NEWS
West Africa Sets Refinery Hub Sufficiency Timelines
In the bid to realise its refinery objectives, West African countries will sign harmonised refinery regulatory agreements in the fourth quarter of 2025.
The Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA) made the disclosure on Wednesday in Abuja, through its Executive Director in charge of Economic Regulations and Strategic Planning, Prof. Zainab Gobir.
He stated this while presenting the outcome of a two-day Global Commodity Insights Conference on West African Refined Fuel Market.
The conference was convened by the NMDPRA and the S&P Global.
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Prof Gobir said the essence of the timeline and agreements was to ensure that operational refineries steadily run at optimal level to satisfy West Africa’s demand for refined products.
Prof Gobir said, “All member states are expected to abide by the agreements.
“And what is our timeline? Short to medium term. Secondly, a harmonised regional market framework, regulatory policy, and incentives that will attract investment in greenfield refinery products.
“The action base entails regional regulatory bodies working closely together, towards realisation of its timeline in the fourth quarter of 2025.”
The executive director said that the harmonised regional market framework, regulatory policy, and incentives were expected to attract investment, adding that the conference was able to come up with a roadmap from 2025 to 2030.
She said that a stiff penalty would be imposed for non-performance in all countries of the West African sub-region, to ensure all performing licenced refineries were committed to the obligations.
Prof Gobir added that the conference also adopted measures to protect domestic refineries from unfair international competition and destruction structures and systems.
According to her, there is a unanimous call for regulatory alignment and the call for the adoption of a harmonised, transparent and robust refining product market pricing.
She described the Dangote Refinery as a game changer in the market where other functional upcoming refineries in West Africa were also changing the dynamics of defining product markets in the region.
“It was resolved that the financial institutions in the region should be encouraged to create financial instruments to finance infrastructural gaps in the short term, annually.”
She listed the development finance institutions to include the African Finance Corporation, Afrexim Bank, the African Energy Bank and private investors.
Prof Gobir said for S&P Global Insights, it was resolved that the organisation include an update on the West Africa infrastructure development in its West African market status and development updates
On his part, Farouk Ahmed, NMDPRA Chief Executive, noted that three hubs with pricing benchmarking potential were currently available.
He said West Africa had five locations, noting that the S&P Global Insights had agreed to collaborate with the authority to help create a hub in Nigeria.
According to him, the trade hub will indirectly address the issue of energy security because of the business activities in the shores.
International News
Norway’s King Harald Dies at 89, Son Haakon Becomes King
Norway’s King Harald V has died at the age of 89, bringing an end to his more than three-decade reign and ushering in a new era for the Norwegian monarchy.
The Royal Palace announced on Friday, August 28, 2026, that the monarch died peacefully at Oslo University Hospital at 6:35am local time.
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“It is with deep sadness that we announce that His Majesty King Harald passed away today. King Harald passed away peacefully at Oslo University Hospital on Friday, August 28 at 6:35 am,” the palace said in a statement.
King Harald, who ascended the throne in 1991, had been hospitalised in Oslo since August 17 while receiving treatment for haemolytic anaemia.
His condition became “extremely serious” on Thursday, prompting members of the royal family to gather at his bedside.
His 53-year-old son, Crown Prince Haakon, has automatically succeeded him as monarch under Norway’s constitutional succession rules. He is expected to take the name King Haakon VIII.
Following the announcement of Harald’s death, the flag at the Royal Palace in Oslo was lowered to half-mast, while members of the public gathered outside the palace to lay flowers and mourn the late monarch.
Harald was widely regarded as a popular and unifying figure during his 35 years on the throne. He was also known for his modest lifestyle and efforts to modernise the monarchy.
Kaspara Bolstad, 24, described him as “a very steady and warm king.”
“I think the entire Norwegian people see him as a role model and as someone who brings people together. Whether you’re for or against the monarchy, I think he’s well-liked across the board,” she said.
Magnus Skaugseth, 27, also praised the late King’s inclusive approach.
“He was so inclusive and committed to having values that are inclusive in the society we live in today. When there is so much division and polarisation, he was a pillar pointing in the opposite direction,” Skaugseth said.
Harald had experienced several health challenges in recent years and had undergone procedures including the fitting of a pacemaker. Despite his declining health, he repeatedly ruled out abdication, maintaining that his oath to serve Norway was lifelong.
His death comes during a turbulent period for the Norwegian royal family, which has faced a series of health and personal controversies in recent months.
