ENERGY SUMMARIES JUNE 26

Filtering the noise to deliver important energy sector updates JUNE 2026

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

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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 MAY 2026

APRIL 2026

JANUARY 2026

FEBRUARY 2026

MARCH 2026

DECEMBER 2025

$60+ BILLION INVESTMENTS

10bscf/d

BY 2027

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

Zero-DutyMobility Nigeria lowers entry cost of clean public transport

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

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5% TO 0%

0%

100,000

EV IMPORT DUTY

MASS TRANSIT BUS DUTY

CNG KITS IN FIRST PHASE

Filtering the noise to deliver important energy sector updates

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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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Nigeria-China investments, energy deals hit $20 billion

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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

Filtering the noise to deliver important energy sector updates

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

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JULY 2025

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Aradel completes acquisition of 40% equity interest in ND Western

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AUGUST 2025

SEPTEMBER 2025

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Nigeria's Energy Infrastructure Boom

Filtering the noise to deliver important energy sector updates

Filtering the noise to deliver important energy sector updates OCTOBER 2025

NOVEMBER 2025

FG unveils monitoring system for CNG vehicles

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12bscf/d BY 2030

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

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Nigeria eyes $20bn investments from 70 priority gas projects

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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

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

June 2026

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AVERAGE LPG PRICE // MAY 2026

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AVERAGE LPG PRICE // MAY 2026

COMPANY

N/TONNE

COMPANY

N/TONNE

PPMC Apapa NAVGAS STOCKGAP STOCKGAP (OFFTAKER)

22,200,000 23,394,737 23,750,000 25,000,000

PANOCEAN (OFFTAKER) 22,380,952 21,950,000 ARDOVA AP 24,133,333 SHAFA ENERGY

Depot Owners Producers

Source: lpginnigeria.com

Fleissen & Company

June 2026

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Fleissen & Company

June 2026

ENERGY INTELLIGENCE BRIEF · NIGERIA · MAY 2026 ENERGY SUMMARIES · JUNE 2026 · ISSUE NO. 6 · VOL. 2 A curated monthly digest of Nigeria's oil, gas, power, and renewable energy landscape.

CONTENTS 01 Upstream Exploration and Production.....6 items 02 Refining and Downstream......................11 items 03 Natural Gas Development........................7 items 04 Power Sector Reform.............................14 items 05 Renewable Energy and Clean Transition.3 items 06 Clean Mobility..........................................6 items 07 Trade and International Markets..............8 items 08 Policy, Regulation and Governance.........6 items 09 Corporate News and Appointments.........7 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 | May 1 to May 31, 2026

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June 2026

INDUSTRY FORUM · GHG EMISSIONS MANAGEMENT

Oil and gas operators in Nigeria hold 3rd Annual Oil and Gas GHG Emissions Management Forum Oil and gas operators in Nigeria convened the 3rd Annual Oil and Gas GHG Emissions Management Forum on May 19, 2026 at the Johnwood Hotel by Bolton in Wuse, Abuja, under the theme "Practical Approaches to Methane and GHG Management, MRV, Emissions Inventories and Compliance Readiness." The event, curated and managed by Fleissen & Company, a leading energy infrastructure advisor, brought together 12 oil and gas companies, two government agencies, and two international organisations, including NNPC Limited, NLNG, Aradel Holdings, Oando Energy Resources, Chevron, FIRST E&P, and Greenville LNG, alongside NUPRC, the National Council on Climate Change, and the European Union Delegation to Nigeria and ECOWAS. Goodwill messages from NNPC, NUPRC, the EU Delegation, and the National Council on Climate Change framed emissions management as a commercial and market-access requirement, not only a compliance obligation.

Technical sessions covered facility intelligence, NLNG's GHG and energy transition approach, Aradel's integrated facility and digital GHG management journey, and facility-based measurement, reporting, and verification, anchored by the Fleissen BIMRA model: Baseline, Inventory, Measurement, Reduction, and Assurance.

The proceedings converged on a shift from estimation-based to measurement-based MRV, with operators urged to build truthful emissions baselines and facility-level data systems. The 2027 Forum will track industry progress against the implementation issues raised this year.

Curated and managed by Fleissen & Company · Abuja · 19 May 2026

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June 2026

01 UPSTREAM EXPLORATION AND PRODUCTION SECTION INSIGHT Upstream activity in May centred on contracting, licensing, and field execution. Saudi contractor ADES secured a two-year, $92.7 million jackup contract from Seplat Energy, its third Nigerian award in roughly a year and a marker of rising offshore demand. NUPRC reported almost 300 applicants for the 50 blocks in the 2025 licensing round, with Commission Chief Executive Oritsemeyewa Eyesan presenting the framework at the Offshore Technology Conference in Houston. Weatherford won a deepwater completions contract from ExxonMobil affiliate Esso Exploration and Production Nigeria, against the backdrop of the operator's proposed $24 billion in stalled deepwater projects. Indigenous capacity featured prominently: Kenyon International deployed FlexSteel flexible pipeline on OML 123, and Renaissance Africa Energy set a 500,000 barrels per day production goal for 2030. Seplat unveiled a five-year plan targeting 200,000 bpd attributable and 500,000 bpd at joint venture level, alongside a $1 billion dividend commitment, following its integration of Mobil Producing Nigeria Unlimited. The throughline is investment appetite anchored on the Petroleum Industry Act, with execution capacity increasingly delivered by Nigerian and regional contractors.

ADES lands Nigeria rig deal worth $93m

NUPRC: 300 Firms Jostling for 50 Oil Blocks in Ongoing Licensing Round

Saudi drilling contractor ADES Holding has won a contract from Seplat Energy for the jackup Shelf Drilling Victory, deepening its position in one of West Africa's busiest offshore markets. The agreement covers a firm period of two years with two optional one-year extensions and is valued at about SAR347.6 million, equivalent to $92.7 million for the firm term, inclusive of mobilisation and demobilisation fees and the share of the local

The Nigerian Upstream Petroleum Regulatory Commission reported that nearly 300 local and foreign applicants were competing for the 50 blocks on offer in the 2025 licensing round.

Commission Chief Executive Oritsemeyewa Eyesan, who assumed office in December 2025, gave the figures at the Offshore Technology Conference in Houston, Texas, attributing the level of interest to the Petroleum Industry Act and a more competitive regulatory environment.

partner. Operations are expected to begin in the second half of 2026 once the rig completes its current Nigerian campaign, with incountry support delivered through a domestic partner under local content rules.

The award is ADES's third in Nigeria within about a year, following a three-rig contract with the Dangoteowned West African Exploration and Production Company.

(Splash 247, May 4, 2026)

Kenyon International rewrites offshore pipeline economics in Nigeria using FlexSteel technology Kenyon International completed the first deployment of FlexSteel unbonded flexible pipeline technology in Nigeria at the Antan/Adanga

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concession on OML 123, operated by NNPC Antan Producing Limited. The project installed eight kilometres of pipeline, four kilometres for gas and

four for oil, connecting the ADRP1 and ADNH offshore platforms and restoring client production capacity.

Conventional offshore pipeline projects of this type typically require two to three years of marine welding and logistics. Kenyon planned, mobilised, and commissioned the FlexSteel system within

Speaking at the same event, Petroleum Technology Association of Nigeria Chairman Wole Ogunsanya said Nigeria was approaching one million barrels per day of active refining capacity and set a target of three million barrels per day of crude output within five years.

Eyesan described the response as evidence of renewed confidence in the upstream sector.

(ThisDayLive, May 5, 2026)

a substantially shorter window, which the company put at about an 80 per cent compression of standard timelines.

The work was presented as an example of indigenous execution capacity applied to offshore asset rehabilitation.

