Connect with us

NEWS

Buhari rescinds decision on Seplat Energy takeover of Exxon Mobile shares

Published

on

Buhari rescinds decision on Seplat Energy takeover of Exxon Mobile shares

President Muhammadu Buhari has reversed his earlier decision authorising  Seplat Energy Limited to take over the  shares in oil block in Nigeria previously owned by  Exxon Mobil  of United States of America.

The reversal of the President’s decision was confirmed yesterday by the Senior Special Assistant to the President on Media and Publicity, Malam Garba Shehu.

According to Shehu , the President Buhari had decided to back the Petroleum regulator, the Nigerian Upstream Petroleum Regulatory Commission ,NUPRC, which had on Tuesday insisted on its refusal to assent to the ExxonMobil/Seplat Energy share acquisition worth $1.3 billion.

He also said the earlier confusion in the President’s decision was as a result  of the various agencies involved in the decision had not coordinated well among themselves. He added that  President Buhari now wanted NUPRC position to be supported.

Mallam Garba Shehu said : ,“It has become clear that the various agencies involved in decision had not coordinated well among themselves and having looked at all of the facts with all of the ramifications, the president decided the position of the regulator is to be supported.”

Recall President Muhammadu Buhari had on Monday afternoon approved the acquisition of the entire share capital of Mobil Producing Nigeria Unlimited by Seplat Energy Offshore Limited.

This was revealed in an official tweet by the Presidency  titled ‘President Buhari consents to the acquisition of Exxon Mobil shares by Seplat Energy Offshore Ltd.’

The Presidency had said in the tweet that  Buhari authorized the acquisition in his capacity as Minister of Petroleum and it is aimed at attracting foreign direct investment to the country. The tweet also said that the President  also directed that Exxon Mobil and Seplat mitigate all environmental and abandonment liabilities.

The tweet read :  “In his capacity as Minister of Petroleum Resources, and in consonance with the country’s drive for Foreign Direct Investment in the energy sector, President @MBuhari has consented to the acquisition of the entire share capital of Mobil Producing Nigeria Unlimited by Seplat Energy Offshore Limited.

READ ALSO: Buhari Presidency Swings Again on Seplat Energy, Mobil Producing Oil Deal

“Exxon Mobil had entered into a landmark Sale & Purchase Agreement with Seplat Energy to acquire the entire share capital of Mobil Producing Nigeria Unlimited from Exxon Mobil Corporation, Mobil Development Nigeria Inc, & Mobil Exploration Nigeria Inc, registered in Delaware, USA.”

“Considering the extensive benefits of the transaction to the Nigerian Energy sector and the larger economy, President @MBuhari has given Ministerial Consent to the deal.”

“The President, in commitment to investment drive in light of the Petroleum Industry Act, granted consent to the Share Sales Agreement, as requested by the parties to the transaction, and directed that the approval be conveyed to all the parties involved.”

“Consequently, Exxon Mobil/Seplat are expected to carry out operatorship of all the oil mining licenses in the related shallow water assets towards production optimization to support Nigeria’s OPEC quota in the short term as well as ensure accelerated development and monetisation of the gas resources in the assets for the Nigerian economy.”

Click to comment

NEWS

Alakija Hails Gov Adeleke

Published

on

The Chancellor of Osun State University and Executive Vice Chairman of Famfa Oil Limited, Folorunso Alakija has described Governor Ademola Adeleke as “an action Governor who is delivering good governance to the good people of Osun state”.

She bared her mind, while hosting Gov Adeleke at the Ikoyi headquarters of Famfa Oil Limited.

According to her, she she has been following activities of Gov Adeleke since he assumed office, and commended him for setting a good leadership example.

The billionaire businesswoman on the occasion flanked by two of her directors, Ladi and Folarin Alakija, noted that the Osun State Governor has been demonstrating strong passion for public service and pursuing a big agenda for the state.

