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PwC Recommends Nigeria’s Oil Sector to South African Investors
A call has gone to South African investors, banks, and policymakers to take direct stakes in Nigeria’s upstream oil sector to guarantee crude supply for their domestic refineries, adopting the same playbook European and American majors used to build energy security for their countries.
The PricewaterhouseCoopers (PwC) took the stance, even as the Nigerian Upstream Petroleum Regulatory Commission (NUPRC) urged members of the Crude Oil Refinery Owners Association of Nigeria (CORAN) to consider acquiring oil blocks in upcoming licensing rounds as a long-term solution to crude supply challenges.
The appeal by PwC was made by its Partner and Africa Oil and Gas Leader, Pedro Omontuemhen.
Omontuemhen spoke in Lagos during the Fourth South Africa Week, with the theme, “Repositioning and Promoting Energy Investments between South Africa and Nigeria.”
He stated that the two economies had complementary strengths across oil, gas, renewables, and enabling infrastructure that could create scalable, cross-border energy investment opportunities.
“Let me start from South Africa. If I were a South African, I would ask myself, where are the investment opportunities in Nigeria?” Omontuemhen said, referencing the Dangote Refinery’s plan to supply petroleum products across Africa.
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He stated that South Africa had little or no oil, despite ongoing exploration in the Orange Basin.
Omontuemhen said nearby Namibia, which had the same sedimentary basin, had found oil, an indication that South Africa should also find but had not been able to do so at the moment.
Omontuemhen urged South African firms to replicate the model of the international oil companies (IOCs) by investing in the oil exploration and production space in Nigeria and securing crude for their home countries’ refineries.
He stated, “If I was South African, I would take the examples of the Americans or the British who came to Nigeria and invested in oil in Nigeria, and they took the oil back home to refine. Because South Africa at the moment is importing a lot of the oil they are refining.
“Why can’t the South African businessman or the South African bank, the DBSA, invest in oil in Nigeria and then take the oil? Because that’s your share of the crude, you take it back to South Africa, so that way, you’re also securing your supply, which is what the British and Americans did.”
He added, “ExxonMobil, Total, the French, they came here, invested in oil, and they took the oil back to their country to refine.”
Omontuemhen encouraged participation by South Africans in Nigeria’s ongoing oil bid round, where 50 oil blocks spanning onshore, swamp, shallow water and deep-water were being auctioned.
He stated, “Look for credible businessmen in the room here who you can invest in the oil. You take the crude oil and take it back to South Africa, that way, you’re actually securing your supply. And I think you should also do the same thing when you come to Namibia.”
Omontuemhen, who further spoke on the opportunities in the upstream oil and gas sectors in Nigeria and South Africa, cited joint exploration, production sharing, and technology transfer.
He stressed that Nigeria’s deep-water assets offered premium opportunities for South Africa technical partners.
For gas, Omontuemhen said there was huge value in monetising Nigeria’s gas flares, supplying South Africa’s energy transition, adding that a combined liquefied natural gas (LNG) value chain creates significant multi-billion-dollar potential.
In renewables, he said “SA’s solar and wind expertise meets Nigeria’s abundance of solar irradiation,” opening room for “utility-scaled projects and distributed energy solutions”.
He made a strong push for dual listings for both countries, highlighting access to multiple capital markets through listings on two exchanges, enhancing liquidity, visibility, and investor participation.
Pointing to Seplat’s Nigeria-London listing, Omontuemhen asked, “Why are we not listed in South Africa? What should we do in South Africa to make the dual listing more attractive to the Nigeria oil and gas fields?”
He recalled Oando’s earlier failed Johannesburg listing, saying other Nigerian firms can try it again and learn from the mistakes of others.
Omontuemhen pointed out that South African technology remained underutilised.
According to him, “Sasol developed a technology that Chevron copied and it’s all over the world. Why are more companies in Nigeria not using the Sasol technology? To take your stranded gas and make it more valuable, so you can have your naphtha and your diesel.”
He described South Africa’s financial sector as a source of cheap capital, explaining that the banks in South Africa have what he called ancient capital that have been there for years and well-established.
He explained, “So we can tap on that resource as Nigerians to produce here in Nigeria. Can you guys come and invest and participate in what we are doing?
“Nigeria has huge resources, huge population. South Africa, good technology, well-structured, and systems that work. So we can collaborate as two giants of Africa to make our country even much better and to make the continent much, much better.”
Omontuemhen stated, “Private investors play a critical role in mobilising capital, accelerating delivery, and improving operational performance across the energy value chain. Working with governments, the private sector can mobilise capital, de-risk investment, enable growth, improve education and efficiency, and ensure both countries benefit.”
