Business

FAAN unveils 2025 bye-laws

Published

1 hour ago

July 22, 2026

Preport

The Federal Airports Authority of Nigeria (FAAN) has unveiled its 2025 Bye-Laws, marking the first comprehensive review of the authority’s regulatory framework in 21 years.

The new bye-laws were officially launched by the Chairman of the FAAN Board, Umar Ganduje, who commended the management for successfully reviewing the legal framework to reflect current realities in the aviation industry. He described the revised bye-laws as a significant milestone that will strengthen airport governance and enhance operational efficiency across the authority.

Speaking at the unveiling, the Managing Director/Chief Executive of FAAN, Olubunmi Kuku, said the previous bye-laws, last reviewed in 2005, had become outdated and were no longer effective in addressing the demands of the modern aviation environment.

She explained that the 2025 Bye-Laws were developed in line with current aviation realities and FAAN’s evolving operational framework to ensure the Authority remains responsive to emerging challenges and global best practices.

READ ALSO: FAAN set to transform domestic air travel with V-Pass facial recognition system

According to Mrs Kuku, the revised bye-laws will serve as a comprehensive operational guide for FAAN staff, airport users, stakeholders and relevant partners, while promoting safer, more secure and commercially viable airport operations across the country’s airport network.

She added that the new framework reinforces FAAN’s commitment to regulatory compliance, operational excellence and improved service delivery in Nigeria’s aviation sector.

Business

Senate Passes Bill to Rename NAICOM as Insurance Regulatory Commission

Published

9 hours ago

July 22, 2026

Preport

BY NKECHI NAECHE-ESEZOBOR—The Senate on Tuesday passed a bill seeking to rename the National Insurance Commission (NAICOM) as the Insurance Regulatory Commission.

If enacted, the proposed law will establish an Insurance Regulatory Commission and repeal the existing legislation that established the National Insurance Commission (NAICOM).

Under the proposed framework, the new regulatory body would be responsible for providing guidance to the Federal Government on policies concerning natural disaster risks and other important issues affectcing the insurance sector.

The bill was sponsored by the Chairman of the Senate Committee on Banking, Insurance and Other Financial Institutions, Senator Mukhail Adetokunbo Abiru (APC, Lagos East).

Presenting the report, Abiru said “The current National Insurance Commission Act 1997 is outdated and does not adequately address the emerging economic growth, needs and development of the insurance business.”

“Despite its the commission’s vsignificant contributions, the enabling law has become obsolete, failing to align with current realities and global best practices, and unable to keep pace with the evolving nature of the insurance industry, exposing numerous gaps in the law and necessitating urgent amendments,” he said.

Regarding administrative leadership, Abiru explained that the draft law outlines precise criteria for director appointments, guaranteeing that solely qualified specialists with backgrounds in risk mitigation, law, financial systems, corporate management, and underwriting obtain leadership seats.

He noted further that this updated statute equips the agency to offer enhanced strategic guidance and supervisory control, driving the expansion of the nation’s coverage market

The post Senate Passes Bill to Rename NAICOM as Insurance Regulatory Commission appeared first on Business Today NG.

Business

31 firms win 37 oil, gas blocks in Nigeria’s 2025 Licensing Round

Published

17 hours ago

July 22, 2026

Preport

C35e83 6f2c8070870e458ca00632c635729e50mv2 d 2507 1673 s 2.webp

Thirty-one companies have emerged winners of 37 oil and gas blocks in Nigeria’s 2025 Licensing Round following the conclusion of the commercial bid conference held in Abuja on Tuesday.

The bidding process, held at the Transcorp Event Centre, attracted 143 companies, which submitted about 200 bids for 37 of the 50 oil and gas blocks offered by the Nigerian Upstream Petroleum Regulatory Commission (NUPRC).

The blocks span multiple terrains, including the Niger Delta onshore, shallow-water and deep-offshore areas, as well as the Benin, Anambra, and Chad basins and the Benue Trough.

While 37 blocks received bids, the remaining 13 attracted no offers.

The NUPRC described the outcome as significant, noting that it is the first time Nigeria’s frontier basins—including the Benue Trough, Chad Basin, Anambra Basin and Benin Basin—have attracted such strong investor interest.

Among the successful bidders are SSonic Petroleum Limited, CFP Pipeline and Flowlines, Dutchford E&P Limited, Attabanson Global Company Limited, Rosem Energy Limited, Pivot-GIS Limited, Network E&P, Asharami, LexOil, BVOF, Gupsco Energy Limited, Saratoga, Volante, Concept-Reel Petroleum Services Limited, Clinton Oil Field, Nuway Oaklane Limited, Ramec, Italia, Blueridge E&P, Up Energies Limited, AYM Shafa, Blackrock Holdings Limited, Funtay Integrated Business Limited, Riparian Development and Production Limited, Nikstallis, Stardeep Petroleum, Dakoda & U Limited, Southborne Oil and Gas Limited, Lanaka Petroleum, Highban Resources Limited and Eyre Energy Limited.

The commission said the companies will receive final awards only after paying the required signature bonuses and obtaining the approval of the Minister of Petroleum Resources, in line with the Petroleum Industry Act (PIA) 2021.

Speaking after the exercise, the NUPRC Chief Executive, Oritsemeyiwa Eyesan, thanked President Bola Tinubu for supporting the successful conduct of the licensing round.

She congratulated the successful bidders and urged them to promptly pay their signature bonuses and develop the awarded assets, warning that undeveloped assets could be withdrawn under the commission’s “drill or drop” policy.

The commercial bid conference was monitored by representatives of the Federal Ministry of Petroleum Resources, the Federal Ministry of Finance, the Nigeria Extractive Industries Transparency Initiative (NEITI) and other stakeholders to ensure transparency and compliance with applicable laws.

Stay ahead with real-time reports, breaking news, and exclusive insights delivered directly to your phone. Don’t settle for outdated information. Join PLATEAUREPORTS NEWS on WhatsApp for 24/7 updates.

Join Our Whatsapp Channel