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Buhari Promises To Make NNPC World’s Biggest, Most Capitalised Oil Company In Africa

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President Muhammadu Buhari yesterday stated that the target of his administration was to make the newly rechristened Nigerian National Petroleum Company (NNPC) Limited the biggest and most capitalized oil company on the African continent.

Speaking at the Nigeria International Energy Summit (NIES), formerly called the Nigeria International Petroleum Summit (NIPS), the president noted that has now become a limited liability company, the National Oil Company (NOC) would soon become a profit-making organization.

At the event tagged: “Revitalising The Industry: Future Fuels and Energy Transition”, Buhari listed the successful award of 57 marginal fields, passage of the Petroleum Industry Act (PIA) as well as the declaration of the “Decade of Gas” as major milestones of his government.

The president who was represented by the Minister of State, Petroleum Resources, Mr. Timipre Sylva, described the feats as record-breaking, recalling that both the marginal fields bid round and the PIA surmounted over two-decade challenges in the doldrums.

He stated that the conclusion of the marginal fields bid round remained a big deal, even when the world was moving away from fossil fuels because it gives Nigeria the opportunity to speed up its fossil fuel exploitation and make good use of the resources, rather than abandon them.

He added: “Crude oil prices are on the rise again after turning negative in April 2020. It is a great opportunity for us as a country. With the PIA in place, there should be no excuses. The enabling investment environment which has been the bane of the industry has been taken care of by provisions in the PIA.

“There is now a level of certainty for the regulatory, administrative and fiscal framework and the legitimate grievances of host communities most impacted by activities of the industry has been addressed by the Act.

“To demonstrate our seriousness, this administration did not waste time with the implementation of PIA. We moved quickly and scrapped the existing agencies and replaced them with new ones.

“We have inaugurated their new chief executives too. We also ensured the incorporation of the Nigerian National Petroleum Company Limited (NNPCL) under the Companies and Allied Matters Act (CAMA).

“The NNPCL is a limited liability company now and our target is to make it the biggest, the most capitalized, and the most profitable company in the whole of Africa.”

Given the country’s potential of about 600 trillion cubic feet, he stated that natural gas has the enormous potential to diversify and grow Nigeria’s economy.

The president also unveiled Nigeria’s energy transition and net-zero emission scheme with the announcement of the country’s $50 million investment in clean energy which included a plan to inject 20 million gas cylinders into the market.

He reiterated Nigeria’s commitment to the global net-zero emission target.

Buhari, however, regretted Africa’s poor situation in energy access and use, stating that the continent was bedeviled with energy poverty. Stressing that there was no need to panic, he stated that Nigeria was already building blocks that will ensure seamless energy transition as the country joins in the race for net-zero carbon emission.

In his remarks, the Group Managing Director of the NNPC, Mallam Mele Kyari said the International Oil Companies (IOCs) that divest from Nigeria’s upstream sector must address issues of abandonment and decommissioning of oil assets.

Kyari told participants at the summit that while the country understands the right of companies to freely divest, it was, however, critical to ensure that the right thing is done so as to avoid disruption.

He said issues and obligations related to abandonment and decommissioning must be fully addressed and discharged in line with global best practices, regulations, conventions, and laws.

“The companies that are divesting, they are leaving our country literally and that’s the way to put it. But they are not leaving because opportunities are not here, these companies are shifting their portfolios where they can add value and not just that, but where they can add to the journey of net carbon zero-emission.

“We understand this very perfectly. But also, we cannot fail to realize that this country must benefit from the realities of today.

“We will work with our partners. We understand the necessity for their investments, we do know that there are issues. We understand that this must take place, but also it must be done in such a way that we are able to deal with issues around abandonment and decommissioning.

“We will also make sure that whatever arrangement that is put in place, will show that we are also alive to the energy transition journey that we have embarked on,” he said.

The NNPC boss acknowledged the need for cleaner energy globally but said that the African continent must shape its narrative to reflect on its realities, including the high level of energy poverty.

He explained that the NNPC was adopting various strategies towards the attainment of a carbon-neutral economy while ensuring that the industry remains viable.

In his remarks as the minister, Sylva stated that with the PIA in place, expectations were high for the future of the Nigerian oil and gas industry.

“The PIA has indeed given the industry more clarity and certainty. The industry is poised to attract the huge investment needed to reposition the sector,” he said.

He emphasized that although Nigeria cannot afford to be left behind in the energy transition race, it had resolved to deploy gas as a transition product to achieve cleaner fuels.

He averred that for countries that are endowed with natural resources but still energy poor, the transition must not be at the expense of affordable and reliable energy for people, cities, and industries.

Secretary-General of the Organisation of Petroleum Exporting Countries (OPEC), Dr. Sanusi Barkindo, who joined virtually, said the PIA would bring about the necessary reforms designed to strengthen institutions, as well as help, attract the much-needed investment.

He argued that conversation around the energy transition, must not be overtaken by emotional outbursts, but by rational discussions based on facts, hard data, and science.

“Our industry is at an inflection point and has never before faced so many challenges across multiple fronts in its long history. Put simply, we are under siege.

