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At Heirs Energies Leadership Forum, Oil and Gas Leaders Unite to Drive Nigeria’s Oil Production Growth
The dialogue affirmed Nigeria’s commitment to increasing production,while maintaining environmental responsibility and leveraging gas as a transition fuel.
▪︎HEIRS ENERGIES LEADERSHIP FORUM 2025:
L-R: CCE, NUPRC, Engr. Gbenga Komolafe; CEO, Heirs Energies, Osa Igiehon; Minister of State for Petroleum Resources (Oil), Senator Heineken Lokpobiri; Founder/Chairman, Heirs Holdings and Chairman Heirs Energies, Tony O. Elumelu, CFR; OPEC Board of Governors Chairman for Nigeria & CEO, First E&P, Ademola Adeyemi-Bero; CEO, Seplat Energy, Roger Brown and Executive Vice President, Upstream, NNPC Limited, Udobong Ntia, at the Heirs Energies’ Nigeria Petroleum Industry Discourse which held at the Transcorp Hilton Abuja.
Heirs Energies, Africa’s fastest growing indigenous integrated energy company, hosted its inaugural Petroleum Industry Leadership Dialogue at the Transcorp Hilton Abuja, bringing together public and private sector leaders to accelerateNigeria’s production growth.
Heirs Holdings’ subsidiary, Heirs Energies, convened the forum, moderated by CEO of Heirs Energies, Osayande Igiehon, and which featured distinguished speakers including the Minister of State for Petroleum Resources (Oil), Senator Heineken Lokpobiri; Chief Commission Executive, NUPRC, Engr. Gbenga Komolafe; Chairman, OPEC Board of Governors and CEO, First E&P, Adewale Adeyemo-Bero; Executive Vice-President Upstream, NNPC Limited, Udobong Ntia and CEO of Seplat Energy Plc, Roger Brown.
With a new administration and ambitious targets for production critical for Nigeria’s economic growth, the Dialogue provided a timely venue for private and public sectors to continue the successful interaction, that has already seen Nigeria crude production grow by 25%, since May 2023.
The speakers highlighted how a series of Presidential Executive Orders had radically reshaped the operating environment and catalysed industry growth.
Indigenous oil and gas companies were now responsible for more than 60% of Nigeria’s crude output and the successful indigenisation programme was delivering a bold new chapter in Nigeria’s natural resources history.
Tony Elumelu, Founder and Chairman of Heirs Holdings and Chairman of Heirs Energies, in his opening remarks, paid tribute to the catalytic role that current government had played in reinvigorating the sector.
Mr Elumelu also set out Heirs Holdings’ vision of transforming Africa’s energy landscape, through indigenous leadership and sustainable development.
Heirs Energies, in just four years, had rapidly grown its production from 21,000 to over 50,000 barrels per day of hydrocarbon.
Mr Elumelu also welcomed both public and private sector guests, emphasising the strong spirit of collaboration that underscored the successful indigenisation:
“Production growth, ambitious and sustained, is our shared national mission. I am honoured that Heirs Energies is bringing together distinguished peers from the industry and our partners in government.
As an investor not just in resources, but in Nigeria’s power production and distribution sectors, all of us, need to come together to ensure Nigerians get the benefits of our resources.
As we build Africa’s largest integrated energy business, innovation and collaboration are central to our execution”.
The dialogue affirmed Nigeria’s commitment to increasing production,while maintaining environmental responsibility and leveraging gas as a transition fuel.
Speaking at the forum, Minister of State for Petroleum Resources (Oil), Sen. Heineken Lokpobiri, applauded Heirs Energies for hosting this inaugural event.
Indigenous oil and gas companies were now responsible for more than 60% of Nigeria’s crude output and the successful indigenisation programme was delivering a bold new chapter in Nigeria’s natural resources history.
“Let me express our gratitude to Heirs Energies for providing this platform for meaningful industry engagement.”
The Minister announced Nigeria’s oil production had reached 1.8 million barrels per day in January 2025 and set an ambitious target of 2.5 million barrels per day for 2025.
He also reaffirmed the administration’s “drill or drop” policy to accelerate production growth.
The Petroleum Industry Leadership Dialogue, which will become an annual event, brought together key stakeholders in the oil and gas industry, including MD of The Shell Petroleum Development Company of Nigeria Limited, Osagie Okunbor; Managing Director of Aradel Holdings, Adegbite Falade and industry veteran and founder of Platform Petroleum & Managing Director A.A Holdings, Austin Avuru, among others.
NUPRC Chief Executive, Engr. Gbenga Komolafe, empahsised the dialogues significance in advancing the sectors objectives,
“I thank Heirs Energies for this beautiful initiative of putting together the Petroleum Industry Leadership Dialogue as a commitment to achieving our national objective in the upstream sector.”
He highlighted the surge in active drilling rigs to 38, with projections to reach 50 by March 2025.
OPEC Board of Governors Chairman for Nigeria and CEO, First E&P, Ademola Adeyemi-Bero, commended the forum’s timing, noting “It’s apt.
It’s early in the year and it’s about how we grow production.
That’s why you see all of us participating.” He shared how indigenous operators have successfully increased production, citing his company’s achievement of 57,000 barrels per day from previously untapped fields.Heirs Energies CEO, Osa Igiehon, reinforced this perspective, showcasing Heirs Energies’ impact in Nigeria’s onshore sector.
“Our success at Heirs Energies demonstrates what’s possible in Nigeria’s onshore sector, through our Brownfield Excellence Strategy, robust security measures, and genuine community partnership,” he said.
“By tripling our producing wells to over 100, we’ve shown how indigenous operators can efficiently unlock value while ensuring sustainable development of host communities.
