NEWS
Energy Crisis Looms as Experts Push Reforms, Cash Support for Nigerians
Energy experts have raised fresh concerns over a looming crisis in Nigeria’s energy sector, urging urgent reforms and targeted cash transfers to cushion the impact of rising fuel prices on vulnerable citizens.
The warning comes amid continued volatility in global oil markets, driven by geopolitical tensions between the United States and Iran, which have pushed up crude oil prices and worsened domestic fuel costs.
The call was made ahead of the 19th annual international conference of the Nigerian Association for Energy Economics, scheduled to hold in Lagos from April 26 to 29, 2026.
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The event will bring together policymakers, regulators, investors, academics, and development partners to deliberate on the implications of global energy shocks on African economies.
A former president of the association, Adeola Adenikinju, described the situation as a “two-edged sword,” noting that while Nigeria could benefit from increased oil revenues, the same trend is deepening economic hardship for citizens.
According to him, rising petrol prices have triggered increases in transportation fares and inflation, placing significant pressure on low-income households.
“This is the time that Nigeria should say, ‘Look, we are sending some cash to those poor people who are vulnerable,’” he said.
Adenikinju, however, identified the absence of a reliable and comprehensive database of vulnerable Nigerians as a major policy gap, warning that it continues to hinder the effective implementation of targeted social interventions.
“If we have the data of all the poor people, this is the time that Nigeria should send some cash to those who are vulnerable, but we don’t have the data,” he added.
He further noted that recent increases in allowances for civil servants may provide limited relief but exclude millions of Nigerians in the private and informal sectors, stressing the need for coordinated efforts between federal and state governments to design broader and more inclusive support mechanisms.
Beyond immediate intervention, the economist called for structural reforms aimed at strengthening Nigeria’s social protection systems and improving its capacity to respond to external economic shocks.
Also speaking, the association’s president, Hassan Mahmud, said the conference comes at a critical time when Africa faces the challenge of balancing energy security, affordability, and sustainability amid a global transition to cleaner energy.
He noted that discussions would explore how emerging technologies such as renewable energy, energy storage, and digital systems can shape the continent’s energy future, alongside economic frameworks and public policies needed to attract investment and drive industrialisation.
Mahmud highlighted concerns that Africa, despite contributing less than four per cent of global carbon emissions, is facing increasing pressure to decarbonise without adequate financing or technological support.
According to him, the conference is designed to reposition the energy transition as an opportunity for economic growth, job creation, and poverty reduction rather than a constraint on development.
Participants are expected to engage in high-level plenary sessions, technical discussions on energy markets and policy reforms, industry showcases highlighting innovation across the energy value chain, and strategic dialogues aimed at producing actionable policy recommendations for governments and institutions across the continent.
The event will also feature a technical visit to the Dangote Refinery, described as the largest single-train refinery in the world, to provide first-hand insight into Nigeria’s refining capacity and its role in strengthening energy security in West Africa.
High-profile participants expected at the conference include billionaire businessman Tony Elumelu; the Chief Executive of the Dangote Group, David Bird; a former Minister of Power, Barth Nnaji; alongside energy regulators and other key stakeholders.
Adding to the policy debate, another former president of the association, Yinka Omorogbe, called for a fundamental shift in Nigeria’s energy strategy, particularly towards strengthening the downstream sector.
She criticised the country’s overreliance on crude oil exports, describing the upstream sector as an enclave industry with limited job creation potential.
“When you now open up the downstream and really make it functional and viable, you have industries throwing in hundreds of thousands of jobs into Nigeria,” she said.
Omorogbe emphasised that boosting domestic refining capacity would reduce dependence on fuel imports, create employment opportunities, and stabilise energy costs, warning that failure to act could expose Nigerians to even higher fuel prices.
Stakeholders are also expected to examine how Africa can leverage its vast hydrocarbon resources alongside its renewable energy potential to drive a pragmatic and inclusive energy transition.
The association further called on members of the media, private sector players, and development institutions to actively participate in amplifying the outcomes of the conference, noting that its resolutions are expected to influence policy direction and investment decisions across Africa’s energy sector.
NEWS
‘Over N20m Lost’ — Inferno Razes Abuja Building Materials Market After Midnight Restocking
An early-morning fire has ravaged Eda Plaza, a building materials market opposite Chida Hotel in Jabi, Abuja, destroying shops and goods reportedly worth millions of naira.
The inferno broke out around 3am on Sunday, leaving traders counting their losses after the fire spread through parts of the plaza.
An eyewitness told the Nigerian Television Authority (NTA) that the alarm was raised after his brother-in-law, who owns two shops and a packing store at the plaza, received a distress call from a colleague informing him that the market was on fire.
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“We were at home this morning, as early as 3 am, and my brother-in-law received a call from one of his colleagues here in the plaza that the plaza was on fire. So we had to rush down there. On getting here, we discovered that the situation was so bad,” the eyewitness said.
According to him, only one of his brother-in-law’s two shops survived the inferno, while the other shop and the packing store were completely destroyed.
“In this plaza, my brother-in-law had two shops and a packing store. Unfortunately, only one of the shops was saved. The other shop and the packing store were totally damaged by the fire,” he added.
