Business
FG Wades into Fuel Profiteering
The Nigerian government has cautioned players in the oil and gas segment that she would not tolerate profiteering and sharp practices that exploit consumers.
The Minister of State for Petroleum Resources (Oil), Heineken Lokpobiri, made the assertion in Abuja, on Monday noting that fuel prices in Nigeria must continue to be determined by market forces under the deregulated regime, but that the government would not fold her hands while the citizens are being fleeced.
He bared his mind at the opening ceremony of the 2026 General Counsel and Legal Advisers Forum organised by the Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA).
He maintained that the era of government-fixed petrol prices was over, but that deregulation did not mean regulators should abdicate their responsibility to protect consumers.
Nigerians consider his remarks appropriate, because there are renewed public concerns over frequent fluctuations in petrol prices, while some filling stations allegedly manipulate dispensing meters to take advantage of consumers under the guise of a deregulated market.
Addressing lawyers, general counsels and other stakeholders, Lokpobiri said the NMDPRA had a statutory responsibility under the Petroleum Industry Act (PIA) to ensure not only the availability of petroleum products but also to prevent unnecessary profiteering.
He stressed that, “Pricing is also another issue, and I think that is one issue that I want this forum to deal with today. As part of the requirements of deregulation, prices have to be determined by market forces. The NMDPRA has a unique responsibility, compounded by the PIA, to ensure not only that products are available but also that unnecessary profiteering is stopped.
“Yes, the market is definitely deregulated, but that doesn’t limit deregulation. I listen to discussions on television every day. They are calling me out. Mr. Lokpobiri should come and speak up.
“But I am not engaged in any press war with anybody. What is important is the reality of the situation in the industry. Primarily, market forces have to determine prices. But we also have a responsibility as a government to ensure that there is no profiteering. The PIA specifically vested government institutions, including the NMDPRA.”
The minister also expressed concern over alleged fuel dispensing fraud at some filling stations. “It is also important that Nigerians get the full benefit of what they buy. I have seen situations where somebody buys 50 litres, but what he gets is 30 litres.
“There are offices across the country with the responsibility of ensuring that our men and women are on the field and that if somebody buys 50 litres, he gets 50 litres. Nigerians deserve fairness and transparency in the marketplace,” he said.
Lokpobiri also urged regulators and operators to move beyond compliance with laws, arguing that investor confidence depends on regulatory certainty and predictability. “For far too long, the dominant question in our regulatory conversation has been: are operators compliant? This question is important and will always remain important, but it is no longer sufficient.
“The more consequential question today is whether our regulatory agencies are doing their jobs. Are our regulations and legal frameworks clear, consistent and predictable enough to earn the confidence investors need to commit their capital, not just for the short term but for the long term?
“In my opinion, compliance is just the foundation that we need to build on. Regulatory certainty is one of the most critical ingredients in attracting investors to any country,” he said.
The minister noted that Nigeria had become more competitive in attracting petroleum investments since 2023. “I want to be very direct with you. We have been competing well since 2023. Before 2023, we had a 10-year period where there was virtually no investment in Nigeria.
“Today, we take about 70 per cent of investments flowing into the African continent. That means we are competing well. That is not where I want us to be, but we must appreciate the gains we have made so that they can inspire us to do more and attract even greater volumes of capital,” he said.
Earlier, the Authority Chief Executive of the NMDPRA, Rabiu Umar, said the industry had moved beyond discussions centred solely on compliance to broader issues of regulatory certainty, transparency and investment confidence.
“Compliance, while essential, is not an end in itself. Compliance was and remains the foundation. The broader objective is to create a petroleum industry characterised by certainty, predictability, transparency and confidence; a sector in which investors can commit capital with clarity and operators can make long-term business decisions with confidence,” he said.
Umar said that five years after the enactment of the PIA, attention had shifted from interpreting the law to evaluating its implementation and investors’ perception of Nigeria’s regulatory environment.
He added that the forum would provide a platform for continuous engagement between regulators and operators, while acknowledging that implementation challenges and areas of ambiguity still existed within the regulatory framework.
In his presentation, the Secretary and Legal Adviser of the NMDPRA, Joseph Tolorunse, pointed out that regulatory certainty had ensured stability of fiscal rules throughout project lifespans and helped avoid policy reversals.
