The reform establishes a transparent, rules-based investment framework capable of supporting the next generation of deep offshore developments, beginning with the approximately US$10 billion Bonga South West project, while strengthening Nigeria’s competitiveness for globally mobile investment capital.

The decision builds on President Tinubu’s engagement with the Chief Executive Officer of Shell plc, Mr Wael Sawan, during which the President directed the development of the next wave of measures required to unlock Nigeria’s deep offshore investment pipeline. Rather than pursuing project-specific solutions, the Federal Government transformed that directive into a comprehensive investment framework applicable across multiple categories of qualifying developments.

Given effect through the Deep Offshore Oil and Gas Projects Incentives (Tax Remission) Order, 2026, the framework replaces project-by-project negotiations with transparent eligibility criteria, clear implementation processes and a durable investment architecture that provides greater certainty for investors while safeguarding long-term national value.

The approval also enables NNPC Limited, as the Government’s nominated counterparty under the Production Sharing Contracts, to proceed with the necessary amendments to eligible Production Sharing Contracts required to implement the framework.

A defining feature of the reform is its emphasis on Nigerian industrial capability, said Olu Arowolo-Verheijen, the President’s special adviser on oil and gas.

“Projects qualifying under the framework will maximise execution within Nigeria wherever commercially and technically feasible, strengthening domestic engineering, fabrication, marine logistics, technical services and project management. The objective is not only to increase investment and production, but also to create skilled jobs, deepen local supply chains and position Nigeria as Africa’s regional hub for deep offshore project execution.”

Acting on the President’s directive, a framework that will deliver a durable investment architecture for Nigeria’s deep offshore sector has been developed following an extensive inter-agency process, in close collaboration with the presidency, fiscal, legal, commercial and regulatory institutions, alongside operators in the industry,

President Bola Ahmed Tinubu commended the Federal Ministry of Justice, the Federal Ministry of Finance, the Federal Ministry of Petroleum Resources, the Nigeria Revenue Service, NNPC Limited, the Nigerian Upstream Petroleum Regulatory Commission, the Nigerian Content Development and Monitoring Board, investing partners and other industry stakeholders whose collaboration, technical expertise and commitment helped shape the framework.

President Tinubu said:

“The countries that attract long-term investment are not necessarily those with the greatest natural resources. They are the ones that provide the greatest certainty. This reform reflects our determination to build an investment environment defined by clear rules, strong institutions and enduring partnerships. We are creating the conditions for capital to flow, for Nigerian businesses to grow, for our people to prosper and for our natural resources to deliver lasting national value.”

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These changes according to the company  reflect its continued dedication to enhancing corporate governance, improving operational efficiency, and ensuring long-term success in Nigeria’s energy sector.

The following key appointments have been made:

1. Mr. Adedapo A. Segun has been appointed as the Chief Financial Officer (CFO). Mr. Segun previously served as the Executive Vice President, Downstream, where he made significant contributions to the company’s downstream operations.

2. Mr. Isiyaku Abdullahi has been named Executive Vice President (EVP), Downstream.

3. Mr. Udobong Ntia has been appointed Executive Vice President (EVP), Upstream.

These appointments align with NNPC Limited’s commitment to building a unified and competent leadership team to drive operational excellence and support the organization’s strategic objectives.

The Board and Management also extend their deepest appreciation to Mr. Umar Ajiya and Mrs. Oritsemeyiwa A. Eyesan for their outstanding dedication and service to NNPC Limited.

NNPC Limited remains committed to achieving operational excellence, enhancing global competitiveness, and ensuring financial sustainability, while prioritizing the interests of the Nigerian public in the petroleum industry.

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