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NUPRC opens 50 oil blocks for bidding

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The Nigerian Upstream Petroleum Regulatory Commission (NUPRC) has opened 50 oil and gas blocks across five sedimentary basins for bidding and exploration in the 2025 licensing round, warning that only technically competent and financially strong firms will be allowed to scale through the process.

The commission said the exercise is designed to eliminate speculative participation and reposition Nigeria’s upstream sector as a transparent, rules-based destination for long-term investment.

The Chief Executive of the NUPRC, Oritsemeyiwa Eyesan, made this known on Wednesday during the 2025 licensing round pre-bid webinar, where the regulator outlined the framework, evaluation criteria, and commercial terms guiding the bid process.

Eyesan said the licensing round should be viewed as a strategic intervention to grow reserves, improve production, and strengthen Nigeria’s energy security in a rapidly evolving global energy landscape.

“This upstream sector is serious business. It is for long-term investment, and it is an open invitation to partnership, transparency, and shared responsibility as we work together to shape the next phase of Nigeria’s upstream oil and gas industry,” she said.

According to her, the commission has adopted a strictly merit-based approach that places technical competence and financial capacity at the centre of the selection process.

“Only candidates with strong technical and financial credentials, professionalism, and credible plans will move forward. Winners will be chosen through a transparent, merit-based process that takes you from award to exploration, appraisal, and ultimately full production,” Eyesan stated.

She disclosed that the 50 oil and gas blocks on offer are spread across five of Nigeria’s seven sedimentary basins, giving investors access to both frontier and mature terrains.

“In this licensing round, 50 oil and gas blocks across Nigeria are available, allowing investors to access the country’s key basins and create long-term value,” she said.

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Eyesan added that, with the approval of President Bola Tinubu, the Commission had reviewed the commercial structure of the bid round to lower entry barriers while discouraging unserious bidders.

She revealed that signature bonuses for the 2025 licensing round have been set within a $3m–$7m range, with greater emphasis placed on work programmes and speed to production.

The CCE said the new structure places greater emphasis on technical capability, credible work programmes, and speed to production, rather than aggressive cash bids, as Nigeria competes for mobile global capital amid tightening energy security and supply.

“With the approval of His Excellency, President Bola Tinubu, signature bonuses for the 2025 licensing round are now set within a value range of $3m–$7m that reduces entry barriers and places greater weight on what truly matters, technical capability, credible work programmes, financial strength, and the ability to deliver production within the shortest possible time,” she said.

According to her, the decision was informed by global capital mobility and the need to make Nigeria competitive in attracting serious, long-term upstream investors.

“This has been done deliberately to increase competitiveness and in response to capital mobility. The upstream sector is serious business. It is for long-term investment, and it is an open invitation to partnership, transparency, and shared responsibility,” Eyesan stated.

The NUPRC boss said the licensing round follows a five-stage process comprising registration and pre-qualification, data acquisition, technical bid submission, evaluation, and a commercial bid conference.

She stressed that the entire exercise would comply strictly with the Petroleum Industry Act 2021, with digital tools deployed to ensure transparency and public accountability.

“Let me emphasise clearly that the bid process will comply with the Petroleum Industry Act, promote the use of digital tools for smooth data access and remain open to public and institutional scrutiny through NEITI and other oversight agencies,” Eyesan said.

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She added that all licensing materials had been uploaded on the commission’s portal since December 1, 2025, with dedicated support channels created to respond promptly to investor enquiries.

Eyesan reaffirmed that the entire process would comply fully with the PIA 2021, with extensive use of digital tools to ensure transparency and public scrutiny.

“The bid process will comply strictly with the PIA, promote the use of digital tools for smooth data access, and remain open to public, international, and institutional scrutiny through NEITI and other oversight agencies,” she said.

The NUPRC boss concluded that the 2025 licensing round represents a strategic signal to global investors that Nigeria’s upstream sector has been re-engineered for long-term value creation.

