News
FG Disclosed How Investors Shun 13 Oil Blocks, NUPRC Plans Fresh Bids
FG Disclosed How Investors Shun 13 Oil Blocks, NUPRC Plans Fresh Bids
The Federal Government has disclosed that investors shunned 13 oil and gas blocks located mainly in Nigeria’s frontier basins during the 2025 Licensing Round, forcing the Nigerian Upstream Petroleum Regulatory Commission to return the assets to the licensing basket for further geological studies before reoffering them.
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The Commission Chief Executive of the Nigerian Upstream Petroleum Regulatory Commission, Oritsemeyiwa Eyesan, said the government was not surprised by the outcome because the frontier assets had not been sufficiently de-risked to attract commercial investment.
An analysis of the event brochure showed that the assets include PPL 2A31, PPL 2A34, PPL 2A35, PPL 2A36, PPL 2A37, PPL 2A52, PPL 307, PPL 309, PPL 701, PPL 702, PPL 703, PPL 802 and PPL 803.
She, however, expressed optimism that additional geological work would improve the attractiveness of the assets before they are reintroduced in future bid rounds.
Speaking with journalists after the 2025 Commercial Bid Conference in Abuja on Tuesday, Eyesan explained that while 50 oil and gas blocks were offered during the licensing round, investors submitted bids for only 37 assets.
She said the successful assets are expected to unlock about 500 million barrels of crude oil reserves, approximately two trillion cubic feet of natural gas, and increase Nigeria’s crude production by 300,000 barrels per day, with about 100,000 barrels per day projected within the next three years.
Responding to questions on why 13 blocks failed to attract bidders, Eyesan said the affected assets were largely located in frontier basins where exploration risks remain relatively high.
She said, “When we went into the market and launched the bid, we were very transparent and open and explained that some of these assets are in frontier basins. Now what does that mean? Frontier means that they have not yet been de-risked. And so we were not surprised when we saw that some of these assets returned with no bidders.”
The NUPRC boss said the commission would now intensify exploration activities and acquire additional geological data to improve investor confidence before returning the assets to the market.
According to her, “What it therefore means is that we will go back and do some more work to de-risk these assets and bring them back to the market. I am sure from the studies that we have been doing and the work that we need to do, these assets will come up and definitely pick up.”
Eyesan stressed that the commission would continue to recycle underperforming assets in line with the provisions of the Petroleum Industry Act.
She explained that regular licensing rounds had become necessary because the regulator continuously recovers dormant oil blocks from operators who fail to develop them.
“The reforms in the PIA are very clear, and that is why we are in the market on a regular basis. The reason why we are in the market is because of the blocks that we have recovered from existing operators. It is a constant and continuous work that we do. We go through performance, and assets that meet the threshold are brought into the basket.”
She added, “Because it is operational and effective on an annual basis, we are sure that a lot of operators are going to sit up and work the assets. Where they fail to, as I said, we will call them back into the basket.”
According to Eyesan, the 37 successful assets have the capacity to significantly boost Nigeria’s reserves and production targets.
She said, “Like we earlier mentioned, we are expecting almost 500 million barrels from these 37 oil assets. We have very limited gas assets in this bidding round. We have basically one or two prominent gas assets, and we are looking at about two trillion cubic feet of gas coming from this bid round.”
She added that the projects would contribute substantially to Nigeria’s production growth.
“We now have these resources available to be developed. We also said in the presentation that we are expecting about 300,000 barrels of oil production per day from these assets. We are looking at 37 assets that can come into production in the next three years. At least in the next three years, we should be able to unlock about 100,000 barrels per day.”
The commission chief said the response from investors demonstrated renewed confidence in Nigeria’s upstream petroleum industry despite the absence of bids for some frontier assets.
According to her, “When we started the journey, we got interest from almost 300 companies. I repeat, almost 300 companies. That, in my view, was an indication that the tide has turned for Nigeria.”
She explained that 196 companies passed the prequalification stage, while 143 companies eventually submitted about 200 commercial bids.
