The Kiet Brief (Key Updates in May)
OIL & GAS
NNPC Seals Deal with Chinese Firms to Rehabilitate Refineries
NNPC Seals Deal with Chinese Firms to Rehabilitate Refineries NNPC Ltd signed a Memorandum of Understanding with two Chinese firms (Sanjiang Chemical Company Limited and Xingcheng (Fuzhou) Industrial Park Operation and Management Co. Ltd) on 30 April 2026 in Jiaxing, China. The MoU establishes a framework for a Technical Equity Partnership (TEP) covering completion of outstanding works at the Port Harcourt and Warri refineries, ongoing operations and maintenance, and planned expansions toward cleaner fuels and petrochemicals. This marks a strategic shift from traditional contractor-led rehabilitation to a performance-driven partnership model.
NMDPRA Issues Petrol Import Licences to Six Marketers;
Dangote Files Fresh Lawsuit The NMDPRA granted import licences to six marketers (NIPCO, AA Rano, Matrix Energy, Shafa, Pinnacle Oil, and Bono Energy) to import a combined 720,000 metric tonnes of Premium Motor Spirit. Dangote Petroleum Refinery responded by filing a fresh lawsuit at the Federal High Court in Lagos, seeking to nullify the approvals, arguing they contravene the Petroleum Industry Act which permits imports only when domestic supply is insufficient.
New NMDPRA CEO Confirmed by Senate
President Tinubu has appointed Rabiu Abdullahi Umar, formerly an executive at Dangote Group, to replace Saidu Mohammed as CEO of NMDPRA. The Senate confirmed Umar's appointment on 7 May 2026. The leadership change is described as aimed at strengthening regulatory effectiveness in the midstream and downstream petroleum sector.
Dangote Eyes Kenya as Site for $15–17 Billion East African Refinery
Aliko Dangote disclosed in a Financial Times interview on 10 May 2026 that he is favouring Mombasa, Kenya, as the preferred location for a proposed 650,000 barrels-per-day East African refinery, citing the port's greater depth and capacity over the previously considered Tanga, Tanzania. The project is estimated to cost between $15 billion and $17 billion. Kenya's President Ruto confirmed the country intends to take a stake through the National Infrastructure Fund. Dangote has conditioned commencement on government provision of land, regional finance, and policy protection against cheap fuel imports.
Court Orders NUPRC to Implement PIA Host Community Benefits
Justice Hyeladzira Nganjiwa of the Federal High Court in Warri delivered a landmark judgment on 6 May 2026, ordering the Nigerian Upstream Petroleum Regulatory Commission (NUPRC) to immediately implement the Host Community Development Trust (HCDT) provisions under the Petroleum Industry Act, based on the existing Federal Government Gazette recognising coastal communities. The court ruled that only the National Boundary Commission (NBC) holds statutory authority to delineate host communities, and restrained the NUPRC from withholding benefits on the basis that some communities were omitted from the gazetted list.
NMDPRA Unveils Digital Portal for Host Community Development Trust (HCDT)
At a stakeholder sensitisation workshop in Port Harcourt on 20 May 2026, new NMDPRA CEO Rabiu Umar announced the launch of a dedicated HCDT Digital Portal designed to support digital registration of trusts, submission of governance documentation, monitoring of statutory contributions, compliance reporting, project tracking, and real-time regulatory oversight. The portal operationalises the midstream HCDT framework under the PIA, which mandates petroleum operators to contribute 3% of annual operating expenditure to host community trusts.
NUPRC and NMDPRA Move to End Regulatory Overlaps and Boost Investor Confidence
The NUPRC and NMDPRA pledged deeper collaboration following a courtesy visit by the new NMDPRA CEO Rabiu Umar to NUPRC headquarters in Abuja on 21 May 2026. Both regulators agreed to designated focal representatives to jointly resolve regulatory overlaps and committed to quarterly inter-agency meetings. The initiative is aimed at creating a seamless compliance regime across the petroleum value chain, reducing decision-making delays, and strengthening investor confidence as Nigeria pushes forward with its 2025/2026 oil and gas licensing round.
PenCom Grants Special Dispensation for Pension Assets to Invest in Dangote Refinery IPO
The National Pension Commission (PenCom) issued a circular dated 13 May 2026 granting Pension Fund Administrators (PFAs) a one-off special regulatory waiver to invest pension assets in the planned IPO of Dangote Petroleum Refinery & Petrochemicals FZE (DPRP). The waiver relaxes requirements under the Revised Regulation on Investment of Pension Fund Assets relating to existence, profitability, and dividend history. PenCom described this as a singular exception justified by the refinery's strategic importance, strong fundamentals, and national economic significance. The IPO, targeting a valuation of up to $50 billion with approximately 10% equity on offer, is expected to be one of Africa's largest public offerings.
