cent to N8.10, Living Trust Mortgage Bank also slipped by 10.00 per cent to N4.05, Deap Capital gave up 9.97 per cent to trade at N9.39, and Industrial and Medical Gases lost 9.61 per cent to finish at N31.50.
On the flip side, Zichis appreciated by 9.97 per cent to N4.19, Abbey Mortgage Bank gained 9.94 per cent to quote at N9.40, RT Briscoe jumped by 9.93 per cent to N7.86, Haldane McCall grew by 9.90 per cent to N4.33, and Omatek increased by 9.87 per cent to N3.00.
Business Post reports that the market breadth index was positive despite the poor outcome, recording 33 price gainers and 31 price losers, representing strong investor sentiment.
The All-Share Index was down by 156.91 points during the session to 165,370.40 points from the 165,527.31 points achieved a day earlier, and the market capitalisation depleted by N184 billion to N106.153 trillion from N105.969 trillion.
Trading data showed that 687.4 million equities valued at N15.0 billion exchanged hands in 41,553 deals yesterday compared with the 691.4 million equities worth N15.4 billion traded in 38,665 deals on Thursday, implying a jump in the number of deals by 7.47 per cent, and a slip in the trading volume and value by 2.60 per cent, respectively.
The busiest stock on Friday was Veritas Kapital with 80.5 million units worth N197.0 million, Secure Electronic Technology transacted 79.3 million units valued at N87.5 million, Deap capital transacted 33.3 million units for N340.5 million, Access Holdings sold 31.0 million units valued at N703.0 million, and Zenith Bank exchanged 30.6 million units worth N2.2 billion.
By Adedapo Adesanya
The NASD Over-the-Counter (OTC) Securities Exchange appreciated by 0.20 per cent on Friday, January 30, supported by the gains achieved by two securities on the platform.
During the session, Okitipupa Plc went up by N15.70 to finish at N234.60 per share versus the previous day’s N218.90 per share and Paintcomm Investment Plc expanded by 5 Kobo to close at N11.05 per unit compared with the previous day’s N11.00 per unit.
It was observed that yesterday, there were three price losers led by Geo-Fluids Plc, which dropped 60 Kobo to sell at N5.75 per share versus N6.35 per share, Afriland Properties Plc declined by 35 Kobo to close at N13.65 per unit compared with Thursday’s closing price of N14.00 per unit, and Industrial and General Insurance (IGI) Plc depreciated by 3 Kobo to 66 Kobo per share from 69 Kobo per share.
At the close of business, the NASD Unlisted Security Index (NSI) rose by 7.34 points to 3,630.11 points from 3,622.77 points and the market capitalisation grew by N4.39 billion to N2.171 trillion from N2.167 trillion.
A total of 287,618 units of securities exchanged hands on Friday compared with the previous day’s 1.9 million units of securities, indicating a decline in the volume of trades by 85.6 per cent.
The value of transactions, according to data, was down by 77.2 per cent to N3.1 million from N13.4 million, but the number of deals increased by 31.3 per cent to 21 deals from 16 deals.
Central Securities Clearing System (CSCS) Plc remained the most traded stock by value (year-to-date) with 15.4 million units exchanged for N623.0 million, followed by FrieslandCampina Wamco Nigeria Plc with 1.6 million units traded for N108.5 million, and Geo-Fluids Plc with 9.1 million units valued at N61.1 million.
CSCS Plc also ended the session as the most active stock by volume (year-to-date) with 15.4 million units sold for N623.0 million, followed by Mass Telecom Innovation Plc with 10.1 million units worth N4.1 million, and Geo-Fluids Plc with 9.1 million units valued at N61.1 million.
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