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.

The Coalition of Federal Pensioners of Nigeria has vowed to stage nationwide naked protests on October 6 over what they described as government neglect of their demands.

At a press conference in Lagos on Tuesday, the coalition’s national chairman, Mukaila Ogunbote, confirmed the planned demonstrations.

Ogunbote explained that pensioners had given the federal government until the end of September to clear arrears, approve increments, and release palliatives. He stressed that the planned protest would serve as a symbolic act to expose the government’s failure and draw attention to their plight.

He lamented that while workers received the N35,000 palliative within one month of President Bola Tinubu’s approval in October 2023, pensioners were yet to get their N25,000 package.

According to him, employees have since been paid additional palliatives for 10 months, but retirees’ demand for six months’ worth has been ignored.

Ogunbote also recalled that Tinubu had directed a N13,000 pension increase, which is yet to be implemented by either the ministry of finance or the office of the accountant-general.

“When we enquired, we were told our N32,000 increment was omitted from both the 2024 and 2025 budgets. This is injustice,” he said.

Fashola Oluwo, a retired worker from the federal ministry of information, decried the worsening cost of living, noting that many pensioners cannot afford basic needs. He added that some retirees have even died while waiting for their benefits.

Another pensioner, Dupe Ogunniyi, appealed to First Lady Oluremi Tinubu to intervene with the president on their behalf.

Ogunniyi said retirees are burdened not only by meagre pensions but also by the responsibility of supporting unemployed children.

Afriland Properties Plc has traced the cause of the fire outbreak at its head office on Broad Street, Lagos Island, Lagos State.

The company’s Head of Marketing and Corporate Communications, Chukwunonso Okafor, disclosed this in a statement issued on Tuesday.

The clarification came only hours after the incident, which affected the building that also accommodates a branch of United Bank for Africa (UBA) Plc.

Due to several videos from the scene circulating online, many initially mistook the structure for UBA’s corporate headquarters.

In his statement, Okafor said:
“Afriland Properties Plc regrets to inform that a fire incident occurred today at Afriland Towers, our headquarters, located on Broad Street, Lagos Island, Lagos.

“From the moment the incident was reported, the Federal Fire Service, Lagos State Fire Service, and other emergency agencies were promptly alerted and immediately mobilised to contain the fire and coordinate rescue operations.

“Their swift intervention played a crucial role in preventing further damage and stabilising the situation.

“We are deeply saddened by this incident. Our thoughts and prayers are with all those affected, and we extend our heartfelt sympathies to their families and loved ones.

“While an immediate investigation has begun, preliminary findings suggest the fire started in the inverter room. Unfortunately, smoke spread rapidly throughout the building, including the emergency exits, even though standard evacuation procedures were being followed.

“Afriland Properties Plc is working hand in hand with the relevant authorities as the investigation continues. We are grateful to the emergency responders, first aid workers, and members of the public who showed courage and assisted during the incident.

“The company will continue to provide timely updates as verified information becomes available.”