EnergyReformsNG

Happy International Women’s Day

Congratulations on the renewal of your appointments, Mrs. Beatrice Jedy-Agba, Solicitor General of the Federation & Permanent Secretary, Federal Ministry of Justice; Permanent Secretary, @Fmohnigeria; and Permanent Secretary, Ministry of Regional Development. This is wonderful news, made even more meaningful as we celebrate International Women’s Day.

STATEHOUSE PRESS RELEASE PRESIDENT TINUBU OVERSEES HISTORIC RESOLUTION OF OPL 245 DISPUTE, UNLOCKS MAJOR DEEPWATER INVESTMENT President Bola Tinubu announced today the successful conclusion of a historic settlement agreement between the Federal Government of Nigeria, ENI, and Nigerian Agip Exploration Limited (NAEL) at a meeting in his office attended by the Chief Executive Officer of Eni, Claudio Descalzi, Chief Operating Officer of Eni Guido Brusco, Head of Sub-Saharan Region, Mario Bello, Managing Director of Nigerian Agip Exploration, Fabrizio Bolondi and Special Adviser to the President on Energy, Olu Verheijen. The agreement brought to a close the long-standing dispute over Oil Prospecting Licence (OPL) 245, paving the way for the development of one of Nigeria's most significant deepwater resources. The agreement, signed in Abuja, marks the resolution of a dispute spanning more than 15 years and restores clarity and stability to an asset widely recognised as one of Nigeria's most commercially promising deepwater blocks. With the dispute now settled, the pathway is clear for Final Investment Decision on the Zabazaba–Etan development, a project capable of adding approximately 150,000 barrels per day to Nigeria's production capacity and strengthening the country's long-term energy outlook. President Bola Ahmed Tinubu described the agreement as a strategic milestone in Nigeria's economic reform agenda, reaffirming the administration's commitment to resolving legacy disputes, restoring investor confidence, and ensuring that Nigeria's natural resources deliver sustainable value to the Nigerian people. "This resolution sends a clear signal to global investors that Nigeria is prepared to address legacy issues transparently, uphold the rule of law, and create a stable environment for long-term capital," the President said. “The settlement also represents a significant improvement on the 2011 Resolution Agreement, reflecting the policy framework established under the Petroleum Industry Act (PIA) and the administration's broader fiscal and governance reforms in the energy sector”, said Olu Arowolo-Verheijen, Presidential adviser on energy. “The revised terms strike a balanced outcome providing investors with the clarity and predictability required to proceed with major deepwater investments, while ensuring stronger value accretion and safeguards for the Federation”, Arowolo-Verheijen added. The agreement is part of a wider programme of reforms undertaken since 2023 to restore Nigeria's competitiveness in global energy markets. These reforms, anchored in the Petroleum Industry Act and supported by targeted executive actions, have already contributed to renewed investor interest and significant capital inflows into Nigeria's oil and gas sector. “By resolving the OPL 245 dispute, the Federal Government has removed one of the most prominent legacy risks in Nigeria's upstream sector and reinforced its commitment to predictable regulation, transparent governance, and commercially viable investment frameworks”, Arowolo-Verjeihen further said. President Tinubu commended all institutions and stakeholders who contributed to achieving the settlement, including the Office of the Attorney General of the Federation, the Ministry of Petroleum Resources, the Special Adviser to the President on Energy, the Nigerian Upstream Petroleum Regulatory Commission (NUPRC), NNPC Limited, and the leadership of ENI. The successful resolution underscores the Tinubu Administration's determination to unlock Nigeria's strategic energy assets, attract responsible investment, and ensure that the nation's resources translate into growth, jobs, and long-term prosperity for Nigerians. Bayo Onanuga Special Adviser to the President (Information and Strategy) March 5, 2026

