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Niger Delta Stakeholders Back Tantita as Nigeria’s Crude Production Climbs to 1.7mbpd

Published

7 months ago

March 13, 2026

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Niger Delta Stakeholders Back Tantita as Nigeria’s Crude Production Climbs to 1.7mbpd

— Stakeholders at the press conference

A coalition of stakeholders under the South South Initiative has called on President Bola Ahmed Tinubu to retain the current pipeline surveillance framework in the Niger Delta, warning that dismantling the system could reverse the significant gains recorded in Nigeria’s oil production and security in the region.

The group made the appeal during a press briefing held on March 12, 2026, where it addressed what it described as growing misinformation surrounding oil pipeline protection contracts currently under scrutiny at the National Assembly. According to the group, Nigeria’s crude oil infrastructure remains the backbone of the country’s economy, and protecting it is critical to national revenue and economic stability.

Citing figures from the Nigeria Extractive Industries Transparency Initiative (NEITI), the group said Nigeria lost approximately 619.7 million barrels of crude oil valued at about $46.16 billion between 2009 and 2020 due to pipeline vandalism, oil theft and illegal refining activities in the Niger Delta. The crisis intensified in 2022 when an additional 36.69 million barrels were reportedly lost in a single year, pushing the oil sector to the brink of collapse.

At the height of the crisis, the country’s effective crude oil output reportedly dropped to around 700,000 barrels per day, far below Nigeria’s OPEC quota and installed production capacity of more than two million barrels per day. The scale of the losses was highlighted by Nigerian investor Tony Elumelu, whose oil assets producing about 58,000 barrels per day reportedly lost up to 97 percent of output to theft syndicates. International oil companies, including Chevron and Shell, responded to the deteriorating situation by declaring force majeure on certain operations and accelerating plans to divest from onshore assets in the Niger Delta.

The group said the situation began to improve after the Federal Government adopted a community-driven pipeline protection strategy that engaged indigenous surveillance firms with strong local networks and knowledge of the terrain. Among the companies operating under this arrangement are Tantita Security Services, Maton Engineering Services and other regional surveillance contractors deployed across different pipeline corridors in the Niger Delta.

According to the South South Initiative, the strategy integrates host communities directly into the protection of critical oil infrastructure, creating legitimate employment opportunities for youths while discouraging involvement in criminal activities. The group stated that in the early phases of the surveillance operations, more than 4,000 illegal refining sites and crude oil theft canals were uncovered and dismantled across the region, while hundreds of illegal pipeline tapping points were identified and sealed. Several major trunk pipelines previously shut down due to vandalism were also restored to operation.

These efforts, the group said, disrupted entrenched criminal networks that had operated across the Niger Delta for years and contributed to a gradual recovery in Nigeria’s oil production. According to the figures presented at the briefing, crude output rose steadily from crisis levels of about 700,000 barrels per day to approximately 1.7 million barrels per day, bringing Nigeria closer to its production targets under the Organization of the Petroleum Exporting Countries (OPEC).

The increase in production has translated into billions of dollars in additional revenue for the country, improved export volumes and renewed investor confidence in Nigeria’s upstream oil sector. The Nigerian National Petroleum Company Limited (NNPC Ltd.) also returned to profitability after years of financial losses, partly due to improved operational stability and reduced crude theft.

The group noted that the recovery has been acknowledged internationally, pointing out that OPEC’s Monthly Oil Market Reports have consistently documented Nigeria’s steady production rebound since 2022 and linked the improvement to enhanced pipeline security and the restoration of previously shut-in facilities. Chevron Nigeria Limited has also publicly acknowledged the improved operating environment in the Niger Delta and recently announced new exploration successes while reaffirming its long-term investment commitment to Nigeria.

The South South Initiative also highlighted the inclusive structure of the pipeline surveillance arrangement. It said that when the pipeline protection contract was first awarded to Tantita Security Services, its leadership convened a meeting in Oporoza, the traditional headquarters of the Gbaramatu Kingdom in Delta State, bringing together community leaders from across the Niger Delta, from Ondo State to Cross River State. At the meeting, surveillance responsibilities were distributed across different ethnic groups and communities along the pipeline routes, with coordinators and subcontractors appointed from various regions to ensure broad participation.

