Business

Oil Exploration to Commence in North East, Lagos Soon – Buhari

Published

10 years ago

March 21, 2016

By Shola AKINGBOYE

President Muhammadu Buhari has disclosed that his administration has plans to extend oil and gas exploration into new fields in the Lake Chad Basin in the North East and in the coastal states, like Lagos, where oil has been discovered in commercial quantity.
Represented by Vice President Yemi Osinbajo, at the flag-off of the 6th African Petroleum Congress and Exhibition (CAPE VI) in Abuja, Buhari disclosed that, as part of strategies to reposition the Nigerian oil and gas industry, his government had commenced the process of implementing carefully conceived initiatives which would see the country hitting a production target of 2.8 million barrels per day (bpd) of crude oil.
The measures, he explained, would come in the form of reduction in production costs and increased efficiency in oil exploration so as to achieve a 30 per cent increase in daily production.
While noting that the event comes just before the 33rd Ordinary Session of the Council of Ministers of African Petroleum Producers Association (APPA), which also held concurrently, the president noted that CAPE VI provides a unique opportunity for Africa to look beyond the exploitation of oil and chart a new course in the use of other natural resources to upscale national revenues.
He speaks: “Current volatility in the oil sector allows lessons to be learnt, synergies to be built and new approaches to be adopted to enable Africa expand its economy, infrastructure, manpower base, maintain domestic and regional peace and protect the environment.”
He added that the use of gas in Africa’s future energy mix has become imperative, and that if Africa must meet her future energy needs, the issue of the development of a robust gas infrastructure must be jointly addressed.
While inviting all APPA member countries to enter into natural gas business with Nigeria, which currently has the 7th largest gas deposit in the world, the president asserted that it was unacceptable statistic for Nigeria to be responsible for 23 billion cubic meters of the 40 billion cubic meters of gas flared annually in Africa, even as he declared his resolve to partner with the legislature to ensure the signing of the United Nations Agreement of ‘Zero Routine Flaring by 2030.’
He said, “In Nigeria, gas flaring amounts to about 23 billion cubic meters per annum in over 100 flare sites, constituting over 13 per cent of global gas flaring. Nigeria is a member of the World Bank Global Gas Flaring Reduction (GCFR) Partnership and with the support of our legislature; we will sign the United Nations Agreement of Zero Routine Flaring by 2030, although our national target is 2020.”
Buhari, however, stressed that in processing Africa’s hydrocarbon resource, environmental issues must be accorded huge priority.
He explained that “globally, over 150 billion cubic meters of associated gas is flared annually. Of this figure, Africa flares an estimated 40 billion cubic meters annually. I urge all APPA member countries to set realistic targets for gas flare-out in the region.”
Noting that the development of domestic refining capacity in oil and gas is critical to sustainable economic growth, Buhari challenged African ministers of energy to further explore cooperation mechanisms to expand regional refining capacities in an efficient and cost effective manner.
APPA was inaugurated as a regional economic association in January, 1987, and it has grown to 18 member countries, namely, Ghana, Cameroon, Algeria, Mauritania, Gabon, Cote D’Ivoire, Equatorial Guinea, Congo DR, Congo Brazzaville, Chad, Benin, Niger, Libya, Egypt, Sudan, Angola, South Africa and Nigeria, which currently chairs the association.
On PIB and unbundling of NNPC, the president stated that African oil producers are confronted with huge challenges that require urgent changes in the managerial strategies deployed within its economies, while reiterated his administration plans to strengthen the institutional framework on policy formulation through legislation on the Petroleum Industry Bill (PIB) as a prerequisite for the development of the sector and attraction of foreign investment.
He listed the strategies to include unbundling the Nigeria National Petroleum Corporation (NNPC) into lean, efficient and profitable components that will operate as a business venture and deploy existing manpower to areas of competences without attendant job losses, develop stronger policies on local content so as to reduce capital flight in the industry and the reduction of gas flaring through Joint Venture (JV) contracts that will expand infrastructure and deploy Liquefied Natural Gas.
On the significant of the CAPE VI event and the NNPC as host, the Nigerian minister of state for petroleum and OPEC President, Dr. Ibe Kachikwu, called on African governments to develop policies that will enable backward integration.
“Unity is fine, coming together is fine, what we need is opening up the space so that investment will happen. My expectation is that we further consolidate on what is happening with oil pricing at the moment, everybody has realized there is common need for consolidation in finding lasting solution to the current imbroglio in the sector
“It is a new dawn for Africa and we are excited about the development. We will continue to work collaboratively because there is a lot happening in the space but also a lot of challenges that we have to overcome.
“The major challenge is funding. Obviously skillsets are there already and technology is not an issue but funding remains key. Policies are also key because African governments have to develop policies that will enable backward integration into their own systems.” Kachukwu said.
Not few speakers at the event emphasized on the need for petroleum producers among the African countries to consider oil and gas sector as tertiary, but to think outside the box for their economic survival, saying future of the current trend in the global oil market is bleak.
This year’s event has the theme, “Positioning African Petroleum for Global Development and Value Addition.”

