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Could Nigeria’s Oil Industry Be Entering a New Era? (By NJ Ayuk)

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NNPC

The state-owned Nigerian National Petroleum Company (NNPC) recently became NNPC Limited, a commercial venture, as mandated by the PIA

JOHANNESBURG, South Africa, September 5, 2022/APO Group/ — 

By NJ Ayuk, Executive Chairman, African Energy Chamber.

When Nigeria’s Petroleum Industry Act (PIA) was signed into law in August 2021, I spoke about the positive changes the law would be driving in terms of increased transparency and energy sector productivity.

Now, we’re seeing indications that the PIA is, indeed, yielding fruit.

The state-owned Nigerian National Petroleum Company (NNPC) recently became NNPC Limited, a commercial venture, as mandated by the PIA. Rather than operating as a government entity, with all of the red tape and inefficiencies that went with it, the company’s focus has been shifted to productivity and earning profits.

The company appears to be moving in that direction.

Early this summer, NNPC Ltd. successfully re-negotiated production-sharing contracts (PSCs) with multiple oil majors and an indigenous company after nearly 30 years of disputes. The PSCs involve five deepwater blocks believed to be capable of producing as much as 10 billion barrels of oil over a 20-year period.

Investments had stalled as a result of ongoing disagreements over revenues and taxes. But after protracted negotiations, NNPC and the companies were able to minimize the revenue and tax ambiguities that had existed in the earlier contracts and move forward amicably with the oil companies, which include Nigerian company South Atlantic Petroleum, Chevron, ExxonMobil, Equinox, Shell, and China Petroleum and Chemical Corp (Sinopec). This is a significant accomplishment with the potential to revitalize Nigerian exploration and production, fostering energy security and stimulating economic growth as a result.

Some have argued that NNPC’s transformation will be in name only, particularly since it still will be owned by the Nigerian government. But renegotiating those PSCs is a promising sign that its existence as a commercial operation will not be business as usual.

While there are no guarantees that the news about the company will always be positive going forward, I am cautiously optimistic. We could be witnessing a new era in Nigeria: A strong national oil company, free from the influence of politics, could be the change that finally moves Nigeria’s vast petroleum resources from unfulfilled promise to a real agent of good for everyday people.

A Less-Than-Ideal History

When NNPC was founded in 1977, the state-owned and controlled corporation’s primary role was to oversee Nigeria’s oil industry. Beyond that, it was intended to develop the country’s upstream and downstream industries. Unfortunately, NNPC has yet to help Nigeria reap the full benefits a thriving oil industry should deliver. It has not achieved energy security for Nigeria — or maximized Nigeria’s oil and gas revenues. The company has struggled for years with poor management, failure to profit, and multiple allegations of corruption.

What affected the old NNPC was government interference and ethical considerations in the operations and appointments and performance of the organization

Nigeria’s oil refining capacity also suffered under NNPC’s watch. Between 2015 and 2020, the country’s three state-owned refineries operated at an average capacity utilization of only 7.87%, according to Nigerian newspaper The Whistler. As a result, Nigeria imports 90-95% of its refined petroleum products for domestic use, despite being the sixth largest oil producer in the world with 36.9 billion barrels of proven oil reserves. And while each of the refineries is currently being rehabilitated, which is good news, none are operational right now.

NNPC has not been able to address energy poverty, either: Approximately half of Nigeria’s population lacks reliable electricity. The country has ample natural gas reserves – 202 trillion cubic feet (tcf) of untapped proven reserves – which should have been used to help meet domestic needs and power electricity generation on a larger scale. But instead, flaring has been far more prevalent than gas monetization and gas-to-power programs. Nigeria was able to cut flaring in half between the late 1970s and early 2000s, but later efforts to reduce flaring have faltered. And while the NNPC cannot solve these problems without the support of other government entities and oil and gas companies, it does carry at least some responsibility for better utilizing the country’s natural gas.

It’s safe to say that transforming NNPC into a transparent, effective, profitable company is a tall order. But I truly believe it’s not necessarily an impossible one.

NNPC, The Sequel

As a commercial venture, NNPC Ltd. is meant to operate with minimal government funding or control. The company will be governed by Nigeria’s corporate laws under the Companies and Allied Matters Act (CAMA). NNPC Ltd. is now required to declare dividends to shareholders and dedicate 20% of its profits to growing its business. What’s more, the company must now make annual financial disclosures. That last requirement alone is a big deal. In 2020, NNPC published its audited financial accounts for the first time in 43 years, but until now, there was no reason to be confident that it would continue making that information available.

