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

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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).

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Congo Is Turning Reserves into Bankable Projects – and the Investment Window Is Opening

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Eni-led LNG expansion and ongoing deepwater investment are pushing the Republic of Congo’s energy sector toward more bankable projects ahead of the Congo Energy & Investment Forum 2027

BRAZZAVILLE, Congo (Republic of the), June 23, 2026/APO Group/ –With LNG exports set to triple to 3 mtpa, upstream oil production targeting 500,000 bpd and a renewed push on local content, the Republic of Congo is positioning itself as one of Central Africa’s most investable hydrocarbon markets. Under the leadership of the newly-appointed Minister of Hydrocarbons, Stev Simplice Onanga, the country is prioritizing industry growth by balancing local content with reserve replacement and project advancement.

 

What sets Congo apart is not the scale of its reserves, but the pace at which those reserves are being turned into commercially viable projects. From Eni’s LNG expansion and TotalEnergies’ deepwater developments to brownfield optimization by Trident Energy and output growth at Ammat Global Resources, capital is flowing into projects with clearer monetization pathways and nearer-term returns.

Ahead of the Congo Energy & Investment Forum (CEIF) 2027 – the country’s leading platform for energy investment and partnerships – the story is shifting away from frontier potential toward bankable projects already under development.

Policy Reform Is De-Risking Investment

Congo’s investment case is being reshaped by the alignment of resource base, regulatory reform and project delivery. Established oil production, expanding LNG capacity and fiscal adjustments are gradually reducing above-ground risk.

Recent reforms led by the Ministry of Hydrocarbons and Société Nationale des Pétroles du Congo have added structure to the sector. The Gas Code, introduced in October 2025, formalizes fiscal terms for gas commercialization, while the Gas Master Plan prioritizes flaring reduction and gas-to-power deployment, targeting 1,500 MW by 2030.

A new upstream licensing round is also under consideration, aimed at attracting fresh capital into both mature and frontier acreage. Together, these measures are improving visibility across upstream, midstream and downstream segments, with recent project activity reinforcing the shift.

The Projects Driving the Next Cycle

Deepwater oil remains central to Congo’s production outlook, with operators progressing both new developments and brownfield optimization. TotalEnergies is advancing work at the Moho licence following the April 2026 Moho G discovery, backed by a $500–$600 million infill drilling program targeting about 40,000 bpd in incremental output.

Local independent Ammat Global Resources is targeting 70% production growth from its Loango and Zatchi fields, where reactivated wells and upgraded platforms have already lifted output by 75%. Perenco continues steady gains, adding roughly 6,000 bpd through its 2025–2026 drilling program.

Trident Energy, after acquiring an 85% working interest in the Nkossa and Nsoko II assets in 2025, is focused on extending field life through subsea optimization and redevelopment work.

While oil continues to anchor revenues, gas is rapidly emerging as Congo’s fastest-growing segment. Eni’s Congo LNG project delivered its first cargo from Phase 2 in February 2026, following the startup of the Nguya FLNG unit in December 2025. Together with Tango FLNG, capacity has risen from 0.6 mtpa to 3 mtpa. Trident Energy has also proposed an FLNG project aimed at adding further capacity across the country’s gas market. The project is expected to operate as shared infrastructure, allowing multiple operators to process gas from their respective fields. This creates an outlet for associated gas that might otherwise be stranded, supporting the country’s broader diversification goals.

Local Content Is Reshaping Investment Terms

Beyond upstream policy, Minister Onanga has positioned local content as a central pillar of Congo’s investment framework, and a key determinant of how capital is structured and deployed.

Decrees 2019-342, 343, 344 and 345 set requirements around subcontracting, workforce localization and training commitments, with the effect being a gradual shift in how projects are structured and how partnerships are formed. Operators are increasingly assessed not only on technical delivery but on in-country value creation, including partnerships with local firms and skills development. Logistics, maintenance and other service areas are increasingly channeled through domestic providers.

At CEIF 2027 – taking place June 1–3 in Brazzaville – attention will shift to what is moving forward and to the investors positioned to take part in that pipeline. Congo’s energy sector is no longer defined by potential alone: projects are moving, capital is being committed and policy is starting to catch up with activity on the ground.

As the Republic of Congo moves from reserves to revenue, the signal to investors is clear: this is already unfolding, not a future opportunity.

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

 

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Afreximbank secures double honours at the 2026 International Association of Business Communicators (IABC) Gold Quill Awards for excellence in strategic communications

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The Award of Excellence for IATF2025 recognises the successful communications and stakeholder engagement programme delivered around the fourth edition of the Intra-African Trade Fair, Africa’s premier trade and investment event

CAIRO, Egypt, June 23, 2026/APO Group/ –African Export-Import Bank (Afreximbank) (www.Afreximbank.com) has been recognised with two prestigious honours at the 2026 International Association of Business Communicators (IABC) Gold Quill Awards, one of the world’s most prestigious awards programmes for strategic communications.

 

The Bank received an Award of Excellence in Special and Experiential Events category for the Intra-African Trade Fair 2025 (IATF2025) held in Algiers, Algeria and an Award of Merit in the Social Media category for its Afreximbank Social Media Campaigns, reaffirming Afreximbank’s commitment to delivering impactful communications that advance its mandate of promoting trade, investment and industrialisation across Africa and the Caribbean.

