NEWS
Oil Majors Call for Review of PIA, Industry Changes, Celebrate Nigeria Joining IEA
Indigenous oil producers have warned that Nigeria’s upstream petroleum sector is being weighed down by more than 270 different taxes, fees and statutory levies.
They maintain that the multiplicity of charges is beginning to erode the investment gains recorded under the Petroleum Industry Act (PIA) despite renewed investor confidence in the industry.
The warning came on Tuesday at the opening ceremony of the 2026 NOG Energy Week in Abuja, where industry leaders also celebrated Nigeria’s admission into the International Energy Agency (IEA) as its newest Association Country, describing the development as a major endorsement of the country’s ongoing energy reforms and growing influence in global energy diplomacy.
The 25th edition of NOG Energy Week, marking the conference’s silver jubilee, is themed, “Advancing Energy Ambitions for Competitive & Resilient Economies.”
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Chairman of the Independent Petroleum Producers Group (IPPG), Adegbite Falade, while delivering the industry’s keynote address, said the country’s fiscal regime had become one of the biggest threats to sustaining investment inflows into the oil and gas sector.
According to him, although President Bola Tinubu’s administration has introduced sweeping reforms that have restored investor confidence and improved crude oil production, the burden of over 270 taxes and levies imposed by different government agencies risks offsetting the benefits of the PIA.
Falade said, “A Shift in Government Posture: From Collector to Catalyst, as we chart a path forward, we must confront a challenge that continues to erode industry-wide competitiveness – the sheer weight and multiplicity of fees, levies, and statutory charges imposed across the value chain.
“Today, the Nigerian oil and gas industry remains the most taxed and levied in the country, and perhaps globally, with over 270 separate fees, taxes and levies. These fees from multiple agencies and the cumulative burden threaten to outpace fiscal incentives introduced under the Petroleum Industry Act to attract and retain investment.
“For smaller producers and operators of mature assets with thinner margins, this burden is a direct threat to project viability, investment decisions, and in some cases, asset abandonment. We therefore urge the government to undertake a comprehensive harmonisation of all fees and levies across all agencies to eliminate duplication, ensure transparency in how these charges are computed and applied, and align the overall fiscal burden with the incentive-driven spirit of the PIA.
“A predictable, streamlined, and globally competitive cost environment is a prerequisite for the very growth, job creation, and production gains this administration seeks to achieve.”
Despite the concerns, the IPPG chairman commended the Federal Government for implementing reforms that have revived the industry’s investment outlook.
He said Nigeria had recorded a remarkable recovery in crude oil production from levels below one million barrels per day a few years ago to an average of about 1.6 million barrels daily between January and May this year, noting that May production exceeded Nigeria’s OPEC quota for the first time in almost one year.
Falade added that the administration had attracted more than 5bn Bonga North project; the 18.2bn were approved in 2025 alone, unlocking about 1.4 billion barrels of crude oil and 5.4 trillion cubic feet of gas.
“Mr President, on behalf of indigenous producers, thank you for your unyielding commitment towards building a sustainable oil and gas industry. The collaborative efforts of government, regulators, security agencies, host communities and operators are yielding the desired results,” he stated.
Falade, however, cautioned that Nigeria had repeatedly failed to take full advantage of geopolitical disruptions because of inadequate production capacity and delayed investments.
He recalled that the Russia-Ukraine war created huge opportunities for alternative gas suppliers to Europe while the recent tensions involving the United States, Iran and the wider Middle East pushed global crude prices significantly above Nigeria’s budget benchmark.
According to him, Nigeria could not maximise the resulting revenue opportunities because of production constraints. “The lesson from both crises is the same – the next geopolitical shock is not a question of if, but when. We must borrow a leaf from the Dangote Refinery by prioritising upfront investment in potent capacity.
“We must see infrastructure not just as an economic asset but as a strategic national shield. It is therefore imperative to build the partnerships, capital and readiness today that enable us to seize tomorrow’s opportunity rather than watch it pass us by once again,” he added.
