Chairman’s Speech

I am shattered by yesterday’s devastating incident at Afriland Towers that took the lives of our dear colleagues.

No words can capture the magnitude of this loss — not for their families who loved them, not for the friends who valued them, and not for those of us who worked beside them.

Yesterday was a stark reminder of what truly matters: our irreplaceable people, those who walk through our doors each day and share our mission.

I learnt of this on my way to the US, enroute to New York for UNGA. I have cut short my trip to return to Lagos as a mark of respect to our lost colleagues.

As we navigate this grief, I urge you all to reach out to those who are receiving care.

In the coming days, we will convene colleagues in a memorial to honour the memories of the departed, as we provide support to their families.

I also want to thank all those who supported in one way or the other, from emergency responders and first aid workers to members of the public who showed courage and compassion.

A minute’s silence will be observed today at12:00 noon, WAT, across all our group companies.

May this never happen again in our Group. May the souls of the departed rest in perfect peace.

Three Nigerian pilgrims arrested in Saudi Arabia over alleged drug trafficking have been released following high-level intervention by Nigerian authorities.

The National Drug Law Enforcement Agency (NDLEA) confirmed their release at a press briefing on Wednesday.

Femi Babafemi, NDLEA’s Director of Media and Advocacy, said the freedom of the detainees came after engagements between the agency and Saudi authorities. He disclosed that the pilgrims — Mrs Maryam Hussain Abdullahi, Mrs Abdullahi Bahijja Aminu, and Mr Abdulhamid Saddieq — were held in Jeddah for four weeks before being cleared.

Babafemi advised passengers to ensure proper luggage tagging to avoid falling victim to drug trafficking syndicates that manipulate baggage handling systems.

In August, the NDLEA had arrested a suspected drug kingpin, Mohammed Abubakar, also known as Bello Karama, and five members of his syndicate, accused of planting narcotics in the luggage of unsuspecting pilgrims at the Malam Aminu Kano International Airport (MAKIA).

According to investigations, the syndicate — in collusion with staff of the Skyway Aviation Handling Company (SAHCOL) — secretly tagged six additional bags to the names of the pilgrims, three of which contained illicit substances.

While the suspects checked in the drug-laden luggage on Ethiopian Airlines flight ET940 from Kano to Jeddah via Addis Ababa, Karama himself travelled separately on Egypt Air. Other accomplices identified include Abdulbasit Adamu, Murtala Olalekan, Celestina Yayock, and Jazuli Kabir. NDLEA said evidence of payments linked to the scheme had been traced to them.

Babafemi noted that NDLEA Chairman, Brig Gen. Buba Marwa (rtd.), personally engaged officials of Saudi Arabia’s General Directorate of Narcotics Control (GDNC), armed with Nigeria’s investigation report and charges filed against the syndicate. The discussions, he said, were held at multiple levels, both in Nigeria and Saudi Arabia, in line with President Bola Tinubu’s directive that no Nigerian should suffer unjustly abroad.

“One of the pilgrims was freed on September 14, and the remaining two were released on September 15, 2025,” Babafemi said.

Marwa expressed gratitude to Saudi authorities for their cooperation, stressing that the release reflected the spirit of the Memorandum of Understanding (MoU) between NDLEA and the GDNC. He also commended President Tinubu for backing the efforts, alongside Attorney General Lateef Fagbemi, Foreign Affairs Minister Yusuf Tuggar, Aviation Minister Festus Keyamo, and National Security Adviser Nuhu Ribadu.

He said: “The biggest support came from President Tinubu, who is committed to ensuring that every Nigerian receives fair treatment globally. This case demonstrates that no Nigerian will be unjustly punished for crimes they know nothing about.”

The incident, however, reignited concerns about airport security in Nigeria, with authorities pledging stricter checks at Kano airport to curb similar criminal practices.

Gbenga Komolafe, chief executive officer (CEO) of the Nigerian Upstream Petroleum Regulatory Commission (NUPRC), says Nigeria has secured $18.2 billion in investment commitments from oil and gas field development plans.

Speaking on Tuesday at the Africa Oil Week in Accra, Ghana, Komolafe said the country’s reform efforts have boosted investor confidence.

“In 2025 alone, the Commission has approved 28 new Field Development Plans, unlocking 1.4 billion barrels of oil and 5.4 trillion cubic feet of gas. These projects are expected to add 591,000 barrels of oil per day and 2.1 billion standard cubic feet of gas daily,” he said.

According to him, the commitments highlight Nigeria’s emergence as one of the most attractive destinations for upstream investment, backed by $18.2 billion in capital expenditure.

He added that the new investments also align with the country’s target of exceeding three million barrels of oil production per day.

Komolafe credited the progress to President Bola Tinubu’s renewed hope agenda, stressing that energy security is vital for economic growth and resilience across Africa.

He noted that the Petroleum Industry Act (PIA) of 2021 introduced a fresh governance and fiscal framework, under which the NUPRC has evolved into a proactive regulator.

Over nearly four years, Komolafe said, the commission has issued 24 major regulations, 19 of which have already been gazetted to implement the PIA.

He further explained that the NUPRC has designed a regulatory action plan (RAP) to reduce bottlenecks, ease entry into the sector, and ensure transparency in licensing rounds.

Komolafe pointed out that these reforms have driven results, including an increase in rig activity from just 8 in 2021 to 43 as of September 2025.

“Other results include the $5 billion final investment decision (FID) for the Bonga North deep offshore development and the $500 million Ubeta Gas Project. More FIDs are expected for projects such as HI NAG Development, Ima Gas, Owowo Deep Offshore, and Preowei Fields,” he added.

He also revealed that Tinubu has approved five major acquisition deals worth more than $5 billion, creating opportunities for Nigerian firms.

Komolafe highlighted that licensing rounds in recent years — including the award of 57 petroleum prospecting licences in 2022, the mini-bid round that same year, and the 2024 licensing round — were executed transparently and competitively, drawing strong interest from investors.

He said measures such as optimising signature bonus payments and reducing entry barriers helped ensure broader participation, with 27 out of 31 blocks offered in 2024 successfully taken up.

According to him, these milestones are setting the stage for sustained investments and accelerated growth, positioning Nigeria as a market defined by clarity, competitiveness, and investor confidence.