ENERGY SUMMARIES. AUG26

Filtering the noise to deliver important energy sector updates AUGUST 2026

THIS MONTH AT A GLANCE

1.56m bpd

Crude output reached a 74-month high

37 blocks

Awarded in the 2025 licensing round

US$4.5bn

Energy commitments signed at NOG Energy Week

US$100+

Brent brie y crossed the threshold

UPSTREAM | GAS | DOWNSTREAM | POWER | CLEAN ENERGY | POLICY

EXECUTIVE BRIEFING

MARKET SIGNALS

STRATEGIC IMPLICATIONS

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Energy Summaries is not a newspaper or tabloid, but a major voluntary communication project of Fleissen & Company, which is dedicated to harnessing and disseminating vital information about major developments within the energy industry on a monthly basis.

This periodic compilation is purely for information and knowledge purposes, and its content should not in any way be mistaken for financial, investment or transaction advice.

Professional guidance and expert views MUST always be sought when commercial decisions or business choices are to be made.

Filtering the noise to deliver important energy sector updates

Filtering the noise to deliver important energy sector updates

Filtering the noise to deliver important energy sector updates

Filtering the noise to deliver important energy sector updates

Filtering the noise to deliver important energy sector updates

Filtering the noise to deliver important energy sector updates

Filtering the noise to deliver important energy sector updates

JUNE 2026

JULY 2026

AUGUST 2026

MAY 2026

APRIL 2026

FEBRUARY 2026

MARCH 2026

THIS MONTH AT A GLANCE

1.56m bpd

Crude output reached a 74-month high

37 blocks

Awarded in the 2025 licensing round

US$4.5bn

Energy commitments signed at NOG Energy Week

US$100+

Brent brie y crossed the threshold

$60+ BILLION INVESTMENTS

10bscf/d BY 2027

12bscf/d BY 2030

UPSTREAM | GAS | DOWNSTREAM | POWER | CLEAN ENERGY | POLICY

Policy, investment and sustainability dynamics in Nigeria's energy transition agenda

Zero-DutyMobility EXECUTIVE BRIEFING

MARKET SIGNALS

The oil economy buffer

STRATEGIC IMPLICATIONS

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Home re ning absorbs global shock as prices reset

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Aradel completes acquisition of 40% equity interest in ND Western

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Oil and gas operators convene in Abuja to turn emissions accounting into the price of market access.

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Nigeria eyes $20bn investments from 70 priority gas projects

Nigeria lowers entry cost of clean public transport

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MASS TRANSIT BUS DUTY

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FG unveils monitoring system for CNG vehicles

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Nigeria-China investments, energy deals hit $20 billion

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Nigeria's Energy Infrastructure Boom Refining expansion, gas infrastructure, and new con nental financing reshape the country's energy landscape

Aradel’s new gas supply deal with NLNG

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NNPC unveils new gas master plan

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How coordinated reforms and cleaner energy Ini a ves are strengthening Nigeria's energy security, while advancing long-term sustainability

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REA's $1.6bn mini-grid fund to accelerate clean energy access for rural communities

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FIRST E&P achieves 96% gas- are reduction, pledges net-zero by 2045

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Nigeria launches rst ever are gas digital infrastructure project

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Nigeria’s AutoCNG sector attracts $491mn investment in 12 months

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August 2026

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August 2026

AVERAGE LPG PRICE // JULY 2026

COMPANY

N/TONNE

20,936,364 NIPCO 20,782,353 NAVGAS STOCKGAP (OFFTAKER) 21,477,778 PANOCEAN (OFFTAKER) 20,371,429 21,744,444 MATRIX

AVERAGE LPG PRICE // JULY 2026

COMPANY

N/TONNE

COMPANY

N/TONNE

RAIN OIL STOCKGAP ARDOVA AP TECHNO OIL PPMC Apapa

21,507,692 20,700,000 21,200,000 21,400,000 20,246,667

DANGOTE

20,022,222

Depot Owners Producers

Source: lpginnigeria.com

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August 2026

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August 2026

ENERGY INTELLIGENCE BRIEF · NIGERIA · JULY 2026 ENERGY SUMMARIES · AUGUST 2026 · ISSUE NO. 8 · VOL. 3 A curated monthly digest of Nigeria's oil, gas, power, and renewable energy landscape.

CONTENTS 01 Upstream Exploration and Production.....15 items 02 Refining and Downstream......................11 items 03 Natural Gas Development........................10 items 04 Power Sector Reform.............................8 items 05 Renewable Energy and Clean Transition......12 items 06 Clean Mobility..........................................2 items 07 Trade and International Markets..............8 items 08 Policy, Regulation and Governance........10 items 09 Corporate News and Appointments.........5 items

Sources: Sources: BusinessDay · Punch · Vanguard · ThisDay · Channels TV · Reuters · The Nation · DailyTrust · Daily Post · Business Insider Africa · Petroleum Price · The Cable · The Guardian · NNPC · The Sun · Business Post · New Telegraph · State House | July 1 to July 31, 2026

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August 2026

01

UPSTREAM EXPLORATION AND PRODUCTION Licensing round outcomes, fiscal incentives and a return to drilling

SUBSECTOR INSIGHT Crude oil production reached 1.56 million barrels per day in June 2026, a 74-month high at 104 per cent of the OPEC quota, as the 2025 licensing round closed with 37 oil and gas blocks awarded to 31 companies after an eight-month process, with winners required to pay signature bonuses and meet post-award conditions within 90 days or forfeit to reserve bidders, while 13 marketed blocks, including three of four in the Chad Basin and six in the Niger Delta, attracted no bids and return to the licensing basket. President Bola Tinubu approved a 2026 round, the third consecutive competitive exercise, and the NUPRC presented 19 prospecting licences to 12 firms from earlier rounds. Fiscal incentives moved deepwater investment: a US$11.50 per barrel production-linked tax credit for Shell's US$20 billion Bonga Southwest Aparo project, as reported

by Bloomberg, and a US$1 billion ExxonMobil-led commitment to the Usan Infill Project expected to add 40,000 barrels per day. Renaissance recorded its first discovery on OML 74, Seplat agreed to sell a 10 per cent joint venture interest to NNPC for about US$281.6 million, and SNEPCo launched a US$3 billion contract finance facility with nine Nigerian banks.

Crude Output Hits 74-Month High as Nigeria Meets 104% of OPEC Quota

NUPRC Awards 37 Oil Blocks to 31 Companies as 2025 Licensing Round Closes

Crude oil production rose to 1.56 million barrels per day in June 2026, the highest level recorded since April 2020 and 104 per cent of the country's 1.5 million barrels per day OPEC quota, the NUPRC disclosed in a statement signed by Head, Media and Corporate Communications, Eniola Akinkuotu.

Condensate production reached 180,000 barrels per day, bringing combined

Thirty-one companies were declared winners of 37 oil and gas blocks under the 2025 Licensing Round at the commercial bid conference in Abuja, ending an eight-month process.

Winning firms must pay signature bonuses and satisfy other post-award conditions within 90 days or risk forfeiting the assets to reserve bidders.

Commission Chief Executive Oritsemeyiwa

crude and condensate output to 1,735,398 barrels daily in the fourth consecutive month of production growth, which the commission attributed to stable operations across most producing assets and the absence of major pipeline disruptions during the period.

(Vanguard, July 13, 2026 / Channels Television, July 13, 2026)

Eyesan disclosed that officials involved in evaluating the bids faced repeated intimidation that persisted until the eve of the commercial bid opening, but refused to compromise the integrity of the exercise, stating that the process remained credible and transparent throughout.

(Punch, July 22, 2026)

13 Oil Blocks Fail to Attract Bids as Frontier Exploration Ambitions Stall Thirteen of the oil blocks marketed by the NUPRC under the 2025 Licensing Round received no bids: three of the four marketed blocks in the Chad Basin, two each in the Benue and Benin basins, and six in the

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Niger Delta, including Ayama PPL 2A52, Foniwetoiro PPL 2A37, Olori PPL 2A36, Misty PPL 2A35, Kenam PPL 2A34 and Ikuru PPL 2A31, alongside PPL 309, PPL 307, PPL 802, PPL 803, PPL 701, PPL 702 and PPL

703 across the inland basins.

The outcome comes four years after NNPC announced a one billion barrel oil discovery at Kolmani with 500 billion standard cubic feet of gas and a proposed

US$3 billion investment that has yet to materialise. The Federal Government confirmed the 13 blocks will be returned to the licensing basket.

