Business

NUPRC threatens to revoke gas flare site awards over non-utilisation

Published

1 hour ago

September 10, 2026

Preport

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The Nigerian Upstream Petroleum Regulatory Commission (NUPRC) has warned that it may revoke permits awarded to investors under the Nigerian Gas Flare Commercialisation Programme (NGFCP) if they fail to demonstrate significant progress in utilising the sites.

The Commission Chief Executive, Oritsemeyiwa Eyesan, disclosed this during a working visit to the Minister of State for Petroleum Resources (Gas), Ekperikpe Ekpo, in Abuja on Tuesday.

Mrs Eyesan, according to a statement issued by the commission on Wednesday, presented an update on the implementation of the NGFCP during the meeting.

“One year after an award has been granted, the Commission conducts an evaluation to determine whether there has been considerable progress,” she said.

“Where there is insufficient progress, the Commission will take appropriate regulatory action, including revocation of the award where necessary.”

27 flare sites awarded

Mrs Eyesan said the NGFCP had continued to make significant progress despite initial resistance from some oil and gas operators.

She said 43 flare gas sites were originally identified for award; 27 have been successfully awarded so far, and implementation efforts are ongoing.

The Nigerian Gas Flare Commercialisation Programme was launched by the Federal Government in 2016 to end routine gas flaring at oil fields by enabling third-party investors to commercialise gas that would otherwise be flared.

The latest warning comes amid growing concerns over the continued gas flaring by oil companies and its impact on oil-producing communities.

PREMIUM TIMES investigations have documented the environmental and livelihood impacts of persistent gas leaks and flaring in oil-producing communities, as well as cases of oil companies allegedly violating gas-flaring regulations without facing effective sanctions.

Nigeria has over 215 TCF of proven gas reserves
Mrs Eyesan also said Nigeria currently has more than 215 trillion cubic feet (TCF) of proven natural gas reserves, with an estimated total reserve base of about 600 TCF.

READ ALSO: Nigeria’s crude oil production down 4% in July — NUPRC

“These resources provide a strong foundation for power generation, industrialisation, exports and broader economic development,” she said.

She said the effective commercialisation of the country’s gas resources would help Nigeria derive greater economic value while reducing environmental pollution associated with gas flaring.

On host community development, the NUPRC chief said the Petroleum Industry Act (PIA) introduced the Host Community Development Trust framework to address longstanding concerns in petroleum-producing communities and promote sustainable development.

She said available data indicated that the implementation of the trusts had contributed to reductions in oil theft and oil spills while improving relationships between operators and host communities.

“Today, 173 Host Community Development Trusts have been incorporated, 147 have been funded, over 1,001 projects are currently ongoing, while more than 200 projects have been successfully commissioned across host communities,” she said.

On his part, Mr Ekpo called for deliberate and aggressive implementation of Nigeria’s gas commercialisation programme to enable the country to meet its 2030 target of eliminating routine gas flaring.

“The core objective is to add value to our gas resources by converting them into critical products and services. We must move away from environmental pollution and toward productive resource utilisation,” the minister said.

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Business

NAICOM, NCAA Sign MoU to Strengthen Aviation Insurance Oversight in Nigeria

Published

9 hours ago

September 9, 2026

Preport

BY NKECHI NAECHE-ESÉZOBOR—The National Insurance Commission (NAICOM) and the Nigeria Civil Aviation Authority (NCAA), on Wednesday signed a Memorandum of Understanding (MoU) establishing a Joint Technical Committee on Aviation Insurance, aimed at strengthening regulatory collaboration between the two agencies.

The agreement was formalized at a ceremony held at the NCAA headquarters in Abuja, with the Director General of the NCAA, Capt. Chris Najomo, describing it as a landmark moment for the sector.

Speaking at the event, the Commissioner for Insurance and Chief Executive Officer of the National Insurance Commission (NAICOM), Mr. Segun Omosehin, described the MoU as a strategic step toward strengthening Nigeria’s aviation insurance framework and supporting the country’s broader economic ambitions.

He said the agreement represents a significant milestone in deepening collaboration between the two regulators, whose mandates, though distinct, are mutually reinforcing.

“This occasion represents not only the strengthening of institutional cooperation, but also a clear affirmation of our shared regulatory commitment to the safety, integrity, and resilience of Nigeria’s aviation ecosystem,” the Commissioner said.

He noted that effective insurance protection in the aviation sector is not merely a regulatory formality but an essential risk management tool that safeguards lives, property, businesses, and the broader economy.

Under the MoU, NAICOM will continue to provide regulatory oversight and technical expertise on insurance matters, including verifying aviation insurance arrangements and providing information on insurers licensed to underwrite aviation risks.

