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SA to the President on Energy, Olu Verheijen urges investors to seize new opportunities in Nigeria’s energy sector

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…Says IOCs invested $82 billion in deepwater outside Nigeria since 2013

The Special Adviser to the President on Energy, Olu Verheijen has urged investors to seize new opportunities in Nigeria’s energy sector, highlighting untapped potential and recent reforms to attract capital.

Speaking to a diverse audience, at the ongoing African Energy Week in Cape Town, South Africa, she underscored the untapped potential within the industry and discussed the recent reforms implemented by the President Bola Tinubu administration to attract investment.

Verheijen noted that the country has historically underperformed in oil and gas production despite Nigeria’s wealth in the oil and gas industry.

She referenced how countries like Brazil that has only 30% of Nigeria’s oil reserves has outperformed by producing 131% more than current production of Nigeria.

“Despite our abundant endowments, we have underperformed against our potential. For example, Brazil holds only 30% of Nigeria’s oil reserves but produces 131% more.

This is largely due to under-investment,” she said. She said that since 2016, Nigeria has attracted only 4% of African oil and gas investments, while investment has surged in other, less resource-rich nations.

“Since 2016, Nigeria has managed to attract only 4 percent of total investments in oil and gas, while less resourced countries in Africa have enjoyed a bigger share.

When we analyzed investment data, we also found that, between 2013, when Nigeria’s last deepwater project reached FID, and now, IOCs operating in Nigeria have committed more than $82 billion in deepwater investments in other countries that they have deemed to be more attractive destinations for their capital.”

Recognizing this trend, the presidential aide highlighted many efforts by President Tinubu’s administration to enact reforms aimed at reshaping Nigeria’s investment landscape.

Among these initiatives, she said the government has introduced fiscal incentives targeting deep offshore and non-associated gas projects, marking the first time Nigeria has outlined a fiscal framework specifically for deepwater gas.

In efforts to enhance the upstream Oil and Gas sector, she said her office has collaborated closely with the office of the National Security Adviser to create and distribute focused Security Directives, leveraging insights garnered from on-ground operators.

Additionally, Verheijen revealed steps to streamline approval processes by clearly defining the regulatory scopes involved.

This initiative, she said, aims to significantly reduce the extended project timelines that have historically plagued the industry, as well as the high-cost premiums associated with operating in Nigeria.

She added, “Our target is to shorten the contracting timelines from an extensive 38 months to just 135 days, while also working to eliminate the 40% cost premium that currently exists within the Nigerian petroleum industry.

The presidential aide also revealed efforts by the current President Tinubu administration to further open up the oil and gas sector for bigger investments with a set of clear fiscal incentives for Non-Associated Gas and Deep offshore Oil & Gas exploration and production.

“This is the first time that Nigeria is outlining a fiscal framework for Deepwater gas since exploration in the basin commenced in 1991,” She said.

According to her, amongst other initiatives, there has been a focus on midstream and downstream investments in Compressed Natural Gas, (CNG), liquefied petroleum gas, and electric vehicles as part of the Presidential Gas for Growth Initiative.

She added that the administration has also worked to streamline regulatory processes, shorten project timelines, and reduce the high-cost premium of operating in Nigeria.

“We have also introduced fiscal incentives to catalyze investments in the midstream and downstream sectors, including, Compressed Natural Gas (CNG), Liquefied Petroleum Gas (LPG), and Mini Liquefied Natural Gas (LNG).

“These align with the broader Presidential Gas for Growth Initiative, which seeks to enable the displacement of PMS and Diesel in three key sectors: heavy transport, decentralised power generation and cooking.

These incentives are also stimulating demand for Electric Vehicles. “Our goal is to eliminate the 40% cost premium within the Nigerian petroleum industry and cut down contracting timelines from 38 months to 135 days,” Verheijen stated.

She said the government has unlocked over $1 billion across the energy value chain, with two more major investment projects expected by mid-2025.

“We are also facilitating the transfer of onshore and shallow water assets to local companies with the capacity to grow production, while supporting the transition of International Oil Companies, with resilient capital, into deep offshore and integrated gas.

We have unlocked over $1 billion in investments across the value chain and by the middle of 2025 we expect to see FID on two more projects, including a multibillion-dollar deepwater exploration project, which will be the first of its kind in Nigeria in over a decade – one of many to come.

Verheijen also addressed efforts by the Tinubu administration to revamp the nation’s power sector, with plans to provide more reliable electricity access for the 86 million Nigerians currently underserved.