STATEHOUSE PRESS RELEASE President Tinubu announces the historic resolution of the OPL 245 Dispute, Unlocks Major Deepwater Investment President Bola Tinubu announced today the successful conclusion of a historic settlement agreement between the Federal Government of Nigeria, ENI, and Nigerian Agip Exploration Limited (NAEL). The announcement was made at the meeting in his office attended by the Chief Executive Officer of Eni, Claudio Descalzi; the Chief Operating Officer, Guido Brusco; the Head of Sub-Saharan Region, Mario Bello; the Managing Director of Nigerian Agip Exploration, Fabrizio Bolondi; and the Special Adviser to the President on Energy, Olu Arowolo-Verheijen. The agreement brought to a close the long-standing dispute over Oil Prospecting Licence (OPL) 245, paving the way for the development of one of Nigeria's most significant deepwater resources. Signed in Abuja, the agreement marks the resolution of a dispute spanning more than 15 years. It restores clarity and stability to an asset widely recognised as one of Nigeria's most commercially promising deepwater blocks. With the dispute now settled, the pathway is clear for Final Investment Decision on the Zabazaba–Etan development, a project capable of adding approximately 150,000 barrels per day to Nigeria's production capacity and strengthening the country's long-term energy outlook. President Bola Ahmed Tinubu described the agreement as a strategic milestone in Nigeria's economic reform agenda, reaffirming the administration's commitment to resolving legacy disputes, restoring investor confidence, and ensuring that Nigeria's natural resources deliver sustainable value to the Nigerian people. "This resolution sends a clear signal to global investors that Nigeria is prepared to address legacy issues transparently, uphold the rule of law, and create a stable environment for long-term capital," the President said. “The settlement also represents a significant improvement on the 2011 Resolution Agreement, reflecting the policy framework established under the Petroleum Industry Act (PIA) and the administration's broader fiscal and governance reforms in the energy sector”, said Olu Arowolo-Verheijen, Presidential adviser on energy. “The revised terms strike a balanced outcome providing investors with the clarity and predictability required to proceed with major deepwater investments, while ensuring stronger value accretion and safeguards for the Federation”, Arowolo-Verheijen added. The agreement is part of a wider programme of reforms undertaken since 2023 to restore Nigeria's competitiveness in global energy markets. These reforms, anchored in the Petroleum Industry Act and supported by targeted executive actions, have already contributed to renewed investor interest and significant capital inflows into Nigeria's oil and gas sector. “By resolving the OPL 245 dispute, the Federal Government has removed one of the most prominent legacy risks in Nigeria's upstream sector and reinforced its commitment to predictable regulation, transparent governance, and commercially viable investment frameworks”, Arowolo-Verjeihen further said. President Tinubu commended all institutions and stakeholders who contributed to achieving the settlement, including the Office of the Attorney General of the Federation, the Ministry of Petroleum Resources, the Special Adviser to the President on Energy, the Nigerian Upstream Petroleum Regulatory Commission (NUPRC), NNPC Limited, and the leadership of ENI. The successful resolution underscores the Tinubu Administration's determination to unlock Nigeria's strategic energy assets, attract responsible investment, and ensure that the nation's resources translate into growth, jobs, and long-term prosperity for Nigerians. Bayo Onanuga Special Adviser to the President ( Information and Strategy) March 5, 2026

The leadership of the Women in Energy Network @wie_network led by its President, Mrs. Eyono Fatayi-Williams, on 25th February 2026, paid a courtesy visit to the Special Adviser to the President on Energy, @oluverheijen. Discussions centered on strengthening collaboration between government and key industry stakeholders, while advancing practical pathways for greater inclusion across Nigeria’s energy sector. The engagement explored how policy alignment, strategic partnerships, and leadership development can further accelerate women’s participation and influence across the energy value chain. Such engagements reflect a shared commitment to shaping an energy future that is not only sustainable and innovative, but intentionally inclusive.

Dear Nigerians, Effective February 13, 2026, I signed an Executive Order to restore what belongs to the Nigerian people. For too long, excessive deductions, overlapping funds, and structural distortions in the oil and gas sector have weakened remittances to the Federation Account. When revenues meant for federal, state, and local governments are trapped in layers of charges and retention mechanisms, development suffers. That must end. With Order 9 of 2026 (Presidential Executive Order to Safeguard Federation Oil and Gas Revenues and Provide Regulatory Clarity, 2026) which has now been gazetted, all Royalty Oil, Tax Oil, Profit Oil, Profit Gas, and other government entitlements under Production Sharing and related contracts will now be paid directly into the Federation Account. The additional 30 per cent management fee and the 30 per cent Frontier Exploration deduction will no longer stand in the way of national revenue. Our objective is transparency, accountability, and full constitutional compliance. Oil and gas revenues must serve the Nigerian people first and this reform is about fairness and fiscal responsibility. As we strengthen national security, invest in education, expand healthcare, stabilise the economy, and advance our energy transition, every legitimate naira due to the Federation must be protected. NNPC Limited will operate strictly as a commercial enterprise, as intended under law. The era of duplicative deductions and fragmented oversight is over. Our administration will also undertake a comprehensive review of the Petroleum Industry Act to address structural and fiscal anomalies that weaken national revenue. I have also approved the establishment of an Implementation Committee to oversee and ensure the effective, coordinated implementation of the executive order. Nigeria can no longer afford leakage where there should be leadership. We are safeguarding the Federation Account. We are strengthening our budget. We are acting in the national interest. This was my promise to Nigerians when I asked for this job. Nigeria First. I thank you all. Bola Ahmed Tinubu President and Commander-in-Chief of the Armed Forces Federal Republic of Nigeria

