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OGFZA Secures $24B in Investments for Nigeria …As Stakeholders Back Calls For Exemption in New Tax Law

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OGFZA’s Managing Director and Chief Executive Officer, Bamanga Usman Jada, made the disclosure during a town hall meeting with the Federal Inland Revenue Service (FIRS) and OGFZA licensees

By Our Correspondent

The Oil and Gas Free Zones Authority (OGFZA) has announced that it has attracted more than 24 billion dollars in investments into Nigeria, an achievement that underscores the strategic value of the nation’s free zones. The Authority also threw its weight behind calls for a 10-year exemption for operators in special economic and free zones from the new tax law provisions.

OGFZA’s Managing Director and Chief Executive Officer, Bamanga Usman Jada, made the disclosure during a town hall meeting with the Federal Inland Revenue Service (FIRS) and OGFZA licensees held on Thursday, 11 December 2025, at the Onne Oil and Gas Free Zone in Rivers State.

He argued that the proposed 10-year extension would provide operators with the “adaptation space” needed to transition and comply with evolving tax requirements, noting that Nigeria’s free zones have already generated hundreds of thousands of direct and indirect jobs across the country.

“Distinguished guests, I endorse the appeal presented last week by the Managing Director/CEO of the Nigeria Export Processing Zones Authority (NEPZA) during the stakeholder engagement organized by the Ministry of Industry, Trade and Investment. The request seeks a minimum ten-year exemption for operators in special economic zones and free zones from the new tax provisions, allowing sufficient time for adaptation.”

“Energy-oriented free zones have been pivotal in driving development in numerous nations, exemplified by the Jebel Ali Free Zone in Dubai and the Sohar Free Zone in Oman. These initiatives have drawn billions in investments, generated extensive employment opportunities, and positioned their economies as global leaders.”

“Similarly, OGFZA-regulated free zones in Nigeria have secured over $24 billion in investments, accommodated more than 200 enterprises, and created hundreds of thousands of direct and indirect jobs. This underscores the value of robust incentives and effective regulation in accelerating industrialization.”

“Accordingly, OGFZA supports the call for a ten-year extension of existing tax incentives, coupled with a phased implementation to mitigate potential disruptions.

“Many of our licensees, including prominent foreign investors, formulate strategies spanning 10, 15, or even 25 years, predicated on prevailing incentives. Granting this transitional period would reinforce the Renewed Hope Agenda and uphold policy consistency, a cornerstone for attracting sustained investment.”

“As the apex regulator of oil and gas free zones and administrator of the one-stop-shop framework, OGFZA remains integral to their enduring viability. Our efforts have been recognized through prestigious accolades, including the Best Federal Agency on Ease of Doing Business award from the Presidential Enabling Business Environment Council (PEBEC) in 2018, 2019, 2022, and 2024, as well as the Financial Times’ FDI Magazine designation as the best specialized free zone in 2018.”

The OGFZA helmsman commended the President of Nigeria, Bola Ahmed Tinubu for what he described as “his visionary leadership,” even as he thanked the Minister of Industry, Trade and Investment, Dr. Jumoke Oduwole, and the Minister of State, Senator John Enoh, for “their steadfast guidance and advocacy in supporting the sector.”

Under the leadership of President Bola Ahmed Tinubu, “exports from Nigeria’s oil and gas free zones have surged to 496,537,804 metric tons, generating substantial foreign exchange inflows. Our operators now supply markets in Brazil, the United States, France, India, the United Kingdom, the Republic of Korea, and beyond, aligning seamlessly with the President’s Renewed Hope Agenda.”

He reiterated OGFZA’s readiness to “sustain collaboration with FIRS, in accordance with our memorandum of understanding, to ensure the tax reforms are executed efficiently and equitably.”

Speaking at the event, Executive Chairman of FIRS, Dr. Zacch Adedeji argued that “the 2025 tax reforms mark a significant step in modernizing Nigeria’s fiscal frameworks.”

“For Export Processing and Free Trade Zones, the focus is not on taxation of income or profits of Zone entities, but on promoting transparency, accountability and proper reporting.

“By embracing compliance, collaboration and commitment to respecting obligations imposed by relevant tax laws, Free Trade zones can meaningfully contribute to national development, which is the very essence for implementing the Special Economic zones scheme,” he explained.

Represented by the Special Adviser on Tax Incentive Management, Dr. Cletus Adie, the FIRS boss condemned what he described as “continuous recalcitrant behaviours of some enterprises”, that have “motivated the deployment of a deliberate and structured administrative strategy that compels compliance by all enterprises, supported by section 72 (4) (f ) of the Nigerian Tax Administration Act. Accordingly, the need for the implementation of tax clearance certificate as a mandatory requirement for issuance of renewal of operating license has become crucial”, he stressed.

Stakeholders at the event unanimously called for the exemption for operators in special economic and free zones from the new tax law provisions, to enable them adjust.