“Let me emphasise clearly that the Nigeria 2025 Licensing Round is not merely a bidding exercise. It is a clear signal of a re-imagined upstream sector, anchored on the rule of law, driven by data, aligned with global investment realities, and focused on long-term value creation,” Eyesan said.

In a technical presentation to participants, the Director of Lease Administration, Exploration and Acreage Management at NUPRC, Amber Ndoma-Egba, said the 2025 licensing round cuts across the Chad Basin, Benue Trough, Anambra Basin, Bida Basin, and the Niger Delta Basin.

He explained that the technical evaluation would focus on subsurface understanding, exploration work programmes, development concepts, sustainability, host community plans, and lifecycle management.

“We look at your understanding of the block, your subsurface evaluation, your exploration work programme, your development and production concept, sustainability, decarbonisation objectives, and host community development. Technically weak firms will not scale through this process.

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“We have seven sedimentary basins in Nigeria. We have the Sokoto Basin, the Chad Basin. We have the Benin trough, Bida Basin, Anambra Basin, Benin Basin, and, of course, the mature Niger Delta Basin. This licensing round will take place across five of the seven sedimentary basins,” Ndoma-Egba said.

On commercial terms, Ndoma-Egba disclosed that the Commission, in a bid to support investment, had approved a minimum work performance security of one per cent, although bidders could voluntarily increase it to improve their technical score.

“The Commission Chief Executive, in the spirit of enablement and support for investment, has approved that the minimum work performance security should be one per cent. However, bidders may boost this if they want a higher weighting in their score,” he said.

He said bidders must clearly outline their exploration plans within the initial exploration period, three years for onshore assets and five years for deepwater and frontier blocks.

“We look at your understanding of the block, your subsurface evaluation, your exploration work programme, your development and production concept, evacuation and facilities planning, sustainability, decarbonisation objectives, and host community development

He also confirmed that final winners would emerge based on a weighted combination of technical and commercial scores, in line with the Petroleum Industry Act.

On December 1, 2025, the NUPRC announced the official commencement of the 2025 petroleum licensing round, targeting about $10 billion in new investments.

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Read how Nigerians tap savings, loans to buy Dangote refinery shares

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Some Nigerians seeking to invest in the Dangote Petroleum Refinery and Petrochemicals FZE Initial Public Offering have turned to personal savings, loans and proceeds from the sale of assets to raise funds to buy shares, Saturday PUNCH has learnt.

Findings by our correspondents revealed strong interest in the shares among prospective retail investors, some of whom said they expected the investment to yield substantial returns in the future.

While some respondents said they were dipping into savings or raising funds through other means, others said the prevailing economic hardship had made it difficult for them to participate in the offer.

The refinery opened its IPO on Monday, September 14, giving Nigerians an opportunity to own equity in the company.

The offer comprises 4.1 billion ordinary shares priced at N525 each, with the company targeting about N2.15tn to part-fund an expansion that would nearly double the refinery’s capacity to 1.4 million barrels per day.

The minimum subscription is 10 shares, costing N5,250.

Dangote Group Chief Executive Officer, Aliko Dangote, said the low entry threshold was deliberately set to allow ordinary workers, including drivers, cooks and domestic staff, to become shareholders, describing the offer as “the IPO for the people.”

The offer is expected to close on October 13.

Investors turn to savings, loans

A staff member of the Federal Ministry of Works, David Adelabu, described the shares as expensive for struggling civil servants but said he considered the offer an opportunity to become a shareholder in the refinery.

He said, “I have small shares in some companies, including Glo and MTN, but Dangote’s shares will be the highest I will be buying. It is on the high side, but I feel this is an opportunity to become a shareholder in Dangote.

“I understand that the dividends are not going to be immediate, but I don’t mind even if it will entail selling a plot of land I have in Metumbi here in Minna. I will gladly do so.”

A trader in Dutse, Jigawa State, Adamu Bala, said he planned to use savings from his business to buy the shares.