📌Aligning Regulation With Government Policy In a bid to fully align petroleum regulation with government policy, the Commission Chief Executive, NUPRC, Mrs Oritsemeyiwa Eyesan, in Abuja on Thursday February 12, 2026, visited the Special Adviser to the President on Energy, @OluVerheijen, where they discussed key developments in the upstream petroleum sector. #partnership #OnwardTogether #PilotingRegulatoryReforms

I received the Chief Executive of the Nigerian Upstream Petroleum Regulatory Commission, @NUPRCofficial Mrs. Oritsemeyiwa Eyesan, in my office on Thursday, 12th February 2026, for a courtesy visit. Our discussions focused on consolidating ongoing upstream oil and gas reforms and planning for 2026, with attention to disciplined implementation, stronger institutional alignment, and sustained collaboration to ensure that reform efforts deliver tangible growth, stability, and long-term value for Nigeria’s energy sector.

I welcomed the Authority Chief Executive of the @NMDPRA_Official, Engineer Saidu Aliyu Mohammed, to my office on 10th February, for a courtesy visit. We discussed ongoing reforms in the oil and gas sector and strategic priorities for 2026, emphasizing coordinated implementation, enhanced institutional alignment, and continued collaboration to ensure these efforts translate into meaningful growth, stability, and lasting value for Nigeria’s energy industry.

In my appearance on @tvcnewsng Journalists’ Hangout last week, I situated Shell’s announcement of a planned $20B investment in Nigeria within the broader context of President Tinubu’s bold reforms aimed at fixing broken systems and repositioning Nigeria for investment, jobs, and growth. Full interview available here youtube.com/watch?si=nIpFj…

@OndoStateOnline turns 50 today, having been carved out of the old Western State on February 3, 1976. It was a profound honour and a moment of deep pride for me, as a daughter of the State, to deliver the keynote address in Akure yesterday as part of the Golden Jubilee celebrations. I was delighted to be part of the event, sharing my thoughts, engaging with fellow stakeholders, and being honoured with a commemorative plaque. Also present at the lecture were Professor @taiwoyedele who delivered the lecture, and Chief Wole Olanipekun OFR, CFR, SAN, who was chair of the public lecture. My heartfelt congratulations to His Excellency, Governor @LuckyAiyedatiwa , the government, and the wonderful people of Nigeria’s Sunshine State on this historic milestone. As I noted in my address, “The story of Ondo is not finished, indeed, it is only entering its most consequential chapter.” May Ondo State continue to shine yesterday, today, and forever. Read the full address here: lnkd.in/dsRabGD4

Join the Special Adviser to the President on Energy @oluverheijen Live on Journalist Hangout now youtube.com/watch?v=b-Yzp0…

