By Aliyu Musa

The Nigerian National Petroleum Company Limited (NNPC Ltd.) has welcomed the Federal Government’s signing of the Deep Offshore Oil and Gas Projects Incentives (Tax Remission) Order, 2026, describing it as a landmark reform that significantly enhances Nigeria’s competitiveness for deep offshore investment and strengthens the nation’s pathway towards achieving its 3 million barrels of oil per day (MMbopd) production ambition by 2030.

The new Order establishes a transparent, predictable and globally competitive fiscal framework for qualifying greenfield deep offshore developments. It provides the certainty required to unlock long-term capital, accelerate Final Investment Decisions (FIDs), and maximise value from Nigeria’s offshore resources.
The framework, which reinforces Nigeria’s position as one of the world’s attractive destinations for deep offshore oil and gas development, is expected to unlock over US$50 billion in new investments, including major projects starting with Bonga South-West which was approved in March 2026, and the Zabazaba and Owowo Deep Offshore projects. Bonga South West is expected to be the first FID on a Nigeria deepwater Production Sharing Contract asset since 2008.

Speaking on the development, the Group Chief Executive Officer of NNPC Ltd., Engr. Bashir Bayo Ojulari, described the Order as one of the most significant policy interventions for the upstream sector in recent years.
“This is a transformative reform that sends a strong signal to global investors that Nigeria is committed to providing a stable, competitive and investment-friendly environment for deep offshore development. Fiscal certainty is a critical driver of investment decisions, and this framework provides the additional clarity the industry has long sought.”

He added: “For NNPC Ltd., the Order aligns directly with our strategy of protecting our existing production base, accelerating near-term growth, and attracting new investment into high-value assets. It strengthens our confidence in achieving our strategic production ambition of 3 MMbopd while creating greater value for our shareholders and the Nigerian economy.”

The GCEO noted that recent reforms across the petroleum sector have already stimulated more than US$34 billion in new investment commitments. The Deep Offshore Incentives Order is expected to build on that momentum by enabling timely FIDs on strategic offshore developments.

The GCEO thanked President Bola Ahmed Tinubu, GCFR, for his relentless leadership and unwavering commitment to creating an enabling environment for investment and sustainable growth in Nigeria’s energy sector through several Presidential Executive Orders which have strengthened the nation’s oil and gas sector.

This milestone reinforces NNPC Limited’s commitment to driving sustainable production growth, attracting responsible investment, strengthening Nigeria’s energy security and delivering long-term value to the Federation.

By Nick Ibe, Abuja

The Economic and Financial Crimes Commission, EFCC arraigned the former Managing Director of Warri Refining and Petrochemical Company Ltd, Jimoh Olasunkanmi Yisawu, before Justice Inyang Ekwo of the Federal High Court sitting in Abuja for alleged money laundering to the tune of N1.339 (One Billion, Three Hundred and Thirty-Nine Thousand Naira).

On Monday, July 20, 2026, the arraignment of an eight-count charge of alleged money laundering was preferref against the defendant.

Count one of the charges reads: “That you Jimoh Olasunkanmi Yisawu, the former Managing Director of Warri Refining and Petrochemical Company Ltd between October, 2023 and May, 2025 in Abuja within the jurisdiction of this Honourable Court indirectly converted the aggregate sum of $789, 950 (Seven Hundred and Eighty Nine Thousand, Nine Hundred and Fifty United States Dollars) through Samaila Bala which amount did not form part of your known lawful earning as a former public officer with the Nigerian National Petroleum Company Ltd (formerly Nigerian National Petroleum Corporation) when you knew that the said sum of $789,950 constituted proceeds of unlawful activity and you thereby committed an offence contrary to Section 18 (8) (b) and punishable under Section 18(3) of the Money Laundering (Prevention and Prohibition) Act, 2022.”

Count three reads: “That you Jimoh Olasunkanmi Yisawu, the former Managing Director of Warri Refining and Petrochemical Company Ltd between February, 2024 and March, 2025 in Lagos within the jurisdiction of this Honourable Court indirectly converted through Rasheed Olaitan Yusuf of Rasheedat Anike Global Ventures the aggregate sum of $122,600 (One Hundred and Twenty Two Thousand, Six Hundred United States Dollars) which did not form part of your known lawful earning as a former public officer with the Nigerian National Petroleum Company Ltd (formerly Nigerian National Petroleum Corporation) when you knew that the said sum of $122,600 constituted proceed of unlawful activity and you thereby committed an offence contrary to Section 18(2) (b) and punishable under Section 18(3) of the Money Laundering (Prevention and Prohibition) Act, 2022.”

Count six reads: “That you Jimoh Olasunkanmi Yisawu the former Managing Director of Warri Refining and Petrochemical Company Ltd on or about the 21st of February, 2024 in Lagos within the jurisdiction of this Honourable Court, indirectly transferred the sum of N65, 860, 000 (Sixty Five Million, Eight Hundred and Sixty Thousand Naira) to Cordros Securities Limited for the purchase of treasury bills for yourself when you reasonably ought to have known that the said sum constituted proceeds of unlawful activity and you thereby committed an offence contrary to Section 18(2) (b) and punishable under Section 18(3) of the Money Laundering (Prevention and Prohibition) Act, 2022.”

The defendant pleaded not guilty to all the charges when they were read to him, prompting his counsel, Wale Balogun, SAN to pray the court to grant his client bail, promising that he will always be available in court for trial.

Subsequently, EFCC’s lead counsel, Ekele Iheanacho, SAN told the court he had filed a 17- paragraph affidavit asking the court to deny the defendant bail citing the seriousness of the alleged offence.

Upon hearing the submissions of both parties, Justice Ekwo granted the defendant bail in the sum of N500,000.000 (Five Hundred Million Naira) and a surety in like sum. He said the surety must be a responsible citizen and owner of landed property within the jurisdiction of the court. He directed the court registrar to verify the property and ensure the deposit of the original papers of the property with the court.