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Subsidy Removal, FX Reforms Driving Fresh Oil Sector Investment – Shettima

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Vice President Kashim Shettima has attributed renewed investment and stronger performance in Nigeria’s oil and gas sector to the economic reforms of President Bola Ahmed Tinubu’s administration, particularly the removal of petroleum subsidy and reforms in the foreign exchange market.

Shettima spoke on Friday in Lagos while commissioning the ultra-modern corporate headquarters of Northwest Petroleum & Gas Company Limited in Victoria Island.

The Vice President said the reforms had confronted distortions that previously discouraged productive investment, while improved market stability was helping businesses make longer-term investment decisions.

SEE ALSO: Shettima Arrives Lagos for Northwest Petroleum & Gas Headquarters Commissioning

According to him, greater exchange-rate predictability strengthens procurement, improves investment decisions and supports production.

“The stabilisation of the market is restoring the confidence businesses need to commit capital beyond the next quarter. A business must be able to plan before it can expand.

“Greater exchange rate predictability strengthens procurement, improves investment decisions and supports production,” Shettima said.

He assured investors that the Federal Government would continue to create conditions that reward enterprise, encourage technological advancement and sustain economic growth.

“We recognise the sacrifices reform has demanded, and our obligation is to translate economic progress into better lives,” he added.

Speaking on the newly commissioned Northwest Petroleum facility, Shettima described the headquarters as a significant expansion for the indigenous company and said it demonstrated the capacity of Nigerian businesses to compete, innovate and deliver at international standards.

He said the facility sends a message to investors, customers and Nigerians that Northwest Petroleum is preparing for decades of service in a changing global energy economy.

“We take particular pride in seeing an indigenous enterprise expand with such conviction. Nigerian ownership must mean Nigerian capacity to compete, invent and deliver,” the Vice President said.

Shettima also stressed the importance of private enterprises in creating employment and economic opportunities, noting that government alone cannot manufacture prosperity.

He commended Northwest Petroleum for building a strong Nigerian presence across the oil and gas value chain since 1998, saying its continued expansion could create opportunities for young Nigerians, professionals, suppliers, transport operators, maintenance providers and other businesses.

The Vice President urged the company to use its new corporate hub to improve efficiency, coordination and productivity across its expanding operations.

He also expressed confidence that the facility would nurture creativity, reward innovation, generate profitability and contribute to Nigeria’s economic development.

Earlier, Lagos State Governor Babajide Sanwo-Olu commended private-sector investors for contributing to the growth of the state.

Sanwo-Olu described the private sector as the “oil of growth” and reaffirmed the Lagos State Government’s commitment to creating an enabling environment for businesses to thrive.

He also thanked investors in the oil and gas, financial services and construction sectors for their contributions to the development of Lagos.

The Chief Executive Officer and Founder of Northwest Petroleum & Gas Company Limited, Winifred Akpani, said the new facility represented the company’s growth, confidence in Nigeria’s future and determination to build a modern Nigerian company capable of operating to high standards.

Akpani said the smart building was designed to promote collaboration, strengthen operational efficiency, encourage innovation and empower the company’s workforce.

She added that the future of the energy industry would increasingly depend on innovation, technology, responsible investment, strong partnerships and the development of Nigerian talent.

Also present at the commissioning were former Lagos State Governor Akinwunmi Ambode; Fatima Aliko-Dangote, Group Executive Director, Commercial Operations, Oil and Gas, WAEP, and Fertilizer, Dangote Industries Limited; former Delta State Governor James Ibori; and other business and industry leaders.

 

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RMAFC Reopens Oil Wells Dispute, Begins Verification in Nine States

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The Revenue Mobilisation, Allocation and Fiscal Commission (RMAFC) has commenced a fresh physical verification of disputed and newly drilled crude oil and gas well coordinates across nine states, in a move aimed at ensuring fairness and accuracy in the allocation of the 13 per cent derivation fund.

The exercise, covering the period from 2017 to date, was formally flagged off in Owerri, Imo State, on Wednesday, November 11, 2026, by the Commission’s Chairman, Dr Mohammed Bello Shehu.

The affected states are Delta, Ondo, Edo, Anambra, Imo, Bayelsa, Rivers, Cross River and Akwa Ibom.

SEE ALSO: How RMAFC Recovered Over N500bn For FG

Speaking at the flag-off ceremony, Shehu described the exercise as critical to ensuring transparency, accuracy and fairness in the administration of derivation revenue.

He explained that the Commission has a constitutional responsibility to monitor revenue accruals and disbursements from the Federation Account and ensure equitable distribution of derivation funds among oil and gas-producing states.

The RMAFC chairman stressed that determining the exact coordinates and geographical positions of oil and gas wellheads directly affects the legal and financial entitlements of the respective states.

He consequently charged members of the Inter-Agency Technical Committee (IATC) and deployed technical officers to carry out the assignment with diligence, precision and professionalism.

Shehu insisted that every verified coordinate, technical assessment and physical observation must be sufficiently accurate to withstand statutory scrutiny.

According to him, the exercise will involve examining disputed and newly drilled oil and gas well coordinates, physically verifying affected wellheads, plotting their locations using approved maps and considering relevant court decisions in resolving outstanding disputes.

He also directed that the committee’s harmonised technical report and findings be submitted exclusively to RMAFC for ratification and formal adoption.

The Inter-Agency Technical Committee comprises representatives of relevant technical institutions, including the Office of the Surveyor-General of the Federation (OSGoF), the National Boundary Commission (NBC) and the Nigerian Upstream Petroleum Regulatory Commission (NUPRC).

