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‘Journey Fund’ launched to raise billions for just transition from fossil fuels

Michael Simire
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‘Journey Fund’ launched to raise billions for just transition from fossil fuels

On the main stage of the Global Citizen Festival: Amazonia, in Belém, just one week before COP30, a coalition of financial and independent partners announced a commitment to build a global just transition investment platform: The Journey Fund.

It will be an innovative fund pairing government fossil fuel phase-out commitment with private investment commitments to realise a just energy transition that builds regenerative, post-fossil economies while delivering social, environmental, and economic benefits across stakeholders. 

Incubated by Bridging Ventures and structurally supported by EBG Investment Solutions Ltd, among other financial institutions, the Journey Fund will blend catalytic and commercial capital to turn high-impact opportunities in communities working toward a just transition into scalable, investable assets.

Tzeporah Berman
Chair and Founder of the Fossil Fuel Non-Proliferation Treaty Initiative, Tzeporah Berman

The fund model helps political commitments become real investments in countries and sub-national jurisdictions participating in the Fossil Fuel Treaty Initiative by financing projects that replace fossil fuel dependence with sustainable and accessible alternatives. 

By aligning finance with political leadership, the fund demonstrates how cooperation can power communities, foster shared prosperity, and build regenerative, post-fossil economies that deliver both resilience and growth.

Duarte da Silva, Managing Partner at EBG Investment Solutions, stated: “The Journey Fund represents a clear investment opportunity in the emerging markets driving the energy transition. By aligning with countries that are taking concrete steps to phase out fossil fuels, the fund offers access to transition-aligned markets with high growth potential. It provides a structured, de-risked entry point for investors seeking measurable impact alongside stable, long-term returns – demonstrating that climate-aligned investment can be both responsible and financially sound.”

Tzeporah Berman, Chair of the Fossil Fuel Treaty Initiative: “The Fossil Fuel Treaty was born to fill a gap in international law — to complement the Paris Agreement by addressing what it left out: the need to stop expanding fossil fuels. Our partnership with the Journey Fund is to now fill the next gap: help our participating nations to turn their bold phase out political commitments into delivery. Together, they form two halves of the same solution: governments showing the courage to act, and investors backing that courage with capital. This is how we move from promises to progress – building regenerative, post-fossil economies that make hope real.”

Prof. Rajiv Joshi, author of the Initial whitepaper on the Fund, and Founder & CEO of Bridging Ventures incubating the initiative, said: “The Journey Fund helps countries stop investing in the old world and start investing in the new – phasing in regenerative solutions across energy, food, infrastructure and nature, while phasing out fossil dependence. The International Environment Agency signals a turning point: investment in clean alternatives is beginning to outpace fossil fuels, proving that when policy meets finance, transition happens. With the Fossil Fuel Treaty and diligent global partners, we are showing how public-private-people collaboration turns courage into delivery – real projects, reliable power, resilient food systems and decent jobs creating bioeconomies – where no one is left behind.”

The Journey Fund operates as a global fund-of-funds platform, collaborating with select regional investment managers focused on high-quality private market impact investing under unified standards for governance, impact measurement, and reporting. The coalition behind the Fund — including EBG Investment Solutions Ltd., Bridging Ventures, BONUS Investment Bank Colombia, and Fundación Avina – brings decades of impact and sustainability expertise to deliver attractive returns alongside strong social, environmental, and economic outcomes.

Working with local partners such as FDN, FENOGE, and CAF, the Fund secures de-risked, policy-backed pipelines, sovereign co-investment, and community credibility – ensuring successful implementation, long-term impact, and catalytic capital that multiplies public and private investment.

Enrique Cadena, Managing Director of Structured Finance at National Development Finance (FDN Colombia), said: “At FDN, our mission is to mobilize capital toward projects that drive sustainable growth and national development. The Journey Fund represents a new generation of blended-finance partnerships – one that aligns international investors with Colombia’s public policy priorities for a just and orderly energy transition. By contributing our structuring expertise and risk mitigation tools, we help translate ambition into bankable projects that can attract large-scale investment, strengthen local economies, and demonstrate how financial innovation can accelerate the path toward a resilient, low-carbon future.”

Camilo Baptiste Muñoz, Partner at BONUS Investment Bank Colombia, said: “At BONUS, we’ve worked hand in hand with the Colombian government for nearly three decades to finance the country’s infrastructure and development. Today, we’re seeing international partners stepping in with innovative financial mechanisms that channel funds into projects that are both impactful and profitable – from the Amazon to our urban centres. The Journey Fund embodies this new era of collaboration, where global capital and local expertise come together to accelerate Colombia’s just and sustainable transition.”

Pablo Vagliente, Director at Ikatu (Avina’s Foundation Business Unit), said: “As Impact Partners of The Journey Fund in Latin America, our mission is to ensure that the transition delivers real benefits for people and communities. Latin America holds both immense needs and vast potential for sustainable and accessible energy, same with its regenerative potential in the region. The Journey Fund offers a powerful model to turn that potential into action – translating political will into concrete projects that expand clean power, improve soil health, create local jobs, and strengthen community resilience.

The Fund targets emerging and frontier markets — initially Latin America and the Caribbean, Middle East and Africa, and Small Island Developing States (SIDS). The global platform and its regional sub-funds provide diversified exposure across geographies, currencies, and asset classes. A global portfolio manager works closely with regional managers on capital allocation and investments across energy and infrastructure assets, early stage and growth companies, and mature, buyout, and pre-IPO companies – all aligned with the fund’s purpose of advancing a just transition and long-term equitable wealth generation.

The Fund’s first pilot in Latin America will launch with an initial $10 million capital envelope and a $200 million fundraising campaign to support Colombian projects such as decentralised solar in Amazonian communities. BONUS Investment Bank Colombia, a regional fund manager engaged for Colombia, has already led project structuring for the fund’s first investable projects in Colombia that will bring solar power to 50,000 people in the Amazonian regions of Mitú and Puerto Leguízamo, cutting 38,000 tonnes of CO2 per year currently emitted from imported fossil fuels – the first step in a model that could scale to reach 650,000 people and strengthen local economies thanks to reliable access to clean energy.

