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NUPRC Targets N15tn Revenue In 2025
The Nigerian Upstream Petroleum Regulatory Commission (NUPRC) says it seeks to make N15tn revenue this year.
Chief Executive of the Nigerian Upstream Petroleum Regulatory Commission NUPRC, Gbenga Komolafe, who disclosed this, Tuesday, while addressing newsmen shortly after he was awarded the This Day CEO of the Year Award in Lagos State, recalled that the NUPRC surpassed its revenue generation target by about 163 per cent in 2024.
For 2025, he said, the Commission has a four-point agenda, the first among which is to continue on the path of sustainable growth in its oil and gas production.
“And we all know the importance of that; we’re ramping up federal revenue. Last year, that is for 2024, you remember that the commission achieved and surpassed its revenue generation by about 163 per cent. This year, our target has been increased to about N15tn.
“So, the commission, recognising that, we have equally devised a strategy. Of course, N15tn is so large, but then we are not daunted; we are not intimidated. Rather, we are defining a strategic approach to achieve that target,” he disclosed.
With the release of its regulatory action plan rolled out in the first week of January, he noted that the NUPRC is proactive and focused on ramping up oil production.
“And you could see that, at least, we are witnessing a positive turnaround in the sense that our production has grown. We’ve recorded some level of growth at the moment, moving from about 1.4 million barrels per day to 1.75 mbpd, including condensate”, he stated.
He also disclosed that the commission will later kick off the 2025 licensing bid round after concluding that of 2024.
Accordiing to him, “In that regulatory action plan, we equally marched out the fact that we were going to conclude the licensing round. That is concluding the one we started in 2023 up to 2024. And you could see that by December, we succeeded in completing the licensing round.
“Don’t forget the fact that one of the ways by which we grow national oil production, as prescribed in the Petroleum Industry Act, is to conduct licensing bid rounds. Even though the Act did not prescribe it to be annual, at least we were able to conclude that.
“In October, last year, we launched the project for one million additional barrels of production. That project is one of our major programmes for 2025 as a commission. So, the idea behind the programme is to create a one-stop shop by which players within the ecosystem in the upstream can add value.
“We can pull the strength of all value players along the value chain to increase our production”.
Speaking about transparency in the upstream, he stressed that the commission is committed to sustaining transparency in hydrocarbon accounting through the digitalisation of the industry.
“Of course, you will equally recall that there is this advanced cargo declaration programme and the metering programme, all aimed at blocking leakages and optimising transparency in the industry.
“So, that becomes another key programme that we are pursuing, believing that if we are able to deliver on the programme, it will complement our effort on the project of 1 million barrels of additional production”, he emphasised.
The NUPRC boss also revealed that the regulator is doing all necessary to sustain its effort at decarbonising the upstream activities, which is in line with the energy transition footprint globally.
This, he said, would be achieved regardless of what the United States President Donald Trump’s agenda is.
“By and large, we are watching the global direction in the industry and the agenda of President Trump. As the regulator, this is to ensure that we steer the industry along the path of sustainability”, he stated.
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The trapatriate Unions conprising the National Union of Air Transport Employees (NUATE), and the Air Transport Service Senior Staff Association of Nigeria, (ATSSSAN), has given 72 hours Ultimatum to Federal Airport Authority of Nigeria FAAN, Omagwa Airport, Portharcourt to revise its recent decision on the concession of Tollgates and Parks to private hands.
The chairman of the Trapatriate Union, Comrade Felix Ohwoefe gave the Ultimatum yesterday immediately after the joint Unions meeting held at the Airport office of the union, Omagwa, Portharcourt.
Comrade Ohwoefe who double as the chairman of the National Union of NUATE said the two Unions have agreed to take drastic actions if the Authority of the Airport declined to step down it’s decision of concessioning the major revenue points to private hands.
According to the Union chairman, the two union was not aware of the concession plans, and that there were no due process to the procedures.
Comrade Ohwoefe said any attempt for the Airport Management to decline it’s demands towards the concession will result to barricading all entrance and access points of the Airport.
Expressing the the challenges associated to the concession, the Union Chairman said the gesture might resulted to massive sack of workers in the Airport.
The chairman also expressed foul play on the part of either individuals or government in the terms and conditions so given to the concessionaires, demanding the reasons of contracting the automated points to private hands for only 14 millions, when the FAAN is presently generating over 28 million naira monthly, even when the tariff was not reviewed upwards.
He describes the process to the procedures as fraud with intention to increase unemployment in the state.
