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No new licensing rounds for oil wells until PIB is passed—Kachikwu
The Federal Government, has said that until all the components of the Petroleum Industry Bill, PIB, are passed by the National Assembly and assented to by the President, no new licensing rounds for oil wells would be conducted. Speaking in Abuja, at the Nigeria Extractive Industries Transparency Initiative, NEITI, symposium on the PIB, Minister of State for Petroleum Resources, Mr. Ibe Kachikwu, said that the Federal Government would only award new licenses for oil production under new legislations.
Kachikwu, who was represented by his Senior Technical Adviser on Efficiency, Mr. Johnson Awoyomi, stressed the need for transparency and clear policy direction in the Nigerian petroleum industry. He said, “Finally, it is a national priority to have certainty and clarity over the operations of the petroleum industry as it will foster more licensing rounds, enhance revenues and increased economic activities. “New acreages will be awarded for exploration and production under new laws and terms, especially offshore which is likely to account for much of the growth in the nation’s reserves.
“For too long we have waited for this moment with bated breath and sheer excitement, knowing that the bill will disentangle us from the manacles of inefficiency, low investment drive and opacity.” Kachikwu said stakeholders must relish the urgency of the current stage at which the various petroleum bills are, stating that all hands should be on deck to making sure the bill achieves what it is meant to achieve. Getting to the yes on the PIGB is a great milestone, I am so glad we have begun heeding the clarion’s call,” he noted.
The minister lamented that the aggregation of laws which had governed the Nigerian oil and gas sector over the years had become archaic and no longer competitive and needs to be reviewed and harmonised into a comprehensive law. He said, “After a critical study of the myriad of challenges on ground, we observed that crucial to the fixing of these problems lies in the question of the governance of the industry, and effort from the legal wing which could play a critical role in presenting a robust, effective governance and institutional framework for the management and regulation of petroleum resources in Nigeria.
“The role of the government needs to be better clarified by refocussing the mandate of the policy, regulatory and commercial institutions to ensure better sector governance, transparency of regulations and operations, accountability of the institutions and removal of opaqueness around the industry.”
Also speaking, Executive Secretary of NEITI, Mr. Waziri Adio, however, stated that passage and assent to the bill do not signify the end of the sector’s challenges, noting that the most crucial part aspect is the implementation of Bill when it eventually becomes law. He said, “But we will be deluded to think the job is done. It is not. Succumbing to such a temptation will be wrong-headed and misdirected. And here we are not just talking about the need to finally pass the PIGB and transmit it to the President for assent. And not even about ensuring that the other three bills are passed and signed. It is more about ensuring effective implementation of the resultant laws in ways that will reposition and transform our oil and gas sector to become a real blessing, and not this needless curse, for our people.
“Our expectation is that we will address many of the questions that have been asked, including those yet to be asked, or at least set us thinking seriously about these questions. Some of these include: what transitional arrangements are being contemplated? What is the plan for the fiscal, host community and administrative bills? How do we create a Pareto optimal equilibrium between revenues for government and returns for investors on one hand and among the geo-political zones on the other? How do we ensure that the new institutions created by the bills do not end up as replicas of the existing ones, or even worse? How do we use the proposed laws to embed contract disclosure and beneficial ownership and other new frontiers of openness? And what will success look like?”
Cardano (ADAUSD) climbed amidst tight trading activities in the crypto market, up by 1.05% in the past 24 hours, showing resilience near key support.
The price ticked up on Sunday amidst negative movements in the global crypto market. The gain has reduced its negative movement in the week to 1%. Cardano is showing strength with a $70 million ADA treasury push and a bullish December setup, but it faces key resistance amidst competing traders.
The token is trading at $0.4165 at the time of filing the report on Sunday, gaining more than 1% on the day as volume traded reached $359.252 million. The token is in a notable correction from its November highs. Recent trading activity reflects pronounced investor caution. Over a 30-day period, ADA has declined approximately 15%, mirroring the broader pressure on risk assets from macroeconomic uncertainties.
Sentiment trades mixed, as retail and mid-sized investors are accumulating at lows, but large holders remain sceptical. Cardano’s privacy-centric Midnight Network went live after years of development, introducing NIGHT – the first native asset on Cardano.
According to crypto analysts, Short-term speculation around NIGHT airdrops and interoperability boosted ADA demand. ADA rebounded from $0.371–$0.416 after testing an ascending trend line connecting 2023–2025 lows. Traders interpreted the bounce as a bullish divergence, but ADA remains below critical resistance of $0.5113 and its 200-day EMA of $0.68.
ADA’s minor rally reflects optimism around Midnight’s launch and oversold technicals, but scepticism about its ecosystem impact and whale selling caps upside. While the price surges, analysts stated that Cardano balances technical hope against macroeconomic headwinds, with Midnight’s adoption trajectory and $0.51 resistance serving as critical watch points.
While governance upgrades signal maturing decentralisation, crypto analysts are still querying whether ADA can leverage these developments to reverse its 2025 underperformance.