She said the scheme aims to improve revenue assurance and collection. Other key measures include tackling legacy debt, deploying seven million smart meters to reduce losses, and expanding off-grid solutions for remote communities.

By 2027, Nigeria aims to ensure 20 hours of electricity daily for consumers in urban areas and industrial hubs.

Highlighting recent macroeconomic reforms such as petrol subsidy removal and foreign exchange liberalization, Verheijen expressed confidence that Nigeria is set for unprecedented growth.

“Under President Tinubu’s leadership, Nigeria is championing reforms to unlock its vast economic potential and create jobs,” she concluded, inviting foreign partners to participate in Nigeria’s next chapter of growth.

Abiodun OladunjoyeDirector of Information State House, AbujaNovember 7, 2024

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Senate makes a caricature of Abuja-Kaduna train, revives probe panel headed by Adams Oshiomole

Displeased by the “sorry state” of the entire train facilities; AKPABIO took a swipe at the sluggish nature of the Chinese trains when he said “bicycle-even keke is faster than Abuja-Kaduna train.

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The Senate on Thursday called for a thorough investigation into the entire contract and execution agreements of the Abuja-Kaduna-Kano railway line, 10 years after it began full commercial operations.

Worried about the deplorable condition of both the railway line and the attendant poor service delivery by the Nigerian Railway Corporation, the Senate resuscitated its Ad-hoc Committee set up last November but was hampered by a lack of funds to commence the probe of the national asset.

One train ride from Abuja to Kaduna last week by Senator Abdul Ningi -who represents Bauchi Central was all it took to reveal -the deplorable state of Nigeria’s rail transport network-especially the tracks linking the Northern corridors.

Coming on Order 42-, NINGI laments how a journey that should have taken an hour at most took over three hours on a worn-out, second-hand train.

“A Nigerian tragedy”-that’s how the PDP Bauchi Senator refers to the situation as he recounts how the Abuja -Kaduna train service has diminished in quality -from transporting 10,000 passengers daily when it first started to running a single shuttle of less than a thousand passengers a day.

Ningi’s further laments how the revenue from the train service has dwindled over time and called on the Senate to treat the issue as “a national emergency”.

The Abuja-Kaduna railway line was completed in 2015 as the first phase of the Nigerian railway modernization project.

Constructed by the China Civil Engineering Construction Corporation (CCECC), the Abuja-Kaduna railway was largely funded by project-tied loans obtained from China.

But over the years -, the Abuja-Kaduna rail route has been at the receiving end of poor maintenance, vandalism, bandit attacks and derailments-with the most recent incident in last August in ASHAM.

Chairman Senate Committee on Transport, Senator Adamu Aliero backs the motion ; calling for a concerted effort to fix the “eyesore ‘ the Abuja -Kaduna rail line has become.

In his contribution, President of the Senate, Godswill AKPABIO questions the entire contract agreement and execution of the rail project and calls for a thorough investigation into every single KOBO spent.

Displeased by the “sorry state” of the entire train facilities; AKPABIO took a swipe at the sluggish nature of the Chinese trains when he said “bicycle-even keke is faster than Abuja-Kaduna train.

The Senate subsequently revived its ad hoc committee set up since last November to investigate the matter but was hampered by a paucity of funds.

The probe panel headed by Senator Adams Oshiomhole was formally inaugurated at plenary on Thursday and given six weeks to complete the assignment.

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NECA Urges Immediate Halt to NAFDAC’s Renewed Enforcement of Sachet Alcohol Ban

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The Nigeria Employers’ Consultative Association (NECA) has strongly criticized the National Agency for Food and Drug Administration and Control (NAFDAC) for resuming enforcement of the ban on the production and sale of alcoholic beverages in sachets and small PET bottles, calling it a “serious regulatory misstep” that threatens jobs, investments, and Nigeria’s regulatory credibility.

In a statement signed by NECA Director General Wale-Smatt Oyerinde, the employers’ body highlighted that the ongoing crackdown contradicts a December 15, 2025, directive from the Office of the Secretary to the Government of the Federation (SGF) suspending all enforcement actions pending further consultations.

It also disregards a March 14, 2024, resolution by the House of Representatives urging restraint and inclusive stakeholder engagement.

NECA emphasized that the enforcement is already disrupting legitimate businesses, jeopardizing thousands of jobs across the wines and spirits value chain—including manufacturing, packaging, distribution, retail, and agriculture—and eroding investor confidence amid economic challenges such as high operating costs and currency pressures.

While affirming strong support for protecting minors, removing unsafe products, and advancing public health, NECA argued that the current blanket approach is flawed.

