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The Nigerian Upstream Petroleum Regulatory Commission (NUPRC) has appealed to financial institutions to increase funding for oil and gas operators as part of efforts to expand domestic production.

NUPRC chief executive, Oritsemeyiwa Eyesan, made the call during a visit by senior executives from Rand Merchant Bank (RMB) to the commission’s Abuja headquarters.

Eyesan emphasised the importance of collaboration between regulators, financiers and operators to unlock investment and accelerate growth in the country’s gas sector.

“One critical element will be financing, and we are hoping that you and the financial world will be there to support us. We will ensure that the industry operates in accordance with the Petroleum Industry Act and all other regulatory instruments,” Eyesan said.

She disclosed that the industry’s appetite for investment is very strong, as demonstrated by the interest in the ongoing 2025 licensing bid round, which witnessed almost 300 applications from IOCs and indigenous operators.

The NUPRC boss also highlighted ongoing initiatives around energy transition, including the issuance of Permits to Access Flare Gas (PAFG) to 28 firms and a target of 60 per cent reduction in fugitive methane emissions by 2031, among other initiatives aimed at promoting sustainable development in the upstream sector.

Responding, the head of Oil and Gas Coverage at Rand Merchant Bank, Jonathan Ross, said the bank is keen on supporting Nigeria’s efforts to grow oil and gas production, with a particular focus on gas development.

He described gas as a strategic priority for the bank, citing major infrastructure projects such as the OB3 Gas Pipeline as critical to unlocking the country’s vast gas potential.

The bank also acknowledged recent regulatory reforms and improvements in security in host communities, noting that Nigeria is in a stronger position to attract investment than in previous years.

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Human rights lawyer Femi Falana has urged the Attorney-General of the Federation and Minister of Justice, Lateef Fagbemi, to take immediate legal steps to recover over $120.5 billion and N66.4 billion owed to the federal government by the Nigerian National Petroleum Company Limited (NNPCL), international oil companies (IOCs), and other industry operators.

Falana, in a letter on behalf of the Alliance on Surviving Covid-19 and Beyond (ASCAB), stated that court rulings, government investigations, and federal agency reports confirm that these substantial amounts, comprising unpaid royalties, taxes, dividends, and other revenues, are still unpaid and must be remitted to the Federation Account.

The senior lawyer warned that if the Attorney-General does not initiate recovery actions within 14 days of receiving the letter, ASCAB would seek a court order compelling him to act in accordance with his constitutional and legal duties.

Falana identified five main categories of funds to be recovered.

The largest portion, he said, is $62 billion in unpaid royalties owed by international oil companies, due to the federal government’s failure to enforce the Deep Offshore and Inland Basin Production Sharing Contracts Act.

He explained that Section 16 of the law requires royalty increases when crude oil prices exceed $20 per barrel, but this was overlooked for 18 years, resulting in significant revenue loss.

Falana also stated in the letter that the governments of Akwa Ibom, Bayelsa, and Rivers approached the Supreme Court and that on October 20, 2018, the apex court issued a consent judgment instructing the federal government to recover these royalties and pay the states their 13% derivation entitlement.

The right advocate further stated that a committee set up by former Attorney-General Abubakar Malami concluded that $62 billion could be recovered from the international oil companies.

He also mentioned that the Federal High Court has issued judgments supporting Akwa Ibom, Rivers, and Bayelsa states’ claims to their share of the disputed royalties.

The lawyer further urged the government to recover $29 billion in proceeds from crude oil theft and undeclared exports.

He also pointed out that findings by lawyers hired by NIMASA reportedly showed that 60.2 million barrels of crude, worth about $12.7 billion, were discharged at the Port of Philadelphia, USA, between 2011 and 2014.

Falana also cited a House of Representatives ad hoc committee report that estimated that $17 billion in crude oil and LNG exports left Nigeria without proper records during the same period.

He called on the Attorney-General to direct the EFCC to recover the funds from the oil and shipping firms involved.

Regarding Nigeria LNG Limited (NLNG), Falana accused NNPCL of failing to remit $21.5 billion in dividends received on behalf of the federal government.

He pointed out that NLNG paid over $44 billion in dividends over 26 years, with NNPCL, holding a 49% stake, receiving about $21.5 billion, which has not been remitted to the Federation Account despite several recommendations and resolutions.

Falana also referenced NEITI’s 2022/2023 report, which identified $6.071 billion and N66.4 billion in outstanding revenues as of June 2024.

He criticised the National Assembly for approving a $2.1 billion external loan request in November 2024 amid these recoverable revenues.

The lawyer urged the Attorney-General to recover $2.9 billion spent on rehabilitating the Port Harcourt, Warri, and Kaduna refineries, noting contractual breaches by foreign contractors and operational issues, including refinery shutdowns.

He called for an EFCC investigation into the contracts and recovery of related funds.

He emphasised that recovering these sums would boost government revenue and lessen dependence on external borrowing.

“If the said sum is recovered, the Federal and state governments will avoid further external loans,” the letter stated.

Falana asserted that ASCAB has the legal standing to pursue legal action if necessary, citing its role in advocating amendments to the contracts law, which President Buhari signed into law in 2019.

As of now, neither the Office of the Attorney-General nor NNPCL has publicly responded to these claims and requests.

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The Presidency on Thursday declared that a constitutional amendment to establish state police is nearing completion.

It said deliberations among the executive, the National Assembly and security authorities had gained considerable traction after months of consultations.

Chief of Staff to the President, Femi Gbajabiamila, revealed this while briefing State House correspondents after a consultative meeting on state police convened at the Presidential Villa, Abuja.

Special Adviser to the President on Information and Strategy, Bayo Onanuga, revealed this in a statement he signed on Thursday titled ‘State Police constitutional framework near completion-Presidency.’

The meeting was attended by the Deputy President of the Senate, Jibrin Barau; the Deputy Speaker of the House of Representatives, Benjamin Kalu; and the Inspector-General of Police, Olatunji Disu, among other senior officials.

Gbajabiamila stated that the enabling legislation to operationalise the new structure would follow immediately after the amendment.

“We started deliberations in the last three or four months on how to go about the establishment of state police as directed by Mr President.

“Establishing state police is not something that you do with the snap of the fingers.

“There is a lot involved in terms of constitution and legalities, and thank God we have now gained a lot of traction,” the Chief of Staff said.

According to the former Speaker of the House of Representatives, “Hopefully, the amendment will come shortly, and the details of the amendment will come after that.

“Right now, what we are looking at is the constitutional amendment itself, and then the enabling law would follow thereafter.

“That is what we have been deliberating on in the last couple of hours.”

He revealed that the debate had long moved past the question of whether state police should exist and was now focused entirely on the legal and institutional architecture for its operation.

Tinubu, he said, would receive a comprehensive report on the outcome of Thursday’s meeting.

The state police bill has been one of the most contentious constitutional matters since 1999, with northern governors and some civil society groups previously expressing reservations about the potential for abuse by state executives.

However, Tinubu had aggressively clamoured for its establishment, citing the deteriorating security environment, particularly the insurgency in the North-East, banditry in the North-West and communal violence in the North-Central region.

In separate meetings with governors and lawmakers during the Ramadan Iftar dinners, he had called on the legislature to support the agenda, calling it a major step in his security reforms.

He had also directed all parties to hasten the framework during a high-level meeting with Plateau State stakeholders in late April and reiterated the call in his third anniversary statement on May 29.