Akwa Ibom, NNPCL, GACN sign $3.5bn gas deal

The Nigerian National Petroleum Company Limited (NNPCL) stated it has signed a $3.5 billion Memorandum of Understanding (MoU) with the Akwa Ibom State government and the Gas Aggregator Company of Nigeria (GACN).

In a statement made available yesterday, the company disclosed that the ceremony was held during the opening session of the South-South Gas Utilisation Forum 2025 in Uyo, Akwa Ibom State.

The firm said the agreement points to the significance of the South-South geopolitical zone’s commitment to driving gas industrialisation for shared prosperity.

According to the statement, the forum was attended by the Minister of State for Petroleum Resources (gas), Ekperikpe Ekpo, alongside representatives from the governments of Akwa Ibom, Cross River, and Rivers states.
In a separate statement on X, Ekpo said his attendance at the event was more than official, noting that “it is personal.”

Just as Nigeria begins repositioning its oil and gas sector for greater transparency and sustainability, stakeholders in the industry have lauded the appointment of Ahmadu Musa Kida as Non-Executive Chairman of the Board of the Nigerian National Petroleum Company Limited (NNPCL) as a significant development for governance and strategic oversight in the sector.

Kida, who previously served as a Director at Pan Ocean Oil Corporation (Nigeria) Limited and across the Newcross group of companies, was recently honoured at a private send-off dinner in Lagos hosted by Pan Ocean, Newcross Petroleum Limited, and Newcross Exploration and Production Limited.

The event brought together company executives, board members, legal advisers, and colleagues to acknowledge his contributions to corporate reform, technical leadership, and institutional strengthening during his tenure.