ENERGY SUMMARIES APRIL26

Filtering the noise to deliver important energy sector updates APRIL 2026

Policy, investment and sustainability dynamics in Nigeria's energy transition agenda How coordinated reforms and cleaner energy Ini a ves are strengthening Nigeria's energy security, while advancing long-term sustainability

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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

APRIL 2026

JANUARY 2026

FEBRUARY 2026

MARCH 2026

Filtering the noise to deliver important energy sector updates

Filtering the noise to deliver important energy sector updates NOVEMBER 2025

DECEMBER 2025

$60+ BILLION INVESTMENTS

10bscf/d

12bscf/d BY 2030

BY 2027

Policy, investment and sustainability dynamics in Nigeria's energy transition agenda How coordinated reforms and cleaner energy Ini a ves are strengthening Nigeria's energy security, while advancing long-term sustainability

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

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Aradel’s new gas supply deal with NLNG

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Aradel completes acquisition of 40% equity interest in ND Western

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JULY 2025

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

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Nigeria eyes $20bn investments from 70 priority gas projects

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AUGUST 2025

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NNPC unveils new gas master plan

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Nigeria-China investments, energy deals hit $20 billion

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

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FG unveils monitoring system for CNG vehicles

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Nigeria launches rst ever are gas digital infrastructure project

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Filtering out the noise to deliver important energy sector updates

Filtering out the noise to deliver important energy sector updates MAY 2025

JUNE 2025

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

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Fleissen & Company is a leading energy infrastructure advisory firm that delivers integrated technical and strategic solutions across the oil and gas, power, and broader energy sectors. The firm combines deep engineering expertise with regulatory insight to support clients in addressing complex operational challenges, enhancing sustainability, and unlocking value across the energy value chain.

Fleissen specialises in hydrocarbon measurement, gas utilisation, emissions accounting, and petrochemical downstream opportunity assessments. The company is pivotal in advancing Nigeria’s energy transition by supporting flare gas commercialisation, compressed natural gas (CNG) adoption, and greenhouse gas (GHG) reduction initiatives.

In addition to its technical advisory work, Fleissen & Company has two dedicated subsidiaries: Fleissen Events Ltd, which leads its industry convenings, and Fleissen Energy Ltd, which focuses on project development and energy solutions. Through Fleissen Events Ltd, the firm is a recognised convener of high-impact industry dialogues, including the Nigeria Hydrocarbon Measurement Conference (NiHMEC) and the Gas Safety Conference (GSC), which bring together regulators, operators, and global experts to drive innovation, policy alignment, and operational excellence in the energy sector.

THE TEAM

Project Lead Sunday Kanshio, PhD +2349098614828 s.kanshio@fleissen.com

Editorial Consultant Yange Ikyaa

Project Support Officer Aisha Tukur Diggi

April 2026

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AVERAGE LPG PRICE // MAR 2026

COMPANY

N/TONNE

19,445,000 NIPCO 19,994,444 NAVGAS STOCKGAP (OFFTAKER) 23,300,000 PANOCEAN (OFFTAKER) 18,000,000 19,200,000 MATRIX

AVERAGE LPG PRICE // MAR 2026

COMPANY

N/TONNE

RAIN OIL 17,475,000 PRUDENT OGHARA 18,955,556 ARDOVA AP 19,445,455 TECHNO OIL 18,066,667 SHAFA ENERGY 17,366,667

COMPANY

N/TONNE

KHNL

16,400,000

Depot Owners Producers

Source: lpginnigeria.com

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April 2026

CONTENTS 01 Upstream Exploration & Production 02 Refining & Downstream 03 Natural Gas Development 04 Power Sector Reform 05 Renewable Energy & Clean Transition 06 Clean Mobility 07 Trade & International Markets 08 Policy, Regulation & Governance 09 Corporate News & Appointments

Sources: · BusinessDay · Punch · Vanguard · ThisDay · Channels TV · Reuters · CNBC Africa · Leadership · The Nation · Afreximbank · NLNG · WAEP · Lotus Bank · Deal & Advisory Report | March 2 to March 31, 2026

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01 UPSTREAM EXPLORATION & PRODUCTION Field developments, licensing rounds, and drilling campaigns SUBSECTOR INSIGHT March 2026 brought three concurrent developments that would be significant individually but are remarkable together. Two of Nigeria's most commercially stalled deepwater assets, OPL 245 and Bonga Southwest, both moved toward active development within days of each other, unlocking a combined potential investment of over $50 billion. At the same time, Seplat demonstrated that the idle-well restoration model acquired from ExxonMobil can deliver 48,600 barrels per day of new capacity for as little as $60 million gross, a fraction of greenfield cost.

NUPRC closed the legal gap that allowed indefinite licence-holding, and the 2025 licensing round drew strong applicant interest despite tighter bidding rules. Across the sector, the committed upstream investment pipeline now exceeds $120 billion.

Nigeria restructures OPL 245 into Tinubu's fiscal package removes four licences, ending nearly 30 years commercial blockage on $20bn of legal deadlock Bonga Southwest project Nigeria has split the OPL 245 deepwater block into two development licences and two exploration licences. Eni's Nigerian unit, NAGL, will serve as operator, with Shell and NNPC as partners. The agreement also settles all related legal claims and terminates an active international arbitration procedure, closing out litigation that stretched across courts in Nigeria, Italy, the Netherlands, and elsewhere.

The block sits 150 kilometres offshore in the Niger Delta and holds an estimated 9 billion barrels of recoverable reserves. It has been commercially idle

for nearly 30 years, first stalled by ownership disputes and then by criminal proceedings.

Italian prosecutors alleged that most of the $1.3 billion paid for the licence in 2011 was diverted to politicians and intermediaries. Both companies and their executives were acquitted in Italy in 2021. Development of the Zabazaba and Etan discoveries is now expected to proceed and could eventually add up to 150,000 barrels per day of production once a Final Investment Decision is secured.

(BusinessDay / Reuters, March 2, 2026)

Seplat's idle-well programme adds 48,600 bpd following $60mn expenditure Seplat Energy's 2025 idle well restoration programme recovered 49 former ExxonMobil wells and added 48,600 boepd of

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gross production capacity at a gross cost of approximately $60 million, beating internal targets and driving full-year production

President Tinubu has approved a bespoke fiscal incentive package to enable the Final Investment Decision on the Bonga Southwest Aparo project.

The development is operated by Shell Nigeria with NNPC and other international oil company partners and is expected to attract approximately $20 billion in foreign direct investment. It has been commercially blocked for close to 20 years.

The package was negotiated directly between the Federal

Inland Revenue Service, presidential energy adviser Olu Verheijen, and Shell CEO Wael Sawan, bypassing the standard multi-year fiscal negotiation process. Bonga Southwest, alongside the OPL 245 resolution, puts two of Nigeria's most valuable and most persistently stranded offshore assets back into the active development queue within the same fortnight.

to 131,506 boepd, a 148% increase from 2024.

Revenue for the year rose 144% to $2.726 billion.

The implied cost of incremental capacity was roughly $1,200 per daily barrel, far below the $15,000 to $25,000 range typical for greenfield drilling. The programme is not replicable indefinitely.

For 2026, Seplat plans 50 additional well restorations with production guidance of 135,000 to 155,000 boepd,

but it has flagged in its annual report that per-well gains will diminish as the easiest candidates are now used up. The model nonetheless offers a template for how Nigeria's other new indigenous operators can extract value from inherited IOC assets without the long lead times of new development.

(Punch, March 10, 2026)

(BusinessDay / Seplat FY2025 Results, March 4, 2026)

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With 43 of 55 contractors fully Nigerian, Shell completes Bonga FPSO turnaround 11 days early SNEPCo completed turnaround maintenance on the Bonga FPSO and resumed production on March 6, eleven days ahead of the scheduled completion date and without a single safety incident. Of the 55 companies involved in the exercise, 43 were wholly Nigerian entities.

Managing director Ronald Adams said the outcome positions the company well for delivery of the adjacent Bonga North project, which will rely on the improved

reliability of the FPSO. The 78% Nigerian contractor participation figure is worth noting.

