Business
NUPRC and NRS Collaborate to Boost Oil Revenue Collection
NUPRC and NRS launch collaboration to strengthen oil and gas revenue collection under new 2026 tax laws
The Nigerian Upstream Petroleum Regulatory Commission, NUPRC, and the Nigeria Revenue Service, NRS, have announced a strategic collaboration aimed at enhancing federal revenue collection from the oil and gas sector.
Also read: NUPRC dismisses oil block licensing irregularity claims, assures transparency
The announcement followed a meeting between NUPRC Chief Executive, Mrs. Oritsemeyiwa Eyesan, and NRS Chairman, Mr. Zacc Adedeji, at the agency’s headquarters in Abuja.
The engagement marked part of Mrs. Eyesan’s initial outreach to key stakeholders since her appointment as NUPRC Chief Executive last month.
According to Mr. Eniola Akinkuotu, Head of Media and Strategic Communications at NUPRC, the agencies are expected to work closely under the new tax laws, which came into effect on January 1, 2026.
The collaboration is designed to ensure more efficient revenue collection from Nigeria’s upstream petroleum sector.
During the meeting, both regulators agreed to harmonise their processes and share relevant data to meet the government’s revenue targets.
Mrs. Eyesan emphasised that the joint effort would strengthen compliance and support national development objectives.
Mr. Adedeji highlighted that enhanced coordination between NUPRC and NRS would reduce inefficiencies in revenue mobilisation while fostering transparency in the sector.
Also read: Nigeria launches $10bn petroleum licensing round to boost production
Officials said the collaboration would also involve regular stakeholder engagement and the use of digital tools to monitor compliance, reflecting a commitment to modernising regulatory oversight and financial accountability.
Tinubu Niger Delta summit opens in Port Harcourt as investors and policymakers gather to drive investment, innovation and industrial growth
Dangote Petroleum Refinery has set its initial public offering price at ₦525 per share, with the company seeking to raise about ₦2.15 trillion as it prepares to enter Nigeria’s public equities market.
The Securities and Exchange Commission has approved the offer for 4.1 billion ordinary shares at ₦525 each. If fully subscribed, the offer would generate approximately ₦2.15 trillion, equivalent to about $1.6 billion at current exchange rates.
The offering is expected to open on 14 September 2026, according to Aliko Dangote, the president of Dangote Industries. The planned sale is positioned to become one of the largest equity offerings in Africa.
The IPO marks a significant step in Dangote Group’s plans to broaden ownership of the refinery and raise additional capital for expansion.
The refinery currently has a stated processing capacity of 650,000 barrels of crude oil per day. Dangote has said the company plans to increase that capacity to 1.4 million barrels per day as part of its longer-term expansion strategy.
The planned share sale follows a $1 billion underwriting programme completed in August, providing additional financial backing ahead of the public offering.
The refinery, located in the Lekki area of Lagos State, is one of Africa’s largest industrial projects and has become an increasingly important player in Nigeria’s fuel supply market since beginning operations.
The public offering will give Nigerian investors an opportunity to acquire shares in the refinery directly, while providing Dangote Petroleum Refinery with fresh capital to support its next phase of growth.
The company has also indicated ambitions to expand beyond its current Nigerian operations, with Dangote recently announcing plans for another refinery project in Kenya.
-
Politics2 years ago
13 Ondo Assembly Members Disown Endorsement of Aiyedatiwa
-
Politics2 years ago
APC Group, Ondo Govt, Quarrel Over Money for Endorsement
-
Trending News5 years agoStop unsavoury, inciting statements – DSS warns
-
Others5 years agoAdron Homes Celebrates 10 Years Of Housing Excellence
-
Humanity5 years agoPresident Buhari Commiserates With Ambassador Maureen Tamuno Over The Loss Of Her Father
-
Others7 years agoEX- CUSTOMS BOSS, IBRAHIM MERA’S DWINDLING FAME
-
Business2 years agoBigi Carbonated Soft Drinks Treats 40 Consumers to an Epic Easter Movie Hangout
-
Business2 years agoWema Bank Shines at Global SME Finance Forum Conference Awards 2024 …Awarded: • SME Financier of the Year (Africa) • Platinum Award for Best Financier for Women Entrepreneurs (Africa)