The Nigerian Upstream Petroleum Regulatory Commission (NUPRC) has pledged the country’s commitment to break all entry barriers for would-be investors.

The Commission Chief Executive, NUPRC, Mr Gbenga Komolafe gave the assurance during the opening of the Nigerian Pavilion at the Offshore Technology Conference (OTC) on Monday in Houston, U.S.

Komolafe said this was as it is committed to giving robust incentives to new entrants, following the beginning of the 2024 oil bid licensing round.

He added that in line with the mandate of President Bola Tinubu, investors wishing to bid for assets in the 2024 licensing round were assured of seamless entry and had nothing to worry about barriers.

According to him, it is heartwarming to note that Nigeria’s licensing round is coming at the same time Guyana is holding same.

Komolafe said that the offer by Nigeria as an investment destination of choice creates an opportunity for them to make the right choice.

He said that there were 12 oil blocks up for grabs in the 2024 oil bid licensing round.

He noted that the aim of the 2024 oil licensing round is to grow the country’s depleting oil production numbers and oil reserves.

He stressed that the oil bid round would further support the Federal Government’s effort targeted at boosting Foreign Direct Investment(FDI).

According to him, another gain associated with the bid round is an opportunity for the country to grow its local content capacity.

The NUPRC boss said the 2024 OTC is an opportunity for the country to market its oil and gas potential to the global community.

Earlier in his remarks, the Minister of State for Petroleum Resources, Mr Heineken Lokpobiri, assured investors that oil would remain relevant for a long time.

He disagreed that oil could remain irrelevant, urging investors to take advantage of the oil bid round to make investment.

“Historically, no source of energy goes away. So do not be deceived that fossil fuel will go away.

“Talks at the recent global conferences have further proved that fossil fuel will continue to remain, the quicker we extract our oil, the better for us as a country,” Lokpobiri said.

He reaffirmed that the quickest way towards economic recovery for Nigeria was through oil and gas investment.

The minister said the country’s huge oil and gas deposits would mean nothing if they remained on the ground and were not explored.

In his remarks, Chairman, Petroleum Technology Association Nigeria (PETAN), Mr Wole Ogunsanya, said the OTC continued to discuss building a sustainable oil and gas industry across Africa in light of the energy transition.

Ogunsanya commended the minister for honouring the association in declaring the Nigerian pavilion opened.

He also lauded the support of NUPRC and other stakeholders towards supporting Nigerian companies at the 2024 OTC exhibition ground.

He said, “The fact is that Africa requires sustainable energy sources to meet the growing needs of all sectors of its economy and the energy transition is a crucial enabler of sustainable development.”

Recall that about 25 Nigerian companies are participating at the PETAN oil and gas exhibition at the ongoing 2024 OTC.

…To develop 1,000 homes in three years

Aerofield Homes Limited, a leading property company, has partnered with Oodua Investment to develop Ikeja Luxury Apartments, a high-end housing project in Ikeja GRA, Lagos State.

The groundbreaking ceremony marked the beginning of construction, which is expected to be completed in record time. Armstrong Akintunde, CEO of Aerofield Homes, praised the partnership, saying it aligns with the company’s mission to provide decent and qualitative housing for Nigerians.

He commended Otunba Bimbo Ashiru, Chairman of Oodua Investment, for his leadership and vision. Akintunde assured that Aerofield Homes is committed to delivering the project promptly, citing the company’s track record of excellent service delivery and customer satisfaction.

Delivering his speech at the event, the Group Chairman, Oodua Investment, Otunba Bimbo Ashiru appealed to Nigerians to invest in the company’s real estate developments and explore various opportunities across its different business interests saying that his leadership and commitment to deliver sustainable returns and manage risks effectively remains as solid as ever.

Oodua Investment and Aerofield Homes have also partnered to develop over 1,000 homes in various locations across Nigeria within the next 2-3 years.

Otunba Bimbo Ashiru, expressed confidence in the leadership and collaborative efforts of the partners. Adetilewa Adetomiwa, Executive Director of Aerofield Homes, emphasised the company’s dedication to providing decent housing for Nigerians, shaping dreams into reality, and creating vibrant communities.

The partnership is expected to deliver quality homes, upgrade existing assets, and drive socio-economic prosperity in the country.

Data from the National Pension Commission (PenCom) have revealed that Nigeria’s pension fund assets dropped marginally to N19.669 trillion for the period ended 31st March 2024.

This represents a marginal decrease of about 0.45 percent when compared with  N19.759 trillion reported as net asset value (NAV) in February 2024.

This was contained in the commission’s monthly report for March 2024 released by PenCom.

According to the report, the total pension fund net asset value dropped to N19.669 trillion in March compared to N19.759 trillion reported a month earlier.

A closer look at the data reveals that investment in FGN securities continues to dominate portfolio allocation with about N12.200 trillion or 62.03 percent of total net asset value (NAV).

Pension Funds also allocated N2.058 trillion to corporate debt securities and N1.779 trillion to money market Instruments.

Investments in ordinary shares of local companies rose by 8.72 percent to N2.082 trillion from N1.915 trillion in February.

Fund II, which is the default RSA Fund under the Multi-Fund Structure, maintained the largest share of the Active RSA Funds allocation with N8.331 trillion or 42.35 percent of the total fund NAV.

Fund III also rose by 1.19 percent from N5.112 trillion to N5.173 trillion maintaining its second position for fund allocation.

Meanwhile, RSA membership for March 2024 rose by 0.22 percent to 10,280,956 from 10, 258,611 members in February 2024.

Pension funds’ NAVs have risen from N14.9 trillion in December 2022 to N19.7 trillion in March, representing a whopping N4.8 trillion or 32.21 percent increase.

For context, between 2021 and 2022, pension fund assets rose by just N1.57 trillion from N13.42 trillion to N14.99 trillion.

The rise is likely linked to a combination of a surge in pension fund contributions and a rise in portfolio values.

For example, FGN Securities has seen its Net Asset Values rise from N9.64 trillion in 2022 to N11.89 trillion as of March 2024.