According to the group, this arrangement transformed host communities into stakeholders in protecting national assets while promoting peace and economic engagement among local youths. It expressed concern that individuals who previously benefited from oil theft and illegal refining operations are now attempting to discredit the surveillance system through misinformation campaigns aimed at destabilising the progress achieved.

The group urged the Federal Government to resist pressure to dismantle the current framework and instead strengthen it. It also suggested that if necessary, the government could establish a high-powered independent panel to verify the claims of improved security, reduced pipeline vandalism and increased oil production linked to the surveillance operations.

Drawing comparisons with other oil-producing countries, the group noted that nations such as Saudi Arabia, Iraq, Russia, Algeria, China and Canada invest heavily in securing their oil infrastructure, while NATO countries maintain a dedicated pipeline network protected by specialised security logistics. According to the South South Initiative, no serious nation leaves the protection of its primary economic resource to chance.

The group warned that dismantling the current surveillance system without a carefully designed alternative could risk returning the Niger Delta to the violent era of militancy and widespread pipeline sabotage that once crippled Nigeria’s oil sector and severely reduced national revenues.

It therefore called on President Tinubu to remain steadfast in protecting the gains achieved in the region and to ensure that policies that have contributed to stability and increased production are sustained. The organisation also urged Nigerians to reject propaganda that could undermine the progress recorded in securing the country’s oil infrastructure.

According to the group, Nigeria is already facing multiple economic and security challenges, and destabilising the Niger Delta at this time would only worsen the country’s fiscal and energy situation. The South South Initiative maintained that protecting the country’s oil resources is a collective national responsibility and called on stakeholders to support policies that promote peace, stability and sustainable development in the Niger Delta.

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BOCA Energy Boss, James Ukachukwu Acknowleges Lagos NUJ Awards, Commends Journalists For Promoting Accountability And Good Governance

Published

3 months ago

July 1, 2026

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BOCA Energy Boss, James Ukachukwu Acknowleges Lagos NUJ Awards, Commends Journalists For Promoting Accountability And Good Governance

The Chairman/Chief Executive Officer of BOCA Energy Resources Limited and BOCA IT Systems Limited, Mr. James Ukachukwu, has expressed profound appreciation to the Nigeria Union of Journalists (NUJ), Lagos State Council, Correspondents’ Chapel, for conferring on him two distinguished awards during its 2026 Press Week and Award Ceremony.

DASCENARIO reports that Mr. Ukachukwu described the recognition as a humbling honour and a strong affirmation of the commitment of BOCA Energy Resources Limited and BOCA IT Systems Limited to innovation, corporate excellence, sustainable development, responsible business leadership, and national growth.

According to him:

“I receive these awards with profound gratitude, humility, and a renewed sense of responsibility. I sincerely thank the Nigeria Union of Journalists, Lagos State Council Correspondents’ Chapel, for finding me worthy of this recognition. This honour is not only a personal milestone but also a testament to the dedication, professionalism, and relentless commitment of the remarkable teams at BOCA Energy Resources Limited and BOCA IT Systems Limited.”

He further commended the leadership of the Correspondents’ Chapel and the Lagos State Council of the NUJ for organizing a highly successful Press Week centred on the theme ‘Journalism and Nation Building: Promoting Accountability and Good Governance.’

Mr. Ukachukwu noted that the theme reflects the indispensable role of the media in strengthening democracy, encouraging transparency, fostering responsible leadership, and ensuring sustainable national development.

“A nation can only attain sustainable progress when institutions operate with integrity, transparency, accountability, and respect for the rule of law. Journalism remains one of the strongest pillars for promoting these ideals by informing citizens, demanding accountability from leaders, and giving voice to society.”

He applauded journalists for their courage, professionalism, and resilience despite the enormous challenges confronting the media profession.

