Nigeria's 2025 oil block bidding concludes with 31 winners amid transparency questions
via Punch Nigeria21 min read
Nigeria recently concluded its 2025 oil block licensing round, a seven-hour commercial bid conference organized by the Nigerian Upstream Petroleum Regulatory Commission. The process, which saw 31 companies emerge as winners from 143 bidders, aimed to be transparent, marking a shift from previous opaque allocations. Fifty oil and gas blocks were initially offered across seven sedimentary basins, but 13 frontier basins failed to attract commercial bids and were returned to the government's licensing basket. The Commission Chief Executive of the NUPRC, Oritsemeyiwa Eyesan, stated that technical competence and operational capability, not just the highest financial bid, were decisive factors in determining successful bidders. The bidding process utilized an automated weighted scoring system to minimize human interference, with technical evaluations completed before public opening of commercial bids. Officials emphasized that signature bonuses accounted for only a fraction of the total score. Most successful bidders were Nigerian-owned or Nigeria-based firms, with major international oil companies absent from the final winners' list. While the process was largely commended for its organization, some experts, like Professor of Energy Dayo Ayoade, raised concerns about the transparency of the decision-making process and called for the publication of evaluation reports and scoring to strengthen public confidence. An anonymous energy expert also welcomed the expansion into inland basin
Free daily or weekly digest of the most important stories from across 18 African countries. No spam, unsubscribe any time.
This summary was AI-generated from a story originally published by Punch Nigeria.
Lagos emergency responders successfully contained two separate fire incidents on Thursday, preventing major disasters and recording no casualties. In Ikotun, a gas-laden tanker caught fire after striking a road bump, causing the driver to lose control and a tire to burst. The Lagos State Emergency Management Agency LASEMA, Lagos State Fire and Rescue Service, Lagos State Traffic Management Authority, Federal Road Safety Corps, and Nigeria Police collaborated to extinguish the blaze and manage traffic. LASEMA Permanent Secretary Olufemi Oke-Osanyintolu urged motorists to obey speed limits. Separately, the Lagos State Fire and Rescue Service confirmed a fire at the electronics section of a Justrite Superstore in Egbeda-Akowonjo. Controller General Margaret Adeseye reported that firefighters quickly contained the fire, which preliminary findings suggest originated from an alternative power source, specifically the building's solar inverter system. Both incidents were brought under control with no loss of life or injuries.
The Abia State Police Command has confirmed the mysterious death of five members of the same family in Umuimo, Osisioma Ngwa Local Government Area. The victims, identified as Mr Kachi Nnabugwu, his wife, Chinaza, and their three children, were found dead inside their residence on Tuesday. The incident was reported to the Osisioma Divisional Police Headquarters on July 22, 2026, by the deceased's brother after he was unable to reach them. Upon forcing entry into the house, the lifeless and decomposing bodies were discovered. Police Public Relations Officer, DSP Maureen Chinaka, stated that detectives visited the scene, conducted a preliminary visual inspection, and took photographs. The bodies have been deposited at the morgue for preservation and autopsy, with investigations ongoing. Residents reported the family was last seen on Saturday, July 18, and neighbors forced entry after repeated failed attempts to contact them. Containers of leftover food and a generator were reportedly found in the building. The circumstances surrounding the deaths remain unclear.
Credit extended to Nigeria's private sector reached N83.3tn in June 2026, marking a 2.8 percent increase from N81tn in May. This data comes from the Central Bank of Nigeria's latest Money and Credit Statistics. Conversely, credit to the government saw a 0.99 percent decline, falling to N40tn in June from N40.4tn in May. Consequently, net domestic credit grew by 1.5 percent to N123.3tn in June, up from N121.42tn the previous month. This rise in private sector lending indicates that banks are continuing to provide credit to businesses and households, even with the Central Bank of Nigeria's high-interest rate policy. Analysts suggest that sustained credit growth could foster business expansion, investment, and overall economic activity. However, there is also a concern that if credit growth outpaces the economy's productive capacity, it could lead to increased inflationary pressures. The figures highlight a persistent demand for financing despite the Central Bank of Nigeria's tight monetary policy, which aims to control inflation and stabilize prices.