General
PENGASSAN Laments Effect of Recent Policies on Nigerian Oil, Gas Operations
By Adedapo Adesanya
The Petroleum and Natural Gas Senior Association of Nigeria (PENGASSAN) has expressed worry over the impact of the recent policy directions of the Bola Tinubu-led government on Nigeria’s oil and gas operations.
The President of the association, Mr Festus Osifo, stated this on Wednesday in Abuja at the 2024 PENGASSAN Energy and Labour Summit (PEALS 2024) themed The Future of Nigeria’s Oil and Gas Industry: Energy Mix, Energy Security, Artificial Intelligence, Divestment, and Crude Oil Theft.
“Recent policy directions by the government have placed untold hardship on Nigerians.
“Chief among them is the flotation cum devaluation of the Naira, which saw our currency slide from N450 officially in May 2023 to the current exchange rate of about 1600 Naira.
“This is the reason why the landing price of PMS today is over N1,000 (reintroduction of subsidy), the reason why AGO is selling for over N1,300 and the reason why all Imported commodities are over the roof today.
“The overarching impact of these on Nigerians can only be imagined rather than experienced,’’ he said.
Mr Osifo said the floating of the Naira in the official market had exacerbated the challenges faced by their members.
He also said PENGASSAN is committed not to relent until victory is achieved in the fight against crude oil theft.
“The scourge of crude oil theft poses a significant threat to our industry, economy, and national integrity.
“As an Association, we have mounted the rostrum over time, both on the streets and in the boardroom, to champion this cause, and we will not relent until victory is certain.
“We are steadfast in our resolve to continuously partner with other stakeholders in the industry to combat this menace through enhanced security measures, technological innovations, community engagement, and collaboration with law enforcement agencies,’’ he said.
Mr Osifo warned that Nigeria stood at a crossroads, especially in the oil and gas sector, and the actions and decisions of the association must be geared toward rescuing the country.
He said the summit would design a framework for a policy trust for the government towards shaping the economic outlook of the country.
“It is incumbent upon us to drive positive change, foster economic growth, and ensure our people’s prosperity.
He, therefore, called on industry players to explore innovative solutions to forestall financial losses to workers prevent undue gains to companies and ensure a fair and equitable environment for all.
Mr Osifo said PENGASSAN would do all it could to push for just and equitable distribution across its branches.
The labour leader appreciated President Tinubu for the recent signing of an Executive Order that granted incentives to investments in the oil and gas industry.
He said the move translated to the recent $550 million Final Investment Decision announced by NNPC Limited and TotalEnergies on the Ubeta project.
Mr Osifo said PENGASSAN equally recognised the efforts of NNPC Limited Management in furthering partnership initiatives in the upstream and downstream sectors of the Industry.
“The recent MOU signed by NNPC Limited with Total Energies and separately with Shell are indications of fostering good relationships with critical partners.
“The expansion of CNG and LPG infrastructures by NNPC Limited across the nook and crannies of the country is a right step in the right direction and this must be encouraged and deepened,’’ he said.
General
Oyetola Sets Accountability Bar for Maritime Agencies
By Adedapo Adesanya
The Minister of Marine and Blue Economy, Mr Adegboyega Oyetola, has issued a strong warning to heads of agencies under the ministry, demanding strict accountability and measurable results.
Mr Oyetola issued the warning during the signing of performance bonds with heads of maritime agencies at the Ministerial Management Retreat, held alongside the 2026 first-quarter stakeholders’ engagement in Lagos on Thursday, where he emphasised the need for performance-driven governance.
“Let me emphasise that all Departments and Agencies under the Ministry must remain firmly focused on delivering tangible results,” he said.
In a statement by Mr Bolaji Akinola, Special Adviser to the Minister, Mr Oyetola noted that performance bonds to be signed during the retreat are binding commitments that will be closely monitored and rigorously evaluated.
“These are not ceremonial documents. They are binding commitments. Accountability will not be optional,” the Minister declared.
Mr Oyetola reiterated the need for data-driven decision-making, robust monitoring and evaluation frameworks, and alignment with the Ministry’s strategic objectives.
“At the institutional level, we must remain disciplined and accountable. Every department and agency must deliver measurable outcomes,” he added.
He explained that the retreat was designed to foster alignment between policy formulation, implementation, and stakeholder expectations.
“The integration of this engagement enables us to listen, reflect, and recalibrate,” he said.
The agencies include the Nigerian Ports Authority (NPA), Nigerian Maritime Administration and Safety Agency (NIMASA), Nigerian Shippers’ Council (NSC), National Inland Waterways Authority (NIWA), Maritime Academy of Nigeria, and the Council for the Regulation of Freight Forwarding in Nigeria.
He also announced a 160 per cent increase in revenue generated by agencies under the ministry, attributing the growth to sweeping reforms and a renewed focus on accountability.
“In 2023, our agencies generated N700.79 billion. By the end of 2025, this figure had risen to approximately N1.83 trillion. This remarkable achievement is the result of deliberate and sustained reforms,” he stated.
The Minister explained that the gains were driven by strengthened regulatory oversight, improved revenue assurance mechanisms, digitalisation of key processes, and a firm commitment to blocking leakages.