“The oil industry is under attack in the courts. Currently, there are over 700 litigation cases against oil companies worldwide.

“Environmental NGOs, investors, and even some corporate boards are pressuring oil companies and governments to pursue aggressive policies and initiatives that could, in the end, be more disruptive than productive for the global energy industry,” he stated.

He explained that Africa was still relatively unexplored, with approximately 125 billion barrels of proven oil reserves and 16 trillion standard cubic meters of natural gas.

“It would be a tragedy of unimaginable proportions if, despite billions of dollars being poured into investments for these resources, this went to waste as stranded assets,” he maintained.

Executive Secretary, Nigerian Content Development and Monitoring Board (NCDMB), Simbi Wabote, noted that during the pandemic, the board was able to add 17 new operators into the oil and gas industry due to the country’s insistence on homegrown solutions.

Also, the Chief Executive, Nigerian Midstream & Downstream Petroleum Regulatory Authority (NMDPRA), Farouk Ahmed, stated that while geopolitical risks and the energy transition continue to destabilize oil prices, it is in the interest of Nigeria to scale up sustainable investment in the fossil fuel sector, considering the role oil and gas will continue to play in the global energy mix.

In his contribution, the head of the Nigerian Upstream Petroleum Regulatory Agency (NUPRC) Mr. Gbenga Komolafe, said the energy transition regime has posed a challenge and opportunity for Nigeria to reposition its energy focus and regulatory policies towards the development of clean and renewable energy.

Komolafe said the country must take advantage of the rising oil price caused by the ongoing tension between Russia and Ukraine.

The oil price is currently trading above $100 per barrel since it hit $105 last week, the highest since 2014.

“The Russian-Ukrainian crisis has caused an upward spring of oil price above $100 per barrel. This presents an opportunity for Nigeria to maximize business,” he said.

Komolafe also said the commission would ensure more compliance to the rules guiding operations in the upstream petroleum sector by denying oil firms approvals for applications for fund hunting unless they present a record of their achievements.

BIG STORY

VP Shettima, Gbajabiamila Depart Abuja To Accompany Buhari’s Body Back To Nigeria [PHOTOS]

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Vice President Kashim Shettima, alongside the Chief of Staff to the President, Femi Gbajabiamila, has left Abuja for London to accompany the late former President Muhammadu Buhari’s remains back to Nigeria.

It was earlier reported that Buhari, a two-term President who also once served as a military head of state passed away on Sunday evening.

Reports indicate that the former President died in London, where he had traveled a few weeks ago to receive medical treatment.

Throughout his time in office, Buhari dealt with various health issues, often traveling abroad for extended medical care.

Following his death, President Bola Tinubu instructed Shettima to head to London and bring Buhari’s body back to Nigeria.

Gbajabiamila is also joining Shettima on the trip. Both men were seen boarding the presidential jet on Sunday night in a post shared on X.

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BIG STORY

UPDATE: President Tinubu, Former Leaders Gather For Buhari’s Burial In Daura Today

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President Bola Tinubu and several former Nigerian heads of state are expected to assemble in Daura today for the burial of former President Muhammadu Buhari, in accordance with Islamic customs.

Vice-President Kashim Shettima, acting on the President’s directive, accompanied Buhari’s body from London where he passed away around 4:30 pm on Sunday.

Report has it that Buhari’s remains are expected to arrive in Nigeria early Monday for immediate transport to his hometown in Daura, Katsina State, for burial.

“The burial is today (Monday). They’re bringing his corpse over the night. They’ll go straight to Daura. So, they’ll bury him today (Monday).

You know, the Islamic rites don’t take time,” one official, who asked not to be named, explained.

Another insider said, “When the corpse arrives, we are sure the President would go there. After they go to Daura, the President can join them there.”

When asked if any African presidents would be present in Nigeria to pay their respects, a third official replied, “Yes, there would be mainly West African Leaders. But we don’t know who and who until they start to communicate on Monday.”

The official added, “The body will arrive early tomorrow and be buried. We’ll start having heads of state from West Africa. It is likely that some will come.

If they come they will stay in their hotels until they get a time to see the President today (Monday).

You know, the President just came back early hours of today. And he’s still resting.”

Tinubu had announced the former leader’s death, which followed a lengthy undisclosed illness.

“President Tinubu has spoken with Mrs Aishat Buhari, the former President’s widow and offered his deep condolences,” read a statement issued Sunday by Tinubu’s Special Adviser on Information and Strategy, Bayo Onanuga.

The statement was titled ‘President Tinubu Announces President Buhari’s Passing, Orders VP Shettima To The Uk To Accompany Body Back Home.’

“President Tinubu has also ordered Vice President Kashim Shettima to proceed to the United Kingdom to accompany President Muhammadu Buhari’s body back to Nigeria,” Onanuga said.

Tinubu instructed that national flags be flown at half-mast as a tribute to the late leader.

He also called for an emergency Federal Executive Council meeting on Tuesday, July 15, 2025, to honour the former President.