Juan Camilo Cruz Rodriguez, Coordinator, Colombia 2050 Vision, National Planning Department at the Ministry of Mines and Energy in Colombia, said: “As a country historically dependent on fossil fuels, Colombia is demonstrating that the transition to a clean economy is both possible and necessary. Through the Journey Fund, we are proving that phasing out fossil fuels can go hand in hand with economic stability and opportunity.

By pairing bold public policies with strategic private investment, we are turning our commitment to the Fossil Fuel Treaty into concrete action – channeling capital where it can build new industries, create decent jobs, and deliver sustainable growth. This partnership marks a decisive step toward transforming our fossil legacy into a foundation for a regenerative and prosperous future.”

As world leaders gather at COP30, the Journey Fund stands as a concrete example of how climate ambition can be turned into action by bridging policy and finance to power a just fossil-free future.

Dylan Malloy, Managing Director at Bridging Ventures, added: “The Journey Fund meets the moment. Across the world, people yearn for faster climate action – but even more urgently, they’re calling for reliable, affordable access to opportunity. The Journey Fund takes a holistic approach to investing in opportunity – not just in assets, but in the energy systems, infrastructure, and economic models needed to build a better world for the 22nd century and beyond.

“It looks ahead to what the world will be like a hundred years from now for those born today, while improving the lives of current generations. It’s clearer than ever that the old models no longer work and have fueled deep inequality. The Journey Fund is designed to help the world transition toward inclusive, future-ready economies that create diversified, generational wealth and well-being.” 

Javier de Iruarrizaga, the Head of Strategy & Partnerships at Bridging Ventures, said: “Over the past year, we’ve worked to turn a bold concept into a working model – one that bridges political will and private capital to make the just transition investable. The Journey Fund shows that innovation in finance can send powerful signals: when vision, policy, and investment align, transformation follows. Through this process, we’ve developed an approach that streamlines access to bankable projects and scales impact – strengthening the transition on one side and offering impactful, de-risked investment opportunities on the other.”

Andrés Patiño, Business Development Lead at co-investment partner FENOGE (Fondo de Energías No Convencionales y Gestión Eficiente de la Energía), said: “The Journey Fund exemplifies the collaboration Colombia has been championing – where public instruments and private finance accelerate a just and inclusive energy transition. For a country historically reliant on fossil fuels, this partnership shows that investing in renewable energy and efficiency drives economic diversification, social inclusion, and long-term resilience. Through FENOGE, we’re proud to mobilise capital and support innovative projects, demonstrating that an equitable energy future is achievable.”

Ana María González-Forero, Advisor the the General Director APC Colombia, said: “At APC-Colombia, we believe that international cooperation and innovative finance must go hand in hand to secure a just and sustainable transition. The Journey Fund embodies this approach — aligning Colombia’s policy leadership with global partners and new forms of capital to turn ambition into tangible progress.

“Catalytic and first-loss capital play a crucial role in signaling where markets need to move, unlocking larger flows of private investment toward projects that deliver both climate impact and shared prosperity. Through this collaboration, Colombia is showing that cooperation and financial innovation can accelerate the transition for the benefit of all.”

Andrés Ceballos, Former Advisor to the General Director of APC-Colombia, said: “As a former government employee and now as a political consultant, I have seen the great promise of The Journey Fund. It is more than a financial vehicle; the Fund also aspires to reimagine development by prioritising communities and building capacity from the bottom up, all through patient and purposeful multistakeholder alliances. Without a doubt, the Journey Fund will set a new benchmark in how we finance development in the 21st century.”

Niger Delta: Group calls for sustainable solution to climate change

Michael Simire
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Niger Delta: Group calls for sustainable solution to climate change

The Oilwatch International, a civil society organisation (CSO), has urged the Federal Government to adopt sustainable measures to address climate change manifestations in the Niger Delta region and the country.

The coordinator of the group, Mr. Kentebe Ebiaridor, made the call during the group’s Annual General Meeting, held in Port Harcourt, Rivers State, on Saturday, November 1, 2025.

Ebiaridor said that the theme of the meeting was “Advancing Climate Justice in Nigeria: From fossil fuels to fossil freedom”.

Kentebe Ebiaridor
Coordinator, Oil Watch International, Kentebe Ebiaridor

He said that decades of environmental degradation and health impact caused by oil exploration and production had necessitated the call for action to curb climate change impact on the citizens.

He listed the transition to renewable energy sources as part of the sustainable measures to address climate change manifestations in the region.

Ebiaridor further identified the enforcement of strict emission controls on industries, particularly in the oil and gas sector, to reduce air pollution and greenhouse gas emissions.

He also recommended the implementation of energy-efficient practices and technologies in buildings, industries, and transportation systems to reduce energy consumption.

He further encouraged the implementation of climate change adaptation and resilience plans by developing and implementing plans to help communities adapt to the impacts of climate change, such as sea-level rise, droughts, and floods.

Other measures, he said, included providing support to vulnerable communities to adapt to climate change impacts, including providing climate-resilient infrastructure, climate-smart agriculture, and climate-related disaster risk reduction.

Ebiaridor expressed dissatisfaction with the current state of the environment and the lack of transparency and accountability in the oil and gas sector.

He called on the government, multinational oil companies and manufacturing industries to end gas flaring by using the by-product for raw material.

The Coordinator, Oilwatch in Nigeria, Dr Emem Okon, called for climate mitigation finance to be targeted at community women in rural areas.

Okon emphasised the need for targeted funding and sustainable measures, pointing out that women were disproportionately affected by climate change, particularly in the area of flooding.

Okon, who is also the Executive Director, Kebetkatche Women Development and Resource Centre, said that women in the Niger Delta region were taking proactive steps to cope with the impacts of climate change, including health impacts, destruction of livelihoods, and loss of property.

She urged government to support community women with vocational skills and startup funds to cushion the effects of climate-related disasters.

“We are calling for implementable strategies to promote climate justice and sustainable development in the Niger Delta region,” she said.

Also, the Executive Director of another CSO, We the People, Mr. Ken Henshaw, called for the protection of the environment by legal means, saying it would be a key to achieving environmental justice.