(The Guardian, July 22, 2026)

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Tinubu Approves New Oil Licensing Round for 2026 President Bola Tinubu has approved the commencement of the 2026 oil and gas licensing round, paving the way for the country's third consecutive competitive bid round and offering fresh opportunities to investors who do not emerge successful in the 2025 exercise.

The approval was confirmed separately by NUPRC Commission Chief Executive Oritsemeyiwa Eyesan and Minister of

State for Petroleum Resources (Oil) Heineken Lokpobiri at the 2025 Commercial Bid Conference in Abuja, where the regulator opened commercial bids submitted by qualified companies.

Eyesan urged unsuccessful bidders not to be discouraged, stressing that the upstream sector extends far beyond the assets currently on offer.

(Punch, July 21, 2026)

Chevron Confirms Winning Bid for Deepwater Block PPL 2010 Star Deep Water Petroleum, a Chevron company and operator of the Agbami field, emerged top bidder for Petroleum Prospecting Licence 2010 as the NUPRC opened commercial bids for the 2025 licensing round, Chevron confirmed.

Jim Swartz, chairman of Chevron companies in Nigeria and Mid-Africa,

said the company remains committed to working collaboratively with the Nigerian government and its partners to support the development of the oil and gas industry and contribute to broader economic growth.

(Upstream, July 23, 2026)

NUPRC Hands 19 Oil Prospecting Licences to 12 Firms from Earlier Rounds Nineteen Petroleum Prospecting Licences were formally presented to 12 successful bidders from the 2024 licensing round and the 2022/2023 Mini Bid Round during NOG Energy Week 2026 in Abuja, marking the

commencement of exploration activities across deep offshore, shallow water and continental shelf acreages.

Beneficiaries include Boron Energy Limited (PPL 2009), Energy

Marketing and Supply Limited (PPL 269), Sahara Deepwater Resources Limited (PPLs 270 and 271) and Tulkan Energy E&P Company Limited (PPL 2008).

Execution of the concession contracts

establishes the legal, fiscal and commercial framework governing the licence holders under the Petroleum Industry Act 2021.

(Vanguard, July 8, 2026)

FG Grants Shell US$11.50 Per Barrel Tax Credit to Unlock US$20bn Bonga Southwest Aparo Investment President Bola Tinubu approved fiscal terms granting Shell and its partners a production-linked tax rebate of US$11.50 for every barrel produced from the Bonga Southwest Aparo

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deepwater project, more than double the standard incentive available under Nigeria's fiscal framework, according to a Bloomberg report citing people familiar with the matter.

The incentive is expected to help move the long-delayed US$20 billion project towards a Final Investment Decision, and the same production-linked credit would reportedly be

extended to other international oil companies developing new deepwater projects in Nigeria until at least 2029.

(Punch, July 15, 2026)

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ExxonMobil and Partners Commit US$1bn to Usan Infill Project in First Drilling Return Since 2016

Renaissance Hits Oil in OML 74 Exploration Well

ExxonMobil affiliate Esso Exploration and Production Nigeria and its partners Chevron, TotalEnergies and CNOOC subsidiary Nexen will invest US$1 billion in the Usan Infill Project on OML 138, a development expected to add 40,000 barrels per day of oil production, the NUPRC stated. The commitment marks Esso's return to drilling activity in Nigeria, with its last drilling operation dating back to

Renaissance Energy recorded its first major oil discovery since taking over OML 74, with preliminary results showing about 1,000 feet of crude oil-bearing reservoirs across seven zones and data and fluid tests confirming light oil in high-quality reservoirs.

OML 74 is a large shallowwater block in the eastern Niger Delta holding at least eight previously undeveloped discoveries.

Renaissance, which owns

2016.

ExxonMobil Nigeria Managing Director Jagir Baxi confirmed the commitment at a conference in Abuja, while NUPRC Chief Executive Oritsemeyiwa Eyesan said the project is expected to deliver first production within 18 months after seismic data identified the opportunity.

(Reuters, July 8, 2026)

Seplat to Sell 10% JV Stake to NNPC for US$281.6m Seplat Energy Plc agreed to sell a 10 per cent participating interest in assets held under its joint venture with NNPC Ltd for a headline value of about US$281.6 million, in a filing with the Nigerian Exchange updating a transaction first announced in September 2025.

Seplat Energy Offshore Limited and Seplat Energy Producing Nigeria Unlimited signed a legally binding heads of agreement with NNPC, with the commercial terms representing about 25

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per cent of the gross consideration paid, together with any contingent consideration payable, for the SEPNU acquisition. Following completion, SEPNU retains a 30 per cent interest and continues as operator. The announcement accompanied half-year results showing profit after tax up 498 per cent to US$164 million on revenue of US$1.82 billion.

(The Sun, July 31, 2026 / EnviroNews, July 31, 2026)

Shell's former onshore and shallow-water assets, operates Nigeria's largest upstream joint venture with 18 oil leases, two export terminals and an FPSO vessel.

Managing Director Tony Attah said the discovery reflects a renewed focus on exploration and long-term production growth.

(Business Post, July 8, 2026)

SNEPCo, Nine Banks Launch US$3bn Contract Finance Facility for Nigerian Oil Service Firms Shell Nigeria Exploration and Production Company launched a US$3 billion Contract Finance Facility in partnership with nine Nigerian banks to provide credit support for local contractors executing projects for SNEPCo operations, available in both naira and US dollars.

The participating banks are First Bank, Guaranty Trust Bank, Zenith Bank, Access Bank, United Bank for

Africa, Stanbic IBTC, Standard Chartered Bank, First City Monument Bank and Fidelity Bank.

SNEPCo Managing Director Ronald Adams said at the MoU signing in Lagos that the initiative reflects the spirit of the Nigerian Oil and Gas Industry Content Development Act and in-country value retention.

(ThisDay, July 2, 2026)

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ADES Wins US$100m Seplat Jack-Up Contract Among US$228m Dual Awards ADES International Holding secured two offshore drilling contracts in the UK North Sea and Nigeria totalling approximately SAR 858.3 million (US$228.56 million).

In Nigeria, Seplat Energy Producing Nigeria Unlimited awarded a contract for the Shelf Drilling Odyssey jack-up rig valued at SAR 375.3 million (about US$100.1 million),

including mobilisation, demobilisation and the local partner's share.

The Nigerian agreement covers a two-year firm period with two unpriced oneyear extensions, and drilling is expected to

start in the first quarter of 2027, following regional contract wins earlier in 2026 such as the Shelf Drilling Victory in Nigeria.

(Egypt Oil & Gas, July 16, 2026)

7,942 Oil Service Permits, 49 Licences Granted in Q1 2026 Nigeria issued 7,942 oil and gas industry service permits and 49 upstream monitoring and regulation licences between January and March

2026, according to the NUPRC's Upstream Service Industry Newsletter for the first quarter.

Permit volumes declined

22.3 per cent compared with the fourth quarter of 2025, a moderation the commission attributed to normal regulatory cycles

rather than a slowdown in industry activity.

(Punch, July 2, 2026)

Heirs Energies Deploys Real-Time Digital Monitoring at OML 17

Asharami Energy Targets 350,000 Bpd Production by 2030

The Heirs Energies OML 17 Joint Venture, in collaboration with Redtech, the technology company within the Heirs Holdings Group, unveiled its Integrated Operations Monitoring Centre, a digital operations hub bringing operational intelligence, production monitoring, security surveillance, hydrocarbon evacuation,

Asharami Energy Limited, Sahara Group's upstream exploration and production business, announced a production target of 350,000 barrels of oil per day by 2030, alongside the achievement of six million Lost Time Injury-free manhours in its OML 148 operations through subsidiary Enageed Resources Limited.

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facility performance and critical asset data into a single integrated environment.

Chief Executive Officer Osa Igiehon said the centre would provide real-time visibility of operations, enable faster decisionmaking and improve efficiency across OML 17.

(Punch, July 2, 2026)

Chief Technical Officer Leste Aihevba said operational excellence begins with protecting people, stakeholders and communities, and that the safety culture will remain fundamental as the company advances towards the production target.

