Nigeria National Petroleum Company (NNPC) is in discussions to secure $2 billion in financing for critical pipeline infrastructure repairs, marking the latest step in an ambitious capital-raising campaign designed to revive the country’s flagging petroleum sector. NNPC is negotiating the financing with Nexus Alliance, a firm specialising in pipeline infrastructure support, people familiar with the…
Geregu Power Plc said its ultimate ownership has changed following a restructuring at its majority shareholder, marking the exit of billionaire investor Femi Otedola from the company’s control and triggering a sweeping overhaul of its board. The Nigerian power producer said MA’AM Energy Ltd has acquired a 95 percent stake in Amperion Power Distribution Company…
The NNPC has completed welding the main line of the pipeline, including the critical River Niger crossing – a feat that has stalled progress for years. Minister of State for Petroleum Resources (Gas), Rt. Hon. Ekperikpe Ekpo, accompanied by the Group Chief Executive Officer, NNPC Limited, Engr. Bashir Bayo Ojulari, and the Company’s Executive Vice…
President Bola Ahmed Tinubu has authorized the cancellation of significant debts owed by the Nigerian National Petroleum Company Limited (NNPC Ltd) to the Federation Account, erasing obligations totaling $1.42 billion and ₦5.57 trillion. The decision follows a detailed reconciliation between government agencies aimed at resolving long-standing financial discrepancies. The approval was documented by the Nigerian…
The NNPC Limited has concluded plans to sell stakes in some of its oil and gas assets and has invited bids from interested parties. The general secretary of Petroleum and Natural Gas Senior Staff Association of Nigeria (PENGASSAN), Jerry Amah, confirmed the development to Reuters. According to Reuters, the company announced the call for bids…
Electricity distribution companies have commenced the distribution of prepaid meters at no cost to their customers, although it was gathered that the meters are largely for Band A and some Band B customers. This is coming a few weeks after the Chairman of the Nigerian Electricity Regulatory Commission, Musiliu Oseni, accused the DisCos of refusing…
The Federal Government has signed a Memorandum of Understanding (MoU) with Chinese infrastructure and Internet of Things (IoT) solutions provider, You Jie Te Environment Technology Ltd (YJT), to localise the manufacturing and assembly of Compressed Natural Gas (CNG) and electric vehicle (EV) infrastructure in Nigeria. The agreement was executed through the Presidential Initiative on Compressed…
Seplat Energy Plc has completed the conversion of its operated onshore assets to the Petroleum Industry Act fiscal regime, replacing the former Petroleum Profit Tax framework, in a move expected to support improved profitability and operational efficiency. The company disclosed in a notice filed on the Nigerian Exchange Limited on Tuesday that its subsidiaries, Seplat…
Seplat Energy says Saidu Mohammed has withdrawn his acceptance of its board appointment over his recent appointment as chief executive officer (CEO) of the Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA). On December 17, the company announced the appointment of Mohammed as an independent non-executive director, effective January 1. On the same day, President…
Vows Bold Reforms to Boost Nigeria’s Upstream Oil & Gas Sector Mrs. Oritsemeyiwa Eyesan has officially taken charge as the Commission Chief Executive (CCE) of the Nigerian Upstream Petroleum Regulatory Commission (NUPRC), Eyesan, whose nomination by President Bola Ahmed Tinubu was confirmed by the Senate earlier in December following the resignation of the previous CCE,…
