General
NNPC Eyes $20bn Capital to Boost Nigeria’s Energy Growth
By Adedapo Adesanya
NNPC Exploration and Production Limited (NEPL), a subsidiary of the Nigerian National Petroleum Company (NNPC) Limited, will need a funding of circa $20 billion in capital and operating expenditures to effectively increase crude oil and gas production to drive Nigeria’s energy growth by 2030.
Speaking on a panel in Abuja at the just concluded Nigeria International Energy Summit (NIES), the Managing Director of NEPL, Mr Nicolas Foucart, said it requires about $4 billion investment annually to boost Nigeria’s crude oil and gas production in the next five years.
Mr Foucart lamented that funding remains a key issue to grow production of both existing and new set of assets, but said the NNPC subsidiary has a clear strategy on this in terms of sustainable production, cost optimisation, decarbonisation and people.
The company also stated that aside from its over 370,000 barrels per day drilling target for 2025, it intends to raise this figure to 550,000 barrels per day by the end of 2027.
He noted that during the same period the NNPC E&P company will raise gas production to 3 billion cubic feet.
“So our plan is, from this year’s target, that we have 373,000 barrels average production for the year. That’s our target in 2025. To grow that to 550,000 barrels per day, that’s oil and condensate in the next three, four years. And from that production, we operate 65 per cent of that production.
“If I go to gas, today we are producing 1.4 BCF per day. And our strategic plan is showing that we should achieve close to 3 BCF over the next three, four years. Again, we operate 50 per cent of that production as NEPL.
“So, you can imagine behind that plan, there’s a lot of activities and a lot of investment. If we look at our strategic plan, we are talking about $4 billion per year. That’s NEPL’s equity. Over the next five years, that’s the money we need to invest between OPEX and CapEx.
“Definitely, where is that fund coming from? And how can we make sure it’s going to be there? So of course, as a company, the fund will come from profit that we are generating. So it’s that’s the self-funding aspect, but also we’ve got external funding.
“The way we’ve done that in NEPL, we’ve got financing entities, also providing some technical services in certain assets. So we operate those assets, and then there’s a joint team executing the activities. But it’s just to secure those funds from the shareholders, because that’s what it is when it’s self-funded,” he added.
Mr Foucart pointed out that instead of sharing dividends, the NEPL could deploy the fund for financing its activities, explaining that either from shareholders or external entities, it wants to make sure that there is a business case and value behind all the projects.
He observed that the E&P company was gradually moving from short-term thinking to a long-term vision of how things should be done.
“Well, last year, the average production of NEPL was 244,000 barrels. Today, we’re at 310,000, working towards the 370,000 barrels average for the year.
“So, that’s a 30 per cent increase that we achieved, basically, in 12 months. That’s our strategy, giving confidence, and then we’ve got those finance, technical service agreements and assets on the gas,” he added.
By Adedapo Adesanya
The Economic and Financial Crimes Commission (EFCC) has re-arraigned former Attorney-General of the Federation (AGF), Mr Abubakar Malami (SAN), his wife, Mrs Asabe Bashir, and son, Mr Abdulaziz Malami, on money laundering charges.
They were brought before Justice Joyce Abdulmalik of the Federal High Court in Abuja, following the re-assignment of the case to the new trial judge.
Upon resumed hearing, EFCC’s lawyer, Mr Jibrin Okutepa (SAN), informed the court that the matter was scheduled for defendants’ re-arraignment.
“The matter is coming before your lordship this morning for the very first time. I will be applying for the plea of the defendants to be taken,” he said.
Mr Okutepa equally applied that the sums listed in Counts 11 and 12 be corrected to read N325 million instead of N325 billion for Count 11, and N120 million instead of N120 billion for Count 12.
When it was not opposed by the defence lawyer, Mr Joseph Daudu (SAN), Justice Abdulmalik granted the oral application by Mr Okutepa.
The defendants, however, pleaded not guilty to the 16 counts preferred against them by the anti-graft agency bordering on money laundering.
Justice Obiora Egwuatu had, on February 12, withdrawn from the case shortly after the civil case filed by the EFCC was brought to him.
The case was formerly before Justice Emeka Nwite, who sat as a vacation judge during the Christmas/New Year break.
