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Nigeria Attracts Global Investors as Komolafe Showcases Upstream Reforms in London

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Nigeria is gaining renewed global attention as a hotspot for oil and gas investment, following strategic reforms in its upstream sector that are beginning to yield tangible results.

Speaking at the 2025 Africa Energies Summit in London, Engr. Gbenga Komolafe, Commission Chief Executive (CCE) of the Nigerian Upstream Petroleum Regulatory Commission (NUPRC), said the reforms — rooted in transparency, data access, and regulatory overhaul — are restoring investor confidence and driving production growth in Africa’s largest energy market.

Komolafe told energy leaders and investors at the summit that Nigeria’s upstream sector transformation is anchored on three core pillars: transparent licensing rounds, quality subsurface data, and bold regulatory changes enabled by the Petroleum Industry Act (PIA).

“Each of these awards and rounds was conducted with unprecedented transparency, unmatched competitiveness, and remarkable investor engagement,” he said.

“Collectively, they have repositioned Nigeria as a prime destination for oil and gas investment, while reaffirming our commitment to global standards of excellence, innovation, and partnership.”

According to the CCE, the NUPRC’s push to restore Nigeria’s competitiveness has been driven by access to reliable geological data — an essential element for informed exploration and development decisions.

He said the commission, in collaboration with global partners, has embarked on one of the most ambitious data acquisition projects on the continent.

“Through a landmark partnership with TGS-PetroData and other multiclient service providers, the NUPRC embarked on one of Africa’s most ambitious data acquisition and reprocessing campaigns, acquiring over 11,000 square kilometers of 3D seismic data as part of the broader 56,000 sq km Awalé Project,” Komolafe said.

He added that the National Data Repository (NDR), a cornerstone of Nigeria’s data strategy, has been pivotal in improving investor due diligence.

“At the heart of this revolution also is our National Data Repository (NDR), which houses one of the most extensive seismic databases on the continent and records from over 10,000 wells, enabling both physical and remote access for thorough technical due diligence,” he said.

“This wealth of accessible, high-quality data has not only empowered investor confidence during recent bid rounds but has firmly repositioned Nigeria as one of the most data-rich and investment-ready destinations in the global energy landscape.”

Komolafe credited recent progress to the policy environment created under President Bola Tinubu’s administration. Measures such as the reduction of entry barriers and the adjustment of fiscal frameworks have made it easier for investors to commit to Nigeria.

“Today, entry fees are pragmatic, calibrated to global realities, and tailored to support commercial viability on a case-by-case basis,” he said.

“Through the Presidential Executive Orders and the proactive stance of the NUPRC, Nigeria has redefined itself not only as a land of vast hydrocarbon potential but as a destination where opportunity meets ease of doing business, certainty, and investor value.”

Komolafe said Nigeria has moved from eight active rigs in 2021 to 36 today, with projections to reach 50 by the end of 2025. This upward trend also mirrors increases in reserves and production levels.

“New investors, empowered by clarity and quality, have entered our sector; oil and gas reserves and production have increased, while rig counts have surged from 8 in 2021 to 36 currently,” he said.

“With 210.54 trillion cubic feet of natural gas reserves, the largest in Africa, and 37.28 billion barrels of crude oil reserves, Nigeria holds enormous reserves.”

To consolidate the momentum, Komolafe said the NUPRC launched the “Project 1 Million Barrels per Day” initiative aimed at ramping up daily crude oil production by over one million barrels beyond the October 2024 baseline.

“Since the launch of the project, we have achieved a notable increase in daily production, recently reaching 1.78 million barrels per day, up from a baseline of 1.46 million barrels per day in October 2024,” he stated.

To sustain this progress, the Commission is adopting technological tools and streamlined processes to reduce downtime and improve efficiency.

“To sustain momentum, the NUPRC is fast-tracking rig licensing and is set to introduce digital tools aimed at optimizing rig utilization and securing long-term contracts,” Komolafe added.

Despite persisting challenges such as infrastructure and evacuation constraints, Komolafe said Nigeria remains proactive and focused on results. He urged global stakeholders to be part of the country’s unfolding energy story.

“Distinguished Investors and Partners, our drive to tackle production and evacuation challenges has presented several opportunities in a wide range of upstream activities including reviving shut-in wells, executing workover campaigns, deploying enhanced oil recovery techniques in mature fields, and advancing new development drilling across both brownfields and underdeveloped assets,” he said.

“These efforts must be supported by robust reservoir management and real-time production optimization.”

Komolafe also identified Nigeria’s youthful population as a key asset in building local capacity, promoting innovation, and adopting cleaner energy solutions.

