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It's now Drill or Drop, Era of Dormant Oil Licences gone for good - NUPRC

The Nigerian Upstream Petroleum Regulatory Commission (NUPRC) says the era of companies holding on to their prospecting oil licences without developing their assets is now officially over.
The Commission Chief Executive, Oritsemeyiwa Eyesan, said this when she received the management of the Petroleum Directorate of Sierra-Leone at the Commission’s headquarters in Abuja.
Eyesan, in a statement on Friday, said one of the beauties of the Petroleum Industry Act (PIA) was Section 94 which compelled operators to either commence work or relinquish the license, a provision commonly referred to as Drill or Drop.
She said that the enforcement of the provision had now attracted more serious investors in the ongoing 2025 licensing rounds which would increase Nigeria’s petroleum reserves.
“The PIA also opened the opportunities for small and big players because there is now a drill or drop provision in the Act. So, we have cured the problem of uncertainties.
“So, in the past we had operators who had 20-year licenses and sat on these blocks and did absolutely nothing.
“Now, we have moved from that era to drill or drop. So, now we have more assets in the basket which has given us the impetus to go for, if possible, annual bid rounds,” she said.
She also expressed delight over the number of applicants in the 2025 licensing round.
“The figure is quite impressive given that the licensing round guideline stipulates that no company – either as a single firm or as part of a consortium – can bid for more than two out of the 50 oil blocks on offer.
“For the 2025 licensing round we have 50 oil blocks on offer. And the outcome of the pre-qualification submission was a demonstration that there is indeed a very good appetite for the bid round,” he said.
Eyesan said in order to ensure total transparency in the licensing round, the NUPRC had added an extra layer of validation by partnering with a reputable audit firm to interrogate and validate the system.
“The result of that exercise will be made public just to boost investor confidence,” she said.
In his remarks, the Director-General, Petroleum Directorate of Sierra-Leone, Foday Mansaray, said the aim of the meeting was to understand Nigeria’s petroleum sector and use the lessons to improve his country’s own hydrocarbon sector.
Mansaray called for a stronger and more sustainable energy collaboration between Sierra Leone and Nigeria.
“We are here to collaborate with the NUPRC at a bi-lateral level and learn from Nigeria, our big brothers in the industry.
“We are a small country of just eight million people but very ambitious,” he said, while seeking the signing of a Memorandum of Understanding (MoU).
Credit NAN: Texts excluding Headline

It's now Drill or Drop, Era of Dormant Oil Licences gone for good - NUPRC
Economy
13-Mar-2026

How to get more Women Participation in Maritime - NIMASA DG

The Director General of the Nigerian Maritime Administration and Safety Agency (NIMASA), Dayo Mobereola has called for digital transformation as a catalyst for increasing the number of women participation in the maritime industry.

Mobereola said this in Lagos at a regional symposium organized by NIMASA in collaboration with the Kofi Annan International Peacekeeping Training Centre (KAIPTC), Ghana on “Digitalization and the Empowerment of Women in the Maritime Sector of West Africa: Opportunities, Challenges and Pathways.”

In a Statement issued by Agency's Spokesman, Osagie Edward, the NIMASA DG who was represented by the Executive Director, Finance and Administration, Chudi Offodile, noted that digitalisation is capable of significantly correcting the imbalance of women under representation in the maritime industry through the creation of new opportunities and removal of traditional barriers.

According to him, “Digitalization acts as the great equaliser, shifting the industry’s centre of gravity from physical strength to intellectual agility and technical precision. Through digital platforms and e-learning systems, a young woman in a rural West African town can access the same training modules as anyone in the more advanced parts of the world”.

Mobereola noted that “Our maritime sector is undergoing profound transformation driven by digital technologies, automation, data systems and smart logistics. Across the world, digitalization is reshaping how ships operate, how ports function and how maritime administrations regulate and deliver services”.

He reaffirmed the Agency’s commitment to inclusive maritime development emphasizing that Nigeria is determined to ensure that the maritime sector becomes a benchmark for gender-inclusivity and digital excellence in the region.

In his remarks, the Deputy Commandant of KAIPTC, Brigadier General Zibrim Ayorrogo Bawah, highlighted the strategic importance of the Gulf of Guinea maritime domain and the need to ensure that women play a greater role in shaping its future, particularly in the era of digital transformation.

He noted that “Women’s participation in maritime affairs has historically been limited by socio-cultural and institutional barriers, yet their involvement brings diverse perspectives and solutions vital for holistic maritime governance”.

The symposium supported by the Ministry of Foreign Affairs of Denmark and the Inter-Regional Coordination Centre for Maritime Safety and Security in the Gulf of Guinea (ICC), brought together senior government officials, maritime professionals, academics, women’s groups and members of the media from across West Africa to deliberate on strategies for strengthening women participation in the maritime industry through digital transformation.

Participants at the symposium are expected to examine key issues including digital innovation in maritime governance, gender inclusion in maritime security operations, capacity building for women in digital maritime skills, and policy frameworks that promote gender equality and advance women empowerment across the Gulf of Guinea region. 

The engagement is also expected to strengthen collaboration among regional and international stakeholders in advancing inclusive and sustainable maritime development in West Africa.