(The Sun, July 20, 2026)

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August 2026

02

REFINING AND DOWNSTREAM Pricing shifts, capital raising and refinery strategy

SUBSECTOR INSIGHT The Dangote refinery's pricing decisions dominated the downstream month. Naira-denominated gantry sales were suspended from July 13 in favour of a dollar template pricing petrol at US$0.779 per litre, the refinery halted coastal and gantry loading on July 15, resumed marine loading at US$1,161.23 per metric tonne, an 11.2 per cent increase, and restored naira sales on July 23 at a gantry price of N1,215 per litre, before unveiling a free petrol delivery programme in six states at that price for buyers of at least 250,000 litres. Capital raising moved at pace: about US$2.5 billion closed in a private placement of up to 6 per cent of the company at a valuation of approximately US$40 billion, attracting about US$4 billion in demand, and a formal SEC filing advanced a September listing expected to be Africa's largest. NNPC ended crude-backed loan financing for the Port Harcourt and Warri refineries in favour of a performance-driven model, with 35 Chinese engineers assessing Warri ahead of a rehabilitation investment decision, while the NMDPRA called for an African fuel pricing benchmark to reduce dependence on foreign indices.

Dangote Refinery Suspends Naira Petrol Sales, Moves to Dollar Pricing

Dangote Refinery Resumes Coastal PMS Loading at US$1, 161.23/MT, Up 11.2%

Naira-denominated gantry sales of Premium Motor Spirit were suspended effective July 13, reversing the naira-purchase policy that began on October 1, 2024, with the refinery moving to a dollar template pricing petrol at US$0.779 per litre, diesel at US$1.087 and aviation fuel at US$0.942, and coastal PMS deliveries at US$1,044.62 per metric tonne. No official explanation accompanied the change.

Coastal loading of Premium Motor Spirit resumed after an eight-day halt at a new marine price of US$1,161.23 per metric tonne, up from US$1,044.62, an increase of US$116.61 or 11.2 per cent, marking the refinery's first pricing adjustment since moving to a dollardenominated template for refined products earlier in the month.

The refinery had halted both coastal and gantry loading

Depot owners raised exdepot petrol prices from about N1,075 per litre to between N1,085 and N1,090 following the announcement, while retail prices held at N1,155 to N1,205 in Abuja at the time of the report. IPMAN spokesperson Chinedu Ukadike warned the shift would put immense pressure on the naira and urged federal intervention.

(Daily Post, July 14, 2026)

on Wednesday, July 15, shortly after introducing the dollar-based pricing structure.

Customers loading through the coastal channel were notified of the resumption, with loading operations commencing from July 21, while truck loading through the gantry had yet to restart at the time of the report.

(BusinessDay, July 22, 2026)

Dangote Refinery Resumes Naira Petrol Sales at N1,215/Litre Petrol loading in naira resumed on July 23 at a gantry price of N1,215 per litre, ending the nine-day suspension of naira-denominated sales, with the new rate

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representing an increase of about N140 on the roughly N1,075 naira-equivalent price that prevailed before the switch to dollar pricing.

The resumption restored the nairapurchase arrangement to marketers and bulk buyers ahead of the refinery's free delivery programme rollout,

following depot and pump price increases recorded during the suspension.

(Daily Post, July 23, 2026 / Vanguard, July

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Dangote Refinery Rolls Out Free Petrol Delivery in Six States at N1,215/Litre The first phase of the refinery's free petrol delivery programme extends direct supply to marketers in Lagos, Ogun, Rivers, Kaduna, the Federal Capital Territory and Delta, under the Vision 2030 Accelerating Africa's Industrialisation agenda, with plans to expand to additional states in subsequent phases.

Premium Motor Spirit will continue to be supplied at

the existing gantry price of N1,215 per litre, with qualifying buyers also benefiting from free delivery and a 10-day credit facility. Participation is currently limited to buyers purchasing a minimum of 250,000 litres, targeting large-volume marketers and bulk distributors.

(Petroleum Price, July 29, 2026)

Dangote Refinery Ramps Up Fuel Exports as Crude Shortages, Forex Squeeze Bite Exports of refined petroleum products increased significantly as inadequate domestic crude oil supply and persistent foreign exchange constraints continued to hamper operations at the 650,000 barrels per day refinery.

Crude oil supply under the Federal Government's naira-for-crude arrangement

declined sharply, compelling the refinery to source a larger share of its feedstock from the international market, while rising global crude prices were expected to increase feedstock costs even as stronger product prices supported refining margins.

(Vanguard, July 22, 2026)

Dangote Refinery Secures Record US$2.5bn Equity Funding Ahead of Planned Listing Dangote Petroleum Refinery and Petrochemicals FZE secured about US$2.5 billion in fresh capital through a private equity placement described by the company as Africa's largest publicly disclosed primary equity private

placement, its first equity funding round involving external investors beyond the legacy shareholder base.

The placement covered a stake of up to 6 per cent of the company at a valuation of approximately US$40

billion and drew about US$4 billion in demand, according to a Bloomberg report. Participants included the Africa Finance Corporation and India Infra Buildco, an investment vehicle facilitated by the African Export-Import Bank, with

proceeds to support continued expansion of the refinery and petrochemical complex and strengthen the capital structure.

(Punch, July 18, 2026 / Punch, July 24, 2026)

Africa's Biggest IPO Draws Closer as Dangote Refinery Files with SEC Dangote Petroleum Refinery formally approached the Securities and Exchange Commission to begin the process for an initial public offering, a key step toward what is expected to become Africa's

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largest stock market listing.

SEC Director-General Emomotimi Agama said the refinery's advisers are working with company officials and the commission to process the application and that the

regulator does not anticipate delays that could derail the planned share sale. No date has been formally approved, though the company continues to target a September listing following months of preparatory

engagement with the regulator.

(BusinessDay, July 29, 2026)

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August 2026

NNPC Ends Crude-Backed Loans to Fund Port Harcourt, Warri Refineries The practice of financing the Port Harcourt and Warri refineries with loans backed by crude oil production is ending in favour of a performance-driven funding model aimed at making the facilities commercially sustainable, NNPC Ltd Group Chief Executive Officer Bayo Ojulari disclosed at the Nigeria Oil and Gas Conference in Abuja.

Both refineries must

become financially selfsustaining under the new commercial model, which requires the plants to raise financing for their operations rather than rely on loans, as part of a longterm strategy to ensure they operate as commercially viable businesses capable of attracting financing on their own.

(Punch, July 9, 2026)

FG Pledges Support for Dangote Refinery, Lauds Contributions to Nigeria The Federal Government described the Dangote Petroleum Refinery and Petrochemicals as a source of national pride and one of Nigeria's most transformative industrial investments, during a visit to the Lekki facility by Minister of State for Petroleum Resources (Gas) Ekperikpe Ekpo, Minister of State for Petroleum Resources (Oil) Heineken Lokpobiri

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and the NUPRC leadership.

Ekpo said the government will continue to provide the policy and regulatory support needed to maximise the company's contribution to energy security, industrialisation and economic growth, describing the refinery as compelling evidence of what Nigerian enterprise can achieve.

(ThisDay, July 15, 2026)

Chinese Engineers Begin Warri Refinery Assessment as NNPC Eyes Revival A team of 35 engineers from Sanjiang Chemicals and New Future Group commenced a comprehensive technical assessment of the Warri Refining and Petrochemicals Company, the first step in NNPC Ltd's latest effort to restore the state-owned refinery to sustainable commercial operations.

Findings from the

inspection will guide a final investment decision on the proposed rehabilitation and long-term operation of the facility, under a new business strategy that places stronger emphasis on petrochemical production alongside conventional refining.

(Petroleum Price, July 3, 2026)

NMDPRA Seeks African Fuel Price Benchmark to Reduce Dependence on Foreign Indices Africa should establish its own fuel pricing reference mechanism to support expanding refining capacity, improve price discovery and strengthen regional petroleum trade, NMDPRA Chief Executive Rabiu Umar said in Abuja ahead of the second West Africa Refined Fuel Conference.

Umar noted that Africa remains one of the few major energy-producing regions without a recognised regional pricing benchmark despite growing investments in refining and downstream infrastructure,

while regional pricing systems already operate across Europe, the Mediterranean, the Gulf region and North America based on local supply, demand, logistics and transportation costs.

(Petroleum Price, July 30, 2026)

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August 2026

NATURAL GAS DEVELOPMENT

03

Feed gas security, LNG expansion and domestic infrastructure

SUBSECTOR INSIGHT Gas moved from policy language to executed contracts. The NNPC and Seplat joint venture signed a 15-year Wet Gas Sale and Purchase Agreement committing 200 MMscf/d to UTM FLNG, the commercial anchor positioning Nigeria's first indigenous floating LNG project for a final investment decision, while the ANOH value chain connected end to end through a Network Entry Agreement allowing injection of up to 250 MMscf/d into the national gas transportation network and a 16-year firm Gas Sale Agreement supplying Indorama Fertilizer with up to 60 MMscf/d. NLNG reported more than 6,000 cargoes exported and about US$150 billion in revenue since inception, with Train 7 set to lift capacity from 22 to 30 million tonnes per annum and add roughly 250,000 tonnes of LPG yearly for the domestic market. ECOWAS heads of state signed the Intergovernmental Agreement for the African Atlantic Gas Pipeline in Freetown, the MDGIF disclosed investments in 113 gas infrastructure projects, and Dangote marketers cut LPG prices to N985 per kilogramme, undercutting depot prices. NIPCO shareholders approved a N1.501 billion dividend as the company targets gas sector expansion.

