Economy
Video: In NNPC this week, Sylva tasks NLNG on domestic gas expansion
The Minister of State for Petroleum Resources, Chief Timpre Sylva, has tasked the Nigerian Liquefied Natural Gas Limited (NLNG) to play a pivotal role in the domestic gas expansion project.
Sylva, who made this known during the inauguration of the NLNG Corporate headquarters in Port Harcourt, Rivers State, stated that the Federal Government, Rivers State and host Communities would benefit from the development.
Group Managing Director of NNPC Malam Mele Kyari, represented by the Chief Financial Officer, Umar Ajiya, in a goodwill message, said that the event was a demonstration of commitment to excellence.
He said the Corporation was prepared to partner with other stakeholders to expand the NLNG business from Train 7, 8,9 and 10.
NLNG building in Port Harcourt, Rivers State
Also speaking, the Managing Director of the NLNG, Engr. Tony Attah, described the ceremony as an actualisation of commitment to Rivers State and to Nigerians as a successful business model that is poised to delivering value.
Also in the week, the NNPC and its Production Sharing Contract (PSC) partners – Shell Nigeria Exploration and Production Company (SNEPCo), Total Exploration and Production Nigeria Limited (TEPNG), Esso Exploration and Production Nigeria Limited (EEPNL) and Nigerian Agip Exploration (NAE) signed agreements to renew Oil Mining Lease (OML) 118 for another 20 years.
The five agreements signed include, Dispute Settlement Agreement, Settlement Agreement, Historical Gas Agreement, Escrow Agreement and Renewed PSC Agreement.
NNPC GMD said that over 10billion dollars of investment would be unlocked as a result of the agreements.
Kyari said the agreement also signaled the end of the long-standing disputes over the interpretation of the fiscal terms of the Production Sharing Contracts (PSC) and the emplacement of a clear and fair framework for the development of the huge deep-water assets in Nigeria.
He disclosed that the deal would yield over 780 million dollars in immediate revenues to the Federal Government while it would also free the parties from over 9 billion dollars in contingent liabilities.
“Ultimately, these agreements will engender growth in our country where investment will come in for other assets, not just in the deep-water, but even for new investors.
“It is an opportunity for them to see that this country is ready for business,” Kyari said.
He thanked President Muhammadu Buhari, the Minister of State for Petroleum Resources, Chief Timpre Sylva, and the NNPC Board of Directors for enabling the Corporation to achieve this laudable landmark.
The Chief Operating Officer, Upstream, Mr. Adokiye Tombomieye, also spoke on the agreements, noting that it would benefit the country in many ways.
The Group General Manager of the National Petroleum Investment Management Services (NAPIMS), Mr. Bala Wunti and the Group General Manager, Corporate Planning and Strategy of the Corporation, Mrs. Oritsemeyiwa Eyesan, who were all part of the resolution of the protracted dispute said the negotiations with the Partner contractors would further boost the nation’s production outlook.
Also speaking at the event, the Country Chair of Shell Companies in Nigeria, Mr. Osagie Osunbor, said the OML 118 renewal agreement would remain a watershed in the history of deep-water investments in Nigeria, assuring that the giant stride would further bolster investor confidence in the country.
Speaking in a similar vein, the Managing Director of SNEPCo, Mr. Bayo Ojulari, noted that the agreements marked the end of a 12-year dispute that had marred business relationship and affected trust and investment.
“Today, we have signed agreements that define the future of deep-water for Nigeria.
“This is the first deep-water block that was developed in Nigeria and it is also the first one that we are resolving all the disputes that will lay the foundation for the resolution of other PSCs,” Ojulari said.
On their parts, the Managing Directors of Total, Mike Sangster, Exxonmobil, Richard Laing and NAOC, Roberto Danielle, all applauded Kyari, for the steps taken in resolving the disputes.
Still in the week under review, the GMD, NNPC Malam Mele Kyari, expressed the readiness of the Corporation to partner with other stakeholders to attract more investors into the upstream, midstream and downstream sectors of the petroleum industry.