The National Drug Law Enforcement Agency has recovered over 7.6 million pills of tramadol and a total of 76,273.4 kilograms of different strains of cannabis.
The agency’s spokesman, Femi Babafemi, said this in a statement on Sunday in Abuja. Mr Babafemi said that the drugs, including Colorado, Loud and Skunks, had several members of drug trafficking organisations linked to the seizures arrested.
He said that out of the total opioids seized during the raids, not less than 3,874,000 pills of tramadol, 225mg and 100mg, and others, as well as 252.2litres of codeine syrup were recovered. He said that they were recovered from a warehouse at Oko market, Asaba, Delta, on Saturday. He also said that no fewer than 1.2 million tablets of tramadol 225mg were seized from a suspect on December 3.
This, he said, was when NDLEA operatives on patrol at Orogwe, along the Onitsha-Owerri road, Imo, intercepted his vehicle conveying the consignment, which was loaded at Aba, Abia, and heading to Onitsha, Anambra. Meanwhile, in Adamawa, NDLEA officers on December 1 intercepted a Toyota Hiace bus marked MGU 554 XB along Maraba-Mubi, coming from Jos, Plateau state, and heading to Mubi, with a total of 1,577,112 capsules of tramadol.
“Other drugs intercepted were Exol-5 tablets, all concealed inside jumbo bags mixed with new rubber sandals and slippers. Two suspects were arrested in connection with the seizure. Similarly, another 27-year-old suspect was nabbed along Zaria-Kano road, Kano state, with 197,000 pills of exol-5,” he said.
The NDLEA chairman, Buba Marwa, commended the officers and men of the SOU commands in Delta, Adamawa, Imo, Ondo, Lagos, and Kano for the arrests and seizures. Mr Marwa said that their operational successes, along with those of their compatriots across the country, especially their balanced approach to drug supply reduction and drug demand reduction, were well appreciated. NAN
The Presidential Enabling Business Environment Council (PEBEC) has released the 2025 Subnational Ease of Doing Business (EoDB) Report, with Lagos emerging as the best-performing state, scoring 85.6 per cent.
The report released by the director-general of PEBEC, Zahrah Mustapha-Audu, has Kaduna in second position with 65.1 per cent. Oyo, FCT, and Ogun rounded up the top five with scores of 62.7 per cent, 61.0 per cent, and 59.9 per cent, respectively. Others include Enugu (56.2 per cent) in sixth position, with Plateau (56.2 per cent), Ekiti (55.8 per cent), Kano (54.8 per cent), and Nasarawa (53.4 per cent) rounding out the top 10 states.
The EoDB report is a comprehensive data-driven assessment of how Nigeria’s 36 states and the FCT are shaping business competitiveness through regulation, infrastructure, and administrative efficiency.
The report assesses performance across 16 indicators and 36 sub-metrics covering electricity, infrastructure, digital connectivity, land administration, taxation, trade logistics, justice delivery, investor support and skilled labour readiness.
According to the DG, these states distinguished themselves through consistent reform momentum, improved digital processes, and more predictable regulatory environments. “The 2025 Report also highlights five priority interventions states can implement immediately. These include establishing investor aftercare systems, strengthening MSME credit enablement, harmonising interstate trade rules, upgrading commercial justice processes, and improving power reliability for industrial clusters,” she said.
According to her, PEBEC will continue to support state-led reform adoption, particularly under the $750 million State Action on Business Enabling Reforms (SABER) programme. She added that “the 2025 Subnational EoDB Report provides a critical foundation for policy action, investment decisions, and long-term competitiveness across Nigeria.”
The DG said the Subnational Ease of Doing Business Report is available for download at www.pebec.gov.ng/reports
PEBEC had earlier released its 2025 Business Facilitation Act (BFA) Performance Report, covering MDAs’ performance from January to October. This performance report is part of the council’s effort to track and measure the compliance of federal government MDAs with the BFA’s requirements on promoting Transparency and Efficiency of government-delivered services to the business community.
The report presents a data-driven assessment of 69 priority MDAs, drawing on monthly compliance submissions, independent mystery shopping, website audits, ReportGov analytics, and targeted process-verification exercises.
According to the report, the top five performing MDAs include the Nigerian Content Development and Monitoring Board (NCDMB), with an impressive 90.6 per cent score, followed by the National Drug Law Enforcement Agency (NDLEA) at 89 per cent. The Nigeria Customs Service (NCS), ranks third with 86.6percent, the Nigerian Communications Commission (NCC) and Nigerian Ports Authority (NPA) secured the fourth and fifth positions, scoring 85.3 per cent and 84.2 per cent, respectively.
PEBEC, currently chaired by Vice President Kashim Shettima, was established in July 2016 by the federal government to oversee Nigeria’s business environment intervention. It has a dual mandate of removing bureaucratic and legislative constraints to doing business and improving the perception of the ease of doing business in Nigeria. NAN
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