We are delighted to receive these two awards, which attest to the expertise, creativity and efficiency of Afreximbank’s communication

The Award of Excellence for IATF2025 recognises the successful communications and stakeholder engagement programme delivered around the fourth edition of the Intra-African Trade Fair, Africa’s premier trade and investment event. IATF2025 brought together governments, businesses, investors, buyers, sellers and entrepreneurs from across Africa and beyond, creating a platform for trade and investment opportunities while advancing the objectives of the African Continental Free Trade Area (AfCFTA). The communications campaign played a pivotal role in driving global awareness, stakeholder participation, media visibility and engagement before, during and after the event, while showcasing the scale, ambition and dynamism of African enterprise and reinforcing a positive narrative about Africa’s capacity to trade, industrialise and compete on the global stage. Over 120,000 delegates attended IATF2025 in person and virtually, with deals worth over US$50 billion recorded.

The Award of Merit for Afreximbank Social Media Campaigns recognises the Bank’s strategic use of digital platforms to engage stakeholders, amplify its developmental impact and elevate conversations around trade, industrialisation, economic integration and investment opportunities across Africa and the Caribbean. Through a combination of compelling storytelling, thought leadership content, executive advocacy, multimedia production and real-time event coverage, Afreximbank’s social media platforms have continued to expand their reach and influence among policymakers, businesses, investors, development partners and the wider public. Among these platforms is the Afreximbank TV, a digital TV channel that is wholly owned and managed by Afreximbank, whose fifth edition was celebrated with dedicated coverage of IATF2025, providing live coverage of the activities to both pan African and global audiences.

Anne Ezeh, Director & Global Head, Communications and Events at Afreximbank commented: “We are delighted to receive these two awards, which attest to the expertise, creativity and efficiency of Afreximbank’s communications. As a pan African multilateral financial institution, we see storytelling as a powerful tool for advancing our mission — ensuring our initiatives, events, programmes and key announcements not only inform, but also inspire confidence, deepen engagement and amplify Africa’s transformation. These awards reinforce our resolve to continue delivering world-class communications that elevate African voices and projects a bold and authoritative narrative of the continent.”

Ms. Ezeh added that through innovative storytelling, digital engagement and integrated campaigns, the Bank will continue to amplify the impact of its programmes and partnerships  to project a more authentic narrative of Africa, one defined by opportunity, innovation, resilience and growing influence in the global economy.

For more than five decades, the IABC Gold Quill Awards have recognised excellence in strategic communications globally, celebrating programmes and campaigns that demonstrate measurable impact, innovation, creativity and outstanding execution. Widely regarded as the pinnacle of achievement in the communications profession, the awards are judged through a rigorous and independent evaluation process conducted by experienced communication leaders from around the world.

Distributed by APO Group on behalf of Afreximbank.

 

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Islamic Development Bank (IsDB) Institute Unveils 2025 Annual Report During Group Annual Meetings in Baku

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In 2025, IsDBI significantly expanded its footprint in Islamic finance transformation, approving 25 new technical assistance projects valued at US$4.14 million and completing 19 projects worth US$3 million

The Islamic Development Bank Institute (IsDBI) (https://IsDBInstitute.org) has released its 2025 Annual Report during the 2026 IsDB Group Annual Meetings held in Baku, Azerbaijan, showcasing a year of expanded impact in Islamic finance transformation, innovative solutions, and capacity development.

 

The report highlights how IsDBI strengthened its role as a global knowledge leader by advancing innovative solutions and scaling support to Member Countries through knowledge-based interventions, Islamic finance grants, and strategic partnerships.

In 2025, IsDBI significantly expanded its footprint in Islamic finance transformation, approving 25 new technical assistance projects valued at US$4.14 million and completing 19 projects worth US$3 million, supporting countries in strengthening regulatory frameworks and promoting inclusive financial systems.

Since 2013, the Institute’s interventions in this regard have reached over US$27.57 million across 181 projects benefiting more than 34 countries, underlining its sustained contribution to development outcomes across the Islamic world.

I am pleased to note that the Institute has continued to strengthen its unique role in the global development ecosystem

The Annual Report highlights major progress in IsDBI’s three flagship transformative projects, namely Awqāf Free Zones, Digital Postal Islamic Financial Services, and Smart Countertrade System, which have all advanced to pilot-ready stages. These initiatives aim to address global challenges such as financial inclusion, food and energy security, and trade resilience.

Furthermore, the Institute accelerated its focus on digital innovation in Islamic finance, enhancing its Islamic Finance Artificial Intelligence Assistant (IFAA) and hosting its first AI Hackathon on Islamic Finance, engaging more than 40 teams in developing cutting-edge solutions aligned with industry standards.

Human capital development in Islamic finance also remained a cornerstone of IsDBI’s work in 2025, with the delivery of over 20 training programs reaching around 500 professionals across Member Countries. A key achievement in this area was the Entrepreneurial Mindset Development Program, a flagship initiative equipping emerging leaders from 20 countries with innovation-driven and values-based entrepreneurship skills. The program was designed and implemented in collaboration with Prince Mohammed Bin Salman College of Business and Entrepreneurship, Saudi Arabia.

The Institute also strengthened its thought leadership through flagship publications, global partnerships, and digital engagement, reinforcing its position as a leading voice in Islamic economics and finance.

Commenting on the issuance of the Annual Report, Dr. Sami Al-Suwailem, Acting Director General of IsDBI, said: “I am pleased to note that the Institute has continued to strengthen its unique role in the global development ecosystem by bridging knowledge creation, building human capital, and designing innovative solutions to address economic challenges.”

The 2025 Annual Report is accessible on IsDBI website here (https://isdbinstitute.org/product/isdbi-annual-report-2025/).

Distributed by APO Group on behalf of Islamic Development Bank Institute (IsDBI).

 

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