Business
NUPRC dismisses oil block licensing irregularity claims, assures transparency
The Nigerian Upstream Petroleum Regulatory Commission (NUPRC) has strongly denied allegations of irregularities in the 2024 oil block licensing round, asserting the process was transparent and strictly adhered to legal guidelines, while also refuting claims of mass license expirations
The NUPRC Oil Block licensing round of 2024 has been vigorously defended by the Nigerian Upstream Petroleum Regulatory Commission (NUPRC), which has dismissed all allegations of irregularities.
Also read: Oil crash hits Nigeria’s budget
The commission insists that the entire process was conducted in strict adherence to existing laws and guidelines, refuting reports claiming violations of oil licensing procedures and improper allocation of blocks.
In a statement issued on Thursday, NUPRC addressed reports that alleged the allocation of blocks to companies with questionable eligibility.
The Commission Chief Executive, Gbenga Komolafe, clarified that the licensing round was executed in full compliance with the Petroleum Industry Act (PIA) and NUPRC’s own licensing frameworks.
Komolafe described the bidding process as transparent, competitive, and technologically driven. He directly addressed claims suggesting that a company registered just days before bidding was awarded oil blocks, by clarifying that the guidelines do not restrict participation based on the age of a company.
Instead, eligibility is determined through a comprehensive evaluation of technical competence, financial capacity, and legal standing.
The NUPRC boss explained that the technical and financial qualifications of a bidder are judged not by when a company was registered, but by the capacity and track record of its promoters or parent firms.
“This approach allows newly formed Special Purpose Vehicles (SPVs), when backed by credible and experienced industry players, to compete effectively and fairly,” Komolafe stated.
He further detailed that the 2024 Licensing Round involved multiple stages, including prequalification, technical evaluation, and commercial bid evaluation.
Applicants were required to demonstrate financial capability, technical expertise, and legal compliance by submitting detailed documentation, such as incorporation papers, tax clearances, and proof of operational experience.
“The pre-qualification window was open with no restrictions on company age,” Komolafe highlighted. “The commercial bidding phase was carried out digitally using encrypted technology to ensure the integrity and confidentiality of the data.
The results were announced transparently and publicly, featuring live televised sessions that were observed by stakeholders, including the Nigerian Extractive Industry Initiative (NEITI) and relevant government ministries.”
He added that the commercial bid evaluation was conducted using a transparent, digital, and point-based assessment system, which included Signature Bonus, Proposed Work Programme Financial Commitments, and Work Performance Security.
Meanwhile, the Commission also debunked reports claiming that 40 oil block licenses would expire on June 27, 2025. It described the report, based on data misinterpreted from the NUPRC website, as misleading and capable of creating unnecessary alarm within the industry.
NUPRC clarified that the 40 Petroleum Prospecting Licences (PPLs) referenced are at different stages of exploration and development. Many operators have already applied to convert their PPLs to Petroleum Mining Leases (PMLs) as provided by the PIA, and these applications are currently undergoing regulatory review.
It further explained that several of the licensees have met the minimum work programme requirements under Section 78 of the PIA, making them eligible for extensions, stressing that production start-up is not the only benchmark for compliance.
NUPRC urged media platforms to ensure factual and contextual reporting, in line with regulatory statutes. It reiterated its commitment to a transparent and inclusive regulatory regime that protects public interest and supports the sustainable development of Nigeria’s oil and gas resources.
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Business
Kola Karim’s Shoreline Group Signs $300 million Deal With Accor to Develop Nigeria’s First National Hotel Platform
Kola Karim’s Shoreline Group has signed a letter of intent with Accor, a world leading hospitality group to establish Nigeria’s first national hotel platform.
The signing took place during the Africa Forward Summit 2026 hosted jointly by Kenya and France in Nairobi.
This ambitious partnership is set to make a significant contribution to the evolving Nigerian hospitality landscape with a substantial investment from Shoreline of $300 million, leveraging Accor’s renowned brand portfolio and expertise.
As gathered the strategic collaboration aims to develop a hotel network across Nigeria, encompassing 10 hotels across eight cities and over 1,200 rooms by 2030.
These properties will span various segments, from midscale to luxury, catering to diverse travelers and contributing significantly to the nation’s tourism growth. The project also includes the establishment of a dedicated hospitality training Academy to nurture local talent and create approximately 1,000 direct jobs.
Mr. Sébastien Bazin, Chairman and CEO of Accor, stated: “We are thrilled to partner with Shoreline Group to unlock the immense potential of Nigeria’s hospitality sector. This partnership is a testament to our belief in Nigeria’s dynamic future.
“By combining Shoreline’s deep understanding of the local market with Accor’s global expertise and diverse brand portfolio, we are poised to create an unparalleled hospitality offering that will set new benchmarks for quality and service.
“Crucially, the establishment of the Accor Academy is integral to this vision, enabling us to deliver immediate talent development for the Shoreline hotel portfolio, demonstrate our long-term commitment to Nigeria through dedicated training facilities, and solidify Accor’s position as the employer and educator of choice in West Africa.”
The Agbaoye of Ibadanland and Chairman of Shoreline Group, Karim, commenting on the development said: “This partnership is central to Shoreline’s strategy of building institutional-quality infrastructure platforms across Africa.
“We anticipate hospitality infrastructure becoming increasingly vital for capital movement and development, particularly in Nigeria where high-quality room supply is underserved. Our choice to partner with Accor highlights our focus on operational excellence and long-term value.
“The hospitality academy is crucial, alongside physical hotels, for developing local talent to sustain international standards. It will support our portfolio and enhance Nigeria’s hospitality workforce.
“This investment aligns with Shoreline’s broader focus on strategic assets in energy, infrastructure, and industrial development. We view hospitality as a natural extension: real infrastructure supporting economic activity, local capability, and national growth.”
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