Deepwater project execution was historically dominated by foreign service companies; the shift toward Nigerian firms reflects a decade of deliberate local content investment that has quietly built a domestic offshore services ecosystem.

(Channels TV, March 14, 2026)

Seplat sets 155,000 bpd guidance for 2026 backed by 17-well drill plan Seplat has set its 2026 production guidance at 135,000 to 155,000 barrels of oil equivalent per day, anchored by a 17-well drilling programme concentrated onshore.

Offshore assets will contribute 52 to 57% of output, including the Yoho platform which is currently offline with a restart

expected in the second quarter of 2026. Full-year 2025 pre-tax profit rose 86.7%, and the company reduced its net debt by 25% to $673 million, bringing the net debt-to-EBITDA ratio to 0.53x.

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Indigenous operator AMNI International has commenced a $100 million, three-well drilling campaign at the Okoro Field in OML 112, targeting peak production of over 12,000 barrels per day. The campaign is part of Nigeria's push toward 3 million barrels per day of

national output, a target that depends increasingly on indigenous operators absorbing and developing the offshore positions divested by international oil companies over the past several years.

(CNBC Africa, March 11, 2026)

NUPRC enforces PIA drill-or-drop rule, ending era of indefinite licence-holding NUPRC has confirmed active enforcement of the Petroleum Industry Act's mandatory relinquishment provision, requiring companies to develop licensed acreage or return it.

The Commission CEO Oritsemeyiwa Eyesan said the era of holding exploration licences for years without development

activity is officially over.

He also reported that the 2025 licensing round has drawn an encouraging number of applicants despite stricter conditions, including requirements that bidders pay for data access before proceeding to the bid stage.

TGS, authorising the acquisition and processing of new 3D seismic and gravity data across approximately 11,700 square kilometres in the offshore eastern Niger Delta. The survey spans water depths between 400 and 2,800 metres. Better

subsurface data reduces exploration risk for investors and strengthens the government's hand in setting commercially realistic licence terms.

(Punch, March 14, 2026)

(Punch / Seplat FY2025 Results, March 12, 2026)

NUPRC signs three-year seismic deal to map 11,700 square kilometres offshore Niger Delta NUPRC has signed a threeyear petroleum exploration

AMNI launches $100mn three-well campaign at Okoro Field targeting 12,000 bpd

licence agreement with SeaSeis Geophysical and

(APA News, March 26, 2026)

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ExxonMobil becomes first IOC to self-fund permanent shore base inside LADOL Esso Exploration and Production Nigeria, an ExxonMobil affiliate, has broken ground on a fully self-funded Shore Base at LADOL's Apapa Port complex, making it the first international oil company to finance such infrastructure within Nigeria's premier deepwater logistics hub.

Under the arrangement, LADOL constructs and owns the facility; EEPNL uses it as its primary logistics base for the Erha FPSO, one of Nigeria's

flagship deepwater assets operating at over 1,000 metres water depth.

The move is notable given that ExxonMobil has been divesting its onshore and shallow-water Nigerian portfolio. Investing in permanent deepwater logistics infrastructure suggests a long-term commitment to the offshore position it retained after the divestment cycle.

NUPRC pre-qualifies bidders for 50-block oil auction NUPRC has completed the pre-qualification phase of Nigeria's 2025 oil licensing round. Only screened and approved companies will be permitted to access the paid subsurface data needed to prepare competitive bids.

The requirement is deliberate: it is designed to filter out speculative

participants who have historically entered licensing rounds without the technical or financial capacity to develop awarded acreage, contributing to the idlelicence problem the drillor-drop rule now addresses.

(Punch, March 17, 2026)

(BusinessDay, March 26, 2026)

Amukpe-Escravos Pipeline opens as Nigeria's first HDD-built evacuation route, adding 160,000 bpd capacity Niger Delta Chambers puts committed upstream investment pipeline above $100bn The Niger Delta Chambers of Commerce, Industry, Trade, Mines, and Agriculture has identified over $100 billion in upstream investment expected in the region over the next five years.

Key items include Renaissance's $20 billion plan to develop 30 oil wells, aiming to grow production to over 400% of what it inherited from Shell's

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onshore assets, and approximately $30 billion allocated to the Bonga South West project.

The chamber's chairman, Idaere Gogo-Ogan, cited two years of regional stability as the primary enabling condition for the investment momentum.

(BusinessDay, March 25, 2026)

Pan Ocean Oil Corporation and NEPL/NNPC Ltd have commissioned the AmukpeEscravos Pipeline, a 67kilometre, 20-inch steel line running from Pan Ocean's Amukpe metering station to Chevron's Escravos export terminal with a capacity of 160,000 barrels per day.

Built using Horizontal Directional Drilling and buried 100 to 150 feet underground, it is the first pipeline of its kind in Nigeria and Africa, designed specifically to eliminate the surface exposure that makes conventional pipelines vulnerable to vandalism and sabotage. The AEP's core purpose is to provide a bypass for the Trans

Forcados system, the western Niger Delta's most frequently disrupted export route. Neighbouring producers can also inject crude on a tariff basis.

With Nigeria's daily output sitting between 1.7 million and 1.83 million barrels per day against a 3 million bpd target by 2030, and an estimated N1.76 trillion lost in crude revenue through OPEC quota shortfalls in the 12 months to January 2026, adding a reliable, theft-proof evacuation corridor directly addresses one of the most persistent bottlenecks in Nigeria's production ambitions.

(BusinessDay, March 24, 2026) Fleissen & Company

April 2026

02 REFINING & DOWNSTREAM Market restructuring, Dangote dominance, and the supply equation SUBSECTOR INSIGHT The Dangote Refinery held 92% of Nigeria's petrol market in February 2026, but that number tells an incomplete story. Total petrol supply fell 39% from January, from 64.9 million litres per day to 39.5 million, because imports stopped entirely rather than because domestic production grew. The 92% share was achieved by removing competition, not by growing output. Pump prices stayed above N1,200 per litre despite a N100 cut at the refinery gate, and industry operators warned in public that monopoly control of a market worth an estimated N14.4 trillion annually is a structural risk for consumers. Separately, the federation received 100% of PSC profit oil for the first time under Executive Order 9, a fiscal shift that should materially improve the federation account's monthly receipts.

Dangote supplies 92% of Nigeria's petrol as imports disappear The Dangote Refinery accounted for approximately 92% of Nigeria's petrol supply in February 2026, according to NMDPRA data, as local refineries delivered 36.5 million litres per day against a national total of 39.5 million litres.

The 8% remainder came from imports at only 3 million litres per day, down from 24.8 million litres per day in January. That steep import decline is the reason both for the 92% share and for the 39.1% fall in total daily supply from 64.9 million litres in January.

The Dangote Refinery, operating at its 650,000 barrel per day nameplate

capacity, is currently the only facility in Nigeria producing petrol. Modular refineries concentrate primarily on diesel.

Industry operators have raised monopoly concerns publicly: one anonymous operator told Punch that single-supplier control of the downstream is not healthy for any sector.

Despite a N100 per litre reduction in the refinery's ex-depot price, pump prices remained above N1,200 per litre at filling stations across Lagos, Abuja, and Ogun State.

(Business Insider Africa / Punch / NMDPRA, March 17, 2026)

No petrol import licences issued in 2026 as NMDPRA confirms local supply meets national demand NMDPRA has not issued a single petrol import permit since January 1, 2026. An official source confirmed to Punch: local production has met national requirements and there is no need for importation.

The statement is a direct application of the PIA's provision that imports are permitted only when domestic supply is insufficient, a provision that was never meaningfully enforced before the Dangote Refinery reached scale.

The Dangote Refinery

million in February, according to NMDPRA's February factsheet.

Nigeria's daily petrol consumption eases to 56.9 million litres in February as supply tightens Nigeria's average daily petrol consumption fell

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from 60.2 million litres in January 2026 to 56.9

The decline followed the removal of import supply rather than any reduction in underlying consumer demand. Historically, local refineries supplied less than 20% of Nigeria's petrol.

February's structure, with

filed legal action against NMDPRA and NNPC in 2024 seeking to halt petrol imports. That dispute has been resolved by regulatory practice: the government is now implementing the PIA as the refinery argued it should be applied.