On the other hand, there is some cause for concern. As I mentioned, NNPC Ltd. is still wholly owned by Nigeria’s government, meaning that avoiding government influence could be a challenge. Also, in compliance with the PIA, the former NNPC’s employees have automatically been transferred to the new company with no vetting. That leaves the door open for old practices and inefficiencies to remain entrenched. Further, the PIA requires Nigeria’s president to appoint an NNPC Ltd. board, which will include “six (6) non-executive members with at least 15 years post-qualification cognate experience in petroleum or any other relevant sector of the economy, one from each geopolitical zone.” As my company, Centurion Law Group, has written, this approach politicizes the appointment of these individuals instead of ensuring appointments based on merit.

So, will NNPC be getting its act together? I don’t know. We certainly have more reason to believe it will than we’ve had up to now. I’m encouraged by recent statements from NNPC Ltd. Managing Director Mele Kyari about the company’s plans to expand Nigeria’s natural gas reserves, tackle flaring, and create more opportunities for Nigeria’s growing population of young adults.

What’s more, I’m encouraged by the company’s successful PSC renegotiations.

I agree with what Energy Economics Professor Adeola Adenikinju of University of Ibadan recently told nonprofit Nigerian news agency, the International Centre for Investigative Reporting.

“What affected the old NNPC was government interference and ethical considerations in the operations and appointments and performance of the organization,” Adenikinju said. “What I hope the new NNPC Limited would do is remove government control, which has made the government see NNPC as a cash cow.

“Hopefully if the government were to follow the guidelines of the PIA, they would be able to market the NNPC and operate as they should, and it would help Nigerians to benefit from the commercialization,” he said.

Absolutely. Ultimately, helping Nigerians thrive is exactly what NNPC Ltd. can and should be accomplishing.

I will be hosting NNPC Ltd.  and its leadership at African Energy Week in Cape Town South Africa and will push other African National Oil Companies to follow their lead.  We must be honest in understanding the challenges NNPC Ltd.  faces. There is a lot of pressure on it to cut costs and keep margins up while meeting obligations to its shareholders.

I hope the company seizes this opportunity to do so. Africa is watching to see how this works.

Distributed by APO Group on behalf of African Energy Week (AEW).

Business

Port Community Systems (PCS) as the crisis backbone: how trade disruption makes digital port infrastructure non-negotiable (By Alioune Ciss)

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Port Community Systems

With PCS, ports can dynamically allocate resources, adjust workflows, and reprioritize cargo flows using real-time data and coordinated processes

DUBAI, United Arab Emirates, May 19, 2026/APO Group/ —By Alioune Ciss, Chief Executive Officer, Webb Fontaine (https://WebbFontaine.com).

When global trade flows normally, Port Community Systems (PCS) are often viewed as efficiency tools. They digitize paperwork, connect stakeholders, reduce delays, and improve visibility across port ecosystems. However, the true impact and strategic importance of PCS become most apparent when a crisis hits.

Whether caused by geopolitical conflict, canal restrictions, rerouted shipping lanes, cyber risk, labor disruption, or sudden regulatory shifts, modern supply chain shocks remind us that ports without strong digital coordination struggle to adapt, whereas ports with robust PCS infrastructure are better positioned to keep cargo moving. In today’s environment, PCS has become a critical infrastructure.

Disruption is not an exception anymore

Global maritime trade has entered a more volatile era where disruption is structural. Let’s review the recent events to understand the scale of impact:

  • Around 2,000 ships were reportedly stranded during the recent Strait of Hormuz (https://apo-opa.co/4dii0lb) crisis.
  • The Red Sea crisis (https://apo-opa.co/4dz5gFA) led to more than 190 attacks on vessels by late 2024, forcing widespread rerouting and increasing transit times by up to two weeks.
  • The Suez-linked corridor (https://apo-opa.co/4dz5gFA), which carries roughly 10–12% of global maritime trade, experienced sharp volume declines during the disruption.
  • Supply chains across the Middle East, Africa, and Europe faced cascading effects, including congestion, cost increases, and schedule instability.

At the same time, the global port industry itself is undergoing rapid transformation. According to the International Association of Ports and Harbors (IAPH), ports are accelerating digitalization and strengthening resilience capabilities in response to geopolitical and operational uncertainty. This is the new reality: routes shift, volumes spike, and conditions change faster than traditional systems can handle.

Why PCS matters most during a crisis

When vessel schedules collapse, or cargo volumes suddenly spike, physical infrastructure alone is not enough. Cranes, berths, gates and yards also need coordination. That is where PCS becomes the backbone of resilience.