The IPPG chairman also called for a comprehensive review of the PIA five years after its implementation, arguing that the law should be strengthened by incorporating the various presidential directives and executive orders introduced since its enactment.
He also warned that the industry was facing a growing manpower crisis following the retirement of experienced professionals and the wave of international oil company divestments, stressing that operators must significantly increase investments in training the next generation of industry professionals.
Meanwhile, the Minister of State for Petroleum Resources (Gas), Ekperikpe Ekpo, described Nigeria’s recent admission into the International Energy Agency as one of the country’s biggest diplomatic achievements in the global energy sector.
According to the minister, the country’s admission as an Association Country on July 2 makes Nigeria the first member of the Organisation of the Petroleum Exporting Countries to establish such a partnership with the IEA and the sixth African nation to attain the status.
Ekpo said the development reflects growing international confidence in Nigeria’s reform agenda and strengthens the country’s position in shaping global conversations on energy transition.
He said, “Complementing this, on July 2, 2026, the International Energy Agency officially admitted Nigeria as its newest Association Country. As the first OPEC member to partner with the IEA and its sixth African Association member, Nigeria is uniquely anchoring a balanced global dialogue, ensuring equitable energy transitions while defending the right of developing nations to responsibly harness their gas assets.
“Our progressive steps have recently resonated on the global stage, elevating Nigeria to the pinnacle of global energy diplomacy. Nigeria has proudly assumed the Presidency of the 2026 Gas Exporting Countries Forum Ministerial Meeting alongside the election of Nigeria’s Dr Philip Mshelbila as the GECF Secretary-General. This dual leadership reflects international confidence in our technical expertise and policy vision.”
The minister said the Federal Government’s reforms, backed by the PIA and subsequent executive orders signed by President Tinubu, had created a more stable, transparent and competitive investment climate for gas development.
He noted that the reforms had shortened contracting timelines, introduced targeted fiscal incentives for non-associated gas projects, removed bureaucratic bottlenecks and restored the commercial viability of deep-water gas developments.
“Our message to the global investment community is unified and resolute: Nigeria is open for business, and we have established a stable, competitive and highly predictable investment environment,” Ekpo stated.
He added that the government’s long-term strategy was to transform Nigeria from a country that merely possesses vast gas reserves into one powered by natural gas, saying the Decade of Gas initiative was driving investments in gas processing, pipelines, fertiliser production, petrochemicals, power generation and compressed natural gas transportation.
According to him, major infrastructure projects, including the Ajaokuta-Kaduna-Kano and OB3 gas pipelines, alongside the expansion of Nigeria LNG through Train 7, would strengthen domestic gas utilisation while expanding Nigeria’s footprint in the global liquefied natural gas market.
“The defining question before us is not whether the world will need more energy – it will. The question is who will provide that energy responsibly, reliably and competitively.
“Nigeria is prepared to answer that call. We possess the resources, we are implementing the reforms, we are building the infrastructure, we are strengthening our institutions and, above all, we are creating an environment in which investment can flourish and shared prosperity can be realised. Nigeria is ready. Nigeria is open for business. Nigeria is investing in the future,” the minister declared.
NEWS
Police Link Politicians to 30 Killings Ahead of Osun Gov Election
The Nigeria Police Force (NPF) has disclosed that some politicians may be connected to the 30 alleged politically motivated killings recorded in Osun State ahead of the August 15 governorship election.
The Force Public Relations Officer (FPRO), CSP Anietie Iniedu, made the disclosure on Tuesday during an appearance on Channels Television’s Morning Brief, saying investigations into the killings are ongoing.
According to him, several suspects have already been arrested, while some have been paraded by the police and charged to court.
Iniedu said the police could not rule out the involvement of politicians based on complaints received during the investigation.
“From the complaints received, we cannot rule out the involvement of some politicians in the killings,” he said.
However, he declined to disclose the identities of the suspects or provide further details, explaining that doing so would amount to sub judice and could prejudice ongoing court proceedings.
He assured Nigerians that more information would be made available after investigations are concluded and the cases before the courts are determined.
