News
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
News
BREAKING: Aiyedatiwa, Adelami sworn in as governor, deputy in Ondo
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Governor Lucky Aiyedatiwa of Ondo State and his deputy, Olayide Adelami, have been sworn in for a fresh four year term.
The Chief Justice of the state, Olusegun Odusola administered the oath to Aiyedatiwa and Adelami amid the presence of the people of the state and dignitaries who witnessed the event.
While taking the oath of office, the number one and number two citizens vowed to uphold the constitution, work within its dictates, and ensure the well-being of the people of the state.
The inauguration marks the takeoff of a new administration in Ondo State.
Present at the oath-taking event were the Governor of Lagos State, Babajide Sanwo-Olu, Governor of Ekiti, Abiodun Oyebanji, Minister of Interior, Olubunmi Tunji-Ojo, Minister of Youth Development, Ayo Olawande, among others.
Health
JUST IN: NCDC reports 80 deaths from lassa fever as fatality rate rises to 19.4% across 11 states
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The Nigeria Centre for Disease Control and Prevention (NCDC) has confirmed 80 deaths from 413 Lassa fever cases across 11 states during Epidemiological Week 6 (Feb. 3–9, 2025).
According to the latest Lassa Fever Situation Report, the case fatality rate (CFR) has surged to 19.4%, up from 17.5% in the same period last year.
Ondo, Edo, and Bauchi states accounted for 73% of confirmed cases, with Ondo recording the highest at 34%, followed by Edo (21%) and Bauchi (18%).
A total of 63 local government areas across 11 states have recorded confirmed cases, according to the NCDC.
“Despite a decline in new cases from 68 in Week 5 to 54 in Week 6, the agency remains concerned about the high fatality rate.
“The most affected age group is 21 to 30 years, with a male-to-female ratio of 1:0.8.”
While no new healthcare worker infections were reported this week, the NCDC noted that delayed case presentations have contributed to the rising fatality rate.
Key challenges in containing the outbreak NCDC has identified poor health-seeking behavior, high treatment costs, and limited awareness in high-burden communities as major challenges in tackling the ongoing Lassa fever outbreak.
To address the outbreak, the NCDC had activated the National Lassa Fever Multi-Sectoral Incident Management System (IMS) to coordinate efforts.
“The key interventions include deployment of National Rapid Response Teams (NRRT) to Gombe, Nasarawa, and Benue.
“The interventions also involve training healthcare workers in Lassa fever case management in Bauchi, Ebonyi, and Benue, enhanced surveillance, and contact tracing in affected states.
“Additionally, there will be distribution of response commodities such as personal protective equipment (PPEs), Ribavirin, thermometers, and body bags, along with community sensitization and risk communication campaigns in hotspot areas.”
The NCDC has reiterated its collaboration with the World Health Organisation (WHO), Médecins Sans Frontières (MSF), and the International Research Centre of Excellence (IRCE) to strengthen diagnosis, treatment, and outbreak response for Lassa fever.
“As the Lassa fever season peaks, we are intensifying case management training, enhancing rapid response coordination, and reinforcing infection prevention measures to curb the outbreak’s spread,” the agency stated.
It further disclosed plans for a nationwide rodent control and community awareness campaign in partnership with Breakthrough Action Nigeria (BA-N) and other stakeholders.
Preventive measures and public advisory
The agency also urged Nigerians to take preventive measures, including maintaining proper hygiene, avoiding contact with rodent droppings, and seeking medical attention early if they experience symptoms such as fever, sore throat, or unexplained bleeding.
“For real-time updates and safety guidelines, the NCDC advises Nigerians to visit www.ncdc.gov.ng or call the toll-free line: 6232,” it added.
The NCDC has reiterated that Lassa fever is preventable and urged Nigerians to take proactive steps to minimize their risk of infection.
One of the key preventive measures, according to the agency, is proper food storage.
“Store food in sealed containers to prevent contamination by rats,” the NCDC advised. Keeping homes clean and eliminating rodent hiding places is also essential in reducing exposure.
The agency further emphasized the importance of good hygiene practices.
“Regular handwashing with soap and water helps prevent the spread of infection,” it stated.
Additionally, it warned against bush burning, which forces rats into homes and increases the likelihood of transmission.
Early detection remains critical in managing Lassa fever. “If you experience symptoms such as fever, weakness, or bleeding, seek medical attention immediately at a health facility,” the NCDC advised.
It encouraged Nigerians to stay informed and take necessary precautions to protect themselves and their loved ones.
News
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.
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▪︎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.
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