General
NNPC, Indorama Seal Deal to Deepen Nigeria’s Gas Strategy
By Adedapo Adesanya
Following President Bola Tinubu’s visit to India last week, the country’s oil company, the Nigerian National Petroleum Company (NNPC) Limited, has signed a memorandum of understanding (MoU) with Indorama Eleme Petrochemicals Limited on gas supply in a bid to promote the use of natural gas by large-scale gas utilization industries.
The deal, if actualised, will allow both parties to explore and develop suitable opportunities within the remits of their interests across the hydrocarbon value chain in Nigeria.
According to NNPC Group Chief Executive Officer (GCEO), Mr Mele Kyari, “NNPC Limited is on the threshold of making value out of gas beyond any imagination.”
As the national energy company, one of NNPC’s roles, as enshrined in article 64(i) of the Petroleum Industry Act (PIA), is to promote the use of natural gas through the development and operation of large-scale gas utilisation industries.
This role is in alignment with Nigeria’s Nigasification strategy, which is a consolidation of critical programs embarked upon by the company to utilise natural gas and its associated liquids to be the energy source of choice, spur economic growth, free up crude oil for exports, and ultimately enable job creation.
According to the NNPC GCEO, with this project, “we are seeing an annual contribution of $3bn to the nation’s GDP and a lifetime contribution of $18bn to government revenue.”
As part of the company’s vision of operating the largest Petrochemical Hub in Africa, Indorama, which owns the world’s largest single-train Urea Plant located in Port Harcourt, Nigeria, is currently working on expansion plans within the next six years in the gas-based heavy manufacturing industries including fertilizer, methanol, and petrochemicals.
In his remarks, the MD/CEO of Africa Indorama Energy, Mr Manish Mundra, stated that, “This is a strategic collaboration to unlock Nigeria’s upstream sector, but more importantly, to partner downstream in order to share the value chain.” He said that “Nigeria’s gas reserves should position the country as one of the largest producers of urea in the western hemisphere.”
Key benefits of the opportunities include the monetization of over 1.7 TCF of gas and 100 million barrels of oil reserves, generation of upstream lifecycle revenue of over $18 billion, downstream production of about 4.8 million tonnes per annum (MTPA) of products, including methanol, urea, and fertilizer to boost national food security.
Other benefits include the creation of about 55,000 direct and indirect employment opportunities, the development of a condensate refinery to boost petroleum product supply and reduce product importation, an annual GDP contribution of over $3.8 billion, and the attraction of over $7 billion of foreign direct investment into the country.
In a related development, President Tinubu made senior management changes as he appointed three new executives to steer the ship of the company.
These are Mr Oritsemeyiwa A. Eyesan as the Executive Vice President for Upstream; Mr Olalekan Ogunleye as the Executive Vice President for Gas, Power, and New Energy; and Mr Adedapo A. Segun as the Executive Vice President for Downstream.
According to a statement signed by Mr Garba Deen Muhammad, NNPC’s Chief Corporate Communications Officer, this is “in line with NNPC Ltd.’s commitment and drive for organisational renewal, anchored on our business imperatives, standards of excellence, people development, and strengthening our competencies and capabilities through broad-based leadership exposures.”
By Modupe Gbadeyanka
One Mr Osamudiamen Philip Ikilo has been handed a two-year imprisonment for a Bitcoin fraud to the tune of $19,400.
He was found guilty and convicted of the crime by Justice W.I. Aziegbemhin of the Edo State High Court sitting in Benin City, the state capital.
Delivering the judgment on Monday, March 23, 2026, the judge sentenced Mr Ikilo to two years’ imprisonment without an option of fine.
The convict got into trouble when he offered to assist his victim, Ms Cynthia Imade Alile, to convert her 0.52092582 Bitcoin worth $19,400, but failed to remit the money after the conversion.
Ms Alile petitioned the Economic and Financial Crimes Commission (EFCC), which looked into the matter and brought him before the court for prosecution on a one-count charge of stealing.
“That you Osamudiamen Philip Ikilo (m) sometime in March 2024 within the jurisdiction of this court did steal Bitcoin worth the sum of $19,400 belonging to one Cynthia Imade Alile by fraudulently converting the said sum to your use, and thereby committed an offence contrary to Section 287 of the Criminal Law of Edo State Law 2022 and punishable under Section 294 of the same Law,” the charge read.