It disproportionately affects compliant, NAFDAC-registered manufacturers whose products underwent rigorous testing, registration, and revalidation processes. These products comply with international alcohol-by-volume (ABV) standards for spirits, with clear labeling and warnings restricting consumption to adults over 18.

Oyerinde stressed that underage access stems from enforcement gaps at the retail level—such as weak age verification and monitoring—rather than packaging formats. He advocated for smarter, evidence-based measures, including stricter retailer licensing, compliance checks, public education on responsible drinking, and intensified crackdowns on illicit narcotics and unregistered substances, which pose greater dangers to youth.

The statement noted that sachet and small-pack formats address affordability for low-income adult consumers in Nigeria’s economy, where daily small purchases are common.

Banning them risks shifting demand to unregulated, informal alternatives, potentially worsening public health risks while shrinking the formal economy and government revenue.

NECA also addressed environmental concerns over plastic waste, suggesting they be tackled through broader waste management, recycling, and extended producer responsibility policies across industries, rather than selective product bans that conflate environmental issues with product safety.

The association rejected any notion of opposing regulation, instead calling for science-driven, proportionate, and rule-of-law-based policies. It demanded an immediate suspension of enforcement in line with the SGF’s directive and a return to structured dialogue involving regulators, industry, public health experts, and consumers to develop balanced solutions.

“Nigeria deserves regulation that safeguards public health while preserving livelihoods, investment, and respect for due process,” Oyerinde concluded.

“Policies ignoring science, economic realities, and regulatory coherence risk causing more harm than good.

“NECA, established in 1957, serves as the umbrella body for organized private-sector employers in Nigeria, advocating for policies that foster a harmonious business environment, productivity, and prosperity.

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Otunba Adekunle Ojora, Industrialist and broadcaster dies at 93

Ojora held significant interests in AGIP Petroleum Marketing, NCR Nigeria, and founded several private firms, including Nigerlink Industries, Unital Builders, and Lagos Investments, a holding company. In the wake of the Nigerian Enterprise Promotion Act.

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Photo of Otunba Adekunle Ojora

The Head of Ojora Royal Family of Lagos, on Wednesday announced the death of Otunba Adekunle Ojora at the age of 93.

He is survived by his wife, Erelu Ojuolape, and children, including, Mrs. Toyin Saraki, wife of former Senate President Bukola Saraki.

In a statement issued on behalf of the Ojora Family by Prince Adewale Taorid Ojora, stated that Otunba Ojora who was born on June 13th 1932, died on January the 28th 2026.

Widely celebrated as one of Nigeria’s most influential corporate leaders of the post-independence era,

Otunba Adekunle Ojora carved an exceptional legacy that spanned journalism, public service, politics, and big-ticket corporate governance.

He was Chairman of the Board of AGIP Nigeria Limited from 1971 until its acquisition by Unipetrol in 2002.

Ojora’s professional journey began in the early 1950s at the British Broadcasting Corporation (BBC) after studying journalism at Regent Street Polytechnic, London.

He rose to the position of assistant editor, and later returned to Nigeria in 1955 to join the Nigerian Broadcasting Corporation (NBC) as a reporter.

He later moved to Ibadan, where he served as an information officer in the office of the then regional premier.In 1961, he transitioned into the corporate world, joining the United African Company (UAC) as Public Relations Manager and becoming an Executive Director in 1962.

His interest in commerce and enterprise deepened in the years that followed, marking the start of a lifelong influence in Nigerian boardrooms.

Following the military coup that ended the First Republic, Otunba Ojora was nominated to the Lagos City Council in 1966.

In 1967, he held two key appointments: Managing Director of WEMABOD, a regional property and investment company, and Chairman of the Nigerian National Shipping Line, succeeding Chief Kola Balogun.

After he left WEMABOD, he expanded his footprint as a major investor and entrepreneur.

Ojora held significant interests in AGIP Petroleum Marketing, NCR Nigeria, and founded several private firms, including Nigerlink Industries, Unital Builders, and Lagos Investments, a holding company. In the wake of the Nigerian Enterprise Promotion Act.

He acquired equity stakes in numerous foreign companies operating in Nigeria, including Bowring Group, Inchcape, Schlumberger, Phoenix Assurance, UTC Nigeria, Evans Brothers, and Seven-Up.

Beyond the boardroom, Otunba Ojora was deeply rooted in tradition. He was the Otunba of Lagos, Lisa of Ife and Olori Omo Oba of Lagos.

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