Responding to allegations that the police were complicit in the political crisis in the state, Iniedu insisted that the force would not shield anyone found culpable.
“The police will never be part of any cover-up and will not shield any person involved in any crime,” he stated.
He added that while election periods often come with accusations and counter-accusations against security agencies, the Inspector-General of Police (IGP), Olatunji Disu, has directed officers to ensure every suspected criminal is tracked, arrested and prosecuted.
The police spokesperson recalled that the IGP recently visited Osogbo, the Osun State capital, where he met with Governor Ademola Adeleke and other political stakeholders to address rising political tension ahead of the governorship election.
According to him, the IGP warned all political actors against sponsoring violence and stressed that the police would not tolerate any breakdown of law and order.
He also urged parents to caution their children and wards against being used as political thugs.
On allegations of partisanship against the Osun State Commissioner of Police, Ibrahim Gotan, Iniedu said the IGP had already addressed the matter with the commissioner and warned against actions capable of undermining public confidence.
He further disclosed that the police have deployed specialised tactical units, drones and helicopters across Osun State to strengthen security and improve intelligence gathering ahead of the election.
Iniedu also revealed that the Nigeria Police Force currently has more than 400,000 active personnel nationwide.
NEWS
FG Pressures Dangote, Marketers to Cut Depot Prices
Consumers seem to be getting their wish as Nigeria’s downstream petroleum market witnessed another round of price reductions on Monday, as the Federal Government’s pressure on the relevant stakeholder-segment bore fruits.
Biztellers reports that the Dangote Petroleum Refinery & Petrochemical (DPRP) and several major fuel marketers lowered depot prices for Premium Motor Spirit (PMS), popularly known as petrol, and diesel.
Analysts also trace the development to resolution of the MiddleEast crisis, growing competition and improving product availability.
Prior to the price adjustments, the Minister of State for Petroleum Resources (Oil), Senator Heineken Lokpobiri, declared before a stakeholders’ meeting that the current retail price of petrol does not reflect the sharp decline in price of crude oil.
The meeting, convened by the Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA), was attended by representatives of the DPRP, Major Energy Marketers Association of Nigeria (MEMAN), the Independent Petroleum Marketers Association of Nigeria (IPMAN), Depots and Petroleum Products Marketers Association of Nigeria (DAPPMAN), Nigerian Association of Road Transport Owners (NARTO), and Petroleum Products Retail Outlets Owners Association of Nigeria (PETROAN).
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The latest mid-day depot price report showed that the DPRP reduced its ex-depot petrol price in Lagos by N3 per litre, from N1,079 to N1,076 per litre, while maintaining its diesel price at N1,500 per litre.
The reduction comes as several marketers also adjusted their prices downward in an apparent bid to remain competitive in an increasingly price-sensitive market.
Among the major Lagos depots, NIPCO cut its petrol price by N2 to N1,076 per litre, while Pinnacle lowered its price by N3 to N1,075 per litre. Sahara, AIPEC, and African Terminal each reduced prices by N4, bringing their petrol prices to N1,075 per litre.
On its part, Aiteo maintained its petrol price at N1,075 per litre.
Diesel prices also softened across several depots. Rain Oil reduced its AGO price by N15 to N1,430 per litre, while Ibeto, Duport, and Ibachem all cut prices to N1,430 per litre. Dangote Refinery, however, retained its diesel price at N1,500 per litre.
Speaking after a stakeholders’ meeting on Cost-Reflective Pricing of PMS, Lokpobiri noted that while the government did not interfere when petrol prices rose in response to higher crude oil prices, there was now no justification for maintaining current pump prices with Brent crude trading below $70 per barrel.
“NMDPRA never faulted anybody as far as the price was concerned because we are operating a fully deregulated economy.
“But deregulation doesn’t mean excessive profiteering. The Petroleum Industry Act also places responsibility on NMDPRA to ensure that steps are taken to prevent unnecessary profiteering.
“When Brent crude was about $118 per barrel, prices adjusted rapidly. Now that crude prices have dropped significantly, why has the pump price not come down in the same way?” he asked.