When the charge was read to him during arraignment by the EFCC, the defendant pleaded not guilty, setting the stage for trial.
In the course of the trial, prosecution counsel, A. S. Bala-Ribah, called two witnesses and also tendered documents which were admitted by the court. On his part, the defendant called two witnesses, including himself.
By Adedapo Adesanya
Justice Emeka Nwite of the Federal High Court in Abuja has affirmed the final forfeiture of $13 million linked to a Lagos socialite, Ms Aisha Achimugu, and her company, Oceangate Engineering Oil & Gas Limited, to the federal government of Nigeria.
Delivering judgment, Justice Nwite held that the Economic and Financial Crimes Commission (EFCC) established that the foreign currency was proceeds of fraud and unlawful activities.
The judge further held that Oceangate Engineering Oil & Gas Limited failed to establish how it came by the money, saying the anti-money laundering agency satisfied all requirements for the funds to be classified as proceeds of fraud and to be forfeited to the appropriate authority.
He dismissed the claims that the $13 million was gifts received into the Oceangate Engineering Company by Ms Achimugu, adding that the woman never came to the court to show cause why the huge amount of money should not be forfeited to the government.
He held that no single person who gave the monetary gift to Aisha Achimugu to the tune of $13 million was called to testify.
The judge further held that the burden to establish genuine ownership of the money was not established by the applicant to counter the claims of the anti- graft agency that the money was the proceeds of fraud based on its investigation.
According to the judge, Oceangate Engineering Company did not show the business it undertook that fetched it the money, nor did it show whether any payment was made to it by any of its customers.
Justice Nwite had, on August 22, 2025, granted the anti-graft agency’s motion ex parte for an interim order forfeiting the sum of $13 million linked to Oceangate Ltd to the Federal Government over allegations that the fund was proceeds of unlawful activity.
The judge had then directed the commission to publish the order in a national daily for interested people to show cause within 14 days why the fund should not be permanently forfeited to the federal government.
By Adedapo Adesanya
The federal government has inaugurated a 17-member Planning Committee to coordinate the National Flag-Off of the Energise Commercialisation Now (ECoN) Initiative, a flagship programme aimed at transforming research outputs into economic value.
Speaking at the inauguration in Abuja, the Permanent Secretary of the Ministry of Innovation, Science and Technology, Mr Philip Ndiomu Ebiogeh, described the initiative as a strategic intervention to convert Nigeria’s vast research and innovation outputs into market-ready products, scalable enterprises, and job-creating opportunities.
He noted that ECoN will mobilise stakeholders nationwide to identify bankable innovations and accelerate their transition from laboratories to the marketplace, stressing that the country must move beyond theoretical research to practical solutions that drive industrial growth and national prosperity.
The Permanent Secretary disclosed that the Minister of Innovation, Science and Technology, Mr Kingsley Tochukwu Udeh, had earlier briefed the First Lady, Mrs Oluremi Tinubu, on the initiative and proposed her as a champion of the programme, with the national flag-off scheduled for Kano State.
He explained that Kano was deliberately selected due to its historic role as a commercial and industrial hub, offering strong potential to attract investment, stimulate enterprise, and create jobs.
The Committee is chaired by the Minister, with the Permanent Secretary as Co-Chairman, while the Director-General, National Biotechnology Research and Development Agency, NBRDA, and the Director-General, Sheda Science and Technology Complex, SHESTCO, serve as Alternate Chairmen.
Members include Professor Nnayelugo Ike-Muonso, Dr Kazeem Kolawole Raji, Dr Jummai Adamu, Dr (Mrs) Obiageli Amadiobi, Dr Kabiru Mu’azu, Dr Anwal Mustapha, Engr Ibiam Oguejiofo, Mr Moses Fatogun, Mr Adamu Sulaiman (a representative of SMEDAN), Dr Prince Lawrence Eze, Mr Sani Garba, Dr Muhammad Mustapha, Dr Chioma Okeke, Mr Luther Onyemkpa, Mr Charles Egumgbe, and Dr Nwankwo Nnenna serving as Secretary.
The national flag-off is proposed for late April or early May 2026, subject to Presidential approval.
The Ministry reaffirmed its commitment to positioning innovation as a key driver of economic diversification and sustainable development, in line with President Bola Tinubu’s Renewed Hope Agenda.
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