UTM FLNG Secures 15-Year Gas Supply Deal A landmark Wet Gas Sale and Purchase Agreement signed during NOG Energy Week in Abuja commits the NNPC/Seplat Energy Producing Nigeria Unlimited Joint Venture to supply 200 million standard cubic feet of gas per day to the UTM FLNG project over 15 years, unlocking financing for Nigeria's first indigenous floating LNG project.

The agreement was described as one of the project's most important

commercial milestones because it guarantees feed gas supply, a critical requirement for lenders and investors before committing billions of dollars to the facility. NNPC Ltd Group Chief Executive Officer Bayo Ojulari called it a breakthrough in Nigeria's drive to commercialise its vast gas resources and deepen domestic gas utilisation.

(Punch, July 7, 2026)

AGPC Signs Network Entry Agreement for 250 MMscf/d Injection into National Gas Network The ANOH Gas Processing Company signed a Network Entry Agreement with the Nigerian Gas Infrastructure Company, paving the way for the injection of up to 250 million standard cubic feet of processed gas per day into Nigeria's National Gas Transportation Network.

The agreement, signed on the sidelines of NOG Energy Week 2026 in

Abuja, establishes the legal and commercial framework required to transport processed gas from the ANOH Gas Processing Plant through the NGIC manifold at Assa in OhajiEgbema Local Government Area of Imo State.

(BusinessDay, July 8, 2026)

Renaissance Signs 16-Year Gas Supply Deal with Indorama Renaissance Africa Energy Company executed a Gas Sale Agreement with Indorama Fertilizer FZE, a subsidiary of Indorama Eleme Petrochemicals, for the supply of up to 60 million standard

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cubic feet of natural gas per day on a firm basis over 16 years from the Assa North Ohaji South Gas Processing Facility.

The agreement was signed by Renaissance Managing Director Tony Attah and Indorama

Fertilizer Managing Director Manish Mundra, with both describing the deal as a milestone in advancing domestic gas utilisation, industrial development and agricultural growth.

The secure supply is

expected to support uninterrupted fertiliser production and strengthen food security across Nigeria and Africa.

(Daily Champion, July 15, 2026)

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NLNG Exports 6,000 LNG Cargoes, Earns Over US$150bn Revenue Since Inception Nigeria LNG Limited has generated revenue in excess of US$149.6 billion, reported by some outlets as more than US$150 billion, and exported over 6,000 liquefied natural gas cargoes since commencing operations, paying over US$47.2 billion in dividends to shareholders, remitting more than US$10 billion in taxes and building an asset base valued at about US$23 billion.

Managing Director and Chief Executive Officer Adeleye Falade unveiled

the figures at his maiden media engagement since assuming office on April 1, 2026, in a Lagos briefing that also covered the completion of Train 7 and early discussions around the development of Trains 8, 9 and 10.

Falade noted that NLNG purchases gas from upstream producers, processes and liquefies it, and markets it to buyers worldwide.

(Punch, July 29, 2026 / ThisDay, July 29, 2026)

NLNG's Train 7 Expansion Puts Nigeria's Gas Ambitions on Track The Train 7 project will lift NLNG's output by 35 per cent, from 22 million tonnes a year to 30 million tonnes once complete, while adding roughly 250,000 tonnes annually of liquefied petroleum gas, a nearly 50 per cent increase, to a domestic market that has struggled with cooking gas shortages and price spikes.

The company told reporters in Lagos that Train 7 remains the centrepiece of a strategy to shore up

domestic energy supply, boost exports and cement Nigeria's position in an increasingly crowded global LNG market, even as feedgas shortages and a wave of new global supply threaten to complicate the push. NLNG has positioned itself as a proof point for the Decade of Gas initiative.

(BusinessDay, July 29, 2026)

ECOWAS Member States Government Backs 113 Gas Sign Historic Intergovernmental Infrastructure Projects to Boost Agreement for African Atlantic Industrialisation Gas Pipeline Heads of State of ECOWAS Member States signed the Intergovernmental Agreement for the African Atlantic Gas Pipeline Project at the ECOWAS Summit in Freetown, Sierra Leone, a major boost towards the project's actualisation.

The AAGP is a transformative regional infrastructure project designed to unlock West Africa's vast natural gas

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resources, connect them to major demand centres, integrate African energy markets, and establish a strategic development corridor linking West Africa, the Sahel, Morocco and Europe. The project has been widely reported at a value of about US$25 billion.

(NNPC, July 20, 2026 / BusinessDay, July 22, 2026)

The Midstream and Downstream Gas Infrastructure Fund has invested in 113 gas infrastructure projects across the country, comprising eight gas processing facilities, 15 CNG/LCNG mother stations, 86 CNG/LCNG daughter stations and four LPG depots, all at various stages of completion, Executive Director Oluwole Adama disclosed at NOG Energy Week in

Abuja.

Adama said some of the projects would be commissioned before the end of 2026, with others expected on stream in the first quarter of 2027, arguing that Nigeria's vast gas reserves provide an opportunity to grow the economy while improving living standards.

(Punch, July 10, 2026)

Fleissen & Company

August 2026

NNPC Rolls Out Roadmap for Nigeria's Emergence as a Regional Gas Hub Secure and globally competitive gas hubs rest on three requirements: integrated infrastructure covering pipeline, processing and distribution networks; policy and regulatory alignment to attract investment; and data and assurance to track Gas Master Plan implementation and ensure projects are bankable, NNPC Gas Master Plan Implementation Assurance Team Focal

Ekpei Ukam said at a strategic panel session at NOG Energy Week.

Ukam said the NNPC Gas Master Plan provides a commercially driven, execution-anchored roadmap to position Nigeria as a competitive gas hub serving domestic industry, the region and international markets.

(NNPC, July 9, 2026)

Dangote Marketers Lower LPG Price to N985/kg, Undercut Depot Market Marketers lifting from the Dangote refinery reduced the selling price of Liquefied Petroleum Gas to N985 per kilogramme, N45 below the average depot price of N1,030 per kilogramme quoted by major marketers and N65 lower than the highest market price of N1,050, intensifying price competition across the domestic LPG market.

A market survey showed NIPCO, 11 Plc, Ardova Plc and Techno Oil selling LPG at N1,030 per kilogramme at the depots, with Navgas and Rainoil priced at N1,050.

(Petroleum Price, July 6, 2026)

NIPCO Declares N1.5bn Dividend, Targets Gas Sector Expansion Shareholders of NIPCO Plc approved a dividend payout of N1.501 billion, representing N8.00 per ordinary share, for the 2025 financial year at the company's Annual

General Meeting in Abuja.

Chairman Bestman Anekwe said the dividend, subject to applicable withholding tax, reflects the board's

confidence in the company's financial position and its ability to deliver returns to investors, expressing confidence that shareholder returns would

be sustained as the company pursues its growth plans.

(Punch, July 13, 2026)

STATE OF GAS SAFETY IN NIGERIA GS THE Findings from the Nigeria Gas Safety Conference 2026, convened by Fleissen Events Limited

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Fleissen & Company

August 2026

04

POWER SECTOR REFORM Revenue governance, legacy debt settlement and metering

SUBSECTOR INSIGHT Regulatory control of distribution company revenue met resistance after Order NERC/2026/062, effective July 1, required DisCos without market debts to remit 70 per cent of earned non-administrative operating expenditure into dedicated CapEx Provision Accounts, with indebted DisCos facing a stricter 25/25/35/15 split and funds spendable only on approved Performance Improvement Plan projects; the DisCos rejected the order as regulatory overreach. Liquidity support continued through a N729 billion bond for verified GenCo legacy debts, completing with January's N501 billion issuance the N1.23 trillion Series 1 and 2 of the N4 trillion Presidential Power Sector Debt Reduction Programme, while Minister of Power Joseph Tegbe ruled out any immediate tariff increase. President Tinubu directed the launch within 30 days of a programme training 5,000 young Nigerians as meter installers, TCN handed over a temporary National Control Centre to the system operator, NDPHC issued the notice to proceed on restoring the 225MW Gbarain plant, and Edo State secured a 10 per cent stake in a proposed 100MW plant and licensed a 7MW mini-grid under its state electricity law.