The Imo State Governor was represented at the event by the Commissioner for Petroleum, Hon. Emeka Mgbudem.

Other government officials and RMAFC commissioners in attendance included Hon. Adamu Abdu Fanda, Chairman of the Crude Oil Committee; Hon. Oladele Semiu Gboyega, Chairman of the Gas Committee; Hon. Ismail Mohammed Agaka, Chairman of the Public Affairs and Communication Committee; Ambassador Ayuba Jacob Ngbako; Hon. Akpan Imo Effiong; and Hon. Helen Bob Inafa.

Also present were the Imo State Commissioner for Lands, Surveyor Clement Nwabichie; Commissioner for Finance and Coordinating Economy, Mr Chucks Chukwuemeka; and Permanent Secretary, Ministry of Lands, Dr Angelina Ohiri.

The Commission disclosed that the verification exercise had been conducted previously but was being repeated to ensure that all issues raised were adequately addressed.

 

 

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Shettima Visits Oba of Benin Ahead of APC Presidential Campaign Rally in Edo

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Who is Senator Kashim Shetima, Tinubu's running mate

Vice President Kashim Shettima has paid a courtesy visit to the Palace of the Oba of Benin, Oba Ewuare II, ahead of the All Progressives Congress (APC) presidential campaign rally in Benin City, Edo State.

Shettima arrived at the historic royal palace on Thursday to pay homage to His Royal Majesty, Omo N’Oba N’Edo, Uku Akpolokpolo, Oba Ewuare II, CFR.

The visit highlights the significance of the Benin traditional institution, which has preserved its rich cultural heritage, kingship, artistry and diplomatic traditions for more than seven centuries.

SEE MORE: Shettima Arrives Jigawa for APC Presidential Campaign Rally, Tinubu to Inaugurate Four Projects

The Benin Palace remains one of Africa’s most historic royal institutions, representing the enduring legacy and cultural identity of the ancient Benin Kingdom.

The Vice President is in Edo State to participate in the APC presidential campaign rally scheduled to hold at the Samuel Ogbemudia Stadium in Benin City.

 

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FG Tackles Transportation Costs with 5 New CNG Stations in Lagos

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As part of efforts to expand access to cheaper alternative fuel and reduce transportation costs, the federal government has commissioned five Compressed Natural Gas (CNG) daughter and last-mile retail stations in Lagos State.

The facilities, developed by the Ibile Oil and Gas Corporation (IOGC) with support from the Midstream and Downstream Gas Infrastructure Fund (MDGIF), were commissioned on Wednesday by the Minister of State for Petroleum Resources (Gas), Ekperikpe Ekpo.

Speaking at the commissioning, Ekpo said Lagos occupied a special place in the public-service journey of President Bola Ahmed Tinubu, noting that his administration was extending the development philosophy pursued during his tenure as governor to the national level.

READ ALSO: NLNG, NCDMB Endow Research Chairs in Six Nigerian Varsities with $9m

He said Lagos had demonstrated the importance of long-term planning, institution building, infrastructure development and the mobilisation of private capital for economic growth.

According to him, the federal government is applying similar determination through the Renewed Hope Agenda to ensure that Nigeria’s abundant gas resources support industrial growth, businesses, transportation and job creation while reducing the cost pressures faced by citizens.

“Through the Renewed Hope Agenda, the President has made it clear that Nigeria’s abundant gas resources must work for Nigerians. They must power our industries, support businesses, improve transportation, create employment and, ultimately, reduce the cost pressures faced by ordinary citizens,” he said.

The five stations are located in Idimu and Abule Egba in Alimosho Local Government Area; Ogolonto in Ikorodu West Local Government Area; Ajah in Eti-Osa Local Government Area; and Oko-Oba in Agege Local Government Area.

Each facility has a CNG compression capacity of 24,000 standard cubic metres per day and a storage capacity of 9,800 standard cubic metres.

The stations are designed as last-mile retail outlets to bring CNG closer to consumers in their residential and business locations.

Ekpo said the facilities would improve access to alternative fuel for motorists and commercial transport operators, while supporting the government’s objective of expanding cleaner energy infrastructure nationwide.

“These stations represent access. They represent affordability. And they represent the determination of government to take the benefits of Nigeria’s gas resources directly to the people,” he said.

He disclosed that President Tinubu had directed the expansion of CNG infrastructure across the country, including the development of an additional 500 refuelling stations towards a planned national network of 1,000 stations.

He said the initiative was aimed at ensuring that the benefits of the country’s gas resources translated into lower transportation costs for Nigerians.

According to the minister, expanding CNG infrastructure in Lagos would provide motorists and commercial transport operators with viable alternative fuel options, while bringing cleaner energy closer to consumers.

“Our objective is therefore not simply to count the number of stations commissioned. Success must ultimately be measured by impact: whether the infrastructure helps reduce operating costs for transporters and businesses, whether those savings reach commuters, and whether Nigerian families begin to feel tangible relief,” he said.

Ekpo said the Ministry of Petroleum Resources (Gas), in collaboration with the Presidential CNG Initiative, MDGIF, state governments, investors and other industry stakeholders, was working to expand refuelling and associated infrastructure to improve access to cleaner and cheaper fuel.

He commended IOGC and the Lagos State Government for embracing the initiative, describing the project as an example of the federal government, state governments and private sector working together to develop critical infrastructure.

The minister also praised MDGIF for its catalytic role in supporting gas infrastructure development, assuring investors of the government’s commitment to providing an enabling environment for investments to translate into physical projects and economic benefits for Nigerians.

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