Kyari stated this at a virtual goodwill message at the Nigerian Oil and Gas Opportunity Fair (NOGOF) 2021 themed ‘Leveraging Opportunities & Synergies for Post Pandemic Recovery of the Nigerian Oil & Gas Industry’.
He said that the NNPC was prepared to create enabling environment for potential investors in order to increase value creation and a guaranteed fair share of Return on Investment (RoI).
The NNPC GMD disclosed that investment opportunities abound in the area of exploration of frontier basins, the development of upstream gas fields, rehabilitation of NNPC existing refineries as well as the construction of greenfield condensate refineries.
He expressed readiness to partner investors willing to strengthen healthcare service availability and telecommunication infrastructure.
Kyari commended the Nigerian Content Development and Monitoring Board (NCDMB) for organising NOGOF, saying that the fair would provide investors the opportunities to invest wisely in the nation’s Oil and Gas Industry.
The week was also a memorable one for the less privileged as the NNPC donated foodstuffs and other items to Hope for Survival and Eliyatama and Dawa orphanages in Maitama, Abuja, in continuation of its Corporate Social Responsibility (CSR).
The Team Lead, Disbursement Committee, Mrs. Alti Alhassan, who was represented by Sufian Lawal, said at the hand-over ceremony at the orphanages that the initiative was to identify with the less privileged in the society.
Alhassan said it was in line with the Corporation’s pay off line of touching lives in many positive ways.
She said the donation was direct contribution of the management and staff of the Corporation towards charity, noting that NNPC was a responsible organisation that strives to touch the lives of Nigerians.
READ ALSO: CBN fines Access, UBA, others with N1.31bn fine for flouting directive on crypto accounts
“Recall the launch of the CS Compendium in June 2019 and the sale of special copies of the Compendium Booklets which enabled the CS Directorate raised funds for charity.
“In line with the purpose of the fundraising, we are here to deliver items to another of the seven approved beneficiary organisations,” she stated.
Responding to the gesture, the officials of the orphanages, Kefas Thaddeus and Aliyu Umar appreciated the NNPC Management for reaching out to the needy, adding that the kind gesture would complement government’s efforts to ensure that the needs of the children are met.
The outreach aimed at donating proceeds from the sales of the Corporate Services Compendium to charity saw the donation of groceries, clothes, books and writing materials, cooking utensils, and first aid drugs worth over N1.6m to the school for the blind and seven orphanages in various parts of Abuja.
Meanwhile, NNPC has announced a N39.85billion trading surplus for the month of February representing a massive 314.24 per cent leap from the ₦9.62billion surplus it recorded in January.
Dr. Kennie Obateru, the Group General Manager, Group Public Affairs Division of the Corporation, said this in a statement on the February edition of the NNPC Monthly Financial and Operations Report (MFOR).
Trading surplus or trading deficit is derived after deduction of the expenditure profile from the revenue for the period under review.
According to the report in February, NNPC Group operating revenue as compared to January, increased by 35.64 per cent or N152.07billion to stand at N578.79billion.
Similarly expenditure for the month increased by 29.21 per cent or N121.83billion to stand at N538.94billion. The expenditure for the month as a proportion of revenue was 0.93 per cent as against 0.98 per cent the previous month.
The significant increase in trading surplus is attributed mainly to reconciled accounts by the Corporation’s downstream subsidiary, the Petroleum Products Marketing Company (PPMC), using the Petroleum Products Pricing Regulatory Agency (PPPRA) pricing template.
Other factors that boosted the trading surplus figure, according to the Corporation, included the performance of Duke Oil, Nigerian Gas Company (NGC) and Nigerian Gas Marketing Company (NGMC) which recorded robust gains as a result of increased debt collection and cost optimisation measures.
Conversely, during the period under review, 54 pipeline points were vandalised representing 50 per cent increase from the 27 points recorded in January.