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Fleissen & Company

August 2026

DisCos Kick Against NERC's CapEx Account Order Electricity distribution companies rejected Order No. NERC/2026/062, which took effect on July 1, alleging regulatory overreach and arguing the directive transfers control of privately earned revenue from company boards to the regulator.

The order requires DisCos without market debts to remit 70 per cent of earned non-administrative operating expenditure into dedicated Capital Expenditure Provision

Accounts, retaining 30 per cent for operations. DisCos with outstanding market debts must pay 25 per cent of residual revenue to NBET, 25 per cent to the Market Operator and 35 per cent into the CapEx account, leaving 15 per cent for operations, with funds in the account spendable only on NERC-approved Performance Improvement Plan projects.

(The Nation, July 14, 2026)

FG Issues Fresh N729bn Bond to Settle GenCo Legacy Debts A second bond valued at N729 billion was issued in July for the settlement of verified legacy debts owed to electricity generation companies, completing the first phase of the N4 trillion Presidential Power Sector Debt Reduction Programme following the issuance of approximately N501 billion in January 2026.

Together the two issuances constitute the N1.23 trillion Series 1 and 2 component

of the Capital Market Multi-Instrument Issuance Programme. NBET Chief Executive Officer Johnson Akinnawo described the issuance as a milestone in efforts to restore liquidity, reinforce investor confidence and promote the long-term stability of the power sector.

(The Sun, July 19, 2026)

No Electricity Tariff Hike for Now, Says FG The Federal Government ruled out any immediate increase in electricity tariffs, with Minister of Power Joseph Tegbe stating at a media roundtable in Lagos that the administration has no policy to raise tariffs

beyond existing levels and that priority rests on improving power supply, achieving universal metering and ensuring consumers pay only for the electricity they consume.

Tegbe said the

government would continue to examine additional mechanisms to protect vulnerable consumers while improving the financial sustainability of the Nigerian Electricity Supply Industry, as part

of a broader strategy to reset the power sector, strengthen the national grid and restore investor confidence.

(Punch, July 31, 2026)

Tinubu Orders Launch of 5,000 Youth Metering Jobs Programme Within 30 Days President Bola Tinubu directed the Presidential Metering Initiative, in collaboration with the Federal Ministry of Youth Development, the National Power Training Institute of Nigeria and

Page 17

other stakeholders, to commence within 30 days a nationwide programme training 5,000 young Nigerians as meter installers and technicians.

The initiative, known as

The Power Force, is designed to create jobs, close the metering gap and strengthen the electricity market, and is open to eligible Nigerians who have completed secondary

school education, with a dedicated quota reserved for National Youth Service Corps members.

(The Nation, July 2, 2026)

Fleissen & Company

August 2026

TCN Hands Over Temporary Control Centre to NISO A temporary National Control Centre at the Gwagwalada 330kV Transmission Substation was handed over to the Nigerian Independent System Operator on June 30, housing the Supervisory Control and Data Acquisition/Energy Management System and telecommunications equipment required for realtime monitoring and operation of the national grid.

The facility will serve as

Page 18

NISO's operational base until completion of the permanent National Control Centre in Gwagwalada.

TCN Managing Director Sule Abdulaziz, represented

by General Manager, Project Coordination, Amini Tahir, described the completion as the beginning of a new phase in national grid management, in a statement by General Manager, Public Affairs, Ndidi Mbah.

(Punch, July 2, 2026)

NDPHC Begins Restoration of 225MW Gbarain Plant The Niger Delta Power Holding Company issued the Notice to Proceed and formally handed over the 225MW Gbarain National Integrated Power Project in Bayelsa State to Original Equipment Manufacturer Schneider Electric/TILT Energy for rehabilitation works, with delivery expected within 12 months.

The plant has been out of service since November 2020, when a fire severely damaged its Power Control

Module before the facility could be commissioned.

Managing Director Jennifer Adighije, who led the handover alongside Executive Director, Generation, Abdullahi Kassim, said NDPHC would maintain zero tolerance for delays or project slippages.

(Daily Trust, July 13, 2026)

Edo Government Secures 10% Stake in 100MW Power Plant

Edo Licenses 7MW Solar Mini-Grid as IZENERGY Eyes Reliable Power

The Edo State Government secured a 10 per cent equity stake in a proposed 100 megawatt power plant, Governor Monday Okpebholo disclosed while receiving First Bank Managing Director Olusegun Alebiosu and CCETC Managing Director Di Xiaohui at Government House in Benin City.

Okpebholo said the decision to negotiate an equity stake was

A 7 megawatt minigrid electricity licence was granted to indigenous renewable energy firm IZENERGY Limited, presented by Commissioner for Power Paul Usenbo in Benin City after the company met the financial and technical requirements stipulated under the Edo State Electricity Law 2025 (as amended).

The government conducted feasibility studies across the three

informed by the administration's resolve to ensure the state derives longterm economic benefits from the project beyond providing land for its development, describing the arrangement as a milestone in the drive towards energy security.

(The Guardian, July 6, 2026)

senatorial districts and all 18 local government areas before approving the licence, with the project expected to serve communities in Edo South, Edo Central and Edo North as part of a strategy combining national grid supply, independent generation and renewable solutions.

(The Sun, July 20, 2026)

Fleissen & Company

August 2026

05

RENEWABLE ENERGY AND CLEAN TRANSITION Mini-grid scale-up, solar manufacturing and storage

SUBSECTOR INSIGHT The Rural Electrification Agency reported nearly US$2 billion in renewable energy investment attracted over two years and broke ground on a 1.5MW interconnected mini-grid in Pankshin, Plateau State, part of a 48-site national rollout following groundbreakings in Kogi (20MW), Kebbi (3.5MW), Adamawa (27MW) and Rivers (12MW), while welcoming a new governing board that includes former Ekiti governor Ayo Fayose.

Manufacturing and corporate deployment advanced: a final investment decision on a US$145 million solar manufacturing plant in Abia State, Elektron Renewables' expansion of the Jabi Lake Mall rooftop system to about 1.5 MWp, West Africa's largest mall installation, and the North East Development Commission's approval of about N100 billion for a 50MW modular solar programme across the six North-East states.

Industry attention shifted to battery storage as falling equipment costs made solar competitive with conventional generation, All On opened its 2026 Off-Grid Energy Challenge offering up to US$1 million, and the NCC and REA agreed to migrate telecom base stations near mini-grids onto renewable supply.

REA Expands Mini-Grids, Welcomes Fayose-Led Governing Board Groundbreaking took place for a 1.5MW Interconnected Mini-Grid project in Pankshin, Plateau State, part of a national rollout involving 48 interconnected mini-grids, following the commissioning of the 50kW Access to Markets and Agriculture Solar Mini-Grid in Namu Community and groundbreaking events in Kogi (20MW), Kebbi (3.5MW), Adamawa (27MW) and Rivers (12MW).

The agency also welcomed the appointment of former Ekiti State Governor Ayo Fayose, alongside Ahmadu Abubakar and Ilyasu Makinta, as directors of its governing board. Managing Director Abba Aliyu said the Pankshin facility is designed to improve power quality, reduce technical losses and support agroprocessing, healthcare and commercial enterprises.

(Punch, July 22, 2026)

Nigeria Attracts Nearly US$2bn Renewable Energy Funding in Two Years The Rural Electrification Agency said Nigeria has attracted nearly US$2 billion in renewable energy investments over the past two years, while warning that the energy transition will fall short of its economic potential unless investments translate into local manufacturing, skilled jobs and industrial development.

Executive Director, Corporate Services, Gboyega Ayoade, delivering

a keynote on behalf of Managing Director Abba Aliyu at a Lagos conference on carbon capture and decarbonisation, cited flagship programmes including the Nigeria Electrification Project, the DARES Programme, the Energising Education Programme and the National Public Sector Solarisation Initiative.

(The Nation, July 27, 2026)

Otti Hails Proposed US$145m Solar Manufacturing Plant in Abia A US$145 million solar manufacturing plant is to be located at Umuelele in Isiala Ngwa South Local Government Area, developed by MD Nwakanma Nigeria

Page 19

Limited in partnership with Chinese technical partners, with the investors having reached final investment decision on the project.

Governor Alex Otti,

receiving the investors led by team lead Oko Jaja at Government House in Umuahia, described the investment as a major boost to industrialisation, job

creation and economic growth, adding that the state had made the required land available.