“We are not against the concession of the Automated points, but due process must be followed. If government is concessioning the place, we are asking what will happen to our workers in the existing units.
“Secondly, if the concessionaires is taken over, they must pay higher than what the FAAN is generating presently, we are generating to the Management over 28 Millions monthly, but we had that the private company is required to pay only 14 Millions monthly, which is far below 5 percents of what we are generating presently, even when the tariff is increased, which means there is a foul play.
“The process is fraud either on the part of individual in the Government, or Government itself.
” The unions is saying no to the Concession until we come to a terms of understanding ourselves., we are afraid of loosing workers, we don’t want to loose any workers if due process is not followed in this hard of economy, we even demanding for employment of more workers in FAAN.” Comrade Ohwoefe said.
The Union used the opportunity to called on the minister of aviation, and the President of the Country, Bola Tinubu to intervene.
When contacting the Management of the Airport Authority through the head of Corporate Affairs, Dr Ngozi V. Onyeanwuna-Nwosu, she said the management has not given her the approval to say something.
The Federal Airports Authority of Nigeria (FAAN) has announced designated pick-up points for individuals wishing to obtain their Go-Cashless cards ahead of the March 1, 2026 deadline.
This was announced in a statement signed by the Director Public Affairs and Consumer protection, Henry Agbebire and made available to the Tide last Friday in Portharcourt.
According to the statement, Go-Cashless cards is at all FAAN commercial offices and access gates of Airports in the country .
The release further stated that cards will also be available at designated branches of Fidelity Bank Plc from March 16, 2026.
FAAN in the statement said the cashless policy followed the Federal Government directive mandating all Ministries, Departments and Agencies (MDAs) to transition to a cashless system to enhance transparency and reduce revenue leakages as well improve transaction traceability in the Aviation sector.
FAAN reiterated its commitment to full compliance with the directive, appealing to the public for their understanding and cooperation during the transition period.
FAAN also inform that the Go-Cashless cards can still be obtained at the designated points after the March 1, deadline.
The Authority assures airport users that the initiative will promote faster, safer, and more convenient transactions across its airports nationwide.
By: Enoch Epelle
Leading financial institution, Fidelity Bank Plc, has announced the launch of the second edition of its flagship women-empowerment initiative, the HerFidelity Apprenticeship Programme 2.0 (HAP 2.0).
According to the report, the programme is designed to equip women with practical, income?generating skills and structured pathways to entrepreneurship.
Accordingly, the HAP 2.0 will build on the success of its inaugural edition held in 2023.
During media chat with journalists to herald the launch of HAP 2.0, the Divisional Head, Product Development, Fidelity Bank Plc, Osita Ede, explained that the initiative has been enhanced to deliver greater impact.
He said HerFidelity Apprenticeship Programme 2.0 reflects their commitment to continuous improvement, having evaluated feedback from the first edition, they have returned with stronger partnerships and deeper mentorship programmes to ensure that women acquire not just skills, but sustainable economic opportunities.
Mr Ede, who said the programme is guided with real?world learning, also said that participants will undergo intensive apprenticeship training under reputable institutions and industry experts across selected fields such as hair styling, shoe making, auto mechatronics, and interior decoration.
Additionally, he said HerFidelity Apprenticeship Programme 2.0 goes beyond skills acquisition by offering participants a wide range of business advisory services.
These include business and financial literacy training, mentorship support throughout the apprenticeship journey, access to Fidelity Bank’s women?focused and SME financial solutions, as well as guidance on business formalisation and growth strategies.
Emphasizing the bank’s vision further, Ede said: “By integrating structured mentorship with entrepreneurial development, Fidelity Bank is positioning women not just as trainees, but as future employers, innovators, and economic contributors within their communities.
This aligns with our mandate to help individuals grow, businesses thrive, and economies prosper”.
It is noteworthy that interested participants are encouraged to indicate their interest by visiting https://bit.ly/
It is important to note that Fidelity Bank Plc is ranked among the best banks in Nigeria, with a full-fledged Commercial Deposit Money Bank serving over 10 million customers through digital banking channels, with 255 business offices in Nigeria and United Kingdom subsidiary, FidBank UK Limited.
It is reported that the Bank is a recipient of multiple local and international Awards, including the 2024 Excellence in Digital Transformation & MSME Banking Award by BusinessDay Banks and Financial Institutions (BAFI) Awards, the 2024 Most Innovative Mobile Banking Application award for its Fidelity Mobile App by Global Business Outlook, and the 2024 Most Innovative Investment Banking Service Provider award by Global Brands Magazine.
By: Nkpemenyie mcdominic, Lagos
