General News
NNPC Says No Cause For Alarm over IOCs Divestment
Nigerian National Petroleum Corporation (NNPC) has dismissed fears that the recent spate of divestment of onshore oil blocks by International Oil Companies (IOCs) may lead to crisis in the nation’s oil and gas industry.
Engr. Andrew Yakubu, group managing director of the NNPC , said the divestments are not only healthy for the oil and gas industry in Nigeria but would also go a long way in promoting effective indigenous participation in core upstream activities.’
He spoke on the side-lines of the on-going World Energy Congress in Daegu, South Korea, with the theme “Securing Tomorrow’s Energy Today,”
Yakubu, in a statement yesterday by Tumini Green, NNPC acting spokesperson, noted that the major players that are divesting have actually been sitting on those acreages and have allowed them to go fallow for years without significant development.
He said: “These are not withdrawals in the real sense of withdrawals. The fact is that a number of these IOCs are moving into more challenging frontiers in the deep offshore and are leaving the onshore blocks which they consider less challenging.
“So it is only fair for them to release these blocks so that others, especially the indigenous operators can have the blocks and grow in the upstream business. This indeed is a good development and I think we are moving in the right direction.”
He added that the divestment offers immense opportunities for the nation’s indigenous flagship upstream operator, the Nigerian Petroleum Development Company (NPDC) to grow its capacity especially as it strives to meet the 250,000 barrels per day target by 2020.
Yakubu also maintained that the advent of the shale gas and oil revolution in America for now would not have serious negative impact on the nation’s crude oil fortunes as earlier projected by some petroleum analysts.
He said, “no doubt the shale gas phenomenon poses a pushback on our oil and gas, but the good news is that as we speak the impact is going to come a very long time from now because a close examination of the various discoveries of shale gas shows a huge misalignment between what was projected and the actualisation of most of the gas projects that would bring shale gas into full maturity.”
He explained, “though the shale gas revolution is real, its availability in the global energy market is being hampered by high cost and other infrastructural challenges thus making conventional crude oil a cheaper energy source.”
He stated that the Corporation is however, moving to activate measures to ensure that the country is not caught napping if and when shale gas achieves the projected global penetration.
The Federal Ministry of Industry, Trade and Investment has announced the launch of the Digital Services Survey in a strategic effort to empower Nigerian digital service providers to expand across Africa under the African Continental Free Trade Area (AfCFTA).
The ministry’s Director Press and Public Relations, Dr. Adebayo Thomas in a statement said the aims of the digital services initiative is to map and support the growth of Nigerian digital services throughout the continent and simplify the process for digital businesses to navigate regulatory environments and expand their reach across African markets.
He added that Nigerian digital businesses often face challenges when entering other African markets, including uncertainties around service registration, applicable regulations, and responsible agencies.
Thomas said: “Unlike physical goods, digital services don not always align with existing trade categories. This framework will serve as a common language, ensuring consistent treatment of digital services across borders” and its benefits include unlocking new markets by identifying target African countries for expansion, as Nigeria can focus trade negotiations on opening specific markets for digital services.”
He added, “The framework would also create a Digital Services Repository and for the first time, Nigeria will compile a comprehensive database of digital service providers, their expansion plans, and the challenges they face.
“Furthermore, the framework would strengthen Nigeria’s digital leadership by positioning the country as a proactive leader in Africa’s digital economy, shaping the rules and standards for digital trade.”
Following the successful deployment of its Unified Customs Management System (UCMS), codenamed B’odogwu, the Nigeria Customs Service (NCS) has intensified strategic engagements with key stakeholders to consolidate gains and drive system-wide integration.
In a virtual meeting, the NCS engaged officials of Access Bank to align operational frameworks and deepen collaboration in support of trade facilitation and financial system integration.
The session was led by the Deputy Comptroller-General of Customs in charge of ICT and Modernisation, Kikelomo Adeola.
Also in attendance were the National Public Relations Officer, Assistant Comptroller Abdullahi Maiwada, and Assistant Comptroller Bukola Omoniyi from the ICT/Modernisation Department.
The engagement focused on enhancing synergy between Customs and the financial sector, particularly in streamlining payment systems, boosting data exchange, and ensuring real-time processing of trade-related transactions through the B’odogwu platform.
DCG Adeola reaffirmed the Service’s commitment to seamless stakeholder integration during the post-deployment consolidation phase.
“The deployment of B’odogwu marks a new era in Customs administration,” she said. “Our next priority is to strengthen partnerships with financial institutions like Access Bank to fully unlock the platform’s potential for automation, transparency, and trade efficiency.”
