Economy
NUPRC Completes Regulatory Approval for Eni, Equinor Divestment Deals
By Adedapo Adesanya
The Nigerian Upstream Petroleum Regulatory Commission (NUPRC) on Wednesday announced the completion of all regulatory processes for the assets sale between Eni’s Nigerian Agip Oil Company (NAOC) as well as that between Equinor and Chappal.
The chief executive of NUPRC, Mr Gbenga Komolafe, disclosed this on the final day of the NOG Energy Week in Abuja and said the signing ceremonies for the two concluded deals would come up in a few days.
The regulator also stated that documents submitted by Shell Petroleum Development Company (SPDC) in its $2.4 billion deal were undergoing due diligence by the commission, pending approval.
On the Mobil Producing Nigeria (MPN) and Seplat $2.4 billion oil assets’ sale, Mr Komolafe, explained that the latter opted for ministerial consent before finalising pending issues with the commission.
In November last year, the Norwegian state-owned multinational energy company, Equinor, said it had inked a deal with Nigerian-owned Chappal Energies, allowing the latter to acquire its business in Africa’s biggest oil producer.
The transaction included Equinor Nigeria Energy Company’s 20.2 per cent stake in Chevron-operated Agbami, the country’s largest deep-water oilfields. Equinor holds a 53.9 per cent interest in oil & gas lease OMLs 128 and 129.
Also, in August 2023, Oando Plc reached an agreement with Eni on the acquisition of a 100 per cent stake in its subsidiary, Agip.
The transaction is expected to expand Oando’s current participating interests in oil mining leases (OMLs) 60, 61, 62, and 63, from 20 per cent to 40 per cent.
Mr Komolafe added, “As a matter of fact, I find it necessary to announce here this afternoon, how we are always very willing to inform the industry about the status of our activities. So, as regards the status of the four divestments, the first, the Oando divestment, I’m happy to announce that the exercise has been completed, as I speak to you, and the signing ceremony will be conducted in a few days.
“In a likewise manner, the divestment involving Equinor and Chappal is equally completed and the signing ceremony will be conducted in the coming days, equally. So, we can celebrate that.
“As regards the divestment of SPDC to the group for renaissance, the status is that the regulator has received the documentation and the transaction is currently underway in the industry. So, we hope that it will be gradually positioned to be announced in a few months.
“Then, regarding the divestment, the transaction involving Mobil and Seplat, currently, the company has expressed commitment to proceed to apply for ministerial consent to conclude the documentation to the commission.
“So, the position I’m expressing here is that the NUPRC, as the regulator, as we speak, is yet to receive the documentation for due diligence in respect of Mobil and Seplat transaction.”
He added that whereas Nigeria’s oil rig count fell to as low as eight in 2021, it had recently soared to as many as 34 as of June 24, underscoring the increasing activities in the upstream sector.
On the commission’s high-impact achievements, the NUPRC chief executive stated that it conducted an industry-wide integrated study on the re-activation of shut-in strings in Nigeria to unlock 700,000 barrels per day while approvals were granted for well interventions and re-entry operations with the potential to develop greater than six million barrels of oil and five trillion cubic feet (TCF) of gas.
Komolafe added that NUPRC approved field development plans for additional production from four fields with a peak potential of circa 125 thousand barrels of oil per day.
By Adedapo Adesanya
TotalEnergies EP Nigeria has signed a Sale and Purchase Agreement with Vaaris for the divestment of its 10 per cent non-operated interest in the Renaissance JV licences in Nigeria.
The Renaissance JV, formerly known as the SPDC JV, is an unincorporated joint venture between Nigerian National Petroleum Company Limited (55 per cent), Renaissance Africa Energy Company Ltd (30 per cent, operator), TotalEnergies EP Nigeria (10 per cent) and Agip Energy and Natural Resources Nigeria (5 per cent), which holds 18 licences in the Niger Delta.
In a statement by TotalEnergies on Wednesday, it was stated that under the agreement signed with Vaaris, TotalEnergies EP Nigeria will sell its 10 per cent participating interest and all its rights and obligations in 15 licences of Renaissance JV, which are producing mainly oil.
Production from these licences, it was said, represented approximately 16,000 barrels equivalent per day in company’s share in 2025.
The agreement also stated that TotalEnergies EP Nigeria will also transfer to Vaaris its 10 per cent participating interest in the three other licences of Renaissance JV which are producing mainly gas, namely OML 23, OML 28 and OML 77, while TotalEnergies will retain full economic interest in these licences, which currently account for 50 per cent of Nigeria LNG gas supply.
Business Post reports that the conclusion of the deal is subject to customary conditions, including regulatory approvals.
“TotalEnergies EP Nigeria has signed a Sale and Purchase Agreement with Vaaris for the sale of its 10 per cent non-operated interest in the Renaissance JV licences in Nigeria.
