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NUPRC To Probe Producers’ Operations Over Declining Oil Production Output

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The Nigerian Upstream Petroleum Regulatory Commission (NUPRC) says from Wednesday, it will invite exploration and production (E&P) companies to scrutinize their operational and commercial activities.

Gbenga Komolafe, chief executive officer (CEO), NUPRC, made this known in a statement on Tuesday.

The development comes on the back of the country’s declining oil production output.

In August, crude oil production dropped below the one million mark.

According to the statement, Komolafe said the commission is determined to take bold and revolutionary steps — using a non-kinetic approach — to address the challenges of crude oil theft, improve national crude oil production and save the country’s economy from further decline.

He said NUPRC is not an operator but it has a statutory responsibility as a regulator to probe into the situation and seek drastic solutions to the challenges, as the current situation “has seriously affected the country’s economy”.

Komolafe added that the challenges have also posed a huge challenge to the funding of the national budgets.

“The Commission will do everything within its authority to challenge the narrative and halt further degeneration by ensuring transparency in hydrocarbon accounting,” the NUPRC boss said.

“One of the steps, in line with its technical and regulatory powers, is to probe into the operational and commercial activities of exploration and production companies operating within the country to ascertain the level of compliance with the terms and conditions in their operational contracts, as well as the challenges impeding expected deliveries.

“The commission will particularly be interested in the mode of operation of the companies in relation to the approvals as per their operational licences, the level of conformity with the technical provisions and production terms,  their level of investments to enhance capacity utilisation, and the challenges they are facing, especially those contributing to the current unacceptable situation.

“Beginning Wednesday September 28, the commission will be engaging all the exploration and production companies individually to get to the root of the current situation as it believes strongly that there might be more fundamental issues in the industry affecting expected output and deliveries beyond the much touted issue of crude theft.

“Already invitations have been extended to all the operators for the  engagement during which they would be expected to present their work programme performance, acreage status, divestment plans (if any), field development plan (FDP) implementation status, upstream investment in the last five years, exploration activities including geophysical acquisition/processing/re-processing, leads and prospects maturation plans, and exploratory wells drilled in the last five years.”

Komolafe also said during the engagements,  the companies would be required to present their reserve status, life index, current reserves replacement ratio (RRR), and reserves growth strategy (RGS).

He said they would also be required to present status of joint venture/production sharing contract activities, including ongoing facility projects, number of drilled wells, re-entry applications and approvals grafted in the past five years.

In addition, they would have to submit shut-in wells, their potentials as well as reactivation plans and expected incremental volumes.

Other pieces of information required are technical production performance and production optimisation strategy, including production profile for the last ten years as well as status of production facilities, and also unit technical cost of production on field basis.

“The commission would also insist on knowing their gas development strategy, gas reserves commitment status and domestic gas delivery obligation performance; status of utilisation activities (if any); crude oil evacuation route and exported volumes from January this year, status of statutory payments as well as the challenges they are facing in the course of their operations,” Komolafe added.

“The move by the commission is to ensure transparency and accountability in the industry to guarantee effective operation and output delivery in the interest of the country’s economy and the benefit of the investors and industry operators.”

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BIG STORY

Aiyedatiwa Dedicates Victory To Akeredolu, Says “He Wanted Me To Succeed Him”

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Lucky Aiyedatiwa, Ondo state governor-elect, expressed his wish that Rotimi Akeredolu, his late principal, could have been alive to witness his victory.

Aiyedatiwa, the current governor of Ondo, triumphed across all 18 LGAs, securing 366,781 votes to defeat his closest rival, Agboola Ajayi of the Peoples Democratic Party (PDP), who garnered 117,845 votes.

Aiyedatiwa assumed leadership of the state following Akeredolu’s death from protracted prostate cancer in 2023.

In an interview with Channels Television after his victory, Aiyedatiwa reflected on Akeredolu’s support for his political journey.

“How I wish he was present in that banquet hall when I was declared in the company of other brother governors. That would have been really good, but God knows better,” he said.

“It is so sad and painful that he didn’t live to see the manifestation of what he himself spoke about. I do refer to him sometimes as the man who saw tomorrow.”

“He knew that I was going to succeed him as governor. He knew because he wanted me to and was ready to give me the full backing.”