She noted that B’odogwu, developed as an indigenous solution, has already transformed Customs operations by unifying procedures, automating declarations, and enabling real-time transaction monitoring.
“To achieve optimal functionality, all players within the trade value chain must be fully integrated. This engagement with Access Bank is not just timely. It is strategic,” she added.
Responding, Olatunbosun Oladunke, Head of Global Trade at Access Bank, commended the NCS for its forward-thinking digital transformation and assured the bank’s support.
“The B’odogwu platform represents a major leap in digital trade processing. Access Bank is fully aligned with the NCS vision and is committed to ensuring system compatibility, particularly in trade finance and payment automation,” he said.
Also speaking, Olakunle Aderinokun, Head of Media and Public Relations at Access Holdings/Access Bank, emphasized the importance of stakeholder engagement and public awareness.
“Public buy-in is critical to the success of any reform. We will collaborate with the Service to drive awareness of B’odogwu and educate stakeholders on the value it brings to the trading ecosystem,” he stated.
The meeting is part of the NCS’s broader strategy to accelerate its trade modernisation agenda through strategic partnerships, transparency and continuous innovation.
With B’odogwu now operational, the NCS is steadily advancing toward a fully digital, integrated and globally compliant Customs system that supports Nigeria’s economic aspirations.
Moniepoint Inc., one of Nigeria’s leading business payments and banking services platforms, announces the launch of MonieWorld; a new remittance and digital financial services solution – specifically to meet the fragmented, underserved needs of the UK’s African diaspora.
L-R Co-Founder and Chief Technology Officer, Moniepoint Inc, Felix Ike and CEO, Moniepoint GB, Ravi Jakhodia
MonieWorld is launched in the UK by Moniepoint Inc.’s UK subsidiary, Moniepoint GB, headquartered in London. It marks the first time Moniepoint has offered services to customers outside of Africa; a landmark step in its journey to provide financial happiness for underserved populations.
The MonieWorld application, available via the App Store and Google Play, allows UK customers to send money to Nigeria seamlessly – making financial transactions easier.
Remittances are a material contributor to Nigeria’s economy. They supplement foreign direct investment, while supporting household consumption and foreign exchange liquidity. Global remittances to Nigeria rose 9% in 2024 to $20.98 billion, with the UK diaspora contributing c. 50% – helping to grow businesses, support families, and drive economic development.
Moniepoint is the leading financial platform for Nigeria’s vast network of SME businesses and their consumers with its integrated suite of services – digital payments, bank accounts, credit, and management tools. Moniepoint processes 1 billion+ transactions monthly, with total payments volume of over $22 billion. It serves ten million businesses and individuals across Nigeria, driving financial inclusion efforts.
MonieWorld makes it easy for the fast-growing Nigerian diaspora in the UK to send remittances quickly, reliably, and cost-effectively. Transactions usually complete in seconds, competitive exchange rates are adjusted through the day, and no transaction fees are charged. Customers can pay for services via various methods: bank transfers, debit/credit cards, and mobile payment services such as Apple Pay and Google Pay.
Moniepoint’s end-to-end control over the payment process, plus its robust technology infrastructure, guarantees industry-leading reliability for customers – a major competitive advantage for MonieWorld.
Tosin Eniolorunda, Founder and Group CEO of Moniepoint Inc., said: “The launch of MonieWorld is an exciting step on our journey to create financial happiness and support Africa’s entrepreneurial potential. It is a natural addition to our existing suite of solutions and will be hugely valuable for customers. It makes it easy, quick and reliable to send remittances – a critical source of funds for Nigeria’s economy.
“The African diaspora needs a one-stop solution to better meet its financial services needs – and improve on the current fragmented market. I am thrilled Moniepoint is tackling this challenge and can’t wait to announce future additions to the MonieWorld solution. Our expectation is that MonieWorld will enhance financial access for everyone involved, boosting UK-Nigeria bilateral trade and benefiting the global economy.”
Post-launch, MonieWorld will expand to a fully-fledged finance platform purpose-built for the African diaspora, with further solutions added in due course.
The launch of MonieWorld follows significant, sustained growth for Moniepoint, with revenues increasing by over 150% CAGR in recent years.
The Company achieved a milestone Series C funding round in October 2024, backed by Development Partners International, Google’s Africa Investment Fund, Verod Capital, and Lightrock. This was followed by an investment from Visa in January 2025.
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