President Bola Tinubu said recent reforms in Nigeria’s oil and gas sector are designed to unlock up to 50 billion dollars in new deep offshore investments.

Tinubu, who was represented by Vice-President Kashim Shettima, said this on Tuesday in Abuja at the fifth anniversary of the Nigerian Upstream Petroleum Regulatory Commission (NUPRC), established under the Petroleum Industry Act (PIA) 2021.

The President said the Deep Offshore Oil and Gas Projects Incentive Tax Order 2026 had replaced uncertainty with clear and published investment criteria.

“The order replaces that uncertainty with clear, published criteria and requires projects to be executed in Nigeria wherever applicable.

“It is designed to unlock up to 50 billion dollars in new investment, beginning with the Bonga South-West project.

“The message to the world is simple: Nigeria is open for long-term investment and the terms are clear,” Tinubu said.

He said the measure was particularly important because some of Nigeria’s largest oil prospects were located deep offshore but had remained undeveloped for years.

According to him, the incentive is expected to unlock as much as 50 billion dollars in new investment, beginning with the Bonga South-West project.

Tinubu said the development reinforced the Federal Government’s message that Nigeria was open to long-term investment and committed to providing clear and predictable terms.

He said the PIA had provided a strong foundation for investment by establishing clear rules, a predictable regulatory framework and mechanisms for greater participation of host communities.

The President said Nigeria had also recorded progress in restoring security in oil-producing areas, attracting investors and improving upstream investment opportunities through open and competitive processes.

He said investors who previously looked elsewhere were returning to Nigeria, which had become Africa’s leading destination for upstream investment for two consecutive years.

Tinubu also highlighted the Host Communities Development Trusts, saying more than 170 host-community trusts had been funded to support projects in education, healthcare and other areas.

He said the development of host communities was particularly significant because sustainable peace in oil-producing areas depended on fairness, inclusion and shared benefits.

The President said the administration was determined to use petroleum resources to support a broader economy driven by agriculture, manufacturing, digital and creative industries.

He said the oil and gas sector would continue to provide gas for power, industries and factories while creating opportunities for Nigerian engineers, fabricators and indigenous service companies.

He said policy reforms would only deliver results when effectively implemented, placing a major responsibility on NUPRC to ensure predictable, transparent and reliable regulatory processes.

Tinubu charged the commission to work closely with sister agencies to ensure investors were not subjected to conflicting requirements or unnecessary delays.

He also urged operators to comply with their work programmes, local-content obligations, environmental standards and commitments to host communities in return for government incentives.

The President said the government would uphold the rule of law, sanctity of contracts and accountability as key pillars for sustaining investor confidence in the sector.

He said the administration would also pursue an energy transition strategy suited to Nigeria’s needs, with greater gas supply for power, industry and clean cooking, alongside expansion of renewable energy.

Tinubu congratulated the NUPRC on its fifth anniversary, urging its management and staff to sustain the commitment, integrity and sense of purpose required to consolidate gains in the upstream sector. (NAN)

From Joseph Amedu, Lokoja

Kogi State Governor, Ahmed Ododo has commiserated with the families of the Nigerian Air Force personnel who lost their lives in the tragic aircraft crash in the Igbokoda area of Ondo State.

The condolence message signed by Special Adviser on Media to the Governor, Ismaila Isah, was made available to DAILY ASSET on Tuesday.

Governor Ododo also extended his condolences to President Bola Tinubu, the Chief of Air Staff, Air Marshal Sunday Kelvin Aneke, and the Nigerian Armed Forces over the painful loss.

The Governor described the incident as a sad moment for the nation, particularly the Nigerian Air Force, whose personnel continue to make sacrifices in combating insecurity on different fronts of military operations across the country and in the service of the nation.

Governor Ododo also commended the Nigerian Air Force, the Ondo State Government, federal and state emergency services and other first responders for their swift response following the incident.

He assured families of the fallen officers of the Nigeria Airforce, President Tinubu and the Nigerian Armed Forces of the solidarity and prayers of the Government and people of Kogi State at this difficult time.

