Economy
Upstream Regulator Opens 90-Day Fast-Track Window For Oil Wells Approval, Field Plans
Upstream Regulator Opens 90-Day Fast-Track Window For Oil Wells Approval, Field Plans
Upstream regulator opens 90-day fast-track window for oil wells approval, field plans. The Nigerian Upstream Petroleum Regulatory Commission (NUPRC) has opened a 90-day fast-track window for approving oil wells, Field Development Plans (FDPs), rig mobilisations, and other quick-win opportunities, to meet the two million barrels per day (mbpd) and three mbpd crude oil production targets for 2027 and 2030 respectively.
The NUPRC chief executive, Oritsemeyiwa Eyesan, announced this during a stakeholder meeting in Lagos on Wednesday.
Speaking at the meeting attended by Oil Producers Trade Section (OPTS), Independent Petroleum Producers Group (IPPG) which are both key industry associations in Nigeria’s oil and gas sector; emerging players, and major industry operators, Eyesan stated that the initiative aligned with President Tinubu’s renewed hope agenda, declaring the 3mmbopd target by 2030 achievable through production optimisation and swift regulatory decisions.
Eyesan unveiled her upstream transformation vision, resting on three pillars: production optimisation with revenue expansion via shut-in recovery and decline arrest; regulatory predictability through service-like efficiency and time-bound approvals; and safe, sustainable operations emphasising HSE, governance, and decarbonisation.
“On the Commission’s part, a 90-day programme to fast track approvals for near-ready FDPs, well interventions, rig mobilisation and other quick-win opportunities have commenced,” the NUPRC boss stated, urging operators to submit matured projects by end of Q1 2026.
The NUPRC boss plans on increasing production and revenue expansion through the recovery of shut-in volumes with economic value, arresting decline, reducing losses, and accelerating time-to-first oil—without increasing burdens or transaction cost.
This, she said, had already begun by recently “turning on the light” in a long shut-in asset.
According to Mrs. Eyesan’s plan, regulatory predictability and speed can be achieved by running regulation like a service, enforcing rules transparently and making quick time-bound decisions.
The new NUPRC boss plans to strengthen governance, process safety, host community outcomes, and encourage decarbonisation through safe, governed and sustainable operations.
“Going forward, the Commission will be measured on the following key success metrics -Faster, predictable regulatory approvals, higher, more secure and sustainable production, credible licensing and disciplined acreage performance, world-class HSE (Health, Safety and Environment) and process safety outcomes, trusted measurement, transparency, governance and data integrity,” she said.
She promised that under her leadership, the NUPRC will enhance regulatory efficiency and predictability by publishing Service Level Agreements (SLAs) for all major approvals.
The timeline to production will be reduced through proactive discussions regarding all necessary approvals, implementation of stage-gate processes, and mutual agreement on timelines with the commission, she stated.
“Stakeholders are encouraged to submit their projects for consideration. For matured opportunities, please submit your request latest end of Q1, 2026. This would provide a simplified and holistic framework that creates obligations for both operators and the Commission,” the CCE said.
The Commission will launch a digital workflow for permitting, reporting and data submissions, she stated, adding that the NUPRC will work with the industry to identify capacity gaps and develop tiered intervention in the most critical areas with immediate impact on regulatory efficiency “while we harmonise our own internal processes to eliminate conflicting regulatory actions and reduce friction.”

Upstream Regulator
She revealed that the NUPRC’s internal transformation programme through a project Management office is in flight and “I will provide more details on this in the coming days.”
The NUPRC boss also convened a “CCE–Operators Leadership Forum for monthly engagement”.
The participants will include all operators (including NNPC), OPTS, IPPG, and emerging players.
The meeting, she said, would be focused on approval timelines, production restoration, infrastructure integrity, and gas monetisation and development.
This is expected to enable the NUPRC to identify systemic bottlenecks and provide greater predictability.
Eyesan also stressed the need to improve hydrocarbon accounting and measurement by tracking every barrel produced and promptly addressing discrepancies or losses.
On host community, the NUPRC encouraged all operators to liaise with the commission “as we plan first engagement with host community leaders to reaffirm commitment to HCDT (Host Community Development Trust) implementation.
She also said one of her key goals is to ensure 100 compliance to the Petroleum Industry Act within 12 months. This, she said, will be monitored with a dedicated team situated in her office.
“The commission going forward will issue quarterly progress reports. Let therefore bring all high impact shut in fields for approval.
Economy
Lagos Assembly Strongly Seeks Suspension Of Makoko Demolition
Lagos Assembly Strongly Seeks Suspension Of Makoko Demolition
Lagos assembly strongly seeks suspension of Makoko demolition. The Lagos state house of assembly has called for the suspension of demolition activities in Makoko, Oko-Agbon and Shogunro waterfront communities following protests by displaced residents and growing public concern over the exercise.
The call was announced on Tuesday by Noheem Adams, chairman of an ad hoc committee set up by Mudashiru Obasa, speaker of the house, during a stakeholders’ meeting held at the Lateef Jakande auditorium.
Adams called on all state ministries to cease demolition work and promised compensation to the affected residents.
“On behalf of the speaker and all 40 members of the house, we are directing that all demolitions in Makoko, Oko-Agbon, and Shogunro communities should stop from today until further notice,” New Telegraph quoted Adams as saying.
He called for transparency by demanding the full list of taskforce members and the criteria used for engagement, insisting that residents must be actively involved in the process.
“That the taskforce that was constituted, we want to see the list of the taskforce because we want the residents to be duly involved and to be carried along. So we want to have the schedule of those task forces and the criteria for those that we are inviting,” Adams added.