“From the almost 300 interests that we got, we moved to the prequalification stage, and that number was pruned down to 196. We have a total of 143 companies showing interest for about 200 bids. That, for us, was remarkable.”
Eyesan dismissed suggestions that the government’s frontier basin programme was creating unrealistic expectations, insisting that the commission would only offer commercially viable assets.
She said, “Oil development is about your ability to manage your risk. As I said, we will continue to de-risk these assets and ensure that when we come to the market, these assets are viable and we have bidders pick them up.”
The NUPRC boss warned successful bidders that winning a licence should not be seen as an achievement in itself but as the beginning of a commitment to develop the assets.
She said, “To the bidders that will emerge successful today, the award should not be a trophy. It shouldn’t be just a medal of honour. We expect that you are going to work these assets.”
Invoking the “drill or drop” provisions of the Petroleum Industry Act, she warned that operators who fail to develop awarded assets within three years risk losing them.
“As enshrined in the PIA, we want you to remember the drill-or-drop provisions. If you do not do anything in three years, I’m sorry, we will come for those assets. Once you cross the line, you should immediately start work as you warranted in your technical bids.”
She added, “The commission will leave no stone unturned to ensure that you work those assets. However, if you fail to do so within three years, we will call back those assets.”
Eyesan also cautioned that emerging as the highest-ranked bidder did not automatically translate into the grant of a Petroleum Prospecting Licence. She explained that successful bidders must still satisfy several post-award obligations within 90 days.
According to her, “Today’s announcement does not by itself constitute the final grant of Petroleum Prospecting Licences. Each winning bidder must satisfy the post-bid conditions prescribed in the guidelines, including the provision of applicable guarantees, payment of signature bonus, first-year rent and execution of relevant contractual documents.”
She warned, “A winning bidder that fails to fulfil the prescribed conditions within 90 days of receiving the offer will have it invalidated. The commission may thereafter invite the reserve bidders in their order of ranking.”
The commission chief also announced that President Bola Tinubu had approved another licensing exercise for next year. She said, “His Excellency President Bola Tinubu has given the commission approval to commence the 2026 bidding round. So all hope is not lost. Lessons learnt from this exercise can be utilised in the next exercise.”
The 2025 Licensing Round was announced by the Federal Government on November 11, 2025, in accordance with the Petroleum Industry Act 2021. Fifty oil and gas blocks were offered across seven sedimentary basins, including the Niger Delta Onshore, Shallow Water, Deep Offshore, Benin Basin, Anambra Basin, Chad Basin and Benue Trough.
The bid portal opened on December 1, 2025, while a pre-bid conference was held on January 14, 2026. Registration closed on February 27, and prequalification was completed on March 16.
NUPRC
Unlike previous licensing rounds, where financial offers largely determined winners, the 2025 exercise adopted a weighted technical and commercial evaluation system under the Petroleum Industry Act. The framework assesses bidders based on financial capacity, technical competence, proposed work programmes and performance guarantees to ensure that awarded assets are developed promptly.
Nigeria currently holds 37.01 billion barrels of crude oil reserves and 215.19 trillion cubic feet of natural gas reserves. The Federal Government expects the newly awarded assets to contribute towards its target of raising crude oil production to three million barrels per day by 2030 while increasing reserves, government revenue, foreign exchange earnings and investments across the upstream petroleum sector.
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Senate Backs Bill To Compel Facebook, TikTok, Others establishes Offices In Nigeria
The Senate on Thursday advanced legislative efforts to compel global social media companies operating in Nigeria to establish physical offices in the country, as stakeholders overwhelmingly backed the proposal during a public hearing in Abuja.
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The public hearing, organised by the Senate Committee on Information and Communications Technology and Cyber Security, also received broad support for a separate bill seeking to establish an Artificial Intelligence Academy in Omuo-Ekiti, Ekiti State.
The proposed legislation on social media platforms, sponsored by Senator Ned Nwoko (Delta North), seeks to amend the Nigeria Data Protection Act, 2023, to mandate social media companies operating in Nigeria to maintain physical offices within the country’s territorial boundaries.
The AI Academy bill is sponsored by the Chairman of the Senate Committee on Media and Publicity, Senator Yemi Adaramodu (Ekiti South).
