Economy

FG reaffirms support for NNPC Limited’s 100,000 barrels per day production

Published

2 years ago

November 23, 2024

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The Honourable Minister of State for Petroleum Resources (Oil), Senator Heineken Lokpobiri, has reaffirmed the Federal Government of Nigeria’s commitment to supporting the NNPC Limited/FIRST Exploration; Petroleum Development Company Limited (FIRST E&P) Joint Venture (JV) in achieving its ambitious target of producing 100,000 barrels of oil per day (BOPD).

The Minister made this declaration during a comprehensive engagement with the JV, which included a tour of its offshore drilling and production facilities in the Niger-Delta.

The two-day visit was designed to provide the Honourable Minister firsthand insight into the JV’s operations and underscore its contributions to Nigeria’s energy security and transition goals.

Head, Joint Venture Investment Management, NNPC Upstream Investment Management Service(NUIMS), Mr. Olanrewaju Igandan; Minister of State, Petroleum Resources(Oil), Senator Heineken Lokpobiri; Managing Director, FIRST E&P Development Company Limited, Ademola Adeyemi-Bero and Managing Director, First Marine and Engineering Services Ltd, Joseph Penawou during the tour of Ogu Base logistics in Yenagoa Bayelsa State

The visit commenced with a tour of the Abigail-Joseph, the JV’s Floating Production Storage and Offloading (FPSO) vessel, followed by inspections of the Anyala OML 83 and Madu OML 85 Conductor Supported Platforms (CSPs) on Tuesday, November 19, 2024. The Minister’s itinerary also included a visit to the JV’s Ogu Logistics Base and a Host Community Stakeholders Engagement meeting in Yenagoa, Bayelsa State.

Describing his tour as quite strategic to Nigeria, the Minister disclosed that by meeting this ambitious 100,000 BOPD target, the JV would be helping the Federal Government achieve its production goal of 2.5 million BOPD by 2025. The Minister also praised FIRST E&P for its role in Nigeria’s recent achievement of 1.8 million BOPD and highlighted the strategic significance of the company’s operations to national growth.

During an engagement held with the Minister, FIRST E& P’s Managing Director, Ademola Adeyemi-Bero, reaffirmed the company’s commitment to supporting the Federal Government in achieving its target by maximising production, optimising efficiency, and contributing to Nigeria’s energy security through the NNPCL/FIRST E&P JV partnership. “For a nation like Nigeria, where oil and gas remain critical drivers of socio-economic growth, ensuring a sustainable energy supply is essential for industrialization, economic diversification, and improving the quality of life for millions. At FIRST E&P, our vision is strongly aligned with the national priorities for production. With a steady output of 56,000 BOPD, we are focused on achieving our medium-term target of surpassing 100,000 BOPD”, stated Adeyemi-Bero.

Bala Wunti, the Chief Upstream Investment Officer of NNPC Upstream Investment Management Services (NUIMS), represented by Olanrewaju Igandan, Head of Joint Venture Investment Management at NUIMS, applauded FIRST E&P and its partners for their remarkable achievements over the past decade. He highlighted that since achieving first oil in 2020, the partnership has produced over 50 million barrels of oil, significantly contributing to national revenue through royalties, taxes, and host community development initiatives.

While commending the JV, the Bayelsa State Governor, Douye Diri represented by Chief of Staff, Dr. Peter Akpe, called for greater collaboration between the Federal Government, oil companies, and state authorities to boost production.

Speaking during the Host Community Stakeholders Engagement meeting, Chairman, KEFFESO Host Communities Development Trust (KHCDT), Amadabo of Moko-ama, Sangana Kingdom, His Royal Highness Moses Theophilus, commended the management of the JV for their invaluable support to the host communities through various initiatives in the areas of education, health care, and human capital development.

Lokpobiri commended the JVs host communities for creating a peaceful and supportive environment that has enabled the company to operate smoothly without disruptions. He urged the communities to continue their collaboration with the company, emphasizing that their support is crucial for increasing production and achieving the ambitious targets set. Reassuring stakeholders, he reaffirmed the Federal Government’s commitment to enhancing Nigeria’s investment climate and ensuring the nation remains globally competitive in the oil and gas sector.

Economy

See Dollar to Naira exchange rate today, September 9, 2026

Published

23 hours ago

September 9, 2026

EMMANUEL AGAJI

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The Naira yesterday appreciated to N1,387 per dollar from N1,390 in the parallel market on Monday.

Similarly, the naira appreciated to N1,322.9 per dollar in the Nigerian Foreign Exchange Market, NFEM.

Data from the Central Bank of Nigeria, CBN, showed that the indicative exchange rate for the naira fell to N1,322.9 per dollar from N1,320 per dollar on Monday, indicating N2.9 appreciation for the local currency.

Consequently, the margin between the parallel and official markets narrowed to N64.1 per dollar from N70 per dollar on Monday. The value of interbank turnover in NFEM declined by 48.07 percent to $55.6 million from $107.07 million on Monday.