No import licences were issued in February, and the Crude Oil Refineries Association of Nigeria confirmed to Reuters that none had been issued in March either.

(Channels TV / Punch, March 11, 2026)

92% from domestic refining, is a complete reversal of that norm and raises the question of what happens to fuel availability if the single dominant refinery has operational issues.

(Vanguard / NMDPRA factsheet, March 11, 2026)

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NNPC revenue falls 47% to N2.57trn in January as profit rises 9.7% and output 1.64m bpd NNPC recorded a 9.69% rise in profit after tax to N385 billion in January 2026, up from N351 billion in December, even as monthly revenue fell 47% from N4.82 trillion in December to N2.57 trillion.

The decline was partly caused by adverse weather, evacuation problems, and asset integrity challenges that reduced planned crude deliveries. Statutory remittances to the federation account also fell, from N1.27 trillion in December to N726 billion in January.

Output recovered to 1.64 million barrels per day in January, from 1.55 million in December, following turnaround maintenance at the Agbami Field and the Renaissance Estuary Area.

Crude oil contributed 1.39 million barrels per day; condensate added 0.25 million. Gas sales rose to 4.97 million standard cubic feet per day from 4.75 million in December.

(Punch / Channels TV / CED Magazine, March 10, 2026)

Six major marketers lift 127,000mt of petrol from Dangote terminals NNPCL, Fynefield, Lister Oil, Rainoil, Ardova, and Sahara Energy have collectively lifted 127,000 metric tonnes of petrol from Dangote-linked terminals, according to Petroleum Price.

The evacuation is structured and concentrated among a small number of large players, raising distribution reach questions for

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independent marketers and rural networks.

Jetty throughput, feedstock continuity from NNPCL crude deliveries, and truck-out logistics are the operational variables determining how quickly refinery volumes translate into stable forecourt availability.

(Petroleum Price, March 26, 2026)

Tanker freight costs surge from $800,000 to $3.5mn as Middle East conflict hits shipping Freight rates for refined fuel shipments have climbed from $800,000 to $3.5 million per voyage, driven by disruptions linked to Middle East conflict.

Dangote Refinery CEO David Bird said countries that depend on imported fuel face the greatest exposure to this cost surge.

The dynamics also affect

the refinery's own pricing: the Dangote facility purchases crude at international benchmark prices regardless of source, meaning global supply shocks feed directly into its cost base. The refinery raised its ex-depot price repeatedly through the first quarter in response.

(Business Insider Africa, March 9, 2026)

Dangote delivers $5.85bn in refined exports, saves Nigeria $4bn on fuel import in 2025 The Central Bank of Nigeria's 2025 Balance of Payments report shows the Dangote Refinery contributed $5.85 billion in refined petroleum exports to Nigeria's trade accounts in 2025, while simultaneously cutting the national fuel import bill by 28.88% to $10 billion from $14.06 billion in 2024, a foreign exchange saving of $4 billion.

than the $19.03 billion in 2024 but more than double the $6.42 billion in 2023.

These two effects together supported a $4.23 billion overall balance of payments surplus for the year. The current account surplus of $14.04 billion was lower

(Leadership / CBN Balance of Payments, March 18, 2026)

Crude oil exports fell 14.41% to $31.54 billion, confirming that the refinery is changing the composition of Nigeria's energy trade rather than simply increasing its total scale.

Gas exports grew 21% to $10.5 billion over the same period.

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03 NATURAL GAS DEVELOPMENT LNG markets in disruption, pipeline ambitions, and the domestic gas imperative SUBSECTOR INSIGHT Nigeria earned $10.5 billion from gas exports in 2025, up 21% from 2024, a record. Domestic production reached 7.5 billion cubic feet per day, from 6.8 bcf in 2023, with a Decade of Gas target of 12 bcf by 2030. In March, the Iran-war disruption sent Asian LNG (JKM) to $25.39 per mmBtu, creating a $10 per mmBtu premium over European prices and pushing Nigerian cargoes eastward toward better-paying buyers. The global disruption has also intensified interest in the proposed $20 billion Nigeria-Europe transcontinental pipeline. The month's news sits at the intersection of a growing export market and a domestic energy agenda that urgently needs gas to power industry and generate electricity. Both opportunities are real; the infrastructure and commercial frameworks that would let Nigeria pursue both simultaneously are still being assembled.

FG launches steering committee to develop real-time digital gas infrastructure command centre The federal government has inaugurated a steering committee and Joint Technical Working Group to develop the National Gas Infrastructure Command Centre, a centralised digital platform for real-time monitoring and coordination of Nigeria's gas value chain.

public-private partnership with no financial exposure to the federal government, enabled by the Petroleum Industry Act 2021. Minister Ekperikpe Ekpo said it is a critical enabler of Nigeria's gas-to-power ambitions and the Decade of Gas target of 12 billion standard cubic feet per day by 2030.

The centre will be structured as a privately-led

(ThisDay, March 3, 2026)

Nigeria pushes $20bn transcontinental gas pipeline talks in London as European buyers scramble for alternatives The federal government has stepped up high-level engagements in London on a proposed $20 billion transcontinental pipeline designed to carry up to 30 billion cubic metres of natural gas annually from Nigeria's southern reserves through Chad and Libya, then subsea to Sicily and the broader European grid.

Minister of State for

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Petroleum (Gas) Ekperikpe Ekpo described the discussions as timely and historic, with European energy security concerns created by Middle Eastern supply disruption and the wind-down of Russian gas imports giving the project new commercial urgency.

NLNG cargo rerouted from France to Asia after Iran war halts Strait of Hormuz passage A Bonny Island LNG cargo loaded on February 27, initially tracked toward France, reversed course and headed to Asia via the Cape of Good Hope after US-Israeli strikes on Iran on February 28 halted tanker traffic through the Strait of Hormuz.

The conflict also forced Qatar, the world's second-largest LNG exporter, to declare force majeure at the Ras Laffan terminal, cutting supplies to European contract holders in Belgium, Italy, and Poland.

Asian LNG, measured by the Japan-Korea Marker, jumped 68.52% to $25.393 per million British thermal units for April delivery, the

highest level in three years according to S&P Global Platts. European TTF prices rose 57% to $15.479 per mmBtu for April cargoes, leaving a $10 per mmBtu arbitrage in favour of Asia.

Kpler analyst Go Katayama said the BW Brussels appeared to have changed course from France toward Asia, and that the widening AtlanticPacific arbitrage would likely attract more cargo diversions if the spread held. A second Nigerian LNG tanker, the Pan Americas, also diverted to Asia days later.

(Punch / Channels TV / Reuters / BusinessDay, March 9, 2026)

(Punch, March 20, 2026)

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Dangote seals $4.2bn gas supply deal with China's GCL Group Dangote Industries Limited and GCL Group, China's leading private energy conglomerate, have formalised a $4.2 billion, 25-year natural gas supply agreement to feed a $2.5 billion urea fertiliser complex in Gode, Somali Region, Ethiopia.

The plant, with an annual capacity of 3 million tonnes, is being developed as a 60:40 joint venture between Dangote Group and Ethiopian Investment Holdings and is scheduled to begin operations in 2029.

Gas will be sourced from

the Calub Gas Field in the Ogaden Basin and delivered via a dedicated 108kilometre pipeline to the plant site. Once commissioned, the facility will be East Africa's largest modern fertiliser production hub, covering Ethiopia's full current urea import demand while also supplying neighbouring markets. The project connects Nigerian industrial capital, Chinese gas technology, and Ethiopian gas reserves toward a single agricultural supply chain outcome.

(The Nation, March 17, 2026)

Nigeria's gas exports earn $10.5bn in 2025, up 21% as refined products create new export line Gas export earnings rose 21% to $10.5 billion in 2025, a record level, according to the Central Bank of Nigeria's Balance of Payments report. In the same year, refined petroleum exports from the Dangote Refinery contributed $6.13 billion, a category that barely existed in prior

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years. Combined with crude oil exports of $31.54 billion, total hydrocarbon exports reached $48.17 billion, up from $45.51 billion in 2024, despite crude volumes falling 14.41%.