Business

Umahi Inspects Lekki Corridor’s 7th Axial Road Project, Expresses Confidence in CHEC

Published

2 weeks ago

January 11, 2026

Our Reporter

Minister of Works Senator Dave Umahi over the weekend inspected the progress of the 7th Axial Road project in the Lekki Corridor of Lagos.

The project, located behind the Dangote Refinery, is a crucial cargo handling route for the Lekki Deepwater Port and connects the Lekki Corridor with the Sagamu route.

The Minister expressed confidence in China Harbour Engineering Company Limited (CHEC), the project’s contractor, citing its successful delivery of the Lekki Deepwater Port and high-quality progress on the Makurdi-Enugu road reconstruction and expansion project. Umahi instructed that the roadbed filling work for Project LOT1 be completed by the end of April and directed the project team to accelerate resource input and tangible works to meet the deadline.

The 7th Axial Highway is expected to synergize with key infrastructure projects like the Coastal Road, Dangote Road, and Lekki Port, creating a comprehensive transportation hub model and boosting Nigeria’s port economy and industrial corridor. Umahi emphasized the need for environmental protection agencies to ensure efficient construction and steady progress while maintaining ecological safety.

A representative of CHEC who spoke during the inspection stated that the company would maintain a high level of resource input, implement the Minister’s directives, and coordinate safety, quality, and environmental protection to ensure the project’s timely and high-quality completion in other to unluck its port relief and regional economic benefits.

Business

Nestoil: Lagos CP dragged to court for contempt, risks imprisonment

Published

2 months ago

December 3, 2025

milcah

This is certainly not a good time for the Lagos State Police Commissioner, Mr. Moshood Jimoh as he has been dragged to court for commiting contempt by defying a clear court order that he and his men must not go near the business premises of Nestoil Group which belongs to Drawcok Estates LTD.

The fresh suit by Drawcok Estates LTD followed Monday’s deployment of over fifty armed police officers by Mr. Moshood Jimoh to seal off the business premises of Nestoil Group which belongs to Drawcok Estates LTD despite an order by Justice Ofili Ajumogobia.

Also, despite a directive by the federal government that police escorts be withdrawn from VIPs, Mr. Moshood Jimoh illegally allocated several police officers to be guarding Mr. Sulu Gambari, the self-acclaimed Receiver Manager which was appointed by a former judge that was handling the case, Justice Isaac Dipeolu.

Recall that Justice Daniel Osiagor of the Federal High Court in Ikoyi vacated all the orders made by Justice Isaac Deinde Dipeolu who wrongly appointed the Receiver Manager.

Meanwhile, dissatisfied with the action of the Lagos Police Commissioner, Drawcok Estates LTD yesterday filed a case of contempt against the Lagos State Commissioner of Police, Mr. Olohundare Jimoh Moshood (Contemnor) before a Federal High Court in Abuja.