The Warri Area accounted for 50 per cent and Mosimi Area accounted for 39 per cent of the vandalised points while Kaduna and Port Harcourt Areas accounted for 7 per cent and 4 per cent respectively.
NNPC continued to work in collaboration with the local communities and other stakeholders to eliminate the menace of pipeline vandalism.
In the period under review, the Corporation supplied a total of 1.41billion litres of Premium Motor Spirit (petrol) translating to 50.52m litres/day.
In terms of natural gas off take, commercialisation and utilisation, out of the 206.05Billion Cubic Feet (BCF) produced in February, a total of 133.06BCF was commercialized consisting of 40.15 BCF and 92.91 BCF for the domestic and export market respectively.
This translates to a total supply of 1,433.75Million Standard Cubic Feet per Day (mmscfd) of gas to the domestic market and 3,318.25mmscfd of gas supplied to the export market for the month.
This implies that 64.48 per cent of the average daily gas produced was commercialised while the balance of 35.52 per cent was re-injected, used as upstream fuel gas or flared.
Gas flare rate was 7.67 per cent for the month under review (i.e. 565.52mmscfd) compared with average gas flare rate of 7.12 per cent (i.e. 529.20mmscfd) for the period of February 2020 to February 2021.
The February NNPC Monthly Financial and Operations Report is the 67th in the series.
It is published in keeping with the Corporation’s commitment to transparency and accountability.
At the international scene, Oil was steady during the week as trading moved in a narrow range, supported by optimism about improving U.S. fuel demand and a weak dollar, but with the prospect of a return of Iranian oil to markets putting pressure on prices.
Brent rose 13 cents, or 0.2 per cent, to 68.78 dollars per barrel, and U.S. West Texas Intermediate (WTI) crude was down 5 cents, or 0.1 per cent, at 66.02 dollars per barrel.
The northern hemisphere’s summer driving season and a lifting of coronavirus curbs have pushed up the demand.
Crude oil tank
Crude oil tank and pipe
As a result, U.S. crude oil and fuel inventories fell last week, according to two market sources, citing American Petroleum Institute figures.
Crude stocks fell by 439,000 barrels in the week ended May 21.
Gasoline inventories fell by 2 million barrels and distillate stocks fell by 5.1 million barrels, the data showed, according to the sources
Meanwhile, the Market Intelligence Department of NNPC’s London Office reported that the Oil prices were steady as traders awaited reports on the ongoing talks between the U.S. and Iran.
A strengthening in U.S. benchmark West Texas Intermediate (WTI), meanwhile, has narrowed its differential with Brent, and if the trend continues, could price U.S. oil exports out of some foreign markets.
Oil prices have posted gains in the past three sessions, bolstered by improving demand outlooks as well as fears that the U.S.-Iran talks in Vienna might collapse and the expected resultant surge in Iranian oil production would not occur.
Visit us on www.nannews.ng for more details.
Continue Reading
Tier-one Lender, Fidelity Bank Plc., has announced the resumption of international transactions on its Naira Debit Cards.
This recommencement gives customers the freedom to make seamless payments abroad, online, and at ATMs outside the country.
The Divisional Head of eBanking, Fidelity Bank, Ifeoma Onibuje, shed light on the development.
Onibuje said: “We are delighted to inform the public that Fidelity Naira Cards are now enabled for global use.
“This means that our travelling customers can now utilize their Naira Debit cards outside the country to shop, spend and withdraw internationally without hassles.”
“Consequently, our customers can now spend up to $1,000 quarterly for international POS and online transactions; and withdraw up to $500 quarterly on international ATMs.”
The announcement offers Fidelity Bank customers another way to complete international transactions, in addition to the Bank’s existing foreign currency debit and credit cards.
The bank stated that it further reinforces its commitment to delivering solutions that fit seamlessly into customers’ lifestyles.
With Fidelity Bank’s VISA and Mastercard Naira Debit Cards, Nigerians can now enjoy effortless global access.