(Punch, July 17, 2026)

Fleissen & Company

August 2026

Elektron Renewables Expands Jabi Lake Mall Solar to West Africa's Largest Rooftop Installation

NEDC Okays N100bn Solar Power Project for North-East

The rooftop solar photovoltaic system at Jabi Lake Mall in Abuja was expanded from 600 kWp to approximately 1.5 MWp with the addition of 902.4 kWp of capacity, making it the largest rooftop solar installation on a shopping mall in West Africa.

The upgraded system is expected to supply about 70 per cent of the mall's electricity needs, generating an estimated 110,000

The North East Development Commission approved plans to invest about N100 billion in a 50 megawatt solar power project deploying modular solar-powered electricity systems to schools, hospitals, markets and other critical public infrastructure across the six North-East states.

Managing Director Mohammed Alkali, outlining the commission's

kilowatt-hours monthly, roughly 1,320 megawatthours annually. Head of Elektron Renewables Sianny Ayodele said distributed renewable energy is increasingly a strategic business decision for commercial and industrial enterprises seeking cost certainty and reliability.

(The Guardian, July 9, 2026)

transition from recovery to expansion under its regional master plan, described power as the region's most critical requirement for economic recovery and said the board had approved immediate commencement of the project under its third phase of development.

(Punch, July 30, 2026)

Renewable Energy Industry Shifts Focus to Storage as Solar Costs Fall Falling equipment costs, battery storage and smarter energy infrastructure dominated discussions at Solar and Storage Live Nigeria 2026, with industry leaders stating that the

renewable energy market is entering a new stage of development.

REAN President Ayo Adedimulua said the perception that renewable energy remains prohibitively

expensive no longer reflects market realities, with falling technology costs making solar increasingly competitive with conventional sources, and cited hydro, wind, biomass and

geothermal resources as largely untapped opportunities beyond solar.

(ThisDay, July 15, 2026)

All On Opens 2026 Off-Grid Energy Challenge with Up to US$1m in Funding The 2026 All On OffGrid Energy Challenge invites Nigerian clean energy companies to compete for funding of up to US$1 million to scale innovative solutions expanding

Page 20

energy access, with applications open from July 2 to July 31, 2026.

The competition targets scalable and commercially viable offgrid solutions in renewable energy,

productive-use technologies, energy efficiency, cold chain systems, mini-grids, solar home systems and other clean energy applications, addressing the persistent electricity

access gap while promoting economic growth in underserved communities.

(PM News, July 14, 2026)

Fleissen & Company

August 2026

All On Pledges More Investment as It Marks a Decade of Impact All On committed to further investments and innovation in clean and sustainable energy, especially in rural communities, during the Decade of Impact with All On at 10 Hackathon, aimed at inspiring the next generation of clean energy innovators.

Chief Executive Officer Caroline Eboumbou said

the company has spent ten years investing in people, businesses and partnerships expanding access to clean energy across Nigeria, and that the next decade of impact will be shaped not only by investments made but also by the innovators inspired.

(ThisDay, July 21, 2026)

Airtel Cuts Diesel Use by 9.1 Million Litres Amid Green Transition Airtel Africa reduced diesel consumption by 9.1 million litres during its 2025/2026 financial year, achieved partly through the conversion of 390 infrastructure sites to on-grid power, improving energy efficiency and lowering emissions across its network.

At Nigerian diesel retail prices averaging between N1,409 and N1,450 per litre in

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December 2025, the reduction translates to an estimated value of about N12.8 billion to N13.2 billion.

Chief Executive Officer Sunil Taldar disclosed the figures during a media roundtable in Lusaka, Zambia.

(Punch, July 8, 2026)

NCC, REA Sign MoU to Power Telecom Base Stations from Mini-Grids The Nigerian Communications Commission signed a Memorandum of Understanding with the Rural Electrification Agency to migrate telecom base stations located within 1 to 2 kilometres of existing mini-grids onto renewable energy supplied through those grids, with investments coordinated through a joint implementation committee.

NCC Executive Commissioner for Technical

Services Abraham Oshadami said the initiative aims to reduce dependence on diesel generators and cut operating expenditure, improve access to reliable electricity and telecom services in underserved communities, and ensure future mini-grid projects support nearby telecom infrastructure.

(Developing Telecoms, July 28, 2026)

REA Pushes Integrated Rural Energy-Agriculture System for Food Security Plans for an integrated energy-agriculture ecosystem were unveiled at the Productive Use Equipment Alignment Workshop, with REA Managing Director Abba Abubakar Aliyu stating that isolated intervention projects are no longer sufficient to guarantee sustainable food security and economic growth.

The approach seeks a coordinated system bringing together government institutions, financiers, development partners and

the private sector, marking a shift from standalone projects to an enduring institutional framework connecting fragmented rural production to markets, finance and reliable energy.

(Daily Champion, July 16, 2026)

Fleissen & Company

August 2026

Foundation Launches Solar Project, Skills Training in Ogun The Ogunbanjo family, supported by the Chris Ogunbanjo Foundation, completed the first phase of the Bamofin Abimbola Ogunbanjo Imole Project in Erunwon, Ijebu-Ode, installing solar-powered

06

street lights across key roads and public spaces to improve safety, mobility and evening economic activity.

The project incorporated a community skills development programme

delivered with Infrastructure Management Express Limited, training selected community members in solar lighting systems, installation support, preventive maintenance,

fault identification and safe working practices, with participants encouraged to become custodians of the infrastructure.

(Punch, July 13, 2026)

CLEAN MOBILITY Import levies, green taxation and cleaner transport

SUBSECTOR INSIGHT Fiscal policy sent mixed signals to the vehicle market. The reduction in vehicle import levies under the 2026 Fiscal Policy Measures took effect, cutting the levy on new vehicles from 20 per cent to 10 per cent and on used vehicles from 15 per cent to 5 per cent, but the simultaneous introduction of a Green Tax Surcharge on certain categories of imported vehicles, without published details, left dealers unable to assess whether the policy will translate into lower vehicle prices. At sub-national level, UNIDO designated Ogun State a core state for Nigeria's circular economy transition, citing interventions that include the distribution of biomass smokeless stoves to more than 3,000 residents and early deployment of electric motorcycles and compressed natural gas buses as cleaner alternatives to fossil fuel transport.

FG Reduces Vehicle Import Levies as Dealers Await Green Tax Details The reduction in vehicle import levies under the 2026 Fiscal Policy Measures took effect, cutting the import levy on new vehicles from 20 per cent to 10 per cent and on used vehicles from 15 per cent to 5 per cent, aimed at

easing import costs, stimulating economic activity and providing relief to businesses and consumers.

A Green Tax Surcharge on certain categories of imported vehicles was introduced alongside the

reduction to promote environmental sustainability, but the absence of clear details makes it difficult to determine whether the policy will ultimately lower vehicle prices. National Association of Motor

Dealers President Prince Ajibola said the benefits would depend largely on the size of the Green Tax. (Vanguard, July 2, 2026)

UNIDO Names Ogun for Flagship Green Economy Project The United Nations Industrial Development Organisation designated Ogun State as one of Nigeria's core states to drive the transition to a circular economy under Project 220145 Component 2, designed to advance

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Nigeria's green and just transition to net-zero emissions.

Commissioner for Environment Ola Oresanya, announcing the recognition at a UNIDO workshop in Abeokuta under the Used Off-Grid Renewable Energy

Equipment Waste Management Project, cited interventions including the distribution of biomass smokeless stoves to more than 3,000 residents in partnership with the Federal Government, and noted that Ogun was among the first

states to deploy electric motorcycles and compressed natural gas buses as cleaner alternatives to fossil fuel-powered transportation.

(Punch, July 27, 2026)

Fleissen & Company

August 2026

TRADE AND INTERNATIONAL MARKETS

07

Crude prices, freight costs and cross-border capital

SUBSECTOR INSIGHT Renewed United States and Iran hostilities around the Strait of Hormuz took Brent back above US$100 per barrel for the first time since May, before a pause in strikes and reported progress in talks with Oman on management of the strait eased prices late in the month. Freight compounded import economics: clean product rates from Northwest Europe to West Africa rose about 25 per cent in weeks, from US$29.70 to US$37.12 per metric tonne, though Nigeria was partly insulated because the Dangote refinery held coastal prices below import parity. The 25th NOG Energy Week recorded more than US$4.5 billion in signed agreements, with gas and LNG taking 39 per cent, upstream 31 per cent and midstream 16 per cent. Nigerian capital and enterprise extended abroad: Afreximbank approved US$200 million for Shoreline's share of a US$980 million Algerian field development, Kenya moved implementation of the proposed US$17 billion Dangote East African refinery at Lamu forward, and Tanzanian businessman Mohammed Dewji signalled US$100 million investment interest.

