Business
Nigeria’s oil, gas reserves hit 37bn barrels, 215 TCF — NUPRC
The Nigerian Upstream Petroleum Regulatory Commission (NUPRC) says Nigeria’s total oil and condensate reserves stood at 37.01 billion barrels as of 1 January 2026, while gas reserves rose to 215.19 trillion cubic feet (TCF).
The figures were disclosed in a statement issued on Wednesday and signed by the commission’s Chief Executive, Oritsemeyiwa Eyesan.
According to the declaration, made in line with the Petroleum Industry Act (PIA) 2021, crude oil reserves were estimated at 31.09 billion barrels, while condensate reserves stood at 5.92 billion barrels.
For gas, associated gas reserves were put at 100.21 TCF, while non-associated gas reserves stood at 114.98 TCF.
The commission also placed the reserves life index at 59 years for oil and 85 years for gas, indicating how long the resources could last at current production levels.
Mrs Eyesan said oil and condensate reserves recorded a marginal decline of 0.74 per cent compared to the previous year, attributing the drop to 2025 production and updates based on field performance and subsurface technical evaluations.
In contrast, gas reserves increased by 2.21 per cent, largely driven by discoveries and improved reservoir studies.
She said the latest figures reflect the commission’s efforts to enhance upstream sector performance, boost reserves growth, and ensure stable production in line with its mandate.
“Consequently… I hereby declare the Total Oil and Condensate reserves of 37.01 billion barrels and Total Gas reserves of 215.19 trillion cubic feet as the official National Petroleum Reserves Position as of 1st January 2026,” Mrs Eyesan said.
She added that the declaration was made pursuant to provisions of the PIA, which empower the commission to monitor and manage Nigeria’s petroleum resources.
The update comes amid ongoing reforms in the oil and gas sector aimed at improving efficiency, transparency, and long-term sustainability.
READ ALSO: Senate clears Magnus Abe as NUPRC board chair, confirms two others
In recent months, the federal government has intensified efforts to attract both local and foreign investment to boost revenue and support economic growth.
Last month, President Bola Tinubu approved a targeted fiscal incentive package to unlock the long-awaited Final Investment Decision (FID) for the Bonga Southwest Aparo (BSWA) deepwater project.
The approval followed a visit by top executives of Shell Plc to the president in Abuja and comes amid rising global oil prices driven by supply disruptions linked to ongoing geopolitical tensions.
During the January visit, Shell signalled a renewed investment push in Nigeria, citing improved political stability, policy consistency, and leadership as key factors.
At the time, Shell’s Chief Executive Officer, Wael Sawan, said: “We are very keen to invest in Nigeria, but I would say this has not always been the case.”
BY NKECHI NAECHE-ESEZOBOR—Mutual Benefits Assurance Plc has disclosed an insider transaction involving one of its directors, Dr. Akinade Ogunbiyi, who sold more than 1.5 million shares in the insurance company in a deal valued at over ₦6.3 million.
The disclosure, signed by Jide Ibitayo, Company Secretary, filed with the Nigerian Exchange (NGX) and the investing public, showed that Ogunbiyi, a Non-Executive Director of the company, disposed of 1,507,309 ordinary shares of Mutual Benefits Assurance Plc between June 3 and June 9, 2026.
According to the notification, the shares were sold at prices ranging from ₦4.20 to ₦4.33 per share, placing the total value of the transaction at between ₦6.33 million and ₦6.53 million.
The transaction was reported as an initial notification of insider dealing in line with regulatory requirements that mandate directors and other insiders of listed companies to disclose transactions involving the securities of their companies.
Mutual Benefits Assurance identified the financial instrument involved in the transaction as its ordinary shares, traded on the Nigerian Exchange under the ticker symbol “MBENEFIT.”
Insider dealing notifications are a key component of market transparency and corporate governance, providing investors with information on share transactions undertaken by directors, executives, and other individuals with access to potentially price-sensitive information.
While insider transactions often attract investor attention, market analysts note that such dealings do not necessarily indicate changes in a company’s outlook, as they may be influenced by personal investment decisions, portfolio rebalancing, or other financial considerations.
The disclosed transaction took place in Lagos, Nigeria, and was executed over a seven-day period between June 3 and June 9, 2026.
Mutual Benefits Assurance Plc remains one of the companies listed on the Nigerian Exchange that regularly complies with insider dealing disclosure requirements, reinforcing transparency in the capital market.
The post Insider Dealing: Mutual Benefits Director, Ogunbiyi Sells Shares Worth Over ₦6.3 Million appeared first on Business Today NG.
The Federal Government has dismissed reports suggesting it plans to introduce new taxes on telecommunications services and petroleum products, saying the claims are false and misleading.
The Federal Ministry of Finance disclosed this on Wednesday in a statement signed by Maryann Duke, senior special assistant on communications and press secretary to the Minister of Finance and Coordinating Minister of the Economy, Taiwo Oyedele.
It said the reports, which linked the proposed taxes to the International Monetary Fund (IMF) Article IV Consultation on Nigeria, do not reflect its position.
According to the government, the recommendations contained in the IMF report are advisory and do not constitute policy decisions or binding actions for Nigeria.
“The Federal Government is not considering the introduction of any new taxes on telecommunications services or petroleum products,” the statement said.
Fuel tax rules remain unchanged.
The government also clarified that existing tax arrangements on petroleum products remain in place.
It said the Value Added Tax (VAT) waiver on fuel has not been removed and is still active.
It also explained that any fuel surcharge can only take effect through a ministerial order published in the Official Gazette, adding that no such action is being considered.
According to the statement, the current arrangements have helped cushion the impact of global fuel price changes on Nigerian households and businesses.
READ ALSO: NRS launches Rev360 to ease tax compliance
Telecoms excise duty
On telecommunications, the government said the excise duty introduced before 2023 has already been repealed under the new tax laws.
It added that the tax is, therefore, no longer in force.
The ministry urged Nigerians, media organisations and businesses to disregard claims about new telecoms and fuel taxes.
It said Nigeria’s tax policy remains focused on improving revenue collection, supporting economic growth, and attracting investment, rather than increasing the tax burden on citizens.
The ministry added that any future tax changes would be communicated through official channels and implemented strictly in line with due process.
-
News2 days agoJUST IN: Gunmen Attack NIPSS in Plateau, Kill Three Security Operatives
-
Health3 days ago
Five dead, 11 cases confirmed in Plateau cholera outbreak
-
News3 days ago
Troops Arrest Notorious Gun-runner In Plateau (Photo)
-
News3 days ago
Insecurity: FG seeks stronger collaboration with traditional rulers
