By Adedapo Adesanya

Nigeria is considering a restructure of asset ownership in the Nigerian National Petroleum Company (NNPC) Limited to increase dwindling crude oil production.

The Special Adviser to the President on Energy, Mrs Olu Verheijen, said restructuring the national oil company would revitalise Nigeria’s oil and gas sector and ensure energy security and sustainable development.

Speaking at the ongoing Nigerian Association of Petroleum Explorationists (NAPE) Conference in Lagos, she stressed that achieving the three-million-barrel daily oil production goal requires performance-based stewardship even as she questioned NNPC’s capacity to deliver incremental growth.

The development comes amid concerns over low oil production. Crude oil production hovered around 1.3- 1.5 million barrels per day in the last two years, according to data from the Organization of the Petroleum Exporting Countries (OPEC).

Mrs Verheijen noted that restructuring the national oil company will revitalise Nigeria’s oil and gas sector and ensure energy security and sustainable development.

She revealed that the NNPC E&P Limited produces just 220,000 barrels a day, about 10 per cent of the national output.

Mrs Verheijen expressed doubts that the NNPCL can fund and execute the drilling campaigns needed to increase production.

According to her, unlike in the era of international oil companies onshore, the current joint venture partners can no longer carry the NNPC, asking if the state-owned firm can deliver the incremental growth needed on its sole balance sheet.

If not, the special adviser said the country must have the courage to restructure asset ownership and invite those who can deliver credible operators in the technical capacity, the financial depth, and the governance discipline, saying revitalisation requires performance-based stewardship, not sentiment.

“Independence will also matter more than ever, but independent must not mean inert. Our journey to three million barrels depends on companies like Renaissance, Oando, Seplat, Aiteo, and others moving beyond workovers and infill drilling toward bold, large-scale greenfield developments.

“Campaigns of the magnitude of Shell’s Forcados or ExxonMobil’s satellite field and NGL projects that truly move the needle, but at the same time, NEPL (NNPC E&P Limited) is now a critical lever for growth, and they only produce 220,000 barrels a day; that is less than 10 per cent of our national production. But can it fund and execute the drilling campaigns needed to juggle that figure?

“And unlike the IOC era onshore, its JV partners can no longer carry NNPC, so we must ask the hard question: Can an NNPC deliver the incremental growth we need on its own balance sheet? If not, we must have the courage to restructure asset ownership and invite those who can deliver credible operators in the technical capacity, the financial depth, and the governance discipline. Revitalisation requires performance-based stewardship, not sentiment,” she revealed.

Mrs Verheijen outlined a broader framework she calls the ‘four R’s’—  reserves, revenues, reliability, and responsibility, as the yardstick for Nigeria’s energy sector.

On reserves, she said, “Rebuilding the opportunity set. Exploration is not a PowerPoint slide. It is a risky business. But risk has a price, and clarity is the discount. Since 2023, under President Tinubu’s leadership, Nigeria has worked to restore that clarity.”

She stressed the need for Nigeria to act fast to attract investment, saying the world is not standing still, and the countries will not wait for one another to catch up.

“For us in Nigeria, we must do more and move faster to attract exploration and production investment. And our investors have never been so spoiled for choice. The decisions they take will depend on clear, hard-headed assessments of where they can most easily deploy capital and achieve the best returns,” she stated.

She added that the Tinubu administration had prioritised reforms that make Nigeria a destination of choice for investments.

She further highlighted revenue generation and domestic value creation. According to her, in just 18 months, the current government had unlocked over $8 billion in final investment decisions through Ubeta, Bonga North, and HI.

“With a clear line of sight to another $20 billion, these aren’t signatures, they’re shovels in the ground. We’re commercialising gas through long-dated GSAs, anchoring LNG pipeline, gas-to-power, industrial uptake, expanding midstream infrastructure that turns stranded molecules into bankable assets.

“But our revenue agenda goes beyond exports. It is about domestic value creation, gas-to-power to stabilise our grid, LPG and CNG to replace fossil fuels, petrochemicals and fertilisers to strengthen agriculture and build our industrial base, and a refining that ends import dependence and positions Nigeria as a reliable supplier not just to Nigeria but to West Africa,” she said.

By Modupe Gbadeyanka

A report by the United Nations (UN) revealed that only about 5–10 per cent of Nigerian small businesses survive and scale up in the first five years of their operations.

The reason for this, according to the founder of Blaque Swann Legal Practitioners, Mrs Titilope Adisa-Obafemi, is because many Nigerian entrepreneurs begin their businesses without structures, protection and strategy.

This is why her organisation is organising a programme to equip business owners, creatives, and professionals with the knowledge, legal protection, and strategies they need to not just survive, but to thrive.