Referring to South Africa and Nigeria as the biggest countries in Sub-Saharan Africa, the PwC energy expert said South Africa stood at 19 per cent and Nigeria at 40 per cent in the continental Gross Domestic Product (GDP) but their power profiles differed sharply.
He said South Africa had 55.4 gigawatts of installed power capacity while Nigeria had 14GW for a far larger population.
According to him, “They actually have more power per person than we do in Nigeria. If you’re talking about energy security, which we call energy poverty, there’s more energy poverty in Nigeria than in South Africa.”
Omonfoman stated that recent mergers and acquisitions (M&A) in Nigeria showed momentum, citing the Seplat-ExxonMobil deal, Renaissance acquisition of Shell Petroleum Development Company (SPDC), Oando’s purchase of Eni, and Axxela-Blue Coal.
He stated, “So there are deals going on, so even in the midst of all of these issues we’re talking about, there are still huge opportunities to make money.
“If you look at the acquisition that happened in the oil and gas field, for example, most of those monies have either come from locally or from other African countries. The rest of the world is not as interested in investing in us. So the need for what I call South-South collaboration, Africa collaboration is much stronger.”
He admitted that private sector interest was rising, alongside policy reforms, and tweaking with the policy to ensure a better outcome.
Omontuemhen mentioned the Electricity Act, tariff rebalancing, and other policies that were unlocking potential.
He added, “The market potential is huge. I think that kind of gives me joy that, even though in the midst of darkness, in Nigeria, light will come.
“So Nigeria and South Africa, if it’s going to be, it’s up to us. We have a role to play to ensure that our country gets better. Why, we’re not talking to each other, why, we’re not doing projects jointly, and then this will lead to local capacity development, job creation, and long-term sustainability.”
Meanwhile, amid complaints of crude supply deprivation, NUPRC urged members of CORAN to consider acquiring oil blocks in upcoming licensing rounds as a long-term solution to crude supply challenges.
Chief Executive of NUPRC, Oritsemeyiwa Eyesan, made the call during a courtesy visit by CORAN members to the commission’s headquarters in Abuja, where both parties discussed ways to strengthen domestic refining capacity and ensure sustainable crude supply.
A statement by CORAN spokesperson, Eche Idoko, quoted Eyesan as, “Encouraging indigenous refiners to participate in upstream asset ownership would create more stable and commercially viable crude supply arrangements while also deepening local participation across the petroleum value chain.”
She assured the refiners that Nigeria had adequate crude resources to meet domestic refining needs, and reiterated the commission’s commitment to policies that promoted in-country value addition.
The NUPRC boss also advised refinery operators to adopt long-term crude supply contracts with producers as a practical approach to guaranteeing feedstock availability, improving operational planning, and achieving pricing stability.
However, she stated that infrastructure gaps remained a major hurdle to seamless crude delivery, citing inadequate pipeline networks, evacuation bottlenecks, storage constraints, marine logistics, and other supply chain challenges as areas requiring urgent investment and coordinated efforts.
Members of CORAN commended the commission’s ongoing regulatory reforms and its support for domestic refining, while stressing the need for effective implementation of frameworks that ensure consistent crude supply to local refineries.
Stakeholders had always emphasised that improved access to crude feedstock was critical to reducing Nigeria’s dependence on imported petroleum products, enhancing energy security, conserving foreign exchange, and creating jobs through the growth of local refining capacity.
Idoko said the meeting was part of ongoing engagements between regulators and private refinery operators aimed at unlocking the full potential of Nigeria’s downstream petroleum sector.
The Oyo State Government has demolished a building used as a hideout by kidnappers who abducted the younger sister of former Minister of Power, Adebayo Adelabu, and her two children.
The structure, located in the Lakoun community along the Ayegun-Olojuoro Road in Ibadan, was pulled down on Monday following the successful rescue of the victims during a security operation over the weekend.
Mrs. Olaide Adegoke John-Paul, Adelabu’s younger sister, and her 12-year-old twin sons were reportedly held captive in the building before they were freed by security operatives.
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Confirming the demolition, Oyo-based media platform Oyo Affairs shared a video of the exercise on X, stating, “The Oyo State Government has demolished kidnappers’ den at Lakoun, Ayegun-Olojuoro Road, Ibadan, where the sister of former Minister Adebayo Adelabu and her children were held captive.”
The demolition followed a security assessment of the site led by the Oyo State Commissioner of Police, Oluwagbemiga Abimbola, on Sunday.
Another local news platform, Oyo Matters, also posted photos and videos of the operation, writing, “Oyo Government Demolishes Building Used as Kidnappers’ Hideout in Adelabu Family Abduction, Levels Property to the Ground.”