Oil Prices Dip as US-Iran Pause Fuels Fresh Hormuz Hopes Oil prices tumbled as a pause in tit-for-tat strikes between the United States and Iran boosted hopes for a return to their ceasefire and negotiations on reopening the Strait of Hormuz, after 13 days of attacks on sites in the Islamic republic.

Tehran said it would stop retaliatory attacks on regional neighbours, handing Gulf shipping and the oil industry a respite.

Hostilities had resumed

during the month, breaking a fragile truce, after Iran attacked ships passing through Omani waters, with the conflict expanding to Houthi strikes on Saudi vessels in the Bab alMandeb Strait. Brent broke back above US$100 a barrel for the first time since May before Iran's reported progress in talks with Oman provided relief.

(Punch, July 27, 2026)

Nigeria Attracts Fresh US$4.5bn Energy Investment Commitment at NOG Energy Week The 25th anniversary edition of NOG Energy Week recorded more than US$4.5 billion in signed deals, with gas and LNG accounting for the largest share at about 39 per cent, followed by upstream projects at 31 per cent, midstream at 16 per cent, engineering and technology at 10 per cent and downstream at 4 per cent.

Agreements included the 15-year Gas Sale and Purchase Agreement between the NNPC and

Seplat joint venture and UTM FLNG, the US$1 billion Usan Infill commitment, and NNPC's memorandum of understanding and gas sale and aggregation agreement with Ajaokuta Steel Company alongside a network entry agreement with Chevron Nigeria, AGPC and NNPC Exploration and Production.

(The Guardian, July 28, 2026)

Fuel Importers Under Pressure as Shipping Costs Jump 25% Freight rates for clean petroleum products shipped from Northwest Europe to West Africa climbed from US$29.70 per metric tonne at the end of June to US$37.12 per metric tonne, an increase of about 25 per

Page 23

cent in a few weeks as vessels repositioned to serve alternative markets, according to S&P Global Commodity Insights.

The surge comes amid rising international gasoline prices and

tighter global fuel supplies, creating additional pressure on importers supplying Nigeria and other West African markets. Nigeria has been largely insulated because the Dangote refinery

continues to keep domestic prices below import parity, with market participants saying importers find it increasingly difficult to compete.

(The Sun, July 16, 2026)

Fleissen & Company

August 2026

Ruto Appoints Kindiki to Lead Dangote East Africa Refinery Project Kenyan President William Ruto directed Deputy President Kithure Kindiki to chair a government committee coordinating with private investors and employers on implementation of the Ksh2.2 trillion East African oil refinery to be constructed in Lamu, stating that implementation structures are in place and a

groundbreaking date has been set, though not disclosed.

Ruto had earlier announced that construction would begin in late 2026, with preparations for the project's launch at an advanced stage.

(Kenyans.co.ke, July 8, 2026)

Dangote's East Africa Refinery Attracts US$100m Investment Interest Tanzania's richest businessman, Mohammed Dewji, expressed readiness to invest US$100 million in the proposed US$17 billion Dangote refinery in East Africa, according to a Bloomberg report, saying he would prefer the refinery located in Tanzania but remains willing to participate even if it proceeds in Kenya.

Dangote has said the

Kenyan coastal town of Lamu was selected for commercial and technical reasons. The proposed refinery, intended to replicate the Lagos complex, continues to attract strong regional and international investor interest ahead of construction.

(Punch, July 11, 2026)

Afreximbank's US$200m Backing Powers Shoreline's Algerian Field Development Role A US$200 million financing package approved by the African Export-Import Bank will enable Shoreline Power Company, through its majority-owned Italian

engineering subsidiary Arkad S.p.A., to execute its share of the US$980 million Hassi Bir Rekaiz Field Development Phase 2a project in Algeria.

The deal marks a

milestone for Nigerian engineering companies expanding beyond domestic borders and aligns with Afreximbank's strategy of promoting intra-African

trade, industrialisation and African-owned infrastructure champions.

(BusinessDay, July 21, 2026)

Afreximbank's Digital Trade Platform Unlocks US$5.3m Cross-Border Fuel Deal Afreximbank's Africa Trade Gateway facilitated a US$5.3 million crossborder gasoil transaction in which Zimbabwean fuel importer Witeva Trading sourced a shipment from a

Page 24

Swiss commodity trader, with Innbucks Microbank as local issuing financial institution and Afreximbank providing confirmation support under an agreed trade finance structure.

The bank said the deal demonstrates how African businesses can use a single connected digital ecosystem to identify commercial opportunities, access financing and execute cross-

border transactions more efficiently.

(BusinessDay, July 23, 2026)

Fleissen & Company

August 2026

Stakeholders Applaud US$1bn Seaport Reconstruction Programme The National Coalition for Transformative Reforms commended the Federal Government and Nigerian Ports Authority Managing Director Abubakar Dantsoho over

the US$1 billion seaport reconstruction programme covering the rehabilitation of the Apapa, Tin Can Island, Calabar, Warri and Port Harcourt/Onne seaports within 48

months.

Executive Director Richard Ocheje said the programme will enhance cargo handling capacity, reduce congestion and improve the

competitiveness of Nigerian ports within the West and Central African maritime corridor.

(The Guardian, July 9, 2026)

POLICY, REGULATION AND GOVERNANCE

08

Decarbonisation, environmental accountability and capacity building

SUBSECTOR INSIGHT Nigeria was admitted as the International Energy Agency's 14th association country, the first OPEC member to take that step and the fastest accession on record, in a month when institutional machinery for decarbonisation took shape: the Joint Decarbonisation Working Group was inaugurated with a recommitment to ending routine gas flaring by 2030, and Germany commissioned a programme to help convert the estimated US$1.5 billion Nigeria loses annually to flaring into domestic consumption, industrial use and hydrogen production. Environmental accountability pressure intensified with the Amnesty International-led Lifting the Lid report, drawing on confidential Shell documents disclosed in UK litigation, while oil producers and regulators jointly opposed a proposed 3 per cent of annual budget levy for the South-South Development Commission. Capacity building advanced through the NCDMB's Nigerian Content Trainers' Registration Certificate going live, a 12-month field readiness programme for 300 graduates with Renaissance, and NUC and JAMB approval of enforced admission quotas for engineering programmes.

Nigeria Joins International Energy Agency as Association Country The International Energy Agency admitted Nigeria as its newest association country, the 14th overall, the first OPEC member to partner with the organisation and the fastest accession process for any IEA applicant.

Nigeria becomes the IEA's sixth African association member alongside Egypt, Kenya, Morocco,

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South Africa and Senegal. The agency, founded as an organisation of OECD countries in 1974, launched its association programme in 2015 and has 32 full member countries expected to hold 90 days' worth of oil reserves and contribute to stock releases.

(S&P Global, July 2, 2026)

FG Inaugurates Decarbonisation Working Group, Recommits to Ending Gas Flaring by 2030 The Joint Decarbonisation Working Group for the oil and gas sector was inaugurated in Abuja, reaffirming the commitment to end routine gas flaring by 2030 while positioning natural gas as the country's transition fuel for industrial growth and lower carbon emissions.

Minister of State for Petroleum Resources (Gas) Ekperikpe Ekpo said the group provides a coordinated platform for government institutions, regulators, industry

operators and development partners, describing the inauguration as far more than the launch of another committee and noting that decarbonisation has evolved into an economic necessity as investors increasingly weigh carbon performance in investment decisions.

(ThisDay, July 15, 2026)

Fleissen & Company

August 2026

Germany Moves to Curb Nigeria's US$1.5bn Yearly Gas Flaring Loss A new programme commissioned by the German Foreign Office will help Nigeria tackle the estimated US$1.5 billion it loses annually to gas flaring by exploring ways to utilise flared gas for domestic consumption, industrial use and hydrogen production.

German Ambassador to Nigeria Annett Guenther, announcing the initiative at

the Nigeria Oil and Gas Conference in Abuja, said Nigeria remains one of the world's biggest gas-flaring countries and that the project forms part of the long-standing energy partnership between the two countries under the Energy Transition Plan.

(Punch, July 24, 2026)

Oil Firms Reject Proposed 3% South-South Development Levy Oil industry operators and petroleum regulators opposed a proposal to compel oil and gas producing companies to contribute 3 per cent of their annual budgets to the South-South Development Commission, warning the levy may discourage

investment and undermine the competitiveness of the petroleum industry.