(Tech Cabal, May 7, 2026)

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June 2026

Firm unveils healthcare outreach in Rivers, targets 500,000bpd oil output ExxonMobil awards completions contract for work offshore Nigeria Renaissance Africa Energy Company Limited set a target of 500,000 barrels per day of crude oil production by 2030 and outlined expanded healthcare investment across its host communities in Rivers State. The company disclosed the plan at the launch of its four-day Vision First Plus healthcare outreach in the B-Dere community of Gokana Local Government Area, where residents received free eye surgeries, cancer

screening, dental care, and treatment for chronic ailments. Igo Weli, Vice President for Relations and Sustainable Development, said the company's growth strategy combined increased energy production with sustained community investment. Renaissance acquired the former Shell onshore portfolio and has positioned output growth as central to its medium-term plan.

(Punch, May 8, 2026)

Seplat unveils 5yr strategic plan, targets 500,000bpd output, $1bn dividends payment Seplat Energy rolled out a five-year growth plan targeting 500,000 barrels per day at joint venture level and 200,000 bpd

attributable to the legacy company, alongside a $1 billion dividend commitment to shareholders. Chairman

Weatherford has been selected by ExxonMobil for a deepwater completions contract offshore Nigeria, the oilfield services contractor said. The award, made through ExxonMobil affiliate Esso Exploration and Production Nigeria, covers integrated upper and lower completions work on deepwater wells. Terms were not disclosed.

ExxonMobil operates five deepwater blocks in Nigeria

Udoma Udo Udoma set out the targets at a postAnnual General Meeting briefing in Lagos, linking them to the integration of Mobil Producing Nigeria Unlimited, which he said had more than doubled production. The company announced a 25 cents per share payout as part of the dividend pathway.

Udoma said the

through its affiliates and has proposed to invest upward of $24 billion in two stalled deepwater projects in the country. The contract adds to a series of Weatherford awards during the month, including work in South America, and points to renewed activity on Nigeria's deepwater acreage.

(Upstream Online, May 21, 2026)

integration had created a single operating culture across the legacy and Mobil teams, with the company aiming to triple production over the medium term while pursuing growth in its onshore gas business.

(Vanguard, May 21, 2026)

02 REFINING AND DOWNSTREAM SECTION INSIGHT The downstream story in May was the consolidation of domestic refining and the country's emergence as a product exporter, set against a sharp regulatory and commercial contest over imports. The Dangote refinery ran stably at about 650,000 barrels per day, was tested up to 661,000 bpd, and recorded its highest monthly export volumes to date as the conflict involving the United States, Israel, and Iran disrupted Middle East supply and lifted demand for alternative sources. Nigeria exported about 17.8 million litres of diesel per day in April and, per S&P Global, became the world's largest single exporter of aviation fuel, with the refinery advancing a $10 billion expansion toward 1.4 million bpd and plans to process up to 130 crude grades. At the same time, the NMDPRA issued fresh permits for 720,000 metric tonnes of petrol imports to six marketers, prompting a legal challenge from the refinery. Crude feedstock remained the binding constraint: NUPRC data showed local refiners lifted 28.5 million barrels in the first quarter against 68.7 million offered, a gap attributed to pricing on a willing buyer, willing seller basis. NNPC also signed a Chinese partnership to revive the Port Harcourt and Warri refineries.

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June 2026

NNPC signs China deal to revive state refineries that swallowed $2.4bn Pricing stalls the offtake of 40.2 million barrels of crude NNPC Limited signed a two companies, and by local refiners Memorandum of announced days later. The Understanding with two Chinese firms, Sanjiang Chemical Company Limited and Xinganchen (Fuzhou) Industrial Park Operation and Management Co. Ltd, toward a potential Technical Equity Partnership to complete and operate the Port Harcourt and Warri refineries. The agreement was executed in Jiaxing City, China, on April 30 by NNPC Group Chief Executive Bayo Ojulari with the chairmen of the

framework covers completion of outstanding work, operations and maintenance, and possible expansion of petrochemical capacity. The two plants carry a combined installed capacity of about 335,000 barrels per day. A prior rehabilitation effort, now before the EFCC, cost close to $3 billion, with $2.4 billion cited in connection with the refineries.

(BusinessDay, May 5, 2026)

Dangote Refinery Reverses Petrol Gantry Price to ₦1,275/Litre Amid Drop in Oil Prices Dangote Refinery reversed a planned increase in its petrol gantry price, restoring the ex-depot rate to N1,275 per litre shortly after an earlier adjustment. Market sources said the reversal cancelled the planned change and eased concerns among downstream marketers who had begun repositioning for a higher pricing cycle.

The decision followed a fall in global crude prices, with Brent

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trading near $101.7 per barrel and West Texas Intermediate near $94.11, both down sharply at the time.

Industry operators said the move was expected to steady the short-term market as traders adjusted positions. The gantry rate is the loading price paid by marketers and feeds directly into pump pricing across the network.

(Petroleum Price, May 6, 2026)

NUPRC data on the Domestic Crude Supply Obligation showed that 40.2 million barrels of crude made available to local refiners in the first quarter of 2026 were not lifted.

Producers offered 68.7 million barrels against an allocation of 61.9 million, but actual supply reached 28.5 million barrels, a conversion rate of 36 to 46 per cent. The Commission attributed the gap to pricing differences between producers and refiners

under a willing buyer, willing seller framework rather than to volume availability. Monthly deliveries were 9.2 million barrels in January, 9.1 million in February, and 10.1 million in March. The Commission said it would continue enforcing the obligation under the Petroleum Industry Act while refining the supply methodology.

(The Guardian, May 6, 2026)

FG issues petrol import permits for 720,000MT to six marketers The NMDPRA issued permits for the importation of 720,000 metric tonnes of petrol to six marketers: NIPCO, AA Rano, Matrix, Shafa, Pinnacle, and Bono.

The allocations were 150,000 tonnes each to AA Rano and Matrix, 120,000 tonnes each to NIPCO, Shafa, and Pinnacle, and 60,000 tonnes to Bono.

The authority, which had said in the first quarter that local refining covered demand, stated that it had not banned imports and that a combination of imported and domestic supply would

ensure stability. The Dangote Group disputed the move, noting that its refinery supplies the bulk of national consumption, and subsequently filed a suit seeking to cancel the licences issued to marketers and NNPC. (Petroleum Price, May 8, 2026; Punch, May 8, 2026)

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Oil price drops, marketers keep pump price high

Producers offer local refineries 58.8 million barrels of crude

Crude oil prices, including Nigeria's Bonny Light, fell to about $98 per barrel amid expectations that the conflict involving the United States, Israel, and Iran could ease. Pump prices in Nigeria stayed high, as marketers who had raised prices earlier in the week following a rise in crude did not revert to previous levels.

Prices began declining after the United States indicated

Oil producers offered about 58.8 million barrels of crude to domestic refineries for the second quarter of 2026, exceeding the 55.1 million barrels allocated under the Domestic Crude Supply Obligation by 3.7 million barrels.

NUPRC disclosed the figures in its report on enforcement of the obligation, framing the offer as a stronger commitment by upstream companies to local refining as domestic processing capacity

efforts to wind down the conflict, lifting sentiment across the global oil market.

The level marked the lowest in about three weeks, after benchmarks had ranged between $110 and $120 at the height of tensions. The episode showed the lag between falling crude costs and retail pricing adjustments.

(Vanguard, May 8, 2026)

Dangote Refinery Exports 88,000MT of Jet Fuel to Namibia and Lomé The Dangote refinery exported 88,000 metric tonnes of Jet A1 to Namibia and Lome through two shipments loaded at its Lekki facility.

The vessel Kriti Rubby loaded 44,000 tonnes for Namibia, chartered by Vitol, arriving at berth on May 10 and due to depart on May 11. A second vessel, STI Magnetic, loaded 44,000 tonnes for Lome, chartered by Trafigura,

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with departure scheduled for May 12.

The cargoes added to the refinery's growing role as a regional supplier of aviation fuel at a time of tightening global supply.

The movements formed part of a wider rise in product exports recorded during the month.

(Petroleum Price, May 12, 2026)

expands.

The volumes reflect crude made available to local refiners under the framework introduced to guarantee feedstock to domestic plants.

The data points to rising producer willingness to supply the home market relative to earlier quarters, when conversion of allocated volumes into actual deliveries remained well below target.

