Lukman Abolade

Abuja, Lagos

Senior Correspondent, Investigations at The Punch

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Articles

President Tinubu Reshuffles NNPCL: Ojulari Takes the Helm, Kida Named Chairman

3 weeks ago | africaoilgasreport.com | Lukman Abolade

By Lukman AboladeNigerian President Bola Tinubu has appointed Bashir Bayo Ojulari as the new Group Managing Director (GMD) of the Nigerian National Petroleum Company Limited (NNPCL), replacing Mele Kyari after over five-year tenure. This announcement was made in a statement released early Wednesday by the President’s Special Adviser on Information & Strategy, Bayo Onanuga.
Nigeria’s Power Minister Survives Cabinet Reshuffle, Despite Poor Performance

Oct 25, 2024 | africaoilgasreport.com | Lukman Abolade

By Lukman Abolade, Senior CorrespondentNigeria’s Minister of Power, Adebayo Adelabu, has managed to survive a cabinet reshuffle by President Bola Tinubu despite evident underperformance. In a press statement on October 23, 2024, Tinubu dismissed five ministers, originally appointed 17 months ago to advance his “Renewed Hope” agenda.
Dangote Admits He’s Not an Upstream Player

Sep 24, 2024 | africaoilgasreport.com | Lukman Abolade |in Lagos

By Lukman Abolade, Senior Correspondent, in LagosAliko Dangote, the chairman and CEO of the Dangote Group, has admitted to what has been a lingering suspicion among the technical elite of the Nigerian hydrocarbon industry: he is a super businessman who has built a monstrously large midstream facility, but his heart is not in the E&P segment of the sector.
NNPC Claims a Y-o-Y Naira Profit Surge in a Volatile Forex Regime, Drowned in debt from Forward Sales Agreements

Aug 28, 2024 | africaoilgasreport.com | Lukman Abolade

By Lukman Abolade, Senior CorrespondentNigeria’s state hydrocarbon company NNPC Limited released its annual report and financial statement for the year 2023 in mid August 2024, exactly three years to the date it released its 2020 report, which it had cited as its first audited financial statement in 47 years.
Briefcase Companies, Procurement Scams, Partly to Blame for Decline in Nigerian Crude Output – NNPCL Boss - Africa’s premier report on the oil, gas and energy landscape.

May 21, 2024 | africaoilgasreport.com | Lukman Abolade

By Lukman Abolade, Senior CorrespondentMele Kolo Kyari, Group Chief Executive Officer of the NNPC Limited, the Nigerian state hydrocarbon company, has fingered security issues, ‘briefcase companies’ and the fiscal environment, as parts of a cohort of challenges responsible for the declining investment in Nigeria’s oil and gas sector.
Gas Price Hike: Nigeria Nods Again to Upstream Producers’ Demand

Apr 3, 2024 | africaoilgasreport.com | Lukman Abolade

By Lukman AboladeNigerian oil and gas upstream producers won the second major incentive in one month, when the government announced the establishment of a new pricing framework for natural gas for strategic sectors such as Power, Commercial, and Gas-Based industries.
Half of Shell’s total flared gas in 2023 from assets in SPDC, SNEPCO

Mar 18, 2024 | africaoilgasreport.com | Lukman Abolade

By Lukman Abolade, Senior CorrespondentIn 2023, half of UK major, Shell’s combined routine and non-routine gas flaring at its integrated gas and upstream facilities originated from assets managed by SPDC and Shell Nigeria Exploration and Production Company (SNEPCo).
NCDMB poised to have new Financial, Prosecutorial Powers, Keep 20% of Content Fund for Administrative Costs, under Proposed Amendment Bill

Mar 6, 2024 | africaoilgasreport.com | Lukman Abolade

By Lukman Abolade, Senior CorrespondentThe Nigerian Content Development and Monitoring Board (NCDMB) will have the power to enter into financial partnerships with public and private institutions, among other new regulatory functions, if the law setting up the institution is amended in the current form being presented at the National Assembly.
Even With a Large, Brand New, Hydropower Project, Nigerians Will Suffer Outages

Mar 4, 2024 | africaoilgasreport.com | Lukman Abolade

By Lukman Abolade, Senior CorrespondentChallenges around transmission and distribution of electricity will hobble the efficacy of Nigeria’s newly commissioned Zungeru Hydroelectric Power Plant, the country’s fifth largest generating facility, going by installed capacity. The government constructed, commissioned and concessioned the $1.3Billion plant to Penstock Limited, on February 20, 2024.
Africa Energy Bank to Decide Headquarters in March 2024, Launch Before June

Feb 19, 2024 | africaoilgasreport.com | Lukman Abolade

By Lukman Abolade, Senior CorrespondentThe highly anticipated multi-billion-dollar Africa Energy Bank, spearheaded by the African Petroleum Producers’ Organization (APPO) with support from the African Export-Import Bank (Afreximbank), is slated to be operational before June 2024, with the announcement of its host country headquarters expected in March of the same year.