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Lokpobiri, Ahmed, Others to Speak on Nigerian Oil Reforms, Fiscal Incentives at AEW 2024

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Lokpoboiri

By Adedapo Adesanya

Nigeria policymakers will discuss the country’s latest policy directives and investment opportunities across exploration, gas monetization, and refining at the upcoming African Energy Week: Invest in African Energy conference set to be held in November.

Nigeria, Africa’s largest oil producer, is targeting $10 billion in oil and gas investments in the next 12-18 months but still faces challenges including oil theft, underinvestment, and a fresh wave of divestments.

Nigeria has implemented a slate of reforms aimed at creating a more favourable investment climate and improved governance within the sector.

According to a statement, the conference will have an Invest in Nigeria Energies roundtable which will outline the ample opportunities for investors and project developers to grow the energy value chain of Africa’s largest crude oil producer, highlighting the latest policy directives, consolidated fiscal incentives and gas utilization investment allowances.

The session places Nigerian policymakers in conversation with industry regulators and associations, exploring the latest policies, regulations and investment opportunities currently shaping the market.

The discussion will be led by Mr Heineken Lokpobiri, the Minister of State for Petroleum Resources (Oil); Mr Abdulrazaq Isa, Chairman of the Independent Petroleum Producers Group of Nigeria; and Mr Farouk Ahmed, CEO of the Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA).

The discussion will also feature representatives from IOCS including ExxonMobil and Chevron.

President Bola Tinubu introduced several policies earlier this year – in addition to the ongoing implementation of the Petroleum Industry Act – to reinvigorate the country’s energy sector and retain its position as a regional powerhouse.

According to him, these new measures aim to deliver a competitive Internal Rate of Return for oil and gas projects and attract over $10 billion in new investments within the next 12-18 months.

For new exploration, this includes streamlining contracting procedures by raising approval thresholds for PSCs and JOAs to not less than $10 million, simplifying processes and extending the duration of third-party contracts from three to five years.

This serves to reduce project contracting cycles, leading to faster oil and gas production and supporting Nigeria’s long-term oil production target of 4 million barrels per day.

Nigeria is also targeting new investments in gas monetization, refining and infrastructure expansion, with a view to boosting gas supplies, raising power access and supporting industrialization.

Business Post reports that gas-focused reforms, including tax credits for non-associated gas projects and a 25 per cent tax dedication for qualifying plant and equipment used in gas utilization projects, have also been disclosed to trigger new investments.

In June 2024, TotalEnergies and the Nigerian National Petroleum Company (NNPC) reached a $550 million FID for the development of the Ubeta gas field. Gas from the field will be supplied to the Nigeria LNG liquefaction plant, with first production anticipated for 2027, and support the country’s transition toward low-cost and low-emission projects.

In the downstream industry, Nigeria has been in the process of deregulating the sector, improving fuel availability and affordability, eliminating government subsidies and improving efficiencies, the statement noted.

Also, the long-awaited Dangote Refinery began operations in late 2023 and hopes to transform Nigeria into a net exporter of refined petroleum products to Europe, Asia and Africa. With a capacity of 650,000 barrels per day, the refinery is Africa’s largest and its operational success is crucial for stabilizing domestic fuel prices, reducing import dependency and increasing foreign exchange earnings.

Adedapo Adesanya is a journalist, polymath, and connoisseur of everything art. When he is not writing, he has his nose buried in one of the many books or articles he has bookmarked or simply listening to good music with a bottle of beer or wine. He supports the greatest club in the world, Manchester United F.C.

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Pastor Ogbueli’s Abuja Night of Glory Holds Today

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Abuja Night of Glory

By Blaise Udunze

Momentum is gathering for the Abuja Night of Glory taking place today, Friday, December 5, 2025, at the main bowl of the Moshood Abiola National Stadium.

The crusade is being hosted by Dominion City Church headed by Pastor David Ogbueli and it starts by 7pm.

The all-night programme will feature dynamic worship leaders like Nathanial Bassey, Dunsin Oyekan, Theophilus Sunday, Chioma Jesus, Kaestrings, Sunmisola Agbebi Okeleye, Minister GUC, Ebuka Songs, Anthony Kani, and DC Angels.

Reputed as a teacher of righteousness and anointed minister of the gospel, evidenced by the miracles that have trailed his ministry, and one who champions the cause of the poor through empowerment initiatives, Dr. David Ogbueli will be joined by renowned ministers from within and outside Nigeria, including Evangelist Andres Bisonni, Dr. Charles Ndifon, Evangelist Dan Scott, Apostle Ikechukwu Nnajiofor, and several others.