Lagos Assembly
“To the residents of Makoko, Oko-Agbon and Shogunro communities, as your representatives, we are giving you all assurances that they will stop demolitions henceforth and there will be compensations for all those whose properties have been demolished.”
Stephen Ogundipe, member of the ad-hoc, said there is need for clear communication, adding that residents targeted for relocation or redevelopment must be informed of the government’s plans in advance.
Babatunde Olajide, special adviser to governor of Lagos on E-GIS and urban renewal, confirmed that $2 million had been earmarked since 2021 to transform Makoko into a modern, internationally compliant water city.
He said enumeration of affected properties is underway and reiterated the administration’s commitment to handling the situation with a human face, prioritizing resident safety and fair compensation.
Yusuf Sagra, baale of Makoko, described the assembly’s decision as a “word of peace,” while Orioye Ogungbure, another leader of the community, praised the “democratic responsiveness” of the government.
Crime
EFCC Arrests Kannywood Star, Samha Inuwa for Alleged Naira Mutilation In Viral Video
EFCC Arrests Kannywood Star, Samha Inuwa for Alleged Naira Mutilation In Viral Video
EFCC arrests Kannywood Star, Samha Inuwa for alleged naira mutilation in viral video. The Kano Zonal Directorate of the Economic and Financial Crimes Commission, EFCC, on Tuesday, February 3, 2026 arrested a Kannywood Star, Samha Inuwa over alleged Naira mutilation.
Inuwa was arrested following a viral video circulated on social media platforms where she was seen conspicuously cleaning mucus from her nose using Naira notes.

EFCC
Following the release of the viral video, the Commission swung into action by tracing and subsequently arrested her to answer questions.
She is currently being held at the Commission’s detention facility while investigation is ongoing.
The suspect will be charged to court upon conclusion of investigations.
Dele Oyewale
Head, Media & Publicity
February 3, 2026
Economy
Access Bank Gets New Board Chair Ifeyinwa Osime
Access Bank Gets New Board Chair Ifeyinwa Osime
Access Bank gets new board chair Ifeyinwa Osime. Access Bank Plc has appointed Ifeyinwa Osime as chair of the board of directors, following the retirement of Paul Usoro, on January 29.
Access Bank Plc has appointed Ifeyinwa Osime as chair of the board of directors, following the retirement of Paul Usoro, on January 29, according to a statement to the Nigerian Exchange Ltd. on Monday.
Ms Osime, a legal practitioner, joined Access Bank’s board in November 2019 as an independent non-executive director and had chaired its Human Resources and Sustainability Committee and the Governance, Nomination, and Remuneration Committee. This role made her contribute significantly to the bank’s corporate governance, leadership development, and sustainability initiatives.
Additionally, Ms Osime is a director at Ebudo Trust Ltd. and a partner at McPherson Legal Practitioners, where she advises on corporate and commercial matters and contributes to strategic leadership.
She is also a member of the Nigerian Bar Association, the Women Corporate Directors, Nigeria Chapter, and the Chartered Institute of Directors, Nigeria, where she serves on the Executive Committee of the Women Sectoral Group.

Access Bank Gets New Board Chair Ifeyinwa Osime
Beyond her professional responsibilities, Ms Osime is committed to mentoring youths and is actively involved in the Autism and Developmental Delays Support Community, reflecting her dedication to inclusion and social impact.
Speaking on her appointment, the group chairman, Aigboje Aig-lmoukhuede, said, “Mrs Osime is a principled and experienced leader with a deep understanding of the Bank’s strategy and values.
“She has demonstrated strong commitment to the bank’s vision and mission, and I am confident that, under her leadership, the bank will continue to advance its strategic objectives of delivering sustainable value to shareholders and other stakeholders in the pursuit of its vision to become the world’s most respected African bank.”
Mr Aig-lmoukhuede also congratulated Mr Usoro on the completion of his tenure and on his exemplary leadership, dedication, and significant contributions to the group, saying he remains a valued member of the Access family.
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