The Minister said discussions with marketers were constructive and would continue until a framework was agreed to ensure petrol prices better reflected developments in the global crude oil market.
“We had very fruitful and frank discussions with the marketers and leaders of the downstream sector with a view to driving down the price of PMS. The engagements are still ongoing.
“We told them the concerns of Nigerian consumers, and they have agreed to go back and think of what concrete steps can be taken. Discussions are ongoing, and we believe we are getting somewhere,” he said.
In the same vein, Chief Executive of NMDPRA, Rabiu Umar, said the current disconnect between falling international crude prices and sustained domestic retail PMS prices made the engagement with marketers necessary.
He noted that previous consultations with stakeholders had helped ease prices in the domestic Liquefied Petroleum Gas (LPG) market and expressed confidence that similar dialogue would deliver positive results for petrol consumers.
“Deregulation is not a licence for market distortion or unfair consumer pricing. Sustainable profitability for marketers and consumer welfare are not mutually exclusive,” Umar said.
Meanwhile, IPMAN said petrol prices could decline below N800 per litre as independent marketers begin purchasing products directly from the DPRP.
IPMAN National President, Abubakar Garima, said the association had already reduced petrol prices by about N125 per litre across the country and would continue to lower prices whenever product acquisition costs decline.
NEWS
Fashola Gives Self Credit for Luring DPRP to Lagos with Land Allocation
A former Governor of Lagos State, Babatunde Fashola (SAN), has claimed that the state government deliberately discounted the price of land allocated to the Dangote Group to ensure that the multi-billion-dollar refinery project was sited in Lagos.
According to Fashola, the decision made by his administration proved to be a strategic investment that ultimately paved the way for what has become the 650,000-barrel-per-day Dangote Petroleum Refinery and Petrochemicals (DPRP) in the Lekki Free Zone.
He made the assertions at the Chartered Institute of Directors (CIoD) Nigeria Women Directors’ Biennial Conference in Lagos, where he delivered a keynote address titled “From Presence to Power: Advancing Women’s Influence in the Boardroom.”
The former governor was quoted by Nairametrics as saying that the breakthrough came after then Commissioner for Commerce and Industry, Olusola Oworu, urged the state government to look beyond immediate revenue from land sales.
According to him, negotiations with the Dangote Group had reached a stalemate after the company considered the state’s asking price for the land too high.
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Fashola explained that Lagos operated a fixed pricing regime for land allocations, making it difficult to depart from established rates. However, Oworu argued that attracting a transformational investment was more valuable than insisting on the land’s full price.
Recalling the deliberations at the State Executive Council (SEC), Fashola quoted the former commissioner as saying that with thousands of hectares in the Lekki Free Zone still awaiting development, it was economically wiser to offer a concession to an investor willing to commit about $19 billion to build a refinery.
According to him, she argued that once such a landmark investment took off, it would attract other investors and significantly enhance the value of the remaining land.
“That was a thinking decision. The whole council then looked at me, and I surrendered,” Fashola said, noting that the intervention altered the course of the discussions and ensured that Lagos retained the project.
He said the experience demonstrated that effective leadership should be judged by competence and strategic thinking rather than gender.
“Ineffectiveness is not a gender thing; it is a human thing,” he added.
Fashola cited the episode as an illustration of the value women bring to leadership when allowed to influence critical decisions, stressing that organisations should place greater emphasis on competence, preparation and impact.
Earlier, speakers at the conference urged public and private institutions to move beyond increasing the numerical representation of women on corporate boards and instead create opportunities for them to shape strategic decisions.
First Vice-President of CIoD Nigeria, Amina Oyagbola, observed that although more women served on boards and occupied leadership positions, they remained underrepresented in board chairmanships and executive offices where major corporate decisions are taken.
She called for stronger mentorship and sponsorship programmes to better prepare more women for top leadership roles.
In his remarks, President and Chairman of the Governing Council of CIoD Nigeria, Adetunji Oyebanji, said board appointments should be based on competence, integrity and professional capability rather than traditional pathways that have historically limited women’s access to senior leadership positions.