After the vacation period, the CJ reassigned the cases to Justice Egwuatu, who had now recused himself, before it was reassigned to Justice Abdulmalik.
The former AGF, his wife, and son were earlier arraigned before Justice Nwite on December 30, 2025.
While Malami and his son were remanded at Kuje Correctional Centre, Asabe was remanded at Suleja Correctional Centre before they were admitted to N500 million bail each, on January 7, with two sureties each in the like sum.
By Adedapo Adesanya
Nigeria will hold next year’s presidential and National Assembly elections a month earlier than planned, after the Independent National Electoral Commission (INEC) revised the polling schedule.
The elections will be held on January 16, instead of the previously announced date of February 20, INEC said in an X post, signed by Mr Mohammed Kudu Haruna, National Commissioner and Chairman, Information and Voter Education Committee.
There were also changes to the Governorship and State Houses of Assembly elections initially fixed for Saturday, March 6 2027, in line with the Electoral Act, 2022, have now been moved to Saturday, February 6, 2027.
The electoral commission said the changes were caused by the enactment of the Electoral Act, 2026 and the repeal of the Electoral Act, 2022, which introduced adjustments to statutory timelines governing pre-election and electoral activities.
“The Commission reviewed and realigned the schedule to ensure compliance with the new legal framework,” it said.
INEC said party primaries (including resolution of disputes) will commence on April 23, 2026 and end on May 30, 2026, after which Presidential and National Assembly campaigns will begin on August 19, 2026, while Governorship and State Houses of Assembly campaigns will begin on September 9, 2026.
It noted that campaigns will end 24 hours before Election Day, and political parties have been advised to strictly adhere to the timelines.
INEC also stated it will enforce compliance with the law.
The electoral body also rescheduled the Osun Governorship election which was earlier scheduled for Saturday, August 8 2026, by a week to Saturday, August 15, 2026.
INEC noted that some activities regarding the Ekiti and Osun governorship elections have already been conducted, and the remaining activities will be implemented in accordance with the Electoral Act, 2026.
Speaking at a news briefing in Abuja two weeks ago, the chairman of INEC, Mr Joash Amupitan, expressed the readiness of the commission to conduct the polls next year.
The timetable issued by the organisation for the polls at the time came when the federal parliament had yet to transmit the amended electoral bill to President Bola Tinubu for assent.
Later that week, the Senate passed the electoral bill, reducing the notice of elections from 360 days to 180 days, while the transmission of results was mandated with a proviso.
By Adedapo Adesanya
The Nigerian Maritime Administration and Safety Agency (NIMASA) has pledged its commitment to provide the regulatory leadership, technical coordination, and stakeholder engagement required to successfully develop and implement a robust National Action Plan on maritime decarbonization in Nigeria.
The Director General of the agency, Mr Dayo Mobereola, made this known during the National Stakeholders’ workshop on the development of a National Maritime Decarbonization Action Plan, further describing the workshop as a critical step in actualising the Federal Government’s blue economy and climate objectives.
Represented by the Executive Director, Operations, Mr Fatai Taiye Adeyemi, the NIMASA DG underscored the significance of the IMO GreenVoyage2050 Project, a technical cooperation initiative /designed to support developing countries in implementing the IMO GHG Strategy.
According to him, the National Action Plan being developed will reflect national realities, leverage existing capacities, address identified gaps, and align with broader economic and environmental priorities of the federal government.
Mr Mobereola stressed that “this transition is not merely about compliance with international obligations, it is about safeguarding our marine environment, protecting public health, strengthening the blue economy, and ensuring that our maritime industry remains competitive and future-ready”, the DG said.
Also speaking at the event was the Technical Manager of the IMO GreenVoyage2050 Project, Ms Astrid Dispert, who highlighted that the overarching objective of the initiative is to advance a coherent and globally aligned regulatory framework to accelerate maritime decarbonization.
She also emphasised that NIMASA plays a pivotal role in driving the project at the national level.
The IMO GreenVoyage2050 Project provides technical expertise and institutional support to assist countries in developing and implementing National Action Plans that promote sustainable shipping practices, encourage investment in clean technologies, and strengthen capacity for long-term emissions reduction.
Through this collaboration, the federal government is advancing deliberate steps towards maritime decarbonization, reinforcing its commitment to global climate goals and ensuring a cleaner, greener, and more sustainable future for the sector.
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