By Emeka Ugwuanyi
The Federal Government through the Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA) in collaboration with Securities and Exchange Commission (SEC) has granted the first Gas Trading Licence, Clearing House, & Settlement Authorisation to JEX Markets Ltd in line with the provisions of the Petroleum Industry Act PIA, and a landmark first for Africa.
The presentation held at the Transcorp Hilton, Thursday in Abuja ushers in a new era for Nigeria’s gas sector.
According to a post on his LinkedIn page, the Director, Public Affairs Department of NMDPRA, Mr. George Ene-Ita, stated that at the event, the Honourable Minister of State for Petroleum Resources (Gas), Hon. Ekperikpe Ekpo, described the development as a new dawn for the industry, noting that the platform signals the emergence of a fully transparent and competitive gas market capable of attracting long-term investments.
The Authority Chief Executive, Engr. Farouk Ahmed, stated that the issuance of this market-enabling license is the result of sustained collaboration between the Authority and industry stakeholders. He reaffirmed that this achievement aligns with the PIA’s core objective of developing the domestic gas sector into a dynamic and globally competitive trading and supply hub.
The NMDPRA remains committed to fostering innovation, strengthening regulatory frameworks, and promoting sustainable growth across the gas value chain. The presentation of this regulatory instrument reflects our resolve to build a modern, efficient, and investor-friendly gas market for the benefit of the nation, tapping into the regional market and the wider African economy.
Commenting on the milestone, Oscar Onyema, Global Board Leader and Capital Markets expert, said: “Honored to formally receive our gas trading license, and clearing and settlement authorization from NMDPRA on behalf of JEX Markets Limited. We also appreciate the SEC for giving us our Commodities Exchange license. We will be working with the industry and other partners to launch spot and forward gas trading in 2026.”
On his part, the Managing Director & CEO at Nipco Gas Limited & Managing Director Upstream Business, Nagendra Verma, said: “Wonderful initiative by NMDPRA in compliance of PIA, one of the main objectives. Nigeria is on right path towards Gas based economy.”
George Ene-Ita noted that “With the launching of the Gas Trading License & Clearing House Authorization by the Honorable Minister for State (Gas) supported by the Authority Chief Executive Engr. Farouk Ahmed as the key driver, the NMDPRA is now poised to leverage the Gas Trading License and other relevant regulatory drivers to promote the sustainable development of the gas markets through the application of global best practices that will ensure transparency, accountability and efficiency.
“With this pioneering regulatory instrument, Nigeria is poised to unlock a chain of extensive opportunities & investment potentials in the gas sub-sector.
“Nigeria has over 209 trillion cubic feet (TCF) of proven gas reserves embedded in its earth mass, with an estimated 600 TCF in potential reserves.
“Welcome to the dawn of a new era powered by hope, faith and optimism for the energy future of our country.”