Night of Glory has, in previous editions held across Nigeria’s cities, recorded remarkable results, such as immediate healings and freedom from chronic ailments, recovery of vision and movement after many years of paralysis, along with liberation from dependencies and emotional distress. Numerous participants have also shared testimonies of breakthroughs and big personal changes after the experience. Organisers state that this year’s event, in Abuja, is anticipated to exceed previous editions.

The event is intended for all individuals trusting God for divine intervention in any area of life.

Understanding the role of faith in the destiny of individuals and nations, a dedicated prayer session for Nigeria will take place during the crusade to tackle some of the current challenges being faced in the country and also to uplift he leaders and institutions before God.

Attendance is free, and registration is encouraged via the QR codes on event banners. Organisers expect a massive turnout as worshippers travel from across the country for what is anticipated to be a transformative encounter.

Adequate security and free transportation have been put in place ALL over the city of Abuja, while those outside Abuja are expected to join online.

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Rivers Speaker, 15 Other Lawmakers Leave PDP for APC

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rivers speaker Martin Amaewhule defect

By Modupe Gbadeyanka

The Speaker of the Rivers State House of Assembly, Mr Martin Amaewhule, has defected to the All Progressives Congress (APC).

At the plenary on Friday, Mr Amaewhule joined the ruling party from the opposition Peoples Democratic Party (PDP), along with 15 other members of the state parliament.

This development comes some months after they had earlier declared their support for the APC in the wake of a crisis with the state governor, Mr Sim Fubura.

The lawmakers had an issue with Mr Fubura, which led to a state of emergency declared on the oil-rich state by President Bola Tinubu in March 2025.

This embargo was only lift in September 2025 after the duration of the six-month emergency rule in the state.

A few days ago, members of the Rivers Assembly passed a vote of confidence on President Tinubu, backing him to remain in office till 2031, when he would have spent eight years in office if re-elected in 2027.

Announcing their defection today, the lawmakers pinned their decision on the crisis rocking the PDP at the national level.

It is not certain if their political godfather, Mr Nyesom Wike, who is the current Minister of the Federal Capital Territory (FCT), will join them in APC.

Mr Wike, who governed Rivers State from 2015 to 2023, has been accused of instigating the crisis in the opposition PDP. He was expelled from the party last month at a national convention held in Ibadan, Oyo State.

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Nigeria Risks Brain Drain in Energy Sector—PENGASSAN

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energy sector

By Adedapo Adesanya

The Petroleum and Natural Gas Senior Staff Association of Nigeria (PENGASSAN) has warned that Nigeria risks massive brain drain in the oil and gas sector due to poor remuneration.

The president of PENGASSAN, Mr Festus Osifo, said at the end of the National Executive Council (NEC) meeting of the union on Thursday in Abuja that the industry was facing challenges arising from Naira devaluation and inflation, noting that, oil and gas skills remained globally competitive.

Painting an example, he said, “A drilling engineer in Nigeria does the same job as one in the US or Abu Dhabi,” noting that the union must take steps to bridge the wage gap to prevent members from leaving the country for better opportunities abroad.

“If we don’t act, the brain drain seen in other sectors will be child’s play,” he said.

According to him, PENGASSAN has recorded significant gains through collective bargaining across oil and gas branches.

“We signed numerous agreements across government agencies, IOCs, service and marketing sectors,” he said.

He said the agreements brought relief to members facing rising costs of living, adding that, the association’s duty is to protect members’ jobs and enhance their pay.

Mr Osifo urged companies delaying salary reviews and those foot-dragging as a result of the prevailing economic realities, to do the needful.

He said the industry employed some of the nation’s best talents, making competitive pay critical to retaining skilled workers.

“This industry recruits the best. Companies must provide the best conditions,” he said.

On insecurity, Mr Osifo urged government to take decisive action against terrorism and kidnappings across the country.

“We are tired of condemnations. government must expose sponsors and protect citizens,” he said.

He urged government at all levels to prioritise tackling insecurity through better funding and equipment for security agencies.

Mr Osifo said PENGASSAN supported calls for state police to improve local security response, adding that decentralising policing will protect citizens better than rhetoric.

He also said economic indicators meant little, if food prices remained high and farmers could not return to farms due to insecurity.

“Nigerians want to see food on the table, not macroeconomic figures,” he said, urging the government to coordinate fiscal and monetary policies to ensure economic gains reach households.

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