With Harald’s death, Crown Prince Haakon now takes over the Norwegian throne, marking the beginning of a new chapter for the country’s monarchy.
NEWS
‘Your Problem Is That a Son of a Nobody Was Invited’ — VDM Fires Back at Falana
Social media personality Martins Vincent Otse, popularly known as VeryDarkMan (VDM), has fired back at Senior Advocate of Nigeria (SAN), Femi Falana, following the lawyer’s criticism of his invitation to the Nigerian Bar Association (NBA) annual conference.
Recall that Falana had criticised the decision to feature VDM as a panelist during a session on “Unknown Gunmen,” arguing that discussions on national security should involve individuals with established experience in the country’s security architecture.
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“In those days, the NBA brought individuals who had paid their dues, who were coming to engage lawyers intellectually. We wanted to learn from them and so none of our conferences was a circus show in the past,” Falana said.
He further stated: “So, if you are bringing in an expert to discuss the security of the country, either from the private or public sector, such an individual must have contributed to the security architecture of the country.”
Falana also said: “But to just go and bring somebody from nowhere to come and entertain you, there are problems with that.”
Reacting in a Facebook post on Friday, VDM said he was initially disappointed by Falana’s comments but claimed they helped him understand the opposition to his invitation.
“And then again, I listened to Femi Falana. When I listened to him, I won’t lie, I was so disappointed in him. Then again, after he spoke, I understood why a lot of them were upset and Femi Falana gave me the answer.
“Their problem is that a son of a nobody was invited and that is just simply what is going on in the media and Femi Falana just made it clear to me. Who knows me? Who is my father? Who knows my family? Who are we? What empire do we have?”
Defending his participation, VDM said his contribution would be based on firsthand experiences.
“This is not about book, it is about experience,” he said, adding, “Security is for everybody. Security is not for some set of people.”
NEWS
Umar Cautions Against Irregular Policies in Nigeria’s Oil Industry
A public warning has gone to the authorities to desist from frequently tweaking with the regulatory environment, as it could undermine investments in Nigeria’s petroleum industry.
The Chief Executive of the Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA), Rabiu Umar, expressed the view on Wednesday in which he highlighted the importance of predictable regulation to the development of Nigeria’s midstream and downstream petroleum sectors.
According to Umar, investors were prepared to manage commercial risks but found regulatory uncertainty more difficult to accommodate, stressing that clear, consistent and predictable rules were critical to attracting and retaining capital.
“Investors are prepared to manage commercial risk. What they find far more difficult is regulatory uncertainty,” he said.
According to him, government efforts to provide fiscal incentives, financing support and policy reforms to encourage investment could achieve little if investors were unsure how the regulatory system would operate in practice.
Umar said investors wanted assurances that rules were clear, decisions were consistent and regulatory processes were predictable, adding that such confidence could influence investment decisions as much as commercial considerations.
He noted that the issue was particularly important in the midstream and downstream sectors, where investments in refineries, pipelines, storage facilities and gas infrastructure were designed to operate over many years.
“Investments in refineries, pipelines, storage facilities and gas infrastructure are designed to operate over many years. Investors need confidence that the regulatory environment will remain stable, consistent and credible throughout the life of those assets,” he said.
The NMDPRA boss said the Petroleum Industry Act had provided the industry with a strong legal and regulatory framework based on transparency, competition and accountability.
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He said the responsibility of the NMDPRA is to ensure that those principles are reflected in its day-to-day regulatory activities.
Umar, who said he had spent nearly three decades on the commercial and operational side of the downstream petroleum industry before joining the Authority, said he understood the concerns investors raised before committing capital.
He listed timely approvals, consistent application of regulations and fair and predictable decisions by institutions among the key issues investors considered.
The NMDPRA chief executive further stated that effective regulation went beyond issuing licences and enforcing compliance, as it should provide certainty and create an environment where businesses could plan and investment could grow.
He said the authority was strengthening collaboration with other government institutions, noting that effective regulation depended not only on good policies but also on consistent implementation.
“When institutions work together, the industry experiences a more coordinated and predictable regulatory environment,” he said.
Umar said the implementation of reforms would ultimately determine the confidence investors had in Nigeria’s regulatory system.
“The true measure of any reform is how it is implemented. Every licence issued, every inspection conducted and every regulatory decision contributes to confidence in the regulatory system,” he stated.
He assured stakeholders that the agency would carry out its mandate fairly, consistently and transparently to support responsible investment and the continued development of Nigeria’s midstream and downstream petroleum industry.





