The Presidency has clarified that contrary to certain opinions, International Oil Companies (IOCs) are not leaving Nigeria but are instead rebalancing their operations and shifting focus to deep-water assets. This was disclosed by Mrs. Olu Verheijen, Special Adviser to President Bola Tinubu on Energy, during an interview in Abuja on Sunday. Speaking in commemoration of President Tinubu’s second year in office, Verheijen explained that while IOCs are refocusing, Nigerian independent firms are stepping up to lead onshore operations. “Indigenous companies are building capacity, earning community trust, and, over time, we expect them to expand regionally and globally,” she said. She highlighted the growing strength of local firms, evident in their ability to acquire assets divested by IOCs. According to her, Nigeria has seen an increase in indigenous equity in gas, rising from 69% to 83%. Verheijen called on African investors, development finance institutions (DFIs), banks, pension funds, and sovereign entities to be strategic and proactive in filling the space left by the IOCs. She also urged industry leaders across Africa to take inspiration from Nigeria’s approach, emphasizing that the continent must move beyond appealing for support and instead position itself as a viable investment destination. Reflecting on her legacy, Verheijen expressed her hope to see more Nigerians gain access to energy, secure well-paying jobs, and develop the capacity to diversify the economy and compete effectively on a global scale.

The Independent Petroleum Marketers Association of Nigeria (IPMAN) has indicated that the price of Premium Motor Spirit (PMS) could drop further to around N800 per litre in the coming days. IPMAN spokesperson, Chinedu Ukadike, revealed this in an interview with DAILY POST. He explained that ongoing collaboration between petroleum marketers and the Dangote Refinery could lead to a significant reduction in petrol prices, which currently range between N875 and N910 per litre in Lagos and Abuja. Ukadike, however, called on the Dangote Refinery to ensure equal pricing for all marketers, urging it to extend the same rates offered to MRS filling stations, the Nigerian National Petroleum Company (NNPC), and others, in order to promote healthy competition across the sector. “Whatever yardstick Dangote Refinery is using to sell to NNPCL, MRS, and others, he should also use the same for all marketers. “Price modulation is no longer done by the government but by demand and supply. “Now that petrol is nosediving to N800 per litre, the volume of consumption will go high because motorists who demand it will increase. “Pricing is a determinant factor in terms of petroleum consumption,” he said.

The Independent Petroleum Marketers Association of Nigeria (IPMAN) has accused the Nigerian National Petroleum Company Limited (NNPCL) of fostering a monopoly in the nation’s oil and gas industry. IPMAN’s claim stems from the prolonged delays surrounding the rehabilitation of the Port Harcourt, Warri, and Kaduna refineries. IPMAN spokesperson Chinedu Ukadike stated that if the NNPCL-managed refineries were operational, they would serve as a counterbalance to the Dangote Refinery, leading to more competitive fuel prices for Nigerians. He called on the President to urgently declare a state of emergency on the government-owned refineries. “NNPCL refineries are not working. We have the president declare an emergency in these refineries. It is NNPCL that is encouraging monopoly, not Dangote Refinery. If NNPCL refineries are producing petroleum products, it will checkmate Dangote Refinery, with more competitive petroleum product prices for Nigerians,” His comments followed the Nigerian National Petroleum Company Limited’s (NNPCL) announcement of the shutdown of the Port Harcourt Refining Company (PHRC) for maintenance, with no specific timeline for resumption. The move reignited concerns over the viability of the Port Harcourt and Warri refineries, which underwent rehabilitation in November and December 2024 at a cost of over \$1.5 billion. DAILY POST

