Nigeria opens a 2026 licensing round for 40 oil and gas blocks and will require bidders to name their real owners
NUPRC released 40 blocks for bidding on October 7, spanning onshore, shallow-water and deepwater areas (Reuters via Zawya, Arise, Legit, OE Digital, Nairametrics, Rio Times). Eyesan said bidders must disclose beneficial owners, and the evaluation method and results will be more fully published. Full block lists and rules are to be published on a dedicated portal. The 2025 round drew 143 qualified companies and 200 bids, and 31 firms won 37 of 50 blocks (as reported).
Oil licences are a major source of revenue and have sometimes gone to politically connected firms with hidden owners. Naming real owners is meant to make awards harder to rig and easier to audit.
A successful round could raise output and government income over time, but the effect on pump prices or electricity is indirect and slow.
Supporters say the ownership rule is a real step toward transparency.
Sceptics say rules matter only if enforced and the disclosed names are checked.
The announcement is a promise; the portal and the published rules are the proof. Look for how beneficial ownership will be verified and what fees and timeline bidders face.
DailyDrop Nigeria edition No. 4 · Morning · THU., OCT. 8, 2026