A PCS is not just a digital tool; rather, it’s a shared operational layer. It connects shipping lines, terminals, customs, freight forwarders, transport operators, and authorities through a single data environment, enabling synchronized decision-making across the ecosystem.

Instead of exchanges through emails, phone calls, Excel files, or siloed systems that generate delays and errors, the PCS enables seamless and real-time coordination.

1. Real-time visibility across the ecosystem

When vessels are delayed or rerouted, fragmented communication becomes a liability.

PCS enables real-time visibility across:

  • vessel arrivals and berth planning
  • cargo status and documentation
  • customs readiness and inspections
  • gate operations and inland logistics

Instead of fragmented updates, stakeholders operate from a shared, trusted data environment.

When shipping lanes shift overnight, policies change, and when uncertainty increases, the strongest ports are the ones that are the most ‘connected’

In a crisis, the speed of information becomes the speed of recovery.

2. Faster decision-making under pressure

Sudden disruptions create immediate operational stress:

  • surges in transshipment volumes
  • yard congestion risks
  • inspection bottlenecks
  • inland transport delays

Without digital coordination, responses are reactive and slow.

With PCS, ports can dynamically allocate resources, adjust workflows, and reprioritize cargo flows using real-time data and coordinated processes.

3. Customs and border continuity

Cargo cannot move if border agencies cannot move.

According to joint guidance from the World Customs Organization (WCO) and International Association of Ports and Harbors (IAPH), interoperability between Customs systems and PCS is essential for coordinated border management, risk control, and secure data exchange (https://apo-opa.co/3PLcs9P).

In crisis conditions, this becomes critical. Governments must introduce new controls, risk filters, or emergency procedures quickly, without disrupting trade flows. PCS enables this  balance.

4. Trust and transparency for the market

Importers, exporters, and carriers can tolerate disruption more than uncertainty. What they need is visibility.

PCS provides transparency across the supply chain, allowing stakeholders to track cargo status, anticipate delays, and plan accordingly. This transparency builds trust and reduces the systemic risk of panic-driven inefficiencies.

Operational resilience is the key

As we all know, the classic PCS discussions focus on key KPIs such as:

  • reduced turnaround time
  • fewer documents
  • lower administrative cost
  • faster truck processing

But today, the most important KPI is “readiness”: If a major trade corridor shifts tomorrow, can your port ecosystem adapt in real time?

To answer “Yes” to this question, a future-ready PCS should include:

  • real-time event management
  • integrated stakeholder communication
  • predictive congestion alerts
  • interoperability with customs and regulatory systems
  • scalable architecture for demand spikes

“For years, ‘efficiency’ was key when it comes to PCS. However, today, the key is ‘resilience’… When shipping lanes shift overnight, policies change, and when uncertainty increases, the strongest ports are the ones that are the most ‘connected’… Therefore, we should treat PCS as a crisis backbone of trade, not an IT efficiency initiative.
[Alioune Ciss, CEO, Webb Fontaine]

The Next Evolution: Intelligent PCS

PCS is now entering a new phase. Next-generation systems are evolving into data-driven platforms that support predictive analytics, AI-enabled decision-making, and proactive risk management (https://apo-opa.co/4eQ93Rg).

In other words, today, ports need systems that help orchestrate responses. Solutions such as Webb Ports (https://apo-opa.co/42F3gqq) from Webb Fontaine reflect this shift. By connecting all port stakeholders through a unified platform, anticipating congestion before it happens, simulating operational scenarios, and optimizing resource allocation dynamically, we enable faster coordination, better visibility and more agile responses when disruptions occur.

Distributed by APO Group on behalf of Webb Fontaine.

 

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Energy

Rand Refinery Joins African Mining Week (AMW) as Silver Sponsor Amid Regional Market Expansion Strategy

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Energy Capital

African Mining Week 2026 will showcase lucrative investment, partnership, and knowledge-exchange opportunities across Africa’s gold downstream sector, as Rand Refinery intensifies its investment and expansion strategy across the continent

CAPE TOWN, South Africa, May 19, 2026/APO Group/ –Amid a strategy to expand from a South Africa-focused refiner into a pan-African downstream leader, Rand Refinery has joined African Mining Week (AMW), an Influential African Mining Conference, scheduled for October 14-16, 2026 in Cape Town, as a silver sponsor.

Rand Refinery’s participation reflects a broader strategic alignment between the company’s expansion agenda and AMW’s focus on supporting and enabling local beneficiation and promoting artisanal and small-scale mining (ASM) responsible sourcing frameworks.

