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NNPC Ltd Received $185m, N14.9bn from Frontier Exploration Fund – NUPRC

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The Nigerian Upstream Petroleum Regulatory Commission has disclosed that over $185m and N14.9bn have so far been released to the Nigerian National Petroleum Company Limited from the Frontier Exploration Fund.

The commission’s Head of Media and Strategic Communication, Eniola Akinkuotu, made the revelation in a statement issued on Monday, addressing recent reports that the NUPRC had withheld the Frontier Exploration Fund from NNPC Ltd.

Akinkuotu’s disclosure confirms that the fund has been disbursed to NNPC Ltd as planned, countering assertions that payments were being withheld by the regulator.

The disclosure provides fresh insight into the utilisation of the controversial fund, which has been at the centre of transparency concerns following the introduction of the Petroleum Industry Act that mandates a 30 per cent allocation of NNPC Ltd’s profit oil and gas to frontier exploration.

According to the commission, the fund, drawn from statutory allocations for the exploration of frontier basins, was made available to the national oil company to accelerate oil and gas discovery efforts, particularly in underexplored regions across the country.

Akinkuotu explained that the Frontier Exploration Fund was not domiciled in the Commission but in an account controlled by the Central Bank of Nigeria.

The commission added that its role was simply to evaluate the work programme submitted by NNPCL, after which approval would be given for the release of the fund.

“The Nigerian Upstream Petroleum Regulatory Commission has dismissed reports that it is withholding the Frontier Exploration Fund from the Nigerian National Petroleum Company. $185,123,333 had been approved along with N14.9bn.

“We approve funds based on certified activities and contracts awarded. So, if a contract has not been awarded, we cannot approve payments,” the statement read.

According to the statement, the NUPRC, in a bid to promote transparency, had contracted PwC to evaluate NNPCL’s claims before the final approval of the fund.

“So far, there is no outstanding sum. The NUPRC approved the final release on November 27, 2025, to the tune of $140,000,000. We have documents to back this up.

“Earlier, N14.9bn and $45m were released.

“Anyone interested can also reach out to the NNPCL rather than rely on faceless individuals seeking to tarnish the image of the Commission,” the statement added.

The commission noted that the Frontier Fund was solely for the use of the NNPC and said it would be absurd for any operator to make spurious claims.

The upstream regulator added that the Minister of State for Petroleum, Senator Heineken Lokpobiri, had earlier issued a statement denying investigating the NUPRC over the handling of the fund.

“The honourable minister had issued a rebuttal on the so-called investigation on November 17, 2025. It amounts to mischief for anyone to reference a statement which has been denied by the purported author,” the commission concluded.

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Plateau Ranks 7th in Ease of Doing Business – Official

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The Presidential Enabling Business Environment Council (PEBEC) has ranked Plateau 7th in the country in Ease of Doing Business.

The Focal Person, Plateau Action on Enabling Reforms (SABER), Samari Modibbo disclosed this on Monday in Jos.

Modibbo spoke at the opening of a five-day training programme organised for 50 selected civil servants in the state on Public Private Partnership (PPP).

He said that at the inception of the current administration, Plateau was ranked 12th, adding that it moved to 10th position in 2024.

 “When this government came on board in 2023, Plateau was ranked 12th in ease of doing business.

 “By the end of 2024, it was ranked 10th and today, I’m glad to inform you that the state is ranked 7th.

 “This is a follow up to the commitment and political will of our governor who has the vision to make Plateau greater and better,”he said.

On the training, Modibbo explained that the move aimed at equipping the participants with the basic knowledge of enabling business environments in the state.

Modibbo, who said that the exercise was supported by the World Bank, also aimed at reorganising the PPP sector in the state towards optimal performance.

“The World Bank is interested in PPP being operational in every state, and we are doing this in Plateau to address two issues.

“First, the law establishing PPP in the state was passed in 2017, but has not been operational; the department has been ineffective.

“Secondly, we have lots of projects or facilities that we could enter into PPP with the private sector, but we are unable to do that simply because we have not addressed the issue of capacity.

“So we are doing this five-day training to address the shortfall in the capacity of our civil servants; we want to build their capacity to be able to handle PPP projects,” he said.

Declaring the training open, Jeremiah Satmak, the Chief of Staff to the governor of Plateau, described the training as timely.

He explained that the move was in line with the 2023-2026 strategic development framework of the state government.

“This framework places strong emphasis on leveraging partnerships, innovation and private capital as critical tools for delivering sustainable development.

“Aside the 670 kilometres of road approved by the governor, the administration has also initiated the redevelopment of the Hill Station Hotel under the PPP arrangements.

 “This iconic facility is being transformed into a modern hospitality and tourism hub, capable of attracting local and international visitors, creating jobs and strengthening Plateau’s position as Nigeria’s tourism capital.

 “These and many other projects demonstrate that PPPs are not theoretical concepts as they are already driving real and measurable progress under the current administration,” he said.

Satmak, who called on the participants to fully participate in the sessions, urged them to put the knowledge gained from the exercise towards boosting government businesses.