In Suit No: FHC/ABJ/CS/2385/2025, the applicant wants Police Commissioner Moshood Jimoh to be found guilty of contempt of court and also be committed to prison unless he obeys the directives contained in Justice Ofili Ajumogobia’s Order of November 24, 2025.

Recall that Justice Ofili Ajumogobia had on November 24, 2025 ordered that the building in question belongs to Drawcok Estates LTD, adding that no police officer must be seen carrying out orders of the Lagos State Police Commissioner around the premises.

The Orders made by Justice Ofili Ajumogobia on November 24, 2025 in suit number FHC/ABJ/CS/2385/2025 were that:

The applicant has a right to own and possess her properties as mentioned in the addresses above as guaranteed by the 34 Constitution of the Federal Republic of Nigeria, 1999 as amended and the African Charter on Human and People’s Rights..

That the sealing-off and occupation of the applicant’s properties on the addresses mentioned above by the Respondents constitute an infringement on the right of the applicant to own property, as guaranteed by Sections 43 and 44 of the he Constitution of the Federal Republic of Nigeria, 1999 as amended.

That the Respondents, whether by themselves , their agents, agencies and servants, acting for it through them or any other person(s) howsoever described or claiming through them, to vacate the applicant’s properties on the addresses mentioned above, and deliver possession over to the applicant forthwith.

That the Respondents, whether by themselves, their agents, agencies, and servants, acting for or through them or any other person(s) howsoever described or claiming through them, to provide security for the applicant to take back possession of her properties on the addresses mentioned above.

That the Respondents is restrain, whether by themselves, their agents, agencies and servants, acting for or through them or any other person(s) howsoever described or claiming through them, from harassing the applicant and refusing her access to her properties on the addresses mentioned above.

Nigerian Concord Newspapers reporters that visited the business premises yesterday reported that pollice officers have been denying workers of several companies access to their offices located within the Nestoil building in Lagos on the order of Moshood Jimoh, despite a subsisting court order directing that they be allowed into the premises.

The affected workers had resumed duties following a court order delivered by Hon. Justice Ofili Ajumogobia of the Federal High Court, Abuja on November 24, which directed that they be granted access to their offices.

Business

Dangote Refinery Boosts Fuel Exports as Gulf Refineries Shut Down

Published

5 months ago

September 2, 2025

Our Reporter

By: Fabian Apechihin

The Dangote Petroleum Refinery has ramped up fuel exports to international markets amid widespread refinery shutdowns in the Middle East, industry sources confirmed.

A senior official at the $20bn Lagos-based plant told The PUNCH that the facility exported significant volumes of petrol (PMS), diesel (AGO), and aviation fuel (Jet A1) to foreign buyers in August, following earlier shipments in June and July.

The surge comes as Saudi Aramco and other regional producers face heavy maintenance schedules, tightening fuel supply. Aramco has already shut down two plants and plans further closures, including its 460,000 b/d Satorp refinery in Jubail for a 60-day turnaround in November–December. Kuwait and India are also scaling back capacity for maintenance and seasonal demand.

According to Argus Media, these shutdowns are pushing Gulf nations to import record volumes of gasoline, with Saudi Arabia and the UAE sharply increasing purchases from Europe and other markets in recent months.

While some reports pointed to operational constraints at Dangote’s 650,000 b/d facility, the company dismissed such claims, insisting production is on track to reach 700,000 b/d by December. Earlier this year, Aliko Dangote announced the refinery had sold two cargoes of jet fuel to Saudi Aramco and recently achieved exports of about 1 million tonnes of petrol between June and July.

“With Gulf refiners offline, Nigeria has now emerged as a net exporter of refined products,” Dangote said.

Analysts suggest the extended refinery outages in the Middle East will further strengthen demand for Dangote’s output, positioning the Nigerian plant as a key supplier in regional fuel markets.

Would you like me to tighten this further into a 5–6 paragraph wire-style news brief, or keep it as a detailed feature-style report with more context on Gulf refinery shutdowns?