“The Nigerian media has consistently served as the conscience of society. Through objective reporting, investigative journalism, and responsible public engagement, journalists continue to deepen democracy, inspire reforms, and promote good governance. Their sacrifices deserve recognition and support.”

The BOCA Chairman emphasized that the private sector also has a strategic responsibility in nation-building through ethical corporate governance, innovation, job creation, technological advancement, and sustainable investments.

“At BOCA Energy Resources Limited and BOCA IT Systems Limited, we believe that innovation, integrity, and responsible leadership are indispensable drivers of national transformation. Every investment we make, every project we execute, and every technology solution we deploy is aimed at creating lasting value for our clients, our communities, and Nigeria’s economy.”

He also commended the Chairman of the NUJ Lagos State Correspondents’ Chapel, members of the Planning Committee, and the leadership of the NUJ Lagos State Council for sustaining a platform that celebrates excellence in journalism while encouraging dialogue on issues of national importance.

“I congratulate the organisers for putting together a truly remarkable event that not only celebrated excellence but also challenged leaders across public and private sectors to embrace accountability, transparency, and responsible governance. Such conversations are essential to building the Nigeria we all desire.”

Mr. Ukachukwu dedicated the awards to the entire BOCA family, strategic partners, clients, and stakeholders whose confidence and support have continued to inspire excellence.

“These awards belong to every member of the BOCA family whose professionalism, innovation, resilience, and unwavering commitment to excellence continue to position our companies among trusted indigenous brands. Together, we will remain committed to delivering sustainable energy solutions, digital transformation, and impactful investments that contribute meaningfully to Nigeria’s development.”

He reaffirmed BOCA Energy Resources Limited’s and BOCA IT Systems Limited’s commitment to maintaining the highest standards of corporate governance, innovation, safety, quality service delivery, and strategic partnerships that foster inclusive economic growth.

Mr. Ukachukwu concluded by wishing the Nigeria Union of Journalists continued success in advancing ethical journalism, defending press freedom, promoting accountability, and strengthening democratic governance in Nigeria.

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PETROAN Calls on Depot Owners and Stakeholders to Reduce Local Petrol Prices Amid Global Oil Decline

Published

4 months ago

June 22, 2026

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PETROAN Calls on Depot Owners and Stakeholders to Reduce Local Petrol Prices Amid Global Oil Decline

The Petroleum Products Retail Outlets Owners Association of Nigeria (PETROAN) has urged refiners, depot operators, and petroleum product importers to immediately reduce prices in line with the recent decline in global crude oil markets.

According to the association, such an adjustment is necessary to ensure that Nigerian consumers benefit directly from the easing of international market conditions.

PETROAN emphasized that the fall in global crude prices presents a clear opportunity for downstream operators to lower both ex-depot and retail pump prices. This, it noted, would provide much-needed relief to households and businesses currently burdened by economic pressures.

PETROAN’s National President, Billy Gillis-Harry, said the realities of the international oil market should be reflected in local petroleum pricing.

“Brent crude has fallen to approximately $77 to $78 per barrel following the ceasefire agreement between the United States and Iran and expectations that oil exports through the Strait of Hormuz will gradually normalise,” it disclosed in a statement signed by PETROAN National Public Relations Officer, Joseph Obele.

“Market analysts have noted that crude oil prices are currently under downward pressure, although geopolitical risks remain. Current projections suggest that Brent crude may trade within the range of $75 to $82 per barrel next week, while West Texas Intermediate (WTI) crude is expected to trade between $72 to $79 per barrel.

Concerns Over Local Refining Costs

The association expressed concern that imported petroleum products are, in some cases, landing in Nigeria at costs lower than the prices offered by domestic refiners.

According to him, this development is surprising and underscores the need for a more competitive downstream petroleum market that guarantees consumers access to the most affordable products available.

He therefore called on the Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA) to continue issuing import licences to qualified marketers. He explained that increased competition among suppliers would help moderate prices, discourage monopolistic tendencies, and ensure a steady supply of petroleum products across the country.