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CBN Reduces Number of Licensed BDCs to 82 Under Revised Guidelines

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The Central Bank of Nigeria (CBN) has granted final licenses to 82 Bureau De Change (BDCs) to operate with effect from Nov. 27.

A statement issued in Abuja on Monday by Hakama Sidi-Ali, CBN’s Acting Director, Corporate Communications Department, stated that the exercise was in line with its powers conferred under the Bank and Other Financial Institutions Act (BOFIA) 2020.

According to Sidi-Ali, it is also an enforcement of the Regulatory and Supervisory Guidelines for BDC Operations in Nigeria 2024,

“By this notice, only BDCs listed on the Bank’s website are authorised to operate from the effective date.

“The CBN will continue to update the list of BDCs with valid operating licences for public verification on our website (www.cbn.gov.ng).

“The Bank advises the general public to avoid dealing with unlicensed foreign exchange operators,” she said.

She said that operating a BDC business without a valid licence was a punishable offence under Section 57(1) of the BOFIA 2020.

She advised members of the public to note and be guided accordingly.

Recall that at one point there were about 5,690 BDCs operating across Nigeria.

But on March 1, 2024, the CBN revoked the licences of 4,173 BDC operators for regulatory non-compliance. After that revocation, the number of licensed BDCs dropped to around 1,517.

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Alesa: Move Begins in Rivers to Kick out Fand Frabbing, Fraud

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By David, Torough Abuja

Land grabbing and fraudulent sale of lands may suffer a setback in Rivers State as government-approved but community-based land development authority has been set up in Alesa, the host community to the Port Harcourt Refineries.

Some top real estate developers including the Mayor of Housing, My-ACE China, have voiced support for the emergence of a land committee in Alesa, calling on other communities to emulate Alesa so that sanity can return to land transactions.

The land development committee system may provide solution as Rivers State begins experimenting the community-based control system.

The experiment saw the light of day in Alesa Eleme where the Alesa Land Development Commiittee (ALDEC) was inaugurated Friday, December 5, 2025 by the paramount ruler of Alesa, Emperor JD Mkpe.

Rivers State has been gripped by the vicious hold of land grabbers who have moved with armed hoodlums backed by security agencies to crush opponents and take over lands or even built up spaces.

The Alesa community, hub of many federal and state projects are located, has floated the recommended formula with the strong support of Emperor JD Mkpe, their paramount ruler, said to be a respected leader known for his commitment to peace, education, community development, and support for law enforcement, often advocating for better infrastructure and governance in his area.

Inaugurating the committee headed by Mr Emmanuel Olaka, businessmen and strong pillar in Alesa, the paramount ruler condemned sharp practices in land sales in the state with Alesa as an example.

Mkpe’s eye-opener:

The paramount ruler said: “Alesa is one of the 10 communities in Eleme and we are the first community in Nigeria that has refineries. The Port Harcourt Refinery (1&2) that has a lot of pipelines surrounding us. We have done a lot of contribution in making sure Nigeria stands great among all nations.

“We are made up of about 13 communities due to expansion. When I say 13 communities, Alesa is a community that has embraced other people. You can see here some people from the northern community. All the communities are here. That is why Alesa is known as a cosmopolitan community.”

Today, he stated, “Because we have got a lot of information about sale of land, and because we now have a situation whereby other persons will go into another person’s land and sell without the owner’s notice. We have also got information about minors who are not qualified to sell landed property, now selling land without letting their elders know.”

We rise against bad land practices:

He said bad land practices have created a lot of problems in their community. “And that is why today, we are going to inaugurate a land development committee whose duty is to see into all these issues and bring up report about them. This will make both buyers and sellers feel very free in Alesa.

“We seize this opportunity to warn thus: if you sell any land to anybody without this committee’s knowledge or consent, you are doing it at your own risk. If you are buying any land from Alesa, this committee will know. By this, we will track those selling the land to you so that you don’t buy land from a wrong person. We also do not want you to buy land from an under-aged persons (children) who will sell land and run away.”

Investment and image crisis:
Alesa is regarded as the preferred investment zone of Rivers State and Port harcourt. Its image just that of Onne is sensitive. The paramount ruler thus said: “We do not want anyone to drag the name of this commodity to the mud. By what we have now done, Alesa has emerged as a place where you can come and invest. Our hands and doors are open. Let no one deceive you because your hard earned money must be protected.

“We are also seizing this opportunity to encourage investors and businesses to feel free to come and invest in Alesa. We have many investors already showing interest and some are already here, who are interested in investing here. We will not allow them to invest their money where it will be wasted. To those buying lands without due diligence, we advise them to please henceforth desist from buying land from anyone.

“The question of cutting corners to buy lands is totally canceled in this community because we want to protect investors’ funds. This is because some of the investors borrowed huge sums but at the end, the land they bought is a one.”

He said they are also partnering with the Rivers State government on the project because those who buy land in Alesa with due process would be backed all the way to acquisition of certificate of occupancy (CofO).

