FG to revoke dormant oil licences with new policy –

The Nigerian Upstream Petroleum Regulatory Commission has told oil producers that it is set to implement the ‘drill or drop’ policy. The Chief Executive of the NUPRC, Gbenga Komolafe, disclosed this when he received a delegation from the Independent Petroleum Producers Group at the commission’s headquarters in Abuja recently. According to a statement by the NUPRC, Komolafe emphasised that oil and gas producers must either begin production within a specified timeframe or relinquish their licenses. He stated that the policy aimed to revitalise the oil sector, ensure optimal use of assets, and boost government revenue…..(Read More) 

Oil production shrinks again, threatens 2mbpd target –

Efforts by the Federal Government to ramp up oil production to over two million barrels per day suffered another setback last month, The PUNCH reports. This was as Nigeria’s daily oil production declined again in May, falling from 1.68 million barrels per day in April to 1.65mbpd last month. According to data from the Nigerian Upstream Petroleum Regulatory Commission, crude output dropped from 1.48mbpd in April to 1.45mbpd in May. Recall that the crude production rose from 1.40mbpd in March to 1.48mbpd in April, signaling a boost for the country’s ambitious 2.1mbpd oil target….(Read More)

Aliko Dangote Steps Down As Chair Of Dangote Sugar –

Africa’s richest man, Aliko Dangote has stepped down as Chairman of the Board of Dangote Sugar Refinery Plc, marking the end of a two-decade leadership that transformed the company into a dominant force in Nigeria’s sugar industry. According to a corporate disclosure on Wednesday by the company’s Secretary, Temitope Hassan, Dangote’s retirement from the sugar company’s board takes effect from June 16, 2025. Dangote has chaired the board since 2005, overseeing its significant growth and transformation, including major expansion projects and implementing best practices in corporate governance……(Read More)

Two banks have met N500bn recapitalization target – Report –

Only two Tier 1 banks, Zenith Bank and Access Holdings Plc, have surpassed the N500 bn share capital and share premium threshold set by the Central Bank of Nigeria for banks with international licences, Proshare report has revealed. The report, titled ‘Tier 1 Banks Report: Getting Bigger, Braver, and Dominant – The Class of 2025’, stated that Zenith Bank leads with a share capital and share premium of N614.65bn, followed by AccessCorp at N594.90bn. Other Tier 1 banks, including Ecobank Transnational Incorporated and Guaranty Trust Holding Company, are trailing behind with N353.51 bn and N345.30 bn, respectively…..(Read More)

Ekiti grows IGR to N2.3 billion –

The Chairman, Ekiti State Internal Revenue Service, EKIRS, Mr Ola Iran Olatona, has disclosed that the state Internally Generated Revenue, IGR, has increased from N600/N650 million to N2.3 billion. Olatona gave the figure at the presentation of cash support to 30 businesses recently affected by rainstorm in Ado-Ekiti. The EKIRS boss during the presentation of the cheques to the affected business owners, said the revenue service is standing with the people, most especially in times of adversity. He said, “The innovative relief assistance transcended a simple financial gesture, saying this expressed the very essence of compassionate governance and showed……(Read More)

Oil soars more than 6% after Israel’s strike on Iran alarms market –

Oil prices jumped more than $4 a barrel on Friday, hitting their highest price in almost five months after Israel struck Iran, dramatically escalating tensions in the Middle East and raising worries about disrupted oil supplies. Brent crude futures jumped $4.60, or 6.63%, to $73.96 a barrel by 0612 GMT after hitting an intraday high of $78.50, the highest since January 27. U.S. West Texas Intermediate crude was up $4.99, or 7.33%, at $73.03 a barrel after hitting a high of $77.62, the loftiest since January 21. Friday’s gains were the largest intraday moves for both contracts since 2022 after Russia invaded Ukraine, causing energy prices to spike……….(Read More)