General
NUPRC Outlines Nigeria’s Upstream Energy Sustainability, Decarbonization Agenda
By Adedapo Adesanya
The Nigerian Upstream Petroleum Regulatory Commission (NUPRC) has outlined plans to reduce carbon emissions from the country’s oil and gas sector while continuing to support energy security and economic growth at the 2025 Global Energy Show, in Canada.
The chief executive of the commission, Mr Gbenga Komolafe, represented by the Director for Energy Sustainability and Carbon Management, Mr Joseph Olawole Ogunsola, while presenting the plan, explained that Nigeria was working to balance the need for enhanced energy production with environmental responsibility.
He described the global energy transition not as a challenge but as an opportunity to build a future that balances energy, the economy, and the environment.
“The objective of our decarbonization agenda is to future-proof the industry for enhanced global competitiveness in the years ahead,” Mr Komolafe posited.
Speaking on Nigeria’s natural gas as a bridge to an energy-secured future, Mr Komolafe disclosed that Nigeria holds the largest natural gas reserves in Africa, with 210.54 trillion cubic feet and a potential of up to 600 trillion cubic feet, adding that by 2030, natural gas is expected to represent more than 70 per cent of the country’s energy mix.
This, he said, is part of Nigeria’s Energy Transition Plan, which aims to achieve net zero carbon emissions by 2060 coupled with the government’s launch of the Nigerian Carbon Market Activation Policy, which has potential to generate 2.5 billion dollars by 2030 through carbon trading and emission reduction efforts that has the full backing of President Bola Tinubu who is calling for urgent climate action and aligning Nigeria’s policies, regulations, and investments to support the shift toward cleaner energy.
Mr Komolafe also spoke on strategic initiatives by NUPRC designed to reduce the environmental impact of Nigeria’s oil and gas industry, which include, Decarbonization and Sustainability Blueprint, a plan launched in March 2025, focusing on cutting emissions, ending gas flaring, improving efficiency, and using innovative technologies; the Nigerian Gas Flare Commercialization Programme (NGFCP), which aims to reduce gas flaring at 49 sites, cutting up to 7 million tons of carbon emissions annually; the Upstream Petroleum Decarbonization Template (UPDT), that ensures emissions reduction and sustainability strategies are part of project planning from the start; and the development of Carbon Capture and Storage (CCS), through pilot and full scale CCS projects to identify underground sites that could safely store carbon emissions.
Others, according to the CCE, are guidelines for carbon management, and the measurement and reporting systems.
Highlighting the importance of partnerships and opportunities, Mr Komolafe extended an invitation to the Canadian regulators and energy companies to work with Nigeria on sustainable energy practices, where he highlighted AFRIPERF, an initiative led by the NUPRC to galvanize African petroleum regulators in promoting value driven climate responsible energy strategies geared towards enhancing competitiveness and investment attractiveness.
He added that the NUPRC is keenly aware of the role of regulatory certainty, predictability and transparency in attracting investors and that Nigeria is positioning itself not just as a participant but as a leader in the global energy sustainability through effective policies, business-friendly reforms and optimized regulatory practices to valorize Nigeria’s abundant oil and gas resources for shared prosperity.
By Adedapo Adesanya
The South African Consulate General in Lagos, in partnership with Brand South Africa and the Development Bank of Southern Africa (DBSA), is hosting the 4th edition of the South Africa Focus Week in Lagos, Nigeria, from April 22 – 26, 2026.
The annual platform continues to grow as a strategic initiative aimed at fostering social cohesion between South Africans and Nigerians while positioning South Africa as a preferred destination for business, tourism, and education. Since its inception in 2023, South Africa Focus Week has attracted over 1,500 participants, bringing together stakeholders from across sectors, including trade and investment, arts and culture, tourism, aviation, and the culinary industry.
The 2026 edition holds particular significance as it coincides with the 30th anniversary of South Africa’s democratic Constitution, enacted in 1996, as well as 32 years of unbroken diplomatic relations between South Africa and Nigeria, established in February 1994. These milestones underscore the enduring partnership between the two nations, rooted in shared history and strengthened through formal agreements and ongoing collaboration.
The 2025 economic relationship between South Africa and Nigeria reflects a strategically significant, multi-dimensional partnership anchored in trade, energy security, investment flows, and strong institutional cooperation. While bilateral trade remains structurally imbalanced – with South Africa exporting US$468.48 million and importing $1.69 billion, resulting in a $1.22 billion deficit – this dynamic is largely driven by South Africa’s reliance on Nigerian crude oil, positioning the relationship as one of strategic interdependence rather than imbalance alone.
