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Nigeria’s 12 Oil Bid Round Will Be Transparent -FG
The Nigerian Upstream Petroleum Regulatory Commission (NUPRC) has expressed the commission’s determination to conduct Nigeria’s 2024 bid round in a transparent manner.
Mr Gbenga Komolafe, the Chief Executive of the commission, gave the assurance yesterday during the 2024 Pre-bid conference in Lagos.
The Tide’s source reports that the theme of the conference is, “Unveiling Nigerian Energy Development Strategies: 2024 Licensing Round”.
He said that the bid would be in accordance with Section 76 (1) of the Petroleum Industry Act (PIA).
Komolafe said said that Nigeria is an attractive jurisdiction for investment, adding that the country has a stable regime, driven by laws.
According to him, Nigeria is a stable political environment that encourages businesses in a conducive atmosphere.
“The 2024 bidding round is meant for investors with financial capacity and technical competence.
“In the past, the award of oil blocks culminated to the non-development of over 90 per cent of marginal fields, thus denying the federal government of reaping the intended benefits.
“This is because such awards were not based on technical and financial considerations,” he said.
The NUPRC boss said that the recent Presidential Executive Orders issued were aimed at improving the efficiency and attractiveness of Nigeria’s oil and gas sector.
He said that it would culminate in further increasing the nation’s oil and gas reserves.
He added that as at April, it was estimated that Nigeria’s oil reserve was at 37.5 billion barrels of crude oil and condensate reserves, and 209.26 trillion cubic feet of natural gas reserves.
He said that the commission had engaged in several roadshows, held in Houston U.S., Miami, London and Paris, among others.
“We are not just a regulator, but a business enabler. We urge stakeholders to participate in the exercise.
“It will enable us unprecedented opportunity to unlock Nigeria’s vast hydrocarbon potential, attract investment and propel our nation towards greater economic prosperity and shared prosperity,” he stated.
He said each block had been chosen for its potential to bolster the nation’s reserve and economic posterity.
Komolafe said that the total number of blocks were 12 as at planning stage.
“But they were later able to gather data to offer more oil blocks. So, it is increasing the number of blocks and the details willl be made available on the portal,” Komolafe said.
The NUPRC boss also said that the commission had issued a licensing round guideline and published the grand plan.
Komolafe said that the blocks on offer have extensive 2D and 3D seismic coverage including logic and analog data.
According to him, the objectives of the exercise are; to grow oil, gas reserves, to boost production, to enhance Nigerian content development and attract investment among others.
He told prospective investors that notwithstanding, the progression of energy transition; fossil fuel would continue to play a key role in the energy provider globally.
The NUPRC boss said that there were plans to also conclude the 2022 block auctions alongside the 2024 oil bid round, while it had offered seven oil blocks in 2022.
He claimed that investors spend less in exploration and production to produce oil in Nigeria because of the depth of the wells.
According to him, the bid round is scheduled to last for nine months, with details on the portal.
He expressed optimism that investors would choose Nigeria, noting that the nation has a stable democracy with a location close to the coastline of 900 meters.
“Nigeria’s has ease of access to the Europe, American market, attractive fiscal regime; effective regulatory regime; presence of IOCs with confidence in Nigeria; ease of discovery and high productivity, among others.
Also, the Executive Director of Schlumberger, Dr Nosa Omorodion, said, “This is an opportunity for NUPRC to demonstrate that Nigeria is ready for business.”
He also said that integrity remained important while ensuring that things were done according to the rules.
He stressed that corporate governance and competency were key.
He said that the new bloc that would be placed should be published and made open for perspectives investors to see.
Mr Hans Nijkamp, Gas and Commercial Director, Shell E&P Africa, said: “Shell has been in Nigeria since 1937 and we are ready to stay for a very long time.
Noting that the deepwater is the company’s ‘playground’ for the future, Hans said Nigeria is currently on track.
He added, “The fiscal regulatory framework makes it look like Nigeria is already in the future.”
