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Buhari rescinds decision on Seplat Energy takeover of Exxon Mobile shares

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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.”

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‘You Should Not Have to Leave Nigeria to Succeed’ – Peter Obi Tells Nigerian Youth

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Former Anambra State Governor and NDC presidential candidate, Peter Obi, has said Nigerian youths should not have to leave the country before their talents are recognised or their dreams become achievable.

Obi stated this in a statement released on Wednesday as he concluded a four-day working visit to the United States.

According to him, the visit provided an opportunity to engage with prominent personalities and discuss issues concerning Nigeria, the United States and the future of Nigeria’s youthful population.

ALSO READ: Peter Obi Backs Dangote Refinery IPO, Urges Nigerians to Invest

Obi said one of the most fulfilling parts of the visit was meeting young Nigerian professionals in the US, including doctors, lawyers, engineers, technology professionals, entrepreneurs, educators and business leaders.

He said many of them were excelling in their respective fields while remaining committed to the development of Nigeria.

“My message to them was simple: you are not outsiders to Nigeria’s future; you are an important part of it,” Obi said.

He described the knowledge, experience and innovation of Nigerians in the diaspora as “enormous national assets,” stressing the need to build a country that welcomes their contributions and provides every Nigerian with a meaningful opportunity to participate in national development.

Obi said his vision of a “New Nigeria” was one where “the son or daughter of a nobody can become somebody without knowing anybody,” adding that a person’s background should not determine their destination.

He also called for Nigeria to move from consumption to production, while investing in education, healthcare and human capital, supporting businesses, creating productive jobs and building an economy that gives young Nigerians reasons to believe in their future at home.

“Our young people should not have to leave Nigeria before their talents are recognised or their dreams become possible,” he said.

Obi also disclosed that he engaged with diaspora media, including NoireTV Network and Adeola Talks, during the visit, where he shared his views on building a more productive, secure and prosperous Nigeria.

Describing the visit as fulfilling, Obi said the work of building the country must continue.
“Our challenges are great, but our potential is greater. We have the people, the talent, and the resources to build a country where opportunity is not determined by who you know or where you come from, but by what you can contribute,” he said.

“That is the Nigeria we must build together — a Nigeria that works for everyone.
“A New Nigeria is POssible.”

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Spike in Petrol Price Moves NLC to Demands Emergency Palliatives

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Economic Collapse: NLC criticises NGF’s recommendations to FG

The recent upward swing in the pump prices of refined petroleum products in Nigeria, has compelled the organised labour to demand for urgent palliatives, including wage awards, improved crude supplies to refineries and payment for the same in naira.

The Nigeria Labour Congress (NLC) in a statement on Wednesday, under the signature of its President, Joe Ajaero, pointed out that petrol now sells for about ₦1,430 per litre in major cities, with prices reportedly higher in less accessible locations.

It therefore urged the Federal Government to urgently introduce measures to cushion the impact, including the payment of reasonable wage awards to workers and the sale of crude oil to local refineries in naira.

The labour centre warned that the rising cost of petrol would further worsen the economic hardship facing Nigerians, noting that increases in transportation costs typically trigger higher prices of food, rent, school fees and other essential goods and services.

READ ALSO: NLNG’s $10 Billion Train 7 LNG Project to Begin Operations by 2027

The statement, titled “Save the Situation Now,” said the latest increase came at a time when government pressure on oil marketers to reduce pump prices in response to lower international crude prices was beginning to produce results.

According to the NLC, the latest surge has been linked to the resurgence of conflict in the Gulf, but Nigeria’s status as an oil-producing country means it should be able to provide some protection against international oil market shocks.

It said, “As a nation, and as a people endowed with enormous fossil resources, we are deserving of a certain level of protection or buffer against the gales from the Gulf, and indeed, other gales.”

The NLC urged the Federal Government to immediately introduce measures to shield households and businesses from the impact of the higher fuel prices.

It specifically called for reasonable wage awards for workers, sufficient crude oil sales in naira to local refineries and an expansion of the country’s national petroleum storage capacity to strengthen energy security and prepare for emergencies.

The labour union said the measures would not only ease the burden on Nigerians but also create jobs, generate economic value and help address emerging security challenges.

It also argued that government intervention, including subsidies, should not be ruled out in an emergency.

“There is nothing wrong with the government subsidising the needs of citizens, especially in emergency situations like this,” Ajaero said, adding that oil-producing countries were introducing different forms of intervention or palliatives to protect their citizens from the effects of the current global energy crisis.

The NLC further said the Federal Government had benefited from higher international crude prices, claiming that crude was currently selling about $35 to $40 per barrel above the benchmark used in the national budget.