Economy

CBN tightens watch on banks over terrorism financing

Published

1 day ago

September 9, 2026

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The Central Bank of Nigeria (CBN) has announced that it will be paying closer attention to how banks and other financial institutions in the country are being used, or misused, to move money that could fund terrorism.

In a statement signed by Hakama Sidi-Ali, Acting Director of the apex bank’s Corporate Communications and Investor Relations Department on Tuesday, the CBN said it has made terrorism financing supervision one of its current priorities. According to the statement, this is part of the bank’s “ongoing commitment to protecting the Nigerian financial system from abuse by illicit actors.”

What this means in plain terms is that the CBN will be looking more closely at how banks identify and manage the risk of their platforms being used to fund terrorism, how well they monitor suspicious transactions linked to terrorism financing, how they carry out sanctions ordered against specific individuals or groups, and how promptly they report suspicious activity connected to terrorism financing.

The statement explained that this new push covers four broad areas: how financial institutions manage terrorism financing risk, how they monitor transactions for signs of terrorism financing, how they carry out targeted financial sanctions, and how they report suspicious transactions linked to terrorism.

The apex bank said it will not be sitting back and waiting for problems to surface on their own. Instead, it plans to use a risk-based approach, which means banks and institutions seen as more exposed to this kind of risk will attract closer attention.

This will involve both on-site inspections, where CBN officials visit institutions directly, and off-site checks, where the bank reviews reports and data from a distance.

The goal, the statement said, is to support “effective Anti-Money Laundering, Countering the Financing of Terrorism and Countering Proliferation Financing (AML/CFT/CPF) controls across the financial sector,” referring to the fight against money laundering, terrorism financing, and the financing of weapons proliferation, all of which are governed by existing Nigerian laws and regulations.

The CBN also linked this move to Nigeria’s wider efforts, both at home and internationally, to fight terrorism financing and the financing of weapons proliferation, and to protect the integrity of the country’s financial system.

The apex Bank did not name any specific institution under investigation or give a timeline for these actions, but noted that “further supervisory engagement will be undertaken as appropriate,” suggesting that more steps could follow depending on what its checks turn up.

For the ordinary Nigerian, the announcement signals that the CBN wants banks to be more careful and more accountable in how they track the movement of money through the financial system, particularly where there is any possible link to terrorism or the funding of violent groups.

It is also a reminder that financial institutions operating in Nigeria are expected to follow strict rules designed to keep the banking system safe from being used for illegal purposes.

Economy

FG increases pension for soldiers

Published

1 day ago

September 9, 2026

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The Federal Government has approved a new pensionable salary structure for personnel of the Nigerian Armed Forces.

The new structure affects personnel in the Nigerian Army, Nigerian Navy and Nigerian Air Force and took effect from September 1, 2026.

The approval was contained in a circular issued on September 3 by the National Salaries, Incomes and Wages Commission.

Under the new arrangement, Generals, Admirals and Air Chief Marshals occupy the highest level, with their annual pensionable salaries ranging from ₦21.9 million to ₦29.75 million, depending on their salary steps.

The highest figure works out to roughly ₦2.48 million per month when divided by 12.

Lieutenant Generals, Vice Admirals and Air Marshals will have annual pensionable salaries between ₦16.99 million and ₦25.91 million.

Major Generals, Rear Admirals and Air Vice Marshals will receive pensionable salaries ranging from about ₦14.98 million to ₦23.9 million annually.

For Brigadier Generals, Commodores and Air Commodores, the approved annual pensionable figures range from ₦13.86 million to ₦16.39 million.

Colonels, Captains and Group Captains will have annual pensionable salaries between ₦8.31 million and ₦9.49 million, while Lieutenant Colonels, Commanders and Wing Commanders will fall between ₦7.55 million and ₦8.74 million.

Majors, Lieutenant Commanders and Squadron Leaders will have pensionable salaries ranging from ₦5.99 million to ₦7.01 million annually.

Captains, Lieutenants and Flight Lieutenants will receive between ₦5.28 million and ₦6.42 million.

At the junior officer level, Second Lieutenants, Midshipmen and Pilot Officers will have annual pensionable salaries ranging from ₦4.92 million to ₦5.59 million.

The new structure also covers non-commissioned personnel.

Warrant Officers across the three services will have annual pensionable salaries between ₦4.53 million and ₦5.17 million, while Master Warrant Officers will receive between ₦3.94 million and ₦4.93 million.

Warrant Officers will have annual pensionable salaries ranging from ₦3.46 million to ₦4.35 million. Staff Sergeants, Petty Officers and Flight Sergeants will have figures between ₦2.98 million and ₦3.76 million.

Sergeants and Leading Seamen will have annual pensionable salaries ranging from ₦2.81 million to ₦3.16 million, while Corporals and Able Seamen will receive between ₦2.48 million and ₦2.73 million.

Lance Corporals and Seamen will have pensionable salaries between ₦2.32 million and ₦2.58 million annually.

Privates, Ordinary Seamen and Aircraftmen will have figures ranging from ₦2.28 million to ₦2.49 million.

The government clarified that the amounts contained in the new schedule are meant for calculating pension benefits.

They should not be treated as the actual monthly salaries or take-home pay of serving military personnel.