He explained that the company is determined to focus on oil and gas in the deepwater and taking the gas to the domestic market through the NLNG.
According to him, the PIA is a groundbreaking moment, as it has improved things, significantly, in the sector.
He, however, urged the government to address in the area of non-associated gas.
“The PIA and the Executive Order signed by Mr President together makes Nigeria more competitive,” he said.
The Tide source also reports that about 300 participants attended the pre-oil bid round conference.
News
Ibas Inaugurates RSIEC, Service Commissions, Healthcare Board In Rivers …Charges Appointees To Embrace Principles Of Service

The Administrator of Rivers State, Vice Admiral (Rtd) Ibok-Ete Ibas, has charged newly appointed Board members to uphold the highest standards of discipline, competence, integrity, and unwavering dedication in their service to the State.
He emphasized that such commitment is critical to stabilizing governance, restoring democratic institutions, and advancing the principles of good governance in the State.
This was contained in a statement by the Administrator’s Senior Special Adviser on Media, Hector Igbikiowubo on Monday.
Ibas issued the charge on Monday while inaugurating the reconstituted Rivers State Independent Electoral Commission (RSIEC), Rivers State Civil Service Commission, Rivers State Local Government Service Commission, and the Rivers State Primary Health Care Management Board at Government House, Port Harcourt.
The Administrator urged the new appointees to embrace their roles with diligence, patriotism, and a commitment to transforming Rivers State through excellent service.
Addressing the Chairman and members of RSIEC, Ibas underscored their pivotal role in ensuring credible local government elections that reflect the will of the people.
“Your task is clear but demanding: to conduct free, fair, transparent, and credible elections at the grassroots level. You must resist bias, favoritism, and external interference while restoring public confidence in the electoral process,” he stated.
“The independence of your actions is crucial to sustaining peace, stability, and grassroots governance. I urge you to act with fairness, impartiality, and professionalism—even in the face of difficult choices,” Ibas added.
The Sole Administrator also charged the Rivers State Civil Service Commission on the need to eliminate mediocrity and foster a culture of excellence through merit-based recruitment, training, and promotions.
“The civil service must transition from favoritism to competence, integrity, and accountability. Your commission will lead reforms, including digital transformation and standardized practices across ministries, departments, and agencies,” he said.
He disclosed that extensive training programmes are underway, with a committee set up to overhaul the public service framework for greater efficiency.
Meanwhile, Ibas urged the Rivers State Local Government Service Commission to ensure professionalism and discipline in local government administration.
“As the closest tier of government to the people, you must drive reforms that insulate the system from politics and mediocrity. Your mandate includes merit-based recruitment, training, and enforcing standards for effective service delivery,” he stated.
In the same vein, the Administrator charged the Rivers State Primary Health Care Management Board with revitalizing healthcare delivery across the state’s 23 local government areas.
“Primary healthcare is the foundation of a sustainable health system. Your board must ensure facilities are adequately staffed, equipped, and operational focusing on maternal health, immunization, malaria control, and community health services,” he said.
He emphasized data-driven operations, incentives for rural health workers, and restoring the referral system to improve healthcare access.
He also assured the Board of sustained government support, including funding, for the effective discharge of their mandates but warned that board members would be held accountable for their performance.
The newly inaugurated members include: RSIEC: Dr. Michael Ekpai Odey (Chairman) with Prof. Arthur Nwafor, Prof. Joyce Akaninwor, and others as members.
Civil Service Commission: Dr. Livinus Bariki (Chairman), Amb. Lot Egopija, Mrs. Maeve Bestman, and others.
Local Govt. Service Commission: Mr. Isreal Amadi (Chairman), Rear Adm. Emmanuel Ofik (Rtd), Dr. Tonye Pepple, and others.
Primary Health Care Board: Dr. Dawari George (Chairman), Dr. Chituru Adiele (Executive Director), Prof. Kaladada Korubo, and representatives from key ministries.