Federal Government’s ₦501 Billion Inaugural Tranche Under Power Sector Bond Programme Records 100% Subscription- Lagos, Nigeria The Federal Government of Nigeria has successfully issued a ₦501 billion inaugural bond under the Presidential Power Sector Debt Reduction Programme (PPSDRP), recording 100% subscription from pension funds, banks, asset managers and other investors, and marking a significant step towards resolving legacy debts, restoring liquidity, and strengthening confidence in the Nigerian Electricity Supply Industry (NESI). The Programme, championed by President Bola Ahmed Tinubu, GCFR, is designed to address long-standing payment arrears owed to power generation companies, which for over a decade constrained liquidity, weakened balance sheets and discouraged investment across the power sector value chain. Speaking at the bond issuance signing ceremony in Lagos on 27 January 2026, the Special Adviser to the President on Energy, Olu Arowolo Verheijen, stated that the Programme represents a decisive reset of the electricity market, combining debt resolution with broader financial and structural reforms. The signing follows the successful completion of Series 1 Power Sector Bond Issuance by NBET Finance Company Plc. Series 1 issuance closed at ₦501 billion, comprising ₦300 billion raised from the capital markets and ₦201 billion in bonds allotted to participating power generation companies, reflecting strong investor confidence in the reform agenda. Under the Programme, verified receivables for electricity supplied between February 2015 and March 2025 are being settled through negotiated agreements with power generation companies. To date, five (5) power generation companies representing fourteen power plants nationwide; First Independent Power Limited (FIPL), Geregu Power Plc, Ibom Power Company Limited, Mabon Limited and Niger Delta Power Holding Company Limited (NDPHC) — have executed Settlement Agreements with the Nigerian Bulk Electricity Trading Plc (NBET). The total negotiated settlement amount for these companies stands at ₦827.16 billion, to be paid in four (4) phased instalments. Proceeds from Series 1 issuance will fund the first and second instalment payments to participating power generation companies with signed Settlement Agreements, estimated at ₦421.42 billion, representing approximately 50% of the total negotiated settlement amount. The payment for this initial phase will be made through a mix of cash and notes. Mr. Kola Adesina, Group Managing Director of Sahara Power Group, which owns five power plants, said, “Capital formation can only come when there is confidence, when you can truly see a line of sight in recovering investments previously made. Because we were being owed so much, it was a bit of a problem for us to put in more money. But last year we took the bull by the horns, based on President Bola Ahmed Tinubu’s commitment in resolving the legacy issues, and I can say that once this process is over, construction will commence immediately on the second phase of our Egbin Power Plant. On behalf of the Generation Companies, I’d like to thank the President for this resolution.” By clearing historic arrears, the Programme is expected to improve liquidity for power generation companies, strengthen their ability to meet operating and debt obligations, unlock new investment across the sector and support more reliable electricity supply to homes and businesses. It also reinforces fiscal discipline through validated claims, negotiated settlements and transparent capital market financing. When completed, the Programme will impact 4,483.60MWh/h of electricity generation capacity by Nigerian GenCos, effectively finalizing settlement of payments for 290,644.84GWhr of electricity billed since February 2015 and providing a strong foundation for new investments into capacity enhancement and expansion by companies serving 12.03mn active registered customers across the country. The Special Adviser to the President on Energy recognizes the visionary leadership of President Bola Ahmed Tinubu, as well as the support from the Honourable Minister of Finance and Coordinating Minister of the Economy, Mr. Wale Edun, and the Honourable Minister of Power, Chief Adebayo Adelabu, in making the PPSDRP a reality. She further acknowledges the support of all members of the Presidential Power Sector Debt Reduction Committee who played vital roles in making this capital raise a success, all key power sector stakeholders as well as government authorities, including the Debt Management Office, Central Bank of Nigeria, the National Pensions Commission, and the Nigerian Revenue Service, who facilitated enhancements for the Bond Issue. CardinalStone Partners Limited, a leading Investment banking firm in Nigeria, led the consortium of appointed professional parties as Lead Financial Adviser and Lead Issuing House to successfully execute the Series 1 Bond Issue, working closely with the Nigerian Bulk Electricity Trading Plc (NBET) that acted as Sponsor on the Transaction, and the Office of the Special Adviser on Energy that led the settlement negotiations and engagements with the Generation Companies. Verheijen, Special Adviser to the President on Energy, said, “The Federal Government reaffirms its commitment to disciplined implementation of the Programme, and we look forward to the participation of other power generation companies, as part of our broader reforms aimed at building a financially sustainable electricity market that is capable of supporting Nigeria’s long-term economic growth.” Media Contact: Communications Team, Office of the Special Adviser to the President on Energy; media@energyreforms.ng

