Headline

PIA: FG Considers First Set Of Regulations For Oil Industry

Published

4 years ago

April 21, 2022

The Federal Government yesterday began stakeholders’ consultation on draft regulations for the petroleum industry with a call on the operators to develop innovative ways to exploit and explore hydrocarbon resources in the country in the face of dwindling investments from international oil companies.

The Minister of State Petroleum Resources, Chief Timipre Sylva who made the call at the opening of a two-day stakeholders’ consultation on draft regulations for the industry organized by the Nigerian Upstream Petroleum Regulatory Commission (NUPRC), said the Petroleum Industry Act (PIA) gives the country the opportunity to transform the sector.

Chief Sylva noted that “the enactment of the PIA is expected to open up opportunities in the oil and gas sector of the economy. However, the challenge posed by the huge divestments in the hydrocarbon explorations by oil majors in the country in the past as a result of the global energy transition calls for more innovative ways in the exploitation and exploration of fossil fuel in the country.

“If we must continue to be relevant at the global stage, we must in designing any regulation put in focus how we can balance the energy base load for Nigeria so that we will not be left behind in the energy transition train while still harnessing our rich natural hydrocarbon reserves”.

Speaking earlier, NUPRC Chief Executive, Engr. Gbenga Komolafe noted that it was important that regulations governing the industry were put in place in line with the provisions of the PIA.

He therefore added that the forum was expected to discuss and finalise the draft Regulations in line with Section 216 of the PIA 2021.

“We are conscious of prioritising regulations to meet the timelines in the PIA. As such, this first phase of the stakeholder’s engagement will capture burning issues on implementation of host community fund in line with Section 235 of the PIA, also finalising the 2020 bid round through issuance of PPL (Petroleum Prospecting License) in line with Section 94 (2) of the PIA and a host of others”.

He expressed optimism that all grey areas would receive adequate clarification with a view to giving meaning to the intent of the PIA for user-friendly implementation and attractive investments.

Headline

Indian Court Denies Bail To Nigerian Man Over Drug Charges

Published

3 hours ago

May 28, 2026

Editor

A court in India has denied bail to a 44-year-old Nigerian national, Cristian Soporuchukwu, who is currently facing drug trafficking charges in the country.

Cristian Soporuchukwu initially entered India on a business visa but was later arrested over allegations of involvement in the sale of hard drugs.

Reports indicated that after arriving in India, Soporuchukwu travelled through Goa, Delhi, and Mumbai, where he allegedly established links with suspected drug traffickers.

He was accused of purchasing MDMA crystals and distributing them to college students and information technology workers.

According to reports, operatives of the Beguru Police arrested Cristian Soporuchukwu in April 2025 for allegedly selling MDMA crystals around Begur Lake and the AECS Layout Road area.

The New Indian Express reported that the High Court of Karnataka subsequently dismissed the Nigerian’s bail application.

“The anti-narcotics wing seized about 1 kg of MDMA crystals, a pocket weighing machine, 10 zip-lock covers, a mobile phone and a scooter from him,” the report stated.

Justice V. Srishananda, while ruling on the bail application, reportedly held that errors relating to the grounds of arrest could not automatically justify bail in serious narcotics-related offences under the Narcotic Drugs and Psychotropic Substances, NDPS, Act.

The court further noted that Cristian Soporuchukwu had allegedly overstayed his visa in India, according to the report.

Headline

Strait Of Hormuz: US Announces Sanctions Against Iran

Published

4 hours ago

May 28, 2026

Editor

The United States Treasury has announced sanctions against Iran’s Persian Gulf Strait Authority.

Treasury Secretary, Scott Bessent, said this in a statement on Wednesday.

The statement extended the threat of sanctions to anyone paying the fees, saying they may be providing support to and receiving services from Iran’s Revolutionary Guards, and therefore may be exposed to sanctions risk.

“The Iranian military’s latest attempt to extort global maritime trade is proof that Economic Fury has left the regime desperate for cash.

“Treasury has deprived the Iranian regime of revenue for their weapons programs, terrorist proxies, and nuclear ambitions,” Bessent said.

Bessent added that the US has succeeded in disrupting tens of billions of dollars’ worth of revenue from being accessible to Tehran.

Headline

US Launches New Airstrikes On Iran

Published

4 hours ago

May 28, 2026

Editor

The United States has launched new airstrikes in southern Iran.

The strike shot down four one-way attack drones that posed a threat around the Strait of Hormuz and then a ground control site.

A US official revealed that American forces struck an Iranian ground control station in Bandar Abbas that was about to launch a fifth drone.

The official described the strikes as purely defensive, saying the US intended to maintain the ceasefire.

Report says this is the second time in three days that the US has carried out self-defense strikes against Iranian military targets in southern Iran.

Recall that on Monday the US carried out airstrikes against Iranian missile locations and boats that US Central Command said were preparing to launch mines in the Strait of Hormuz.