The eyewitness estimated the value of roofing materials lost in the blaze at more than N20 million, revealing that some of the affected materials had been restocked just hours before the fire.
“Over here, you see some of the roofs that we still have here. We are talking about a roof that is worth over N20 million lost in this fire,” he said.
He further lamented that some of the roofing materials had only been restocked the previous night.
“Because the other shop, we had roofs that were just restocked last night. And then the packing store also, we had roofs that were just restocked last night,” he said.
Confirming the incident, the National Public Relations Officer and Head of Corporate Services of the Federal Fire Service, Deputy Controller of Fire Paul Abraham, said a distress call about the Eda Plaza fire was received at 2:46am.
Abraham said the Federal Fire Service, in collaboration with the Federal Capital Territory Fire Service, deployed firefighting appliances from its Wuse, Interior Ministry and Garki stations to battle the inferno.
He disclosed that a stop message was issued at 10:14am, indicating that the fire had been brought under control.
The Federal Fire Service spokesman added that investigations were ongoing to determine the remote and immediate causes of the fire.
Despite the extent of the destruction and the financial losses recorded, no casualty was reported.
The eyewitness expressed gratitude that the incident did not claim any life.
“In our situation, we give thanks to God that no life was lost in this situation,” he said.
NEWS
Nestoil Boosts Oil Production with $28m Drilling Fleet
The quest for increased oil production from the Oil Mining Lease (OML) 42 has seen the Nestoil Group deploy its Pathfinder 500 rig to carry out workover operations on two producing wells.
The deployment, carried out through the Group’s strategic business unit, Scorpio Drilling International, marks the first productive assignment of the Pathfinder 500 since its acquisition about eight years ago.
The Pathfinder 500 is one of two rigs acquired by the Nestoil Group as part of a combined investment of approximately $28 million. The second rig is the Scorpio 300.
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According to a statement issued by the Group over the weekend, the Pathfinder 500 was successfully mobilised to the OML 42 site, where it completed workover operations on the two wells without any Health, Safety and Environment (HSE) incidents before being safely demobilised to base.
The statement added that the successful operation also contributed to incremental oil production from OML 42 and is expected to support the Group’s planned in-field drilling programme.
Chairman of Nestoil/Neconde Group, Dr. Ernest Obiejesi, described the development as a defining moment for the Group and Nigeria’s indigenous drilling capacity.
Obiejesi said the rig had remained idle for eight years amid doubts that it would ever be deployed for productive operations, making its successful mobilisation, incident-free workover campaign and safe demobilisation a significant achievement.
He explained that the decision to invest in the Pathfinder 500 and Scorpio 300 was driven by the need to reduce dependence on hired rigs, which could be difficult and costly to secure within Nigeria’s operating environment.
According to him, as an asset owner in OML 42, the Group requires reliable in-house drilling capacity to undertake workovers, revive mature wells and ultimately drill new wells as the field develops.
He said the successful deployment of the Pathfinder 500 now positions the Group to proceed with its planned in-field drilling programme.
Obiejesi further disclosed that the project, from rig refurbishment to crewing, was executed entirely by Nigerian personnel without foreign partnership or support.
He noted that the rig is currently operated by a 100 percent Nigerian crew, attributing the development to decades of capacity building by international oil companies operating in Nigeria.
The Nestoil chairman said the experience had helped position Nigeria as a net exporter of skilled drilling personnel to other oil-producing countries.
He commended the teams at Scorpio Drilling International and others involved in the rehabilitation and operation of the rig.
Obiejesi also said the achievement extends beyond Nestoil Group, noting that Scorpio Drilling International now has two operating rigs and is among companies with rig assets in Nigeria.
“Nestoil Group, through Neconde Energy, holds interests in OML 42 and continues to invest in indigenous drilling, workover and well-services infrastructure to sustain and increase oil production from the asset.
“Scorpio Drilling International operates the Pathfinder 500 and Scorpio 300 rigs and provides drilling services to the Group and third parties across Nigeria’s oil and gas industry,” the statement added.
NEWS
Tinubu Mourns Eagle Online Publisher, Dotun Oladipo
President Bola Ahmed Tinubu expresses deep sadness over the sudden death of Mr Dotun Oladipo, former Political Editor of The Punch newspaper and Publisher of The Eagle Online, describing his death as a painful loss to Nigeria’s media industry and the nation at large.
President Tinubu acknowledges the deceased’s contributions to journalism, particularly his years of dedicated service in political reporting and his commitment to providing Nigerians with credible information through both traditional and digital media platforms.
The President says Oladipo’s professional career reflected the important role journalists play in strengthening democracy by informing citizens, holding public officials accountable and providing platforms for robust public discourse.
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He recalls the deceased’s passion for his profession and his contributions to the growth of digital journalism through The Eagle Online, which he founded after his remarkable career at Punch Newspaper.
“Dotun Oladipo’s death at the age of 56 is a painful loss to the Nigerian media community and to our nation. He was a committed journalist who devoted significant years of his life to informing the public and contributing to the development of our democracy.
“His contributions to political journalism and the digital media space will not be forgotten. I extend my heartfelt condolences to his family, colleagues in GOCOP and friends. I pray that Almighty God will grant him eternal rest and give his loved ones the strength to bear this irreparable loss,” President Tinubu notes.





