NUPRC Welcomes Court Ruling Upholding OML 46 Award to Halkin E&P, Reaffirming Confidence in Nigeria's Energy Sector
To view an enhanced version of this graphic, please visit:
This verdict upholds Nigeria's commitment to transparent and merit-based asset allocations, and President Bola Ahmed Tinubu's administration's pledge to depoliticize regulatory decisions. By prioritizing merit-based licensing and regulatory discipline, the administration is reinforcing Nigeria's reputation as a stable, rules-based investment destination, free from undue political influence.
The Federal High Court ruling, delivered by Justice Ayo Emmanuel, confirmed that Bayelsa Oil Company Limited lacked the legal standing to challenge the Federal Government's re-award of OML 46 to Halkin E&P. The court dismissed the case in its entirety, ruling that it was statute-barred under Section 2 of the Public Officers Protection Act and Section 307 of the Petroleum Industry Act (PIA) 2021, which clearly define time limits for contesting oil asset allocations.
By upholding the integrity of Nigeria's regulatory and legal processes, this ruling sends a strong signal to the international investment community that Nigeria remains committed to protecting legitimate investors and ensuring fair and transparent asset governance.
Under the leadership of Chief Executive Engr. Gbenga Komolafe, the NUPRC has played a pivotal role in ensuring compliance and enforcing due process in asset management. The Commission's Seven Pillars of Divestment Strategy, which prioritizes lease enforcement, community engagement, and ESG compliance, has been instrumental in revoking non-performing leases and reallocating assets like OML 46 to technically and financially capable operators.
Chikaosolu Ojukwu, S.A.N., legal counsel for the NUPRC, described the ruling as a significant win for Nigeria's oil and gas industry, stating:
'This judgment reinforces Nigeria's legal and regulatory framework for upstream oil and gas operations. It demonstrates that the judiciary upholds due process and protects legitimate investors. Regulatory enforcement ensures that asset allocations remain transparent and fair, strengthening investor confidence in Nigeria's energy sector.'
With this ruling, Nigeria has further solidified its reputation as a stable and investable energy jurisdiction, where asset allocations are governed by due process, regulatory compliance, and operational capability. This outcome reassures global investors that Nigeria is fostering an energy market driven by transparency, accountability, and performance.
With full legal clarity restored, Halkin E&P is now positioned to advance the development of OML 46, contributing to Nigeria's economic growth and energy security objectives. The company's strategic development plans align with NUPRC's broader industry vision, including:
The construction of a 2,000-barrel modular refinery, supporting Nigeria's fuel security and local refining capacity.
The launch of a gas processing plant, aimed at reducing gas flaring and advancing Nigeria's decarbonization efforts.
Expansion into renewable energy, including solar and hybrid power projects in host communities, supporting Nigeria's clean energy transition goals.
These initiatives reflect Nigeria's commitment to energy diversification, sustainable resource development, and maximizing the potential of its upstream sector.
As Nigeria advances its upstream energy strategy, the NUPRC remains committed to regulatory excellence, investment protection, and fostering a globally competitive oil and gas sector.
Media Contact:
09044067715
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Yahoo
18 minutes ago
- Yahoo
Grupo Aval Acciones y Valores S.A. (AVAL) Raises $300 Billion Bonds to Fuel Growth and Sustainability Efforts
We recently compiled a list of the 10 Best Low Cost Stocks To Buy Under $50. Grupo Aval Acciones y Valores S.A. stands ninth on our list. Grupo Aval Acciones y Valores S.A. (NYSE:AVAL), founded in 1994, is a prominent Colombian financial holding company with a strong presence in Colombia and Central America. It operates through a diverse portfolio of subsidiaries, including Banco de Bogotá, Banco de Occidente, Banco Popular, and Corficolombiana, offering services in banking, lending, pensions, insurance, and investments. In 2025, Grupo Aval Acciones y Valores S.A. (NYSE:AVAL) has shifted strategic focus toward digital transformation and ESG (environmental, social, and governance) leadership. The company continues to enhance digital banking across its subsidiaries, responding to fintech competition and evolving customer preferences. Investment in digital infrastructure is enabling new loyalty programs and customer engagement platforms, signaling a long-term commitment to innovation. The business has also made notable progress in sustainability. Its April 2025 sustainability report outlines advancements in financial inclusion, sustainable financing, job creation, and environmental protection. The corporation improved its standing on the Merco ESG index and expanded various social and environmental programs across the region. A data analyst in front of a computer monitor, analyzing a series of financial trends. Financially, Grupo Aval Acciones y Valores S.A. (NYSE:AVAL) demonstrated strong investor confidence by issuing $300 billion in bonds in early 2025, which will support further growth and ESG initiatives. Regionally, it continues to strengthen operations in Central America, using its diversified model to ensure stability and expansion. While we acknowledge the potential of AVAL as an investment, we believe certain AI stocks offer greater upside potential and carry less downside risk. If you're looking for an extremely undervalued AI stock that also stands to benefit significantly from Trump-era tariffs and the onshoring trend, see our free report on the best short-term AI stock. READ NEXT: The Best and Worst Dow Stocks for the Next 12 Months and 10 Unstoppable Stocks That Could Double Your Money. Disclosure: None. Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