Credit NIMASA PR

How to get more Women Participation in Maritime - NIMASA DG
Economy
11-Mar-2026

IWD: Fidelity Bank signs MoU with Partners, launches ‘Give Her Power’ Initiative to empower Nigerian Women

Fidelity Bank Plc has reaffirmed its commitment to advancing women’s economic empowerment with the signing of strategic Memoranda of Understanding (MoU) with partner organisations at the launch of the bank’s “Give Her Power” initiative, a programme designed to equip Nigerian women with practical skills, tools, mentorship, and financial knowledge.

The partnerships, formalised as part of activities commemorating the 2026 International Women’s Day, bring together a diverse network of stakeholders: LUSH Hair, Barbergirl Academy School of Barbering, Dee ‘n’ Ell the Shoe Architect, Inter-Bau Foundation, IVM Innoson, National Credit Guarantee Company (NCGC) and One Universe.

The collaboration is anchored on the Bank’s HerFidelity Apprenticeship Programme, a structured platform created to provide vocational training, business support, and sustainable enterprise opportunities for women across multiple sectors.

Speaking during the event, Managing Director and Chief Executive Officer, Fidelity Bank Plc, Nneka Onyeali-Ikpe, highlighted that the bank’s ‘HerFidelity’ initiative reflects Fidelity Bank’s continued commitment to creating opportunities that empower women to achieve financial independence and build sustainable businesses.

“At Fidelity Bank, we strongly believe that empowering women is not only a social responsibility but also a powerful economic strategy. Through the ‘Give Her Power’ initiative and the HerFidelity Apprenticeship Programme, we are providing women with practical tools, vocational skills and financial knowledge that will enable them to move from effort to earnings and from hustle to sustainable enterprise.”

She explained that the programme will deliver a range of interventions throughout the month of March, including the distribution of 1,000 sewing and grinding machines to support women-led microbusinesses, as well as vocational training in automobile mechanics, interior decoration, barbing, hair making, and shoe making.

Other components of the initiative include professional headshot sessions to strengthen women’s personal and professional brands, mentorship engagements with leading female entrepreneurs, and hands-on skill acquisition training in areas such as makeup artistry, nail care, and traditional headgear tying.

Onyeali-Ikpe also noted that empowering women economically has ripple effects that extend beyond individual beneficiaries.
 
“When women are empowered economically, the impact extends far beyond individuals. It strengthens families, grows businesses, and uplifts entire communities. Research suggests that advancing women could add up to $12 trillion to global GDP. This reinforces the need to deliberately create platforms that support women to build sustainable businesses and strengthen their economic independence,” she added.

Applauding the bank’s initiative, the Lagos State Commissioner for Commerce, Cooperatives, Trade and Investment, Mrs. Folashade Ambrose-Medebem, commended Fidelity Bank for its leadership in promoting entrepreneurship and supporting women across the nation.

“This initiative strongly aligns with the Lagos State Government’s commitment to building an inclusive economy where women have access to skills, mentorship and financial opportunities they need to thrive”, Ambrose-Medebem stated.

Her words, “Women remain key drivers of commerce and enterprise across Lagos, from traditional markets to emerging digital sectors. This initiative by Fidelity Bank has ensured that we stayed true to the promoting and supporting women”.

Also speaking at the event, the Lagos State Commissioner for Women Affairs and Poverty Alleviation, Mrs. Bolaji Cecilia Dada, praised Fidelity Bank for championing financial inclusion and economic independence for women.

“Empowering women economically is one of the most effective ways to reduce poverty and strengthen communities. We commend Fidelity Bank for this forward-thinking initiative and for demonstrating how collaboration between the private sector and government can create meaningful opportunities for women across the state,” she said.

Representatives of the partner organisations also expressed appreciation to Fidelity Bank for the collaboration, noting that the partnership will play a significant role in expanding vocational training opportunities and strengthening entrepreneurship among women.

The Give Her Power initiative is expected to empower hundreds of women through skill development, mentorship, and startup support, while reinforcing the role of women as key contributors to Nigeria’s economic growth.

Ranked among the best banks in Nigeria, Fidelity Bank Plc is a full-fledged Commercial Deposit Money Bank serving over 10 million customers through digital banking channels, its 255 business offices in Nigeria and United Kingdom subsidiary, FidBank UK Limited.

The Bank is a recipient of multiple local and international Awards, including the 2024 Excellence in Digital Transformation & MSME Banking Award by BusinessDay Banks and Financial Institutions (BAFI) Awards; the 2024 Most Innovative Mobile Banking Application award for its Fidelity Mobile App by Global Business Outlook, and the 2024 Most Innovative Investment Banking Service Provider award by Global Brands Magazine.
 
Additionally, the Bank was recognized as the Best Bank for SMEs in Nigeria by the Euromoney Awards for Excellence and as the Export Financing Bank of the Year by the BusinessDay Banks and Financial Institutions (BAFI) Awards.
Credit Fidelity Bank PR

IWD: Fidelity Bank signs MoU with Partners, launches ‘Give Her Power’ Initiative to empower Nigerian Women
Economy
11-Mar-2026

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