(Punch, May 10, 2026)

Techno Oil Takes Delivery of Fresh 20,000MT PMS Cargo From Dangote Refinery Techno Oil took delivery of a 20,000 metric tonne coastal cargo of petrol from the Dangote refinery, lifting product directly as one of about 20 marketers approved for refinery offtake. Shipping data showed the coastal lifting was completed over the weekend, with the vessel Matrix S Ilu arriving at the Techno Oil jetty in Kirikiri, Lagos, where discharge was under way. Market operators said sustained coastal liftings by major

marketers were improving product availability and smoothing distribution across consumption centres.

The delivery positioned the Techno Oil depot as a distribution point within the domestic supply chain as locally refined volumes increasingly displace imports.

(Petroleum Price, May 17, 2026)

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June 2026

Nigeria Emerges Africa's Top Diesel Exporter as Daily Export Hits 17.8 Million Litres Nigeria's average daily diesel exports reached 17.8 million litres in April 2026, according to NMDPRA data, positioning the country as a leading exporter of automotive gas oil on the continent.

Domestic refineries produced an average of 23.6 million litres of diesel per day during the month, of which about 8.0 million litres went to the local market, leaving exports as the largest share of

evacuation volumes. The authority said the Dangote refinery operated at full capacity for most of April, with average domestic refinery utilisation reaching 99.12 per cent.

The figures mark a shift for a country that depended for years on imported products amid limited local refining capacity.

(Petroleum Price, May 18, 2026)

Dangote Refinery Emerges World's Biggest Jet Fuel Exporter, Set to Spend $10bn on Expansion The Dangote refinery became the world's largest single exporter of aviation fuel in April, according to S&P Global, as it took advantage of supply disruption from the conflict in the Middle East to lift product exports to international markets. The company is set to spend a further $10 billion on an expansion that would raise capacity to 1.4 million barrels per day, equivalent

to about 90 per cent of Nigeria's crude output and requiring new crude streams from Africa, the Middle East, the United States, and other regions.

The refinery reached full operational capacity in February and shifted into a jet-fuel-maximising mode as global demand for nonMiddle East supply rose.

(ThisDayLive, May 30, 2026)

Dangote refinery eyes global dominance as it expands crude flexibility to 130 grades The Dangote refinery plans to process up to 130 crude grades, up from about 40 currently, under a merchant refining model that Chief Executive David Bird compared to trading hubs in Europe and Asia. Bird,

cited in an S&P Global report, said greater feedstock flexibility was central to competitiveness in a volatile market, with the planned 1.4 million barrels per day expansion drawing on heavier

grades and residues alongside US WTI Midland. He referenced the 130 grades run at Singapore's Pulau Bukom refinery as a benchmark. Industry projections tied to the $10 billion expansion put

operating costs below $2 per barrel, which would place the complex among the lowest-cost largescale refineries worldwide.

(Business Insider Africa, May 31, 2026)

03 NATURAL GAS DEVELOPMENT SECTION INSIGHT May reinforced that Nigeria's gas market is shaped by demand growth and infrastructure build-out rather than by output constraints. NLNG redirected 100 per cent of its LPG production to the domestic market, a shift its management attributed to expanding demand rather than reduced output, while the $5 billion Train 7 reached 92 per cent completion and moved into pre-commissioning, set to raise capacity from 22 to 30 million tonnes per annum, about a 35 per cent increase. Domestic gas sales rose to 55,903.72 MMSCF in March from 52,300.45 MMSCF in February.

Cooking gas prices were warned to climb toward N1,500 per kilogram from about N1,300 as depot stocks tightened, again a function of demand and logistics rather than supply decline. Industrial switching continued, with MTN Nigeria accelerating a move from diesel to gas. Infrastructure progressed on several fronts: a 22-kilometre subsea pipeline for the FIGSS development, and a 5,000 barrels per day gas-to-liquids plant in Ogun State converting about 55 MMSCFD of gas. These developments track the established domestic growth drivers of pipelines, miniLNG, and gas-to-power and gas-to-industry offtake.

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June 2026

NUPRC, NLNG partner to scale gas production amidst increase in domestic demand NUPRC and Nigeria LNG Limited formalised a deeper partnership to scale gas production as domestic demand for liquefied petroleum gas and industrial feedstock rose. Commission Chief Executive Oritsemeyewa Eyesan received NLNG Managing Director Adeleye Falade on a courtesy visit and reaffirmed the regulator's commitment to a businessfriendly environment under the Petroleum Industry Act. Falade said NLNG had dedicated 100 per cent of its

LPG production to the domestic market, attributing the shift to significantly increased demand rather than reduced output. He added that Train 7, expected on stream next year, would raise the company's capacity by about 35 per cent, supporting both domestic supply and export volumes. Eyesan described the Decade of Gas as a practical framework for expanding domestic utilisation.

(BusinessDay, May 3, 2026)

LPG price to hit N1,500/kg as depot stocks dry up Operators warned that the retail price of liquefied petroleum gas could rise to N1,500 per kilogram from an average of about N1,300 as depot stocks tightened and domestic demand increased.

Checks showed that only the Dangote refinery, Ardova Plc, and Navgas held commercial volumes for sale, with depot prices of N1,060, N1,065, and N1,085 per kilogram respectively.

Petroleumprice chief executive Olatide

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Jeremiah linked the pressure to rising demand as more households and businesses switched to cooking gas, particularly in Lagos.

NUPRC data showed domestic gas sales rose to 55,903.72 MMSCF in March from 52,300.45 MMSCF in February, indicating greater supply to power plants and industrial users even as retail pressure built.

(Vanguard, May 13, 2026)

Diesel at ₦2,000/L threatens ₦140bn margin hit as MTN Nigeria races to gas Diesel prices near N2,000 per litre threatened to remove an estimated N140 billion from MTN Nigeria's margins, equivalent to a decline of about 2.0 percentage points in fullyear EBITDA margin if diesel averages that level in the second half of 2026, the company said in its firstquarter results. MTN is accelerating a shift toward gas and solar-hybrid power for its network, with capital expenditure rising 92.8 per cent year on year to N390.3

billion. Diesel accounted for 58.11 per cent of the company's 2025 energy mix, against 23.63 per cent for gas-fired sources. The company reported N8.1 billion in savings from increased gas use in 2025.

Gas supply constraints, with several power plants idle or below capacity in early 2026, remain a limiting factor on the switch.

(BusinessDay, May 4, 2026)

Greenville LNG Commissions Kano Galaxy Station, Expanding Nigeria's Clean Energy Access Greenville LNG inaugurated the Kano Galaxy Station, extending its liquefied natural gas distribution footprint in northern Nigeria. The commissioning was attended by the Chief of Staff to the Vice President, representing the Vice President, the Governor of Kano State, and the Chairman of the Presidential Initiative on Compressed Natural Gas, Ismaeel Ahmed.

Greenville's leadership at the event included Executive Director

Oyadoyin Joseph, alongside vice presidents for strategy and operations.

The company said the station advanced its mission to widen energy access by bringing liquefied natural gas closer to industries and communities in the North. The commissioning coincided with the launch of the northern corridor of the federal CNG and electric vehicle programme in Kano.

(LinkedIn, May 14, 2026)

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June 2026

Nigerian 22-kilometer gas pipeline to be installed by Emirati firm Abu Dhabi-headquartered MCS Group was appointed to install a subsea pipeline for the FIRST Integrated Gas Supply System development, part of FIRST Exploration and Petroleum Development Company's offshore gas infrastructure programme within PML 53 and PML 54 in the Niger Delta.

The project's EPCIC contractor, Marine Platforms Limited, selected MCS Group for the work.

The scope covers a 22kilometre, 10-inch subsea

pipeline installed using the NOV Tuboscope Zap-Lok mechanical connection and the Modular Pipelay System deployed from a DP3 construction vessel.

Project management and engineering will be split between MCS Group's Cairo office and Marine Platforms' Lagos office, combining regional and indigenous execution on domestic gas infrastructure.

