Friday, May 15, 2026

Nigeria’s crude oil output rises to 1.66 million bpd in April

Nigeria’s crude oil and condensate production rose to an average of 1.66 million barrels per day (bpd) in April 2026, bringing the country close to its production target under the Organisation of Petroleum Exporting Countries (OPEC) quota.

The figures were disclosed in the latest provisional data released by the Nigerian Upstream Petroleum Regulatory Commission (NUPRC).

“Daily average production was 1,663,413 barrels per day, comprising both Crude oil (1,488,540 bopd) and condensate (174,873 bopd),” the report noted.

It said the average crude oil production represents 99 per cent of OPEC quota (1.5 mbpd), showing the country is steadily closing the gap after months of underperformance.

The data showed that total liquid production — comprising crude oil, blended condensate, and unblended condensate — increased to 49.90 million barrels in April, translating to a daily average of 1,663,413 barrels per day, compared to 1,546,093 bpd recorded in March.

This represents a month-on-month increase of about 7.6 per cent. Of the total April production, crude oil accounted for 44.69 million barrels or 1,488,540 bpd, while condensates contributed 5.25 million barrels, comprising blended condensate of 1.56 million barrels and unblended condensate of 3.69 million barrels.

It added that the lowest and highest combined crude oil and condensate production levels during the month were 1.46 million bpd and 1.85 million bpd respectively.


Bonny, Forcados lead production surge

A breakdown of output by terminal showed that Bonny remained Nigeria’s highest-producing crude stream in April, posting a blend total of 8.85 million barrels, up from 8.42 million barrels in March.

Bonny’s crude oil production alone rose from 7.99 million barrels in March to 8.36 million barrels in April, while condensate increased to 492,779 barrels from 427,035 barrels.

Forcados recorded one of the strongest recoveries during the month, with total blend production rising sharply to 7.35 million barrels in April from 5.18 million barrels in March.

Its crude oil production jumped to 6.65 million barrels from 4.73 million barrels, while condensate output also rose significantly to 700,249 barrels.

Qua Iboe posted total production of 4.97 million barrels in April, slightly lower than the 5.25 million barrels recorded in March, while Escravos declined to 4.13 million barrels from 4.47 million barrels.

Brass terminal also saw a drop, with total blend production falling to 1.25 million barrels from 1.38 million barrels.


Offshore fields support output

Among offshore assets, Bonga recorded a strong performance with 3.06 million barrels in April, up from 2.85 million barrels in March.

Erha also improved to 2.05 million barrels, while Egina produced 1.47 million barrels and Usan contributed 928,616 barrels.

Utapate delivered 1.78 million barrels, while Nembe posted 1.19 million barrels during the month.

The data also showed stable contributions from Ugo Ocha (Jones Creek), Sea Eagle, Anyala Madu, Pennington, Abo and other smaller streams, reinforcing broader supply stability across the sector.

Nigeria’s unblended condensate production stood at 3.69 million barrels in April, equivalent to 122,840 bpd, while blended condensate reached 1.56 million barrels or 52,032 bpd.

Among condensate streams, the data published by the commission showed that Agbami remained the largest producer with 2.01 million barrels in April, followed by Akpo with 1.34 million barrels and Tulja-Okwuibome with 304,827 barrels.

This sustained condensate production continues to support Nigeria’s overall liquids output and helps improve revenue inflows, especially at a time of elevated global crude prices.
Revenue implications

The improved production comes amid strong international crude prices, increasing the prospect of stronger oil earnings for the federal government and improved foreign exchange inflows.

With Brent crude trading above $120 per barrel during parts of April, Nigeria’s stronger output could significantly improve fiscal performance, especially as the government seeks to fund its 2026 budget and reduce pressure on external reserves.

The increase also strengthens Nigeria’s standing within OPEC, where the country has struggled in recent years to meet assigned production levels due to oil theft, pipeline vandalism, underinvestment and operational shutdowns.

Despite the improvement, analysts warn that sustaining higher output will depend on continued pipeline security, stable operations at key terminals, and faster investment in upstream infrastructure.

They note that while the April performance is encouraging, consistency remains critical if Nigeria is to maintain production near quota levels and fully benefit from higher global oil prices.

The NUPRC described the figures as provisional, indicating that final reconciled numbers may be subject to slight adjustments.

By Abdulkareem Mojeed, Premium Times

Nigeria’s $118 billion stock market slips as traders cash out after weeks of gains

Nigeria’s stock market paused for breath on Thursday after weeks of relentless gains, with investors taking profits in several high-flying stocks even as the broader rally remained intact.

The benchmark NGX All-Share Index fell 0.1% to close at 252,243.11 points, trimming 265.08 points from the previous session.

The decline was modest compared with the market’s recent run, which has pushed Nigerian equities among the world’s strongest-performing assets this year.

Despite Thursday’s pullback, the market is still up 5.22% over the past week, 20.51% over the last month and 62.1% since the start of 2026, extending a rally fueled by banking stocks, industrial giants and renewed foreign investor interest in Africa’s largest economy.

Trading activity, however, slowed.

A total of 1.04 billion shares worth NGN 41.5 billion were traded in 74,677 deals, representing a 34% drop in volume and a 55% decline in turnover compared with Wednesday’s session. The weaker activity suggests some investors are becoming more selective after the market’s rapid climb.

Nigeria’s stock market capitalization now stands at NGN 161.7 trillion, equivalent to roughly $118 billion.

Among individual stocks, logistics company Red Star Express led gainers after jumping 18.59% to NGN 31.90 per share. It was followed by Cornerstone Insurance, Austin Laz & Company and Learn Africa.