The event, known as ASCEND 360: Build, Protect, Grow, will take place on Saturday, November 22, 2025, in Lagos.

The conference will feature a dynamic lineup of thought leaders and professionals, including Olushola Olaleye, serial entrepreneur and founder of Trips Clothing; Tomike Adeoye, influencer, actress and media personality; Babalola Ifeoluwa-Isaac (SnappCode), Nigeria’s most-booked lifestyle creative; Pastor Tunde Adisa, business coach and mentor; Bukola Odoe, Special Adviser, Office of Public and Private Partnerships, Lagos State; Jubril A. Gawat, Senior Special Assistant to the Lagos State Governor on New Media; Mr Rotimi Toluhi, the MD/CEO of Atorj Technologies Limited; Damilola Adeyemi, a 360 marketing expert, COO, RedrickPR; Ebuka Chidube, pioneer new age digital marketing strategist building The Exodigital Company, and Temidayo Adeyemi, HOO of Blaque Swann Legal Practitioners.

Supported by partners including McVities, Indulge Microfinance Bank, Lekan Adisa Foundation, and Silverbird, ASCEND 360 will provide not just thought leadership but also networking opportunities and policy-relevant conversations aimed at reshaping the future of Nigerian SMEs, Creators, and Career Professionals.

Commenting on the vision behind ASCEND 360, Mrs Adisa-Obafemi, said, “Passion and talent are powerful, but they are not enough. Many Nigerian entrepreneurs start businesses without the structures, protection, and strategy they need to last. ASCEND 360 is about closing that gap; giving them the tools to not just survive, but to grow and thrive.”

By Adedapo Adesanya

The Oyo/Osun Command of the Nigeria Customs Service (NCS) says it has intensified its clampdown on fuel smuggling and cross-border economic sabotage, intercepting petroleum products and other prohibited goods worth over N818.7 million in Duty Paid Value, DPV, between June and October 2025.

The Customs Area Controller, Oyo/Osun Command, Mr Gambo Aliyu, said the seizure included 403 kegs (25 litres each) of Premium Motor Spirit, PMS, 1,054 used tyres, 3,671 bags of foreign parboiled rice, 166 bales and 19 sacks of used clothes, unregistered pharmaceuticals, and several vehicles, including a Toyota Hilux and a Mercedes-Benz GLE.

He said the surge in smuggling, particularly of petrol, was linked to price differentials between Nigeria and neighbouring countries, a trend the Service is determined to crush through enhanced patrols and intelligence-led operations.

“Smuggling of petroleum products is a serious economic crime that undermines our nation’s energy security and revenue base,” Mr Aliyu warned.

“The 403 kegs of PMS we seized were clearly destined for illegal export, denying Nigerians access to a product that is already subsidized by our collective resources.”

Mr Aliyu, who assumed office on September 3, 2025, said the Command is working closely with sister security agencies and border communities to block all illegal routes used by smugglers to siphon fuel and other goods out of the country.

Nigeria, Africa’s largest oil producer, faces challenges to its oil production with oil theft hampering the country from making optimal benefit from one of its most abundant resources.

“We are strengthening our enforcement architecture through collaboration with relevant agencies and community stakeholders,” the Customs official said. “Our officers are under strict directive to remain vigilant and uncompromising in protecting Nigeria’s economic interests.”

Despite the anti-smuggling campaign, Mr Aliyu disclosed that the Command recorded a 17.5 per cent increase in revenue collection, generating N77.88 billion between January and October 2025, compared to N64.26 billion during the same period in 2024.

He attributed the growth to the professionalism and discipline of Customs officers, even amid economic headwinds.

“This figure represents a commendable level of commitment by our officers despite prevailing challenges,” he noted. “It demonstrates our unwavering dedication to achieving and surpassing the targets set by the Service.”

Mr Aliyu added that all suspects arrested in connection with the seized items have been charged to court under the Nigeria Customs Service Act, 2023, reaffirming the Command’s zero-tolerance stance on smuggling.

“We will continue to enforce the law without fear or favour. Anyone involved in sabotaging the economy through fuel smuggling or other illicit trade will face the full weight of the law,” he declared.

He further commended officers of the Command for their “discipline, sacrifice, and professionalism,” stressing that effective Customs administration thrives on cooperation with legitimate traders, transporters, and the public.

“The Command remains committed to maintaining open communication channels to facilitate legitimate trade and ensure compliance with Customs regulations,” he assured.

The Oyo/Osun Customs Command’s renewed enforcement drive underscores the federal government’s broader effort to curb petrol smuggling, which has contributed to fuel scarcity and foreign exchange losses in Nigeria’s downstream sector.