Beyond payments, Fidelity VISA cardholders, one of the variants of the bank’s card offerings, also enjoy premium travel and lifestyle benefits.
The benefits range from airport lounge and spa access via the Visa Airport Companion App, to fast-track immigration lanes and 20% discounts on SIXT car rentals worldwide.
This move, the bank said, also reflects its commitment to provide secure, convenient, and reliable banking services that empower customers in Nigeria and beyond.
The bank noted that it has deliberately made the process of getting a Fidelity Naira card seamless.
It stressed that customers can easily apply for their Fidelity VISA or Mastercard Naira Debit card via the Fidelity Mobile App or simply visit the nearest Fidelity bank branch to request for one and they can start transacting globally with ease.
Ranked among the best banks in Nigeria, Fidelity Bank Plc is a full-fledged Commercial Deposit Money Bank serving over 9.1 million customers through digital banking channels, its 255 business offices in Nigeria and United Kingdom subsidiary, FidBank UK Limited.
The Bank is the recipient of multiple local and international Awards, including the 2024 Excellence in Digital Transformation & MSME Banking Award by BusinessDay Banks and Financial Institutions (BAFI) Awards; the 2024 Most Innovative Mobile Banking Application award for its Fidelity Mobile App by Global Business Outlook, and the 2024 Most Innovative Investment Banking Service Provider award by Global Brands Magazine.
Additionally, the Bank was recognized as the Best Bank for SMEs in Nigeria by the Euromoney Awards for Excellence and as the Export Financing Bank of the Year by the BusinessDay Banks and Financial Institutions (BAFI) Awards.
A Nigerian TikTok sensation known as “Geh Geh” has stunned the internet after pulling in over $30,000 from a single live session that attracted more than 177,000 viewers.
The young entertainer, who calls his platform the “University of Wisdom and Understanding,” has quickly built a cult following with his raw and unfiltered lectures about women, money, and survival in Nigeria.
During the live broadcast on Thursday, August 21, viewers showered him with virtual gifts that he later calculated to be worth over $30,000.
The milestone instantly pushed him into the spotlight as one of Nigeria’s fastest-rising online personalities.
Reacting in disbelief after the stream, Geh Geh said:
“More than 177,000 people watch my lectures today. Jesus! University of wisdom and understanding, the only university where once you graduate, woman go fear to ask you for money.”
Despite not having a formal education, Geh Geh proudly calls himself “the first illiterate to find a university in the history of Nigeria.” In a video after the viral live, he reminded fans of his humble background:
“I no be graduate too, but by the grace of God, I don find school. I be orphan, but now Nigerians don show me love.”
The TikTok star admitted he was overwhelmed by the generosity of his supporters.
“See gift I made over… more gift when they give me today is worth about $30,000. I no go take this love for granted, because I no really do anything for am.”
His rise has been hailed as proof of how social media is transforming lives in Nigeria. With no degree, no rich background, and no industry connection, Geh Geh has managed to build a fanbase that now calls themselves “students” of his unusual university.
Still, his controversial views on women and relationships continue to spark heated debates. While some dismiss his advice as reckless, others insist his boldness speaks directly to Nigeria’s frustrated youth.
Reflecting on his sudden fame, Geh Geh compared himself to great thinkers:
“If Nigeria be country wey value great people, by now them suppose dey compare people like me with Aristotle, Wole Soyinka, Einstein… but I thank God say people dey see my head and my own difference.”
From an orphan with no prospects to a viral star earning in dollars, Geh Geh’s story has become one of digital empowerment.
His journey shows how platforms like TikTok are creating new forms of fame, money, and influence for Nigerians especially those once written off by society.
The United Kingdom has once again cemented its position as Nigeria’s leading source of foreign capital, accounting for more than N5.5 trillion in inflows during the first quarter of 2025, according to the latest data from the National Bureau of Statistics (NBS).
Figures from the Capital Importation Report show that capital from the UK rose to $3.68bn (N5.52tn) in Q1 2025, representing 65.26% of Nigeria’s total $5.64bn inflows for the quarter.