“Additionally, Nigeria’s youthful population presents a unique opportunity to drive innovation and workforce development in the exploration of frontier basins as well as the advancement of decarbonisation technologies in the oil and gas sector,” he said.

“Nigeria is not waiting on the sidelines. We are standing boldly at the center; fully ready, capable, and determined to lead,” Komolafe said.

“In this new energy era, our initiatives and strategic efforts are designed to deepen investor confidence, drive sustainable growth, bridge the gap between resource potential and actual production, unlock the full value of our upstream assets, and deliver tangible results that advance shared prosperity.”

With the foundations now laid for transparency, sustainability, and growth, experts at the summit agree that Nigeria is on course to becoming a cornerstone of Africa’s energy future.

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itel’s Triple Triumph: City 100, BudsFit 5 and Power 70 Win Awards at the Africa’s Beacon of ICT Merit & Leadership Award

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itel, one of Africa’s leading smart technology brands, cemented its place as a powerhouse in mobile innovation with a triple win at the prestigious Africa’s Beacon of ICT Merit and Leadership Awards. The annual event, hosted by Nigerian Communications Week, held at the Four Points by Sheraton Hotel in Lekki, Lagos, saw itel taking home three top honors for its revolutionary products: the Power 70 smartphone, City 100, and BudsFit 5.

itel Power 70: Most Innovative Smartphone of the Year

Making waves in the mobile industry, the itel Power 70 earned the coveted title of Most Innovative Smartphone of the Year. As Nigeria’s first smartphone boasting a massive 10,000mAh battery capacity — a combination of a 6,000mAh built-in battery and an innovative 4,000mAh charging case — the Power 70 is redefining power efficiency and on-the-go durability. Its IP54-rated water and dust resistance and reverse charging functionality make it a reliable companion for users who demand long-lasting performance without compromise.

itel City 100: Customer Choice Mobile Phone of the Year

Similarly, itel’s customer-centric approach was validated as the City 100 clinched the Customer Choice Mobile Phone of the Year award. Designed with Gen Z city dwellers in mind, the City 100 is as stylish as it is functional. Standout features like a first-of-its-kind magnetic speaker, DeepSeek AI integration, and a built-in infrared remote control cater to the dynamic, connected lifestyle of modern urban users – all at an affordable price point.

itel BudsFit 5: Most Attractive Mobile Accessory of the Year

For rich sound lovers, fashion-forward users and enthusiasts alike, the itel BudsFit 5 was honored as the Most Attractive Mobile Accessory of the Year. These sleek wireless earbuds combine style with performance, boasting AI-powered noise cancellation, IP54 water resistance, and an impressive 32-hour total playtime – making them the perfect accessory for music lovers on the move.

A Landmark Moment for itel

Speaking at the event, itel’s representatives expressed gratitude for the recognition and reaffirmed the brand’s commitment to democratizing technology through innovation, affordability, and style.

“We designed these products with real people and real lifestyles in mind,” said Dolapo Olorun-Nimbe, ATL Marketing Manager, itel Mobile Nigeria. “Whether it’s the long-lasting battery of the Power 70, the trend-driven appeal of BudsFit 5, or the Gen Z-centric City 100, itel continues to put innovation within reach of every Nigerian.”

Echoing the sentiment, Terngu Simeon Shagba, Public Relations Supervisor, itel Mobile Nigeria, added: “This triple recognition is not just a win for our brand, but a win for every user who believes in the power of affordable technology. We’re incredibly grateful to our customers and the ICT community for trusting our vision. This triple win reaffirms our mission to create smart, stylish, and power-efficient devices that meet the evolving needs of our users”

Africa’s Beacon of ICT Merit and Leadership Awards is one of the most respected platforms celebrating contributions to the development of information and communication technology (ICT) in Nigeria. itel’s success at this year’s edition underscores its growing impact in shaping the future of digital life across Nigeria and the African continent.

For more information about itel products and upcoming innovations, visit https://www.itel-life.com/ng/itel-home/itel-home-products

About itel

Established over 15 years, itel is a reliable smart life brand for everyone. Adopting “Enjoy better life” as its brand philosophy, itel’s mission is to provide budget-friendly consumer electronic products and lifestyle products to everyone. It democratizes technology by giving entry to technology and connections to consumers without prior access to it. After more than 15 years’ development, itel has expanded its presence in more than 80 emerging markets globally. itel has a product portfolio of smartphones, accessories, electrics, home appliances, and lifestyle products and in 2024 it ranked No.1 Global Smartphone brand under $75 and No.1 feature phone brand. https://itel.com.ng/

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Energy Rights Group Backs Naira-for-Crude Policy, Warns New NNPCL Leadership Against Kyari’s Dubious Reforms

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The Energy Justice Forum (EJF), a coalition of energy rights activists, has commended President Bola Tinubu for restoring the naira-for-crude policy, asserting that the move benefit local refineries and the broader Nigerian populace.