It argued that the additional revenue should be regarded as a windfall that could provide fiscal space for interventions aimed at protecting citizens from the rising cost of living.

The union also raised concerns over the reported importation of crude by some local refineries, describing the development as contrary to the objective of developing domestic refining capacity.

“On a long-term basis, we are equally concerned that local refineries are importing crude. This is unreasonable and unacceptable and defeats the logic and purpose of local capacity,” the statement said.

The latest petrol price increase comes amid Nigeria’s broader transition to a deregulated downstream petroleum sector following the removal of the petrol subsidy in May 2023.

The policy has exposed domestic fuel prices more directly to changes in crude oil prices, foreign exchange costs, logistics and other market factors. The government and oil-sector regulators have subsequently introduced measures aimed at increasing domestic refining and reducing Nigeria’s dependence on imported petroleum products.

The commissioning and ramp-up of large-scale private refining capacity, alongside the rehabilitation of government-owned refineries, have also been central to the Federal Government’s strategy for improving domestic fuel supply and reducing exposure to international market volatility.

However, fluctuations in crude prices, exchange rates and supply-chain costs continue to influence pump prices and transportation expenses, with implications for household purchasing power and inflation.

The NLC said the government needed to act quickly rather than allow the burden to fall entirely on workers and other citizens.

Ajaero said the Federal Government, which he noted was seeking re-election in the coming months, “cannot afford to stand and watch marketers inflict suffering on the citizenry in the name of deregulation.”

“Labour has an obligation to speak out or act accordingly,” he added.

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Shettima Commissions 4,000-Job Garment Factory, 11-Storey Revenue House in Kwara

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Vice President Kashim Shettima has commissioned a garment factory in Ilorin, Kwara State, designed to employ at least 4,000 people at full capacity, alongside an 11-storey Kwara Revenue Service (KWRS) House.

The development was disclosed by Stanley Nkwocha, Senior Special Assistant to the President on Media and Communications in the Office of the Vice President, in a statement released on Wednesday.

The commissioning formed part of activities marking the turbaning of Kwara State Governor, AbdulRahman AbdulRazaq, as the Sardauna of Ilorin by the Emir of Ilorin, Alhaji Ibrahim Sulu-Gambari.

SEE MORE: Shettima Arrives Ilorin for AbdulRazaq’s Turbaning, Factory Commissioning

The title makes AbdulRazaq the first person to hold the position of Sardauna of Ilorin, described as the Defence Minister of the Ilorin Emirate.

Speaking during the turbaning ceremony at the Emir’s Palace in Ilorin, Shettima commended AbdulRazaq for sustaining what he described as a legacy of continuity in Kwara State.

The Vice President recalled the governor’s late father, Alhaji AbdulGaniyu Folorunsho AbdulRazaq, SAN, as Northern Nigeria’s first lawyer and the first Mutawalle of Ilorin.

“His father, Alhaji AbdulGaniyu Folorunsho AbdulRazaq, SAN, OFR, carried an Ilorin name into history as Northern Nigeria’s first lawyer. Every path begins with someone willing to walk without familiar footprints.

Through law and diplomacy, his story became part of Nigeria’s own,” Shettima said.

He added: “The branch may reach towards another horizon, yet it carries within itself the memory of the root. His father was the first Mutawalle of Ilorin, a title that remains in the family in celebration of their bond with the Emirate. Today, another chapter enters the family’s relationship with this palace.”

Shettima also highlighted his relationship with AbdulRazaq, saying their responsibilities regularly bring them together in discussions concerning the federation and its states.

“There is something sobering about celebrating a friend while both of you remain answerable to the demands of public office. Titles will eventually pass into the record of our lives. The human bonds formed along the way should endure beyond the appointments through which other people first came to know us,” he said.

The Vice President further commended AbdulRazaq’s governance record, citing investments in classrooms, medical coverage and roads connecting communities.

“These are chapters in the story of a state as its people encounter it: the lesson a child can attend, the treatment a household can seek, and the market a farmer can reach.

Such investments must be sustained so that those who inherit them can build upon them. A legacy takes its fullest measure in the generations it continues to serve,” he added.

Dignitaries at the event included the governors of Imo, Kebbi, Plateau, Ekiti, Ogun, Niger, Bayelsa and Kaduna states.

Others were First Lady Oluremi Tinubu, represented by the wife of the Vice President, Nana Shettima; Minister of Trade, Industry and Investment, Jumoke Oduwole; Attorney General of the Federation and Minister of Justice, Lateef Fagbemi; Emir of Zazzau, Nuhu Bamalli; and the Soun of Ogbomoso, Oba Ghandi Afolabi Olaoye, Orumogege III.

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