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NNPC, Agip Intensify Efforts to Develop 500m-Barrel Deepwater Assets

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By Adedapo Adesanya

The Nigerian National Petroleum Company (NNPC) Limited and the Nigerian Agip Exploration (NAE) Limited are advancing discussions on the development of deepwater assets estimated to hold 500 million barrels of oil reserves.

The development followed a meeting between the chief executive of the state oil company, Mr Bayo Ojulari, and Agip’s Vice Chairman and Managing Director, Mr Maurizio Pinna, in Abuja.

The talks focused on ongoing work on deepwater acreage jointly held by NNPC, NAE and Shell Nigeria Exploration and Production Company (SNEPCo) as well as plans to bring the associated resources into production.

According to NNPC, the acreage comprises the Zabazaba and Etan deepwater fields, with estimated reserves of about 500 million barrels.

The fields are located in Nigeria’s deepwater terrain and are considered significant to the country’s efforts to expand its upstream oil production base, particularly as operators seek to advance projects capable of delivering additional barrels over the medium to long term.

While details of the expected production timeline were not disclosed, the meeting underscores renewed industry focus on unlocking Nigeria’s deepwater resources and growing crude oil production.

The acreage comprises licences converted from OPL 245 and is operated by NAE in partnership with NNPC Limited and SNEPCo.

Mr Ojulari and Mr Pinna also reviewed the work currently underway on the assets and the expected production outlook, with the discussions centred on advancing deepwater development.

The engagement comes amid renewed efforts to attract investment into Nigeria’s offshore petroleum resources and increase national oil production.

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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Lagos Declares Thursday August 20 Work-Free for 2026 Isese Day

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By Adedapo Adesanya

The Lagos State Government has declared Thursday, August 20, as a work-free day for public servants, political appointees and others to mark the 2026 Ìṣẹ̀ṣe Day.

The event is expected to be the largest single gathering of traditional worshippers anywhere in the world, with over three million residents expected to join the celebrations.

The Special Adviser to the Governor on Tourism, Arts and Culture, Mr Idris Aregbe, in a statement signed personally on Wednesday, described the day as one that is bigger than a holiday on a calendar.

“Ìṣẹ̀ṣe is not a relic. It is a living expression of our traditions and a celebration of Yoruba spirituality as an important part of Nigeria’s cultural and religious landscape,” he said, noting that the Yorubas are one of Africa’s largest ethnic nations with more than 55 million people globally, holding tenaciously to the Yoruba culture and inculcating it in their children.

Adhering to culture and tradition over the years has sustained the Ìṣẹ̀ṣe festivals in Cuba, Brazil, and the Caribbean, where many Yorubas live aside from Africa to this day.

“When the drums sound in Lagos on Thursday, they answer drums in Havana, in Salvador, in Port of Spain. Fifty-five million people and counting. Lagos is not observing a local holiday. Lagos is standing at the centre of a global heritage,” Mr Aregbe said.

Ìṣẹ̀ṣe Day marks the culmination of a full week of traditional activities, and has been observed as a work-free day in Lagos since 2023, following a request from the Lagos State Council of Obas and Chiefs.

Governor Babajide Sanwo-Olu has upheld it every year, in line with the administration’s commitment to indigenous values and religious inclusiveness.

Mr Aregbe expressed profound appreciation to Sanwo-Olu for his courageous support for a noble cause, and reserved special honour for the traditional institution.

“We thank Mr Babajide Olusola Sanwo-Olu. It takes real conviction for a leader to stand publicly with heritage, and he has done so without hesitation and without apology. We also bow to Kábíyèsí, the Oba of Lagos, Oba Rilwan Akiolu I, foremost custodian of Lagos culture, to all our royal fathers, our revered White Cap Chiefs, our Babaláwo and Ìyánífá, our Olóòrìṣà and every custodian and promoter who kept these rites alive when it was neither fashionable nor convenient. Governments come and go. Custodians carry the culture,” he said.

This year’s celebrations will feature prayers, rituals, processions, drumming and cultural displays dedicated to the Òrìṣà, coordinated by the Association of African Traditional Religion Nigeria and Overseas (AATREN).

Mr Aregbe urged all participants to celebrate peacefully and respectfully.

