Economy
Era Of Dormant Oil Licences Over, Says NUPRC
Era Of Dormant Oil Licences Over, Says NUPRC
Era of dormant oil licences over, says NUPRC. She expressed delight over the number of applicants in the 2025 licensing round.
The Nigerian Upstream Petroleum Regulatory Commission (NUPRC) says the era of companies holding on to their oil prospecting licences without developing their assets is now officially over.
The commission chief executive, Oritsemeyiwa Eyesan, said this when she received the management of the Petroleum Directorate of Sierra Leone at the commission’s headquarters in Abuja.
Mrs Eyesan, in a statement on Friday, said one of the beauties of the Petroleum Industry Act (PIA) was Section 94, which compels operators to either commence work or relinquish the licence, a provision commonly referred to as Drill or Drop.
She said that the enforcement of the provision had now attracted more serious investors in the ongoing 2025 licensing rounds, which would increase Nigeria’s petroleum reserves.
“The PIA also opened the opportunities for small and big players because there is now a drill or drop provision in the Act. So, we have cured the problem of uncertainties.
“So, in the past we had operators who had 20-year licenses and sat on these blocks and did absolutely nothing.
“Now, we have moved from that era to drill or drop. So, now we have more assets in the basket which has given us the impetus to go for, if possible, annual bid rounds,” she said.
She also expressed delight over the number of applicants in the 2025 licensing round.
“The figure is quite impressive given that the licensing round guideline stipulates that no company – either as a single firm or as part of a consortium – can bid for more than two out of the 50 oil blocks on offer.
“For the 2025 licensing round we have 50 oil blocks on offer. And the outcome of the pre-qualification submission was a demonstration that there is indeed a very good appetite for the bid round,” she said.
Mrs Eyesan said that, in order to ensure total transparency in the licensing round, the NUPRC had added an extra layer of validation by partnering with a reputable audit firm to interrogate and validate the system.
“The result of that exercise will be made public just to boost investor confidence,” she said.
NUPRC
In his remarks, the director-general of the Petroleum Directorate of Sierra Leone, Foday Mansaray, said the aim of the meeting was to understand Nigeria’s petroleum sector and use the lessons to improve his country’s own hydrocarbon sector.
Mr Mansaray called for stronger and more sustainable energy collaboration between Sierra Leone and Nigeria.
“We are here to collaborate with the NUPRC at a bi-lateral level and learn from Nigeria, our big brothers in the industry.
“We are a small country of just eight million people but very ambitious,” he said while seeking the signing of a Memorandum of Understanding (MoU).
Pensioners Threaten Nationwide Protest, Demand Governors Urgently Review Payment
The National Association of Retirees of State Governments has threatened a nationwide protest unless state governors urgently review pension payments in line with existing labour laws.
Simon Anchaver, president of the union, made the call in Yenagoa at the inauguration of the Bayelsa interim executive of the newly registered union.
The union demanded that the 36 state governors prioritise pension payments.
They equally called on President Bola Tinubu to establish a ministry for pension affairs to guarantee annual budgetary allocations for pensioners’ welfare.
Eereporter.com
The union bemoaned the arbitrary payment of pensions by some governors, and commended the Nasarawa state governor for releasing N7 billion to clear pension arrears and gratuity.
Its national secretary, Bipre Ndiomu, said the union was newly registered and currently inaugurating state executives. He urged state governors to put in place the modalities to guarantee the welfare of pensioners across the country.
Protest Demolition
Bayelsa’s head of service, Wisdom Sawyer, urged the executive to serve as a bridge between retirees and the government, adding that the state government was open to engagement on outstanding issues.
The newly inaugurated state chairman, Bazigha Tanwei, accepted the mandate and promised an open-door policy, regular consultations with members, and sustained advocacy with the state government to clear arrears.
Financial Literacy: NNPC Foundation Trains Batch A Stream 2 Corps Members
In continuation of its Corporate Social Responsibility (CSR) initiatives on financial literacy, the NNPC Foundation Ltd./Gte has conducted its second 2026 National Youth Service Corps (NYSC) skills empowerment training for Batch A, Stream 2 corps members at the FCT NYSC Orientation Camp, Kubwa, Abuja, over the weekend.
Delivered in partnership with the NYSC Skills Acquisition and Entrepreneurship Development (SAED) scheme, the programme covers financial literacy, entrepreneurship, and business development. Its training structure also includes a financial literacy test, a “Kick Start My Business” course, and business proposal pitching.
Eereporter.com
Managing Director of NNPC Foundation, Emmanuella Arukwe, who was represented by the Head, Programme Management, Rose Okonkwo, noted that over one million corps members have been trained nationwide through the programme.
Acting Director of SAED, Usman Yahaya, commended the NNPC Foundation for its consistent support, urging the corps members to acquire multiple skills during their service year in order to position themselves as job creators and not job seekers.
NNPC, NYSC
It would be recalled that last year, 531 youths received Starter Packs and financial support to help them launch their businesses, with most beneficiaries recording measurable progress across their various enterprises.
The NNPC Foundation Ltd./Gte has, through the financial literacy programme, sustained its commitment to preparing young Nigerians towards sustainable careers and self-reliance, contributing to national economic growth and development.
Economy
NNPC: Commissioning, Handover Of Rehabilitated Hospital Wards At National Orthopaedic Hospital, Igbobi
NNPC: Commissioning, Handover Of Rehabilitated Hospital Wards At National Orthopaedic Hospital, Igbobi
This intervention forms part of the NNPC Foundation Ltd./Gte’s ongoing commitment to improving healthcare infrastructure across Nigeria, ensuring that more patients receive care in decent, functional facilities.
Tomorrow, Wednesday, 29th April 2026, the NNPC Foundation Ltd./Gte., the Corporate Social Responsibility arm of NNPC Limited, will commission and hand over three fully rehabilitated hospital wards with a 100-bed capacity at the National Orthopaedic Hospital, Igbobi, Lagos State.
Eereporter.com
The event is scheduled to begin at 11:00 am prompt.
NNPC
This intervention forms part of the NNPC Foundation Ltd./Gte’s ongoing commitment to improving healthcare infrastructure across Nigeria, ensuring that more patients receive care in decent, functional facilities.
Watch the commissioning LIVE on the NNPC Limited YouTube Channel: https://www.youtube.com/@nnpclimited/streams
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