On the losing side, Zichis Agro Allied Industries dropped 10.09%, while FTN Cocoa Processors, Meyer and RT Briscoe also posted steep declines.

Trading was dominated by retail-driven activity in mid- and large-cap stocks. Chams recorded the highest traded volume with 128 million shares exchanged, followed by VFD Group, First HoldCo and Access Holdings.

Sector performance was mixed. Insurance stocks outperformed, with the NGX Insurance Index gaining 0.46%, while the NGX Pension Index also advanced.

Oil and gas stocks remained near multi-year highs, with the sector index now up more than 128% this year as investors continue betting on energy earnings and naira-driven revenue growth.

The latest market pause comes as investors assess whether the rally can be sustained after months of aggressive buying.

Analysts say expectations of stronger corporate earnings, currency stability and improving foreign exchange liquidity have helped support sentiment toward Nigerian assets in recent months.

Still, the sharp drop in turnover on Thursday may signal growing caution among traders after one of the fastest stock market rallies Nigeria has seen in years.

By Ayodeji Adegboyega, Business Insider Africa

Thursday, May 14, 2026

Nigeria ex-power minister Saleh Mamman jailed 75 years for graft







A Nigerian court on Wednesday sentenced former power minister Saleh Mamman to 75 years in jail for siphoning off millions of dollars from hydro-electricity projects.

Nigeria's anti-corruption agency, the Economic and Financial Crimes Commission (EFCC), said Mamman was found guilty of laundering 33.8 billion naira ($24.6 million).

Nigeria is Africa's fourth-largest economy and the continent's top oil producer, but it suffers from acute electricity shortages due to a crumbling grid and inadequate output.

More than 40 percent of Nigerians have no access to grid electricity, according to the World Bank.

Federal High Court judge Justice James Omotosho Abuja "sentenced Mamman to 75 years imprisonment" for money laundering, the EFCC said in a post on X.

Mamman, who was the energy minister between 2019 and 2021, was sentenced in absentia.

He is the first minister who served under former president Muhammadu Buhari, who was revered for his anti-corruption stance, to be jailed for graft.

Several other top officials from Buhari's government are facing trial for fraud, including a former justice minister, an ex-central bank governor and a former labor minister.


Nigerian Tycoon Femi Otedola Acquires £53 Million London Mansion

Nigerian billionaire tycoon Femi Otedola has acquired a luxury mansion in London’s exclusive St. John’s Wood neighborhood for £53 million ($72 million), marking one of the year's most significant ultra-prime property transactions.

The Ultimate Luxury Estate
The sprawling 10-bedroom property features a massive array of elite amenities tailored for high-net-worth living:
  • Wellness Center: A 40-foot indoor swimming pool alongside a fully equipped private spa.
  • Entertainment Suites: A 12-seat private cinema, an executive home office, and a dedicated cigar room.
  • Collector Storage: Two custom temperature-controlled wine cellars and an underground hydraulic parking lift built for four vehicles.
  • Biometric Security: A high-tech panic room secured by advanced fingerprint and eye-recognition scanners.
A Growing Global Portfolio
The estate is located a short walk from Regent's Park, a district heavily favored by international diplomats and global elites. The acquisition expands Otedola’s extensive international real estate footprint, which already spans prime locations in Lagos, Dubai, and Monaco. Otedola, the chairman of Geregu Power PLC and a major shareholder in FBN Holdings, ranks among Africa's most prominent business leaders.

Kidnapped priest released after 3 months in captivity












In a statement issued on 12 May, the Catholic Diocese expressed “deep gratitude to God” for the safe return of Fr Nathaniel Asuwaye after three months in captivity.

“We are pleased to inform you that Father Nathaniel is now safe and receiving the necessary medical care,” the statement read. “His condition is stable, he is in good spirits, and he thanks you for your prayers and support.”

Fr Nathaniel, parish priest of Holy Trinity Church in Karku, Kaura County of Kaduna State, was kidnapped in the early hours of 7 February when armed attackers stormed the rectory. According to reports at the time, ten parishioners were also abducted during the assault, while at least three people were killed.

Recalling the months following the abduction, the Diocese said it had continuously urged the faithful to pray for the priest’s release.

“At the end of April, we dedicated May to God through fervent prayers during our annual Marian devotions and other prayers, especially the Holy Mass,” the statement said, adding “God, who does not abandon those who bear His name and call upon Him, has heard our prayers and granted Father Nathaniel’s safe return.”

Bishop Julius Yakubu Kundi, together with the priests and faithful of Kafanchan Diocese, also expressed gratitude to all who supported the Church during the difficult period, especially those who cared for the priest’s family and accompanied the community through prayer and solidarity.

“As we rejoice in this moment of answered prayers, let us remain steadfast in faith, united as one family, and supportive of one another,” the Diocese said, while encouraging the faithful to remain vigilant and compassionate toward one another.


Concern for widespread insecurity

According to Fides News Agency, no information has yet been released regarding the fate of the ten parishioners kidnapped alongside Fr Nathaniel.

The release of the priest comes amid continuing concern over the abduction of clergy and insecurity in several parts of Nigeria. Fides reported that at least two Catholic priests remain in captivity: Fr Joseph Igweagu of the Diocese of Aguleri in Anambra State, kidnapped on 12 October 2022, and Fr Emmanuel Ezema of the Diocese of Zaria in Kaduna State, abducted on 2 December 2025.

The Catholic Church in Nigeria has repeatedly appealed for stronger security measures and renewed efforts to protect human life and restore peace in communities affected by violence and criminal attacks.