Business

NNPC, IOCs Sign Agreements To Generate $500bn Revenue

Published

3 years ago

August 13, 2022

The Nigerian National Petroleum Company Limited and international oil companies operating in Nigeria, on Friday, signed various agreements that would ensure the production of about 10 billion barrels of crude oil and generate over $500bn revenue to all parties involved.

NNPC officials and their counterparts from the IOCs including Shell, Chevron, Texaco, Sinopec, Sapetro, Esso Exploration and Production Nigeria Limited, among others, renewed their agreements in five Oil Mining Leases, OMLs, that included OMLs 128, 130,132, 133, and 138.

The agreements renewed by the parties were Production Sharing Contracts as well as Dispute Resolution Agreements, among others, at a signing ceremony held at the Abuja headquarters of NNPC.

Speaking at the event, the Group General Manager, National Petroleum Investment Management Services, Bala Wunti, said, “Cumulatively we hope to produce and monetise over 10 billion barrels of oil with these signatures that we had today.

“And this by no means will give significant revenue for all the parties. We expect over $500bn of revenue for all the stakeholders.”

Earlier, the Group Chief Executive Officer, NNPC, Mele Kyari, had explained that the Petroleum Industry Act 2021 gave NNPC the legal backing to renegotiate all its existing PSCs in conformance to the provisions of the new Act within a one-year period.

The PIA became law on August 16, 2021 after it was signed into law the same day by President Muhammadu Buhari.

The PIA in Section 311(2) stipulates that new PSC agreements under new heads of terms will be signed between NNPC Ltd as concessionaire and its contracting parties within one year of signing the PIA into law, giving a deadline of August 15, 2022.

Kyari noted that this provision paved the way for the resolution of lingering disputes which created investment uncertainty and stifled new investments in the nation’s deep offshore assets.

To achieve this, he said NNPC leveraged the near end-term of the PSCs and the parties’ interest to renew the PSCs as a negotiation currency in bringing the contractors to work towards trading the past for the future.

“These renewed PSCs would provide several benefits such as improved long-term relationships with contractors, elimination of contractual ambiguities especially in relation to gas terms, enablement of early contract renewal, among others,” he stated.

Kyari added, “The signing of the new PSCs is a key milestone achievement by NNPC Ltd which would ultimately unlock opportunities within the Nigeria upstream sector.

“The execution of the PSCs will deepen investment and development of Nigeria’s rich petroleum resources and ensure that the trifold mandate of the NNPC Ltd to ensure energy availability, sustainability, and accessibility is achieved.

“Ultimately, the new PSCs will provide an inflow of Foreign Direct Investment, expanded access to affordable energy, job creation and socio-economic development.”

PUNCH.

Business

CBN Sets POS Maximum Transactions In Fresh Guidelines

Published

1 day ago

October 8, 2025

Editor

The Central Bank of Nigeria has rolled out fresh guidelines for agent banking, known as Point of Sales, across the country.

The apex also in the guidelines pegged daily POS transactions at N1.2 million per agent and N100,000 per individual.

CBN disclosed this in a circular signed by its Director of the Payments System Management Department, Musa Jimoh.

The guidelines further mandate all financial institutions to publish the list of all their POS agents on their website and to display it in their branches.

CBN noted that the guidelines would take effect from April 1, 2026.

“The Guidelines aim to establish minimum standards for operating agent banking in Nigeria, enhancing agent banking to provide financial services and promoting financial inclusion, encouraging responsible market conduct and improving service quality in agent banking operations.

“This circular takes effect from the date of release, while the implementation of agent location and agent exclusivity shall be in effect from April 1, 2026.

“POS agents are restricted to a maximum of N1.2 million per day. Individual customers are limited to N100,000 in daily transactions.

“These limits are intended to curb misuse, enhance financial integrity, and protect consumers within the agent banking framework,” it stated.

Business

Naira Records First Appreciation Against US Dollar At Official Market

Published

1 day ago

October 8, 2025

Editor

The Naira recorded appreciation on Wednesday against the United States dollar at the official market, the first time in three days this week.

The Central Bank of Nigeria’s exchange rate data showed that the Naira strengthened to N 1,470.62 per dollar on Wednesday, up from N1,471.09 traded on Tuesday.

This means that the country’s currency firmed up slightly by N0.47 against the dollar on a day-to-day basis.

Monday and Tuesday, the Naira recorded negative sentiment at the official foreign exchange market.

However, at the black market, the Naira remained unchanged at N1,500 per dollar on Wednesday, the same rate exchanged on Tuesday.

The apex bank data indicated that the country’s external reserves, a determinant of the exchange rates, stood at $42.57 billion as of October 7, 2025.

Business

SEC Warns Nigerians Of AfriQuantumX Ponzi scheme

Published

1 day ago

October 8, 2025

Editor

Nigeria’s Securities and Exchange Commission (SEC) has named AfriQuatum, with a claimed worth of N76 billion, as a Ponzi scheme.

The regulator also urged the public to be cautious about investing with the firm.

SEC disclosed this in a recent statement.

According to the SEC, any person who places an investment or engages with the entity does so at his or her own risk, adding that its operations exhibit characteristics commonly associated with fraudulent Ponzi schemes.

“The attention of the Securities and Exchange Commission has been drawn to the activities of AfriQuantumX, which holds itself out as an investment platform trading on and selling cryptocurrency and stocks to investors in Nigeria.

“The Commission hereby informs the public that AfriQuantumX is not registered by the Commission either to solicit investments from the public or operate in any capacity within the Nigerian capital market,” SEC stated.