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 Socio-Economic Rights and Accountability Project (SERAP) has urged the chief executive of Meta Platforms Incorporated (Facebook), Mr Mark Zuckerberg, to pay the $220 million fine imposed on the firm by the Federal Competition and Consumer Protection Commission (FCCPC).
Last Friday, the Competition and Consumer Protection Tribunal upheld the $220 million fine slammed on the company for the grave violations of Nigerian consumer, data protection and privacy laws and international human rights standards.
In a statement over the weekend, SERAP advised Mr Zuckerberg and Meta “to provide (in addition to the fine) justice and effective remedies, including adequate compensation and guarantees of non-repetition for the victims of the grave violations of Nigerian consumer, data protection and privacy laws and international human rights standards.”
It also told him and his organisation to “immediately” pay the $35,000 awarded by the tribunal to the FCCPC as cost of investigation, adding that they must “immediately halt the violations found by the tribunal and prevent their re-occurrence, as well as ensure the accountability of any person(s) responsible for the violations.”
In the letter dated April 26, 2025, and signed by its deputy director, Mr Kolawole Oluwadare, the group said, “As Chairman and CEO, you ought to ensure enhanced transparency, human rights due diligence, accountability and remediation by Meta to ensure that Nigerians’ human rights are not threatened or violated.”
Giving more context, SERAP noted that, “The tribunal’s judgment followed the administrative penalty imposed on Meta on July 19, 2024 by the FCCPC after concluding that the companies engaged in discriminatory and exploitative practices against Nigerians.”
“The tribunal’s judgment followed a 38-month joint investigation initiated by the FCCPC and the Nigeria Data Protection Commission (NDPC) into the conduct, privacy practices, and consumer data policies of Meta Platforms and WhatsApp.
“We would be grateful if these measures are taken within 7 days of the receipt and/or publication of this letter. If we have not heard from you by then, SERAP shall take all appropriate legal actions at the national, regional or international levels to compel you and Meta to comply with our requests in the public interest,” SERAP said.
By Dipo Olowookere
Eight persons, comprising four Nigerians and four foreigners, believed to have promoted the failed Ponzi scheme, Crypto Bridge Exchange (CBEX), in Nigeria have been declared wanted by the Nigeria Police Force (NPF).
Recall that a few weeks ago, several investors lost their hard-earned funds in the investment scheme, which the Securities and Exchange Commission (SEC) said it did not authorise.
The platform crashed and went away with investors’ money after it made it impossible for them to withdraw their funds. It later asked them to pay an activation fee of $100 and $200, depending on what was in their wallets.
The crashing of CBEX triggered attacks on its offices, especially in Ibadan, Oyo State, by aggrieved investors, whose funds’ were trapped in CBEX.
Already, the EFCC has swung into action, arraigning the promoters of the investment scheme in court, though four of them are at large.
In a notice on Friday night, the agency said it was looking for the fugitive, asking members of the public with information about their whereabouts to come forward to aid their arrest.
The anti-money laundering organisation listed the wanted persons as Seyi Oloyede, Emmanuel Uko, Adefowowa Oluwanisola, and Adefowora Abiodun Olaonipekun, and listed Johnson Okiroh Otieno, Israel Mbaluka, Joseph Michiro Kabera, and Serah Michiro as the foreign accomplices.
“The public is hereby notified that the persons whose photographs appear above are suspected foreign accomplices wanted by the Economic and Financial Crimes Commission (EFCC) for fraud allegedly perpetrated on an online trading platform called Crypto Bridge Exchange (CBEX)
“Anybody with useful information as to their whereabouts should please contact the Commission in its Ibadan, Uyo, Sokoto, Maiduguri, Benin, Makurdi, Kaduna, llorin, Enugu, Kano, Lagos, Gombe, Port Harcourt or Abuja offices or through 08093322644; its e-mail address: [email protected] or the nearest Police Station and other security agencies,” the notice signed by its spokesman, Mr Dele Oyewale, stated.
By Adedapo Adesanya
Nigeria’s National Economic Council (NEC) has approved the establishment of Cotton, Textile and Garment Development Board as part of efforts to drive non-oil revenues.
This was disclosed by the Governor of Imo State, Mr Hope Uzodinma, while briefing State House Correspondents at the end of the 149th NEC meeting chaired by the Vice-President, Mr Kashim Shettima, on Thursday at Presidential Villa, Abuja.
He explained that in order to make the board function effectively, the council approved a proposal for Public-Private Partnership (PPP).
Mr Uzodinma stated that the chairman of the board would be selected from the private sector, adding that the body would be funded from import levies on textiles.
“The National Economic Council, among others things, received a representation from the members and leadership of Cotton, Textile and Garment Development Forum.
“These are private sector operatives who are into the cotton business, garment and textiles and the presentation highlighted their proposal on how to revitalise the cotton industry in Nigeria.
“The council endorsed the presentation and approved the establishment of a National and regional Offices for the board in each of the six geopolitical zones for proper coordination,” said Mr Uzodinma.
On his part, Governor Douye Diri of Bayelsa said the council also received proposal from the Minister of Livestock Development on acceleration strategy for the livestock industry.
He said the presentation was on on a plan to transformation the livestock industry between 2025 and 2030, stating that the strategy was built on the national livestock growth acceleration plan, which is expected to transform the sector to create jobs, export products and serve as an engine room for internally generated revenue.
“The projection is that the strategy will generate between $74 billion down and $90 billion in that sector by the year 2035.
“It will be a direct partnership with the state governors, the private sector and foreign investors under a very sound federal regulatory umbrella,” said Mr Diri.
He added that the investment would be prioritised into five key pillars between 2025 and 2026, saying the pillars are: animal health and zones control, feed and further development, water resources management, statistics and information and livestock value chain development.
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