Henshaw alleged that oil companies had been moving away after their operations in the Niger Delta without environmental remediation and accountability.

He warned that the oil companies “disinform and manipulate public opinion to avoid taking responsibility for their actions”.

Henshaw called for the reform of the Petroleum Industry Act to remove clauses suspected to be unfair to communities affected by oil spills.

He also advocated for the establishment of a global court to punish crimes against nature, known as ecocide, and for oil companies to be held liable for environmental damage caused by their operations.

He emphasised that the demand for environmental justice is a call to action to protect the environment and ensure that those responsible for environmental degradation were held accountable.

By Precious Akutamadu

Mixed reactions trail 15% import duty on petroleum products

Michael Simire
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Mixed reactions trail 15% import duty on petroleum products

Some energy experts have expressed concern over the Federal Government’s approval of a 15 per cent import duty on petrol and diesel, saying it may drive up fuel prices.

They expressed their concerns in separate interviews on Saturday, November 1, 2025, in Lagos.

On Oct. 29, President Bola Tinubu approved a 15 per cent import tariff on petrol and diesel, a policy expected to raise the landing cost of imported fuel.

Fuel subsidy removal
Fuel

The experts said that the move could ranslate into higher pump prices for consumers, with some estimating an increase of up to N150 per litre or more.

Dr Ayodele Oni, Partner and Chair of the Energy and Natural Resources Practice Group, Bloomfield Law Practice, said the policy, though aimed at protecting local refining, could worsen inflation and cost-of-living pressures.

“The imposition of a 15 per cent duty will increase the landing cost of imported fuel, and this additional cost will be passed on to consumers.

“In a deregulated economy like Nigeria’s, where prices are determined by market forces, there’s a strong possibility of price volatility,” Oni explained.

Oni noted that the government’s stated objectives for the policy include strengthening national energy security, supporting domestic refining capacity, and ensuring competitive market stability.

“By making imported fuel more expensive, local refineries will become more competitive.

“This should, in theory, encourage domestic production and reduce dependence on imported fuel,” he said.

However, he warned that without adequate infrastructure and operational refineries, the policy could backfire, resulting in fuel scarcity and black-market activities.

“If local refining capacity remains weak, this duty could disrupt supply, as over 60 per cent of Nigeria’s fuel is still imported.

“The government must back this policy with infrastructural support, refinery rehabilitation, and efficient logistics to prevent scarcity,” Oni added.

Oni also emphasised that the increased duty would raise operational costs for importers and marketers, affecting competition and liquidity within the downstream sector.

“This policy could push out smaller independent marketers who may be unable to meet the new cost requirements, leaving the market dominated by larger players,” he said.

As an alternative, Oni advised the government to incentivise local refining through tax holidays, duty-free importation of refining equipment, and infrastructure investment rather than imposing heavy tariffs on imports.

Meanwhile, Petroleum Products Retail Outlets Owners Association of Nigeria (PETROAN), however, lauded th decision, describing it as a step toward achieving energy security and sustainable local refining.

Its national president, Dr Billy Harry, commended President Bola Tinubu for approving the duty, saying it would encourage investment in domestic refining and stabilise the downstream sector.

“This policy will increase local refining capacity, boost the economy, create jobs, and strengthen the Naira

“While there may be short-term challenges such as price hikes and job losses in the import sector, the long-term benefits outweigh the disadvantages,” Harry said.

He urged the Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA) to ensure that local refineries are properly regulated to prevent monopolistic tendencies.

“We must guard against a situation where a few refineries dominate the market. Monopoly could defeat the purpose of this policy,” he noted.

He also appealed to the Nigerian National Petroleum Company Ltd. (NNPC Ltd.) to guarantee adequate crude oil supply to local refineries to ensure consistent production and prevent scarcity.

A downstream operator who preferred anonymity raised questions about the current state of local refining and transparency in the sector.

“The government has supported local refineries through tax incentives and crude supply in naira, but the cost of locally refined products remains higher than imported fuel.

“Before imposing such tariffs, there should be full transparency about production levels, cost structures, and refinery efficiency,” the source said.

He cautioned that without clear data and accountability, the 15 per cent duty could worsen the situation by raising both local and imported fuel prices simultaneously.

“If imports become more expensive and local refineries can not meet demand, the outcome will be higher prices and scarcity,” he said.

He urged the government to critically assess the timing of the policy and ensure that refinery operations were capable of meeting national fuel demand before implementing the duty.

“Supporting local manufacturing isn’t bad, but it must be backed by transparency and realistic planning,” he added.

According to him, while the 15 per cent import duty aims to stimulate local refining and reduce dependence on imports, its success will depend on transparency, infrastructure, and effective regulation.

The former National Operations Controller of the Independent Petroleum Marketers Association of Nigeria (IPMAN), Mr. Mike Osatuyi, has commended President Bola Tinubu for approving a 15 per cent import duty on petrol and diesel.

In an interview in Lagos on Sunday, Osatuyi said that the policy would protect local refineries and attract new investments into the sector.

He noted that it would ensure the sustainability of both existing and upcoming private refineries, encourage modular refinery operators, and attract foreign investors.

Osatuyi added that the policy would discourage importation of cheaper refined products, improve competition among marketers, and ultimately benefit Nigerians.

“The Federal, State and Local Governments will also gain from increased revenue, job creation, foreign exchange savings, and the stabilisation of the naira,” Osatuyi noted.

According to him, the import duty demonstrates the Tinubu administration’s commitment to protecting domestic investment in the downstream petroleum sector.

He described the Dangote Refinery in Lekki, Lagos, as a “national asset and Nigeria’s energy security facility,” commending its role in reducing dependence on imported petroleum products.

Osatuyi criticised the prolonged non-performance of government-owned refineries like Port Harcourt, Warri, and Kaduna, saying that over ₦11 trillion had been spent between 2010 and 2023 on maintenance and rehabilitation without results.

“It is unpatriotic that attempts to privatize these refineries in 2007 were resisted, costing the nation over ₦264 billion annually in maintenance with zero output,” he said.

He emphasised that the 15 per cent import duty would not primarily serve as a revenue measure but as a protective policy to ensure local refineries remain viable against imported products.

