General
Nigeria, Equatorial Guinea Target Joint Operations in Oil and Gas
By Adedapo Adesanya
Nigeria and Equatorial Guinea, two member nations of the Organisation of the Petroleum Exporting Countries (OPEC), have opened discussions regarding new partnerships, such as establishing a joint logistics base, deploying indigenous capacities across the countries, and lowering the costs of major oil and gas operations.
These were the points of discussion when the Minister of Planning and Economic Diversification of the Republic of Equatorial Guinea, Mr Gabriel Mbega Obiang Lima, led a delegation to engage the Executive Secretary of Nigerian Content Development and Monitoring Board (NCDMB), Mr Simbi Kesiye Wabote, at the Board’s liaison office in Abuja recently.
Mr Lima called on Nigerian oil and gas service companies to establish their operational bases in Equatorial Guinea, whereby the companies would use the country’s ports to launch their activities in neighbouring countries such as Gabon, Cameroon, and Angola.
The Minister promised to send a formal request for the partnership to the NCDMB, adding that the support of government institutions would be needed before such business opportunities could be explored successfully.
The Minister complained about the exorbitant cost of key oil and gas operations in the Gulf of Guinea.
He further suggested that operators in Nigeria and Equatorial Guinea could significantly lower their costs by collaborating in the scheduling of their respective work programmes, such as mobilising and demobilising drilling rigs and other assets.
He hinted that the proposed business relationship and pooling of demand profiles were necessary to attract key investments. He said this was because big companies like General Electric would only invest in a jurisdiction if they were assured of markets from neighbouring countries.
Speaking on the debate around energy transition and plans to displace fossil fuels with renewable energy solutions progressively, the Minister and the Executive Secretary re-echoed their positions that fossil fuels would remain the world’s dominant energy source for several decades and that Nigeria and Equatorial Guinea would not hurriedly abandon their natural resources to embrace renewable energy where they lacked competitive advantage.
Rather both nations would continue to exploit their oil and gas resources to the fullest and use the proceeds to develop their national economies, including renewable opportunities, they stated.
On his part, NCDMB Executive Secretary, Mr Wabote welcomed the Minister and his entourage, noting that both nations have collaborated closely in the energy sector in recent years and representatives of the Portuguese-speaking nation have participated in several Nigerian oil and gas conferences and visited some oil and gas facilities as well.
He confirmed that the Board and Nigerian oil and gas services companies were keen to participate in the proposed collaboration. He said such arrangements were identified in the Nigerian Content 10-Year Strategic Roadmap under the pillar of Sectorial and Regional Market Linkages.
He further explained that Nigerian services companies had developed surplus capacities in several key areas. Hence, it is imperative to explore opportunities across the Gulf of Guinea, where their expertise and collaboration with players from other nations are needed.
He assured that NCDMB “will galvanise Nigerian services producers under the Petroleum Technology Association of Nigeria (PETAN) and make sure they come with us to your conference, and we will synergise.”
He added that “there is no need going to US or Singapore. We can work out areas where we can partner. It might be in the marine sector, logistics base. There are huge opportunities.”
By Modupe Gbadeyanka
President Bola Tinubu on Thursday directed the Economic and Financial Crimes Commission (EFCC) to vacate the court ordering the freezing of the bank account of the Osun Srate government.
In a statement today by his Special Adviser on Information and Strategy, Mr Bayo Onanuga, the President said he’s “deeply embarrassed not by the EFCC’s exercise of its mandate backed by a court order” because of its timing, which is just a few days to the governorship election in the state next Saturday.
According to him, actions of an institution of State, especially at the Federal level, is always credited to me, as the President, even when I may not have had any prior knowledge of the action.
“Since assuming office, I have consistently maintained that anti-corruption and law enforcement agencies must be allowed to discharge their statutory responsibilities independently, professionally, without fear or favour, or political interference. I have therefore deliberately refrained from directing or interfering in the operational activities of the EFCC or any other investigative or prosecutorial agency because I firmly believe that strong democratic institutions, operating within the confines of the law, are indispensable to democratic good governance and the rule of law.
“As President, I am committed to allowing institutions of State to function and take any action they consider necessary in the interest of proper governance without the need for any prior approval. Indeed, that is why institutions are set up by law with clearly defined powers. While I am yet to be fully apprised of the facts which informed the action of EFCC in approaching the court to obtain the said order freezing the Osun State Government account, I am not in the slightest doubt that the timing of the action of EFCC is inauspicious, and therefore I feel compelled to intervene.