Federal Government’s ₦501 Billion Inaugural Tranche Under Power Sector Bond Programme Records 100% Subscription Lagos, Nigeria – The Federal Government of Nigeria has successfully issued a ₦501 billion inaugural bond under the Presidential Power Sector Debt Reduction Programme (PPSDRP), recording 100% subscription from pension funds, banks, asset managers and other investors, and marking a significant step towards resolving legacy debts, restoring liquidity, and strengthening confidence in the Nigerian Electricity Supply Industry (NESI). The Programme, championed by President Bola Ahmed Tinubu, GCFR, is designed to address long-standing payment arrears owed to power generation companies, which for over a decade constrained liquidity, weakened balance sheets and discouraged investment across the power sector value chain. Speaking at the bond issuance signing ceremony in Lagos on 27 January 2026, the Special Adviser to the President on Energy, Olu Arowolo Verheijen, stated that the Programme represents a decisive reset of the electricity market, combining debt resolution with broader financial and structural reforms. The signing follows the successful completion of Series 1 Power Sector Bond Issuance by NBET Finance Company Plc. Series 1 issuance closed at ₦501 billion, comprising ₦300 billion raised from the capital markets and ₦201 billion in bonds allotted to participating power generation companies, reflecting strong investor confidence in the reform agenda. Under the Programme, verified receivables for electricity supplied between February 2015 and March 2025 are being settled through negotiated agreements with power generation companies. To date, five (5) power generation companies representing fourteen power plants nationwide; First Independent Power Limited (FIPL), Geregu Power Plc, Ibom Power Company Limited, Mabon Limited and Niger Delta Power Holding Company Limited (NDPHC) — have executed Settlement Agreements with the Nigerian Bulk Electricity Trading Plc (NBET). The total negotiated settlement amount for these companies stands at ₦827.16 billion, to be paid in four (4) phased instalments. Proceeds from Series 1 issuance will fund the first and second instalment payments to participating power generation companies with signed Settlement Agreements, estimated at ₦421.42 billion, representing approximately 50% of the total negotiated settlement amount. The payment for this initial phase will be made through a mix of cash and notes. Mr. Kola Adesina, Group Managing Director of Sahara Power Group, which owns five power plants, said, “Capital formation can only come when there is confidence, when you can truly see a line of sight in recovering investments previously made. Because we were being owed so much, it was a bit of a problem for us to put in more money. But last year we took the bull by the horns, based on President Bola Ahmed Tinubu’s commitment in resolving the legacy issues, and I can say that once this process is over, construction will commence immediately on the second phase of our Egbin Power Plant. On behalf of the Generation Companies, I’d like to thank the President for this resolution.” By clearing historic arrears, the Programme is expected to improve liquidity for power generation companies, strengthen their ability to meet operating and debt obligations, unlock new investment across the sector and support more reliable electricity supply to homes and businesses. It also reinforces fiscal discipline through validated claims, negotiated settlements and transparent capital market financing. When completed, the Programme will impact 4,483.60MWh/h of electricity generation capacity by Nigerian GenCos, effectively finalizing settlement of payments for 290,644.84GWhr of electricity billed since February 2015 and providing a strong foundation for new investments into capacity enhancement and expansion by companies serving 12.03mn active registered customers across the country. The Special Adviser to the President on Energy recognizes the visionary leadership of President Bola Ahmed Tinubu, as well as the support from the Honourable Minister of Finance and Coordinating Minister of the Economy, Mr. Wale Edun, and the Honourable Minister of Power, Chief Adebayo Adelabu, in making the PPSDRP a reality. She further acknowledges the support of all members of the Presidential Power Sector Debt Reduction Committee who played vital roles in making this capital raise a success, all key power sector stakeholders as well as government authorities, including the Debt Management Office, Central Bank of Nigeria, the National Pensions Commission, and the Nigerian Revenue Service, who facilitated enhancements for the Bond Issue. CardinalStone Partners Limited, a leading Investment banking firm in Nigeria, led the consortium of appointed professional parties as Lead Financial Adviser and Lead Issuing House to successfully execute the Series 1 Bond Issue, working closely with the Nigerian Bulk Electricity Trading Plc (NBET) that acted as Sponsor on the Transaction, and the Office of the Special Adviser on Energy that led the settlement negotiations and engagements with the Generation Companies. Verheijen, Special Adviser to the President on Energy, said, “The Federal Government reaffirms its commitment to disciplined implementation of the Programme, and we look forward to the participation of other power generation companies, as part of our broader reforms aimed at building a financially sustainable electricity market that is capable of supporting Nigeria’s long-term economic growth.” Media Contact: Communications Team, Office of the Special Adviser to the President on Energy; media@energyreforms.ng

The Special Adviser to the President on Energy @OluVerheijen yesterday received a delegation from @Chevron, led by Mr. Jim Swartz, Chairman and Managing Director of Chevron Nigeria Limited. Discussions focused on broad industry developments, strengthening collaboration between government and industry stakeholders, and aligning ongoing investments with national energy priorities. The engagement underscores the Federal Government’s commitment to constructive dialogue with investors to support energy security, sector sustainability, and long-term value creation for Nigeria.

Yesterday, the Special Adviser to the President on Energy, Olu Arowolo Verheijen @OluVerheijen, received executives of the Nigerian Electricity Regulatory Commission @NERCNG, led by the Chairman, Dr. Musiliu Oseni. Discussions focused on how to consolidate the power sector reforms introduced last year, and ensure effective implementation in 2026, with particular attention to regulatory clarity, market stability, and expanding access to affordable, reliable electricity for Nigerians. Dr. Oseni was accompanied by the NERC Vice Chairman, Dr Yusuf Ali.