Time Business News
an hour ago
- Time Business News
How SME Insurance Is Adapting to the Needs of Modern Businesses
Small businesses in Singapore face a fast-changing landscape shaped by digital operations, hybrid work, and emerging risks. In this context, SME insurance is no longer a static offering but a dynamic service. Business insurers are revising their policies to reflect these shifts, providing support that goes beyond basic coverage. For many entrepreneurs, understanding these changes can make the difference between staying afloat during a crisis or facing severe financial disruption. Today's SMEs rely on digital platforms, cloud tools, and remote operations. This comes with vulnerabilities such as data breaches, cyberattacks, and operational disruptions from tech outages. Business insurers now include cyber protection as part of their SME insurance packages. This may range from data recovery costs to liability coverage if client information is compromised. In Singapore, such inclusions are increasingly relevant, especially for e-commerce platforms and service providers that manage sensitive data. Traditional policies prioritised physical damage and theft. However, SME insurance has expanded to include coverage for income loss due to unforeseen shutdowns. These interruptions might be caused by power failures, supplier issues, or even extended road closures. Modern business insurers offer more flexible terms tailored to real-world challenges, helping SMEs recover faster without excessive financial strain. This shift reflects a more nuanced understanding of operational resilience. Employees are a vital resource for small businesses. SME insurance now covers workplace injuries, but also goes further with employee health benefits, personal accident coverage, and group medical plans. Many insurers structure these benefits to support staff retention and morale, which is especially useful in a competitive hiring environment. Business insurers also work with brokers to create packages that comply with local employment regulations while addressing the well-being of workers. READ MORE: Mitigating Risks with Property Insurance: Essential Tips for Business Owners From home-based startups to growing retail chains, SMEs in Singapore come in many forms. As a result, one-size-fits-all insurance solutions are being replaced by modular policies. This allows owners to select only the protections that align with their industry, revenue scale, and assets. Business insurers are recognising the need for this flexibility, particularly for enterprises that change size or scope quickly. SMEs now have more control over how their insurance budgets are spent, without paying for unnecessary extras. Environmental, Social, and Governance (ESG) criteria are increasingly relevant, even for small businesses. SME insurance offerings now reflect this awareness. For instance, policies may reward eco-friendly initiatives or offer additional coverage for businesses affected by environmental factors. Business insurers in Singapore are beginning to support SMEs in aligning risk management with broader sustainability targets, which in turn helps them meet stakeholder expectations and qualify for funding or grants. Insurers are also innovating how they deliver services. Policy management platforms, mobile claims submission, and online consultations are making it easier for SMEs to stay updated. Business insurers are investing in user-friendly portals where business owners can compare options, track renewals, and speak to brokers in real-time. These tools reduce paperwork and improve transparency, encouraging more SMEs to maintain adequate coverage. Many small business owners prefer to work with professionals who can interpret policy terms and recommend suitable products. Insurance brokers in Singapore play a key role in bridging the gap between business insurers and SMEs. They help ensure that policies are not just bought, but understood and properly aligned with business objectives. This relationship is central to the modern insurance experience for SMEs. The role of SME insurance is shifting from reactive protection to proactive risk management. Business insurers are modernising their offerings to keep pace with evolving threats and business expectations. With better digital access, more targeted coverage, and support from brokers, small businesses in Singapore can find solutions that grow with them. The role of insurance has evolved from a simple formality into a strategic tool for modern businesses. Move from simple policies to a strategic insurance portfolio. Eazy helps SMEs in Singapore navigate the modern insurance landscape to find coverage that enables growth. Inquire with our team today. TIME BUSINESS NEWS
Yahoo
3 hours ago
- Yahoo
Institute of Internal Auditors CFO on audit quality, setting standards and AI