Osatuyi highlighted the growth of Nigeria’s refining capacity, citing the Dangote Refinery’s current 650,000 barrels per day (bpd) capacity – making it the seventh largest in the world – and its planned expansion to 1.4 million bpd, which would make it the largest globally.

He also mentioned other upcoming projects such as the BUA Refinery in Akwa Ibom State with 200,000 bpd capacity and several modular refineries including OPAC, Duport, Niger Delta (Aradel Holdings), Edo, Waltersmith, Azikel, Ogbele, and Abia refineries, with a combined capacity of about 150,000 bpd.

“A responsible government must protect these massive private investments worth billions of dollars,” Osatuyi stated.

He further explained that fears of product scarcity were unfounded, as Dangote Refinery alone could meet national demand and still have excess for export.

The refinery, he said, has a storage capacity of over 4.6 billion litres, 200 loading gantries, and can produce 57 million litres of petrol, 25 million litres of diesel, and 20 million litres of jet fuel daily when fully operational.

Osatuyi urged local refiners to act responsibly and not exploit the import duty policy to make excessive profits.

Stressing that regulators such as the Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA) must ensure fair pricing and market stability.

He called for vigilance to prevent abuse of the import duty protection, fuel scarcity, or black-market activities.

He noted that the Federal Government’s new centralised revenue collection system, effective January 2026, would ensure compliance.

The former IPMAN official also applauded the President’s directive allowing local refineries to purchase crude oil in Naira, describing it as a major step in stabilising operations and reducing pressure on foreign exchange.

“President Tinubu has again demonstrated courage and patriotism by prioritising national interest over political considerations.

“His decision to impose a 15 per cent import duty on petrol and diesel is a bold step to protect Nigeria’s economic sovereignty,” he said.

By Yunus Yusuf 

Dangote assures steady petrol, diesel supply

Michael Simire
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Dangote assures steady petrol, diesel supply

Dangote Petroleum Refinery has reaffirmed its commitment to ensuring steady and uninterrupted supply of Premium Motor Spirit (PMS) and Automotive Gas Oil (diesel) nationwide, with a daily production capacity exceeding the domestic demand.

Speaking on the development, Group Chief Branding and Communications Officer, Dangote Industries Limited, Anthony Chiejina, said the refinery’s operations are driven by the company’s dedication to supporting national energy stability and consumer confidence.

“Our refinery is currently loading over 45 million litres of PMS and 25 million litres of diesel daily which exceeds Nigeria’s demand,” Mr Chiejina said. “We are working collaboratively with regulatory agencies and distribution partners to guarantee efficient nationwide delivery. Dangote remains steadfast in its commitment to meeting the energy needs of Nigerians. This significant production capacity not only guarantees local supply but also enhances energy security and reduces dependence on imports.”

Dangote Petroleum trucks
Dangote Petroleum trucks

He noted that improved local production of petroleum products has helped stabilise the exchange rate and strengthen the naira.

“We have reduced foreign exchange outflows and increased inflows, which in turn supports the naira and strengthens the economy,” he added.

He further explained that it would be unpatriotic for anyone to criticise the recently announced tariff, which, according to him, is a good start. He emphasised that the tariff is designed to protect domestic industries from unfair competition and safeguard local production.

“Dumping engenders poverty, discourages industrialisation, creates unemployment and leads to revenue loss for the government. Across the world, nations protect their local manufacturers and industries from the threat of dumping. Dumping destroyed our textile industry, which was once a major employer of labour and creator of wealth,” Chiejina said.

He noted that beyond the tariff, the government should strengthen its monitoring and enforcement mechanisms to prevent the dumping of substandard and toxic petroleum products by unscrupulous and rent-seeking individuals who prioritise profiteering at the expense of Nigerians, often undermining well-intentioned government policies for their selfish interests.

He added that the prevalence of dumping in past years discouraged investors from establishing industries in Nigeria, as imported products flooded the market at unsustainable prices, undermining local production. The new tariff policy, he noted, would benefit local refiners and encourage fresh investments in the downstream oil sector, thereby strengthening Nigeria’s industrial base and creating more jobs.

Chiejina commended the foresight of President Bola Ahmed Tinubu for approving the tariff policy aimed at strengthening and transforming Nigeria’s downstream oil and gas sector.

He noted that the decision reflects the administration’s commitment to creating a stable, business-friendly environment that supports local investment and enhances energy security.

“President Bola Ahmed Tinubu continues to embody courageous and visionary leadership, renewing the hope of Nigerians and restoring investor confidence in the nation’s economy. His administration’s bold and business-friendly reforms are reshaping the downstream oil and gas sector, unlocking new opportunities for industrial growth and national prosperity. The latest policy initiative stands as a testament to his foresight – one of the most transformative steps yet toward securing Nigeria’s energy future and empowering local industries to thrive,” Chiejina said.

He warned that failure to protect local industries could lead to large-scale dumping from countries in Asia and Europe with excess production capacity. Such practices, he said, would strangulate domestic refineries, cripple allied industries, and undermine the laudable policies of President Bola Tinubu’s administration aimed at promoting industrial growth and economic stability.

Chiejina urged rent-seekers to reconsider their business practices and align with the Federal Government’s vision for a self-sustaining energy sector, rather than promoting the dumping of petroleum products in Nigeria.

He emphasised the need for a collective sense of patriotism and responsibility among industry stakeholders, noting that national progress can only be achieved through shared commitment to policies that strengthen local industries and protect the economy.

Equipped with advanced technology and extensive infrastructure, the refinery is expected to significantly eliminate reliance on fuel imports, enhance supply chain stability, and alleviate pressure on foreign exchange reserves.

President of Dangote Industries Limited, Aliko Dangote, recently assured Nigerians that the prices of petrol will not be hiked during the ember months, despite recent global price increases.

“I want to assure Nigerians that the Dangote Refinery is fully committed to maintaining an uninterrupted supply of petrol throughout the festive period. Nigerians can look forward to a Christmas and New Year free of fuel anxiety,” he said.

Since commencing petrol production in September 2024, Dangote Petroleum Refinery has played a pivotal role in ensuring price stability, reducing the cost of petrol, aimed at stabilising the market and easing the burden on consumers. It has also eliminated the recurring fuel scarcity and long queues at filling stations that Nigeria often experienced, particularly during festive periods.