POWER & INFRASTRUCTURE
Tetracore Secures Nasarawa Licences for Power Generation and Distribution
Tetracore Energy Group secured the first-ever electricity generation and distribution licences issued in Nasarawa State during the Nasarawa Investment Summit 2026 on 6–7 May 2026 in Lafia. The licences, awarded by the Nasarawa State Electricity Regulatory Commission, authorise a gas-fired Independent Power Project beginning at 60MW Phase I and scalable to 120–150MW. The project will serve the Nasarawa–Toto, Awe–Obi, and Akwanga–Karu–Keffi industrial corridors, supported by approximately 120 kilometres of distribution infrastructure.
Lagos Approves 14 Electricity Licences Across Off-Grid, Metering and Mini-Grid Operations
The Lagos State Electricity Regulatory Commission (LASERC) issued 14 electricity licences and permits spanning off-grid generation, embedded generation, independent distribution, metering services, and interconnected mini-grid operations at its maiden stakeholder engagement. Notable approvals include Axxela Limited for a 5.8MW off-grid project at Cadbury Nigeria in Agidingbi, Daybreak Power Solutions across multiple industrial facilities including Nigerian Breweries, Crown Flour Mill, and Promasidor, and Isolo Power Gen Limited for a 9MW embedded generation project along the Apapa-Oshodi Expressway.
FEC Approves National Transport Data Bank and IPPs for Onne and Apapa Ports
The Federal Executive Council approved three major PPP infrastructure projects: (1) a Smart National Transport Data Bank under the Nigerian Institute of Transport Technology (NITT) to integrate real-time data across road, rail, air, and marine sectors; (2) a 50MW Independent Power Project at the Onne Port Complex in Rivers State serving the Oil and Gas Free Zone; and (3) a 36MW hybrid-energy IPP at the Apapa Port Complex in Lagos, Nigeria's busiest seaport. All projects followed full regulatory oversight and due diligence by the Infrastructure Concession Regulatory Commission (ICRC).
Green Finance Investment Facility Launched by REA, FCMB and Partners
A $188 million Green Finance Investment Facility (GFiF) was officially launched on 7 May 2026 in Lagos, led by Barton Heyman Limited in partnership with the Rural Electrification Agency (REA), UK PACT, FCMB, and ARM Harith Infrastructure Investment Limited (ARMHIIL). The blended finance platform targets 191 megawatts of distributed solar capacity for households, communities, and businesses nationwide, with the aim of reaching over one million Nigerians. The initiative also supports Nigeria's DARES (Distributed Access through Renewable Energy Scale-Up) programme.
NDPHC Pledges Additional 1,500MW for Lagos Power Supply
The MD/CEO of the Niger Delta Power Holding Company (NDPHC), Engr. Jennifer Adighije, announced the company's readiness to supply an additional 1,500MW of electricity to Lagos during a courtesy visit to the Lagos State Electricity Regulatory Commission (LASERC) in May 2026. NDPHC currently has approximately 2,000MW of stranded generation capacity, while Lagos receives only around 1,000MW from the national grid against an estimated demand of nearly 12,000MW. NDPHC committed to investments in generation, transmission, and distribution infrastructure to help bridge the significant supply gap.
TCN Inaugurates 330kV Transmission Lines in Edo State
The Transmission Company of Nigeria (TCN) commissioned the Ihovbor/Benin and Ihovbor/Ajaokuta 330kV Turn-In-Turn-Out transmission lines on 14 May 2026 at the Ihovbor Transmission Substation in Edo State. The 14-kilometre double-circuit line, constructed by Energo Nigeria, creates two new transmission routes linking the Benin/Ajaokuta corridor to the Ihovbor substation, enabling the evacuation of an additional 600MW into the national grid. The lines support bulk electricity evacuation from the Azura Power Plant and NDPHC's facility in the Benin corridor and were already energised prior to the official inauguration.