“The Petroleum Industry Leadership Dialogue also exemplified Heirs Energies’ commitment to Mr Elumelu’s Africapitalism, the private sector’s transformative role in driving Africa’s economic and social development through strategic, long-term investments hinged on partnership and collaboration.
Heirs Energies Limited is Africa’s leading indigenous-owned integrated energy company, committed to meeting Africa’s unique energy needs while aligning with global sustainability goals.
With a strong focus on innovation, environmental responsibility, and community development, Heirs Energies leads in the evolving energy landscape and contributes to a more prosperous Africa.
Heirs Energies is a key implementor of Heirs Holdings integrated energy strategy, Africa’s largest integrated energy business, , whose objective is to ensure Africans benefit directly from their continent’s resources.
An Improvised Explosive Device (IED) exploded on the Anka-Bagega road on Tuesday, killing one person and injuring seven others.
The blast struck a commercial Volkswagen Golf 3 Wagon carrying passengers travelling from Bagega village to Anka town. One passenger died on the spot, while the seven injured victims are receiving treatment at a primary healthcare facility in Bagega.
The explosion also caused significant damage to the vehicle, sparking fresh security concerns among commuters using the route.
This incident comes barely a month after a similar IED explosion occurred along the same road.
Zamfara State Commissioner of Police, Ahmad Bello, confirmed the attack. He said joint security forces have been deployed to assess the situation, clear the affected area, and restore normalcy on the route.
The Federal Government has welcomed the International Monetary Fund’s (IMF) 2026 Article IV Mission Concluding Statement, describing it as an independent validation of the success of President Bola Ahmed Tinubu’s economic reform programme.
In a statement, the government noted the IMF’s overall positive assessment, saying the Fund’s observations confirm that the bold reforms implemented over the past three years are strengthening macroeconomic stability, restoring investor confidence, and laying a solid foundation for sustainable and inclusive growth.
The IMF highlighted several key achievements, including improved functioning of the foreign exchange market, stronger external buffers, ongoing fiscal and revenue reforms, and resilience in the banking sector. These developments, the government said, have enhanced Nigeria’s ability to withstand external shocks compared to recent years.
Particular emphasis was placed on the impact of major policy decisions such as the removal of fuel subsidies, the end of deficit monetisation, the liberalisation of the foreign exchange market, and strengthened fiscal discipline. According to the statement, these measures have significantly reduced economic vulnerabilities and rebuilt confidence.
Despite new global challenges arising from the Middle East conflict — including higher energy and food prices, tighter financial conditions, and supply chain disruptions — the IMF acknowledged Nigeria’s notable resilience. The parallel market premium has remained below five percent, sovereign spreads have stayed broadly stable, and investor confidence has been preserved.
The Fund also noted that Nigeria is well positioned to benefit from elevated energy prices through increased export earnings, improved fiscal revenues, and higher foreign exchange inflows. The government said it will focus on translating these opportunities into lasting gains by ramping up crude oil production, expanding domestic refining capacity, boosting gas production and exports, and attracting fresh investments across the energy sector.
Addressing Poverty and Food Insecurity
The government acknowledged the IMF’s observation that poverty and food insecurity remain pressing challenges. While per capita income grew by nearly 10 percent in 2025, indicating a marked reduction in poverty levels, authorities stressed that macroeconomic stability alone is not enough.
To ensure inclusive growth, the government is strengthening social protection programmes, including direct cash transfers to vulnerable households, support for small businesses, student loans through NELFUND, consumer credit schemes, and healthcare investments.
In the agricultural sector, efforts are being scaled up through the Renewed Hope National Agricultural Mechanisation Programme and other initiatives aimed at boosting productivity, expanding irrigation, improving access to inputs and financing, and strengthening food security.
The government also welcomed the IMF’s recognition of progress in domestic revenue mobilisation and public financial management. It pledged to continue implementing new tax laws, digitising revenue collection, and improving transparency and accountability. Steps are already being taken to enhance fiscal data integrity and meet the highest international standards in economic and fiscal statistics.
Positive Medium-Term Outlook
The IMF projects continued economic growth above four percent over the medium term, alongside improving external reserves, rising investment, and stronger fiscal revenues. Public debt has declined as a percentage of GDP, while reserve buffers have strengthened significantly. These positive developments complement recent sovereign credit rating upgrades by international agencies.
The Federal Government reaffirmed its commitment to maintaining macroeconomic stability, accelerating inclusive growth, deepening structural reforms, improving the investment climate, expanding infrastructure, and enhancing human capital development and job creation.
“While challenges remain, the direction is clear and the foundations are stronger,” the statement said. “The ultimate objective of these reforms is not merely improved economic indicators, but better outcomes for all Nigerians — lower inflation, decent jobs, higher incomes, greater economic opportunity, and a better quality of life.
News
Nigerian labour leader dies while attending Geneva conference
A member of the Nigeria Civil Service Union (NCSU), Adeleke served as Chairman of the Lagos State Joint Negotiating Council, where he was involved in labour-related advocacy and workers’ welfare initiatives.
•Michael Adeleke
A Nigerian labour leader Domingo Michael Adeleke died today in Geneva, Switzerland, while attending the 114th Session of the International Labour Conference (ILC).
The Nigeria Labour Congress (NLC), confirmed the development this morning in a statement, saying that Adeleke was the Chairman of the Lagos State Joint Negotiating Council (JNC) of the union.
According to the statement, Adeleke was in Switzerland as part of Nigeria’s delegation to the conference when he reportedly became ill and was later taken for medical attention. He subsequently passed away.
A member of the Nigeria Civil Service Union (NCSU), Adeleke served as Chairman of the Lagos State Joint Negotiating Council, where he was involved in labour-related advocacy and workers’ welfare initiatives.
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