The Kiet Brief (Key Updates in June 2026)

June 2026 was a busy month across Nigeria's regulatory landscape. From energy and mining to financial services and digital identity, a number of significant developments came through that are worth paying attention to. Here is a summary of the key updates.

OIL & GAS

Nigeria Approves 2026 Oil Block Licensing Round
President Bola Tinubu has approved Nigeria's 2026 oil and gas licensing round, with the Nigerian Upstream Petroleum Regulatory Commission (NUPRC) targeting a launch no later than Q3 2026. Commercial bidding for the ongoing 2025 round is scheduled for July. NUPRC CEO Oritsemeyiwa Eyesan attributed sustained investor interest to PIA reforms, including 'drill or drop' provisions that threaten to revoke licences for undeveloped blocks.

NCDMB's Oil and Gas Park Operational by Q4 2026
The Nigerian Content Development and Monitoring Board (NCDMB) has reaffirmed that the Nigerian Oil and Gas Park Scheme (NOGaPS) at Emeyal-1, Bayelsa State, will become operational in Q4 2026. A 2.5MW CNG power plant is being installed to power industrial operations. The facility is expected to create over 2,000 jobs and reduce Nigeria's reliance on imported oil and gas components.

NUPRC and NNRA Partner to Reduce Compliance Costs
NUPRC and the Nigerian Nuclear Regulatory Authority (NNRA) have agreed to harmonise regulatory frameworks to strengthen radiological safety standards and cut compliance costs for operators. The collaboration adopts a single-window approach enabling both agencies to share information. Radiological impact assessments will be incorporated into broader Environmental Impact Assessments.

Nigeria and Alberta Launch Technical Alliance on Carbon Capture
Nigeria has agreed a technical alliance with Canada's Alberta Province targeting carbon capture, methane reduction and cleaner gas production. Both sides agreed to establish a joint technical working group and an MOU covering carbon capture, methane emissions reduction, gas monetisation and human capital development. Nigeria cited its more than 215 trillion cubic feet of proven gas reserves as the foundation.

POWER & INFRASTRUCTURE

Nigeria Signs $1.5bn Concession for 460MW Grand Katsina-Ala Hydropower Project
The Federal Government has signed a $1.5 billion concession agreement for the Grand Katsina-Ala Hydropower Project in Benue State, appointing Maverick Energy Partners as preferred concessionaire under a 35-year DFBOT PPP framework. The 460MW storage facility will generate approximately 2,401 GWh annually. The Federal Government retains a minimum 10% equity stake through MOFI, with financial close targeted for 2027.

NERC Approves Special Compensation for Band A Customers
NERC has approved a special compensation package for eligible Band A customers affected by generation shortfalls between February and March 2026, attributed to gas supply shortfalls and infrastructure vandalism. Non-Maximum Demand customers on Band A feeders receiving less than 18 daily supply hours will receive 20% of the approved February 2026 energy cap. DisCos are barred from offsetting compensation against existing customer debts.

$100m Mini-Grid Power Project Flagged Off in Kogi State
Minister Shuaibu Abubakar Audu performed the groundbreaking for a 20MW mini-grid power project in Egume, Kogi State — described as the largest mini-grid in North Central Nigeria. The projects, valued at over $100m and co-funded by the World Bank via the Rural Electrification Agency, form part of the 'Light Up Kogi' initiative. About 29MW of renewable energy projects have so far been secured for Kogi State.

Enugu State Signs Agreements to Power Four Rural Communities
The Enugu State Government has signed grant agreements with four renewable energy developers to deliver electricity to Okpatu, Ugbawka, Agwunta and Ijabe. The agreements are backed by a German Government in-kind grant through GIZ and the EU. Solar mini-grids of 200–300kW peak per community will serve approximately 8,000 residents in total.

MTN Nigeria and First WATT Sign 34MWp Solar Energy Deal
MTN Nigeria and First WATT Renewable Limited have signed an Energy-as-a-Service (EaaS) partnership to deploy 34MWp of solar PV capacity and 40MWh of battery storage across MTN's critical infrastructure, including data centres and subsea cable stations. The deployment is projected to displace roughly 25,000 tonnes of CO2e over five years.

