The Nigerian National Petroleum Company says the country can get up to three million barrels per day of crude if all the stakeholders in the oil sector work in synergy.

The country currently produces an average of 1.3 million barrels per day (bpd), according to data from the Organisation of Petroleum Exporting Countries (OPEC).

Olufemi Soneye, NNPC’s chief corporate communications officer, spoke at an interactive session with reporters covering the national assembly in Abuja on Saturday.

Soneye said the country is now averaging 1.7 million bpd because of a recent directive President Bola Tinubu gave to security agencies.

“Three million barrels oil production per day is achievable in Nigeria if all the stakeholders work in synergy for that purpose from the security agencies both government and private owned, to oil companies and host communities,” he said.

“With the expected synergy from all the relevant stakeholders in the war against oil theft and pipeline vandalism, the enabling environment would be in place for optimal oil production to the volume of 2.5 to 3 million bpd.

“At a time, we felt that Nigeria was in trouble as far as oil theft was concerned, but with the intensity of the war against it (crude oil theft) has allayed our fears.”

Murtala Muhammad, NNPC’s deputy manager, command and control centre, said in six months, over 8,000 illegal refineries and 5,800 illegal oil pipelines were found and destroyed.

Femi Otedola, the chairman of First Bank of Nigeria (FBN) Holdings and majority shareholder, has increased his stake in the financial company to 13.15 percent.

Otedola increased his stake after purchasing 534,094,407 shares at the cost of N16.02 billion between September 23 and 25.

FBN Holdings notified the capital market in a statement on Thursday.

The acquisition raised his interest in FBN Holdings from 11.67 percent (4,187,602,704 shares) to 13.15 percent (4,721,697,111 shares), worth N136.9 billion as of Wednesday.

It also expands the gap between Otedola and Barbican Capital Limited, FBN Holdings’ second majority investor with an 8.67 percent stake, which represents 3,110,400,619 shares, valued at N90.2 billion as of Wednesday.

Although there is contention over the exact shares Barbican Capital holds in FBN Holdings.

In a lawsuit (no. FHC/L/CS/1172/24) against FBN Holdings, Barbican Capital, owned by Oba Otudeko, claimed that about 5,386,397,202 units of shares representing 15.1 percent of FBN Holdings were acquired over the years and at different times.

Barbican Capital said its shares purchases and dates of issue, were adequately captured by Meristem Registrar and Probate Service Ltd, the financial institution’s appointed registrars, and further acknowledged in the Central Securities Clearing System (CSCS), which contained its value of shares with the bank.

CSCS is Nigeria’s central securities depository (CSD) licensed to carry on the depository, clearing and settlement of all transactions in the country’s capital market.

In response, FBN Holdings said Barbican Capital only notified the financial institution on July 7, 2023, that about 4,770.269,843 units of shares were acquired.

FBN Holdings told the court that the Central Bank of Nigeria (CBN) was only able to verify 3,110,400.619 units of shares out of the 4,770,269,843 shares Barbican Capital claimed it acquired.

ExxonMobil has announced plans to invest $10 billion in Nigeria’s deep-water oil operations.

Shane Harris, chairman and managing director of ExxonMobil Affiliates in Nigeria, spoke on Wednesday during a high-level meeting with Vice-President Kashim Shettima on the sidelines of the ongoing 79th session of the United Nations General Assembly (UNGA) in New York.

In a statement by Stanley Nkwocha, senior special assistant to the president on media and communications, Harris reaffirmed the company’s commitment to investing in Nigeria.

“Our commitment to Nigeria remains unwavering. As we celebrate 70 years of oil production and 8 billion barrels produced, we’re not retreating but refocusing our investments on deep-water opportunities,” he said.

Harris said the company is working closely with President Bola Tinubu’s office to secure favourable fiscal arrangements to make the investment possible.

“The centerpiece of ExxonMobil’s new strategy is the Owo project, a substantial subsea tie-back that could represent a $10 billion investment,” he said.

“Despite the planned divestment of its onshore assets to Seplat Energy, ExxonMobil aims to inject $1 billion annually into maintenance operations and an additional $1.5 billion to boost production by 50,000 barrels per day over the next few years.”

‘EXXONMOBIL’S INVESTMENT IS DUE TO ECONOMIC REFORMS’

Shettima described the investment as a testament to the administration’s economic reforms and investment-friendly policies.

“This potential investment by ExxonMobil aligns perfectly with the President Bola Ahmed Tinubu administration’s vision for a more investment-friendly Nigeria,” Shettima said.

“We are committed to creating an enabling environment for such transformative projects.

“The renewed hope agenda places a strong emphasis on ease of doing business. We have initiated comprehensive reforms to streamline bureaucratic processes, enhance transparency, and provide fiscal incentives that make Nigeria an attractive destination for global investors.”

Shettima highlighted several recent policy changes introduced by the administration, including unifying the exchange rate, removing petrol subsidy and implementing tax reforms.

The decisions, he said, are designed to create a stable and predictable business environment despite their short-term challenges.

Regarding the oil and gas sector, the vice-president said the government is actively working on revising the fiscal framework for deep-water operations, ensuring both investment appeal and fair returns for Nigerians.

“The potential ExxonMobil investment is a clear indication that we are moving in the right direction,” he said.

“As we welcome ExxonMobil’s renewed commitment, we see this as just the beginning. Our doors are open to all investors across various sectors. The message is clear: Nigeria is open for business, and the President Tinubu administration is your partner in progress.”

DP WORLD TO DEVELOP MULTIBILLION-DOLLAR PORT

DP World, an international maritime giant, has announced plans to develop a multibillion-dollar port project in Nigeria.

Sultan Ahmed bin Sulayem, group chairman and chief executive officer (CEO) of DP World, announced the company’s intentions during a courtesy visit to Shettima on the sidelines of the ongoing UNGA in New York.

Nkwocha said the proposal comes as a direct response to Tinubu’s aggressive investment drive and efforts to improve the ease of doing business in the country.

“Nigeria is a massive market with hugely underutilised potentials. The Nigerian market has the capacity to dominate this sector in Africa. It is a major African country with a huge asset and resource base,” Sulayem said.

“With our supply chain of over 2,500 points of sale to Nigeria, we will bring in the requisite capital, human and material resources needed to achieve this feat.”

Sulayem expressed confidence in the Nigerian economy, citing the country’s vast import and export market as a key factor in their decision to invest.

Welcoming the initiative, the vice-president said the proposal is a testament to Tinubu’s avowed commitment to attracting foreign investments to Nigeria.

He emphasised the administration’s ongoing efforts to create a more investor-friendly environment.

“Nigeria is open to investors from around the world. We are witnessing a total rejuvenation in terms of economic policies aimed at freeing up the economy and making way for a free, fair, and enduring market,” Shettima said.

He assured the investors of the government’s full support and the administration’s dedication to facilitating foreign investment and economic growth.

Others present at the meetings included Doris Uzoka-Anite, minister of industry, trade, and investment; Hannatu Musa Musawa, minister of arts, culture, and creative economy; and Jamila Ibrahim Bio, minister of youth development, among many others.