General
NUPRC Beats 2024 Revenue Target by 49%
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.
General
Traders Shut Down Lagos International Trade Fair Complex
By Modupe Gbadeyanka
The Lagos International Trade Fair Complex in the Ojo area of Lagos State was shut down on Wednesday by traders protesting the proposed takeover of the facility by state and local government authorities.
The aggrieved demonstrators emphasised that the complex belongs to the federal government, and if there is a transfer of ownership to the state and local governments, then stakeholders should be carried along.
They expressed concerns that handing over the trade fair complex to the duo could be disruptive, and traders may have to pay more taxes and levies, which will, in turn, result in higher prices of goods.
In protest of the planned takeover, the traders yesterday locked up their shops, especially those in the ASPANDA Market segment within the facility, where spare parts are sold.
Apparently worried about the situation, the Minister of Industry, Trade and Investment, Ms Jumoke Oduwole, visited the market to talk to the traders.
She urged them to reopen the complex, as efforts are being made by the federal government to resolve the issue amicably.
General
ICPC Secures Court Order to Extend El-Rufai’s Detention
By Adedapo Adesanya
The Independent Corrupt Practices and Other Related Offences Commission (ICPC) has secured a court order to extend the detention of former Governor of Kaduna State, Mr Nasir El-Rufai.
This order gives the anti-graft agency ample time to finalise its investigation into allegations against the former governor, which has now deepened as a result of some new findings.
Subsequently, the new order, which was granted on Tuesday in the presence of Mr El-Rufai’s lawyer, will expire on Thursday, March 19.
However, Mr El-Rufai’s lawyer, whose application to quash the first remand order was declined by a Chief Magistrate Court in Bwari, has returned to the same court to nullify the latest order.
Justice Okechukwu John Akweke has fixed March 17 to decide whether or not he should set aside the latest detention order.
He said, “Upon hearing and listening to the prosecuting counsel, Dr Osuobeni Ekoi Akponimisingha Esq., praying this Honourable court for the following orders:
“An order of this Honourable Court issuing a remand warrant against the Respondent (NASIR AHMAD EL-RUFAI) in favour of the Applicant, i.e. Independent Corrupt Practices and other Related Offences Commission (ICPC), to detain the Respondent (NASIR AHMAD EL-RUFAI) in its custody for another fourteen (14) days pending conclusion of investigation activities on allegations of Money Laundering/abuse of office.
“And for such other or further order(s) as this Honourable court may deem fit to make in the circumstances. It is hereby ordered that: Application granted as prayed.
“That the Applicant, i.e. the Independent Corrupt Practices and other Related Offences Commission ICPC is hereby ordered to re-detain the Respondent (NASIR AHMAD EL-RUFAI) for an additional 14 days to enable the commission to conclude investigation activities.
“That the return date shall be the 19th day of March 2026, for the report of compliance.”
The scrutiny of Mr El-Rufai by the ICPC follows the report of the Kaduna State House of Assembly’s ad hoc committee constituted in 2024 to investigate finances, loans and contracts awarded between 2015 and 2023 under his eight-year administration of the state.
General
Nigeria Begins Evacuation of Willing Nigerians from Iran
By Adedapo Adesanya
The federal government has begun evacuating willing Nigerians in Iran, escorting them across the Armenian border to ensure their safety amid escalating tensions in the Middle East.
The evacuation follows the growing crisis that began on February 28 after coordinated military strikes on Iran by the United States and Israel.
The attacks triggered retaliatory missile and drone strikes across parts of the region, raising fears of a wider conflict.
The chief executive of the Nigerians in Diaspora Commission (NiDCOM), Mrs Abike Dabiri-Erewa, disclosed this in a post on her X handle on Tuesday.
She said officials of the Nigerian Embassy in Tehran are coordinating the evacuation of Nigerians who wish to leave the country and are facilitating their safe passage into Armenia.
Mrs Dabiri-Erewa also reassured that no Nigerian in Iran has so far been affected by the ongoing tensions, noting that embassy officials remain stationed at the border to receive and assist evacuees.
Her post read, “Willing Nigerians [are] being escorted across the Armenian border by officials of the Nigerian embassy in Iran for safe passage. No Nigerian in Iran has been affected by the war as officials remain at the border to receive all who want to leave.”
The development comes as tensions in parts of the Middle East continue to raise concerns over the safety of foreign nationals residing in affected areas.
For repatriation flights, the NiDCOM chair said the airspace is currently unsafe but assured Nigerians in the Middle East that the Federal Government team is on standby to evacuate them.
“And as for repatriation flights, the skies are currently unsafe to fly. Luckily, a flight came in from the UAE to Lagos two days ago, just before another strike and the closure of the airspace.
“Once the airspace opens, the multi-agency FG team on crisis and evacuation is on standby. Our prayers are with you and all our people in affected countries,” she said.
-
Feature/OPED6 years agoDavos was Different this year
-
Travel/Tourism10 years ago
Lagos Seals Western Lodge Hotel In Ikorodu
-
Showbiz3 years agoEstranged Lover Releases Videos of Empress Njamah Bathing
-
Banking8 years agoSort Codes of GTBank Branches in Nigeria
-
Economy3 years agoSubsidy Removal: CNG at N130 Per Litre Cheaper Than Petrol—IPMAN
-
Banking3 years agoSort Codes of UBA Branches in Nigeria
-
Banking3 years agoFirst Bank Announces Planned Downtime
-
Sports3 years agoHighest Paid Nigerian Footballer – How Much Do Nigerian Footballers Earn








