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NUPRC Beats 2024 Revenue Target by 49% 

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NUPRC

By Adedapo Adesanya

The Nigerian Upstream Petroleum Regulatory Commission (NUPRC) says it has exceeded its revenue target by 49 per cent.

According to the regulator, the revenue growth is attributed to its strategic overhaul of Nigeria’s upstream petroleum sector.

Through regulatory reforms, the commission has plugged financial leakages and attracted substantial investments, despite the divestment of some oil and gas assets.

Speaking on the milestone, the Chief Executive Officer of the commission, Mr Gbenga Komolafe, highlighted that the commission is dedicated to achieving more through several ongoing initiatives.

The commission, established under the Petroleum Industry Act (PIA) of 2021, replaced the defunct Department of Petroleum Resources (DPR) and oversees the technical and commercial operations in Nigeria’s upstream petroleum sector.

According to Mr Komolafe, the NUPRC has been able to set certain milestones including the Project One Million Barrels Per Day initiative, bid rounds, and the Drill or Drop mandate, all aimed at revitalising the sector.

In October 2024, NUPRC launched the One Million Barrels Per Day production initiative, aiming to boost Nigeria’s daily crude production to over 2.7 million barrels.

Earlier, in May 2024, the Komolafe spearheaded a bid round for oil blocks at the Offshore Technology Conference in Houston, Texas, attracting major investors like TotalEnergies.

The Drill or Drop initiative, which he tagged as another game-changer, requires oil producers to drill within a specified timeframe or forfeit their license areas.

According to Mr Komolafe, this has significantly enhanced revenue collection and ensured optimal use of oil assets.

He also noted that the commission has also emphasised its commitment to transparency and accountability.

According to Mr Komolafe, the commission operates within the framework of the Federation Accounts, ensuring increased revenue flows into government coffers over the past three years.

Mr Komolafe further stated NUPRC’s role in recovering government revenue through royalties, emphasizing the importance of checks and balances in fulfilling its statutory mandate.

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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Proposed Tariff Hike: Airtel Reassures Customers Enhanced Services

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Airtel Nigeria SIM update

As conversations intensify around tariff adjustments in Nigeria’s telecommunications sector, Airtel Nigeria CEO Dinesh Balsingh has reaffirmed the telecom giant’s commitment to delivering superior connectivity and fostering digital inclusion.

In response to the economic realities of rising operational and capital costs, Balsingh noted that the proposed tariff adjustments aim to ensure the long-term sustainability of the sector while unlocking significant benefits for Nigerian consumers.

In an op-ed authored by Balsingh in which he contextualized the necessity of the tariff adjustments, he explained that “For over a decade, tariffs have remained static despite the dramatic increase in operating expenses, which have surged by over 300% in the last 18 to 24 months alone.

“To continue providing high-quality services and meeting the growing demand for digital connectivity, it has become essential to realign our pricing structure with economic realities.”

Balsingh further highlighted the substantial investments required to maintain and expand telecommunications infrastructure. “The increasing demand for digital services across sectors such as education, banking, and healthcare requires us to continually upgrade our networks to deliver more capacity and improve service quality.

“These investments come at a cost, one that must be shared proportionally to guarantee long-term viability,” he observed.

The proposed tariff adjustments will not only ensure the sector’s sustainability but also bring significant improvements to service delivery, adding: “By enabling us to expand coverage, strengthen network security, and introduce cutting-edge technologies, the adjustments will directly enhance the quality of connectivity for Nigerians. Our priority is to ensure that no one is left behind in the country’s digital transformation journey.”

Balsingh emphasized that these adjustments will be implemented with affordability in mind, ensuring minimal impact on consumers. The company remains steadfast in its commitment

to supporting Nigeria’s vision of becoming a digital economy leader in Africa, empowering businesses, driving innovation, and fostering inclusive growth.

“Our commitment to quality service remains unwavering,” said Balsingh. “While significant tariff adjustments have become necessary, we understand the importance of gradual implementation to support our customers’ financial positions. This step will enable us to invest in capacity, expand coverage, and enhance service delivery, ensuring Nigeria remains competitive in the global digital landscape.”