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“I will not sell my house. I will use a small profit from my shop to buy,” he said.

Similarly, a civil servant, Fatima Mannir, said women in her group had started raising money through contributions, known as adashe, to participate in the offer.

“We have started raising money through adashe,” she said.

A trader in Damaturu, Yobe State, Malam Musa Ibrahim, said he invested part of his business savings after learning about the offer.

“I am using part of the money I have saved from my business.

“I believe that if I can invest a small amount now, it may become useful to me in the future. But I am also being careful because business is not easy at the moment,” he said.

Another resident, Aisha Mohammed, said she raised money by cutting down on some household expenses.

“I did not borrow money to buy the shares. I have been saving little by little, and when I heard about the offer, I decided to use part of what I had saved,” she said.

A businessman, Abdullahi Yusuf, however, said he obtained financial assistance from a friend to increase his subscription.

“I wanted to buy more shares than what my savings could afford, so I discussed it with a friend who agreed to lend me some money.

“I know that borrowing money to invest carries risks, but I am hoping that the investment will perform well. I will repay the money from my business income,” he said.

A petty trader, Hauwa Lawan, said she sold some personal belongings she no longer used and added the proceeds to her savings to finance her purchase.

“I sold some things that I was no longer using and added the money to my savings,” she said.

A farmer, Mallam Abdullahi Adamu, said he sold farm produce to raise about N500,000 to invest in the shares.

In Kano State, an investor, Abdulmalik Ibrahim, said he bought 10 shares for N5,250 using personal funds.

Hardship keeps some investors away

While some Nigerians are finding ways to participate in the IPO, others said economic pressures had put the investment beyond their reach.

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A civil servant in Kogi State, Saliu Joseph, said he would have loved to invest but had just paid his children’s school fees.

“Right now, I don’t think I can afford to participate unless a miracle happens,” he said.

A retired permanent secretary in the state, Bola Boro, also said he would not participate because he could not afford the investment at the moment.

“As a retired civil servant, I cannot afford such an amount to invest in the offer. Even though I am a fan of investment through the stock market, which I have been doing for years, I don’t think it will be convenient for me to participate considering the time frame of just one month,” he said.

A civil servant, Kuta Abdulahi, said the financial demands of his children’s education had left him unable to participate in the share offer.

“I must tell you the truth, I know about the Dangote Refinery shares, but I cannot even think of it at this time. My children are just resuming a new term in school. Where will I get the money for their school fees before thinking of buying shares? Please, I have a lot on my head,” he said.

Similarly, a vulcaniser, Ahmed Alkali, said his income was barely enough to meet his family’s basic needs, making investment in shares difficult.

“With the kind of job I do, I am working from hand to mouth. So, how can I buy shares when I have not eaten?” he asked.

Experts warn against borrowing

Investment experts, however, cautioned Nigerians against taking loans, selling properties or committing all their savings to the IPO, warning that equity investments carry risks.

Speaking with Saturday PUNCH, the Group Managing Director of Lancelot Group, Adebayo Adeleke, urged prospective investors to understand the risks associated with the capital market before committing their funds to the IPO.

Adeleke, who is also a former Secretary of the Independent Shareholders Association of Nigeria, said capital market investments should be made with funds that investors could afford to leave untouched for the long term, noting that equities were unsuitable for people struggling to meet immediate financial needs.

He said, “When you buy shares, you are buying a portion of the ownership of the business. Investment takes a lot of time to pass through gestation, to stability, to profitability. And you cannot, with any degree of certainty, predict when the company is going to turn the corner and begin to produce profits.

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“So, investment money is not the money you are likely to need in the next two months, three months, six months, even one year. If you cannot part with your money for a minimum of three to five years, the capital market is not the place to invest.”

Adeleke, however, described the IPO as a strategic investment, citing the refinery’s scale and demand for its products.