(Africa Energy Pulse / CBN, March 24, 2026)

Nigeria's gas output reaches 7.5 bcf per day with 12 bcf projected by 2030 against 215 demand projects Nigeria's natural gas production has grown from 6.8 billion cubic feet per day in 2023 to 7.5 bcf per day in 2025, with the Decade of Gas Secretariat projecting 12 bcf per day by 2030, contingent on sustained reform and investment.

Coordinating director Ed Ubong said improved collaboration across the value chain drove the production gains.

More than 215 gas demand projects are currently tracked through a centralised database to improve planning and delivery accountability.

Gas-to-power and LPG

expansion are identified as the primary domestic priorities.

Reaching 12 bcf per day by 2030 from 7.5 bcf today requires roughly 60% growth in five years.

Nigeria has set this target in multiple planning cycles without achieving it.

The difference between aspiration and outcome will depend on whether the infrastructure investment needed to monetise reserves arrives before global energy transition pressures reduce the longrun price outlook for gas.

(Punch / Decade of Gas Secretariat, March 30, 2026)

NLNG opens 6.5-tonne gas dispensing facility in Rumuji Nigeria LNG has commissioned a 6.5-tonne cooking gas dispensing facility in Rumuji, Rivers State, through its GMoU community development framework and the Rumuji Cluster Development Foundation. The facility gives local households access to cleaner cooking

fuel as an alternative to firewood and kerosene. The broader GMoU package for the community also includes housing, road infrastructure, scholarships for 29 students, and livelihood support for 200 women farmers.

(NLNG, March 19, 2026)

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April 2026

04 POWER SECTOR REFORM Investment requirements, regulatory milestones, and distribution improvements SUBSECTOR INSIGHT The power minister gave Nigeria's electricity deficit a price tag in March: over $100 billion across generation, transmission, distribution, and gas pipelines, with only two of 32 power plants holding firm gas supply contracts. That investment gap is several decades of federal energy-sector budget at recent allocation rates and cannot be closed without private capital at a scale the sector has not yet attracted. Against that backdrop, March delivered meaningful incremental progress: AEDC cut system losses by 10 percentage points, Enugu issued Nigeria's first sub-national distribution licence under the 2023 Electricity Act, NERC ordered N20 billion in automated meter refunds, and FONER was launched to coordinate the increasingly fragmented regulatory landscape. None of these alone solves the $100 billion problem. Together they represent a sector that is at least being administered more rigorously than before.

Tinubu proposes Grid Asset Management Company to address Nigeria's transmission bottleneck

AEDC grows electricity distribution 15%, cuts aggregate losses from 42% to 32%

President Tinubu has presented a memorandum to the Federal Executive Council proposing the establishment of a Grid Asset Management Company to directly address Nigeria's transmission infrastructure.

The Abuja Electricity Distribution Company has increased the volume of electricity it receives and distributes by 15% year-onyear and reduced its aggregate technical, commercial, and collection losses from approximately 42% to 32%, a 10percentage-point improvement achieved through investment in network reinforcement, new feeders, and injection substations. Managing director Chijioke Okwuokenye said customers in selected areas of the FCT, Kogi, Niger, and Nasarawa franchise are

expected to receive 18 to 20 hours of daily supply once further infrastructure projects are completed.

eroding customer confidence in the programme.

the customer's account upon activation and disbursed monthly without discretion.

Manual delays are no longer permissible.

The government has identified transmission as the single largest structural bottleneck preventing reliable electricity supply

across the country.

The Transmission Company of Nigeria currently operates a grid with significant technical constraints, and the proposed GAMCO would be designed to improve planning, maintenance, and asset management across the transmission network.

(Vanguard, March 4, 2026)

A 10-percentage-point reduction in ATC&C losses in a single year is meaningful in a sector where 40% system losses have been a stubborn norm for years. At AEDC's scale, each percentage point of loss recovered represents real revenue that improves the company's ability to service debt and fund further network investment.

(ThisDay, March 3, 2026)

NERC orders full automation of N20.33bn MAP meter refund credits, gives 12-month disbursement deadline NERC has directed all electricity distribution companies to refund N20.33 billion in outstanding Meter Asset Provider reimbursements to customers within 12 months from March 1, 2026.

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Under the MAP scheme, customers pay upfront for meters and are reimbursed through energy credits over an amortisation period. The commission found that credit disbursement had been consistently slow,

The new order requires that the full cost of each MAP meter be recognised automatically as a credit on

(Punch, March 4, 2026)

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April 2026

NDPHC resets Alaoji 570MW target to Q3 2027 compels new contractor recovery plan Niger Delta Power Holding Company has set Q3 2027 as the revised completion date for the 570MW Alaoji power plant in Abia State, after compelling the contractor to submit a new recovery plan following repeated delays. CEO Jennifer Adighije presented this update to the House of Representatives Committee on Power during a site tour

and commended President Tinubu's power sector refinancing plan as a liquidity measure that should allow delayed projects to progress. Alaoji has appeared at various stages of near-completion over several previous completion cycles.

(ThisDay, March 9, 2026)

NERC launches Forum of Nigerian Electricity Regulators to coordinate federal and state regulatory bodies NERC has formally inaugurated the Forum of Nigerian Electricity Regulators, designed to align the federal regulator with the growing number of state electricity regulatory bodies on tariff methodology, market rules, and consumer protection standards. NERC chairman Dr Musiliu Oseni said FONER is a major step in Nigeria's transition to a

multi-level electricity market and is intended to prevent regulatory loopholes that arise when federal and state frameworks operate without coordination. FONER will also serve as a peer-learning platform for capacity building among state electricity regulators.

(Channels TV, March 26, 2026)

NERC approves Sherifat Adegbenro as Eko Disco's CEO amid leadership instability NERC has formally

Page 18

approved the appointment

Enugu issues Nigeria's first sub-national electricity distribution licence under 2023 Electricity Act Enugu State Electricity Regulatory Commission has issued a 20-year distribution licence to MainPower Electricity Distribution Limited, the first subnational electricity distribution licence issued under Nigeria's 2023 Electricity Act. The 2023 Act allows states to establish their own electricity regulatory frameworks operating alongside the federal regime. MainPower, established as a subsidiary of EEDC specifically to hold this licence, will assume all assets, liabilities,

of Sherifat Adegbenro as acting chief executive officer of Eko Electricity Distribution Company with effect from March 23, 2026.

She was previously deputy CEO, having joined the company in 2015 as chief audit and compliance officer before rising through risk and governance roles. Her appointment is intended to ensure leadership continuity pending the appointment of a substantive CEO. Adegbenro is the third person to hold the role since January 2026. She succeeds Wola Joseph-Condotti, who

personnel, and operations of EEDC within Enugu State.

Enugu's sub-national model is an experiment with structural implications for the sector. If it demonstrates that statelevel distribution accountability improves service outcomes, it creates pressure on other states to pursue similar arrangements. The EERC assumed full regulatory oversight of Enugu's electricity sector in October 2024.

(DailyPost, March 8, 2026)

served for under three months. The vacancy arose following the resignation of Rekhiat Momoh, who led the company for approximately two years after a period of boardroom and regulatory dispute involving a prior CEO. EKEDC has had six managing directors since its privatisation in 2013. The company serves large parts of Lagos State and Ogun State.

(Leadership, March 24, 2026)

Fleissen & Company

April 2026

Stable power from 188MW Geometric Plant in Aba is drawing new manufacturing investment to Abia State Completion of the $800 million, 188MW Geometric Power Plant in Osisioma is now producing measurable economic effects in Aba, the commercial hub of Abia State.

The plant supplies nine of

the state's 17 local government areas. Nepal Energies met with Governor Alex Otti to express interest in partnering with the state on manufacturing investment, including a POP cement plant currently

producing 200 tonnes per day with plans to scale to 1,500 tonnes per day within 18 months. Reliable industrial power, long identified as a prerequisite for manufacturing investment in Nigeria, is

demonstrating its economic multiplier effect in real time in Abia.

