Business
Senate To Strengthen Gas Flare Laws …Set to Punish Nigerian Accomplices
The Nigerian Senate has identified the fact that if Nigeria must meet up with the National Gas Flare-out Target of January 2030, it must have a working legislation, equipped with commensurate penalties for gas flaring offences in the nation.
The Senate has also made it clear that Nigerians who man the Petroleum Ministry and regulatory agencies are as much culpable to gas flaring offences as the multinational oil companies themselves.
These were part of issues raised at plenary, as the Senate considered a bill titled: Gas Flaring ( Prohibition and Punishment bill) 2016 sponsored by the Chairman, Senate Committee on Gas, Senator Bassey Albert Akpan.
The bill among others seeks to address the inadequacies of the 1979 Act; bring gas flare penalty in tune with current economic realities and ensure the achievement of the National Flare out Target of January 2030.
Sen Albert Bassey in his lead debate decried dangerous environmental and energy waste practices in the country’s petroleum industry.
Akpan noted that the flaring of natural gas was one of the most dangerous environmental and energy waste practices in the country’s petroleum industry.
He said that gas flaring had adverse effect on the environment and human health.
The lawmaker added that it had resulted in economic loss, deprived the Federal Government of tax revenues and trade opportunities and deprived consumers of clean and cheaper energy source.
His words: “Available data from the NNPC has shown that Nigeria lost billions in revenue last year. The volume of gas flared is sufficient to generate 3.5 megawatts of electricity. This is not to say the quantifiable social health and environmental impacts
‘It appears that the euphoria of oil discovery and commencement of production in 1958 blinded Nigerians as there was no provision to handle gas in association with the oil.
Government neither stipulated any law nor guidance during the nascent period of our oil production history
“All efforts to stop the flaring of natural gas has not been effective and Nigerians have remained the victims of lack of Gas Flaring Prohibition Act,” he said.
According to the lawmaker ,the bill when passed into law, would help to provide a strong legal framework for effective monitoring and regulation of gas activities in line with current realities.
He stressed that the bill sought to ensure achievement of the national flare out target of January 1, 2030 in line with the United Nations Charter.
In his contribution, the Chairman, Senate Committee on Finance, Sen. John Enoh, said it was disheartening that Nigeria was still battling with stopping gas flaring and called for the passage of the bill in order to put strict measures in place to tackle the problems posed by the flaring of gas.
“We remain an amazing country especially because since 1958 up till now, we are still talking about what to do about gas flaring. So we have to put in measures to make it expensive to flare gas,” he said.
Senator Ben Murray Bruce lamented that gas flaring has continued in Nigeria because the laws against the act are toothless and obnoxious.
Senator Bruce noted that the practice thrived because Nigerians who man the ministries and regulatory agencies are unpatriotic and either allow the foreign companies flare the gas while they look the other way or allow them evade substantial punishment.
His words, ” Nobody ever pays attention to these incompetent people who should be protecting Nigerians.
“I agree we go for the foreign companies because they are very irresponsible themselves but we must deal with the issue of Nigerians who are not patriotic. We must discuss the issue of punishing these Nigerians.”
Nneka Amaechi-Nnadi
Business
Agency Gives Insight Into Its Inspection, Monitoring Operations
Business
BVN Enrolments Rise 6% To 67.8m In 2025 — NIBSS
The Nigeria Inter-Bank Settlement System (NIBSS) has said that Bank Verification Number (BVN) enrolments rose by 6.8 per cent year-on-year to 67.8 million as at December 2025, up from 63.5 million recorded in the corresponding period of 2024.
In a statement published on its website, NIBSS attributed the growth to stronger policy enforcement by the Central Bank of Nigeria (CBN) and the expansion of diaspora enrolment initiatives.
NIBSS noted that the expansion reinforces the BVN system’s central role in Nigeria’s financial inclusion drive and digital identity framework.
Another major driver, the statement said, was the rollout of the Non-Resident Bank Verification Number (NRBVN) initiative, which allows Nigerians in the diaspora to obtain a BVN remotely without physical presence in the country.
A five-year analysis by NIBSS showed consistent growth in BVN enrolments, rising from 51.9 million in 2021 to 56.0 million in 2022, 60.1 million in 2023, 63.5 million in 2024 and 67.8 million by December 2025. The steady increase reflects stronger compliance with biometric identity requirements and improved coverage of the national banking identity system.
However, NIBSS noted that BVN enrolments still lag the total number of active bank accounts, which exceeded 320 million as of March 2025.
The gap, it explained, is largely due to multiple bank accounts linked to single BVNs, as well as customers yet to complete enrolment, despite the progress recorded.
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