(Offshore Energy, May 20, 2026)

Tetracore signs deal to build gas plant in Ogun Tetracore GTL Limited, a subsidiary of Tetracore Energy Group, signed a Memorandum of Understanding with UKbased Velocys Technologies to develop a modular gas-to-liquids facility at Atakobo in Ogun

State. The plant is planned for 5,000 barrels per day and will convert about 55 MMSCFD of natural gas into cleaner liquid fuels including diesel, Jet-A1, and naphtha. Under the agreement, Velocys will provide Fischer-Tropsch

$5bn NLNG Train 7 Hits 92% Completion, Nears Pre-commissioning as Local Capacity Grows The $5 billion Nigeria LNG Train 7 project reached 92 per cent completion and advanced into systems completion and precommissioning. Once operational, Train 7 will raise NLNG's capacity from 22 to 30 million tonnes per annum, an increase of about 35 per cent.

Project Director Ali Uwais, representing Managing Director Adeleye Falade at the Nigerian Oil and Gas Midstream and Downstream Summit in Lagos, said front-end engineering began

in 2018 and the Final Investment Decision was taken in December 2019 by shareholders NNPC, Shell, TotalEnergies, and Eni. The Nigerian Content Development and Monitoring Board said upstream operating companies had risen from fewer than 10 to 117, and service firms to 11,764, since the 2010 local content Act.

technology licensing, process design, engineering services, catalyst systems, and technical advisory support.

Tetracore Group Chief Executive Olakunle Williams described the project as part of a broader

gas monetisation and industrialisation strategy, positioning gas-to-liquids as a route to domestic fuel supply and reduced reliance on imported products.

(ThisDayLive, May 21, 2026)

(Punch, May 22, 2026)

04 POWER SECTOR REFORM SECTION INSIGHT Power developments in May combined a leadership change, liquidity measures, and incremental capacity gains against persistent transmission and gas constraints. Joseph Olasunkanmi Tegbe was confirmed as Minister of Power and pledged measurable improvement within three to six months, with installed generation above 13,000MW but actual supply rarely exceeding 4,500MW because of weak transmission and distribution.

On liquidity, the Federal Government began settling part of about N6.8 trillion in legacy debts owed to generation companies and gas suppliers under a N3.3 trillion plan. Capacity additions included 600MW evacuated through new 330kV lines in Edo and the restoration of the 450MW Alaoji plant after gas supply was restored, while NDPHC offered up to 1,500MW to the Lagos market from stranded assets. Metering progressed modestly, with 241,590 meters installed across January and February and the national metering rate at 58.57 per cent, and EEDC deployed a new integrated billing platform. The Federal Government and World Bank cancelled $717.7 million in undisbursed financing under a power recovery programme, which the Bank linked to tariff shortfalls and currency movements. The binding limits remain infrastructure and liquidity rather than installed generation.

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June 2026

Reps Order 11 Discos To Refund N55.4bn Over Failed Metering Programme

Hold me responsible if the grid collapse continues, Power minister

The House of Representatives directed 11 electricity distribution companies to refund N55.42 billion obtained as loans under the National Mass Metering Programme, citing non-compliance and weak performance.

The affected companies include Abuja, Eko, Enugu, Ibadan, Ikeja, Jos, Kano, and Yola.

Adopting a report by its Committee on Public Assets, the House set a seven-month window for repayment to the Central

Joseph Olasunkanmi Tegbe, confirmed by the Senate as Minister of Power, said Nigerians should hold him accountable if recurring national grid collapses and unstable supply continued, pledging urgent reforms.

The confirmation, presided over by Senate President Godswill Akpabio, followed screening focused on grid failures, weak transmission, and a deep liquidity crisis.

Lawmakers gave Tegbe a mandate to deliver measurable improvement within months. Tegbe said

Bank of Nigeria. Committee chairman Uchenna Okonkwo said N59.28 billion was earmarked and N55.42 billion disbursed, leaving N3.85 billion unaccounted for, and that the 2020 programme had not met its targets. The House approved a loan recovery committee involving the Central Bank and the Nigerian Electricity Regulatory Commission.

(DailyTrust, May 1, 2026)

the crisis extended beyond technical failures to governance, capitalisation, gas supply, and commercial inefficiency, and pledged to stabilise the grid, modernise infrastructure, and enforce accountability across the value chain. He succeeds Adebayo Adelabu, who resigned to pursue elective office, and expressed confidence in visible progress within three to six months.

(Punch, May 6, 2026)

Dangote eyes 20,000MW power, Sahara pushes digital grid to defends refinery investment end power crisis Aliko Dangote disclosed plans to expand into 20,000 megawatts of power generation and defended his refinery investment of more than $20 billion as proof that large-scale industrial projects are achievable on the continent.

Speaking in a conversation hosted by International Finance Corporation Managing Director Makhtar Diop, he said the refinery had been tested up to 661,000 barrels per day and had run stably at

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650,000 bpd for two months. He framed the power plan alongside a deep-sea port and LNG as responses to Africa's infrastructure gaps, noting that reliable electricity is central to industrialisation. He did not specify the location or timeline for the power plants, citing strong group cash flow as the basis for further fundraising.

(Punch, May 7, 2026)

Sahara Power Group advocated the adoption of a digital electricity grid as a route to more reliable supply, describing it as the fastest and most sustainable pathway to stable power nationwide.

Group Managing Director Kola Adesina, in remarks delivered on his behalf at the IoT West Africa Conference in Lagos, said supply gaps persisted despite significant generation capacity because of limited grid visibility,

insufficient real-time data, and weak system intelligence. He said a digital grid would introduce real-time awareness, automation, and predictive intelligence into electricity networks. The intervention pointed to grid monitoring and data as priorities for improving the evacuation and management of generated power across the country.

(Punch, May 7, 2026)

Fleissen & Company

June 2026

FG begins payment of power sector legacy debts Transcorp Plc confirmed that the Federal Government had begun settling part of the longstanding debts owed to electricity generation companies. President and Group Chief Executive Owen Omogiafo said at the

company's Annual General Meeting in Abuja that settlement reconciliation agreements had been signed for Transcorp Power and Transafam Power, with payment to Transafam already under way. Nigeria's cumulative legacy debts to

generation companies and gas suppliers stood at about N6.8 trillion as of March 2026, accumulated largely between 2015 and 2025.

President Tinubu earlier approved a N3.3 trillion settlement plan, under which 15 power plants

signed agreements worth N2.3 trillion, with N501 billion raised and N223 billion disbursed.

(The Nation, May 8, 026)

LASG expands rural electrification with new transformers The Lagos State Government expanded its rural electrification programme with the installation of new electricity transformers across underserved communities. The installations, delivered through the Office of

Rural Development, reached communities in Epe, Badagry, Ikorodu, Iba, Igando, and other areas since 2024. Special Adviser to the Governor on Rural Development Nurudeen Agbaje said the programme was designed to address

TCN adds 600MW to the national grid The Transmission Company of Nigeria added 600 megawatts of evacuation capacity to the national grid following the commissioning of the Ihovbor/Benin and Ihovbor/Ajaokuta 330kV Turn-In Turn-Out transmission line project in Edo State. Managing Director Sule Abdulaziz said the project linked the existing Benin/Ajaokuta line to the Ihovbor substation, creating two

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new routes totalling 14 kilometres and enabling more bulk electricity to be wheeled to load centres nationwide. The work strengthens the evacuation of power from the Benin axis, including output from the Azura and NDPHC plants. Transmission bottlenecks have been a recurring limit on delivering generated power to consumers.

(Punch, May 15, 2026)

long-standing electricity challenges in rural and semi-urban communities, where stable supply underpins economic activity, healthcare, education, and security.

The initiative is part of sub-national involvement in closing access gaps

alongside the national grid, with state governments increasingly funding distribution-level infrastructure in their own communities.

(Punch, May 12, 2026)

Adighije: NDPHC Ready to Operate in Lagos Power Market, Supply 1,500MW Niger Delta Power Holding Company Managing Director Jennifer Adighije said the company was ready to supply as much as 1,500MW to the Lagos State electricity market.