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Missing N825bn, $2.5bn: CNPP Backs SERAP’s Call for Accountability in NNPC

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Mele Kyari NNPC ceo

By Aduragbemi Omiyale

The Conference of Nigeria Political Parties (CNPP) has amplified the call made by the Socio-Economic Rights and Accountability Project (SERAP) for the Nigerian National Petroleum Company (NNPC) Limited to account for an alleged missing N825 billion and $2.5 billion oil money.

Over the weekend, SERAP called on the government-owned commercial company to give an account of the funds believed to be missing.

This demand for accountability has been re-echoed by the umbrella body of all registered political parties and political associations in Nigeria.

The group had “consistently called for the probe of the NNPC and its officials, citing widespread corruption, mismanagement, and lack of transparency in the oil industry.”

In a statement signed by its Deputy National Publicity Secretary, Mr James Ezema, the CNPP said, “Sometime in 1999, the CNPP first raised concerns about the opaque nature of NNPC’s operations, calling for a comprehensive audit of the corporation’s finances.

“Our demands were met with resistance from the government, but we persisted, knowing that transparency and accountability are essential for good governance and the survival of our democracy.”

“Over the years, the CNPP has continued to push for reforms in the oil industry, calling for the sack of successive NNPC management teams, including the current Mele Kyari-led team. We have also demanded the prosecution of NNPC officials implicated in corruption scandals, but our calls have fallen on deaf ears.

“Despite the incorporation of NNPC as a commercial company under the President Muhammadu Buhari administration, the CNPP has maintained that this move was merely a smokescreen to perpetuate corruption. We insisted that the same management team remained in place and that the incorporation was an incorporation of corruption.

“The CNPP’s demands for accountability and transparency in NNPC Limited are therefore not new. We have been consistent in our calls for an independent forensic audit of NNPC Limited since 1999. We believe that it is in the best interests of the Nigerian people for NNPC Limited to open its accounts for a thorough audit, and all unremitted revenues traced, recovered and remitted to the Federation accounts.

“For us, the recent demand by the Socio-Economic Rights and Accountability Project (SERAP) for NNPC Limited to account for the alleged missing N825 billion and $2.5 billion is a welcome development. The CNPP wholeheartedly supports SERAP’s demand and calls on NNPC Limited to meet the demands without delay.

“We urge the Federal Government to take immediate action to address the allegations of corruption and mismanagement in NNPC Limited. The time for transparency and accountability is now, and we will continue to push for reforms in the oil industry until Nigerians can reap the benefits of their country’s rich natural resources.

“The CNPP warns that Nigerians will continue to suffer hardships until NNPC Limited begins to operate transparently and remit all revenues to the Federation accounts, thereby ending the yearly borrowings to finance Nigerian budgets, which have worsened since 2015.

“We call on all Nigerians to join other civil society bodies and concerned groups in demanding accountability and transparency in NNPC Limited. Together, we can push for reforms and ensure that our country’s natural resources are used for the benefit of all, not just a privileged few,” the statement said.

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CNPP Begs Wike for Certificates of Occupancy Payment Deadline Extension

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FCT Minister Wike

By Modupe Gbadeyanka

The Minister of the Federal Capital Territory (FCT), Mr Nyesom Wike, has been urged to extend the deadline for the payment of Certificates of Occupancy (C of O) by property owners in Abuja.

This plea for an extension was asked by the Conference of Nigeria Political Parties (CNPP) through a statement signed by its Deputy National Publicity Secretary, Mr James Ezema.

The group said the initial two-week grace period given to the affected allottees, which expired on Friday, January 3, 2025, was insufficient, considering the current economic challenges facing the country.

Recall that after public outcries, Mr Wike, who is the immediate past governor of Rivers State, granted an extension to the owners of the 762 revoked plots of land in Maitama, Abuja.

“We are appealing to the Minister and the Federal Capital Territory Administration (FCTA) to tamper justice with mercy and issue an extension in the spirit of the yuletide and in view of the economic challenges in the country,” the association stated.

It stressed that the extension would give the affected individuals and groups ample time to comply with the directive, thereby avoiding any undue hardship or loss.

“We pray that the Minister and the FCTA will grant the allottees an extension to comply with the directive, giving all the affected individuals and groups enough time to have themselves to blame at the end of the final extension,” the statement added.

The CNPP’s appeal comes on the heels of its recent expression of concern over the escalating hunger and suffering faced by millions of Nigerians due to the economic realities in the country.

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