(BusinessDay, March 16, 2026)

Power minister puts cost of fixing Nigeria's electricity sector at over $100bn Minister of Power Bayo Adelabu set out a specific investment breakdown for transforming Nigeria's electricity sector: approximately $30 billion to add 20,000 megawatts of generation capacity, $20 billion for

transmission infrastructure, $25 billion for distribution, and $22 billion for gas pipeline construction, totalling over $100 billion.

problem: only two of Nigeria's 32 power plants hold firm gas supply contracts, leaving the remaining 30 dependent on besteffort deliveries that routinely fall short.

He identified the most immediate structural

He called for coordinated action

across the ministries of power, petroleum, water resources, and environment to address the gas supply constraint specifically.

(TheCable, March 25, 2026)

Nigeria ready to expand electricity exports to Togo beyond 75MWh Nigeria has historically Niger Delta Power Holding Company met with Togo's Compagnie Energie Electrique du Togo to discuss increasing daily electricity exports beyond the current 75 megawatt-

Page 19

hours.

NDPHC said it is willing to expand supply but conditions any increase on the establishment of sustainable and reliable payment arrangements.

supplied power to West African neighbours under terms that were not always collected in full.

The meeting reflects Togo's growing electricity demand and Nigeria's willingness to

position itself as a regional power supplier within ECOWAS, provided the commercial terms hold.

(Business Insider Africa, March 16, 2026)

Fleissen & Company

April 2026

05 RENEWABLE ENERGY & CLEAN TRANSITION Solar deployment, mini-grid financing, green capital markets, and state-level initiatives SUBSECTOR INSIGHT Nigeria installed an estimated 803 megawatts of solar capacity in 2025, making it Africa's second-largest solar market after South Africa. In March 2026, the federal government committed N100 billion for public sector solarisation and the country launched a $750 million, 1,350 minigrid programme designed to attract a further $1.1 billion in private investment. What distinguishes this cycle from earlier renewable announcements is the formation of a functioning financing ecosystem around the deployment targets. Lotus Bank disbursed N3.2 billion under a performance-based model that pays out against delivery, not promises. Decentralised Energy Limited launched with $10 million equity and N8.5 billion in debt from institutional investors. Solad Power completed Nigeria's first international I-REC sale, connecting domestic solar generation to global carbon finance. These are not announcements. They are transactions.

FG approves N100bn National Public Sector Solarisation Initiative for government institutions

Nigeria launches $750mn solar mini-grid programme targeting $1.1bn in private investment

President Tinubu has approved N100 billion for the National Public Sector Solarisation Initiative, a programme that installs solar systems at federal government institutions facing chronic power shortages or unmanageable electricity bills.

Deployments have already begun at the Department of State Services, the

Nigeria has launched a $750 million renewable energy programme to install 1,350 solar mini-grids across the country, with the majority targeting rural and underserved communities that currently have no reliable access to the national grid.

renewable generation to the national electricity network in areas where supply is chronically unreliable. The programme is designed with a co-investment structure intended to attract $1.1 billion in private capital alongside the government commitment.

Around 250 of the planned mini-grids will be gridconnected, adding

(Solar Quarter / BusinessDay, March 9 to 15, 2026)

Economic and Financial Crimes Commission, the Independent Corrupt Practices Commission, the National Hospital Abuja, and several universities.

The Rural Electrification Agency is administering the programme.

(PM News / Rural Electrification Agency, March 9, 2026)

Solar mini-grids bring 24-hour power to 180 communities in Niger State after decades without electricity More than 180 communities in Niger State that had gone over a decade without meaningful electricity supply are now receiving 24hour solar power following a deployment of solar mini-grids and other renewable energy solutions by the

Page 20

Niger State Government under Governor Mohammed Umaru Bago.

intervention in communities that had long remained outside the reach of stable grid supply.

The initiative was commended by the Niger Electricity Distribution Company, which described it as a significant

Beyond rural communities, the state government also transitioned key public institutions to independent solar systems, including

Government House, the General Hospital, the IBB Specialist Hospital, the Niger State Water Board, and several ministries, departments, and agencies.

(Punch, March 4, 2026)

Fleissen & Company

April 2026

UN installs 400kW AI-managed solar microgrid at Abuja headquarters targeting 40% power cost reduction The United Nations has inaugurated a 400-kilowattpeak solar photovoltaic microgrid at the UN House in Abuja, backed by 650 kilowatt-hours of lithiumion battery storage, with the capacity to expand to 700 kilowatts. The system uses artificial intelligence-driven energy management and Internet of Things monitoring for real-time tracking of generation and consumption. Electricity costs at the facility are projected to fall by approximately 40%. Grid consumption will reduce by nearly one million kilowatthours per year and carbon

emissions by around 300 tonnes annually.

UN Resident and Humanitarian Coordinator Mohamed Fall said the installation reflects the organisation's commitment to accelerating the transition from fossil fuels to renewable energy in Nigeria. The deployment at a major international institution in Abuja carries a demonstration effect: if large institutions cannot rely on the grid, they build their own generation and manage it with digital tools.

Kwara equips 13 public hospitals with solar inverter systems to end power interruption Kwara State has extended solar inverter infrastructure to 13 public hospitals as part of a state government commitment to sustainable and climate-friendly healthcare systems.

Facilities now benefiting include General Hospital Share, Specialist Hospital Jebba, General Hospital Erin-Ile, General Hospital Omu-Aran, Children's Specialist Hospital Ilorin, and the Essential Drugs Programme.

Seven additional health facilities were equipped with 10 KVA solar inverter systems.

Healthcare settings are among the highest-stakes environments for power reliability: outages in hospitals carry direct risks to patient outcomes during surgery, emergency care, and cold-chain medication storage.

(Punch, March 10, 2026)

(TV Brics, March 10, 2026)

Chinese solar manufacturers pitch Baobab MFB launches green finance local factory partnerships at Lagos consultant training to end poor purchase exhibition as Nigeria reaches choices in Nigeria's solar market 803mw installed capacity Baobab Microfinance Bank Nigeria has launched the Green Finance Project, a structured training and certification programme designed to create green energy and finance consultants who can guide small businesses and homeowners in Lagos toward solar investments that are both technically appropriate and financially viable. The programme addresses a documented market failure in Nigeria's solar sector where

Page 21

customers routinely receive poorly sized systems or unsuitable financing structures, resulting in failed installations and wasted capital. As grid instability and high fuel costs have made solar a commercial necessity for many Lagos businesses, the quality of advisory services in the market has become a bottleneck for sector growth.

Chinese solar equipment manufacturers attending the Powerlec International Solar, Storage, Renewables, EV, Power and Electrical Exhibition at Landmark Event Centre in Lagos moved beyond product displays to pitch local manufacturing partnerships, driven by import economics that increasingly squeeze their competitiveness in the Nigerian market.

A shift toward in-country assembly would change Nigeria's solar sector from an import-dependent industry into a manufacturing base with employment and valuechain implications.

(Punch, March 10, 2026)

Nigeria installed an estimated 803 megawatts of

(BusinessDay, March 17, 2026)

solar capacity in 2025, according to the Global Solar Council, placing it second in Africa behind South Africa.

Fleissen & Company

April 2026

Solad Power completes Nigeria's first international I-REC sale, opening access to global carbon finance Solad Power Group has completed the sale of Nigeria's first international renewable energy certificates, or I-RECs, through its solar generation at Iponri market in Lagos, facilitated by a partnership with energy-finance

platform Rivy.

verified renewable energy.

Each I-REC certifies one megawatt-hour of clean electricity generated and serves as a tradeable instrument for companies seeking to offset their carbon footprint with

The transaction positions Nigerian solar generators to access the global voluntary carbon market for the first time.

The government's national carbon market framework,

launched recently, targets up to $3 billion in annual climate finance by 2030.

(BusinessDay, March 18, 2026)

Lotus Bank disburses N3.2bn to Zanoplus for Bauchi State mini-grid projects Lotus Bank has disbursed N3.2 billion to Zanoplus under the Distributed Access through Renewable Energy Scale-up Programme, supporting mini-grid projects in Bauchi State with a combined capacity of

1.2 megawatts-peak.

The DARES programme ties capital disbursements to verified project delivery rather than to plans.