Speaking during a visit to the Lagos State Electricity Regulatory Commission, she said NDPHC held about 2,000MW of stranded assets and was positioned to help close the supply gap. Lagos receives about 1,000MW from the national grid

against estimated demand of 12,000MW. Adighije said the company's mandate spanned generation, transmission, and distribution infrastructure, and that it was willing to bridge the short-term gap and invest in the state's power infrastructure, describing the Lagos market as commercially attractive.

(ThisDayLive, May 18, 2026)

Fleissen & Company

June 2026

DisCos install 241,590 meters amid billing complaints Electricity distribution companies installed 241,590 meters across Nigeria in the first two months of 2026 as efforts continued to reduce estimated billing and close the metering gap. Nigerian Electricity Regulatory Commission data showed 119,792 customers metered in January and 121,798 in February, raising the total metered to 7,208,174 from 7,086,376. The national metering rate moved from

57.93 per cent to 58.57 per cent, with active customers rising to 12,307,314.

Northern companies recorded the lowest penetration: Jos at 34.04 per cent and Kano at 35.37 per cent in February, while Eko and Ikeja led above 87 per cent. Stakeholders linked the pace to financing constraints and meter procurement costs.

(Punch, May 22, 2026)

TCN Strengthen Power Supply for Abuja, Adds 300MVA Transformer at Katampe The Transmission Company of Nigeria added a 300MVA transformer at its Katampe substation in the Abuja region to strengthen supply to the federal capital.

General Manager for Transmission in the Abuja Region, Musa Shuaibu, said at the commissioning that the additional capacity would support increased power delivery, improve grid stability, and enhance supply to key load centres. The project

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was executed under a collaboration between the company and the World Bank aimed at rehabilitating and upgrading transmission infrastructure. The upgrade addresses constraints within the transmission segment that have limited the evacuation of generated electricity, part of a broader push to expand the network to meet growing demand.

(Leadership, May 25, 2026)

EEDC completes billing system integration, goes live with SuperEdge Enugu Electricity Distribution Company completed and deployed an integrated billing system named SuperEdge, designed to support prepaid vending, postpaid billing, collections, and meter data management. The company said customers of its subsidiaries, MainPower, TransPower, FirstPower, EastLand, and NewEra, would benefit from selfservice features, including authenticating payment receipts by scanning a QR code, generating prior

receipts, and paying via SMS code or bank transfer.

Head of Corporate Communications Emeka Ezeh said the platform formed part of efforts to improve operational efficiency and customer service.

The company added that electronic billing, delivering monthly bills by email or mobile, was scheduled to begin in June 2026.

(The Guardian, May 22, 2026)

FG cancels $717m W'Bank power loan amid blackouts The Federal Government cancelled $717.7 million in undisbursed financing under the World Bank-supported Power Sector Recovery Performance-Based Operation, following a formal government request in March 2026. The programme's closing date was advanced from June 30, 2027 to May 31, 2026, ending the operation more than a year early. The original programme was approved in June 2020 with about $752.5 million, with additional financing of about $763.5 million approved in June 2023. The World Bank attributed the

limited disbursement to tariff shortfalls, the naira depreciation following exchange-rate liberalisation, and unmet reform milestones. Nigeria remained the third-largest borrower from the Bank's concessional lending arm in the first quarter of 2026.

(Punch, May 26, 2026)

Fleissen & Company

June 2026

ELECTRICITY: NDPHC restores 450MW Alaoji plant The Niger Delta Power Holding Company restored the 450MW Alaoji Open Cycle Power Plant in Abia State after a shutdown that began in 2023 over gas supply and metering disputes.

Managing Director Jennifer Adighije disclosed the restoration during a meeting with Abia State Governor Alex Otti, saying remedial work on the defective gas line had been completed and that outstanding obligations to

TotalEnergies had been cleared, prompting the restoration of gas supply.

Three generating units are available to dispatch following electromechanical work.

Otti said the plant could later be expanded to 800MW and ultimately about 1,100MW, subject to funding, describing reliable electricity as central to the state's industrial development.

(Vanguard, May 26, 2026)

Tetracore Energy Commences Power Generation, Distribution from Atakobo Independent Power System Tetracore Energy commenced power generation and distribution from the Atakobo Independent Power System in Ogun State, marking the start of operations at the first phase of its 100MW gas-fired independent power plant. The development extends the company's footprint across the gas-topower value chain and complements its broader gas monetisation strategy, including a planned gas-toliquids facility at the same

Atakobo site. The independent power model supplies electricity directly to offtakers, an approach gaining traction where grid reliability remains inconsistent. The project followed Tetracore's recent move to secure generation and distribution licences in Nasarawa State, signalling a multi-state expansion in distributed gas-fired generation.

(ThisDayLive, May 27, 2026)

05 RENEWABLE ENERGY AND CLEAN TRANSITION SECTION INSIGHT Clean-energy finance in May moved toward blended and concessional structures aimed at distributed solar and at the credibility of carbon markets. The International Finance Corporation and Norfund committed up to $83.2 million, including concessional debt, to five renewable energy service companies to build 315 solar hybrid minigrids, with total project cost of about $271 million and a target of 494,189 new connections. A separate $188 million Green Finance Investment Facility, led by Barton Heyman with the Rural Electrification Agency, UK PACT, FCMB, and ARMHIIL, targeted 191MW of distributed solar under the DARES programme. On carbon, Nigeria positioned its clean cooking programme to attract as much as $3 billion a year in climate finance over the coming decade, tightening oversight through the National Council on Climate Change and the Carbon Market Activation Policy to address verification and double-counting concerns. The common thread is that off-grid solar and clean cooking are being financed as commercial propositions backed by results-based and concessional capital, with more than 85 million Nigerians still without electricity defining the scale of the opportunity.

IFC, Norfund back 315 solar hybrid minigrids in Nigeria The International Finance Corporation and Norway's Norfund committed a combined financing package of up to $83.2 million to scale off-grid and distributed energy in Nigeria. The funding supports five renewable energy service

Page 19

companies, Darway Coast, GVE Projects, Prado Power, PriVida Power, and StarTimes Energy, in deploying 315 solar hybrid minigrid sites expected to facilitate 494,189 new connections. The package includes $35.3

million of concessional debt, with total project capital expenditure estimated at $271 million and about 2.9 million people targeted for connection. IFC estimated that more than 85 million Nigerians live without electricity. The

Africa Solar Industry Association has identified over 4.8GW of operational solar in Nigeria, of which 115MW comes from minigrids.

(PV Magazine, May 4, 2026)

Fleissen & Company

June 2026

Nigeria targets $3bn climate finance via clean cooking push Nigeria positioned its clean cooking programme as a central pillar of its climate strategy, targeting as much as $3 billion a year in climate finance over the next decade while tightening oversight of carbon projects. The push comes amid renewed scrutiny of voluntary carbon markets over verification standards, transparency, and double counting.

Nigeria has built a carbon market architecture under its

National Carbon Market Activation Policy, with the National Council on Climate Change serving as the approving authority and issuing Letters of Authorisation that allow emissions reductions to be counted under Article 6 of the Paris Agreement. The 2024 policy provides the legal and institutional framework for issuing and trading credits, with clean cooking placed at the centre of the strategy.

(Punch, May 6, 2026)

FCMB, partners pool $188m to expand renewable energy access in Nigeria The Green Finance Investment Facility, a blended finance platform to mobilise private and institutional investment in distributed renewable energy, launched in Lagos with a target of $188 million to finance 191 megawatts of distributed solar capacity. The facility is led by Barton Heyman Limited in partnership with the Rural Electrification Agency, UK PACT, First City Monument Bank, and ARM Harith Infrastructure Investment Limited, and supports the Distributed

Access through Renewable Energy Scale-Up programme. Barton Heyman Managing Partner Olumide Lala described it as a market-driven model for unlocking private capital at scale. FCMB said it had committed N100 billion in debt financing for DARES and was funding multiple minigrid developers under a performance-based grant programme.