He noted that the average price of Premium Motor Spirit (PMS) in September 2024 was about N1,030 per litre, compared to an average of N841–N851 per litre in September 2025, following the implementation of the Dangote Refinery’s Direct Delivery Scheme.

Similarly, as of September 2024, the pump price of Automotive Gas Oil (AGO) ranged between N1,400 and N1,700 per litre, depending on the state, with prices reaching up to N1,700 in most northern states. By September 2025, however, the average price had dropped significantly to around N1,020 per litre, reflecting the refinery’s impact on stabilising the market and reducing logistics costs.

In comparison, petrol prices in neighbouring West African countries range between $1.20 and $2.00 per litre, while the average price in Nigeria remains around $0.60 per litre, a clear indication of the refinery’s profound impact on affordability and supply stability.

Seplat Energy’s production averages 135,636 boepd, up 185% year-on-year

Michael Simire
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0
Seplat Energy’s production averages 135,636 boepd, up 185% year-on-year

Seplat Energy Plc, a leading Nigerian independent energy company listed on both the Nigerian Exchange and the London Stock Exchange, has announced its unaudited results for the nine months ended September 30, 2025, recording a revenue of N3.356 trillion for the period from N1071 trillion reported same period last year. Its gross profit rose to N1.356 trillion from N531.5 billion Year-on-Year.

Dividend payout declared for the period was 7.5 US cents per share, consisting of 5.0 US cents per share base and 2.5 US cents per share special.

Cash generated from its operations for the period grew to N2.152 trillion from N633.8 billion Year-on-Year whilst operating profit rose to N1.096 trillion from N411.3 billion Year-on-Year.

Roger Brown
Chief Executive Officer, Seplat Energy Plc, Roger Brown

Earnings before interest, taxes, depreciation, and amortization (EBITDA) hit N1.715 trillion for the 9M period, representing a rise from N573.4 billion recorded in 2024 9M.

The Company’s 9M 2025 production averaged 135,636 boepd up 185% from reported 9M 2024 (47,525 boepd); its first Liquefied Petroleum Gas (LPG) cargo was sold to the domestic market, improving domestic energy access and supporting clean cooking; and ANOH gas plant on track to deliver first gas in 4Q 2025.

Operational highlights

• 9M 2025 production averaged 135,636 boepd up 185% from reported 9M 2024 (47,525 boepd), and up 18% vs. pro-forma 9M 2024 production, while 3Q 2025 production averaged 137,888 boepd, a 1% improvement on 2Q 2025.

• 3Q 2025 production onshore of 56,219 boepd, was up 5% QoQ supported by production improvement in OML40.

• 3Q 2025 production offshore of 81,669 boepd was down 2.5% QoQ, continued strong performance of the idle well programme offset by planned downtime on EAP, due to the IGE replacement project and lower output from A/K.

• Offshore, the idle well restoration programme added c.33.4 kbopd gross production capacity from the first 33 wells restored to production.

• Carbon emissions intensity for onshore assets: 25.2 kg CO2/boe 21% lower than revised 9M 2024: 32.0 kg CO2/boe. End of routine flaring for onshore assets on track for end 2025 completion. Carbon emissions intensity for our offshore assets was 51.2 kgCO2/boe in 9M 2025. 

Financial highlights

• Unit production operating cost of $14.1/boe (9M 2024: $9.7/boe), within guidance of $14-$15/boe.

• Adjusted EBITDA of $1,112 million, up 190% on prior year (9M 2024: $383.0 million).

• Cash capital expenditure of $180.0 million (9M 2024: $102.4 million).

• Balance sheet remains strong, end-Sept cash at bank $579.8 million (9M 2024: $433.9 million), excluding $135.4 million restricted cash.

• Net Debt at end-Sept of $386 million down 43% on prior quarter (2Q 2025: $676 million). Pro-forma ND/EBITDA improves to 0.27x.

• Repaid and cancelled Westport junior facility and refinanced Westport senior reserve based loan (‘RBL’) facility at lower cost of debt.

• Repaid the outstanding $100 million on our RCF. At end September 2025, the $350 million RCF is undrawn and fully available.

Dividend

Outlined new dividend policy at the CMD. Strong YTD cash generation supports additional distribution. 3Q 2025 declared dividend of 7.5 US cents per share, +63% QoQ and +108% YoY, consisting of 5.0 US cents per share base and 2.5 US cents per share special. 

2025 Outlook

• 2025 guidance is updated as follows:

• Production guidance narrowed to the upper half at 130-140 kboepd (previously 120-140 kboepd).

• Capex guidance narrowed to $270-290 million (previously $260-320 million).

• Unit production operating cost guidance is unchanged at $14.0-15.0/boe.

Commenting on the results, Roger Brown, Chief Executive Officer, Seplat Energy Plc, said: “At our Capital Market Day (CMD) in September, we set out our medium-term vision for the Company, targeting 200 kboepd working interest production and $1 billion in cumulative dividends in our roadmap to 2030.

“As we approach the first anniversary of the MPNU acquisition, we are clearly displaying our ability to operate a business at scale. We delivered a third consecutive quarter of production growth at the upper end of productionguidance, and we are pleased to be able to narrow production to 130-140 kboepd. Our financial performance year to date has been extremely robust, generating after tax cash flows in excess of $1 billion, enabling significant deleveraging to 0.27x ND/EBITDA, well below our target levels.

“In addition, while we anticipate some cash outflow in 4Q 2025, our strong cash generation year to date supports declaring a special dividend of 2.5 US cents/share, delivering a total dividend to shareholders this quarter of 7.5 US cents/share. This is aligned with the new dividend policy of returning an increasing share of free cash flow to shareholders, laid out at the CMD.

“We have continued the momentum into the final quarter of the year, making substantial progress in the past few days to ending routine flaring onshore, a commitment we have made for 4Q 2025, and we expect to complete the PIA conversion process for our onshore business imminently, which will further support the delivery of our ambitious 2030 roadmap laid out at the CMD.”