This story was originally published on To receive daily news and insights, subscribe to our free daily newsletter. As the finance chief of the Institute of Internal Auditors, Ann Cohen has spent a decade navigating a role and an industry that has grown increasingly complex. From geopolitical risks to ESG expectations and the acceleration of digital transformation, she has watched the role of the CFO evolve alongside the audit function it supports. The IIA, whose members include nearly 200,000 certified internal auditors across 170 countries, sets internal audit standards, provides certifications and offers training and research opportunities for those working in internal audit. In this conversation with Cohen reflects on how audit quality has changed, the growing demands on internal audit teams and how members of her organization are thinking about the role of emerging technologies like agentic AI in the audit function. Cohen also discusses what's kept her around for a decade, why strong internal audit relationships are critical and her perspective on issues shaping the profession — from the 150-hour CPA requirement to the skills and mindsets that define successful finance chiefs. Ann Cohen CFO, Institute of Internal Auditors First CFO position: 2005 Notable previous employers: Woodfield Country Club Bainbridge Companies Taylor Woodrow Developments This interview has been edited for brevity and clarity. ANN COHEN: Life as a CFO has just become so much more complex. The world has changed. Just look at the difference between the pre-pandemic and post-pandemic environments, for example. For my peers and me, factors like geopolitical risk, ESG expectations, new regulations and digital transformation have all added layers of complexity. And they're still evolving. AI is a great example. These emerging risks have made it a much more dynamic and difficult world to operate in. As a result, the audit process itself has become more complicated. We've heard directly from our members, concerns such as 'Our auditors are struggling' or 'Why is this harder than it used to be?' The audit process itself is more difficult now. The way audit has changed — how we work with people, how we access information, how we report — continues to evolve. To be effective, internal auditors now need to understand operations deeply. They need awareness of geopolitical factors, the ability to evaluate evolving risks and a strong grasp of internal controls. That level of insight takes work. It's a major challenge that makes what I do here really interesting. We stay close to our stakeholders — our National Institutes, global network, sponsors and regulators. We're constantly in listening mode: What's going on in your environment? What's shifting geopolitically? What risks are emerging in your region? Through advocacy and direct engagement, we keep a pulse on global developments. That helps us make sure our standards stay current and relevant. We have a chief audit executive who reports to our CEO, which is the standard structure in our profession. It's important they don't report to me as CFO because that could create a conflict; after all, they're auditing areas under my responsibility. That said, we work very closely together. I see our internal audit leader as a strategic partner. We regularly collaborate on identifying risks, evaluating controls and improving our processes. She was actually in my office earlier today to talk about some IT-related topics. We're in constant contact. Transparency and trust are key. You have to be open and honest with one another. When the internal audit function identifies a finding, CFOs must ask questions — what they saw, how they found it, what their thinking was. But it's always from a place of curiosity, not defensiveness. That dynamic only works when both parties trust each other as true strategic partners. Our internal audit function works across the entire organization. So that means not just with me, but with our certification, membership and learning teams too. They provide insights into how operations are running, where control weaknesses might exist, and how risks are shifting. They also work closely with our risk manager to align on strategy. Everyone has their own strategic plan, and internal audit plays a critical role in helping us meet those goals. From a long-term perspective, there's definitely interest in using agentic AI. But right now, things are changing so fast. Everyone is trying to wrap their heads around what it means and how it will evolve. There's risk involved, like with all digital transformation, and the pace of change is dizzying. I read about it every day, and even then, it's hard to keep up. I can tell you that people are asking, 'When will this settle enough that we can implement it in a sustainable way? Where does it make sense for our organization? What will it cost?' Everyone wants to get there, but it's going to take time. There are some valid points on both sides, but the changes' impact will likely not be as noticeable as if public accounting's other major issue were addressed. The one piece we can't ignore is compensation. Aspiring CPAs need to be fairly compensated. When they graduate from college, they should be earning competitive salaries — comparable to other industries that may or may not require less schooling. Whether states keep or drop the 150-hour rule, we have to make accounting a competitive and attractive career path for all, and I think that conversation needs to be geared more towards compensation for those working in entry-level accounting positions. Recommended Reading CPA requirements by state Sign in to access your portfolio