The agreement also establishes a Joint Technical Committee, which the Commissioner described as the “engine room” for implementing the partnership’s objectives.

The committee will be responsible for facilitating information sharing, conducting periodic reviews of insurance requirements, addressing operational challenges, coordinating stakeholder engagement, and promoting capacity building across both institutions and industry participants.

The Commissioner assured NCAA management of NAICOM’s full commitment to the committee’s success, pledging the technical support and expertise needed for effective delivery of its mandate.

Linking the partnership to national economic goals, the Commissioner said strong insurance protection remains a key enabler of investment and growth as Nigeria pursues a $1 trillion economy by 2030 under the Renewed Hope Agenda. He added that a robust insurance framework promotes public confidence in air travel, supports business continuity, facilitates access to financing, and contributes to broader economic stability.

He further stressed that compulsory aviation liability insurance serves as an important safeguard for air travellers and other stakeholders, offering assurance that compensation will be available where legally due.

Responding,, the Director General of the Nigeria Civil Aviation Authority (NCAA), Captain Chris Ona Najomo, said the MoU reflects a long-standing working relationship between the two regulatory bodies and reinforces their joint commitment to aviation safety, financial resilience, regulatory compliance, and the protection of the travelling public and other industry stakeholders.

“Aviation remains a paradoxical industry that is globally recognised as the safest mode of transportation, yet characterised by high-impact operational risks,” Najomo said, noting that the NCAA’s safety mandate must be backed by a transparent and verifiable insurance framework.

He explained that NAICOM for several years, supported the NCAA by assessing the adequacy of insurance policies procured by aviation operators, in line with Part 18.14 of the Nigeria Civil Aviation Regulations 2023. The newly signed MoU, he said, builds on that cooperation.

“This MoU we are signing today further deepens that cooperation, enhances stakeholder confidence, and supports cost-efficient operations while addressing challenges faced by Nigerian operators,” he stated.

According to Najomo, the goal of the partnership goes beyond regulatory enforcement. He said the aim is to create a balanced environment where aviation safety and financial protection reinforce one another, while promoting sustainable insurance practices and reducing avoidable regulatory bottlenecks — in alignment with the Federal Government’s Renewed Hope Agenda.

The post NAICOM, NCAA Sign MoU to Strengthen Aviation Insurance Oversight in Nigeria appeared first on Business Today NG.

Business

CBN to prioritise terrorism financing supervision

Published

17 hours ago

September 9, 2026

Preport

The Central Bank of Nigeria (CBN) has prioritised the supervision of terrorism financing as part of efforts to protect the country’s financial system from abuse by illicit actors.

The apex bank disclosed this in a statement signed by its Acting Director, Corporate Communications and Investor Relations Department, Sidi-Ali Hakama, on Tuesday.

The supervisory focus would cover terrorism-financing risk management, transaction monitoring, targeted financial sanctions implementation, and suspicious-transaction reporting related to terrorism financing.

“This supervisory priority covers, at a high level, terrorism-financing risk management, terrorism-financing transaction monitoring, targeted financial sanctions implementation, and terrorism financing-related suspicious transaction reporting,” CBN said.

CBN also said it would continue to apply a risk-based supervisory approach, including on-site and off-site engagements, to strengthen anti-money laundering, counter-terrorism financing, and counter-proliferation financing controls across the financial sector.

“The Bank will continue to apply a risk-based supervisory approach, including on-site and off-site engagement, to support effective AML/CFT/CPF controls across the financial sector in line with existing legal and regulatory obligations,” it said.

The regulator further explained that the supervisory focus would also support Nigeria’s domestic and international cooperation on counter-terrorism financing, counter-proliferation financing, financial integrity and the protection of the financial system.

The apex bank added that further supervisory engagement would be undertaken where necessary.

“Further supervisory engagement will be undertaken as appropriate,” it said.

This is another step by the regulator to curb terrorism financing and prevent illicit actors from abusing the financial system.

READ ALSO: CBN removes FX, government securities restrictions on discount window access

In June, CBN directed banks and other financial institutions to immediately freeze accounts and assets linked to six individuals and four Bureau de Change (BDC) operators designated for terrorism and terrorism-financing-related activities, following an update to the Nigeria Sanctions List on 18 June.

In March, the CBN also amended the Revised Regulatory Framework for BVN and Watch-List for the Nigerian Banking Industry.

The amendment introduced measures that include a temporary 24-hour watch-list for BVNs linked to suspected fraudulent transactions, restricting BVN enrolment to persons aged 18 and above, limiting phone number amendments to once, and restricting access to BVN databases to CBN-licensed financial institutions.