(The Sun, May 13, 2026)

06 CLEAN MOBILITY SECTION INSIGHT Clean mobility moved from policy to physical rollout in May, with compressed natural gas and electric vehicles advancing together across Lagos and the North. President Tinubu commissioned four CNG projects under the Midstream and Downstream Gas Infrastructure Fund, including the Portland Gas mother station at Ojota and the flagship IBILE station anchoring 15 refuelling sites across Lagos. Vice President Shettima launched 222 CNG and electric vehicles in Kano, spanning buses, tricycles, and electric units, while the Presidential Initiative set a target of 2,322 CNG stations by 2027, noting that CNG is now commercially available in 24 of 36 states against roughly one at inception. Private capital is following the policy: an electric mobility company opened a high-capacity charging hub in Abuja, LOTUS Bank committed to financing across the CNG value chain, and CNG retrofitting was integrated into the National Youth Service Corps skills programme. The import duty waiver on electric vehicles and mass transit buses continues to draw investment into charging infrastructure and conversion. The constraint is build-out pace and station density rather than demand or policy direction.

Firm unveils 1,000-capacity electric vehicle charging hub An electric mobility company opened what it described as Africa's largest electric vehicle charging hub in Abuja, with capacity to charge more than 1,000 electric vehicles a day, as policy continued to draw private investment into

Page 20

clean transport. The company said the facility, nearing full operation, would support electric buses and commercial fleets and strengthen Nigeria's position in the continent's emerging electric mobility sector. The development

follows the removal of import duties on electric vehicles and mass transit buses, which industry stakeholders said had improved affordability and encouraged investment in charging infrastructure. The operator runs an integrated

model combining vehicle financing, charging infrastructure, and fleet maintenance to ease the transition for transport operators.

(Punch, May 8, 2026)

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June 2026

FG integrates CNG training into the NYSC scheme The Federal Government signed a Memorandum of Understanding to integrate compressed natural gas retrofitting training into the National Youth Service Corps Skill Acquisition and Entrepreneurship Development programme.

The initiative, driven by the Office of the Special Assistant to the President on Youth Initiatives with the National Automotive Design and Development Council, the NYSC, the Federal Ministry of Youth Development, and the Presidential CNG Initiative, will equip corps members

with skills in CNG vehicle conversion, maintenance, and safety. Special Assistant Titilope Gbadamosi described it as a strategic intervention to position young Nigerians within the green economy and create employment and entrepreneurship opportunities in the alternative energy ecosystem, in line with youth empowerment and diversification goals.

(Punch, May 11, 2026)

LOTUS Bank Partners with FG on CNG & EV Green Mobility Initiative LOTUS Bank entered a collaboration with the Presidential Initiative on CNG and Electric Vehicles at the launch of the northern corridor of the programme in Kano State. The initiative is designed to accelerate adoption of cleaner and more affordable mobility through expanded CNG and EV infrastructure nationwide. Deputy Chief of Staff to the President Ibrahim Hadejia, representing Vice President Shettima, described it as an economic strategy to reduce transport costs and

Page 21

strengthen energy security.

Under the framework, LOTUS Bank is supporting financing solutions across the CNG value chain, including integrated energy hubs, clean mobility asset acquisition, fleet conversion, and infrastructure financing.

Managing Director Isiaka Ajani-Lawal said the noninterest bank remained committed to sustainable initiatives with long-term economic impact.

(ThisDayLive, May 18, 2026)

Shettima launches 222 CNG, electric vehicles in Kano to cut transport costs Vice President Kashim Shettima launched 222 compressed natural gas and electric vehicles in Kano to lower transport costs and widen clean energy use across northern Nigeria. The rollout at the Sani Abacha Stadium Indoor Sports Hall included 15 buses, 10 CNG-powered and five bi-fuel, seven electric vehicles, and 200 CNG tricycles under the Presidential Initiative on Compressed Natural Gas and Electric Vehicles. Deputy Chief

of Staff Ibrahim Hassan Hadejia, representing Shettima, said rising transport costs raised food prices and that Nigeria's gas reserves of more than 200 trillion cubic feet should reduce reliance on costlier fuels. He noted that Greenville LNG, AY Shafa, NIPCO, AA Rano, and Rolling Energy are investing in gas infrastructure across the North.

(The Nation, May 14, 2026)

FG targets 2,322 CNG stations by 2027 The Federal Government set a target of 2,322 compressed natural gas stations nationwide by 2027 to deepen adoption of alternative-fuel vehicles and expand gas mobility infrastructure. Ismaeel Ahmed, Executive Chairman of the Presidential Initiative on Compressed Natural Gas and Electric Vehicles, disclosed the target at the Nigerian Oil and Gas Midstream and Downstream Summit in Lagos,

represented by agency official Olayinka Rufai. He said the programme had made progress in expanding CNG infrastructure and vehicle conversion in under three years, with CNG now commercially available in 24 of the 36 states, against about one state at inception.

The target points to station density as the next phase of the gas mobility build-out.

(Punch, May 23, 2026)

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June 2026

Tinubu commissions 4 MDGIF-supported CNG projects President Bola Tinubu commissioned four compressed natural gas infrastructure projects across Lagos and Abuja, delivered under the Midstream and Downstream Gas Infrastructure Fund, as part of the response to

petroleum subsidy reform and the push to expand domestic gas use. At Ojota, Lagos, the President flagged off the Portland Gas CNG mother station, with a daily dispensing capacity of 96,000 standard cubic metres, two skid trucks, a

54-metric-tonne liquefied CNG storage facility, and a daughter station at Kubwa, Abuja. Also at Ojota, he commissioned the IBILE Oil and Gas Corporation refuelling station, the flagship of a 15-station network being rolled out

across Lagos to provide an affordable alternative to petrol and lower transport costs.

(Vanguard, May 29, 2026)

07 TRADE AND INTERNATIONAL MARKETS SECTION INSIGHT International developments in May were dominated by a reordering of oil-market alignments and by Nigerian and African capital extending across borders. The United Arab Emirates exited OPEC and OPEC+ effective May 1, prompting seven remaining producers to add 188,000 barrels per day to June quotas amid the conflict in the Middle East and disruption around the Strait of Hormuz. Inbound investment featured a $600 million maritime proposal from APM Terminals and a €365 million German partnership worth roughly $428 million spanning energy, agriculture, and private-sector development. Outbound, Aliko Dangote weighed a $15 billion to $17 billion refinery in Mombasa, Kenya, and the Dangote Group with Ethiopian Investment Holdings secured approval for oil and gas pipelines through Djibouti to connect landlocked Ethiopia to shipping lanes. The Federal Government approved additional deep seaports, and the International Finance Corporation moved to scout livestock, energy, and housing opportunities. Aliko Dangote's observation that shipping from Lagos to Accra can cost more than from Spain to Lagos captured the intra-African logistics gap that these investments are positioned to address.

OPEC+ hikes oil production quotas, silent on UAE pull-out Saudi Arabia, Russia, and five other OPEC+ countries raised their oil production quota in an expected move to show continuity after the withdrawal of the United Arab Emirates.

The seven producers agreed to add 188,000 barrels per

day to total June output amid price pressure from the conflict in the Middle East, citing a collective commitment to market stability.

The statement, following an online meeting of Algeria, Iraq, Kazakhstan, Kuwait,

Oman, Russia, and Saudi Arabia, made no mention of the United Arab Emirates, which left the group days after announcing its withdrawal. The UAE's exit from OPEC and OPEC+ took effect on May 1, making it the largest

producer to leave the organisation.

Analysts read the silence on the departure as a sign of strained relations.

(Punch, May 3, 2026)

It costs more to ship from Lagos port to Accra than from Spain to Lagos - Dangote Aliko Dangote said it is often more expensive to ship goods from Lagos to Accra than from Spain to Nigeria, pointing to the inefficiencies that weigh on intra-African trade.

Speaking with International Finance

Page 22

Corporation Managing Director Makhtar Diop, he described structural barriers from weak transport systems to fragmented trade corridors as obstacles to regional commerce and economic integration.