WHO urges cities to take strategic action for healthier, fairer urban futures

Michael Simire
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WHO urges cities to take strategic action for healthier, fairer urban futures

The World Health Organisation (WHO) has urged governments and city leaders to transform urban areas into engines of health, equity and sustainability as the world marks World Cities Day.

More than 4.4 billion people – over half the global population – now live in urban areas, a number expected to reach 70% by 2050. WHO warned that while cities offer opportunities for progress, they also concentrate major health risks, especially in slums and informal settlements, where 1.1 billion people face unsafe housing, poor sanitation, and growing exposure to climate threats such as floods and heat.

To address these challenges, WHO launched a new guide titled “Taking a Strategic Approach to Urban Health,” offering practical tools for governments to plan and act more coherently across sectors.

Dr Jeremy Farrar
Dr Jeremy Farrar, Assistant Director-General for Health Promotion and Disease Prevention and Care at the World Health Organisation

The framework emphasszes evidence-based policymaking to improve urban health, reduce inequalities, and promote sustainability.

“This is a moment for decision-makers at every level to act together,” said Jeremy Farrar, WHO Assistant Director-General for Health Promotion, Disease Prevention and Care.

“The guide provides a framework for leaders and communities to build fairer, healthier and more resilient futures.”

WHO highlighted stark urban health inequalities, citing a study of 363 cities in Latin America that found life expectancy gaps of up to 14 years for men and 8 years for women between the healthiest and least healthy cities.

Urban residents face multiple overlapping risks – from air pollution, which kills 7 million people annually, to unsafe transport, poor housing, and infectious disease outbreaks.

The organisation stressed that health is not the responsibility of one sector alone, calling for alignment between urban planning, climate action, transport, and digital transformation policies.

“Cities are key to advancing public health,” said Dr. Etienne Krug, WHO Director for Health Determinants, Prevention and Promotion.

“This guide offers governments a roadmap to act strategically, linking urban health with climate, transport, and migration issues.”

Alongside the guide, WHO also unveiled the first three modules of a new Urban Health E-learning Course, hosted by the WHO Academy, to build the capacity of urban policymakers and practitioners worldwide.

COP30: African stakeholders agree to seven-point call to action

Michael Simire
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COP30: African stakeholders agree to seven-point call to action

As COP30 draws near and countries prepare their positions, a group of over 30 African stakeholders have issued a seven-point communiqué calling for urgent coordinated action that links climate ambition to development needs.

The communiqué, which was issued at the end of a workshop convened by the Society for Planet and Prosperity on Friday, October 31, 2025, to shape Africa’s negotiating position ahead of COP30 in Belém, Brazil, framed Nationally Determined Contributions (NDCs) as practical roadmaps for national development, stressing that, for NDCs to be effective, they must be ambitious, feasible, harmonised with national development plans, and backed by an inclusive process rooted in the continent’s social and economic realities.

SPP Pre-COP30 Webinar
Participants at the SPP Pre-COP30 webinar in on Friday, October 31, 2025

The seven-point communiqué set out clear political and operational asks calling on African governments to treat the climate crisis as a developmental emergency that requires sustained effort from states, the private sector and communities; defending the spirit of multilateralism even as some countries seek to evade historical responsibility; using NDCs as a platform for cooperative engagement with developed partners under the Paris Agreement, African Union Agenda 2063 and the Sustainable Development Goals.

A central demand of the stakeholders is the importance of continued support from developed countries. They thus called on developed countries to continue providing the “requisite financial (grant and concession-based), technological, and technical support” that African states need to implement NDCs.

They further urged donor and finance institutions to prioritise bankable, community-led projects that scale local innovations into pipelines that will be attractive to investors.

Alongside finance and technology, the statement stressed the need for inclusive processes that integrate gender, youth and community voices at every stage of NDCs development and implementation.

The workshop also featured an expert panel session, with panelists x-raying challenges and proffering possible solutions as we prepare for the COP30 negotiations and its outcomes.

Mrs. Gbemisola Akosa, Executive Director, Centre for 21st Century Issues (C21st), provided the gender perspective. Acknowledging that about 85% of African countries have incorporated gender into their NDCs, she emphasised the need for gender-responsive climate actions, gender-disaggregated data, and gender budgeting in NDCs, while noting that current climate finance for gender and women’s issues remains insufficient.

“We need to ensure that, not only that we are putting gender equality in our policies, but also, that we are implementing it on the ground getting the desired result,” she said.

Discussing the challenges and progress of the Paris Agreement’s NDC cycle, Iskander Vernoit, Executive Director, IMAL Initiative for Climate and Development, highlighted the disappointment over finance commitment outcomes at COP29. He emphasised the need for increased ambition, the importance of the global stocktake and the role of finance in NDCs Implementation.

“As much as we don’t bear the responsibility for climate damages, and in a just world, we would not have to pay for them. We are being obliged as African countries to pay for these things because of a lack of justice at the international level, and because the historic polluters from Europe and so on are not fulfilling their climate finance obligations in a way that would ensure equity. But, even in the absence of that international climate finance, as African governments, we have obligations to protect our citizens, which cannot wait,” he said.

Iskander also described Morocco’s NDC development process, which involved a whole-of-government approach and integrated existing climate-related plans. He concluded by addressing the need for legal obligations on rich countries to provide climate finance and the potential for legal action if these obligations are not met.

Representing the youth constituency, Samuel Okorie, Advisory Board Member, Santiago Network, discussed the role of youth in Africa’s climate action and NDC 3.0 implementation, highlighting their potential to drive investment and innovation. He criticised the marginalisation of youth in decision-making processes and called for their strategic inclusion in policy development and implementation.

“There should be a long-term strategic partnership with youth initiatives, with youth businesses. It is that time we stop being afraid of partnering with youth businesses, but then we start embracing them, and also try to see how their models could fit into the climate action plans of Africa or of various countries,” he stated.

With COP30 on the horizon, there have been growing concerns over the slow pace of submission of NDCs – the Paris-Agreement tool through which countries set national mitigation and adaptation commitments.

These demands come against a worrying backdrop as e UNFCCC’s latest NDC synthesis report shows that, between January 1, 2024 and September 30, 2025 only 64 Parties submitted new or updated NDCs, of which 13 are African countries. This underlines a gap between ambition and readiness to implement.