This marked a 29.2% rise from the $2.85bn recorded in Q4 2024 and more than double the $1.81bn inflows seen in Q1 2024.
This underscores Britain’s dominance in Nigeria’s external financing profile and highlights the strong bilateral financial ties between both nations.
Breakdown of Q1 2025 Capital Inflows by Country
United Kingdom: $3.68bn (65.26%)
South Africa: $501.29m (8.88%)
Mauritius: $394.51m (6.99%)
United States: $368.92m (6.54%)
United Arab Emirates: $301.72m (5.35%)
Together, these top five countries accounted for over 92% of Nigeria’s capital inflows, reflecting both the concentration of Nigeria’s foreign investments and the risks of over-dependence on limited markets.
Other contributors included:
Cayman Islands: $114.76m (up sharply from $0.64m in Q4 2024)
Belgium: $70.54m
France: $47.33m
Netherlands: $42.68m (down significantly from $425.61m in Q4 2024)
Singapore: $36.79m
Overall, capital importation into Nigeria stood at $5.64bn in Q1 2025, up 10.9% from Q4 2024’s $5.09bn, and a remarkable 67.1% higher than the $3.38bn recorded in Q1 2024.
The NBS noted:
“Capital Importation during the reference period originated largely from the United Kingdom with $3,681.96m, showing 65.26 per cent of the total capital imported.”
A separate survey by Strategy Management Partners (UK) reveals that British companies are increasingly targeting Africa as a strategic growth frontier.
50% of UK firms with annual turnover above £20m are already operational in Africa and planning expansions.
Another 28% of executives said they are interested but remain cautious about entry strategies.
Africa’s appeal lies in its resource wealth and demographic potential:
30% of the world’s mineral reserves
8% of natural gas reserves
12% of oil reserves
65% of the world’s arable land
Projected to host 25% of the global workforce by 2035
Seven key sectors remain magnets for foreign capital inflows into Nigeria and Africa at large:
1. Technology
2. Oil & Gas
3. Power and Renewable Energy
4. Agriculture
5. Manufacturing
6. Infrastructure
7. Strategic Minerals
Analysts warn that while Nigeria’s reliance on UK-driven inflows reflects strong global confidence, the concentration of sources exposes the economy to external shocks if investor sentiment shifts in these countries.
Diversification of investment partnerships particularly within Asi
a, the Americas, and intra-African trade will be crucial to ensuring long-term resilience in capital inflows.
The United States government has said that Nigeria’s new N70,000 minimum wage has lost real value due to the sharp fall of the naira, leaving millions of workers trapped in poverty.
According to the 2024 Country Reports on Human Rights Practices, released by the U.S. Department of State’s Bureau of Democracy, Human Rights, and Labour, the wage translates to just $47.90 per month.
The report noted that currency devaluation and weak enforcement have undermined the wage increase.
The report also revealed that many states are yet to implement the new wage law. Several governors cited financial challenges as the main excuse.
Even where the law exists, compliance remains poor because of limited labor inspectors and weak oversight from authorities.
Wage Devaluation and Exclusion
The report highlighted that firms with fewer than 25 workers are excluded from the minimum wage law, leaving millions of employees without protection.
This also explained that about 70 to 80 percent of Nigeria’s workforce operates in the informal sector, where wage and labor rights are almost never enforced.
This means a majority of Nigerians continue to earn far below the national benchmark, despite the government’s approval of N70,000 as the new minimum wage.
The U.S. report stressed that the naira’s sharp decline, trading above N1,500 to the dollar, had worsened the wage erosion. This has left workers unable to afford basic needs, pushing many deeper into poverty.
Human Rights and Labor Challenges
The document pointed out that weak enforcement of labor laws contributes to worsening poverty levels in the country.
Workers in the informal sector, such as street vendors, artisans, and small traders, rarely benefit from labor protections.
