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SA to the President on Energy, Olu Verheijen urges investors to seize new opportunities in Nigeria’s energy sector
…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
President Bola Tinubu has officially sworn in Professor Joash Amupitan as the new Chairman of the Independent National Electoral Commission (INEC). The ceremony followed the Senate’s confirmation of Amupitan’s appointment last week after a rigorous screening session on October 16.
At the swearing-in, President Tinubu tasked Amupitan with safeguarding the integrity of Nigeria’s elections and strengthening INEC’s institutional capacity.
“As the chairman of INEC, your nomination and confirmation reflect the confidence reposed in you by both the executive and legislative arms of government. This marks the start of a challenging yet rewarding journey, and I trust you will approach your duties with integrity, dedication, and patriotism,” Tinubu said.
Highlighting Nigeria’s democratic progress over 25 years, the President emphasized the need for continuous innovation and reform to maintain free, fair, and credible elections. He urged Amupitan to ensure transparency and public trust throughout the entire electoral process—from voter registration and campaigning to voting and counting.
Amupitan, a professor of law and Senior Advocate of Nigeria (SAN), arrived at the State House on Thursday dressed in traditional white agbada and gold cap ahead of the formal ceremony. He was accompanied by presidential aides.
During his Senate screening, the 58-year-old nominee pledged to restore credibility to Nigeria’s electoral process by prioritizing reforms, including strengthening the Electoral Act to resolve inconsistencies in election timelines and enhance transparency.
“We must conduct elections where even the loser congratulates the winner fairly,” Amupitan told senators, emphasizing the need to rebuild voter confidence.
He also clarified his neutrality by denying any involvement in President Tinubu’s legal team during the 2023 Presidential Election Petitions Court, stating, “I never appeared before the Presidential Election Tribunal or the Supreme Court for any party.”
Amupitan succeeds Professor Mahmood Yakubu as the sixth substantive INEC chairman since the commission’s establishment. He is expected to immediately begin the transition process at INEC headquarters in Abuja following his swearing-in.
Profile
Born on April 25, 1967, the 58-year-old Amupitan hails from Ayetoro Gbede in Ijumu Local Government Area of Kogi State. He is a Professor of Law at the University of Jos, Plateau State. He is also an alumnus of the university.
He specialises in Company Law, Law of Evidence, Corporate Governance and Privatisation Law. He became a Senior Advocate of Nigeria in September 2014.
After completing primary and secondary education, he attended Kwara State Polytechnic, Ilorin, from 1982 to 1984, and the University of Jos from 1984 to 1987. He was called to the bar in 1988.
Amupitan earned an LLM at UNIJOS in 1993 and a PhD in 2007, amid an academic career that began in 1989, following his National Youth Service at the Bauchi State Publishing Corporation in Bauchi from 1988 to 1989.
He currently serves as the Deputy Vice-Chancellor (Administration) at the University of Jos, a position he holds in conjunction with being the Pro-Chancellor and Chairman of the Governing Council of Joseph Ayo Babalola University in Osun State.
Among the academic positions he has held at UNIJOS are: Chairman of the Committee of Deans and Directors (2012-2014); Dean of the Faculty of Law (2008-2014); and Head of Public Law (2006-2008).
Outside of academics, Amupitan serves as a board member of Integrated Dairies Limited in Vom, a member of the Nigerian Institute of Advanced Legal Studies Governing Council, and a member of the Council of Legal Education (2008-2014), among other roles. He was a board member of Riss Oil Limited, Abuja(1996-2004).
Amupitan is the author of many books on law, such as Corporate Governance: Models and Principles(2008); Documentary Evidence in Nigeria (2008); Evidence Law: Theory and Practice in Nigeria(2013), Principles of Company Law(2013) and an Introduction to the Law of Trust in Nigeria (2014).
He is married and has four children.
Dangote Group has denied owning the truck that crushed a pregnant woman, a child, and six others to death in an accident in Akungba-Akoko, Akoko South-West Local Government Area of Ondo State.
The company issued the clarification in a statement on its X account on Wednesday.
The statement followed reports that a cement-laden truck suffered brake failure and rammed into traders and other road users.
Reacting, Dangote Group said the truck involved in the tragic incident does not belong to the group or any of its subsidiaries.
It added that vehicle registration records confirm the truck is owned and operated by an independent logistics company with no affiliation to Dangote Group.
“Dangote Group has refuted reports circulating on social media and in some online platforms linking it to a truck involved in a road accident in Akungba-Akoko, Akoko South-West Local Government Area of Ondo State.
“The company wishes to make it categorically clear that the truck involved in the unfortunate incident does not belong to Dangote Group or any of its subsidiaries.
“Verified vehicle registration details confirm that the truck with Plate No. JJJ 365 XB is owned and operated by an independent logistics company with no affiliation to Dangote Group,” the statement reads.
News
VIDEO: Sowore Arrested at Federal High Court Premises, Abuja, After Meeting Nnamdi Kanu.
“The commissioner of police said we should bring you to the office,” the policeman said.
Police operatives have arrested former presidential candidate and human rights activist, Omoyele Sowore, in Abuja, the nation’s capital.
Sowore was forcibly taken away by armed police officers from the Federal High Court premises in Abuja on Thursday, October 23, 2025, shortly after attending the court session of detained IPOB leader Nnamdi Kanu.
Sowore, who has been leading campaigns for Kanu’s release, was confronted by security operatives who insisted he accompany them to the Federal Capital Territory (FCT) Police Command.
Eyewitnesses disclosed that the officers surrounded him moments after he exited the courtroom, refusing to disclose specific details about his alleged offence.
When questioned by onlookers, one of the policemen stated that they were acting on the directive of the FCT Commissioner of Police.
“The commissioner of police said we should bring you to the office,” the policeman said.
As of the time of filing this report, the reason for Sowore’s arrest and his current whereabouts remain unclear.
Credit: Punch
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