According to him, the PIA had made Nigeria’s oil and gas industry more competitive, adding that competitiveness would attract investment, with “investment leading to growth.”
“Permit me to conclude by returning to the theme of this Forum. Beyond Compliance: Driving Regulatory Certainty and Investment Confidence in Nigeria’s Petroleum Sector.
“These words capture an important truth. Compliance will always remain the foundation of an effective regulatory system, but it cannot be the destination. The destination is confidence. Confidence that investors can make long-term decisions with clarity,” he said.
Business
Nigeria Moots Oil Industry Deal with Indonesia
With a view to boosting the economy through job creation and technology transfer, the Nigerian government is considering direct government-to-government oil and gas partnerships with her Indonesian counterpart.
The President of the Nigerian-Indonesian Chamber of Commerce and Industry (NICCI), Ishmael Balogun, made the disclosure on Saturday in Lagos adding that the initiative could unlock billions of dollars in investment.
After the Indonesian 41st Trade Expo, which attracted hundreds of Nigerian delegates, Balogun pointed out that it would also deepen bilateral trade and investment.
He said that Indonesia currently buys about $3bn worth of Nigerian crude oil annually, adding that shifting from third-party transactions to direct government-to-government arrangements could unlock investment opportunities in oil exploration and other sectors.
“Indonesia has been buying crude from Nigeria, but they are buying it from a third-party kind of relationship. But this time around, we’re looking at a relationship where they can do a G2G, which opens up a lot of opportunities in exploration,” he said.
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According to Balogun, direct investment in exploration would generate wider economic benefits for Nigeria beyond the revenue derived from conventional trade.
“If you have an idea of the amount of money that is invested to explore for oil, that means jobs will be created for the common man in Nigeria. There will be knowledge transfer; there will be income that will be earned,” he added.
He described the proposed partnership as a mutually beneficial arrangement capable of attracting Foreign Direct Investment and strengthening economic relations between the two countries.
“Trading is good. Trading is what trading is. You buy, you go. But when it comes to exploration, life changes. And the level of investment we’re talking about is in billions of dollars that affect literally every single body in Nigeria that’s involved,” Balogun said.
He disclosed that more than 25 Indonesian government representatives had visited Nigeria less than a month before the interview to explore opportunities for closer cooperation in the energy sector.
The delegation included representatives of Indonesian state-owned energy company Pertamina, its renewable energy and exploration divisions, as well as the country’s Vice Minister of Foreign Affairs.
Balogun said the delegation met with Nigeria’s Minister of Foreign Affairs and officials of the Nigerian National Petroleum Company Limited (NNPC Ltd) and the Nigerian Upstream Petroleum Regulatory Commission (NUPRC).
He expressed optimism that the engagements would translate into concrete investment agreements and stronger cooperation in the energy industry, adding that both countries had recorded significant growth in bilateral trade over the years, with the value increasing from $2bn in 2020 to $2.7bn in 2021, $2.9bn in 2022 and $4.5bn in 2023.
He said Nigeria had maintained its position as Indonesia’s leading trading partner in Africa since overtaking South Africa in 2020.
Balogun said the chamber also facilitated transactions among its members, valued at more than N1bn annually.
According to him, Nigerian businesses import pharmaceutical products, palm oil, electronics and fast-moving consumer goods from Indonesia, while Indonesian companies source agricultural commodities from Nigeria.
Meanwhile, the Chief Executive Officer of Prime Minister Logistics, Giorgio Enrico Del Celo, said international trade exhibitions provided opportunities for Nigerian businesses to establish connections with potential partners and expand into new markets.
Business
Nigeria Gets More 1,000 5G Sites, Courtesy Airtel
Nigeria’s telecommunications space can boast of more than 1,000 fifth-generation network sites in 2026 from one of the top service providers.
The Chief Executive Officer of Airtel Nigeria, Dinesh Balsingh, made the disclosure on Friday in Lagos, pointing out that the telco has been expanding its infrastructure to meet growing demand for faster mobile connectivity and improve service quality across the country.
Balsingh spoke during the launch of Airtel Open Network, a new feature on the My Airtel Africa app that gives subscribers greater visibility into network performance and a digital channel to report service issues.
