<< Back             Poser >> FG threatens to withdraw licenses of dormant oil blocks By Udeme Akpan & Sebastine Obasi The Federal Government is set to revoke the licenses of some oil blocks in the country over delays in development of the oil blocks by the license holders. Confirming this yesterday at the Licensing Round Pre-bid Conference in Lagos, Minister of State, Petroleum Resources, Heineken Lokpobiri, added that there will be no refund of bid fee or signature bonus following the revocation. He stated further: “Licenses are no longer status symbol.   They belong to the government.   Every licensee must develop the assets within the given time frame. “Some licensees have held their licenses for 20 years without developing their assets. Such will not be tolerated any longer.” According to him, post-bid adjustment is not provided for in the bid round, as investors are cautioned to adhere strictly to the guidelines.   “Nigeria is a mature field. That’s why investors want to invest in the country’s hydrocarbon, “he added. Also speaking, Commission Chief Executive, Nigerian Upstream Petroleum Regulatory Commission, NUPRC, Oritsemeyiwa Eyesan, stated that many of the blocks on offer were recovered through the implementation of the Petroleum Industry Act, PIA. She said: “Nigeria should be seen as the preferred investment destination in Africa. It is noteworthy that the number of indigenous producers has increased appreciably.” She also explained that Nigerian banks are critical to Nigeria’s oil industry and enjoined investors to always liaise with them appropriately while embarking on the licensing round. A total of 50 blocks are on offer for bid, 16 onshore and 18 shallow water blocks are in the Niger Delta. Four onshore blocks, each, are in Anambra, Benue and Chad frontier basins, while one onshore block is in the Benin frontier basin. There is only one deep offshore block in the Niger Delta basin. Vanguard Business News	Dangote Cement revenue hits N4.31trn as profit tops N1trn Dangote Cement Plc has reported a 20.3 per cent revenue growth to N4.31 trillion for the year ended Dec. 31, 2025. NGX Group records N15.6bn profit, declares N3.00 dividend …Issues 1 for 3 bonus By Peter Egwuatu   The Nigerian Exchange Group, NGX Group has the recorded N15.6 billion Profit Before Tax, PBT,   in its audited results for the year ended 31 December 2025, up from N13.6 billion in the corresponding period 2024. The Exchange also declared N3.00 per share dividend and a bonus of one […] Dangote Refinery charts industrial future with surfactant plant By Providence Ayanfeoluwa Dangote Petroleum Refinery has announced plans to expand beyond crude processing into a fully integrated industrial hub, unveiling five major projects that aim to transform Africa’s manufacturing landscape. The project encompasses the ambitious expansion plan of a 400,000-tonne Linear Alkaline Benzene (LAB) plant to support detergent manufacturing across the continent. Addressing journalists during […] Oil Theft: How criminal networks are moving from creeks to communities For decades, Nigeria’s oil theft crisis was largely associated with remote creeks, mangrove swamps and offshore vandalism in the Niger Delta. Increasingly, however, security agencies say the trade is migrating inland-embedding itself within civilian communities, markets and transport corridors where it can operate under the cover of everyday commerce. The recent exposure of Owaza Mami Market […] FG extends ban on Shea nut export to boost domestic processing By Peter Egwuatu,  with agency report   The Federal Government has extended its ban on Shea nut exports by a year, reinforcing a drive to curb raw commodity shipments and boost local value addition. The extension takes effect from February 26, 2026, to February 25, 2027. Approving the ban, President Bola Tinubu said that  Nigeria is trying to […] Lafarge Africa revenue surges 53% to N1.1trn By Peter Egwuatu Lafarge Africa Plc has announced a revenue milestone of N1.1 trillion in 2025, representing a 53% surge from N696.8 billion recorded in the corresponding period of 2024. Profit After Tax (PAT) rose from N100.1 billion in 2024 to N273 billion representing a 173% increase. The company said this performance is underpinned by volume-led […]