“Osun State is only a few days away from its gubernatorial election. Therefore, nothing ought to be done to give an impression that the EFCC or indeed any other agency of the federal government is being used to interfere with the election.
“Based on the foregoing premise, I am duty-bound to issue a directive on this issue in consonance with the overriding public interest in preserving public confidence and the integrity, credibility, and fairness of our democratic process.
“Accordingly, I have directed the EFCC to immediately proceed to the court to vacate the order and discontinue whatever action it has instituted against the Osun State Government in this regard,” the statement stated.
By Modupe Gbadeyanka
The Economic and Financial Crimes Commission (EFCC) has explained why it initiated a move to freeze the bank account of the Osun State government.
Earlier on Wednesday, the Governor of Osun State, Mr Ademola Adeleke, claimed that the anti-money laundering agency asked one of its bankers, First Bank, not to release funds to the state government.
According to the Governor, this was part of the strategies to frustrate his administration ahead of the August 15, 2026, governorship election in the state.
Reacting to the issue on Wednesday night, the EFCC, in a statement, said it has been investigating the state government since March 2026 over an alleged “fraudulent handling of Ecology Funds, Intervention Funds and Federal Account Allocation Committee (FAAC) account to the tune of N11.0 billion.
The organisation noted that some officials of the state government, especially the Accountant General of the State, have had interview sessions with investigators of the EFCC.
“These ongoing investigations of the state government would not have warranted any placement of Post No Debit order on its account but for the precipitate and unwarranted movement of funds from the accounts to different suspicious accounts since August 2, 2026.
“The commission noticed huge transfers of funds into different corporate entities and had to swiftly halt the trend by freezing the accounts from which such heavy funds are being moved,” parts of the statement said.
In the disclosure, the agency noted that its preventive mandate is a public-inclined framework of safeguarding public funds, assets and resources, stressing that it cannot “watch idly while a state government’s account is being pillaged.”
“While the commission is fully aware of the impending governorship election in Osun State, it has a responsibility to act in defence of the sanctity of the funds of the state. It will be uncharitable for the commission to allow an excuse of an upcoming election to fold its arms to perform its legally-assigned functions,” it pointed out.
The EFCC disclosed that it is “keeping watch over the finances of other states like Osun State. Many of these states are on the investigative radar of the commission to ensure accountability and probity. The commission has always pointed out that it is non-partisan and non-sectarian but always working in the overall interests of Nigerians. The Osun State government account was frozen to save public funds from being looted.”
The organisation urged the public “to ignore false narratives and deliberate demonisation of the works of the EFCC. The interests of all Nigerians are greater and will always be protected by the commission.”
By Adedapo Adesanya
The Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA) has launched a mobile application designed to monitor fuel consumption patterns in real time across retail outlets nationwide.
The NMDPRA, established under the Petroleum Industry Act (PIA) 2021, is responsible for the technical and commercial regulation of Nigeria’s midstream and downstream petroleum operations. The deployment of the mobile application aligns with the authority’s broader efforts to leverage technology to improve regulatory compliance and strengthen accountability.
The pilot phase of the project began on August 1 in Abuja and its six Area Councils, the authority said in a statement published on X.
As part of the rollout, the Executive Director for Distribution Systems, Storage and Retailing Infrastructure (DSSRI), Mr Ogbugo Ukoha, led a team alongside officials from the Abuja Regional Office to assess the readiness and operational performance of the digital platform at participating retail outlets.
According to the NMDPRA, the application captures inventory and compliance data in real time, enabling regulators to monitor fuel distribution more effectively while improving operational efficiency across the sector.
The authority said the platform would generate reliable, data-driven insights to support evidence-based decision-making, strengthen national energy security planning and enhance transparency in the downstream petroleum industry.
It added that the initiative is expected to provide significant value to government, investors, operators and other stakeholders by improving access to accurate fuel consumption and compliance data.
Nigeria’s downstream petroleum sector has undergone significant changes since the deregulation of the petrol market and the removal of fuel subsidies, with regulators placing greater emphasis on data-driven supervision to ensure product availability, prevent supply disruptions and discourage sharp regional disparities in distribution.
