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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.
The abductors of a Kebbi State High Court judge, Justice Faruku Bunza, have demanded N200 million as ransom for his release following his abduction from his residence in Bunza Local Government Area.
The ransom demand was confirmed on Tuesday by the Kebbi State Commissioner of Police, Umar Hadejia, and the judge’s brother, Yusuf Bunza.
Justice Bunza was kidnapped in the early hours of Sunday from his home along Zogirma Road in Bunza, prompting a swift security response.
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Speaking on the development, Commissioner Hadejia said police had launched an intensive operation to rescue the judge unharmed and apprehend those behind the abduction.
According to him, intelligence gathered during the operation revealed that the kidnappers were demanding N200 million for the judge’s freedom.
He disclosed that a combined team of security operatives had been deployed to comb suspected escape routes, while strategic checkpoints had been mounted across key locations believed to have been used by the abductors.
The police commissioner expressed confidence that the ongoing operation would lead to the safe rescue of Justice Bunza and the arrest of the kidnappers.
Hadejia further revealed that the family informed the police that the abductors had contacted a registrar of the High Court in Abuja to begin negotiations over the ransom demand.
Confirming the development, the judge’s brother, Yusuf Bunza, said the kidnappers had also reached out to him.
“Yes, they contacted me; they asked for N200 million from the family. We don’t know what to do now but we believe the authorities and security operatives are doing their duty to secure his release,” he said.
The abduction has heightened concerns over the security of judicial officers and the persistent threat of kidnapping across parts of the country, as security agencies continue efforts to secure the judge’s safe release.
Students of DS Adegbenro ICT Polytechnic, Itori, Ogun State, on Tuesday shut down the Abeokuta-Lagos Expressway in protest following the killing of one of their colleagues during a robbery attack on a student community behind the institution.
The protest, which caused heavy traffic congestion along the busy highway, erupted after suspected armed robbers invaded Eruku Community, where many students reside, in the early hours of Tuesday.
According to the Rector of the polytechnic, Dr Goke Rafiu, the attackers raided about 15 houses in the community, killing one student and leaving three others injured.
“What happened was that some armed robbers raided about 15 houses in Eruku where some of our students are living. The community is actually behind the school, and during the attack, one of the students was killed while about three others were injured,” Rafiu said.
He disclosed that one of the injured students had been taken to the Federal Medical Centre (FMC), Abeokuta, for treatment.
“We are currently in the community with police officers and members of the institution’s management team, including the Chairman of the Governing Council, Ambassador Toye Okanlawon, to chart the way forward,” he added.
The rector appealed to the protesting students to remain calm, assuring them that the Ogun State Government, security agencies and community leaders were working to improve security around the institution.
Following the tragic incident, the institution postponed examinations scheduled for Tuesday, July 28, and Wednesday, July 29, to honour the deceased student and allow affected students time to recover emotionally.
In a statement signed by the Chairman of the Timetable, Examination and Academic Calendar Committee, Gideon Adekunle, the institution said: “Following the unfortunate incident that resulted in the loss of a student and injuries to others during a robbery attack in Eruku, the examinations scheduled for Tuesday, July 28, and Wednesday, July 29, have been postponed.
“This is to ensure students in the affected area regain their composure and mental stability, and most importantly, to honour the deceased.
“Examinations will resume on Friday, July 30, 2026, as scheduled. A new timetable for the postponed examinations will be communicated in due course.”
The Students’ Union Government President, Comrade Owoigbe Blessing, said the robbers struck around midnight, killing a final-year Higher National Diploma (HND II) student.
“One final-year HND II student was killed, another female student was injured after her ear was severed, while another student who was shot has been rushed to the Federal Medical Centre,” she said.
She called on the Ogun State Government to strengthen security around the institution, lamenting that robbery attacks had become a recurring problem in Eruku Community.
“There is no adequate security. If there was, this would not have happened. This is not the first, second or even third time such an incident has occurred in Eruku,” she said.
Also reacting, the Chairman of the National Association of Nigerian Students (NANS) in Ogun State, Comrade Olabode Faruq Success, condemned the rising insecurity around tertiary institutions in the state and called for urgent intervention to protect students.
Minister of the Federal Capital Territory (FCT), Nyesom Wike, has described Rivers State Governor Siminalayi Fubara’s reconciliation with his political camp as a correction of past mistakes, insisting the governor had no better alternative than returning to the political family that brought him to power.
Speaking with journalists on Tuesday after inspecting ongoing road projects across the Federal Capital Territory, Wike dismissed claims that Fubara’s return was an act of seeking forgiveness following their prolonged political feud.
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According to the former Rivers State governor, politics is not about sin but about recognising mistakes and making the right decisions.
“I don’t know what you mean by sin. In politics, there is no sin. If someone realises they made a mistake and decides to correct it, there is nothing wrong with that. Politics is not a sin. What matters is recognising that you were on the wrong path and making the right decision,” Wike said.
Wike recalled that he had predicted the reconciliation before Fubara publicly announced it, maintaining that the governor had no choice but to return to the political structure that produced him.
“I said during my last media chat that he had no other choice but to return to the same political family that produced him. I have now been informed that he has made that declaration publicly, and we welcome him. Our doors are open. Everyone is welcome for us to work together. There is no better alternative. We will all work together to move the state forward,” he stated.
The FCT minister added that Fubara’s public declaration of reconciliation would further strengthen efforts to mobilise support for President Bola Tinubu’s re-election ahead of the 2027 general election.
“He has publicly stated that he has returned to where he started, and we receive him with an open mind. There is nothing to hide. We will all work together to ensure that we deliver the votes President Tinubu needs for his re-election,” Wike added.
The minister spoke while inspecting major infrastructure projects in the FCT, including the ISEX Road Corridor and the nearly completed Apo-Karshi Road.
Expressing satisfaction with the pace of work, Wike said the Tinubu administration remains committed to completing inherited projects rather than abandoning them, noting that continuity in governance is essential for development.
He explained that the ISEX Road project, awarded in 2014 but left incomplete by previous administrations, is expected to be partially completed before the end of the year if the necessary funds are released.
Wike stressed that completing ongoing infrastructure projects would protect public investments, improve connectivity and accelerate economic growth across the Federal Capital Territory.
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