In July, SPP’s Scoping Paper “On the Road to COP30 and Beyond” echoed this urgency, finding persistent gaps in governance frameworks, whole-of-society approach to NDCs development and implementation, access to finance, etc. The Paper therefore recommended that NDCs be reframed into implementable development plans.

The communiqué concluded with a call for African countries to speak with one voice and build alliances at COP30:

“Stand together with one voice, build alliances, and ensure that negotiations reflect current African priorities. In that vein, the Baku to Belém Roadmap; Article 6 and Carbon Markets; Global Goal on Adaptation; among others, must be priority areas of focus,” it stated.

African countries negotiate at COPs as a coordinated block through the African Group of Negotiators (AGN), combining technical preparation, ministerial coordination and coalition building with other developing country blocks. This unified position creates continent-wide asks on priority areas.

For negotiators and observers, the communiqué offers a concise advisory and negotiating checklist.

The webinar which was attended by several stakeholders from across Africa was hosted by Prof. Chukwumerije Okereke and moderated by Gboyega Olorunfemi, Team Lead, SPP and Nnaemeka Oruh, Senior Policy Analyst, SPP. Other speakers include: Gbemisola Titilope Akosa, Executive Director, Center for 21st Century Issues, Nigeria; Iskander Erzini Vernoit, Executive Director, IMAL Initiative for Climate and Development, Morrocco; and Samuel Okorie, Advisory Board Member, UNFCCC Santiago Network.

Read the full communique here: https://shorturl.at/VNKtC

By Ugochukwu Uzuegbu, Communication Officer, SPP

Biosafety agency reaffirms commitment to govt’s Renewed Hope Agenda on food security

Michael Simire
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Biosafety agency reaffirms commitment to govt’s Renewed Hope Agenda on food security

The Director-General and Chief Executive Officer of the National Biosafety Management Agency (NBMA), Bello Bawa Bwari, has reaffirmed the agency’s strong commitment to advancing President Bola Ahmed Tinubu’s Renewed Hope Agenda through the promotion of safe and approved biotechnology innovations aimed at achieving food security and sovereignty in Nigeria.

Bello made this known during a courtesy visit by the Institute for Agricultural Research (IAR) team to the agency’s headquarters in Abuja on Thursday, October 30, 2025.

He emphasised that ensuring national food security and sovereignty is a central pillar of President Tinubu’s Renewed Hope Agenda, adding that the NBMA under his leadership is fully aligned with this vision.

Bello Bawa Bwari
NBMA and IAR officials during the IAR visit to Bello Bawa Bwari, the MBNA DG

“We are committed to championing and promoting scientifically approved, safe agricultural products across the country,” Bwari stated. “Our goal is to boost agricultural productivity, uplift farmers from poverty, and ensure that Nigeria attains genuine food security and sovereignty.”

While commending the IAR team for meeting global ethical and regulatory standards in biotechnology research, the DG urged them to remain steadfast in complying with biosafety guidelines.

 “NBMA is a regulatory agency for everyone and belongs to nobody,” Bwari reiterated. “We are open to all stakeholders, but we will only endorse biotech products that have been scientifically proven to be safe for humans, animals, and the environment.”

Responding, Professor Mohammed Ishiyaku, who led the IAR delegation, expressed appreciation to the DG for his visionary leadership and congratulated him on his appointment. He reaffirmed the institute’s commitment to developing improved crop varieties through cutting-edge research aimed at addressing agricultural challenges such as pests, diseases, and low yields.

Professor Ishiyaku added that these efforts would significantly contribute to the realisation of the Renewed Hope Agenda by enhancing agricultural productivity and securing Nigeria’s food future.

He further assured that the Institute would continue to operate in line with the National Biosafety Management Agency’s regulations to ensure the safe and responsible application of modern biotechnology in the country.

The National Biosafety Management Agency has so far approved the commercial release of three genetically modified crops in Nigeria. Bt Cotton, which is resistant to bollworm pests, was approved in 2016; PBR Cowpea (Pod Borer Resistant Cowpea) also known as GM beans, engineered to resist the Maruca vitrata (pod borer) pest, was approved in 2019; and TELA Maize, which combines insect resistance and drought tolerance, received approval in 2021.

All three crops were developed by Nigerian scientists from the Institute for Agricultural Research (IAR), Ahmadu Bello University, Zaria, underscoring Nigeria’s growing capacity in home-grown biotechnology innovations that support food security and economic growth.

TotalEnergies hosts contractors HSE forum to improve safety, operational excellence

Michael Simire
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TotalEnergies hosts contractors HSE forum to improve safety, operational excellence

On Tuesday, October 28, 2025, TotalEnergies hosted a Health, Safety, Security, Social and Environment (HSSSE) forum for 62 contractors at the TotalEnergies Village in Port Harcourt, Rivers State. Themed “The Role of Contractors in Regaining Operational Control and Embedding Safety Culture,” the event aimed to reinforce the company’s commitment to zero incidents and fatalities, introduce the SABI project, and provide a platform for collaboration, feedback, and shared learning.

Welcoming participants, Country Chair and Managing Director, Mr. Matthieu Bouyer, emphasised the importance of collective responsibility in achieving safety goals. “The objective of this forum is to share key initiatives, identify improvement actions, and engage in meaningful dialogue around safety, operational risks, and culture. Our goal is simple: to ensure that every person working on our sites returns home safely at the end of each day or shift,” he said.

Matthieu Bouyer
Matthieu Bouyer, Country Chair and Managing Director, TotalEnergies

Mr. Bouyer reiterated that safety is a core value at TotalEnergies – one that must be upheld consistently across all operations. He noted that the forum’s theme aligns closely with the SABI project, which focuses on strengthening operational control and embedding a proactive safety culture across all sites and offices.

He highlighted the critical role contractors play in the success of Project SABI. “Contractors account for approximately 70% of our manhours and are often more exposed to operational risks. In many cases, serious incidents affect contractor personnel rather than TotalEnergies staff. If we are to sustain the benefits of this project, collaboration between our organizations at every level is essential,” he stated.