The speed and transparency of the

transaction, along with Lotus Bank's involvement as a domestic Islamic finance institution, confirms that Nigeria's distributed energy financing market is broadening beyond development finance

institutions into the commercial banking system.

(Lotus Bank, March 20, 2026)

Decentralised Energy launches $10mn equity, N8.5bn debt to develop gas-power infrastructure Decentralised Energy Limited has officially launched as a dedicated growth platform for Nigeria's distributed power and gas infrastructure sector. The company secured $10 million in equity financing from

Page 22

Anergi Group and N8.5 billion in debt facilities.

Its investor consortium includes Sango Capital Partners, Synergy Capital Partners, Kuramo Capital Partners, PIPP Energy, Vista Holdings, and

InfraCredit, who collectively committed over $100 million to Viathan, DEL's co-founding partner and Nigeria's largest embedded energy solutions provider.

and gas projects directly and invest in viable distributed energy opportunities across the sector.

(Deal & Advisory Report, March 28, 2026)

DEL will develop power

Fleissen & Company

April 2026

06 CLEAN MOBILITY CNG infrastructure, electric vehicles, and rail electrification SUBSECTOR INSIGHT Nigeria's clean mobility push is rooted primarily in economics: compressed natural gas is materially cheaper than petrol for the tens of millions of Nigerians who depend on fuel for transport and livelihoods, particularly since subsidy removal in 2023. The government's goal is to make that price advantage tangible at the road level through conversion kits, refuelling stations, and an expanding corridor infrastructure. The March expansion of PiCNG to cover electric vehicles was a sensible structural move, bringing both clean transport technologies under a single coordinating body. Delivery against the 100,000-kit target and the 20-station NIPCO build-out within the stated timelines will be the test of whether the policy momentum produces physical infrastructure.

NIPCO to build 20 new CNG stations across Nigeria with mother hubs at Lekki and Ore

Tinubu directs PiCNG to deploy 100,000 vehicle conversion kits within two weeks

NIPCO Gas Limited has announced the construction of 20 additional compressed natural gas stations across Nigeria as part of efforts to deepen gas utilisation and support the federal government's clean energy agenda. Managing director Nagendra Verma said the expansion includes development of strategic compression hubs. CNG

President Tinubu has directed the Presidential Initiative on Compressed Natural Gas to deploy approximately 100,000 vehicle conversion kits nationwide within two to three weeks. The kits allow petrol engine vehicles and tricycles to run on compressed natural gas.

mother stations at Lekki and Ore are at advanced stages of completion and will serve as primary compression and dispatch points, distributing compressed gas to daughter stations and industrial customers across multiple regions.

(Punch, March 5, 2026)

PiCNG executive chairman Ismael Ahmed said the directive followed a briefing with the president on the

progress of the initiative and measures to offset rising global petroleum prices. Infrastructure development is advancing along the Lokoja to Abuja, Kaduna, Zaria, Kano, and Maiduguri corridor, with Kano already hosting two liquefied compressed natural gas stations and additional daughter stations in development.

(Vanguard, March 10, 2026)

NRC introduces electric traction on Warri-Lagos corridor in new national rail modernisation push

Tinubu renames PiCNG following expanded mandate to cover electric vehicles

The Nigerian Railway Corporation is introducing electric-powered trains on the Warri and Lagos rail corridors, using gas resources available along those routes to support reliable traction power.

NRC managing director Kayode Opeifa said electrification will reduce operating costs, improve service frequency, and align Nigeria's network with

President Tinubu has expanded the Presidential Initiative on Compressed Natural Gas to include electric vehicles, renaming the body the Presidential Initiative on Compressed Natural Gas and Electric Vehicles.

PiCNG & EV will now coordinate Nigeria's full clean mobility agenda: CNG mother and daughter station development, vehicle conversion

Page 23

international standards. The initiative is part of a modernisation programme begun in 2015 that has delivered standard-gauge lines on the Abuja-Kaduna, Warri-Itakpe, and LagosIbadan routes, along with the Abuja Rail Mass Transit system. Construction has begun on the Port Harcourt to Maiduguri corridor.

(Vanguard, March 8, 2026)

programmes, EV vehicle deployment, and charging infrastructure rollout.

The executive chairman has been ordered to establish a framework for the rapid deployment of conversion kits at prices accessible to ordinary citizens, and to extend that framework to cover EV charging infrastructure development alongside.

(Daily Post, March 26, 2026) Fleissen & Company

April 2026

07 TRADE & INTERNATIONAL MARKETS Dangote as a continental supply asset, global disruption, and new partnerships SUBSECTOR INSIGHT The Iran war disruption has done in six weeks what years of policy advocacy could not: it has established the Dangote Refinery as a recognised continental and global energy security asset. South Africa, Ghana, Kenya, and several other governments approached it directly in March for supply contracts. Europe's jet fuel market hit a record $1,646 per tonne on March 12, driven by Strait of Hormuz disruptions that cut off supply accounting for at least 40% of the continent's jet fuel imports. Dangote confirmed 456,000 tonnes of refined product sales to five African countries. Nigeria's refinery geography changed more in six weeks of Middle East conflict than in any comparable period of policy reform.

South Africa, Ghana, Kenya, others approach Dangote for fuel as Middle East supply routes collapse

European jet fuel hits record $1,646 per tonne as Hormuz disruption cuts off 40% of supply

The Dangote Refinery is receiving direct supply enquiries from South Africa, Ghana, Kenya, and several other African governments after the USIran war disrupted the Middle Eastern refined product flows that account for roughly three-quarters of east and southern Africa's fuel imports.

European jet fuel prices reached $1,646 per tonne on March 12, 2026, more than double the crude oil price and the highest level on record, as disruptions to the Strait of Hormuz cut off Middle Eastern supplies that typically account for at least 40% of Europe's jet fuel imports. Premiums against diesel widened to nearly $50 per barrel, also unprecedented. Analysis from Argus showed jet fuel prices had surged to more than double the crude price for the first time in history.

and West Africa, has attempted to fill the gap but lacks the refining and logistics scale to fully replace Persian Gulf volumes at short notice.

Italian prime minister Giorgia Meloni visited Algeria seeking gas substitution as Rome faced the loss of Qatari LNG that accounts for 30% of Italy's gas. Nigeria's position as a producer of both LNG and jet-capable refined products places it at the centre of two simultaneous European supply crises.

The Atlantic Basin, including the United States

(BusinessDay, March 23, 2026)

South Africa is seeking a standard 12-month supply contract.

Dangote himself told the Economist: right now it is not about pricing, it is about

availability.

The 650,000 barrel per day refinery is operating at full capacity. Its ability to serve continental demand at scale is being tested in real time by governments that previously had no reason to look to Nigeria as a fuel supplier. The refinery's export infrastructure and its network of traders with African distribution reach will determine how much of this enquiry flow converts into contracted supply.

(BusinessDay, March 20, 2026)

Dangote ships 456,000 tonnes to five African nations as continent's fuel trade reorganises

650,000 barrel per day capacity, unlocking its ability to serve both domestic and regional markets simultaneously.

The Dangote Refinery has confirmed 12 cargo sales totalling 456,000 tonnes of refined petroleum products to Cote d'Ivoire, Cameroon,

African markets that historically sourced refined products from Europe and the Middle East are beginning to build supply chains

Page 24

Tanzania, Ghana, and Togo, sold on a Free on Board basis through international traders. The sales come after the refinery ramped to its full

toward West Africa, shortening logistics routes and reducing exposure to geopolitical shocks in distant producing regions.

(Business Insider Africa, March 23, 2026)

Fleissen & Company

April 2026

Nigeria, Senegal open strategic talks on crude oil supply in renewed Pan-African energy cooperation Minister of State for Petroleum Resources (Oil) Senator Heineken Lokpobiri hosted Senegal's ambassador and Minister of Energy Birame Souleye Diop in Abuja for discussions centred on crude oil supply to Senegal's Societe Africaine de Raffinage and a broader continental energy cooperation framework.

Lokpobiri said driving energy solutions collectively as a continent

empowers indigenous companies to compete with international oil companies and evolve into IOCs themselves as they expand beyond national borders, ensuring greater in-country value retention.

Senegal's Sangomar offshore field, which began producing in 2024, gives the discussions added strategic weight on both sides.