This partnership is further elevated by the relative economic weight of both countries. According to IMF projections, South Africa’s economy is valued at approximately $443.6 billion, while Nigeria’s stands at around $334.3 billion in nominal terms for 2026. As two of the largest economies on the continent, their bilateral engagement constitutes a central axis of African economic activity, with disproportionate influence on the success of continental integration efforts.
Beyond trade, the relationship is reinforced by deep two-way investment linkages. South African firms -including MTN Group, Shoprite, and Standard Bank – maintain a strong presence in Nigeria, while Nigerian companies such as Access Bank and Paystack have established a growing footprint in South Africa. Although investment flows are asymmetrical and some Nigerian firms have faced operational challenges, these exchanges reflect an emerging bi-directional economic corridor that extends beyond goods trade into services, finance, and digital innovation.
Aligned with Brand South Africa’s mandate to build the country’s global reputation and competitiveness, the week-long programme will convene leaders from government, business, civil society, academia, and the media. Discussions will focus on leveraging the African Continental Free Trade Area (AfCFTA) as a tool for market access and global positioning, with Nigeria serving as a key focal point.
The South Africa Focus Week has features a series of high-level engagements and cultural activities designed to deepen economic ties and promote collaboration: South Africa–Nigeria Infrastructure Investment Conference (April 22, 2026) which was held under the theme South Africa–Nigeria Partnership: Unlocking Infrastructure Opportunities,” the conference will bring together key stakeholders in infrastructure development to explore collaborative projects in road, rail, and transportation systems.
The forum also examined the role of Public–Private Partnerships (PPPs) and facilitated discussions on project financing and implementation with institutions such as the DBSA and Nigeria’s Infrastructure Concession Regulatory Commission (ICRC).
This was followed by the 2nd Economic Diplomacy Roundtable (Thursday, April 23, 2026), which was hosted in partnership with MTN Nigeria under the theme Role of Technology in Infrastructure Development, the roundtable will convene senior government officials, private sector leaders, and industry experts to identify investment opportunities and strengthen strategic partnerships.
Friday, April 24, was for Arts and Culture Experience, which is a dedicated cultural day will showcase Lagos’ creative spaces and features a panel discussion on South Africa’s arts, film, music, and culture. The programme includes a South African film screening, engagements with filmmakers, and a networking reception aimed at fostering collaboration between the creative industries of both countries.
The event continues on Thursday, April 25, with Freedom Day Celebration and Closing Ceremony. This commemorative event will celebrate 30 years of South Africa’s Constitution, 32 years of freedom and democracy, and the enduring diplomatic relations between South Africa and Nigeria. The ceremony will also provide an opportunity to reflect on outcomes from the week and outline future areas of cooperation.
The celebration forms part of Brand South Africa’s Global South Africans Programme, which recognises and connects South Africans in the diaspora as ambassadors of the nation’s values and identity.
The week climaxes with the 4th edition of the South Africa Golf Tournament at Ikoyi Golf Club on Saturday, April 26, 2026, which will be done in partnership with Crossflex International.
According to a statement, the event aims to strengthen people-to-people relations through sports diplomacy, bringing together South African and Nigerian golfers in a spirit of camaraderie and collaboration.
By Modupe Gbadeyanka
The former chairman of the defunct Skye Bank Plc, Mr Tunde Ayeni, has been apprehended by the Economic and Financial Crimes Commission (EFCC).
Spokesperson of the anti-money laundering agency, Mr Dele Oyewale, confirmed the arrest of the businessman on Friday but declined to provide further details, according to TheCable.
Mr Ayeni was accused of diverting the N36.5 billion and $30 million loans from Polaris Bank Limited to companies with which he has links.
He was alleged to have obtained the credit facilities for marine security, electricity distribution, and real estate projects, but moved them to telecom investments tied to NITEL/MTEL assets via a NATCOM account.
After the Central Bank of Nigeria (CBN) revoked the operating licence of Skye Bank in 2018, it nationalised it to Polaris Bank.
The EFCC has been looking into the alleged diversion of funds by Mr Ayeni, resulting in his arrest in Abuja on Thursday, April 23, 2026.
He is being grilled over the matter and would be arraigned in court once the investigation is concluded.
This is not the first time Mr Ayeni has been nabbed and probed by the EFCC, as this happened a few months after his bank lost its licence.
The then acting spokesman for the EFCC, Mr Tony Orilade, said Mr Ayeni was quizzed by detectives over issues related to fraud and embezzlement allegedly committed by him when he was Chairman of the bank a few years ago.
By Adedapo Adesanya
“We are fully committed to working with the new Commissioner of Police and giving all necessary support towards the successful discharge of his responsibilities.”
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