Addressing the contractor MDs in attendance, Mr. Bouyer called for leadership and accountability in driving safety performance. He outlined five key pillars of responsibility:

  1. Know and enforce safety rules – even when they exceed industry standards.
  2. Ensure personnel are trained, equipped, and empowered to work safely. Leadership cannot be delegated.
  3. Foster a culture of speaking up. Employees must feel safe to report unsafe acts or conditions without fear of reprimand.
  4. Learn from incidents. Organisations must investigate and act to prevent recurrence.
  5. Implement fair recognition and consequences. A just safety culture rewards safe behavior and addresses lapses constructively.

“SABI is not just a project – it’s a mindset shift,” Mr. Bouyer concluded. “It reflects our commitment to safe, robust operations. I urge you to support and implement SABI-related actions to help us build a workplace where safety is everyone’s responsibility.”

Highlights of the event included a syndicate session, a detailed presentation on the SABI project, award recognitions, and the validation of the Safe Driving Charter of Commitment.

WaterAid, PepsiCo Foundation wrap up transformative WASH project in Lagos

Michael Simire
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WaterAid, PepsiCo Foundation wrap up transformative WASH project in Lagos

WaterAid Nigeria has officially closed out its three-year Water, Sanitation and Hygiene (WASH) Improvement Project, funded by the PepsiCo Foundation, with a call on beneficiary communities, schools, and government authorities to ensure the sustainability of the interventions across Lagos State.

The event, held as a closeout meeting with key stakeholders, brought together representatives from the Lagos State Government, Local Council Development Areas (LCDAs), education districts, community development committees (CDCs), and school management authorities.

The project, implemented across three LCDAs, provided sustainable access to clean water, improved sanitation, and hygiene education to thousands of residents and students in underserved communities.

WaterAid
Participants at the WaterAid, PepsiCo Foundation closeout meeting in Lagos

Speaking at the event, Dr. Adebayo Alao, Lagos State Lead of WaterAid, emphasised the organisation’s commitment to maintaining high standards in all water interventions.

“If you treat to quality, you treat to standard. Once facilities are not built to standard, they fail easily,” Dr. Alao said. “That is why WaterAid has resolved to stop rehabilitating old boreholes we have no history of. Instead, we build new ones that meet required quality standards.”

Dr. Alao explained that the decision was informed by experiences showing that many previously existing boreholes had unknown drilling depths, poor quality materials, or inadequate treatment systems, making maintenance difficult.

“Every community or school deserves facilities that meet the right standards. However, maintenance must be the responsibility of the beneficiaries,” he added. “That’s why we are involving state and local governments, school authorities, and community representatives – to ensure that everyone plays a role in sustaining what we have built.”

He further urged schools to appoint “hygiene champions” to promote proper sanitation practices among students, adding that children should be seen as change agents capable of influencing hygiene culture in society.

Mr. Godfrey Iloha, WaterAid Nigeria’s WASH Manager, outlined the project’s major achievements, highlighting that it had delivered on all four of its primary objectives.

“The PepsiCo-funded project provided access to safe water and sanitation, empowered women, promoted hygiene behavior change, and strengthened systems within the state,” Iloha said.

“We directly reached over 43,000 people through water and sanitation infrastructure, and more than 100,000 others through hygiene behavior campaigns.”

He noted that 35 female local area mechanics were trained to operate and maintain solar-powered water systems – empowering women economically and technically.

The project also supported the Lagos State Government in developing a Monitoring and Evaluation (M&E) framework, laying the groundwork for a state-level Management Information System (MIS) for WASH interventions.

“Sustainability is key. Communities must take ownership, protect facilities against vandalism, and continue to engage government for support,” he urged.

Community leaders from beneficiary LCDAs expressed gratitude for the project’s impact on schools and residents.

Prince Adeniran Ogunbanwo, CDC Chairman of Ikorodu North LCDA, lauded the transformation brought by the intervention.

“Before WaterAid came, there was nothing to write home about in those schools. Today, the facilities are functional and have brought relief to our communities,” he said.

“We have taken ownership of the projects. The council’s WASH department now monitors the facilities, and our female mechanics are on standby for maintenance.”

Similarly, Comrade Segun Fayemi, CDC Chairman of Ojodu LCDA, said the initiative improved collaboration between schools and communities.

“There’s now better synergy between the schools, administrators, and communities,” Fayemi noted. “The project has raised awareness about hygiene and even changed policies – for instance, principals no longer accept sanitary donations without verification from district authorities” Fayemi noted. 

Dr. Kudirat Olubukunola Adeyemi, Environmental Officer for Education District VI, said the interventions significantly enhanced the learning environment in beneficiary schools.

“The improved toilet and water facilities at Academia Junior Grammar School and Odundu Junior High School have increased punctuality and attendance. Students now have access to clean, functional conveniences, which has boosted concentration and learning outcomes,” she said.

Dr. Adeyemi, delivering a goodwill message on behalf of the Tutor-General/Permanent Secretary of District VI, Mrs. Yusuf Mojisola Christiana, also appealed for the continuation and expansion of the partnership.

“While this is a closeout event, we believe the PepsiCo–WaterAid collaboration should be renewed and extended to more schools,” she stated.

Grace Uwadiale, WaterAid’s WASH Officer, emphasised the importance of sustaining the facilities and structures built through the project.

“We’ve established local WASH structures such as community WASH committees and school Environmental Health Clubs. These systems are meant to ensure long-term maintenance and sustainability. We don’t want to take over government’s role. Our goal is to influence policy and encourage government to replicate and scale up these models across other communities and institutions,” she explained.

Dr. Alao also revealed that while PepsiCo Foundation’s support has ended, discussions are ongoing with DP World, another global donor, to continue advancing WaterAid’s large-scale water supply initiatives targeting up to 1 million people in the future.

Over the past three years, the WaterAid–PepsiCo partnership has shown that strategic collaboration, community ownership, and system strengthening can drive lasting improvements in public health and education.

As the project closes, stakeholders reaffirmed their commitment to sustaining its legacy – ensuring that every community continues to enjoy the benefits of safe water, improved sanitation, and hygiene for all.

By Ajibola Adedoye

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