NDPHC Revives 450MW Alaoji Power Plant After Three-Year Shutdown
The NDPHC announced the restoration of the 450MW Alaoji Open Cycle Power Plant in Abia State in May 2026, following a three-year shutdown that began in 2023 due to gas metering disputes and outstanding financial obligations to supplier TotalEnergies. The revival was disclosed during NDPHC's meeting with Abia Governor Alex Otti. Abia State has since directed its Commissioner for Power to commence commercial negotiations with NDPHC for the wheeling of electricity from the plant to Umuahia and other parts of the state.
Ekiti Deepens Power Sector Reforms with Licensing of 41 Energy Operators
The Ekiti State Electricity Regulatory Bureau (EKSERB) registered and licensed 41 energy service providers spanning the metering, generation, distribution, mini-grid operations, and Independent Electricity Distribution Networks. The development, announced by the Commissioner for Infrastructure and Public Utilities Prof. Bolaji Aluko, operationalises Ekiti's electricity reform law and the national Electricity Act 2023, which devolves market regulation to states. This positions Ekiti to reduce its sole dependence on federal distribution companies by opening the sector to competitive private operators.
Tetracore Commences Power Generation and Distribution from Atakobo IPP, Ogun State
Tetracore Energy Group, through subsidiary Tetracore Power Company Limited, announced the commencement of commercial power generation and distribution from Phase I of its 100MW Atakobo Independent Power Generation & Distribution System on 20 April 2026. Phase I delivers 20MW, with a defined pathway to 100MW, supported by approximately 80 kilometres of 33kV transmission and distribution infrastructure across the Ijebu Ode–Ijebu-Itele industrial axis in Ogun State. Power Purchase Agreements with industrial offtakers are in place and supply is already being delivered.
REA Signs MOUs to Deepen Clean Energy Transition
The Rural Electrification Agency (REA) signed two Memoranda of Understanding in May 2026 to advance Nigeria's clean energy transition. The first, with the Nigerian Commodity Exchange (NCX), establishes a National Collaborative Framework for Agro-Industrial Cluster Development, Renewable Energy Deployment, and Commodity Trade Formalisation in support of the Federal Government's food security agenda. The second, with the Young Innovators of Nigeria (YIN), creates a platform for an annual Technology Ecosystem Dialogue focused on clean energy, digital transformation, and smart mobility.
SOLID MINERALS AND MINING
Mining Sector Attracts $2.6 Billion FDI in 30 Months - VP Shettima
Vice President Kashim Shettima disclosed on 6 May 2026, during the commissioning of the Kursi Group Corporate Headquarters in Abuja, that Nigeria's solid minerals sector has attracted $2.6 billion in foreign direct investment over the past 30 months. The Kursi Group facility, established by Ambassador Abdulfatai Yahaya Seriki Gambari, houses a mineral refining factory and a minerals marketing and tracking platform. Shettima reaffirmed that local value addition is now a non-negotiable licensing condition - Nigeria will no longer export unprocessed raw materials.
Inaugural Solid Minerals Excellence Awards (SOMEA) Held - Segilola Gold Mine Top Winner
Nigeria's first-ever Solid Minerals Excellence Awards (SOMEA) were held on 14 May 2026 at the Abuja Continental Hotel, themed 'Unlocking the Future,' endorsed by the Federal Ministry of Solid Minerals Development. The awards recognised companies driving growth in lithium, gold, limestone, and rare earth minerals. Segilola Resources Operating Limited (SROL), operator of Nigeria's first commercial gold mine (Segilola Gold Mine, Osun State), was the standout winner, securing three of the five categories in which it was nominated: SOMEA Gold Mining Company of the Year, Outstanding Gold Producer of the Year (Main Category), and Outstanding Gold Producer of the Year (Mines Inspectorate Category).
STARTUPS & VENTURES
BFREE Closes Growth Round to Scale Pan-African Distressed Credit Business
Nigerian fintech startup BFREE, a pan-African distressed retail and SME credit investor founded in 2020 by Julian Flosbach, Chukwudi Enyi, and Moses Nmor, closed a growth round that substantially expands its capacity to acquire non-performing loan portfolios, deepen forward flow partnerships with financial institutions, and extend its presence into new markets across the continent.
Fincra Secures Enhanced Payment Service Provider Licence in Ghana
Fincra, the Nigerian payments infrastructure provider, announced it had secured an Enhanced Payment Service Provider licence from the Bank of Ghana, giving it direct, regulated access to Ghana's financial system, coming just two months after the company obtained a similar payment licence in Canada.
