Uche Cecil Izuora Nigeria has recorded a turning point in natural gas reserves which has now reached 215.19 trillion cubic feet as of January 2026. However the country’s oil reserves recorded a slight dip, according to new data released by regulators. The Nigerian Upstream Petroleum Regulatory Commission (NUPRC) announced the updated figures in Abuja, highlighting a gradual shift in the country’s energy outlook driven by ongoing gas discoveries and sustained crude production. This is even as Nigeria recently established the Frontier Exploration Fund (FEF) from which over N450 billion was realised by the Nigerian National Petroleum Company Limited (NNPCL)…
Author: Orientalnews Staff
Uche Cecil Izuora The Technical Committee overseeing the Naira-Crude policy is currently driving already established robust framework to sustain supply security, stabilise the economy, and safeguard Nigeria’s energy future. The Committee includes the Minister of Finance, Wale Edun, and the Executive Chairman of the Nigerian Revenue Service (NRS), Zacch Adedeji. Mr Temitope Ajayi, Senior Special Assistant on Media and Publicity to the President, confirmed in an article titled “Middle-East Crisis: How Tinubu’s Policy of Naira-for-Crude Guarantees Supply Security in Nigeria,” highlighting the policy’s strategic impact since its introduction. According to him, President Bola Tinubu’s naira-for-crude policy has ensured Nigeria’s…
Uche Cecil Izuora The European Union (EU) predicts that energy prices would remain high for a while even if the Iran war ends. Oil and gas prices will not return to pre-war levels soon even if the conflict in the Middle East were to end today, Dan Jørgensen, European Commissioner for Energy and Housing, has warned. In the month since the beginning of the war in Iran, prices in the EU have jumped by about 70 per cent for natural gas and by 60% for oil, Jørgensen said at an informal meeting of EU energy ministers. In financial terms,…
Yemisi Izuora There are prospects of fair pricing of petrol in the domestic market following decision by the Nigerian National Petroleum Company (NNPC) to raise domestic crude supply to Dangote refinery. The NNPC cargoes are cheaper for the refinery because of lower shipping costs. Dangote recently had to pay premiums as high as $18 a barrel over the Brent crude benchmark to secure cargoes from the international market, the official said. That would be about $137 a barrel based on Tuesday’s Brent price. NNPC did not respond immediately to a request for comment, reports Reuters. Dangote has raised petrol…
Uche Cecil Izuora Sahara Power Group has joined the Mission 300 Private Sector Council, a high-level platform announced by the World Bank Group, the African Development Bank (AfDB), and The Rockefeller Foundation to accelerate efforts to connect 300 million Africans to electricity by 2030, while unlocking large scale job creation across the continent. The inclusion of Sahara Power Group reflects its long-standing role in strengthening Africa’s power ecosystem through investments across generation, distribution, renewable and off grid energy solutions, and data enabled infrastructure. Kola Adesina, Group Managing Director of Sahara Power Group, has been appointed to…
The Nigeria Customs Service (NCS), Port and Terminal Multiservices Limited (PTML) Area Command, has called on stakeholders in the trade sector to comply fully with the operational procedures of the National Single Window platform to ensure efficient and transparent trade processes. The call was made during a three-day sensitisation programme organised by the Service in collaboration with the National Single Window Project Secretariat on Tuesday, 31 March 2026. The engagement focused on strengthening stakeholder awareness, addressing knowledge gaps, and promoting effective utilisation of the newly introduced digital trade platform. Speaking during the session, the Customs Area Controller of the…
Yemisi Izuora The Guaranty Trust Holding Company Plc (“GTCO”) has released its Audited Consolidated and Separate Financial Statements for the year ended December 31, 2025, to the Nigerian Exchange Group (NGX) and London Stock Exchange (LSE). The Group reported profit before tax of ₦1.23trillion underpinned by strong growth in core earnings, with interest income and fee income increasing y-o-y by 23.2% and 25.9%, respectively. The performance reaffirms its capacity to generate sustainable earnings and builds on the momentum from 2024, when GTCO delivered a record profit of ₦1.27trillion, driven in part by ₦517.5billion in fair value gains, which…
Ken Okeke The Director General/CEO of the Nigerian Meteorological Agency (NiMet), Prof. Charles Anosike, has called for innovative approaches to strengthen climate resilience in Nigeria during the opening ceremony of the 2026 International Conference of the Nigerian Meteorological Society (NMetS) and its 35th Annual General Meeting at the University of Lagos, Akoka. In his keynote address, Prof. Anosike commended NMetS for convening the conference, noting that the theme, “Advancing Meteorology: Harnessing AI, Satellites, and Big Data for Climate Resilience and Sustainability,” underscores the urgent need to translate scientific knowledge into actionable solutions that protect lives, livelihoods, and national development…
Tunde Bakare A new gas regime is going to take place in Nigeria after the Nigerian Midstream and Downstream Petroleum Regulatory Authority, announced increase in the price of natural gas for power generation companies to $2.18 per million British thermal units (BTU). The NMDPRA disclosed this in a public announcement signed by the Authority’s Chief Executive, Saidu Mohammed, on Tuesday in Abuja. The new pricing, effective from April 1, 2026, signals a recalibration of Nigeria’s gas market at a time when the power sector is already struggling with supply shortages, mounting debts, and liquidity challenges. The new price is…
Joseph Bakare Justice F. O. Giwa-Ogunbanjo of the Federal High Court sitting in Independence Layout, Enugu State, has convicted and sentenced one Iziga Jude Ikechukwu (also known as Easy-money) to one year imprisonment, for abusing Naira notes during his birthday celebration. The convict was arraigned by the Enugu Zonal Directorate of the Economic and Financial Crimes Commission, EFCC on March 26, 2026 on a one-count charge bordering on mutilation of Naira notes to the tune of N81, 700. 00 (Eighty-one thousand, Seven Hundred Naira). The lone -count charge reads: “That you, Iziga Jude Ikechukwu on 22nd February 2026, at…