SOLID MINERALS & MINING

FG Launches SMDF-EMERGE Programme for Mineral Exploration
The Ministry of Solid Minerals Development has launched the Early-Stage Mineral Exploration and Research Grant Endowment (SMDF-EMERGE), with grant processing commencing from July. Minister Dele Alake described it as Nigeria's first dedicated grant funding for geoscience research and mining entrepreneurship. The programme targets Nigeria's estimated $750bn in untapped mineral deposits across 44 strategic sites, administered independently by PwC.

Niger State Shuts Six Illegal Mining Sites in Kontagora
The Niger State Government, working with Mining Marshals from the NSCDC, shut down six illegal mineral processing sites in Mariga and Kontagora LGAs. Officials confirmed the affected sites were operating without required approvals, in violation of state mining regulations. The enforcement drive forms part of broader efforts to sanitise the sector and attract legitimate investment.

AFA and Steron Sign MoU to Boost Lithium and Rare Earth Mining
The Africans for Africa (AFA) Initiative and Steron International Resources Limited have signed an MOU designating Steron's Lithium and REE project in Wasa, Nasarawa State, as an 'Official AFA Mining Fund I Pipeline Project.' AFA's 51% Total African Benefit model ensures more than half of economic value generated remains in Africa. Steron intends to prioritise downstream processing over raw mineral exports.

CAPITAL MARKETS & SECURITIES

SEC's T+1 Settlement Cycle Goes Live for All CSCS-Cleared Trades
Nigeria's Securities and Exchange Commission brought its accelerated settlement regime into effect on June 1, 2026, with all equities and commodities trades cleared through the CSCS now settling within one business day of execution. The shift from the previous T+2 cycle marks a further step in the modernisation of Nigeria's capital markets infrastructure.

SEC Orders Halt to Dangote Petroleum Refinery IPO Marketing
The Securities and Exchange Commission has issued a public notice directing an immediate cessation of all marketing and promotional activity around a purported IPO by Dangote Petroleum Refinery & Petrochemicals FZE. The commission did not disclose specific grounds for the order, signalling a heightened enforcement posture around public capital-raising in the equities market.

FINANCIAL SERVICES & PAYMENTS

CBN Issues Circular on Market Structure, Data Localisation and UBO Disclosure
The Central Bank of Nigeria's Payments System Supervision Department has issued a circular introducing market structure requirements, data localisation obligations, ultimate beneficial ownership (UBO) disclosure mandates, and systemic oversight measures for payments system participants. The circular carries direct compliance implications for fintechs, switching companies, and payment processors.

DIGITAL IDENTITY & DATA REGULATION

Tinubu Signs NIMC Act 2026, Expanding Digital Identity Mandate
President Bola Tinubu signed the National Identity Management Commission Act 2026 into law on June 28, repealing the 2007 Act and repositioning NIMC as Nigeria's central authority for digital identity, authentication and electronic trust services. The legislation carries direct implications for KYC processes across banking, fintech, and telecoms sectors, and is expected to anchor a unified digital identity layer across regulated industries.

NDPC and Senate ICT Committee Align on Digital Economy Bill
The Nigeria Data Protection Commission and the Senate Committee on ICT held a joint stakeholder session on June 19 to harmonise the pending National Digital Economy and E-Government Bill with NDPC's planned sector-specific data protection frameworks for telecoms, hospitality and financial services. The session reflects the commission's effort to embed data protection obligations directly into sectoral legislation ahead of the bill's passage.

TELECOMS

NCC and CAC Introduce Prior Approval for Telecom Ownership Transfers
The Nigerian Communications Commission and the Corporate Affairs Commission have jointly announced that any transfer of 10% or more of a licensed telecommunications operator's share capital will now require an NCC Letter of No Objection before CAC will register the transaction. This establishes a dual-agency approval gate for significant ownership movements in the sector.

DStv Strikes Pre-Installation Deal with Samsung Across 18 African Markets
MultiChoice's DStv has secured a distribution partnership with Samsung under which DStv Stream will be pre-installed on new Samsung smart televisions across 18 African markets, including Nigeria, from June 2026. The deal expands DStv's over-the-top reach through one of the continent's most widely distributed consumer electronics brands.

CLEAN ENERGY & MOBILITY

Spiro Raises $55m in Follow-On Round, Three Weeks After $215m Equity Close
Electric vehicle and battery-swap startup Spiro announced a $55 million fundraise on June 22, just three weeks after disclosing a $215 million equity round on June 1, bringing its total disclosed capital raise for June 2026 to $270 million. The back-to-back closings rank among the largest disclosed clean-mobility investment transactions on the African continent this year.