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JUST IN: AA Withdraws Petition Against Tinubu’s Presidential Win
The Action Alliance (AA) party has decided to withdraw its petition against Bola Tinubu’s victory in the presidential election.
The withdrawal was announced at the Presidential Election Petition Tribunal in Abuja on Monday (today), without any explanation given by the party.
The senior advocate of Nigeria (SAN) heading the legal team of the AA, Oba Maduabuchi, has stated that he filed a petition on behalf of the first and second petitioners.
However, Maduabuchi has made a formal request to withdraw the party’s petition.
Before the announcement of the withdrawal, another lawyer had identified himself as the representative of the AA.
Justice Haruna Tsammani dismissed the petition at the request of the Petitioner, the Respondents, which included the All Progressives Congress (APC), the President-Elect, and the Independent National Electoral Commission (INEC), stated that they had no objections to the dismissal.
Recall that the Chairman of the Presidential Election Petition Court (PEPC), Justice Haruna Tsammani, assured that the court will ensure justice is done to the petition.
The PEPC is currently hearing cases from five political parties and their candidates who are contesting the outcome of the February 25 presidential election on the basis of non-compliance with electoral laws and guidelines of the Independent National Electoral Commission (INEC).
Justice Tsammani emphasized that the court would consider the substance of each case over technicalities to ensure that justice is served.
Justice Tsammani said: “We are determined to look at the matter dispassionately and give justice to whoever deserves justice.”
He also promised that the court would consider the substance of each case over technicalities so that
“whoever leaves here will be satisfied that justice has been done”, while warning parties against unnecessary applications that could delay proceedings.
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NNPC JV Unveils New Crude Oil Grade ‘Nembe’, Commences Exports With 1,900 Barrels
Precious ADELOLA
The NNPC/Aiteo Joint venture has announced the introduction of Nembe Crude Oil Grade, a new crude oil grade into the international crude oil market.
The announcement of the Nembe Crude Oil Blend, produced by Aiteo, the Operator of the NNPC/Aiteo Oil Mining Lease (OML) 29 Joint Venture (JV), was made at the ongoing Argus European Crude Conference in London, on Tuesday.
OML 29, an asset located onshore Nigeria, is operated by Aiteo Eastern Exploration & Production Ltd, Africa’s leading indigenous hydrocarbon producer, following a historic acquisition from Shell in 2014.
The Nembe Crude was previously blended with the popular Bonny Light grade and exported via the Bonny Oil & Gas Terminal.
The unique selling point of the Nembe Crude Oil grade with an API gravity was highlighted by both the Aiteo E & P and NNPC Limited Leadership at the Argus Conference in London.
The Nembe Crude Oil grade also has a low sulphur content and low carbon footprint due to flare gas elimination, fitting perfectly into the required spec of major buyers in Europe.
Two cargoes of 950,000 barrels each of the Nembe Crude Oil grade have since been exported to France and the Netherlands. With its attractive Assay of API 29 and low sulphur content, the Nembe Crude Oil grade commands a premium to the global Brent benchmark.
With the NNPC-Aiteo OML 29 JV back on-stream, Nigeria now boasts of an additional crude oil export of 2 Cargoes at 950,000 barrels each per month and 1.2 Bcf of export gas monthly.
This remarkable achievement signals the commencement of activities at Nigeria’s newest crude oil terminal, the Nembe Crude Oil Export Terminal (NCOET), which was licensed in line with the extant laws and Crude Oil Terminal establishment regulations.
The terminal was conceived as a Floating Storage and Offloading Vessel (FSO) with a storage capacity of two (2) Million Barrels and the ability to offload crude oil to any export tanker from AFRAMAX to Very Large Crude Carriers (VLCC).
It has a loading capacity of 25,000 barrels per hour and will be exporting over 3.6 million barrels of Crude oil monthly at full scale of operation.
Currently, hydrocarbon production from OML 29, which was hitherto constrained due to evacuation challenges owing to the security issues around the Nembe Creek Trunk Line (NCTL) corridor, has now been resolved through a collaborative and creative approach that led to the innovation of the Alternative Crude Oil Evacuation Solution.
The Argus European Crude Conference 2023 in London is a gathering of energy majors, refiners, NOCs, traders, financial institutions, and other representatives from across the global oil markets. The event also provides a critical opportunity for business leaders to connect, discuss, share and learn from one another.
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Nigeria Owes NNPCL US$3.1bn, As Subsidy Hits US$921.5m Monthly
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JUST IN: Tribunal Sacks Gov Uba Sani, Declares Election Invalid
Governor Uba Sani of the All Progressives Congress (APC) was removed from office on Thursday by the governorship Election Petition Tribunal sitting in Kaduna State.
The panel ruled that the state’s 2023 governorship election was invalid.
According to information gathered by Biztellers, the judges avoided the actual auditorium and instead communicated the decision via zoom.
It commanded the holding of new elections in seven wards across four local government units in the State.
Isa Ashiru, a candidate for the Peoples Democratic Party, and the PDP filed the petition.