Also speaking, the Head of Financial Institutions Ratings at Agusto & Co., Ayokunle Olubunmi, urged Nigerians to consider the risks associated with the investment and avoid committing all their savings to the offer.

He said, “There are plenty of risks to this business. It’s not risk-free. Things can get worse for the business. Valuation is based on expectations of what will happen in the future. Things might not go as planned. And, like we all know, equity is a risky business.”

Olubunmi particularly cautioned prospective investors against selling property or using up all their savings to invest in the offer.

He advised them to invest only a portion of their funds and diversify their portfolios.

The expert also advised those considering taking loans to buy the shares to have a separate and reliable repayment plan rather than depending on returns from the investment.

The Emir of Kano, Muhammadu Sanusi II, had earlier warned prospective investors against using their children’s school fees or selling their homes to invest in the shares.

Sanusi, who gave the warning on Thursday while speaking at the company’s roadshow in Kano, urged prospective investors to invest only money they could afford to set aside for some time, suggesting amounts such as N10,000, N20,000 or N30,000.

Source: punchng.com

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ARE NIGERIANS BUILDING CHINA’S ECONOMY WHILE NEGLECTING THEIR OWN?

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While other nations are busy producing, manufacturing and exporting, Nigeria must ask itself a difficult question: Are we building our own economy, or simply creating a bigger market for other countries?

Nigeria has a huge population, abundant natural resources and a massive consumer market. Yet the country continues to depend heavily on imported finished products—from electronics and clothing to machinery, household goods and other consumer items.

The issue is not simply about Chinese businesses or businesses from any other foreign country operating in Nigeria. Foreign investment can bring capital, technology, jobs and expertise.

The bigger issue is whether **Nigerian businesses are being given the opportunity and support to manufacture competitively at home.

Instead of remaining primarily a consumer of finished products, Nigeria needs to strengthen its manufacturing sector and move further up the value chain.

Nigeria needs to produce, not just consume.

A stronger manufacturing economy could help Nigeria:

* Create more jobs for Nigerians
* Add value to locally available raw materials
* Develop industrial skills and technology
* Reduce excessive dependence on imported finished goods
* Build competitive Nigerian companies
* Increase the country’s ability to export

The goal should not be to drive legitimate foreign businesses out of Nigeria. The goal should be to build an economy where **Nigerian manufacturers can compete, grow and eventually take Nigerian-made products to markets around the world.

The question Nigerians should be asking is simple:

**Why should Nigeria remain one of the world’s biggest markets for finished products when we have the potential to manufacture many of them ourselves?

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🇳🇬 **Nigeria must move from being predominantly a consumer nation to becoming a stronger producer, manufacturer and exporter.

What do you think?

Which products should Nigeria prioritize for local manufacturing instead of relying heavily on imports?

Share your thoughts in the comments.

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ICRC defends toll pricing on highways

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The Infrastructure Concession Regulatory Commission has defended the toll pricing structure under the Highway Development and Management Initiative, saying charges are evaluated against the quality and benefits of the upgraded roads.

In a statement made available to PUNCH Online on Thursday, the Director-General, Dr. Jobson Ewalefoh, cited the 227-kilometre Akwanga–Makurdi road corridor as an example.

He said the route has four toll gates, and motorists pay as they travel along it.

He argued that toll payments should be viewed against the previous costs imposed by the poor condition of the road, including lost man-hours, vehicle damage and accident risks.

Feedback from road users, he said, shows many motorists are willing to pay tolls where they see clear improvements in road quality.

Some drivers have expressed support for similar arrangements on other major corridors if the roads are upgraded to the same standard.

“That, to me, is the beauty of a well-structured PPP,” Ewalefoh said.

He explained that negotiators carefully consider toll pricing to keep charges fair. A portion of the revenue is set aside specifically for road maintenance. Under the concession agreements, the government does not bear additional maintenance costs for the duration of the contract.

The government must repair potholes within 48 hours, and it funds major routine repairs from the dedicated toll revenue.

Source: punchng.com

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