“We are duly registered and we hereby show the world our certificate of registration and recognition. This is not a shabby arrangement. We have the registration and the authority which we have here as a body approved by the government to go into this development. This also is the registered constitution of the body.
“We are also integrating our tradition so that if you deviate from what you are asked to do, you are the one that will bear the consequences. There is no body that is as old as what (staff) I am holding in my hand here. So, every child, woman, or man who will go to steal someone’s land to sell, if you are caught, you will be dealt with. We will hand you over to the government. We will also make sure that whatever land you buy here, will be registered with the government of Rivers State through the office of the Surveyor-General and the Ministry of Land and that of Housing. This is to permanently stop land grabbers.

Land grabbers beware:

Those wishing to go to Alesa as land grabbers, the paramount ruler issued stern warning. “Please do not come near this commodity because if we catch you, we will show you the way out.
“So that is the reason we are here today so that anybody who is buying land here should come and identify with us so your money can be safe.

“Thirdly, we will not want anyone to sell land again. We know the designated areas for government. Anyone that dares go close to the government land is doing so on his own. And that is the reason why this body is also standing gallantly and strongly to protect government lands and other forms of property. They will help to identify areas belonging to the government.”

Develop your land or forfeit it:
He made another important announcement. He called investors to buy and develop immediately. “We want you to buy and develop, not to keep for decades. Failure to develop your land after five years, the land will be forfeited to the government of Rivers State as a ‘waste land’ that you do not want to develop. So we are here not to maltreat any individual, we are not here to punish anyone, but to make sure your money is safe.”

The king said they have been receiving reports. “We have lands that people bought when nobody here today was born. Today, those landowners are having problems. If they had bought those lands through this office that period of time, maybe their money and land would be protected. Any land that is bought here, we have your drawing and plan in the office so that even if you are no more, your land will be protected for your children. By this arrangement in place now, nobody will go back to sell your land in your absence.

Equity for the aboriginals:
The host communities of Indorama-Eleme Petrochemicals have become about the first host community in Nigeria to be equity holders to a project in their community. The next is the Housing and Construction Mayor Limited which has given the aboriginal land owners 10% equity through corporate social responsibility (CSR) investment. Now, the community has ruled that the Mayor formula should now be the rule.

The king declared: “Also, you are not buying any land in perpetuity. There must be a percentage set aside for the children and grandchildren of the aboriginal land owner so they can meet and enjoy the dividends of their father’s labour. That is what we want to do so that everyone who has given out his plot of land in Alesa will be happy. The documentation of the land will accommodate the families of the buyer in the event of his demise, and the children of the seller, all this will be in the archive.”

He informed that the land committee has a good office where every vital piece of information is stored. “We are optimistic that this strategy will work for us all. One of the greatest persons who has been able to identify with us is the Mayor of Housing. He has been friendly to us and to our aspirations. One of two others have been supportive, but we would want them to come closer.”

Stop de-marketing Alesa – Emmanuel Olaka:
Speaking immediately after the inauguration, Olaka, the new chairman, vowed never to betray Alesa. “I hereby pledge never to betray this community or the palace. This is my hometown.

“Let me stand to say this afternoon, I want to really express my profound gratitude to God Almighty, who has made today possible for us to gather here, for this land development committee.

“I want to extend my sincere appreciation to the Alesa council of chiefs, the women, the youths, for nominating me to be the chairman of the Alesa Land Development Committee. I want to say this afternoon that I, Emmanuel Olaka, a bonafide son of Alaka, from Uwueke community, I will never disrespect this committee. I will always do what is right, so that my God will always stand by me. I will not be biased.”

He stated that the committee is not to make anybody fall but to make Alesa great. “This committee was formed because of the activities that are going on in our land. Some persons and some investors were trying to de-market Alesa, which is not acceptable. We will not accept that when there is no dispute, you go about telling people that there was dispute. What you are trying to do is to de-market Alesa.

“So the essence of this committee is to make sure that Alesa develops faster. Those coming to invest will not have any trouble. You will be unhurt. That is why the council of chiefs deemed it necessary to form this committee.

“We are going to work in harmony with the Alesa council of chiefs. We are not working for ourselves, but for the interest of Alesa, to make things go properly. We are not coming to do anything negative to the development of the community. We will always support investors to do what is right.”

Support galore:
The event witnessed huge turnout of the community, and various community leaders voiced strong support to the scheme. A youth, Director Osarokote Benson, who said he is the Scholar President, agreed that the scheme was very necessary.

A woman leader, Blessing Wuwu, a former councilor Humphrey Dada Obele, and Okenwii, a paramount ruler, all spoke in support of the land development committee initiative.

In his response, My-ACE China, the Mayor of Housing, who is behind the fast-approaching development in the area, the Alesa Sustainable Green Smart City, commended the community for leading the way and the war against land grabbing and land fraud. He said the development would augur well for the green city being initiated in the area and other projects coming to Alesa.

He urged other communities in Rivers State and beyond to move fast and inaugurate such committees to bring an end to land grabbing.

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