In a statement on Friday, the group said the policy shift is not just in the interest of Dangote Refinery, but a long-overdue redirection for local refining capacity and everyday Nigerians who have long borne the burden of an import-dependent energy system.

Dr Godknows Manager, national president of EJF, described the decision as “the most patriotic intervention in Nigeria’s petroleum sector in recent history,” while urging the newly appointed leadership of the Nigerian National Petroleum Company Limited (NNPCL) to align with the president’s reformist path.

“We must be clear — this policy is not about Dangote alone. It is about returning value to Nigerians, enabling refineries in Warri, Port Harcourt, and Kaduna to thrive, and ensuring that Nigerians are not perpetually held hostage to dollar-denominated fuel pricing,” Manager said.

“President Tinubu has restored dignity to our economic sovereignty. For the first time in a long time, the average Nigerian sees a glimpse of hope that our natural resources may finally work in our favour.”

The group also issued a stern warning to the new NNPCL Group Chief Executive Officer, Bayo Ojulari, and board chairman, Pius Akinyelure, urging them not to inherit what it called “the dubious, dollar-chasing reforms” of the former GCEO, Mele Kyari.

“It would be a fatal mistake for the new leadership at NNPCL to continue on the path of ruin orchestrated by Kyari — a path that nearly collapsed our economy, undermined local refining, and exposed the country to foreign exchange shocks,” Manager declared.

“We are watching closely. Nigerians are watching. And we will not hesitate to mobilise civil society resistance if old habits creep back in through the back door.”

He said Nigerians “deserve transparency, not tokenism; energy justice, not backdoor deals”.

“There must be a clear audit of Kyari’s tenure — all contracts, all swaps, and all the shady transactions disguised as ’liberalisation’. We are demanding full disclosure and accountability.”

Manager further encouraged the new board to strengthen collaborations with indigenous investors and local engineers to ensure that Nigeria’s refining ambitions are realised.

“We cannot build a sustainable energy future on the back of secrecy and elitist policies. This is a new dawn. The new NNPCL must walk in light, not shadows,” he added.

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Group Raises Alarm Over Plot to Frustrate Dangote, Other Local Refineries from Meeting Consumption Demand

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A group, the Concerned Nigerians, has raised concerns about an alleged plot to stop the supply of crude oil to domestic refineries, including the Dangote Refinery in Nigeria.

According to the group, a cabal within the Nigerian National Petroleum Company Limited (NNPCL) is working with importers of fake petrol to deny local refineries of crude oil supply.

In a statement signed by its national coordinator, Obinna Francis, this plot, if successful, would have far-reaching consequences, including creating a shortage of refined products, which would force the country to import fuel.

The Concerned Nigerians believes that this plot is driven by a desire to return Nigeria to the era of petrol importation and the reintroduction of subsidies.

“We are shocked that the cabal in the Nigerian National Petroleum Company Limited (NNPCL) is working with importers of fake petrol to deny local refineries of crude oil supply,” Francis said. 

“Such a sinister plot can only be driven by a desire for Nigeria to return to the era of petrol importation and even the reintroduction of subsidy. This is because cutting off crude oil supply to domestic refineries is a recipe for creating a shortage of refined products, which the country would be forced to import.

“We understand that members of this cabal are upset that they could no longer afford the life they were addicted to as their illicit businesses have been cut off by Mr President’s successful reforms and positive development in the sector. However, they cannot continue to undermine our collective wellbeing for their own decadent choices.

“The members of the cabal, working through certain officials of NNPCL, have been manipulating their colleagues in the Nigerian Upstream Petroleum Regulatory Commission (NUPRC), which has responsibility for overseeing the supply of crude oil to refineries in Nigeria.

“Their plot includes sabotaging exploration and distribution infrastructure to justify the planned refusal to cut off crude supplies. This unholy alliance has the support of individuals who have been angling for a regime change.

“Our suspicion is that while the NNPCL/NUPRC cabal pursue the monetary gains of truncating the steady supply of refined products, their political wing anticipates that a disruption in refining capacity would lead to petrol scarcity, drive fuel prices up and hike food prices with the attendant anger against the government of the day. Their desire is to weaponize such public anger into anti-government protests that would bring the administration down.”

The group is calling on the President and the Department of State Services (DSS) to ensure that no one in NNPCL, NUPRC, or any other connected agency undermines the achievements recorded in the sector.

They also expressed concern that if this plot is not stopped, it would undo all the gains made in the implementation of economic reforms and plunge the country into an economic crisis.

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