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NNPC Assets Restructuring Looms for Efficient Oil Production

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NNPC Crude Cargoes pricing

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.

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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Dangote Cement Ibese Commissions Cassava Processing Plant in Ogun

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Cassava Processing Plant in Ogun

By Aduragbemi Omiyale

In order to aid alternative and sustainable means of livelihood amid rising food prices and growing concerns over food security in Nigeria, the Ibese Plant of Dangote Cement Plc has handed over a state-of-the-art garri and fufu processing plant to the Kajola host community in Ewekoro Local Government Area of Ogun State.

The facility is expected to support cassava farmers and processors by improving efficiency and expanding income-generating opportunities.

According to the organisation, the project, delivered under the Community Development Agreement (CDA) with its host communities signed in 2022, is a strategic intervention aimed at boosting agricultural value addition, reducing post-harvest losses and strengthening livelihoods for rural farmers and women.

The Ibese Plant Director, Mr Ayyagari Subbaraidu, at the commissioning, said, “This project is aimed at improving cassava processing, reducing losses and creating sustainable employment for women and farmers in the community.”

He disclosed that the facility features separate garri and fufu processing units equipped with modern machinery, including a five-tonne-per-day peeling machine, hydraulic presses, frying systems, fermentation basins, solar-powered boreholes and sanitation infrastructure, adding that it will serve as a catalyst for local economic growth by enhancing productivity and supporting small-scale agribusinesses across Kajola and neighbouring communities.

The Plant Director also urged the community and the Project Governance Committee to maintain transparency in the management of the facility to ensure long-term sustainability.

The Ogun State Commissioner for Agriculture and Food Security, Mr Bolu Owotomo, who was at the unveiling of the project, said it aligns with Governor Dapo Abiodun’s vision of making agriculture a key driver of economic growth through value addition and enterprise development.

The Commissioner disclosed that “over 166,000 farmers, including more than 90,000 cassava farmers, have been registered under the Ogun State Farmers Information Management System (OGFIMS) to benefit from government interventions.”

He urged the community to safeguard the facility and assured residents of the continued support of the state government towards agricultural development and food security.

“This processing plant will strengthen the cassava value chain, improve product quality, create jobs and enhance food security while boosting farmers’ incomes,” the Commissioner stated.

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FG Backs US Sanctions on Three BDC Operators Linked to Terror Financing

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By Adedapo Adesanya

The federal government has hailed the recent sanctioning of three Nigerian bureau de change (BDC) operators by the United States’ Office of Foreign Assets Control (OFAC) for alleged terrorism financing.

“The Nigeria Sanctions Committee welcomes the recent inclusion of Mukthar Muhammad Adamu, Nine to Nine BDC, and Generation BDC Limited by the United States Office of Foreign Assets Control (OFAC).

“These designations follow the inclusion of Adamu and his companies as part of a broader update to the Nigeria Sanctions List approved and published on 18th June 2026,” it disclosed in a statement.

It said that the naming of the three companies and six people followed extensive intelligence gathering, financial investigations, and inter-agency assessments, which established reasonable grounds to believe that the affected individuals and entities facilitated, financed, supported, or otherwise contributed to the activities of the Islamic State West Africa Province (ISWAP) and associated terrorist networks.

“The individuals and entities added to the Nigeria Sanctions List on 18th June 2026 are Ibrahim Yakubu Ogirima (NLISWi.19), Muktar Muhammad Adamu (NLISWi.20), Adamu Chiroma (NLISWi.21), Ibrahim Abubakar (NLISWi.22), Abdullahi Umar Usman (NLISWi.23), Babangida Muhammed Adamu Hammajam (NLISWi.24), Abbal Bako & Sons Bureau De Change Limited (NLISWe.25), Generation Currency BDC Limited (NLISWe.26), Nine to Nine BDC Limited (NLISWe.27),” the statement read in part.

The federal government reiterated its directive to all financial institutions and designated non-financial businesses and professions to continue to comply with all sanctions obligations, including asset-freezing requirements, the filing of suspicious transaction reports, and the reporting of all relevant matches to the appropriate authorities.

The sanctions committee commended the work of the Federal Ministry of Justice, Office of the National Security Adviser (ONSA), Central Bank of Nigeria (CBN), Department of State Services, Economic and Financial Crimes Commission, and the Nigerian Financial Intelligence Unit for their actions to ensure that terrorist groups are denied the resources that sustain their activities.

It stated that Nigeria remains resolute in its commitment to ensuring that terrorists and their financiers find no safe haven within the country’s financial system.

The committee also said that the Federal Government would continue to work closely with domestic stakeholders and international partners to protect national security, strengthen financial integrity, and contribute to global efforts to combat terrorism and its financing.

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Lagos Seals Radio Station, Others for Noise Pollution

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Wise FM Lagos

By Aduragbemi Omiyale

A radio station, Wise FM, has been sealed by officials of the Lagos State Environmental Protection Agency (LASEPA).

The premises of the broadcast media platform, located on Ogabi Street, Meiran, Ile-Iwe Bus Stop, were shut by the state government on Tuesday, June 23, 2026, alongside other establishments across different parts of Lagos State for alleged persistent violations of environmental regulations despite repeated warnings, abatement notices, and opportunities provided for compliance.

In a statement by LASEPA, it was disclosed that the enforcement exercise was carried out in response to various environmental infractions, including noise pollution, air pollution, obstruction of official duties, and failure to comply with its directives.

As regards Wise FM, it was said that it was sealed for noise and air pollution as well as non-compliance with the Agency’s directives.

Another organisation affected, Star-View Terrace, located in Amuwo Odofin, Lagos, was shut down for noise pollution and non-compliance with the agency’s directives, while Premiership Suites, located at Akin Osiyemi Street, Off Allen Avenue, Ikeja, was sealed for non-compliance with the agency’s directives.

Speaking on the enforcement operation, the General Manager of LASEPA, Mr Babatunde Ajayi, reiterated the organisation’s unwavering commitment to safeguarding public health and ensuring a cleaner, safer, and more sustainable environment across Lagos State.

He stressed that both individuals and corporate organisations have a responsibility to comply with environmental laws and regulations, stressing that environmental protection remains a collective duty that requires the cooperation of all stakeholders.

The LASEPA boss warned that the agency would continue to intensify enforcement actions against violators in order to curb environmental nuisances and protect residents from the harmful effects of pollution.

Mr Ajayi urged residents, business owners, and operators of commercial establishments to adopt environmentally responsible practices and cooperate with regulatory authorities in promoting a healthier, cleaner, and more livable Lagos.

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