Category: Economy
Inflation Drops For Fifth Consecutive Time, Says NBS
Nigeria’s headline inflation slowed for the fifth consecutive month in August 2025, providing some respite for consumers grappling with high living...
NUPENG/Dangote Face-off : DAPPMAN accuses Dangote of feeding public with one sided story
The Depot and Petroleum Products Marketers Association of Nigeria (DAPPMAN) has said that Dangote Refinery and Petrochemicals Company is feeding Nigerians with a...
Safety Lapses:FG revokes oil rig license Gbenga Komolafe, CEO, NUPRC The Nigerian Upstream Petroleum Regulatory Commission (NUPRC) has revoked the operating licence of Oritsemeyin Rig, and directed it to cease all operations upon the completion of its current well operations due to catastrophe. The notice is contained in a letter dated September 11, 2025, addressed to Selective Marine Services Limited (SMSL) and signed by the Commission Chief Executive, Engineer Gbenga Komolafe. The NUPRC said in a statement on Friday 12 September, 2025 that the decision followed a thorough review of the circumstances surrounding the drilling of UDIBE-2 wellbore during which a kick was recorded, resulting in several Non-Productive Time (NPT) with consequential cost and a forced well Describing the situation, NUPRC Head, Media and Strategic Communications, Eniola Akinkuotu, said: “A kick on an oil rig is the unwanted flow of formation fluids (oil, gas, or water) into the wellbore due to a temporary pressure imbalance, where the pressure inside the wellbore becomes lower than the formation pressure. “This phenomenon, if left unmanaged, can lead to a potentially catastrophic uncontrolled release of fluids called a blowout.” Subsequently, according to the statement, the NUPRC in accordance with Section 97 of the Petroleum Industry Act 2021, issued a formal notice of culpability via a letter dated June 5, 2025 with a timeline of 21 days followed by a reminder dated July 9, 2025 to ensure an amicable resolution which was not achieved even beyond the stipulated time. “Consequent upon the forgoing and pursuant to the relevant powers conferred on the commission under the extant Petroleum Industry Act 2021, the annual licence to operate granted to Selective Marine Services Limited for the Oritsemeyin Rig is hereby revoked,” the commission stated. The upstream regulator also disqualified the Oritsemeyin Rig from all renewal protocols in strict compliance with the applicable provisions of the law forthwith. The NUPRC noted that this action is in line with the Petroleum Industry Act, 2021 which empowers the commission to ensure compliance with good oilfield and international best industry practices, operational safety and optimization as well as promote technical excellence and preserve commercial and environmental sustainability. (The Nation)
Gbenga Komolafe, CEO, NUPRC The Nigerian Upstream Petroleum Regulatory Commission (NUPRC) has revoked the operating licence of Oritsemeyin Rig, and...
Revenue target: What might have been!
Special Report: Is menopause a scam? By abiodun KOMOLAFE That was President Bola Ahmed Tinubu, speaking in a recent address to key political figures. Tinubu...
NLNG secures gas deals amid rising global energy demand
Gas Nigeria LNG Limited (NLNG) has announced a strategic shift toward third-party gas sourcing to sustain production and meet growing energy demands across Africa...
12 ways the economy has changed structurally
12 ways the economy has changed structurally By Tope Fasua 1. Only 3% of gdp is oil and gas. They rest is non oil. 2. Better capturing of entertainment sector where many...
Tinubu orders FEC committee to crash food prices
President Bola Tinubu has ordered a Federal Executive Council committee to further crash prices of food items across the country. The Minister of State for Agriculture...
Bandits invade Egbe, Kogi kills four policemen
Bandits Wednesday unleash reign of terror in Egbe,a semi urban town in Kogi state killing four policenen in the process. Eyewitness accounts revealed that the...
FG plans seamless highway connection via Snake Island tunnel
Group accuses Police officer of allegedly colluding with land grabbers to harass Lagos resident
Customs seizes illicit medicines, contraband products worth over N13bn at Onne Port
Siezure The Nigeria Customs Service (NCS), Onne Area 11 Command, has seized 20 containers laden with illicit drugs and contraband products worth more than...
