By William Emmanuel Ukpoju
Nigeria’s financial architecture is clear: any transaction conducted within the country must be settled in Naira. Under the Foreign Exchange (Monitoring and Miscellaneous Provisions) Act, 1995, and reinforced by the Central Bank of Nigeria (CBN) directives, domestic dealings in goods and services are legally required to be denominated in the local currency, except where explicit exemptions exist.Yet
Yet two of the country’s premier energy forums, the Nigeria Oil & Gas Conference (NOG) and the Nigeria International Energy Summit (NIES), continue to bill delegates in U.S. dollars. This practice flouts currency law and compounds the hardship for local stakeholders, forcing them to source scarce forex just to gain entry.
This article examines that dissonance:
- Why do events hosted on Nigerian soil, founded to advance national industry, insist on foreign-currency participation?
- And how do these gatherings charge premium delegate fees even as sponsors inject millions into their budgets?
It is a disconnect that risks undermining local inclusion, policy coherence, and the oil and gas industry’s broader mandate to build domestic capacity and not erect barriers.
When Nigeria plays host to its two most celebrated oil and gas gatherings, the Nigeria Oil & Gas Conference (NOG) and the Nigeria International Energy Summit (NIES), the world takes notice. Ministers, CEOs, multilateral agencies, and investors converge in Abuja to debate the country’s future in an era of energy transition.
Yet beneath the glossy branding and the ceremonial speeches lies a troubling contradiction: these events charge participants in U.S. dollars instead of Naira. And despite attracting millions of dollars in sponsorship from international oil companies and service majors, they still levy premium delegate fees that many Nigerian stakeholders simply cannot afford.
It is an anomaly that cuts to the heart of Nigeria’s energy development challenge: how can the country build local capacity if the very platforms meant to promote inclusivity and knowledge exchange are financially out of reach?
A Question of Currency, a Question of Law
Nigeria’s financial regulations are not ambiguous. The Central Bank of
Nigeria (CBN) explicitly requires that transactions within the country be denominated in Naira. Yet year after year, both NOG and NIES peg their delegate fees in foreign currency. Nigeria’s financial rulebook could not be clearer: the Naira is the only legal tender within the nation’s borders. As Section 20(1) of the Central Bank of Nigeria Act, 2007 affirms, “the currency notes issued by the Bank shall be the legal tender in Nigeria… for the payment of any amount.”
Despite this, the Economic and Financial Crimes Commission (EFCC) has sounded the alarm over a growing economic distortion: institutions, from schools and hotels to estates and supermarkets, have begun charging in U.S. dollars rather than Naira, prompting arrests and formal sanctions. As EFCC Chairman Ola Olukoyede warned: “Schools that charge Nigerians in dollar, supermarkets that trade in dollar, estate developers that sell their property in dollar, hotels that are invoicing in dollar, we are coming after you…”
In an advisory to the Ministry of Foreign Affairs, the EFCC went further, condemning foreign missions in Nigeria that invoice consular services in dollars as “an aberration and unlawful” and urging strict reversion to the Naira.
Tragically, Nigeria has become a nation where laws exist in print and not in practice.
“This is more than a technical breach; it is an insult to the local industry,” says an indigenous oil services executive who requested anonymity. “We are being asked to pay in a currency that is scarce, unstable, and legally questionable for domestic transactions. It feels like our own system is designed to exclude us.”
For small and medium-sized firms, which already struggle to access foreign exchange through official channels, the effect is devastating. A delegate pass that might be priced at $2,000 translates into more than N3 million at today’s exchange rate, enough to fund operations or payroll for months in a modest indigenous company.
The Sponsorship Puzzle
If the currency issue weren’t enough, there is also the matter of sponsorships. Both NOG and NIES are magnets for deep-pocketed multinationals. Major oil companies regularly sign six- and seven-figure sponsorship packages, plastering their logos across banners, pavilions, and brochures.
Given this substantial inflow of funds, one would expect the sponsorships to subsidise delegate participation, lowering the barrier for local companies and professionals. Instead, delegate fees remain eye-wateringly high.
“Frankly, it feels like double dipping,” argues Dr. Aminu Barde, a policy analyst with the Abuja-based Centre for Energy Governance. “On one hand, you are raising millions from sponsors who underwrite the bulk of your logistics. On the other hand, you are still charging delegates exorbitant amounts. Who exactly are these fees designed for? Certainly not for Nigerian SMEs.”
Local Content: Talk Vs Reality
Nigeria’s energy leaders speak often about local content, about nurturing indigenous players and giving them room to grow. The Nigerian Content Development and Monitoring Board (NCDMB) has made tremendous progress in pushing for domestic ownership of oil and gas operations.
But how can these ambitions align with the reality of exclusionary conferences?
A young engineer at a Lagos-based oil services start-up put it bluntly: “I dream of networking with global players at NOG, but the fees are higher than my annual salary. These platforms are supposed to inspire us, but instead, they remind us that the doors are closed.”
The contradiction is glaring. On the one hand, government policy champions local capacity. On the other hand, flagship industry events push locals to the margins by adopting pricing models that mimic Houston or Dubai.
The Prestige Trap Why then do organisers persist? Insiders say it is about maintaining “international standards”. Charging in dollars makes the events more appealing to foreign companies, who can process invoices easily in their home currency. High fees also create an aura of exclusivity.
But prestige is not progress. As one former NNPC official noted, “An industry conference is not meant to be a luxury gala. It is a marketplace of ideas. If you exclude your own people, you weaken the very foundation you claim to build.”
What Needs to Change
Several remedies could help turn these conferences into true engines of inclusivity and development:
Bill Nigerians in Naira – This is not negotiable. Compliance with currency laws restores credibility and acknowledges economic reality.
Introduce Tiered Pricing – International delegates can continue paying premium rates, but Nigerian SMEs, students, and local professionals should enjoy subsidised access.
Dedicate Sponsorship Funds to Subsidies – Instead of fuelling extravagant gala dinners, a portion of sponsorship revenues should offset delegate fees for local participants.
Publish Transparent Accounts – If organisers disclosed how much they receive in sponsorship versus how much is spent, stakeholders could better judge the fairness of delegate pricing.
The Risk of Inaction
If these anomalies persist, the risk is clear. Nigerian talent will remain locked out of critical conversations. Local firms will miss opportunities to showcase innovation. Policy will echo among elites while grassroots voices remain unheard. And ultimately, Nigeria will struggle to build the homegrown industry leaders it so desperately needs.
“An industry conference that prices out its own people is not a platform; it’s a stage show,” warns Dr. Barde.
Looking ahead, the NOG and NIES are invaluable opportunities for Nigeria to showcase its energy potential. Therefore, they cannot remain spectacles for the privileged; they must become genuine platforms for collective progress.
If Nigeria’s oil and gas industry is to thrive, the biggest stakeholders must stop billing in a currency that alienates the very people whose future they are meant to shape. Sponsorships must subsidise, not inflate delegate costs. And access must be widened, not narrowed. Until then, these conferences risk standing as symbols of contradiction: talking local but billing global.