The concerns were raised at a resumed public hearing of the House of Representatives Committee on the SouthSouth Development

Amnesty International, Partners Demand Shell's Accountability for Niger Delta Pollution A coalition of eight human rights and environmental organisations, including Amnesty International, released Nigeria: Lifting the Lid, a report analysing confidential Shell emails, technical audits, presentations and internal reviews disclosed during ongoing legal proceedings in the UK. The partners said the documents exposed failures to maintain wells and

Commission on a bill to amend the South-South Development Commission (Establishment) Act 2025. Committee Chairman Julius Pondi said the amendment is

pipelines that led to oil pollution in the Niger Delta, constituting human rights violations through damaged water, farmland, fisheries, health and livelihoods, and cited failures including basket pipelines, missing wells and 375 square kilometres of mangrove forest harmed by pollution.

(Premium Times, July 29, 2026)

designed to broaden the commission's funding base for sustainable development across the region.

(Punch, July 30, 2026)

Nigerian Content Trainers' Registration Certificate Goes Live The NCDMB launched the Nigerian Content Trainers' Registration Certificate on July 27 on the Nigerian Oil and Gas Industry Content Joint Qualification System portal, a digital

Page 26

verification and certification platform to assess, inspect, verify and rate training service providers operating within the oil and gas industry.

The initiative gives

effect to the Regulation for Training in the Nigerian Oil and Gas Industry issued in February 2021, which mandates the Board to prescribe minimum standards, facilities and

technology for the training and development of personnel in the industry.

(NCDMB, July 23, 2026)

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August 2026

NCDMB, Renaissance Train 300 Graduates in Oil and Gas A specialised 12-month capacity development programme launched by the NCDMB in partnership with Renaissance Africa Energy will prepare 300 young Nigerian graduates for careers in the oil and gas industry, combining three months of intensive classroom instruction with nine months of structured on-the-job training at partner service companies.

The Field Readiness Training Programme enrolled 240 trainees in

Lagos and 60 in Port Harcourt, covering mechanical, electrical and instrumentation engineering. NCDMB Executive Secretary Felix Omatsola Ogbe said specialised competencies in automation, instrumentation and engineering operations have become increasingly critical as Nigeria prepares for a new wave of investments.

(The Sun, July 20, 2026)

WIEN Academy Positions Women for Opportunities in Energy Sector The Women in Energy Network marked six months of strengthened learning and leadership development through the WIEN Academy, which delivers structured, industryresponsive programmes covering technical competence, commercial acumen, leadership capability and professional resilience.

The organisation said the Academy's

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transformation comes at a critical period as Nigeria advances new licensing rounds, gas commercialisation, energy transition initiatives and increased investment, while women remain underrepresented in technical, commercial and executive leadership positions, creating an urgent need for deliberate capacity building.

(EnviroNews, July 29, 2026)

Engineering Programmes to Admit Students by Approved Quotas The National Universities Commission and the Joint Admissions and Matriculation Board approved the enforcement of admission quotas for engineering and technology programmes in Nigerian universities, ensuring institutions admit only the number of students their infrastructure, laboratories, workshops, equipment and academic staff can adequately support.

COREN President Sadiq Abubakar, announcing the approval ahead of the council's 34th Engineering Assembly in Abuja, described the development as the culmination of decades of advocacy, noting that unrestricted admissions had overstretched facilities and weakened practical training in many institutions.

(Punch, July 8, 2026)

Sahara Group Tasks Students to Lead Africa's Energy Transition Through Innovation Students of the University of Lagos were urged to take the lead in Africa's energy transition by developing innovative solutions, during the Energy Transition 360 programme organised by the UNILAG Energy Club, which introduced students to Sahara Group's vision for inspiring future innovators, entrepreneurs and sustainability champions.

Ejiro Gray, Sahara Group Director of Governance and Sustainability, said Africa's energy future will be determined by the willingness of young people

to create practical solutions that improve energy access and drive sustainable development.

(The Cable, July 15, 2026)

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August 2026

CORPORATE NEWS AND APPOINTMENTS

09

Continental expansion, results and recognition

SUBSECTOR INSIGHT Dangote Group's continental footprint widened, with a package of Tanzanian projects unveiled after talks with President Samia Suluhu Hassan, covering a modern port, a 2,000MW coal-fired power plant, a urea fertiliser plant and a special economic zone, while at home the Environmental and Social Impact Assessment for the proposed Dangote Industrial City and Deep Seaport advanced across host communities in Ogun and Ondo states and the group launched a N500,000 whistleblowing reward against illegal use of its trucks. NIPCO shareholders approved a N1.501 billion dividend of N8 per share for 2025. Shell took double honours at the 25th NOG Energy Week, winning the Equality in Energy Award with its Daystar Power subsidiary recognised for sustainability, ahead of Elohor Aiboni assuming the combined role of Executive Vice President and Country Chair Nigeria on August 1. Sahara Group Foundation expanded its recycling network to 22 sites nationwide with new hubs in Jigawa and Kaduna.

Dangote Unveils Port, 2,000MW Power Plant Projects in Tanzania Aliko Dangote announced plans to expand investments in Tanzania with a package of infrastructure and industrial projects including a new seaport, a 2,000 megawatt coal-fired power plant, a urea fertiliser plant and a special economic and trade zone, unveiled after talks with President Samia Suluhu Hassan in Dar es Salaam.

The plan includes a modern

port with a 40 kilometre concrete access road and transport infrastructure linking the Indian Ocean port city of Mtwara to Mbamba Bay on Lake Malawi, designed to support Tanzania's industrialisation agenda while strengthening transport, energy and manufacturing capacity.

(SweetCrude Reports, July 1, 2026)

FG Urges Ogun, Ondo Communities to Support Dangote Industrial City, Deep Seaport Project Host communities in Ogun and Ondo states were called on to give maximum support to the proposed Dangote Industrial City and Deep Seaport project during a three-day combined Environmental and Social Impact Assessment site visit across Ode-Omi Waterside Community in Ogun State and Araromi Community in Ondo State.

Rofikat Adebukunola Odetoro, Director of Assessment at the Federal

Ministry of Environment, representing Minister Balarabe Lawal, commended the level of community consultations, while Dangote Industries Managing Director, Infrastructure and Logistics, Jamil Abubakar assured indigenes of transparency, fairness and continuous engagement throughout implementation.

(Vanguard, July 6, 2026)

Dangote Cracks Down on Illegal Haulage, Offers N500,000 Whistleblower Reward Dangote Industries unveiled a public whistleblowing initiative offering a N500,000 cash reward for credible information leading to the arrest of offenders or interception of unauthorised goods

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transported by Dangotebranded trucks, part of efforts to protect the integrity of its logistics operations.

The company stated that only specifically approved products may be transported by its

subsidiaries' vehicles: cement, limestone, highgrade gypsum, coal and clinker for Dangote Cement trucks; sugar products for Dangote Sugar Refinery; Dangote Salt and DanQ Seasoning for NASCON

Allied Industries; and bags and packaging materials for Dangote Packaging.

(Vanguard, July 12, 2026)

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August 2026

Sahara Group Foundation Expands Recycling Push into Jigawa, Kaduna Two new recycling centres opened in northern Nigeria: a hub in Gidan Hakimi in Jigawa State's Shuwarin Local Government Area on July 14, built with backing from the King's Council of Shuwarin, and a centre at an Asharami Retail Station in Badiko, Kaduna South Local Government Area, on July 15, developed alongside Asharami Synergy.

The additions bring the

Foundation's waste-toincome network to 22 sites nationwide and mark its second and third locations in the north. Director Chidilim Menakaya said the expansion reflects a strategy of working through local partners to build a recycling ecosystem communities can own, sustain and benefit from over the long term.

(BusinessDay, July 19, 2026)

Double Honours for Shell at NOG Energy Week Shell Nigeria won the Equality in Energy Award for its commitment to diversity and inclusion, while its renewable energy subsidiary Daystar Power received the Sustainability in Energy Award, at the 25th NOG Energy Week in Abuja.

The company said the recognitions reflect ongoing efforts to promote equitable

opportunities, with former SNEPCo Managing Director Elohor Aiboni assuming the combined role of Executive Vice President and Country Chair Nigeria, the first Nigerian to hold it, on August 1.

(Independent, July 14, 2026)

Source: NGSC 2026 registration records. Delegate and visitor categories are taken from the two registration sheets.

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