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FG to Restructure NNPC, List Shares on NSE

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Federal government plans to list the Nigerian National Petroleum Corporation (NNPC) on the Nigerian Stock Exchange, once it concludes its reforms of the country’s petroleum sector, the latest draft national oil policy has revealed.

In the Draft National Oil Policy 2016, released alongside the Draft National Policy on Gas, three sectors in Nigeria’s economy – power, transportation, and industries – will be the key drivers of its new policy on gas.

According to the draft oil policy, a newly formed corporation could sell stakes so long as the government shareholder retains effective control and ownership.

It, however, pointed out that the government’s reform of the industry would see NNPC function more as a private entity with less of official bureaucracies.

Both policies obtained by THISDAY are still being worked on by the ministry and they have also been shared with key industry stakeholders for their comments and reviews.

The draft oil policy stated: “The NNPC will be made autonomous from the state, it will relinquish all its policy making and regulatory activities, and it will be treated on an equal basis with private sector operators for projects.”

“Under the Petroleum Policy, NNPC will be made autonomous from the state, it will relinquish all its policy making and regulatory activities, and it will be treated on an equal basis with private sector operators for projects.

“NNPC will also be restructured into five autonomous profit centre subsidiaries so that the value of separate activities can be realised and operational efficiencies can be introduced,” added the draft policy.

Besides, the document noted: “NNPC will be restructured such that it is fully set up as a Corporation (Limited Liability Company), in accordance with standard international practice for Corporations, including operating under commercial law and a two tier board structure.

“The NNPC restructuring will mean that policy making will become the sole preserve of the MPR (ministry of petroleum resources), all regulatory activities will become the sole preserve of the new single petroleum regulatory agency under the oversight of the MPR, NNPC will be responsible for managing the national interests in the JVs, PSCs and in other upstream, midstream and downstream projects where the government is involved as an investor, full corporatisation and restructuring of NNPC.

“The corporatisation and restructuring of NNPC will involve; separating NNPC into five independent autonomous units (profit centre subsidiaries) which will be operationally independent, self-accounting and will hold funds in their own right, the creation of a new parent holding company to be called the National Oil Company of Nigeria (NOCN).

“NNPC will cease to exist as a statutory corporation and as a legal entity and will be succeeded by NOCN. NOCN will be incorporated as a limited liability company, NOCN will be governed according to the governance rules of the Nigerian Stock Exchange prior to the listing of its shares, and by the rules of any bourse where its shares are eventually listed.”

On gas, the draft gas policy document said the government would be hoping to drive gas development through improved electricity generation, transportation of people and goods using gas as fuel, as well as energise industries in the country.

The two documents, which were released by the ministry of petroleum resources in Abuja, stated the government’s intention for oil and gas in the country, adding that gas would be treated as a stand-alone resource from oil.

“The previous gas policy has not succeeded. In addition, the world is now a very different place from when the Gas Master Plan was put in place. The international gas business environment is much less benign for exporters than it was, finance is much less available (from government or from international investors), and there are significant challenges now facing Nigeria,” said the gas document.

It explained: “Rather than trying to continue with a centrally planned national market development, the gas policy proposes a project-based and market opportunity-led approach as a more effective way to grow gas markets.

“Appropriate frameworks will be developed to support gas based projects, including gas transport pipelines and associated anchor customers or demand clusters.”

It said projects would largely be developed by project developers from the private sector, while the government will set the environment and support investors in gas-based industrial projects with appropriate interventions to bring their projects to fruition.

On Liquefied Natural Gas (LNG), the document stated: “The intention is for Nigeria to retain ownership of its national natural gas up to the point of delivery into markets.

“The government therefore intends to move to a tolling arrangement with respect to LNG exports, whereby the LNG liquefaction facility is paid a fee for liquefying the government share of gas produced from its assets, and LNG shippers are paid a transportation fee for transporting it.

“Ownership and title to the gas therefore remains with the government entity up to the point where it is regasified at the export market regasification terminal and sold to shippers.”

The document emphasised that gas development must be undertaken in accordance with Nigeria’s national socio-economic development priorities, adding that the government through the ministry and with support from NNPC and industry will produce a Gas Resource Management Plan.

The Gas Resource Management Plan, it said, would identify gas resources in different geological areas, identify current and potential gas markets, identify infrastructure needs, and analyse how best to access low cost gas for delivery to domestic gas markets.

The document also said that the Gas Resource Management Plan would classify gas resources according to the following categories, low cost assets dedicated for domestic gas supply (National Preferential Assets), assets dedicated for export, National Strategic Gas Reserve (reserved for future development) and optional assets (sole risk assets).


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Firms Commit to Boost African Robotics Market

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AfricAI and Micropolis Robotics have signed a multi-year exclusive distribution and deployment agreement, which marks one of the continent’s most significant robotics market entries.

Micropolis AI Robotics is a United Arab Emirates-based robotics manufacturer operating in autonomous systems, while AfricAI is a company building practical, revenue-driven artificial intelligence (AI) systems for African businesses, governments, and global partners operating in emerging markets.

According to the agreement, Micropolis Robotics named AfricAI as its exclusive continental partner, prohibiting direct sales, alternative distributors, and third-party agents from operating in the territory.

The partnership establishes AfricAI as the primary execution, localisation, and go-to-market platform for intelligent robotics in Africa’s industrial, security, logistics, and infrastructure sectors.

AfricAI said this exclusive mandate positions the company as the gateway for advanced autonomous systems entering African markets, ensuring regulatory compliance, local capacity building, and sovereign control over deployment frameworks.

The partnership, according to the two parties, moves beyond software- based AI into the realm of physical AI — intelligent machines capable of operating in complex, real-world African environments.