No fewer than 40 oil licences are due to expire by June 2025, and companies holding these assets risk losing them unless the Minister of Petroleum renews the licences in line with the Petroleum Industry Act (PIA). This development was revealed in the Nigerian Upstream Petroleum Regulatory Commission’s (NUPRC) May 2025 Upstream Concession Situation Report. The affected licences—granted on June 28, 2022—are all scheduled to expire on June 27, 2025. Among them are Petroleum Prospecting Licences (PPLs) awarded after the 2020 marginal fields bid round. Although the PIA allows for optional extensions of three to five years, renewals will be contingent upon the performance of the licence holders. Marginal fields refer to smaller oil blocks that have remained undeveloped or unproductive for over a decade. The marginal field programme, initiated in the 1990s, was designed to give Nigerian indigenous companies greater access and participation in the oil exploration and production sector. The 2020 bid round offered 57 marginal oil fields, attracting numerous Nigerian firms. Successful bidders included Matrix Energy, AA Rano, Ardova Plc, Duport Midstream, Genesis Technical, Twin Summit, Bono Energy, Deep Offshore Integrated, Odu’a Oil, MRS, and Petrogas. Others were North Oils and Gas, Pierport, Metropole, Pioneer Global, Shepherd Hill, Akata, NIPCO, Aida, YY Connect, Accord Oil, Pathway Oil, Tempo Oil, Virgin Forest, and more. According to the NUPRC report, the licence for the Emohua field in OML 22, operated by EOP Energy (a consortium of Erebina Energy Resources Limited, Omega-Butter Marginal Fields Ltd, and Intessa Energy Ltd), will expire in June. Likewise, Ardova Plc and Petrodev’s joint venture, Ardogreen Energy, which operates the Olua field in OML 25, faces the same expiry. Ingentia Energies Ltd—made up of Suntrust Oil, Petrogas Energy, and Sonora GTP Ltd—may lose its rights to the Egbolom field in OML 23. Matrix Energy and Bono Energy’s Atambia E\&P may also forfeit the Alamba field in OML 42, while Energia and Annajul Rosari face losing the Irigbo field in the same block. ENEROG Ltd (Energia and Sterov Consortium) risks losing its licence to the Ugbo field in OML 40. Similarly, AA Rano and Acrete Petroleum’s licence for the Oloye field in OML 95 is under threat. Odu’a Investment Company and Pioneer Global Resource & Integrated Energy Ltd may lose their stake in the Bita field (OML 95), while Transit Oil’s Kudo field in OML 89 will also expire in June. Other fields affected include Bime (OML 49), operated by Deep Offshore Integrated and Virgin Forest E\&P; Kurl (OML 49), operated by SHN Energy Ltd (Platform Petroleum, Shepherdhill, and Nord Oil); and Ede (OML 67), operated by Northwest Petroleum, Genesis Technical, and Gab & Nutella. Duport’s Ekpat field in OML 67 and Oceangate Engineering Oil’s Udara field in OML 70 are also due for expiry. NIPCO E\&P and partners operating the Nkuku field (OML 70) are similarly affected. It has been observed that some of the licence holders have not developed their fields since being awarded in 2022. According to NUPRC guidelines, applications for renewal must be submitted under the appropriate regulatory framework. These vary depending on whether the contract is a production sharing arrangement, a sole-risk indigenous operation, a joint venture, or a marginal field concession. Specifically, under Sections 303(1) and 93 of the PIA, oil mining lease (OML) renewals must be applied for at least 12 months before expiry. This means companies intending to renew their licences should have submitted applications by June 2024. Failure to comply with these requirements could result in automatic forfeiture of the affected oil fields.

The naira appreciated to N1,610 per dollar in the parallel market yesterday, up from N1,620 per dollar on Tuesday. However, in the Nigerian Foreign Exchange Market (NFEM), the naira depreciated to N1,592 per dollar. Data from the Central Bank of Nigeria (CBN) showed the exchange rate in the NFEM increased from N1,590 to N1,592 per dollar, reflecting a N2 depreciation. As a result, the gap between the parallel market and NFEM rates narrowed to N12 per dollar from N30 per dollar on Tuesday.

The Naira weakened yesterday, falling to N1,620 per dollar in the parallel market, down from N1,615 per dollar on Monday. Similarly, it depreciated to N1,590 per dollar in the Nigerian Foreign Exchange Market (NFEM). According to data from the Central Bank of Nigeria (CBN), the official exchange rate rose to N1,590 per dollar from Monday’s N1,583, marking a N7 depreciation. As a result, the gap between the parallel market and NFEM rates narrowed to N30 per dollar, compared to N32 on Monday.

The Independent Petroleum Marketers Association of Nigeria (IPMAN) has claimed that the Nigerian National Petroleum Company Limited (NNPC) shut down the Port Harcourt Refining Company in a bid to save face. According to IPMAN, the shutdown holds little significance for the domestic petrol market, noting that the refinery had not produced petrol for nearly three months prior to the announcement. Similarly, the Petroleum Products Retail Outlet Owners Association of Nigeria (PETROAN) argued that without a functioning Premium Motor Spirit (PMS) blending unit, the refinery adds no real value. They also asserted that the proposed 30-day maintenance window would be insufficient to complete necessary repairs. Speaking to our correspondent, IPMAN’s Publicity Secretary, Chinedu Ukadike, questioned the timing of NNPC’s shutdown announcement, stating that the facility had been inactive for months. NNPC formally confirmed the shutdown on Saturday, citing routine maintenance. In a statement, NNPC’s Chief Corporate Communications Officer, Olufemi Soneye, said the one-month maintenance began on Saturday, May 24, corroborating an earlier report by our correspondent. “NNPC Ltd wishes to inform the general public that the Port Harcourt Refining Company will undergo a planned maintenance shutdown. This scheduled maintenance and sustainability assessment will commence on May 24, 2025,” he said. Soneye added that the company was working with relevant stakeholders to ensure efficiency and transparency during the exercise. “We are working closely with all relevant stakeholders, including the Nigerian Midstream and Downstream Petroleum Regulatory Authority, to ensure the maintenance and assessment activities are carried out efficiently and transparently. “NNPC Ltd remains steadfast in its commitment to delivering sustainable energy security for Nigeria. Further updates will be provided regularly through our official channels, including our website, media platforms, and public statements,” he stated. Punch Newspapers