The Dangote Group operates in 17 African countries, with interests in cement, oil refining, and fertiliser. Dangote argued that removing barriers to the free movement of goods, services, and people is

central to achieving greater economic integration and prosperity across the continent, framing logistics costs as a brake on African trade.

(Business Insider Africa, May 6, 2026)

Fleissen & Company

June 2026

FG receives $600m maritime investment proposal from APMT The Federal Government, through the Nigerian Shippers Council, received a proposal for an additional $600 million investment in the maritime sector from APM Terminals Apapa.

Executive Secretary and Chief Executive Pius Akutah disclosed the proposal during a familiarisation visit by the Council's governing board to the terminal, describing it as a vote of confidence in the Nigerian economy. He

said it was encouraging to see firms already operating in Nigeria reinvesting as the government works to attract foreign direct investment.

Akutah said the Council was tracking operators across the sector to evaluate and improve performance, noting that most agencies were complying with directives to modernise facilities and integrate technology into operations.

(Punch, May 7, 2026)

Nigeria secures $428 million German investment deal as Europe deepens Africa energy push Nigeria and Germany signed an agreement in Abuja comprising a €65 million commitment for financial and technical cooperation and a €300 million export credit guarantee framework, a package worth roughly $428 million. The deal was signed by Minister of Budget and Economic Planning Abubakar Bagudu, Minister of State Doris Uzoka-Anite, and German officials at the German Embassy.

Uzoka-Anite said the partnership aimed to mobilise investment and sustainable financing during Nigeria's reform

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programme. The agreement deepens cooperation across agricultural transformation, renewable energy, climate transition, skills development, healthcare, and economic reforms.

German Ambassador Annett Gunther said it followed months of bilateral discussions involving Nigerian ministries, German development agencies, and European Union representatives.

(Business Insider Africa, May 16, 2026)

Dangote weighs $17bn refinery for Kenya, citing Mombasa's port and market Aliko Dangote is considering Mombasa, Kenya, for a proposed oil refinery estimated at $15 billion to $17 billion and designed to process 650,000 barrels per day, in what could become one of East Africa's largest downstream investments. Dangote told the Financial Times that Mombasa's deep seaport and Kenya's larger fuel demand made it more attractive than Tanzania, where the project was initially expected, and noted that crude could be delivered by shipping rather than relying on pipeline

infrastructure from Uganda.

The shift followed concerns raised by Tanzania over earlier siting announcements. Dangote said the final direction depended on discussions with Kenyan President William Ruto over land, financing support, and market protection, and warned that Africa risks becoming a dumping ground for imported fuel without protection for local refining.

(Petroleum Price, May 11, 2026; Business Insider Africa, May 11, 2026)

IFC dispatches team to explore Nigeria for livestock, energy investment The International Finance Corporation said it would send a team to Nigeria to explore scalable investment in livestock, energy, and housing. Managing Director Makhtar Diop disclosed the plan in Kigali, Rwanda, during a meeting with President Tinubu on the sidelines of the 13th Africa CEO Summit, where he led an IFC delegation and said the corporation wanted to expand collaboration to unlock private capital for development. Diop

commended Nigeria's reforms, particularly the removal of the fuel subsidy and the unification of the foreign exchange market.

Tinubu said Africa must mobilise institutional capital, including pension funds, to finance infrastructure and energy transition, and called for deeper regional financial integration to attract private investment.

(Punch, May 14, 2026)

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June 2026

FG approves additional deep seaports to boost Nigeria's maritime capacity

Africa's richest man, Aliko Dangote just locked in a massive gas pipeline deal in East Africa

Minister of Marine and Blue Economy Adegboyega Oyetola said the Federal Government approved the development of additional deep seaports to strengthen maritime infrastructure and supply chain capacity.

Oyetola spoke at the midyear session of the board of the Port Management Association of West and Central Africa in Lagos, themed on combining logistical resilience with inclusive community development. He said the new deep seaports would

The Dangote Group and Ethiopian Investment Holdings received approval to install a series of oil and gas pipelines through Djibouti, aimed at connecting landlocked Ethiopia directly to international shipping lanes.

The first phase will create a refined-product pipeline from Djibouti's port to Dawale in southeastern Ethiopia. A second phase will extend pipelines to transport natural gas and crude from Ethiopia's Somali region to

complement existing infrastructure, improve operational efficiency, and reinforce Nigeria's position in regional trade and logistics. The minister added that the administration was upgrading existing seaports through modernisation, digital transformation, and channel deepening to accommodate larger vessels, part of a broader effort to expand maritime throughput.

(The Cable, May 19, 2026)

international markets via Djibouti. The project addresses a major logistical barrier for Ethiopia, which lacks direct sea access, and extends the Dangote Group's infrastructure footprint in East Africa alongside its proposed Kenyan refinery, positioning the group across both downstream processing and cross-border energy transport on the continent.

(Business Insider Africa, May 23, 2026)

08 POLICY, REGULATION AND GOVERNANCE SECTION INSIGHT Regulatory activity in May centred on revenue accountability, coordination between agencies, and enforcement of statutory obligations under the Petroleum Industry Act. NNPC and NUPRC remitted more than N322 billion and $116.9 million to the Federation Account within two months of Executive Order 9, which mandates full transfer of crude and gas revenues. NUPRC and the NMDPRA pledged to eliminate regulatory overlaps following the courtesy visit of new NMDPRA Chief Executive Rabiu Abdullahi Umar to the Commission, and the NMDPRA began enforcing the mandatory three per cent host community fund contribution through a new digital portal. NUPRC also presented Nigeria's longterm Energy Evolution roadmap, spanning 2030 to 2060, at the Offshore Technology Conference in Houston, combining fossil-fuel strengths with renewable expansion and natural gas as a transition fuel. At sub-national level, Lagos prohibited the use of petroleum tankers for edible oil transport on food-safety grounds, and the Federal Executive Council approved three public-private partnership projects covering a transport data bank and port power plants. The direction is toward tighter revenue capture, clearer regulatory boundaries, and private capital in infrastructure delivery.

NUPRC Unveils Nigeria's Long-Term Energy Plan In Texas NUPRC presented a long-term energy plan aimed at driving economic growth, expanding energy access, and addressing climate concerns. Commission Chief Executive Oritsemeyewa Eyesan set out the Energy Evolution roadmap at the

Page 24

Offshore Technology Conference in Houston, describing a transition framework spanning 2030 to 2060 that combines the country's fossil-fuel strengths with long-term sustainability goals. She said the strategy would expand renewable energy while

positioning natural gas as a transition fuel for industry, households, and emerging technologies.

Eyesan said the plan prioritised tackling energy poverty, particularly in rural communities reliant on biomass for cooking, and called for stronger

international collaboration, urging global investors to commit capital to upstream oil and gas, offshore innovation, and decentralised power systems.

(TVC News, May 5, 2026)

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June 2026

FEC approves PPP projects for transport data bank, ports, power plants

NNPC, NUPRC remit N322bn, $116.9m after Tinubu order

The Federal Executive Council approved three public-private partnership projects to strengthen Nigeria's transport and power infrastructure. The projects cover a smart national transport data bank under the Nigerian Institute of Transport Technology and independent power projects at the Onne port in Rivers State and the Apapa port in Lagos. The approvals followed regulatory reviews by the Infrastructure Concession Regulatory Commission,

NNPC Limited and NUPRC remitted more than N322 billion and $116.9 million to the Federation Account within two months of the implementation of Executive Order 9, signed in February 2026.

Documents presented at the March and April Federation Account Allocation Committee meetings showed the remittances followed the directive mandating full transfer of crude oil and gas revenues.

Executive Order 9 was introduced to strengthen

including outline business case assessments, due diligence, negotiations, and certification of the full business cases. DirectorGeneral Jobson Ewalefoh said the projects represented a shift toward infrastructure delivery driven by private capital and structured partnership arrangements, aligned with efforts to improve economic efficiency and accelerate development.