 

In terms of volumes, the latest market information indicates that Africa produces 1000tpa of mined gold (more than any other continent), with large-scale mining (LSM) and ASM being almost evenly balanced (500tpa production each). On its current trajectory, African ASM volumes are expected to eclipse those of LSM.

 

The focus on ASM as a transformational imperative is valid, and Rand Refinery is an active participant in the precious metals supply chain, working alongside other upstream and downstream actors to ensure that the communities and countries with gold resources benefit in a sustainable manner.

 

Under the theme Mining the Future: Unearthing Africa’s Full Mineral Value Chain, AMW 2026 offers a critical interface between refiners, miners, regulators, and financial institutions, as African countries intensify efforts to capture more value from responsible mineral production.

 

A key pillar of Rand Refinery’s 2026 strategy is its expansion into high-growth gold markets beyond South Africa. In January 2026, the company partnered with Ghana’s Gold Coast Refinery (GCR) to support the Ghana Gold Board to locally refine artisanal and small-scale (ASM) gold and elevate responsible sourcing standards in West Africa. The partnership also positions Rand Refinery in a rapidly growing and historically fragmented supply segment: ASM operations, enabling the company to enhance traceability and strengthen compliance with global standards for ethical sourcing and anti-money laundering.

 

The partnership potentially allows the monetization of ASM supply streams in the formal gold ecosystem, complementing Rand Refinery’s established role in refining output from responsible large-scale producers. AMW 2026 represents a timely platform for the company to provide an update on its projects and contribution to Africa’s gold sector.

 

As demand for regional refining capacity expands, along with central bank buying programs, companies such as Rand Refinery will be crucial.

 

Central bank gold purchases are projected to average around 585 tons per quarter in 2026, underscoring sustained global demand. In Africa, gold now accounts for approximately 17% of total reserves – up from less than 10% in 2022–2023 – while physical holdings increased from 663 tons in 2022 to an estimated 738 tons in 2025.

 

This upward trajectory is driving demand for trusted refining and value addition services, positioning Rand Refinery as a key partner in the region. Against this backdrop, AMW provides a strategic platform for central banks and gold buyers to engage directly with one of the world’s largest integrated single-site precious metals refining and smelting complexes and strengthen regional beneficiation and national reserve strategies.

 

At AMW, Rand Refinery executives will participate in panel discussions and networking sessions, engaging stakeholders on partnership opportunities that support a more integrated, transparent and value-driven African gold ecosystem.

Distributed by APO Group on behalf of Energy Capital & Power.

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Applications open for the 2027 Meltwater Entrepreneurial School of Technology (MEST) Africa AI Startup Program

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Meltwater

Join a global community of AI entrepreneurs

ACCRA, Ghana, May 19, 2026/APO Group/ –The Meltwater Entrepreneurial School of Technology (MEST) (https://Meltwater.org), has opened applications for the second edition of the MEST AI Startup Program, a fully-funded, immersive experience designed to equip Africa’s most promising AI entrepreneurs with the technical, business, product, and leadership skills to build and scale globally competitive AI startups.

Over a seven-month training phase, the MEST AI Startup program will provide founders with hands-on instruction, technical mentorship, and business coaching from global experts to develop AI-powered solutions. The top startups will then advance to a four-month incubation period to refine products, sharpen go-to-market strategies, and secure market traction. At the end of incubation, startups have the opportunity to pitch for pre-seed investment of up to $100,000 and join the MEST Portfolio.

We are excited to support the next generation of African AI founders through training delivered by some of the most knowledgeable experts in the industry

The inaugural cohort brought together founders from seven African countries who are already building transformative AI solutions across industries. Building on the momentum of the first edition, the 2027 intake reflects MEST Africa’s continued commitment to ensuring African entrepreneurs play a defining role in the future of artificial intelligence.

According to Emily Fiagbedzi, AI Startup Program Director, the urgency of investing in African AI talent has never been greater.

“AI technology is advancing at an extraordinary pace, and meaningful participation in the global AI economy requires more than access to tools, it requires the ability to build,” she said. “This program is designed to help talented African founders develop solutions to real challenges while positioning them to compete globally. We are excited to support the next generation of African AI founders through training delivered by some of the most knowledgeable experts in the industry from organizations including OpenAI, Perplexity, Google, and Meltwater”

For the 2027 intake, the program is open to African founders based in Ghana, Nigeria, Senegal, and Kenya aged 21–35 with software development experience who want to start their own AI startup.

Apply now at https://apo-opa.co/3ReIQSI

Distributed by APO Group on behalf of The Meltwater Entrepreneurial School of Technology (MEST Africa).

 

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