News
Rivers PDP Debunks Sale Of LGA Election Forms

The Publicity Secretary of the Peoples Democratic Party (PDP) in Rivers State, Dr. Kenneth Yowika, has debunked claims that the party has commenced sale of forms for chairmanship and councillorship elections across the 23 local government areas of the state.
Yowika made the rebuttal in a statement made available to newsmen on Wednesday, describing the publication on the social media as baseless and untrue.
He urged members of the PDP to disregard the claim, saying that official communication regarding the sale of forms would be disclosed through the appropriate channels.
“With reference to information trending on social media, it has been falsely claimed that the sale of forms for Chairmanship and Councillorship elections in the 23 Local Government Areas (LGAs) of Rivers State will begin soon.
“However, the party has firmly denied these rumours, stating that they are baseless and untrue.
“The party has its own established methods of reaching out to its numerous supporters.
“The People’s Democratic Party, a law-abiding organisation, will patiently await the release of guidelines from the recently inaugurated Rivers State Independent Electoral Commission (RSIEC) before considering any sale of election forms.
“The PDP is urging its members to remain calm as official communication regarding the sale of forms will be disclosed through appropriate channels,” the statement read.
Enoch Epelle
News
South-South contributes N34trn to Nigeria’s economy in 2024 – Institute
Prof. Pius Olanrewaju, President of the Chartered Institute of Bankers of Nigeria (CIBN), has stated that the South-South region contributes N34 trillion to country’s economy in 2024.
He made the remark at the South-South Zonal Banking and Finance Conference in Calabar, yesterday.
He spoke on the theme, ‘’Building An Inclusive South-South: Economic Diversification as a Catalyst For Development.’’
Olanrewaju, who quoted the data from the Cable Data Index, said the feat was more than 21 per cent of Nigeria’s real Gross Domestic Product (GDP).
The president described the growth as ‘’ impressive,’’ saying that it was not driven by oil alone but significant expansions in trade, services, and the creative industries.
According to him, to fully harness this potential, coordinated financial, technological, and policy support is essential.
“As we work to reposition the South-South for broad-based prosperity, the financial system must play a central role, not merely as a source of capital, but as a catalyst for innovation, ideas incubation, and inclusive economic growth.
“This conference, therefore, provides a strategic opportunity for stakeholders to reimagine the South-South economy, not merely as a resource belt, but as a region of diverse capabilities and resilient enterprises.”
Olanrewaju added that Nigeria must move beyond old models and chart a new course for the development of the South-South region, where financial institutions and stakeholder collaborate to diversify the economy for shared prosperity.
He, however, commended Gov. Bassey Otu for his pledge of land for CIBN Secretariat in Cross River and being the first sitting governor to willingly undergo and complete the Chartered Bankers Programme.
On his part, Gov. Otu said that the conference discussion on the economic diversification in South-South region was timely against the backdrop of global trade and economic volatility that was affecting the nation’s economy.
Represented by his deputy, Mr Peter Odey, Otu said the South-South region must now act with urgency to diversify its economy while leveraging its shared natural endowment in agriculture and extractive resources.
“This conference must help develop tailored financial solutions that reflect the unique strengths and realities of states like Cross River in the south-south.
“Diversification should be evidence-based and must be backed not just by financial advice but project focused financing and real investment support,” he noted.
He said that Cross River had taken the bold step to invest in its agricultural sector by launching an Agro processing hub.
Otu further said that the state had invested in aviation by acquiring more aircrafts for Cally Air, construction of the Bakassi Deep Seaport and injecting N18 billion in its tourism sector.
Similarly, Mr Tolefe Jibunoh, Cross River Branch Controller of the Central Bank of Nigeria (CBN) said that the region was blessed with natural resources, cultural diversities and immense human potentials.
Jibunoh, who was represented by Mr Segun Shittu, Head, Currency Control Office, CBN, Calabar, noted that strategic diversification could unlock unprecedented opportunities for growth in the region.
He added that the CBN remained steadfast to maintain monetary possibilities and promote a sound financial system as a catalyst for sustainable economic development for the benefit of all.
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