Declaring the hearing open, Chairman of the Senate Committee on ICT and Cyber Security, Senator Shuaib Salisu (Ogun Central), said the two bills were aimed at strengthening Nigeria’s digital economy and technological advancement.
According to him, while the social media bill seeks to improve the regulation and protection of Nigeria’s cyberspace, the proposed AI Academy is intended to serve as a centre of excellence for artificial intelligence education, research and innovation.
President of the Senate, Godswill Akpabio, represented by the Deputy Senate Leader, Senator Lola Ashiru (Kwara South), described both proposals as forward-looking and nationally significant.
Akpabio said the bill requiring social media companies to establish physical offices in Nigeria was not intended to stifle their operations but to promote greater accountability and engagement with the country.
Also defending the bill, Nwoko dismissed concerns that the legislation could discourage investment or target technology companies.
He said: “This bill is neither punitive nor hostile to innovation. It is not designed to frustrate investment or discourage technology companies from operating in Nigeria.
“On the contrary, it seeks to deepen their engagement with Nigeria by encouraging them to become true corporate citizens of our country.”
“Around the world, major technology companies have established headquarters, regional offices, engineering centres and operational hubs in countries such as the United Kingdom, the Netherlands, Spain, Singapore, India, the United Arab Emirates, South Africa, Brazil, Australia and Japan.”
Nwoko dismissed concerns that the proposed legislation was aimed at targeting or discouraging global technology companies, insisting that it was intended to strengthen their presence and engagement in Nigeria.
He said many countries, including the United Kingdom, India, the United Arab Emirates, South Africa and Brazil, had attracted global technology firms to establish local offices that support engineering, artificial intelligence research, regulatory compliance, customer support and other operations.
“These offices perform diverse functions ranging from engineering and artificial intelligence research to legal and regulatory compliance, public policy, advertising, trust and safety, cloud services, sales, customer support and product development.
“These countries did not attract such investments by accident. They recognised early that the digital economy is now as important as the traditional economy.
“By encouraging global technology companies to establish local operations, they have created employment, expanded tax revenues, strengthened regulatory engagement, promoted innovation and encouraged technology transfer to their citizens,” he said.
Citing Ireland as an example, Nwoko said the presence of companies such as Meta, Google, LinkedIn, TikTok and X had transformed the country into one of Europe’s leading technology hubs through job creation, innovation and increased foreign investment.
Senate
He argued that Nigeria, as Africa’s largest digital market, should enjoy similar economic and technological benefits.
“The question, therefore, is simple: if countries with significantly smaller populations and digital markets than Nigeria have secured these investments and benefits, why should Nigeria continue to stand on the sidelines? Why should Africa’s largest digital market not enjoy the same opportunities?”
The committee is expected to consider memoranda submitted by stakeholders before presenting its report to the Senate for further legislative action.
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News
Olukoyede To Lawyers Forum: Collaborate With EFCC In Fight Against Money Laundering, Terrorist Financing
Olukoyede To Lawyers Forum: Collaborate With EFCC In Fight Against Money Laundering, Terrorist Financing
The Executive Chairman of the Economic and Financial Crimes Commission, EFCC, Ola Olukoyede, has charged female lawyers in the country to join hands with the Commission in the fight against money laundering and terrorist financing.
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He gave the charge on Wednesday, July 22, 2026, in a one-day training of members of Women Forum of the NBA, NBAWF, Abuja branch, with the theme: “Mastering SCUML Registration and AML/CFT Compliance Training for Legal Practitioners.”
Olukoyede, who was represented by the Deputy Commander of the EFCC, DCE, Samu Pascal, encouraged the female lawyers to consistently ensure the protection of the legal profession and national interest while fulfilling their duties as lawyers. In prioritizing the safety of the country, he urged them to guard against making themselves and their services available for money laundering and terrorist financing but rather utilize their platform to enhance the application of the framework for Anti-Money Laundering, Countering the Financing of Terrorism, and Countering Proliferation Financing, AML/CFT/CPF in the country.