Highlights of the event were special presentations, interactive, as well as question and answer session, among others.

Oil & Gas

Nembe communities report underwater pipeline leak at OML 29 oilfields in Bayelsa

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By David Owei

The Nembe communities at Okpoama and Ikensi in Brass and Nembe Local Government Areas (LGAs) respectively have bemoaned recent oil leaks and subsequent pollution from Oil Mining Lease (OML 29) oilfields.

It was learnt that the oil leak from an underwater pipeline at Ikensi was discovered on Thursday by residents who raised concerns over negative impact of the spill on the environment.

The ongoing underwater crude oil pipeline leakage near Ikensi community, was noticed at about 6.45 am on Thursday and reported to the operator of f the oilfield.

Both officials of the oil firm and oil spill regulator confirmed the incident but said that they were working on an official statement to be issued in due course but yet to d9 so.

OML 29 is operated by Nembe Explorationwnd Production Ltd formerly Aiteo Eastern Exploration and Production Limited.

Chief Clarkson Obiakpa, a Chief of Opu Nembe
explained that community residents who first detected the leak report that crude oil is actively discharging crude into surrounding waterways with no visible containment or emergency response deployed at the time of reporting, raising immediate fears of widespread ecological contamination and threats to fishing-based livelihoods.

“The spill was discovered early on Thursday morning around 6:45 am. Crude oil is still flowing into our waterways. No response team has arrived.

“Our rivers, fishing grounds, and drinking sources are already being affected. We are deeply concerned about our survival and livelihood.” Obiakpa said.

He recalled that this latest incident comes shortly after a marine vessel spill on the Atlantic coastline, affecting Okpoama, Diema and Twon-Brass in the neighbouring Brass LGA, where large volumes of crude oil reportedly escaped into surrounding waterways during a transshipment operation between a vessel and a tanker.

According to Chief Edwin Otiete-Goli, a community leader: “This spill has devastated our waters and our means of livelihood. Our fishing grounds are polluted, and our ecosystem is under serious threat. We call for immediate accountability, full remediation, and justice for our people who depend entirely on these waters for survival.”

Aiteo acquired the OML 29 field and the 97 kilometer Nembe Creek Trunk Line (NCTL) for $ 2.4 billion in 2015 following divestment by Shell Petroleum Development Company (SPDC)

The operator of the OML 29 oil block discarded the NCTL which hitherto evacuated crude to the Bonny Export Terminal due to oil theft and vandalism and resorted use of barged and small vessels to translated and oil to a Floating Production Storage and Offloading (FPSO) for export.

This development, an interim operational plan pending linking the oil wells via pipelines to the FPSO has been fraught with frequent operational leaks from transloading of crude to the FPSO

When contacted for a response, on Thursday evening, a Public Affairs Official at the oil firm, Nembe E & P said the company was working on a statement.

“An official statement will be sent soon,” he said.

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Oil & Gas

Fuel Price Hike: A Brutal Economic Assault on Nigerians- HURIWA demands immediate Presidential Action

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By George Mgbeleke

The Human Rights Writers Association of Nigeria (HURIWA) issues this hard-hitting and unequivocal condemnation of the latest increase in petrol prices across Nigeria, describing it as a cruel, insensitive, and economically destructive decision that has further weaponized poverty against already suffering citizens.

In a statement signed by National Coordinator,HURIWA,Comrade Emmanuel Nnadozie Onwubiko,” the abrupt hike in petrol prices—triggered by Dangote Refinery’s increase of gantry price by ₦75 per liter and swiftly mirrored by filling stations now selling between ₦1,365 and ₦1,370 per liter in Abuja—represents nothing short of an economic ambush on Nigerians. It is a calculated economic exploitation and hemorrhage unleashed on the impoverished and massively deprived citizens who also seems to have lost the sense of national outrage legally demonstrated through pteaceful protests against this attempt to send millionsbof households into unmitigated absolute poverty in addition to the 130 million absolutely impoverished households.

“Within hours, marketers adjusted their pumps upward, confirming the absence of any meaningful regulatory safeguards to protect the public from coordinated exploitation.

“This development is not just another price increase; it is a direct attack on the survival of millions. Nigerians are already suffocating under the weight of a catastrophic cost-of-living crisis, with food prices, transportation costs, electricity tariffs, and basic commodities skyrocketing beyond reach. This latest fuel hike will multiply suffering, deepen hunger, and accelerate the collapse of fragile livelihoods across the country.”

Continuing HURIWA warned that the consequences will be immediate and devastating. “Millions of small businesses—the backbone of Nigeria’s informal economy—are now on the brink of extinction. Barbing salons, welding workshops, small-scale manufacturers, transport operators, and countless petty traders who depend on petrol for daily operations will be forced to shut down. This will trigger a dangerous surge in unemployment, particularly among youths and women, thereby worsening social instability and insecurity.