She prayed to God Almighty to strengthen the Governor for a second term in office, as in her opinion, four years were not enough for an action governor like Gov Adeleke to deliver fully on his ambitious agenda for the state.

Reviewing her tenure as the Chancellor of the Osun State University, the Famfa boss recalled the conception and stages of completion of the UNIOSUN Medical Research and Training Hospital which she wholly donated and financed.

She pointed out that the project which is 95 percent completed was designed to serve the health needs of patients from far and near and elevate service to humanity to a higher level.

Earlier, Governor Adeleke, accompanied by the Vice Chancellor of the Osun State University, Prof Odunayo Clement Adebooye and other state officials, said he was ‘on a thank you visit to the business mogul to appreciate her huge contributions to the growth and development of the state university’.

Gov Adeleke expressed appreciation for the massive multi-billion naira Medical Research and Training hospital that Apostle Dr Alakija was building at the State university, describing Famfa boss as “a commendable role model in the field of philanthropy.

“We are here as a government to appreciate you. You are uncommon and rare in your love for service to humanity.”

Continue Reading

NEWS

JUST IN: FG Announces Launch Date For Student Loan Applications

Published

on

The Federal Government of Nigeria (FGN) has announced that the portal for student loan applications will officially open on May 24, 2024.

This development is part of the Nigerian Education Loan Fund’s efforts to enhance access to higher education, as stated by the Fund’s media lead, Nasir Ayantogo, on Thursday night.

According to Ayantogo, the launch of the application portal is a significant step in President Bola Tinubu’s commitment to providing accessible and inclusive education for Nigerian students.

This initiative follows the signing of the Access to Higher Education Act, 2023, by President Tinubu on June 12, 2023 which aims to provide interest-free loans to financially disadvantaged students pursuing higher education in Nigeria.

Dele Alake, a member of the former Presidential Strategy Team, noted that this move fulfills one of President Tinubu’s key campaign promises to liberalize funding for education.

The Act, popularly known as the Students Loan Law, also established the Nigerian Education Loan Fund to handle all loan requests, grants, disbursements, and recoveries.

Initially, the government announced that the scheme would launch in September, but it faced several delays, resulting in an indefinite postponement in early March.

The Presidency attributed the delay to President Tinubu’s directive to expand the scheme to include loans for vocational skills.

Following a briefing from the NELFUND team led by the Minister of State for Education, Dr. Yusuf Sununu, on January 22, President Tinubu instructed the Fund to extend interest-free loans to Nigerian students interested in skill-development programs.

President Tinubu stressed the importance of including those who may not seek university education, noting that skill acquisition is equally as important as earning academic degrees.

He had said, “This is not an exclusive programme. It is catering to all of our young people. Young Nigerians are gifted in different areas.

“This is not only for those who want to be doctors, lawyers, and accountants. It is also for those who aspire to use their skilled and trained hands to build our nation.

“In accordance with this, I have instructed NELFUND to explore all opportunities to inculcate skill-development programmes because not everybody wants to go through a full university education,”

Through the portal, students can now access loans to pursue their academic aspirations without financial constraints.

According to the statement, the portal features a user-friendly interface, allowing students to conveniently submit their loan applications.

The statement added, “We encourage all eligible students to take advantage of this opportunity to invest in their future and contribute to the growth and development of our nation. Students can access the portal on www.nelf.gov.ng to begin application.”

 

Continue Reading

NEWS

JUST IN: Tinubu Welcomes Senegal’s Youngest President At Villa

Published

on

President Bola Tinubu received Senegal’s newly elected President, Bassirou Faye, at the Aso Rock Villa in Abuja on Thursday.

Faye, who arrived at 3:09 p.m., is making his first official visit to Nigeria since taking office last month.

At 44, he is the youngest president in Senegalese history, having secured a decisive victory in April’s delayed presidential election with over 54% of the vote.

 

 

 

More to follow…….. 

Continue Reading

Copyright © 2022. Biztellers, powered by Alphaxristi.