“Today’s engagement reflects the strong partnership between SCUML and the legal profession in strengthening Nigeria’s Anti-Money Laundering, Countering the Financing of Terrorism, and Countering Proliferation Financing, AML/CFT/CPF, framework. As legal practitioners, your role extends beyond providing legal services. You also serve as gatekeepers of the financial system, helping to prevent the misuse of the legal services for money laundering, terrorist financing and proliferation,” he said.
Olukoyede, who also disclosed that the training was aimed at improving lawyers’ comprehension of their responsibilities under the Money Laundering Prevention and Prohibition Act 2002, along with AML/CFT/CPF regulations, stated that training presented a valuable opportunity to tackle practical compliance issues, insights on emerging trends and typologies, and enhancing cooperation between the EFCC’s SCUML and the legal community.
“Your contributions will help us develop practical solutions that support compliance while maintaining the highest standards of professional ethics,” he said.
In her remarks, Hadiza Afegbua, leader of NBAWF, Abuja Chapter, expressed gratitude to the EFCC for providing the Forum members the opportunity to receive direct training on AML/CFT/CPF frameworks.
She noted that legal practitioners play distinctive roles in upholding the rule of law and in safeguarding the integrity of the nation’s financial system, adding that as professionals, they would ensure that the legal profession is not misused for money laundering and terrorist financing.
“I wish to express our sincere appreciation to the SCUML team for partnering with the NBA Women Forum, FCT Abuja Chapter, and for their willingness to share their expertise with us,” she said.
EFCC Boss
In her paper titled: “Lawyers, Compliance, and National Security: Understanding AML/CFT, Equipping Nigerian Legal Practitioners for Regulatory Excellence,” Assistant Commander of the EFCC, ACE 11 Korede Abdulaziz, urged the female lawyers to consistently recognize their responsibilities as gatekeepers and familiarize themselves with the 2022 AML/CFT legal framework.
She emphasized the importance of their consistent conduct of Customer Due Diligence, CDD and identifying Ultimate Beneficial Owners, UBO. She also highlighted the need for them to navigate the complexities of Legal Professional Privilege alongside reporting obligations and urged them to adopt a risk-based approach in their organizations.
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EFCC Arraigns Alhaji Muhammad Talake For Alleged N3.8m Property Fraud In Maiduguri
The Maiduguri Zonal Directorate of the Economic and Financial Crimes Commission, EFCC, on Thursday, July 23, 2026 arraigned one Alhaji Muhammad Talake before Justice Aisha Kumaliya of the Borno State High Court sitting in Maiduguri.
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The defendant was arraigned on a two- count charge bordering on obtaining by false pretence and criminal misappropriation to the tune of N3,800,000.00 (Three Million, Eight Hundred and Fifty Thousand Naira).
Count one reads: “That you, Alhaji Muhammad Talake, on or about March, 2025 in Maiduguri, Borno State within the jurisdiction of the honourable court, with intent to defraud obtained the aggregate sum of N3,800,000.00 (Three Million, Eight Hundred Thousand Naira) from one Muhammad Umar Ali Abatcha, under the false pretence that same is meant for the purchase of a property; ID:BO: 006, situated and laying at Old GRA, circular road, Maiduguri, Borno State, purportedly being a property put up for sale by the Federal Government of Nigeria, a representation which you knew to be false and thereby committed an offence contrary to Section 1 (1) and punishable under Section 1 (3) of the Advance Fee Fraud and Other Fraud Related Offences Act, 2006.”
The defendant pleaded “not guilty” to the charges when they were read to him.
Counsel to the prosecution, S.O Saka prayed for a trial date and urged the court to remand the defendant in a Correctional facility.
EFCC
Justice Kumaliya thereafter adjourned the matter till August 10, 2026 for hearing of bail application and ordered the remand of the defendant in Maiduguri maximum correctional facility.
The defendant’s journey to the Correctional facility started when he purportedly obtained the sum of N3.8m from a petitioner for the purchase of a property situated at Old Government Reservation Area, GRA, circular road, Maiduguri, Borno State, purportedly being a property put up for sale by the Federal Government of Nigeria, a representation which was false.
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