“Under the agreement signed with Vaaris, TotalEnergies EP Nigeria will sell to Vaaris its 10 per cent participating interest and all its rights and obligations in 15 licences of Renaissance JV, which are producing mainly oil. Production from these licences represented approximately 16,000 barrels equivalent per day in the company’s share in 2025.
“TotalEnergies EP Nigeria will also transfer to Vaaris its 10 per cent participating interest in the 3 other licenses of Renaissance JV, which are producing mainly gas (OML 23, OML 28 and OML 77), while TotalEnergies will retain full economic interest in these licenses, which currently account for 50 per cent of Nigeria LNG gas supply. Closing is subject to customary conditions, including regulatory approvals,” the statement reads in part.
The development is part of TotalEnergies’ strategies to dump more assets to lighten its books and debt.
By Aduragbemi Omiyale
The trading licence of Monument Securities and Finance Limited has been revoked by the regulatory arm of the Nigerian Exchange (NGX) Group Plc.
Known as NGX Regulations Limited (NGX Regco), the regulator said it took back the operating licence of the organisation after it shut down its operations.
The revocation of the licence was approved by Regulation and New Business Committee (RNBC) at its meeting held on September 24, 2025, a notice from the signed by the Head of Market Regulations at the agency, Chinedu Akamaka, said.
“This is to formally notify all trading license holders that the board of NGX Regulation Limited (NGX RegCo) has approved the decision of the Regulation and New Business Committee (RNBC)” in respect of Monument Securities and Finance Limited, a part of the disclosure stated.
Monument Securities and Finance Limited was earlier licensed to assist clients with the trading of stocks in the Nigerian capital market.
However, with the latest development, the firm is no longer authorised to perform this function.
Economy
NEITI Advocates Fiscal Discipline, Transparency as FG, States, LGs Get N6trn in Three Months
By Adedapo Adesanya
The Nigeria Extractive Industries Transparency Initiative (NEITI) has called for fiscal discipline and transparency as data showed that federal government, states, and local governments shared a whopping N6 trillion Federation Account Allocation Committee (FAAC) disbursements in the third quarter of last year.
In its analysis of the FAAC Q3 2025 allocation, the body revealed that the federal government received N2.19 trillion, states received N1.97 trillion, and local governments received N1.45 trillion.
According to a statement by the Director of Communication and Stakeholders Management at NEITI, Mrs Obiageli Onuorah, the allocation indicated a historic rise in federation account receipts and distributions, explaining that year-on-year quarterly FAAC allocations in 2025 grew by 55.6 per cent compared with Q3 of 2024 while it more than doubling allocations over two years.
The report contained in the agency’s Quarterly Review noted that the N6 trillion included 13 per cent payments to derivative states. It also showed that statutory revenues accounted for 62 per cent of shared receipts, while Value Added Tax (VAT) was 34 per cent, and Electronic Money Transfer Levy (EMTL) and augmentation from non-oil excess revenue each accounted for 2 per cent, respectively.
The distribution to the 36 states comprised revenues from statutory sources, VAT, EMTL, and ecological funds. States also received additional N100 billion as augmentation from the non-oil excess revenue account.
The Executive Secretary of NEITI, Mr Sarkin Adar, called on the Office of the Accountant General of the Federation, the Revenue Mobilisation Allocation and Fiscal Commission (RMAFC) FAAC, the National Economic Council (NEC), the National Assembly, and state governments to act on the recommendations to strengthen transparency, accountability, and long-term fiscal sustainability.
“Though the Quarter 3 2025 FAAC results are encouraging, NEITI reiterates that the data presents an opportunity to the government to institutionalise prudent fiscal practices that will protect the gains that have been recorded so far in growing revenue and reduce vulnerability to commodity shocks.
“The Q3 2025 FAAC results are encouraging, but windfalls must be managed with discipline. Greater transparency, realistic budgeting, and stronger stabilisation mechanisms will ensure these resources deliver durable benefits for all Nigerians,” Mr Adar said.
NEITI urged the government at all levels to ensure the growth of Nigeria’s sovereign wealth and stabilisation capacity, by committing to regular transfers to the Nigeria Sovereign Wealth Fund and other related stabilisation mechanisms in line with the fiscal responsibility frameworks.
It further advised governments at all levels to adopt realistic budget benchmarks by setting more conservative and achievable crude oil production and price assumptions in the budget to reduce implementation gaps, deficit, and debt metrics.
This, it said, is in addition to accelerating revenue diversification by prioritising reforms that would attract investments into the mining sector, expedite legislation to modernise the Mineral and Mining Act, support reforms in the downstream petroleum sector, as well as the full implementation of the Petroleum Industry Act (PIA) to expand domestic refining and value addition.
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