“It is both shocking and unacceptable that Nigeria, a leading crude oil-producing nation, has become a global symbol of energy injustice, where citizens pay exorbitant prices for a resource their country abundantly produces. The justification being pushed—rising crude oil prices linked to tensions in the Middle East—is not only weak but fundamentally dishonest. Countries directly affected by these tensions have not imposed such punishing fuel costs on their citizens, yet Nigerians are being forced to bear the brunt of global volatility without any form of protection.”

HURIWA strongly condemns Dangote Refinery for what appears to be an opportunistic and calculated exploitation of international geopolitical tensions as a convenient excuse to increase prices. “The timing and scale of this hike raise serious questions about market fairness, transparency, and the dangerous emergence of monopolistic tendencies in Nigeria’s downstream petroleum sector.

“Equally disturbing is the apparent silence and inaction of the Federal Government. The failure to regulate, moderate, or even respond decisively to these relentless price hikes sends a troubling message that the suffering of Nigerians is no longer a priority. This perception of indifference is fueling anger, frustration, and a growing loss of public trust.

“We therefore demand immediate and decisive intervention by President Bola Ahmed Tinubu to halt this reckless escalation of petrol prices. The government must urgently implement price stabilization mechanisms, enforce strict regulatory oversight, and ensure that no private entity is allowed to exploit Nigerians under the guise of market forces.

“Furthermore, HURIWA calls for a transparent audit of pricing structures within the petroleum sector and the establishment of policies that prioritize the welfare of citizens over corporate profit.

“Nigeria stands at a dangerous tipping point. The continuation of these harsh policies will not only wipe out businesses but will plunge millions further into poverty and despair. The government now faces a stark choice: defend the welfare of its citizens or remain complicit in the deepening hardship they endure. The time for silence is over. The time for action is now.”

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Oil & Gas

Waltersmith showcases expanded refinery to NCDMB, NMDPRA …plans for condensate refinery, industrial park

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By David Owei

The Executive Secretary NCDMB, Engr. Felix Omatsola Ogbe on Thursday joined the Authority Chief Executive (ACE) of the Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA), Mr. Saidu Mohammed, to visit the Waltersmith modular refinery at Ohaji- Egbema, Imo State.
The visit was to inspect the newly completed expansion of the firm’s refining capacity, from 5,000 barrels per day (bpd) to 10,000 bpd.
NCDMB invested equity in the Waltersmith Refining and Petrochemical Company Limited’s modular refinery in 2018 and helped catalyze the investment, leading to the commissioning of the first phase of the plant in November 2020.
NCDMB also participated in the expansion, which is now completed and operational, producing AGO (diesel), Household kerosine (HHK), HFO (Heavy Fuel Oil) and Naphtha.
The refinery has to date supplied over 1.1 billion litres of refined products to local and regional markets, helping to strengthen Nigeria’s and West Africa’s energy security and contributing immensely to the national economy. The refinery supplies most of its products to the South-East and South-South parts of the country, while the HFO gets to West African sub-region.
The Director Legal Services NCDMB, Dr Naboth Onyesoh represented the Executive Secretary and conveyed the Board’s delight at the success of Waltersmith modular refinery. He described the firm as a model in local content implementation, especially in direct and in-direct job creation, capital retention, industrialization, import substitution and value addition to crude oil and gas resources.
Mr. Abdulrazak Isa, Chairman of Waltersmith Petroman, said the visit was organised to showcase the completed facility to NMDPRA’s new leadership and its partner, NCDMB and unveil its next developmental phase. He said the company had grown from owning one oil field at inception three decades ago, to expanding to several fields, including owning stakes in Renaissance Africa Energy Ltd, which acquired the entire assets of Shell Petroleum Development Company of Nigeria (SPDC) in March 2025.
He further announced the firm’s plan to commence two further phases of expansion, which will include the construction of 30,000 barrels per day condensate refinery and an industry park, which will accommodate other gas based firms. He said the firm will develop a gas line that will deliver 100 million standard cubic feet of gas per day, and provide an embedded captive power, to attract industries to co-locate in the industrial park.
Plans are afoot to conclude the partnership agreement for the condensate refinery by the 4th quarter of 2026 he said, adding that feedstock for the integrated expansions will come from the Ibigwe and Assa fields, as well as from nearby fields.
The Chairman underlined the company’s determination to invest in the petrochemical sector, leveraging on its access to gas and Naphtha, noting that the petrochemical industry is a key enabler of the economy.
He sought approvals from the NMDRA for the various stages of the upcoming developments.
The Authority Chief Executive expressed his delight at the success of the facility and promised the agency’s support to the company’s expansion plans.
He said the midstream sector of the petroleum industry holds the key to the nation’s economic development, adding that the establishment of such projects is the dream of every administration.
He described Waltersmith as an octopus in the midstream sector and challenged the company to hasten the development of the condensate refinery.
Mohammed also commended NCDMB for partnering with Waltersmith to develop the project, which had become a run-away success.

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