Eight Nigerian Startups Selected for Africa Tech Summit London Investor Showcase
On 12 May 2026, eight Nigerian companies were announced as selected to pitch at the 10th edition of the Africa Tech Summit London Investment Showcase, with Nigeria dominating a cohort of 13 investor-ready ventures drawn from across the continent. The Nigerian ventures include Aktivate (creator operating system), Bunce (customer data and personalised engagement), Redbiller Technologies (financial infrastructure suite for neobanks and fintechs), Scandium Systems (AI-powered test automation), and UltraPay (multi-asset platform allowing users to hold and spend crypto, stocks, and fiat via one card).
Four Nigerian Startups Named on Bloomberg's "25 African Startups to Watch"
Bloomberg's list, published on 28 May 2026, featured four Nigerian companies — 10mg Health, Remedial Health, Sycamore, and Terra Industries, spanning healthcare, fintech, and defence technology, with nearly half of the total funding raised by companies on the list coming from African investors.
Anthropic Raises $65 Billion Series H at $965 Billion Valuation, Overtakes OpenAI as World's Most Valuable AI Startup
Anthropic confirmed on 28 May 2026 that it closed a $65 billion Series H at a $965 billion post-money valuation, a round led by Altimeter Capital, Dragoneer, Greenoaks, and Sequoia Capital, vaulting the company past OpenAI's reported $852 billion mark and setting up what is widely expected to be an October 2026 IPO.
Google Launches Gemini Spark, Gemini 3.5 Flash, and Gemini Omni at I/O 2026
Google announced Gemini Spark, described as a personal agent that takes actions on behalf of users to "navigate your digital life," transforming Gemini from an assistant that answers questions to an active partner performing real work, alongside Gemini 3.5 Flash and Omni.
Elon Musk Loses $150 Billion Lawsuit Against OpenAI and Sam Altman
A US jury ruled in favour of OpenAI and CEO Sam Altman in Elon Musk's lawsuit that accused the company of abandoning its original nonprofit mission and misleading him into investing millions in its early development. The jury found Musk's claims fell outside the statute of limitations; Musk called it a "calendar technicality" and announced he will appeal.
Meta Cuts 8,000 Jobs — 10% of Global Workforce
Meta began cutting approximately 8,000 employees on 20 May 2026, equivalent to 10% of its workforce of 78,865 people, with additional cuts planned for the second half of 2026 — the restructuring follows earlier rounds in January and March and is driven by a reallocation toward AI infrastructure spending projected at between $125 billion and $145 billion in 2026.
TECHNOLOGY & DIGITAL ECONOMY
Information Minister Announces June 17, 2026 as Nigeria's Digital Switch-Over Launch Date
Minister of Information and National Orientation Mohammed Idris announced on 13 May 2026 during a tour of Nigerian Communications Satellite Limited headquarters in Abuja that Nigeria's long-delayed Digital Switch-Over will launch nationwide on June 17, 2026, with the platform offering over 100 free-to-air television channels.
Broadcasting Organisations of Nigeria Files Formal Objection to DSO Rollout
In a formal letter to NBC Director-General Ebuebu, the Broadcasting Organisations of Nigeria (BON) argued that the platform being prepared does not qualify as a true digital switchover but amounts to a direct-to-home satellite television service, and questioned the affordability and legality of the model being presented to Nigerians.
NITDA and ONDI Inaugurate Technical Working Group for National Regulatory Sandbox
NITDA inaugurated the Technical Working Group (TWG) established to support implementation of the National Regulatory Sandbox, a structured, multi-agency, sector-agnostic framework designed to enable controlled testing of innovative products within a supervised regulatory environment, led by the Office for Nigerian Digital Innovation (ONDI). Unlike traditional sandbox models limited to financial services, the framework is intentionally sector-agnostic, allowing regulators from multiple sectors to collaborate.
WASPAN v. FCCPC — Digital Lending Regulatory Battle Continues
On 22 May 2026, the FCCPC published a formal public notice confirming it had suspended the implementation and enforcement of the DEON Consumer Lending Regulations 2025 in deference to the Federal High Court's restraining order while confirming it had instructed its solicitors to challenge the order and the competence of the suit.
Court Restrains eNaira Payment Solutions from Claiming Ownership of 'eNaira'
Trademark Justice James Omotosho of the Federal High Court in Abuja granted a perpetual injunction restraining eNaira Payment Solutions Ltd from presenting itself as the registered proprietor of the "eNaira" trademark, also awarded N10 million in damages against the company, and ordered it to immediately adopt a new name that excludes the word "Naira."