“This gathering reflects our commitment to a governance approach that is inclusive, transparent, and results-driven,” he added, noting that the convergence of stakeholders, policymakers, and institutional leaders was designed to align policy with implementation and public expectations.
Mr Oyetola linked the ministry’s improved performance to broader sectoral reforms, including port modernisation, approval for disbursement of the Cabotage Vessel Financing Fund (CVFF), and ongoing efforts to enhance indigenous participation in maritime activities.
General
Presidency Explains Reason Tinubu Met Jos Attack Victims at Airport
By Modupe Gbadeyanka
The Special Adviser to the President on Information and Strategy, Mr Bayo Onanuga, has explained why Mr Bola Tinubu addressed the victims of the Plateau attacks at the airport on Thursday evening.
The decision of President Tinubu to console victims of the attacks, which left over 20 persons dead, at the Yakubu Gowon Airport in Jos last night has continued to generate reactions.
He was criticised for not visiting the victims at the epicentre, Angwan Rukuba, instead of having them to travel to meet with him at the airport.
In a statement on Friday, Mr Onanuga said his principal’s itinerary for yesterday included two main engagements: receiving the Chadian President, Mahamat Idriss Déby Itno, and proceeding to Iperu, Ogun State.
“After Governor Caleb Mutfwang’s briefing, President Tinubu suspended the trip to Ogun. Overnight, the Presidential Villa made arrangements for the visit to Jos, with presidential assets quickly deployed. However, the President could not postpone the scheduled visit by the Chadian leader.
“The President of Chad was at the Presidential Villa for a very important bilateral meeting focused on strengthening security collaboration between the two countries. The meeting ran longer than expected, affecting President Tinubu’s scheduled departure for Jos.
“Upon arrival in Jos, the visit encountered some logistical challenges. While the road distance from the airport to Jos township is approximately 40 minutes, the runway does not support night flights due to the absence of navigational aids. The constraints made it unfeasible to drive into town, meet victims for on-the-spot assessment and return to the airport before dusk.
“Consequently, state and federal officials decided to bring representatives of the affected community to a hall adjoining the airport so the President could meet with them promptly while adhering to flight restrictions. Among the people in the hall were the Minister of Defence, the Chief of Army Staff and the Inspector General of Police, who had visited Rukuba, the epicentre of the conflict. President Tinubu deployed the high-level team to Rukuba, including the Senior Special Assistant on Community Engagement, to undertake critical groundwork on security and community engagement, with a view to stabilising the area before his arrival.
“Beyond expressing his condolences to the victims, President Tinubu’s objective was to engage with critical stakeholders in Plateau State on ending the recurring, decades-old conflict that has resulted in needless loss of lives and property.
“President Tinubu’s visit to Jos was not merely symbolic. It was a strategic, high-level engagement aimed at bringing all stakeholders together to address the root causes of conflict and insecurity in the state.
“He interacted with the victims, consoled them, and listened to them. He also listened to local leaders and assured them that the federal government would deliver justice and end the cycle of violence. He promised the deployment of 5000 AI-enabled cameras to monitor the city and enhance the identification and arrest of troublemakers.
“Furthermore, the President invited the community leaders to Abuja for further talks on finding a lasting solution to the recurring violence in the state.
“The meeting, televised live, was solemn and reassuring, boosting residents’ confidence. President Tinubu achieved the purpose of his visit, despite the naysayers’ attempts to ridicule it. He dropped an unmistakable message: sustainable peace must be built with the people, not imposed on them,” the presidency explained.
General
Seplat Workers Begin Indefinite Strike Over Welfare Dispute
By Adedapo Adesanya
Workers of Seplat Energy Plc, under the aegis of the Petroleum and Natural Gas Senior Staff Association of Nigeria (PENGASSAN), began an indefinite strike on Friday as talks over a collective bargaining agreement and staff welfare issues broke down.
This development may impact Nigeria’s oil production at a time when the world is facing shortages due to the Iran war, and global oil prices are recording multi-year highs.
It will also hurt Seplat Energy’s operation as Nigeria’s largest independent oil and gas producer, adding to pressure on the country to maximise supply, which is fluctuating around 1.3 million barrels per day.
PENGASSAN said its action would remain active “until further notice, adding that its members would suspend most operations, including production reporting and export activities, while maintaining only essential safety and power functions.
The strike notice covers onshore and offshore assets, joint‑venture operations and offices nationwide from Friday.
Other less-skilled workers are covered by the Nigeria Labour Congress (NLC), which is not on strike with PENGASSAN.
Seplat Energy’s group production averaged 131,506 barrels of oil equivalent per day in 2025, according to its latest audited results. That is the equivalent of around 7 per cent–9 per cent of Nigeria’s total liquids production.
The company expects output to rise to 155,000 barrels of oil equivalent per day, making any sustained disruption particularly sensitive for Nigeria’s supply outlook.
With the company’s output expected to rise, any prolonged disruption could significantly impact Nigeria’s oil supply and fiscal outlook.
The company also plans to revive hundreds of Nigerian oil wells lying fallow, which, according to its chief executive, Mr Roger Brown, will be done in collaboration with the state-owned Nigerian National Petroleum Company (NNPC) Limited, as legally mandated in the country’s oil and gas industry.
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