On Friday, U.S. President Donald Trump warned that Apple could face a 25% tariff if it does not manufacture the iPhones it sells in the United States domestically. In a post on Truth Social, Trump said he had “long ago informed Tim Cook of Apple that I expect their iPhones that will be sold in the United States of America will be manufactured and built in the United States, not India, or anyplace else.” “If that is not the case, a Tariff of at least 25% must be paid by Apple to the U.S.,” he added. Trump’s sweeping tariffs on major US trading partners have roiled global markets and upended international commerce. Trump’s comments Friday echo statements he made last week while on a trip to Qatar, urging Apple to bring iPhone production to US shores. “I had a little problem with Tim Cook,” Trump said on May 15. The president said he told Apple chief executive Cook: “We’re not interested in you building in India… we want you to build here and they’re going to be upping their production in the United States.” When presenting the tech company’s first-quarter profits in early May, Cook said he expected “a majority of iPhones sold in the US will have India as their country of origin”. He cautioned about the unpredictable effects of the 145% U.S. tariffs on Chinese-made products — a country that has long served as the company’s key manufacturing base — despite a temporary exemption for high-end tech items like smartphones and computers. While finished iPhones are currently excluded from Trump's tariffs, not all parts used in Apple devices are exempt. According to Cook, Apple anticipates the tariffs will cost the company \$900 million this quarter, even though their impact was “limited” earlier this year.

The Minister of Humanitarian Affairs and Poverty Reduction, Professor Nentawe Yilwatda, has announced that six million Nigerians have benefited from the Federal Government’s Conditional Cash Transfer (CCT) programme in the last six months. He made this known on Thursday while addressing participants of the ongoing Skills-to-Wealth (S2W) training programme in Jos. According to the minister, only two million Nigerians had benefited from the CCT in the previous nine years, but the ministry has since implemented a more efficient strategy to expand its reach. “Previously, only two million people benefited from the conditional cash transfer scheme, which means that over nine years, just 200,000 people were supported annually. “We are currently digitising all households on the social register, providing them with digital identities, creating e-wallet accounts, and conducting physical verification. “We have removed numerous erroneous entries from the social register—those we could neither verify nor identify. “In just six months, we have reached six million people, averaging one million beneficiaries per month,” he stated. The minister further disclosed that 15 million Nigerians are expected to be enrolled in the programme by October. “The President is committed to supporting 15 million households before October. “He has directed that these funds be disbursed to beneficiaries within nine months,” Yilwatda explained. He also highlighted that the ministry engaged the World Bank to independently verify the programme’s beneficiaries. “After disbursing funds to the first four million people, I requested the World Bank to deploy an independent team to verify the recipients. “We wanted to ensure the accuracy of our efforts, and the results confirmed that those paid were indeed on the social register. “The verification team visited beneficiaries’ homes and met 96 per cent of them in person. “The remaining four per cent who could not be verified reside in hard-to-reach areas or have migrated due to insecurity,” he added. Regarding the Skills-to-Wealth programme, the minister explained that it aims to empower Nigerian youths in three key sectors: agriculture, renewable energy, and automobile.

The Dangote Petroleum Refinery has announced a fresh reduction in the pump price of Premium Motor Spirit (PMS), with new prices now ranging between N875 and N905 per litre, depending on the region. This latest price adjustment—amounting to a N15 reduction per litre—was disclosed via the refinery’s official social media platforms on Thursday. It applies across all regions and partner retail outlets nationwide. Major fuel marketers in partnership with the refinery, including MRS, Ardova, Heyden, Optima Energy, Techno Oil, and Hyde Energy, are expected to implement the revised pricing. Previously, petrol sold for N890 per litre in Lagos, while prices in the North East and South-South reached N920. Under the new pricing template, Lagos residents will now pay N875 per litre. Consumers in the South-West will pay N885, those in the North-West and Central regions will pay N895, and the North East, South-South, and South-East regions will pay N905 per litre. Dangote Refinery advised consumers to buy only from its authorised retail partners and encouraged the public to report any cases of non-compliance through its dedicated hotlines: +234 707 470 2099 or +234 707 470 2100. “Our quality petrol and diesel are refined for better engine performance and are environmentally friendly,” the company stated in the notice.