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You’re Peddling Economic Fantasies, Purge Yourself Of Petty Politics — Bayo Onanuga To Atiku

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Bayo Onanuga, special adviser to President Bola Tinubu on information and strategy, has accused former Vice-President Atiku Abubakar of promoting “economic fantasies” and urged him to rid himself of “petty politics.”

Recent weeks have seen exchanges between the presidency and Abubakar following his proposed solutions to the country’s economic difficulties.

Last week, the former vice-president stated that he could not be envious of Tinubu, as the president causes pain for Nigerians.

In a statement on Sunday, Onanuga emphasized that Nigerians rejected both Abubakar and his ideas during the 2023 presidential election.

“Atiku’s critiques of Tinubu’s presidency are mere harebrained propositions devoid of realistic alternatives,” the presidential aide said.

“He must acknowledge the decades of mismanagement of the economy inherited by the current administration, including the exorbitant subsidy expenditures that far exceeded government earnings from crude oil.”

“As of mid-2023, the landing cost of fuel was between N500 and N600, while it was sold nationwide at an average of N200. The 2023 budget allocated N3.36 trillion for fuel subsidies until June 2023, against a projected N2.23 trillion in oil revenue for the year.”

“The Nigerian state was on life support.”

“We expect Atiku to commend what the Tinubu administration has achieved concerning revenue generation for the Federation.”

“Without factoring in oil sales, revenue proceeds generated by the Federal Inland Revenue Service almost doubled in the first half of 2024, compared with the level Tinubu met in 2023. The states and councils are more prosperous because of it, as many states have increased the minimum wage for their workers to between N70,000 and N85,000.”

“Atiku’s proposal to privatize the four government-owned refineries, which collectively can only meet a fraction of the nation’s daily fuel consumption when activated, lacks originality.”

Onanuga concluded by stating that Abubakar’s economic proposals do not offer a feasible alternative to Tinubu’s “decisive reforms” and urged the former vice-president to restore his reputation as a statesman.

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Adron Homes Welcomes New Executive, Emphasizing Commitment To Professional Excellence

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In a strategic move to foster growth and elevate the quality of service delivery, the Management of Adron Homes and Properties is thrilled to announce the appointment of exceptional staff members who have exemplified remarkable professionalism and have significantly contributed to the advancement of the Adron brand. We proudly introduce our newly appointed leaders: Adenike Ajobo as Managing Director, Olubunmi Akinfe as Deputy Managing Director, Ihuoma Azuru as Assistant Managing Director of Sales and Marketing (Lagos Nigeria), Barbie Ette as Assistant Managing Director of Sales and Marketing (Northern Nigeria), Odunola Ogundapo as Assistant Managing Director of Sales and Marketing (Western Nigeria), Olasumbo Oguntoye as Assistant Managing Director of Housing Nigeria, and Haastrup as Director General of Customer Service. Together, they will drive our mission forward and ensure continued excellence at Adron Homes.

Aare Adetola Emmanuel King, the Chairman and Group Managing Director of Adron Homes, has issued an important directive to the newly appointed directors of the company. He emphasized the critical need for quality delivery in all aspects of their work. Aare King highlighted that each director must align their actions and decisions with the overarching vision and mission of the organization. He urged them to remain committed to the company’s goals and to foster a culture of excellence, ensuring that their contributions not only meet but exceed the expectations set forth by Adron Homes.

Adenike Abosede Ajobo stands out as a highly regarded authority in the fields of corporate branding, public relations, business repositioning, and organizational strategy. She holds a degree in Linguistics from the prestigious University of Ibadan and has further enhanced her expertise with an Ordinary National Diploma (OND) in Marketing from The Polytechnic of Ibadan.

Her dedication to professional growth is reflected in her memberships with esteemed organizations, including the National Institute of Marketing of Nigeria (MNIMN), the Nigerian Institute of Public Relations (NIPR), and the Nigeria Institute of Personality Development and Customer Relationship Management (NIPD-CRM-dsgnt). These affiliations illustrate her unwavering commitment to continuous learning and excellence within her industry.