He prayed for the repose of the souls of the departed and asked Almighty God to grant their families, colleagues and loved ones the strength and fortitude to bear the loss.

From Francis Sadhere, Delta

The Warri, Uvwie and Environs Special Area Development Agency (WUEDA) has urged journalists to strengthen investigative and verification practices in their reportage to prevent misinformation and promote sustainable development in Warri, Uvwie and adjoining communities.

The Director General of WUEDA, Hon.

Ejinyere said journalists had a critical responsibility to verify allegations and facts before publication, noting that inaccurate reports could mislead members of the public, damage the reputation of institutions and undermine confidence in government programmes.

He called on members of the Correspondents Chapel to see themselves as partners in development while maintaining the independence and ethical standards of the journalism profession.

According to him, journalists should go beyond reporting announcements by examining government projects, their objectives, implementation challenges and the extent to which they are improving the lives of residents.

The WUEDA boss said the agency was committed to executing quality infrastructure projects in accordance with approved engineering specifications, assuring that contractors engaged by the agency would be properly supervised to ensure compliance with required standards.

He said WUEDA’s interventions in drainage construction, road development and other infrastructure were designed to address some of the critical challenges confronting residents of Warri, Uvwie and their environs.

Ejinyere also reaffirmed the commitment of Governor Sheriff Oborevwori’s administration to restoring the lost glory of Warri and its adjoining areas, saying WUEDA’s interventions formed part of the broader effort to tackle infrastructural deficits in the Oil City.

Earlier, the Chairman of the Warri Correspondents Chapel, Comrade Akpokona Omafuaire, said the visit was aimed at formally introducing the new executive to the WUEDA management and strengthening the relationship between the media and the agency.

Omafuaire said the chapel would give professional attention to WUEDA’s activities, particularly its intervention projects, while ensuring that such reportage remained objective and guided by journalistic ethics.

He described WUEDA as a performing interventionist agency whose activities had become increasingly visible across Warri, Uvwie and neighbouring communities.

The former Chairman of the Delta State Council of the NUJ, Comrade Michael Ikogwu, commended Ejinyere and his team of engineers for their efforts, but stressed the need for sustained monitoring and supervision of projects to ensure contractors delivered quality work and value for public funds.

Similarly, the immediate past Chairman of the Warri Correspondents Chapel, Comrade Okakuro Okies Victor Okpomor, urged WUEDA to maintain close supervision of its ongoing projects to guarantee their quality and durability.

The visit was also attended by the Vice Chairman of the Chapel, Comrade Francis Sadhere; Secretary, Comrade Edeki Igafe; Assistant Secretary, Comrade Samuel Ogude; Treasurer, Comrade Onyekachukwu Menuwa; Financial Secretary, Comrade Success Okuchemiya; and Auditor, Comrade Odeya Ogbetuo.

Also present were the immediate past Chairman of the Chapel, Okies Victor Okpomor, and former Delta NUJ Chairman, Michael Ikogwu.

WUEDA’s Director of Administration and Finance, Ochuko Mofe-Ojeke, and Chief Accountant, Mrs. Roseline Okorigba, were among the management officials present.

The engagement highlighted the need for closer interaction between development agencies and the media, particularly as government interventions increasingly attract public attention.

While WUEDA requires effective communication of its projects and achievements, the media also has a responsibility to independently assess the quality, impact and challenges associated with such interventions.

For residents, the value of such a relationship lies not merely in publicity but in ensuring that accurate information is available about projects that directly affect their communities.

The engagement therefore provides an opportunity for WUEDA and the media to maintain an open channel through which facts can be obtained, concerns can be raised and shortcomings identified without compromising the independence of journalists.

At a time when unverified claims can spread rapidly through social media, Ejinyere’s call for proper verification also underscores the need for journalists to rely on facts and credible sources before publishing reports capable of shaping public opinion.

The partnership, if sustained on the basis of transparency and professional independence, could strengthen development reporting in Warri and its environs while ensuring that government interventions receive both the publicity and scrutiny required to deliver lasting benefits to the people