The report also noted that Nigeria’s minimum wage is rarely sufficient to cover basic food, housing, and transport needs.
This has further exposed structural gaps in the government’s approach to economic reforms and poverty reduction.
Governors Push Investment Platform
Meanwhile, the Nigeria Governors’ Forum (NGF) has launched a new investment initiative called NGF Investopedia.
The platform seeks to attract capital flows into bankable projects across all 36 states, with the goal of tackling Nigeria’s annual $100 billion infrastructure financing deficit.
The launch event in Abuja gathered governors, international partners, and investors. The forum described the platform as a long-term strategy to unlock growth opportunities across states and strengthen Nigeria’s subnational economies.
NGF Chairman and Kwara State Governor, Abdulrahman AbdulRazaq, said Nigeria must urgently leverage its human and natural resources to address poverty and joblessness.
“Here is Africa’s largest economy, endowed with abundant human and natural resources,” he said, stressing that state governments must play a bigger role in attracting investments and supporting local industries.
A Widening Gap
The contrast between the U.S. report on wage decline and the governors’ push for investment highlights Nigeria’s economic paradox.
While authorities promote foreign capital inflow, millions of workers continue to survive on wages that have lost most of their value.
With inflation rising, food prices soaring, and the naira weakening, the gap between earnings and cost of living keeps widening.
Unless enforcement improves and the informal sector is integrated into wage protections, the N70,000 benchmark may remain symbolic rather than effective.
Fidelity Bank may have hit another milestone the Fidelity Naira Card is now accepted globally.
This was disclosed in a message sent to Diaspora Digital Media (DDM) via email on Monday.
According to the statement entitled “Your Fidelity Naira Card Now Works Globally; Shop, Pay and Withdraw with Ease!“, customers can buy favourite global brands online using their Fidelity Naira Card.
The band also stated that they can equally pay at POS terminals abroad and make cash withdrawals at ATMs as they travel.
The message reads:
“We’re excited to let you know that your Fidelity Naira Card is now enabled for global use — so you can shop, spend and withdraw internationally with confidence.
“Here’s what you now enjoy every quarter:
|
Channel |
Transaction Limit |
| ATM Withdrawal abroad | $500 |
| Online/Web & POS Payments | $ 1,000 |
“What does this mean for you?
- Shop your favourite global brands online
- Pay at POS terminals abroad with ease
- Withdraw cash at ATMs when you travel.”
The statement, however, noted that the $1,000 quarterly limit applies to all international transactions combined, including ATM withdrawals, online purchases, and POS payments.
The bank urged customers who may need assistance with setting card limits or activating their cards for global use, to contact the bank’s customers care “Centre Trueserve”, which is available round the clock, whether in Nigeria, or outside the country.
“Your world, your card — spend smart, spend globally with Fidelity,” the message concludes.
-
Featured4 days agoYour Attacks on Peter Obi Are Petty, Stop It! Chekwas Rebukes Soludo
-
News4 days agoTension in Anambra community as senior police officer shoots kinsman dead
Colleagues, others try cover-up; victim's family fights back
-
News7 days agoAnambra South Bye-Election: APC Chief Rescues Deputy Gov Caught In Vote Buying From Angry Youths
By Chuks Collins, Awka
-
News5 days agoNigerian visa applicants must provide 5-yr social media history — US embassy
-
Celebrity/Entertainment23 hours agoHow Nigerian TikToker Geh Geh Made ₦45 Million in One Night
-
Analysis6 days agoSystemic Sabotage: How APC, INEC Colluded To Undermine Amamgbo’s Senatorial Bid
By Arthur Ezechukwu
-
News3 days agoTerrorist Organisation: APC, PDP Members in US, UK, France Risk Deportation
-
Celebrity/Entertainment5 days agoWhy single mothers can’t raise boys into proper men — Jim Iyke
-
News7 days agoBREAKING: Troops arrest Nigeria’s most wanted terror kingpin
-
News2 days agoVandal electrocuted while vandalizing Aba power infrastructure