The Nigerian National Petroleum Company Limited has revealed that reforms in the oil and gas sector, driven by the enactment of the Petroleum Industry Act 2021 and Executive Orders issued by President Bola Tinubu, attracted about $17bn in foreign investment in 2024.

The Executive Vice President of Upstream, Udy Ntia, disclosed this during an investor session at the 2025 CERAWeek by S&P Global in Houston, Texas, USA.

This was contained in a statement issued by NNPCL spokesperson, Olufemi Soneye, on Wednesday.

He noted that the reforms have significantly liberalised the regulatory framework, offering incentives for cost recovery, royalty payments, and profit-sharing mechanisms.

Speaking on the theme, “Spotlight: Attracting Investment for Oil and Gas”, Ntia emphasised that Nigeria was well-positioned as a safe and attractive destination for investment as the nation is currently expanding its oil and gas industry to meet rising global energy demand driven by geopolitical tensions and the energy policies of the US administration.

“For us in Nigeria, despite global energy security concerns, including those in Europe, we see significant opportunities. We have strategically positioned our assets to leverage the current strong price environment, which has remained favourable over the past two to three years. As a result, we anticipate substantial investment inflows into the sector,” he stated.

Ntia called on global investors to direct their attention to the Nigerian oil and gas sector as the nation is now an investors’ haven owing to the robust regulatory reforms and the investment-friendly policies of President Bola Ahmed Tinubu’s administration.

The EVP listed some of the areas with huge investment opportunities in the country including the refining and gas sub-sectors.

He stressed that Nigeria was keen on expanding its refining capacity to reduce dependency on imports, even as it is also interested in tapping into the nation’s vast gas reserves of about 207 trillion cubic feet to drive industrialisation and economic growth.

“Gas will play a critical role in Nigeria’s energy future. We are expanding our gas infrastructure in collaboration with partners such as Shell, ENI, and Total. Our LNG Train 7 project is advancing, and we are investing in domestic pipeline networks to meet local energy demands,” he explained.

He encouraged foreign investors, particularly from China and India, to explore the investment opportunities in Nigeria’s oil and gas sector, citing the country’s large crude oil reserves (over 37 billion barrels) and flexible investment models, including joint ventures and production-sharing contracts.

“Nigeria offers a stable democracy, improved security, and a business-friendly regulatory framework. We welcome investors from China, India, and beyond to partner with us in unlocking the vast potential of Nigeria’s oil and gas sector,” Ntia stated.

The session featured global industry leaders such as the Deputy Director General of Planning, China National Petroleum Corporation, Pinxian Zhang; Managing Director of ONGC Videsh Ltd, Rajarshi Gupta; and Chairman of Libya’s National Oil Corporation, Masoud Mahmoud.

CERAWeek is one of the largest energy conferences in the world, drawing thousands of foremost global energy industry experts and a host of other corporate and government leaders from around the world annually to Houston, United States, for a week-long conversation on the future of energy.

Justice James Omotosho of the Federal High Court in Abuja has scheduled the trial of the leader of the Indigenous People of Biafra, Nnamdi Kanu, for Friday, March 21.

This decision was confirmed on Wednesday after the case file was transferred to Justice Omotosho following a reassignment.

Kanu is facing a seven-count terrorism charge brought against him by the Federal Government.

Justice Omotosho was assigned the case after Justice Binta Nyako, the previous judge presiding over the matter, recused herself.

Justice Nyako’s recusal on September 24, 2024, followed allegations of bias raised by Kanu and his legal team, who requested the transfer of the case to another judge.

However, the Chief Judge of the Federal High Court initially returned the case to Justice Nyako, insisting that Kanu and his legal team must file a formal application for the recusal to be accepted.

The Arewa Revival Project (ARP) has rejected the 48-hour ultimatum issued by the Arewa Youth Assembly for Good Leadership (AYAGL) to Senate President Godswill Akpabio, over the controversy surrounding the suspension of Senator Natasha Akpoti-Uduaghan.

Hon. Muttaka Ahmed Ibrahim, the Project Coordinator ARP at a media briefing on Tuesday in Abuja said they believe the approach taken by the AYAGL is troubling and an affront to the nation’s democratic processes.

“Such ultimatums disregard established rules and incite unnecessary tension. We urge all concerned citizens to adopt more responsible and peaceful avenues for resolving grievances,” Ibrahim said.

AYAGL’s Speaker, Abdul Danbature, had accused Akpabio of waging a ‘political war’ against the north, citing the suspension of Akpoti-Uduaghan as evidence of bias against northern lawmakers. Danbature threatened mass protests and the occupation of the National Assembly if their demands were not met.

However, the ARP noted the importance of constructive dialogue and legal channels in addressing political issues.

He said, “Threats of protests and disruptive actions will not resolve political issues but can escalate tensions and weaken democratic structures.”

He also called for a transparent investigation into Akpoti-Uduaghan’s allegations, free from political interference.

“Violence is never an acceptable political strategy and should never be tolerated by any responsible leader or institution. We urge all Northern-based NGOs and CSOs to remain impartial and focused on their mission of serving the people.

“The allegations raised by Senator Natasha must be thoroughly investigated through a transparent and impartial process. However, such an investigation must be free of political interference, and all parties involved must allow the truth to come to light without succumbing to undue pressure or sensationalism.

“This will ensure justice and accountability in a manner that upholds the dignity of all those involved, while protecting the sanctity of our democratic institutions. The Arewa Revival Project calls on all politicians, past and present, to understand that true leadership is about service to the people, not the pursuit of personal interests or political vendettas.

“Political leaders must put the nation above their ambitions and engage in actions that support the greater good of the people they represent. Leaders who fail to contribute meaningfully to national progress should step aside and allow those who are committed to serving the nation to do so without unnecessary distractions,” Ibrahim stated.