(Leadership, March 31, 2026)

Nigerian firm Sapphire and Carbuncle Energy signs MoU with UK-based Nexarka for mid-scale infrastructure funding Following its recent incorporation in the United Kingdom, Nigerian energy company Sapphire and Carbuncle Energy has signed a memorandum of understanding with Nexarka Group Energy and Infrastructure Holdings in London.

Managing director, Mkposong Asuquo, said the UK incorporation is designed to unlock access to international

Page 25

capital and technical expertise.

The MoU is expected to facilitate funding for mid-scale energy infrastructure projects in Nigeria, with potential investments of several hundred million dollars subject to project development phases.

(Punch, March 20, 2026)

MSC secures 45-year Lagos port concession in $1bn Nigeria infrastructure investment Shipping company MSC, the world's largest container carrier by fleet size, has signed a 45-year concession agreement with Nigerian maritime company Nigerdock to develop, operate, and maintain a new container terminal at Lagos's Snake Island Port.

The terminal will cover 30 hectares with a 910-metre quay and is expected to be ready by 2028, built by ITB

Nigeria and DEME Group.

The concession forms part of MSC's $1 billion Nigeria infrastructure investment commitment.

A 45-year commitment from the world's largest shipping company is a long-duration confidence signal in Nigeria's trade infrastructure trajectory.

(Business Insider Africa, March 11, 2026)

FG formally activates PPP development committee for 250mw Ikom Multipurpose Dam The Infrastructure Concession Regulatory Commission has convened the inaugural meeting of the Presidential Project Development Committee for the Ikom Multipurpose Dam and Hydropower Project, formally commencing development of the 250MW scheme under a public-private partnership framework.

The committee was established following a high-level stakeholder meeting at the Aso Rock

Presidential Villa that designated Ikom as a strategic national intervention.

Participants at the inaugural meeting included the Minister of Finance, representatives of the Ministries of Water Resources and Power, the Nigeria Sovereign Investment Authority, NNPC Limited, the Cross River State Government, and Ikom Power Limited.

(Punch, March 12, 2026)

Fleissen & Company

April 2026

08 POLICY, REGULATION & GOVERNANCE Revenue capture, local content, FX reform, and tighter sector oversight SUBSECTOR INSIGHT March 2026 saw the government close several revenue-leakage points simultaneously. The federation received 100% of production sharing contract profit oil for the first time under Executive Order 9. The CBN removed the 50% cap on oil export proceeds, restoring full dollar repatriation for oil companies and removing a competitive disadvantage introduced during the 2024 naira crisis. NUPRC enforced the drill-ordrop rule. Import licences remained suspended for a second consecutive month. A maritime lawyer put the annual cost of offshore tax evasion and capital flight from marine services at N22 trillion. Whether enforcement institutions have the capacity to match these policy commitments will determine how much of the stated fiscal recapture actually flows back to the federation.

NCDMB rejects 186 expatriate quota applications, generates 13,833 Nigerian employment commitments

FG suspends helicopter landing fee for oil companies pending industry review

The Nigerian Content Development and Monitoring Board approved 1,417 of the 1,603 expatriate quota applications processed recently, rejecting 186 for non-compliance with local content rules.

Minister of Aviation Festus Keyamo, at a joint meeting with Minister of State for Petroleum Resources (Oil) Senator Heineken Lokpobiri and representatives of major oil industry groups, ordered a temporary halt to the enforcement and collection of helicopter landing fees imposed on oil and gas operators.

Applications were refused where companies failed to demonstrate that required skills are unavailable locally or where adequate

training plans for Nigerian staff were not provided.

The 1,417 approved quotas will generate 13,833 employment commitments.

The Board warned that companies must obtain NCDMB approval before approaching the Federal Ministry of Interior for the actual quota permits.

The suspension follows industry concerns about the fee, which was introduced without adequate consultation with the petroleum sector.

Enforcement will resume once the review is completed.

(Channels TV, March 10, 2026)

(DailyTrust, March 2, 2026)

Tinubu constitutes time-bound petroleum reform taskforce under GTBank founder Fola Adeola President Tinubu has established a Presidential Petroleum Reform and Value Optimisation Taskforce with a mandate to produce execution-ready reform blueprints for the petroleum sector. The taskforce is chaired by

Page 26

Fola Adeola, co-founder of Guaranty Trust Bank and founder and chairman of the Fate Foundation, with members including Ademola AdeyemiBero, Osagie Okunbor, Abubakar Suleiman, Adaeze Aguele, Farouk

Gumel, Phillipa Osakwe-Okoye, and Seyi Bella.

Mofoluwasho Fadayomi will serve as secretary.

The group is described as time-bound and tasked with consolidating ongoing reforms, unlocking

capital, and strengthening Nigeria's position as a global energy investment destination.

(Energy Times, March 13, 2026)

Fleissen & Company

April 2026

CBN removes 50% cap on oil export proceeds, allows full dollar repatriation for companies The Central Bank of Nigeria has removed the cash pooling requirement introduced in February 2024, under which oil companies were required to hold 50% of their export proceeds locally for up to 90 days before repatriation.

of acute naira pressure when the exchange rate fell to record lows.

Under the new directive, effective from March 25, 2026, oil companies may immediately repatriate 100% of their dollar export earnings through authorised banks, subject to documentation requirements and monthly reporting obligations.

The 2024 restriction was introduced during a period

For international oil companies, the reform restores cash-flow flexibility and removes a repatriation barrier that made Nigeria a relatively more difficult operating environment compared with other African oil producers.

The CBN said the reversal is part of broader efforts to liberalise and deepen the foreign exchange market in line with current realities.

(Business Insider Africa / CBN, March 27, 2026)

NUPRC confirms active enforcement of PIA drill-or-drop rule as 2025 licensing round draws strong interest NUPRC has confirmed that the Petroleum Industry Act's mandatory relinquishment provision is now actively enforced, requiring companies to develop licensed acreage or return it to the commission.

Commission CEO Oritsemeyiwa Eyesan made the statement while receiving a delegation from

Page 27

the Petroleum Directorate of Sierra Leone. He also reported encouraging applicant numbers in the 2025 oil licensing round despite stricter conditions, including the requirement to pay for subsurface data access before progressing to the bidding stage.

Offshore rig operators allegedly evade N6trn in annual taxes, causing Nigeria N22trn revenue losses Senior maritime lawyer and senior partner at Olisa Agbakoba Legal, Olisa Agbakoba, has alleged that offshore oil rig operators in Nigerian waters are evading taxes through a cartel-like arrangement, with the Nigerian Maritime Administration and Safety Agency confirming the situation. Agbakoba's firm is representing NIMASA in an active tax avoidance case against oil rig companies.

He estimates oil rig tax evasion alone costs the government approximately N6 trillion per year, about 17% of Nigeria's national

budget. Adding capital flight from foreigndominated marine services brings the total estimated annual loss to N22 trillion.

He set out the figures in a position paper to the Minister of Marine and Blue Economy, Adegboyega Oyetola, calling for urgent legal and policy reforms to enable the government to capture revenue from offshore operations that has flowed offshore for years without Nigerian tax liability.

(The Guardian, March 18, 2026)

Second consecutive month of zero import licences turns domestic refining into new petrol supply baseline NMDPRA has issued no petrol import licences in either February or March 2026. Spokesperson George Ene-Ita confirmed there is currently no supply gap that would justify import permits under the PIA's framework. No petrol import licences were issued in January either. For the first time in Nigeria's postindependence history, a domestic refinery rather than an import network is the primary instrument of

national petrol supply. The policy shift eliminates one category of foreign exchange demand but concentrates supply risk in a single facility. An operational disruption at the Dangote Refinery would now test the resilience of the new supply framework with no immediate import backstop in place.

(Channels TV / NMDPRA, March 11, 2026)

(Punch, March 14, 2026)

Fleissen & Company

April 2026

09 CORPORATE NEWS & APPOINTMENTS Capital markets activity, financing milestones, and leadership transitions SUBSECTOR INSIGHT March 2026 was an active month for energy sector capital formation. The Dangote Refinery mandated three banks for an IPO that analysts value at $40 to $50 billion. Afreximbank underwritten $2.5 billion of a $4 billion syndicated loan for the same refinery. NNPC is actively preparing a potential New York and London listing. French automakers have reactivated Nigerian assembly partnerships targeting 44,000 vehicles per year.