It was gathered that the expansion forms part of the company’s broader network investment programme, which has taken its total number of network sites beyond 17,000, following the addition of more than 1,050 sites in the last financial year.
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The deployment comes as telecommunications operators face increasing pressure to improve network capacity and coverage amid rising demand for mobile data, digital financial services and other internet-dependent activities.
According to Balsingh, the company’s infrastructure investments were aimed at extending connectivity and improving the experience of customers who rely on mobile networks for business transactions, education, communication and other daily activities.
“During the last financial year, Airtel Nigeria added more than 1,050 new sites and has surpassed 17,000 sites nationwide. This year, 2026 alone, Airtel has added more than 1,000 5G sites to date, expanding access to high-speed connectivity across the country,” he said.
Alongside network expansion, the operator is introducing digital tools to improve how it identifies and responds to service complaints.
The newly launched Open Network feature allows subscribers to engage with information about their network experience and submit feedback that could help the company’s technical teams identify the location and nature of connectivity problems.
Balsingh noted that conventional complaint channels, including call centres and physical customer service outlets, sometimes made it difficult to obtain sufficiently precise information about network challenges.
He explained that the digital platform would provide more detailed feedback, helping engineers investigate reported problems and direct attention to areas where improvements were needed.
However, he cautioned that the platform would not automatically repair network faults or eliminate service disruptions, describing it instead as an additional channel for gathering information and improving the company’s response.
Airtel is also expanding its physical customer service network, with more than 225 premium experience stores, and plans to increase the number to 500. It operates over 9,000 exclusive shops across local government areas and has more than 73,000 retail agents nationwide.
The launch builds on the company’s deployment of an artificial intelligence-powered spam alert service in March 2025.
Balsingh added that the service flagged more than 9.6 million suspected spam messages within its first two months.
Business
Guinness Nigeria CEO Shares Sustainable Growth Strategy
Guinness Nigeria Plc is focused on sustaining growth through wider product availability, commercial expansion and disciplined pricing.
Managing Director and Chief Executive Officer, Guinness Nigeria, Girish Sharma made the disclosure in an interview with CNBC Africa, in which he outlined the priorities expected to shape the company’s performance in the coming quarters.
According to Sharma, the company would keep focusing on making its products more accessible to consumers while strengthening its presence across markets and distribution channels.
“The strategy has always been growing by being available at more places, having our beer, having our products cold in a lot of places and ensuring that we are playing at the right price points,” he said.
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Sharma explained that the company’s approach was centred on expanding its reach rather than relying on price increases to drive growth.
He said Guinness Nigeria had increased the number of locations and cities in which its products were available, alongside growth in its distributor network.
He maintained that the company’s commercial expansion is part of a longer-term plan that will continue over the next three to five years.
“In terms of number of touch points where we’re available to the Guinness Nigeria products, number of cities where we’re available today, number of distributors that we have that distribute our products today, on every single count we have grown multi-fold,” Sharma said.
He described the expansion as a significant undertaking for the business, noting that the effort began with his first 100-day plan and remains a key part of the company’s direction.
Sharma also pointed to operational discipline and improvements made over the past year as important foundations for the business. He said earlier decisions to address the balance sheet, adjust pricing and make fundamental corrections were now supporting the company’s growth trajectory.
He added that teams across operations and procurement were working to keep price increases to a minimum while increasing output, while a more stable currency environment had also been helpful.
Looking ahead, Sharma said the company would focus on maintaining consistency rather than promising a particular growth rate for the next quarter.
“I’m not here to stand and say that we’re going to do better than the third quarter, but what I see is we will be consistent in terms of delivering healthy results,” he said. “Consistency is the word.”
He also highlighted the importance of the final quarter of the year to the beverage industry, citing increased consumer activity around the festive season. Guinness Nigeria, he said, had strategic partnerships planned across the period, with some extending into the first quarter of the following year.
Sharma said the company’s broader ambition was to build a stronger business capable of funding its growth, rewarding shareholders and sustaining performance over time.
“The business is sturdy, business is strong, business is good, and I’m confident that we will continue to grow sustainably,” he said.
His comments underline Guinness Nigeria’s focus on extending its market reach, strengthening execution and building consistency as it pursues its longer-term growth ambitions.