The PETROAN President maintained that competition remains one of the most effective mechanisms for driving efficiency, reducing costs, and protecting consumers. He noted that a competitive market environment would encourage all market participants to review their prices
downward in line with prevailing market realities.

In a bid to further encourage competition that will benefit consumers, PETROAN also called on the Group Chief Executive Officer of NNPC Limited, Engr. Bayo Ojulari, to facilitate talks with the two Chinese firms that have expressed interest in operating the Port Harcourt and Warri Refineries.

Prince Billy Gillis-Harry stated that if these refineries are successfully revived and operated as private-sector-driven facilities, petroleum product prices are expected to decline
further due to improved efficiency and increased domestic refining capacity.

He emphasized that the revival of operations at the Port Harcourt and Warri Refineries, under competent private management, would strengthen supply stability, foster healthy competition, and ultimately make petroleum products more affordable for Nigerians.

“For Nigeria, sustained moderation in crude oil prices, coupled with stable exchange rates and refining costs, should support lower petrol prices and provide relief to consumers and businesses facing economic challenges,” it added.

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Heirs Energies’ $750 Million Financing Emerges Best Oil, Gas Deal Of The Year

Published

4 months ago

June 8, 2026

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Heirs Energies’ $750 Million Financing Emerges Best Oil, Gas Deal Of The Year

Heirs Energies Limited, Africa’s leading indigenous-owned integrated energy company, has been recognised on the global stage after its landmark US$750 million dual-tranche Senior Secured Reserve-Based Lending (RBL) facility was named Best Oil & Gas Deal of the Year at the EMEA Finance Project Finance Awards 2026.

The award was presented in London and recognises one of the largest financings secured by an indigenous African energy company. The transaction reflects the vision of Heirs Energies’ Chairman, Tony O. Elumelu, that African institutions and African-led businesses can successfully mobilise capital to unlock the continent’s resources, advance energy security, and create long-term economic value.

Executed with the African Export-Import Bank (Afreximbank), the US$750 million financing was structured to accelerate field development, optimise production, and support Heirs Energies’ long-term growth ambitions, while maintaining disciplined capital management.

Commenting on the recognition, Osa Igiehon, Chief Executive Officer of Heirs Energies, said: “This recognition reflects the confidence that African and international financial institutions continue to place in Heirs Energies, our strategy, and our long-term vision.

The transaction demonstrates that indigenous African energy companies can successfully structure and execute world-class financing solutions that support investment, growth, and value creation. We are proud to receive this award and grateful to our financing partners, advisers, and stakeholders whose support made it possible.”

Executive Vice President, Global Trade Bank at Afreximbank, Mr. Haytham ElMaayergi, said: “We are truly honoured that the US$750 million dual-tranche Senior Secured Reserve-Based Lending facility for Heirs Energies has been recognised as Best Oil & Gas Deal of the Year by the EMEA Finance Project Finance Awards.

This recognition underscores the importance of well-structured, Africa-focused financing in supporting indigenous energy companies with strong governance, high-quality assets and clear long-term growth plans. Afreximbank was proud to support this landmark transaction, which demonstrates how African financial institutions can help mobilise capital for strategic businesses that advance energy security, production capacity and sustainable value creation across the continent.

We congratulate Heirs Energies and all the partners involved in the transaction and are pleased to see this important financing recognised on such a respected international platform.”

Executive Director and Chief Financial Officer of Heirs Energies, Samuel Nwanze, added: “This award validates the strength of the transaction and the confidence our financing partners placed in Heirs Energies.

The facility was designed to support our long-term growth strategy, enabling continued investment in field development, production optimisation, and sustainable value creation. We are pleased to see the transaction recognised on such a respected global platform.”

The financing represented a major milestone in Heirs Energies’ evolution from acquisition-led financing to a capital structure aligned with the long-term development profile of its reserves. It further reinforced the Company’s position as a leading indigenous energy producer and demonstrated the ability of African institutions to finance transformational African businesses.

The EMEA Finance Project Finance Awards recognise outstanding transactions across Europe, the Middle East, and Africa, celebrating excellence, innovation, and impact in project and structured finance.