“This is not a collaboration, it is a market-shaping mandate,” said Fareed Aljawhari, CEO of Micropolis Robotics. “AfricAI now represents the exclusive gateway through which Micropolis technologies enter Africa. Their sovereign AI vision, operational reach, and regulatory fluency make them the only partner capable of executing at a continental scale.

Furthermore, the agreement enables AfricAI to integrate Micropolis’ autonomous robotics systems with AfricAI’s sovereign AI stack, resulting in AI-powered security and surveillance platforms, robotics-enabled logistics and port operations, industrial automation, smart infrastructure, and municipal robotics tailored to African operating conditions.

Initial deployments will commence in security, smart infrastructure, and logistics, with phased expansion across multiple African states as part of AfricAI’s broader continental AI, data, and intelligent infrastructure strategy.

The agreement also includes long-term performance-linked expansion rights, automatic renewals, and a defined localisation framework to support robotics deployment, workforce training, and skills transfer across Africa.

Prince Malik Ado-Ibrahim, executive chairman of AfricAI, said: “Africa does not need imported automation — it needs sovereign, context-aware intelligent systems. This exclusive mandate allows AfricAI to industrialise robotics deployment at scale while retaining control, compliance, and value creation on the continent.”

 


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Subair: LIRS Won’t Raid Accounts – Unless You’ve Lost Every Court Battle

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Lagos State Internal Revenue Service Executive Chairman Ayodele Subair Tuesday demolished online panic over alleged bank account raids, insisting the agency’s “Power of Substitution” targets only hardcore tax dodgers who have exhausted every appeal from tribunals to the Supreme Court over half a decade of disputes.

Subair: LIRS Won't Raid Accounts – Unless You've Lost Every Court Battle

Ayodele Subair

Subair, speaking on Arise TV, shredded viral fears that LIRS would swoop on residents’ savings without warning, clarifying the mechanism under Section 60 of the Nigeria Tax Administration Act 2025 kicks in solely after assessments spark objections, reconciliations, demand notices, and a gruelling courtroom odyssey through High Court, Court of Appeal, and apex rulings.

The LIRS weekend notice had ignited fury by announcing enforcement via third parties – banks, employers, tenants, debtors – to claw back unpaid Personal Income Tax, Capital Gains Tax, Stamp Duties, and Withholding Tax from chronic defaulters holding funds or owing money to them, whether due now or accruing later.

Subair likened the process to a “long timeframe, not less than five years,” where recalcitrant bigwigs who stonewall every step become fair game, with LIRS directing agents like customers or partners to divert payments straight to the taxman in lawful settlement.

Far from arbitrary grabs, the chairman stressed it’s a final resort for “entirely recalcitrant” holdouts who ignore Notice of Refusal to Amend (NORA) and every olive branch, ensuring Lagos coffers snag rightful revenue fuelling the state’s bulging budget without shotgun raids on compliant payers.

As social media buzzes with defiance – “They can’t touch my account!” – Subair’s blueprint spotlights Nigeria’s tax evasion scourge starving subnationals of trillions yearly, with Lagos alone chasing billions in arrears amid federal revenue wars and economic headwinds squeezing the commercial capital’s 25 million souls.

Industry voices nod to the legality but plead for digital dashboards tracking disputes transparently, warning overzealous recovery could spook investors in Africa’s fintech and startup mecca already reeling from naira nosedives and grid glitches.

With LIRS poised to unleash the hammer on vetted violators, Subair’s clarion call aims to separate myth from muscle, bolstering Lagos’ IGR juggernaut that hit N815 billion last year while daring defaulters to test the full judicial gauntlet before crying foul.


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NIGCOMSAT Adopts Government’s Performance System

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Nigerian Communications Satellite (NIGCOMSAT) Ltd, in a strategic move to modernise its operations and foster a results-oriented workforce, has officially adopted the Federal Government’s Performance Management System (PMS).

NIGCOMSAT Adopts Government’s Performance System

The initiative, aimed at driving efficiency and institutionalising accountability, was marked by an intensive staff training program designed to align the agency’s operations with national performance goals and the Presidency’s vision for a digital-first public sector.

According to a statement from Stephen Kwande, the Agency’s acting head of Corporate Affairs, “the transition to PMS is a departure from historical evaluation methods. The new system is designed to provide real-time performance tracking and instill a stronger work ethic across all directorates”.

Welcoming participants, Mrs. Jane Nkechi Egerton-Idehen, managing director/CEO of NIGCOMSAT, represented by Abiodun Attah, executive diirector, Technical Services, described the adoption as “long overdue.

She emphasised that the system is critical for ensuring that NIGCOMSAT contributes effectively to Nigeria’s broader digital economy targets.

In her opening remarks, Mrs. Chinwe Udogu, general manager, Human Resources Management,  expressed NIGCOMSAT’s enthusiasm for the program, urging staff to dedicate themselves fully to the three-day training.

She noted that the exercise was pivotal in repositioning the company to achieve its highest aspirations.

The training consultant, Mrs. Njoku Chioma, said the program is expected to drive culture change, automate work processes, and strengthen institutional performance.

The three-day training, jointly organised by the Office of the Head of Service of the Federation and NIGCOMSAT Management, covers key themes including:

• Overview of the FCSSI25 as an institutional performance-driven Federal Civil/Public Service

• Service culture and workplace attitude in the Nigerian public sector

• Implementation of the Performance Management System in NIGCOMSAT

• Application of Artificial Intelligence tools to enhance performance in the Nigerian public sector

The move comes at a time when NIGCOMSAT is expanding its footprint, with recent initiatives like the 2026 SpaceTech Accelerator Programme and partnerships for grassroots digital skills training.

By strengthening its internal management framework, the agency aims to ensure that its technical advancements in satellite technology are matched by an equally efficient administrative engine.


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