The government’s action comes days after a coordinated rescue mission that led to the safe recovery of the victims and a major breakthrough in the investigation.
During the operation, two members of the kidnapping syndicate were killed in a gun battle with security personnel, while four other suspects were arrested and later paraded at the Oyo State Police Headquarters in Eleyele, Ibadan.
Security authorities have urged residents to remain vigilant and promptly report any suspicious movements or information that could lead to the arrest of other fleeing members of the gang.
The demolition is widely seen as part of the Oyo State Government’s efforts to dismantle criminal networks, deny kidnappers safe havens, and strengthen security across the state.
The dramatic rescue and subsequent demolition have drawn widespread attention, with many residents applauding the government’s swift response to the high-profile abduction case.
The Nigeria Labour Congress (NLC) and the Trade Union Congress of Nigeria (TUC) have threatened to embark on a nationwide strike if the worsening insecurity across the country is not urgently addressed.
The labour unions issued the warning during a joint media briefing held on the sidelines of the 114th International Labour Conference in Geneva, Switzerland.
Expressing concern over the rising cases of terrorism, banditry, kidnappings, and violent attacks in several parts of the country, the labour leaders said Nigerians can no longer continue to live in fear while carrying out their daily activities.
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The unions warned that if the security situation continues to deteriorate without decisive government intervention, organised labour may be left with no choice but to mobilise workers for industrial action nationwide.
According to the labour leaders, the persistent attacks on communities, commuters, farmers, and workers have reached an alarming level, requiring urgent and coordinated action from all levels of government.
“Enough is enough,” the labour centres declared, stressing that the protection of lives and property remains one of the fundamental responsibilities of government.
The NLC and TUC also used the opportunity to dismiss claims by some state governors that negotiations were ongoing with workers on a proposed ₦100,000 minimum wage.
They insisted that such claims do not reflect the current state of discussions on workers’ welfare and cautioned against giving the public a misleading impression about ongoing engagements with organised labour.
The unions reaffirmed their commitment to defending the interests of Nigerian workers and called on the Federal Government to take immediate and effective measures to tackle insecurity across the country.
They warned that failure to halt the rising wave of violence and criminality could trigger nationwide industrial action in the coming weeks.
Former presidential candidate Peter Obi has cautioned Nigerians against linking criminal activities to any ethnic group, warning that such generalisations promote division and weaken national unity.
Obi made the remarks in a statement posted on his verified X account on Monday, expressing concern over what he described as a growing tendency to stereotype entire ethnic communities because of the actions of a few criminal elements.
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The former Anambra State governor said he could identify with the experiences of many Nigerians who have faced prejudice and discrimination based on their ethnic origins, stressing that people should be judged by their character rather than their tribe.
“As an Igbo man, I have endured stereotypes, judgment, and labelling solely based on my ethnic origins. This is not an isolated Igbo experience. Most Nigerians have, at some point, been reduced to their ethnicity rather than recognised for their true character,” Obi stated.
He noted that ethnic stereotyping is a challenge faced by people across the country and should not be encouraged under any circumstance.
Obi specifically spoke about the plight of ordinary Fulani people, saying many of them are unfairly judged and blamed for crimes committed by individuals who neither represent nor have any connection to them.
“I understand the pain of the ordinary Fulani man today, often unfairly judged by the actions of criminals he does not support, has never met, and who are not representative of his people,” he said.
Drawing parallels with the civil rights movement in the United States, Obi referenced the words of renowned civil rights leader Martin Luther King Jr., who advocated for a society where individuals are judged by the content of their character rather than by their identity.
According to Obi, criminality is an individual act and should never be viewed as a characteristic of an entire ethnic group.
“Crime has no ethnicity. A thief is a thief. A terrorist is a terrorist. A kidnapper is a kidnapper. They are bad actors, not representatives of any people,” he declared.
The former governor urged law enforcement agencies to remain focused on identifying, arresting and prosecuting criminals without attaching their actions to entire communities.
“They must be identified, arrested, and punished according to the law. We must decisively abandon the dangerous practice of blaming entire ethnic groups for the actions of a few criminals,” Obi added.
He warned that ethnic profiling only deepens social divisions, breeds mistrust among citizens and creates opportunities for political actors to exploit differences for personal gain.
Obi further called on Nigerians to embrace the country’s diversity and focus on shared values that unite the nation rather than stereotypes that divide it.
According to him, Nigeria’s strength lies in its diversity, and citizens must work together to build a society founded on fairness, justice and mutual respect.
“A new Nigeria must emerge—one where no citizen is condemned because of tribe, religion, or birthplace,” he said.
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