General
NNPC Assets Restructuring Looms for Efficient Oil Production
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 Adedapo Adesanya
The Department of State Services (DSS) has arraigned the former Attorney General of the Federation (AGF) and Minister of Justice, Mr Abubakar Malami, and his son, Mr Abudlazizz Malami, on a five-count charge of abetting terrorism financing and illegal possession of firearms.
They were arraigned before Justice Joyce Abdulmalik of the Federal High Court in Abuja, where they pleaded not guilty to the charges.
In the charge, the former AGF was accused of knowingly abetting terrorism financing by refusing to prosecute terrorism financiers whose case files were brought to his office as the AGF in the last administration for prosecution.
Recall that the secret police had arrested Mr Malami, shortly after his release from Kuje prison in Abuja more than two weeks ago after Justice Emeka Nwite of the Federal High Court in Abuja granted him and two others bail in the sum of N500 million in another case involving the Economic and Financial Crimes Commission (EFCC).
Mr Malami and his son are also accused by the DSS of engaging in conduct in preparation to commit act of terrorism by having in their possession and without licence, a Sturm Magnum 17-0101 firearm, 16 Redstar AAA 5’20 live rounds of Cartridges and 27 expended Redstar AAA 5’20 Cartridges.
His arrest in January followed weeks of reports of surveillance by the secret police in front of the prison facility since the time Mr Malami, his wife and son were remanded there over the money laundering charges.
As per reports, Mr Malami had gathered that he would be picked up upon regaining his temporary freedom and so decided to wait out the DSS. However, after his eventual emergence, the operatives took the ex-AGF into detention again.
By Adedapo Adesanya
The Lagos State Waterways Authority (LASWA) has initiated an inter-agency partnership with the Centre for Rural Development (CERUD) to establish the Coastal Community First Responder Programme (CCFRP).
The first responder programme is aimed at promoting safe and secure transportation across Lagos waterways.
The initiative was unveiled during a meeting between a LASWA delegation and officials of the Ministry of Local Government, Chieftaincy Affairs and Rural Development at the secretariat in Alausa.
Leading the LASWA team, Mr Olademeji Shittu said the programme is designed to reduce fatalities and material losses on Lagos waterways, particularly in hard-to-reach coastal communities.
According to Mr Shittu, the CCFRP will focus on empowering community volunteers through targeted capacity building for sustainable rural development, while also equipping them with relevant skills that can enhance employability within the maritime sector.
He noted that trained volunteers will serve as community-based first responders, working in close collaboration with LASWA to strengthen search and rescue operations.
Providing the rationale for the programme, Mr Shittu highlighted the recurring cases of marine incidents and fatalities on Lagos waterways, often worsened by delayed emergency response in remote coastal areas.
He explained that residents of these communities are usually the first on the scene during accidents, making it necessary to formalise their role through structured training and partnerships.
He added that the collaboration with CERUD will help create a sustainable framework that aligns community development with safety and emergency response, while fostering a sense of ownership and responsibility among coastal residents.
According to a statement, the Coastal Community First Responder Programme is expected to enhance emergency preparedness on Lagos waterways, improve response times during marine incidents, and contribute to safer water transportation across the state.
By Adedapo Adesanya
The Nigeria Labour Congress (NLC) and the Trade Union Congress (TUC) have suspended their planned protest in the Federal Capital Territory and instructed workers under the Federal Capital Territory Administration (FCTA) to return to their duties with immediate effect.
The directive followed an overnight engagement involving labour leaders, the Minister of the FCT, Mr Nyesom Wike, and members of the Senate Committee on the FCT.
The meeting, which began late on Monday, stretched into the early hours of Tuesday, culminating in an agreement that led to the unions’ decision to halt the protest action and restore normal activities across FCTA offices.
This comes after Justice Emmanuel Subilim of the National Industrial Court issued an interim order restraining the NLC, TUC, and three others from embarking on any form of industrial action or protest.
Ruling on an ex-parte application filed by the Minister of the FCT and the FCT Administration, Justice Subilim granted an interim order restraining the 1st to 5th respondents and their privies or agents from embarking on strike pending the hearing of the motion on notice, also ordering the 5th-9th defendants who are security agencies to ensure no break down of law and order.
The ex-parte motion, which was filed by the counsel to Mr Wike and the FCTA, Ogwu Onoja, submitted that the Chairman of the FCT council had sent a message of mobilization to members and affiliated unions for a mass protest scheduled for February 3.
This move, he noted, was in violation of the orders of court, adding that after the ruling of the court on January 27, the order of the court was served on the defendants, same day the NLC and TUC issued a statement to all affiliated unions to intensify and sustain the strike.
The statement jointly signed by both unions directed that the striking workers should resume the strike as the unions’ counsel, Mr Femi Falana, has filed an appeal against the interlocutory ruling.
He further pointed out that With the statement, JUAC issued a circular directing all employees to continue the strike.
This position they say is aimed at causing break down of law and order in the Nations capital.
The court subsequently adjourned the case until February 10 for hearing.
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