Business
FG scraps DPR, PPPRA, PEF, sacks CEOs, inaugurates new agencies
The Department of Petroleum Resources, the Petroleum Products Pricing Regulatory Agency and the Petroleum Equalisation Fund are all officially scrapped and do not exist anymore, the Federal Government said on Monday.
It also said while workers of the three agencies would be protected, their chief executives had been relieved of their various appointments.
The Minister of State for Petroleum Resources, Chief Timipre Sylva, stated this while speaking on the side-lines of the inauguration of the boards of the Nigerian Midstream and Downstream Petroleum Regulatory Authority and the Nigerian Upstream Regulatory Commission in Abuja.
He explained that with the passage of the Petroleum Industry Act, the NPRA and NURC had taken over the functions of the DPR, PPPRA and PEF.
Responding to a question on what would happen to DPR following the inauguration of the board of NURC, Sylva said, “It is now a matter of law.
“The law states that all the assets and even the staff of the DPR are to be invested on the commission and also in the authority. So that means the DPR doesn’t exist anymore.
“And, of course, the law specifically repeals the DPR Act, the Petroleum Inspectorate Act, the Petroleum Equalisation Fund Act and the PPPRA Act. The law specifically repeals them. It is very clear that those agencies do not exist anymore.”
On what would happen to the chief executives and employees of DPR, PEF and PPPRA, the minister replied, “The law also provides for the staff and the jobs in those agencies to be protected.
“But I’m sure that that doesn’t cover, unfortunately, the chief executives, who were on political appointments.”
He stated that the process for aligning the workers of the defunct agencies with the new regulatory bodies had already commenced, as the staff had to be rationalised.
Sylva said, “The authority has its staff coming from the defunct PEF, PPPRA and DPR. The commission has staff coming over from DPR and the process is going on for the next few weeks.”
Sylva stated that the inauguration of the boards on Monday marked the beginning of the successor agencies.
He said, “The PIA provides for the upstream regulatory commission and the establishment of the midstream and downstream authority.
“So far, the chief executives of these agencies have not been in place, but of course, Mr President in his wisdom made the appointment a few weeks ago and they went through a rigorous process of confirmation at the National Assembly.
“The agencies have now taken off because they now have clear leadership and today’s event marks that beginning for the new agencies.”
He further stated that with the passage of the PIA into law, after spending over 20 years in the process, the coast was now clear for investors to fully invest in Nigeria’s oil sector.
“Today, the PIA has clarified the legal framework around the sector and the agencies are now in place. So I don’t see anything now stopping investors from coming,” the minister stated.
He said competent hands were now handling the business, adding, “Nigerians should brace up for exponential growth in the oil and gas sector.”
The Chief Executive, NURC, Gbenga Komolafe, said the commission would deliver on its mandate as captured in the new petroleum Act.
“Nigerians should expect massive deliverables in the sense that the PIA has ended the regime of uncertainty in terms of the governance of the industry,” he said.
He also said the commission would ensure that the country hits its OPEC quota in crude oil production, as the NURC would be an enabler of investments.
Punch
Railway
NRC Appeals for Patience as Abuja–Kaduna Train Service Faces Temporary Disruption
NRC Appeals for Patience as Abuja–Kaduna Train Service Faces Temporary Disruption
The Nigerian Railway Corporation (NRC) has urged passengers using the Abuja–Kaduna train service to exercise patience, describing the current service disruption as temporary while repairs and security upgrades continue.
The appeal was made on Tuesday by NRC Managing Director Dr. Kayode Opeifa, following public concerns over the reduced frequency of train services on the corridor. He acknowledged commuter frustrations and affirmed that the Abuja–Kaduna line remains a flagship service under Nigeria’s railway modernisation programme.
Dr. Opeifa attributed the reduced services to two major setbacks: the March 2022 terrorist attack on the rail line, which prompted enhanced security measures, and a recent derailment that damaged multiple Diesel Multiple Unit (DMU) coaches, reducing the number of operational trains. He clarified that the service reduction was not due to neglect, but a necessary step to ensure passenger safety.
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Repairs and refurbishments are ongoing, with plans to deploy additional coaches to restore normal service frequency. “Passengers’ feedback helps strengthen our resolve to deliver safe, reliable and efficient service,” Opeifa said.
The NRC also highlighted continued support from the Federal Government under President Bola Ahmed Tinubu’s Renewed Hope Agenda, as the Minister of Transport works closely with the Corporation to accelerate full restoration. Alternative rolling stock is being considered to temporarily reinforce service, while safety certification and enhanced security along the corridor remain top priorities.
The NRC assured commuters that the challenges are part of a phase of recovery and rebuilding, promising progressive improvements and a return to multiple daily trips. Passengers can communicate directly with the Managing Director via SMS at 08075005411 for feedback.
NRC Appeals for Patience as Abuja–Kaduna Train Service Faces Temporary Disruption
Business
Nationwide Glo Network Outage Disrupts Data Services Across Nigeria
Nationwide Glo Network Outage Disrupts Data Services Across Nigeria
Millions of subscribers of Glo Nigeria were left stranded on Tuesday following a nationwide data outage that disrupted internet connectivity and online transactions across multiple states.
The disruption, which began around 8:30 a.m., affected users’ ability to browse the internet, access mobile apps, or carry out digital payments—causing widespread frustration among individuals and businesses relying on mobile data services.
In an official statement to customers, Glo acknowledged the service interruption and tendered an apology for the inconvenience caused. The telecom operator assured subscribers that its engineers were working urgently to resolve the problem and restore normal connectivity.
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“We understand how important reliable access is to you and sincerely apologise for the disruption,” the company said.
“Our technical team is working to resolve the issue and ensure services are restored as quickly as possible.
Thank you for your patience and for choosing Glo. We truly appreciate you.”
The Glo network outage marks one of the most significant service disruptions experienced by the operator in recent months, with subscribers taking to social media to express their concerns and seek updates.
Telecom experts say nationwide outages of this scale often stem from major fibre cuts, transmission failures, or core network faults, though Glo has yet to disclose the exact cause.
Subscribers are hopeful that full connectivity will be restored soon as the company continues its recovery efforts.
Nationwide Glo Network Outage Disrupts Data Services Across Nigeria
Business
Naira strengthens as official, parallel market rates align further
Naira strengthens as official, parallel market rates align further
The Nigerian Naira remained stable against the US Dollar on Tuesday, December 9, 2025, with trading data showing continued convergence between the official exchange rate and the parallel market. The trend follows sustained monetary reforms and improved foreign exchange inflows.
According to figures from the NAFEM window, the Naira opened at an average of ₦1,450.92 per dollar, maintaining its recent trading band between ₦1,450 and ₦1,460. Market analysts attribute the stability to rising foreign inflows and the US Federal Reserve’s dovish monetary stance, which has weakened the dollar globally.
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In the parallel market, currency dealers in Lagos and Abuja priced the dollar at around ₦1,490 (selling) and ₦1,475 (buying). Data from street platforms, including Aboki Forex, indicates that the gap between official and black-market rates has narrowed to roughly ₦40, signalling reduced arbitrage and improved efficiency in the FX ecosystem.
Experts say the Central Bank of Nigeria (CBN) has helped steady the currency through ongoing reforms and gradual reserve buildup. Anticipated US Fed rate cuts later this month are also boosting investor confidence in Nigerian assets, helping keep exchange-rate volatility low as the year closes.
Naira strengthens as official, parallel market rates align further
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