In a personal tribute signed Sunday evening, Tinubu affirmed that Buhari would receive full state honours.

“As a mark of respect to our former leader, I have directed that all national flags fly at half-staff across the country for seven days from today,” Tinubu wrote.

He added, “I have also summoned an emergency Federal Executive Council session on Tuesday, dedicated to his honour.”

The President said the news of Buhari’s death brought him “profound sorrow and a heavy heart,” and noted that Nigeria had lost “a patriot, a soldier, a statesman.”

“President Buhari was to the very core, a patriot, a soldier, a statesman. His legacy of service and sacrifice endures.

He served Nigeria with unwavering dedication, first as a military leader from January 1984 to August 1985, and later as a democratically elected President from 2015 to 2023.

Duty, honour, and a deep commitment to the unity and progress of our nation defined his life,” Tinubu wrote.

Tinubu also characterized Buhari as a steady leader during difficult times, praised for his integrity and strong belief in Nigeria’s potential.

He commended Buhari’s fight against corruption and his effort to bring discipline to governance.

“He championed discipline in public service, confronted corruption head-on, and placed the country above personal interest at every turn,” Tinubu said.

The President also expressed sympathy to the people and traditional authorities of Daura, the late President’s birthplace.

“In this moment of national mourning, I extend my deepest condolences to his beloved wife, Aisha, with whom I have been in constant touch, his children, the entire Buhari family, and all who knew and loved him.”

“I also extend my condolences to the government and people of Katsina State, most especially the people and traditional leaders of Daura Emirate,” he stated.

Tinubu said the government would arrange a funeral that reflects Buhari’s “towering contributions to our country” and prayed for his peaceful rest.

“We honour his service. We reflect on his legacy. And we pray for the peaceful repose of his soul,” he said, adding, “May Allah forgive his shortcomings and grant him Al-Jannah Firdaus. And may his life continue to inspire generations of Nigerians to serve with courage, conviction, and selflessness.”

The 82-year-old had travelled to London in late June for continued treatment for an unspecified medical condition.

During his presidency, Buhari frequently travelled abroad for health reasons.

He made at least 13 medical trips to the UK while in office.

His first documented trip occurred in June 2016, just over a year into his presidency, lasting ten days.

By 2017, his health-related travels increased in frequency and length.

In May 2017, he spent more than 100 days in London, his longest medical leave, sparking concerns about leadership continuity.

Such visits were often suddenly announced, with official statements describing them as “routine check-ups.”

From 2018 to 2021, Buhari is said to have travelled to London for medical purposes at least once annually, including trips in April 2021 and March 2022.

His last known medical trip while president occurred in October 2022, just months before completing his tenure.

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BIG STORY

Awujale Of Ijebuland, Buhari’s Longtime Friend, Oba Sikiru Adetona Joins His Ancestors At 91

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Oba Sikiru Kayode Adetona, the Awujale of Ijebuland, has passed away at 91.

The traditional ruler died on Sunday, just a few hours after the news broke of the death of Muhammadu Buhari, who was both his old friend and Nigeria’s former president.

In a statement, Ogun State Governor Dapo Abiodun described the monarch’s death as a huge blow to both Ijebuland and the entire nation.

Abiodun referred to the timing of both deaths as “double sadness”, highlighting the strong bond that existed between the two elder statesmen.

“Oba Adetona joined his ancestors today at the age of 91, leaving behind a remarkable legacy that has significantly shaped Ijebuland, Ogun State and Nigeria in general,” the statement reads.

He commended the king’s “transformative reign”, pointing out his progressive style of leadership, the rise in Ijebuland’s recognition, and the global attention given to the Ojude Oba festival.

“Throughout his reign, he was a beacon of unity, cultural preservation, and progressive development. His dedication to the welfare of his people was evident in his efforts to foster educational advancements, healthcare improvements, and economic growth within the state and Nigeria,” Abiodun said.

Adetona became king on April 2, 1960, and remained on the throne for more than 64 years, making him one of the country’s longest-reigning traditional leaders.

His friendship with Buhari began in the 1980s and was solidified under unique and historic events.

Back in 1983, before Buhari’s military government took over, then Ogun State Governor Olabisi Onabanjo had already signed off on a decision to depose Adetona. The removal was due to be enforced by January 2, 1984.

However, the military coup that occurred on December 31, 1983 — which brought Buhari to power — disrupted those plans. The near overlap between the planned deposition and the military takeover marked a turning point in the monarch’s life.

Though Buhari’s actions were not aimed at halting the deposition, the result of the coup effectively allowed Adetona to remain on the throne.

Over time, the Awujale and Buhari built a quiet but deep friendship that was rooted in mutual admiration.

Adetona became a respected moral authority within the traditional leadership structure in Nigeria. He was admired for speaking his mind, resisting subservience to power, and believing that monarchs should always hold leaders accountable.

Through his guidance, Ijebuland grew in cultural strength, economic relevance, and political influence.

Abiodun called him “a beacon of unity and progress”, adding that “his wisdom, kindness, and unwavering commitment to the betterment of his people will forever be etched in our hearts”.

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