Adenike’s professional journey with Adron Homes commenced in January 2024 when she took on the role of Group Company Secretary. Her exceptional leadership skills and strategic vision quickly propelled her up the ranks, and she soon became the Deputy Managing Director of Southern Nigeria. Her impressive performance has now garnered her a well-deserved promotion to the position of Managing Director at Adron Homes, where she is set to steer the company toward a promising future, leveraging her insights and experience to craft innovative strategies for growth and development.

Akinfe Olubunmi Omolara is an esteemed leader and achiever, recognized for her dedication to maximizing her potential in every role she undertakes. She is a graduate of Obafemi Awolowo University, lle-Ife, Osun State, with a Bachelor of Science degree in Microbiology. Her career journey at Adron Homes and Properties, reflects her remarkable growth and commitment to excellence. She has progressed through a range of pivotal roles, from Deputy Group Sales Manager, District Sales Manager, and Deputy District Sales Manager to Deputy Group Customer Relations Officer, Regional Chief Operating Officer, and Chief Operating Officer. Her leadership and strategic acumen continued to shine through her promotions as the Director of Sales and Marketer and later promoted as the Director General of Sales and Marketing. She has now been promoted to the position of Deputy Managing Director , where she will drive growth and operational efficiency for Adron Homes.

Ihuoma Udodirim Azuru’s journey is a testament to exceptional leadership and dedication. Her academic prowess shines through with a B.Sc in Accounting, M.Sc in Business Management, MBA in Human Resources and currently studying Law at the Leadership City University, underscoring her commitment to ongoing personal and professional development. Her career with the company began as Group Head Admin and HR, where she showcased her adaptive leadership style. Subsequently, she transitioned to the role of Director of Sales and Marketing (Southwest). Moreover, she was promoted to the prestigious role of Director General for Sales and Marketing at Adron Homes. Her exceptional leadership, dedication, and strategic vision within the organization leads to her appointment as the Assistant Managing Director Lagos Nigeria.

Odunola Ogundapo is a highly regarded sales and marketing professional, celebrated for her steadfast dedication and strategic insight, which have contributed to her impressive track record of success in the industry. She holds a Bachelor of Science degree in Geology from Olabisi Onabanjo University, where she developed a strong foundational knowledge of earth sciences. Further enhancing her expertise, she earned a Master’s degree in Sedimentary and Petroleum Geology from the prestigious University of Lagos, a program renowned for its rigorous approach and focus on the energy sector. This combination of academic credentials allows Odunola to meld deep scientific understanding with strategic business acumen, enabling her to deliver exceptional results in her professional endeavors.

Odunola embarked on her career in 2017 at Adron Homes and Properties Ltd, starting as a Business Executive. In this role, she quickly demonstrated her innate talents and passion for sales and marketing, employing a goal-driven approach that not only set her apart but also paved the way for her rapid advancement within the company. Her commitment to excellence and her ability to forge strong relationships with clients and stakeholders led to her recognition as a rising star in the organization.

Currently serving as the Assistant Managing Director, Odunola plays a pivotal role in shaping and executing innovative strategies aimed at driving growth and enhancing the company’s market position. Her forward-thinking mindset and comprehensive understanding of market dynamics allow her to identify and seize new opportunities effectively. Under her leadership, the team is not only motivated but also encouraged to think creatively and push boundaries, resulting in increased productivity and morale.

Odunola’s leadership style is characterized by a unique blend of optimism and resilience, which fosters a collaborative and inclusive work environment. She prioritizes the development of her team members, nurturing their potential and empowering them to become future leaders in the organization. This commitment to mentorship and professional growth among her staff has created a culture of excellence that thrives on teamwork and innovation, ensuring that everyone is aligned with the company’s vision and goals. Through her unwavering dedication to her work and her ability to inspire those around her, Odunola Ogundapo continues to make a significant impact in the sales and marketing realm.

Aminat Olaniyan Haastrup is an inspirational customer service specialist, deeply committed to creating exceptional service experiences. With a strong educational background in Estate Management and Customer Experience, she earned her degree from Yaba College of Technology. An Associate Member of The Association of Business Practitioners (ABP) in the UK and a fellow of the Chartered Institute of Customer Relationship Management, Aminat’s journey began as the Director of Customer Services. Renowned for her dedication to customer-centric strategies, she passionately pursues unparalleled service excellence. Through transformative initiatives across the company’s customer relations landscape, Aminat has inspired those around her and achieved her new role as the Director General of Customer Service.

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