If the Dangote Refinery and NNPC both list within the next two to three years, the combined effect on the Nigeria Exchange and global emerging market energy portfolios would be substantial. This month's corporate transactions are the early groundwork for that outcome.

Dangote mandates Stanbic IBTC, Vetiva, FirstCap for refinery IPO at potential $50bn valuation

Dangote Refinery formally refutes unauthorised IPO reports circulating on social media

Dangote Group has appointed three investment banks to lead the IPO of Dangote Petroleum Refinery and Petrochemicals FZE on the Nigeria Exchange. The group plans to float 5 to 10% of the refinery, which cost $20 billion to build.

Dangote Petroleum Refinery and Petrochemicals has issued a formal statement warning that reports circulating on media and social platforms about an imminent IPO are unauthorised and in some cases contain inaccurate information.

The refinery confirmed that any decision regarding a

Analyst estimates place the debut valuation between $40 billion and $50 billion, which would push the NGX's total market capitalisation past N200 trillion and make the refinery the most valuable listed company in SubSaharan Africa.

Stanbic IBTC Capital,

operating under the Standard Bank umbrella, will manage international book-building and lead engagement with foreign portfolio investors. Vetiva Capital Management brings experience in local retail distribution and regulatory navigation from prior Dangote listings. FirstCap adds placement strength among Nigerian pension funds and institutional asset managers. The threechannel mandate covers the full spectrum of domestic and international investor demand.

(BusinessDay, March 2, 2026)

Dangote Group appoints Pontsho Mokoena as group chief risk officer The Dangote Group has appointed Pontsho Mokoena as group chief risk officer, tasking her with overseeing the enterprise risk management framework, insurance operations, and governance systems across the Page 28

conglomerate's cement, fertiliser, petrochemical, and energy businesses.

The appointment of a dedicated group CRO reflects the complexity of managing risk across multiple sectors, currencies, and regulatory

listing would be communicated only through official channels and in compliance with regulatory requirements.

The statement is a governance marker setting clear communication standards ahead of a formal process.

(Punch, March 28, 2026)

Afreximbank underwrites $2.5bn in $4bn syndicated loan to consolidate Dangote Refinery's capital structure African Export-Import Bank has underwritten $2.5 billion, the largest individual share, in a $4 billion, five-year senior syndicated term loan for Dangote Petroleum Refinery and Petrochemicals FZE, coarranged with Access Bank as co-mandated lead arrangers. The facility is designed to consolidate existing financing and

optimise the refinery's capital structure in line with its now fully operational status at 650,000 barrels per day. Afreximbank described its participation as its largest single commitment and said it reflects its mandate to mobilise capital for African industrialisation.

environments at the scale at which Dangote now operates.

(Business Verge, March 6, 2026)

(Afreximbank, March 31, 2026)

Fleissen & Company

April 2026

NNPC explores New York and London listing as Bonga Southwest approval boosts investor confidence NNPC Limited is laying the groundwork for a potential listing on global exchanges including the New York Stock Exchange and London Stock Exchange as part of a broader transformation intended to attract international investors.

The company says it is focused on transparency, financial sustainability, and

workforce development as the conditions for investor readiness.

The Bonga Southwest fiscal incentive approval and ongoing gas expansion are cited as evidence of improving operational and financial fundamentals.

(Business Insider Africa, March 30, 2026)

Oando recommits to IPPG advocacy as indigenous operators assume greater upstream responsibility Oando Energy Resources managing director Ainojie Irune has reaffirmed the company's alignment with the Independent Petroleum Producers Group following a strategic visit by IPPG chairman and Aradel Holdings MD Adegbite Falade. Falade emphasised the need for sharper collective advocacy, stronger institutional alignment, and deeper

Page 29

coordination among member companies as indigenous operators assume a growing share of national oil and gas output.

The visit coincides with an accelerating IOC divestment cycle that is reshaping the composition of Nigeria's upstream operator base.

(ThisDay, March 3, 2026)

Aradel Holdings earns ISO 45001: 2018 occupational health and safety certification after comprehensive audit Aradel Holdings Plc has achieved ISO 45001:2018 certification for its occupational health and safety management system following a comprehensive independent audit covering hazard identification, risk management frameworks, and continuous improvement performance.

The ISO 45001:2018 standard is the internationally recognised benchmark for occupational health and safety management. Managing

director Adegbite Falade said: Aradel is firmly committed to creating a workplace where safety is our top priority, because for us, the first measure of success is safety.

For an indigenous operator seeking to grow into international partnerships and larger project roles, internationally recognised safety certification carries commercial weight beyond compliance.

(ThisDay, March 3, 2026)

Tetracore, Huawei, Inspirive to build $400mn Tier III data centre in Ogun powered by dedicated 100mw plant Tetracore Energy Group has partnered with Huawei and Inspirive Technologies to develop a $400 million Tier III data centre in Ogun State, integrated directly with Tetracore's 100megawatt Independent Power Plant. The facility bypasses the national grid entirely, providing the high reliability and redundancy required by financial institutions, government agencies, and global cloud providers.

months and is designed to support high-performance computing for artificial intelligence and data processing applications.

The structure, in which an energy asset anchors a digital infrastructure investment, addresses Nigeria's grid reliability problem while positioning the country to compete for data centre investment that would otherwise locate in more stable electricity markets.

It is scheduled for completion within 10 to 12

(InfraTT, March 26, 2026)

Fleissen & Company

April 2026

ANRPM appoints Nwozuzu as caretaker national president with mandate to combat artificial scarcity The Association of Nigerian Refineries Petroleum Marketers has appointed Henschel Chigozie Nwozuzu as caretaker national president for a fivemonth term, approved by the founder and chairman of the National Board of Trustees.

His mandate covers oversight of refinery and depot activities, crude oil marketing, product allocations, and establishing

task forces for surveillance, intelligence, and antisabotage operations.

Nwozuzu said his priority is to strengthen governance, combat artificial scarcity, prevent illegal product blending, and assist members in acquiring the licences needed to operate within the regulated sector.

(The Guardian, March 6, 2026)

Dangote, BAIC FOTON partner on more than 1,000-vehicle order to strengthen cement logistics Aliko Dangote has sealed a commercial vehicle partnership with Chinese manufacturer BAIC FOTON, culminating in an order exceeding 1,000 units for operations across Nigeria.

The agreement, facilitated by Kewalram Autos, the automotive arm of the Kewalram Chanrai Group, is designed to strengthen Dangote Cement's

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logistics and distribution network across Nigeria and the broader SubSaharan region.

The meeting was held in Beijing with BAIC FOTON chairman Chang Rui, who commended Dangote Group for its role in advancing industrialisation across Africa.

(Punch, March 3, 2026)

West African Exploration and Production Company appoints Olajumoke Ajayi as managing director West African Exploration and Production Company has appointed Olajumoke Cecilia Ajayi as its new managing director.

The company stated that her appointment marks a significant step in its commitment to strengthening leadership and positioning the organisation for its next

phase of growth.

WAEP said it is confident her industry experience and proven track record will drive operational excellence and deliver sustained value to stakeholders as the company navigates the evolving energy landscape.

(WAEP, March 11, 2026)

Peugeot, Renault partner Nigerian firms targeting 44,000 vehicles yearly as French automakers return following years of absence Two French automakers have established Nigerian assembly partnerships targeting a combined annual production and sales volume of 44,000 vehicles: Peugeot with Dangote Peugeot Automobiles Nigeria, and Renault with Coscharis Group.

dominated the Nigerian market but lost ground to cheaper Asian imports following economic disruptions.

DPAN is relaunching with five Peugeot models: the 301, 308, 3008, 5008, and 508.

The relaunch requires not only financing and assembly capacity but a consumer pricing strategy that makes locallyassembled Peugeots competitive against established Asian alternatives.

French vehicle manufacturers once

(Business Insider Africa, March 11, 2026)

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April 2026

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