(The Cable, May 10, 2026)

Lagos Prohibits Use of Fuel Tankers for Edible Oil Transportation The Lagos State Government prohibited the use of petroleum tankers for transporting edible oil as part of measures to improve food safety and protect public health. The directive followed a Memorandum of Understanding involving the Lagos State Consumer Protection Agency, the National Agency for Food and Drug Administration and Control, and edible oil and haulage stakeholders. Regulators said the move followed investigations that

Page 25

uncovered cases of tankers previously used for petroleum products being redeployed for cooking oil, with petroleum residues posing contamination risks. Afolabi Solebo said only certified, dedicated tankers would be allowed to transport edible oil within Lagos, and that violators would face sanctions, with the partnership intended to strengthen oversight of the food transport chain.

(Petroleum Price, May 17, 2026)

transparency, improve revenue accountability, and boost inflows amid fiscal pressures. President Tinubu invoked constitutional provisions vesting ownership of minerals, oil, and gas in the Federation, saying excessive deductions, overlapping funds, and structural distortions had weakened remittances and that the practice must end to protect national revenue.

(Punch, May 12, 2026)

NUPRC, NMDPRA move to end regulatory overlaps, boost investor confidence NUPRC and the NMDPRA pledged deeper collaboration to eliminate regulatory uncertainties and strengthen investor confidence across the petroleum industry. The commitment followed a courtesy visit by new NMDPRA Authority Chief Executive Rabiu Abdullahi Umar to the NUPRC headquarters in Abuja. The meeting, hosted by Commission Chief Executive Oritsemeyewa Eyesan, focused on a more coordinated regulatory framework across the upstream, midstream, and

downstream sectors.

According to the Commission, both agencies reaffirmed their shared responsibility for the overall health and stability of the oil and gas industry.

The engagement points to clearer boundaries between the two regulators created under the Petroleum Industry Act as a means of reducing duplication.

(Punch, May 21, 2026)

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June 2026

NMDPRA enforces 3% host community fund contributions The NMDPRA intensified enforcement of the Host Community Development Trust framework under the Petroleum Industry Act 2021, directing operators and licensees to comply with the mandatory three per cent annual contribution to host community funds

and introducing a digital portal to improve transparency and accountability. The authority disclosed this at a stakeholder workshop in Port Harcourt on the framework and the new portal. The Trust is designed to deliver social,

environmental, and economic benefits to petroleum-producing communities. Executive Director for Health, Safety, Environment and Community Mustapha Lamorde, speaking for Authority Chief Executive Rabiu Umar, said the portal

would support digital registration of trusts, project tracking, compliance reporting, monitoring of statutory contributions, and real-time regulatory oversight.

(Punch, May 24, 2026)

09 CORPORATE NEWS AND APPOINTMENTS SECTION INSIGHT Corporate activity in May was shaped by the run-up to the Dangote refinery listing, by Seplat's post-acquisition positioning, and by leadership changes in the downstream sector. Aliko Dangote set a $50 billion valuation target for the refinery ahead of a planned listing that could place up to 10 per cent on the market, while South Africa's Public Investment Corporation and Government Employees Pension Fund visited the refinery and fertiliser complex, pointing to cross-border institutional interest ahead of the offering. Femi Otedola denied financing the refinery and said he would seek an allocation in the public offer. On governance, Seplat shareholders confirmed Tony Elumelu as a non-executive director following Heirs Energies' acquisition of a roughly 20 per cent stake, while Eterna Plc reported revenue of N302.4 billion for 2025 and appointed Jude Nwaulune as Managing Director, and the Senate confirmed Rabiu Abdullahi Umar as NMDPRA Chief Executive. The common thread is capital formation and board renewal across indigenous energy companies as the sector consolidates around larger, better-capitalised operators.

I've not invested a single naira, dollar, Femi Otedola speaks on funding Dangote Refinery Femi Otedola, chairman of First Bank Holding, dismissed claims that he was among the financiers of the Dangote refinery, calling

the reports false in a statement on his X account.

The clarification followed a report that Otedola, alongside others, had

financed the refinery, which the Dangote refinery had also dismissed as false.

Otedola said the claims were completely untrue, while adding that he planned to request a special allocation to participate in the refinery's forthcoming public offer on the Nigerian Exchange Limited. His

comments came as the Dangote Group advanced preparations for a planned listing of the refinery, drawing attention from investors to the ownership and funding structure of the project.

(Daily Post, May 4, 2026)

NMDPRA boss targets energy reform, improved fuel supply The Senate confirmed Rabiu Abdullahi Umar as Chief Executive of the Nigerian Midstream and Downstream Petroleum Regulatory Authority following his screening on May 5, after President Tinubu nominated him on April 29 to strengthen

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regulatory effectiveness under the Petroleum Industry Act. Umar pledged to strengthen national energy security, eliminate supply bottlenecks, and ensure stable fuel availability, outlining an agenda focused on supply resilience, regulatory

efficiency, investor confidence, and nationwide product access. He said global disruptions, including tensions around the Strait of Hormuz, would continue to influence fuel prices. Umar, with over two decades across downstream petroleum, logistics, and

manufacturing, previously held senior roles at Oando and the Dangote Group, and named operational readiness of the 22 depots an immediate priority.

(Punch, May 8, 2026)

Fleissen & Company

June 2026

Dangote targets $50bn refinery valuation before stock listing Aliko Dangote is targeting a valuation of $50 billion for the Dangote Petroleum Refinery and Petrochemicals ahead of a planned stock market listing later in the year, according to Bloomberg. The report said the company could sell up to a 10 per cent stake through the Nigerian Exchange, implying an offering of about $5 billion.

A senior Dangote Group executive confirmed that the projected valuation aligned with internal expectations

but declined to give further detail on the transaction.

The planned listing comes as stronger global crude prices and growing domestic fuel demand improve the commercial outlook for the 650,000 barrels per day refinery, which has become a dominant player in Nigeria's downstream market since operations began in 2024.

(Punch, May 12, 2026)

Africa's largest pension fund shows deep interest in the Dangote Refinery Representatives of South Africa's Public Investment Corporation and the Government Employees Pension Fund visited the Dangote refinery and Dangote Fertilizer Limited, pointing to growing continental interest in long-term industrial investment. The visit coincided with the Dangote Group's plan to launch an initial public offering and list the refinery on multiple African stock exchanges.

African financial markets are following the

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proposed listing closely, which could rank among the continent's first significant cross-border industrial listings.

Dangote has appointed advisory firms including Stanbic IBTC Capital and Vetiva Advisory Services to guide the process. The interest from one of Africa's largest pension managers points to the scale of institutional appetite ahead of the offering.

(Business Insider Africa, May 20, 2026)

Eterna Plc posts N302bn revenue, eyes expansion Eterna Plc reported revenue of N302.4 billion for the year ended December 31, 2025, at its 33rd Annual General Meeting, where shareholders approved the audited financial statements and other resolutions.

Chairman Gabriel Ogbechie said the company remained resilient despite geopolitical tensions affecting energy trading, economic reforms, pricing volatility, and transitions within the downstream sector, attributing the performance

to operational efficiency, execution of strategy, and growth across business segments. He outlined a focus on sustainability and expansion through investment in retail growth, aviation operations, lubricants, liquefied petroleum gas, and environmental, social, and governance initiatives, positioning the company for further growth within Nigeria's energy sector.

(Punch, May 13, 2026)

Seplat shareholders confirm Tony Elumelu's appointment as non-executive director Seplat Energy shareholders confirmed the appointment of Tony Elumelu, chairman of Heirs Energies, as a nonexecutive director at the company's 13th Annual General Meeting in Lagos. The resolution to confirm the appointment was supported by 99.96 per cent of shareholders who voted. The appointment follows Heirs Energies' acquisition of a stake of about 20 per cent in Seplat through a deal valued at roughly $500

million with Maurel & Prom, making the group Seplat's largest shareholder. Shareholders also approved Larry Ettah as an independent non-executive director.

The board changes place a prominent indigenous investor at the centre of Seplat's strategy as the company pursues its production and dividend targets following the Mobil integration.

(The Cable, May 21, 2026)

Fleissen & Company

June 2026

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Fleissen & Company