“Three million voices rising in honour of tradition is not noise. It is history, faith and cultural pride in harmony. Whether you worship in a mosque, a church or a grove, Ìṣẹ̀ṣe Day belongs to you, because heritage has no denomination. Lagos remains the city where every heritage finds its place.”

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Court Jails Two for Trading Naira Notes at Lagos Event Centre

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By Modupe Gbadeyanka

Two persons have been convicted and sentenced by Justice A. Aluko of the Federal High Court, Ikoyi, Lagos, for illegal Naira trading.

The judge found the duo of Ms Mutairu Omowunmi Tawa and Ms Faith Chukwujeku guilty and sentenced them to six months’ imprisonment with an option of a N50,000 fine each.

Their sentencing on Tuesday, August 18, 2026, followed their arraignment by the Economic and Financial Crimes Commission (EFCC) on one-count charge each bordering on unlawful trading of Naira notes.

“That you, Mutairu Omowunmi female, on or about July 25, 2026, at Salamagic Event Centre, Onikan, Lagos, within the jurisdiction of this court, did sell and trade in the sum of N850,000 and thereby committed an offence contrary to Section 21(4) of the Central Bank Nigeria, Act 2007, as amended and punishable under Section 21(10) of the same Act,” the charge against Ms Mutairu read.

“That you, Faith Chukwujeku on July 25, 2026, in Lagos within the jurisdiction of this court engaged in hawking the sum of N1.3 million in N200 note denomination issued by the Central Bank of Nigeria (CBN) and thereby committed an offence contrary to and punishable under Section 21(4) of the Central Bank of Nigeria (Establishment) Act, 2007,” the charge against Chukwujeku read.

They pleaded guilty when the charges were read to them.

Following their guilty pleas, the prosecution counsel, Mr Fanen Anum, reviewed the facts of the cases and urged the court to convict and sentence them accordingly.

He further urged the court to order the forfeiture of the exhibits recovered from the convicts to the federal government, being the instruments used in committing the crime.

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Nigeria’s 2027 Presidential Election Campaign Kicks Off

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By Adedapo Adesanya

Campaigns for Nigeria’s 2027 presidential election officially kicked off on Wednesday, August 19, 2026, setting the stage for a closely watched contest in which President Bola Tinubu is seeking a second term amid widespread economic hardship and insecurity.

President Tinubu, who is seeking re-election on the platform of the ruling All Progressives Congress (APC), faces a divided opposition led by former Vice President, Mr Atiku Abubakar of the African Democratic Congress (ADC) and Mr Peter Obi, who is running under the Nigeria Democratic Congress (NDC).

The presidential election is scheduled for January 16, 2027, alongside elections for the National Assembly. Governorship and state assembly elections will follow on February 6.

The campaign season is expected to be a test for  Mr Tinubu’s administration over its record since taking office in May 2023, particularly the impact of its economic reforms and its handling of insecurity.

Upon his assumption of office, the President scrapped the petrol subsidy and subsequently introduced major foreign exchange reforms and policies that the government says have improved fiscal stability and restored investor confidence.

However, the reforms triggered a sharp rise in the cost of living, with many households struggling with higher food, transport and other living costs.

Reuters reported that nearly 80 per cent of Nigerians surveyed by risk advisory firm SBM Intelligence believe the country is heading in the wrong direction, with economic hardship and insecurity among their main concerns.

Security is also expected to feature prominently in the campaign, as killings, kidnappings and other forms of violence continue to affect parts of the country despite government claims that military operations have improved security in some areas.

Tinubu’s re-election bid will also be tested by the performance of the APC, which has been in power nationally since 2015. The opposition is expected to campaign on the argument that more than a decade of APC rule has failed to deliver sufficient improvements in living standards and security.

Analysts told Business Post that despite voter dissatisfaction, the president retains a significant political advantage from the opposition’s fragmentation. Several prominent opposition figures remain divided, while the APC has strengthened its political base through defections from opposition parties. Thirty-one of Nigeria’s 36 state governors are currently members of the ruling party.

The 2027 elections are, therefore, expected to be shaped by the competing narratives of Mr Tinubu’s reform agenda and the opposition’s criticism of the economic and security conditions facing Nigerians.

For the President, the campaign will provide an opportunity to convince voters that the hardship associated with his reforms will translate into improved living standards, while his challengers will seek to turn widespread dissatisfaction into a unified anti-incumbent vote.

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