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Take Over Operation Of OML 11 From Shell, Buhari Orders NNPC |RN

Buhari-on-microphone                                                     President Muhammadu Buhari

Okechukwu Nnodim, Abuja

 

President Muhammadu Buhari has ordered the Nigerian National Petroleum Corporation to take over the operatorship of the entire Oil Mining Lease 11 from Shell Petroleum Development Company.

According to a letter from State House, Abuja,  to the Group Managing Director of NNPC, dated March 1, 2019, with reference number SH/COS/24/A/8540 and signed by the Chief of Staff to the President, Abba Kyari, the President’s directive was clearly stated that the entire operatorship of OML 11 should be taken over by the NNPC/Nigeria Petroleum Development Company not later than April 30, 2019.

NPDC is the flagship oil exploration and production subsidiary of the NNPC and the liaison office of the company acknowledged receipt of the letter on March 5, 2019.

The letter from the Presidency to the NNPC, which had its title as, ‘Operatorship of Entire Oil Mining Lease 11,’ read in part, “Kindly note that the President has directed NNPC/NPDC to take over the operatorship, from Shell Petroleum Development Company, of the entire OML 11 not later than 30 April 2019, and ensure smooth re-entry given the delicate situation in Ogoniland.”

It added that the President has “directed NNPC/NPDC to confirm by 2 May 2019, of the assumption of the operatorship.”

OML 11 lies in the southeastern Niger Delta and contains 33 oil and gas fields of which eight are producing as per 2017. In terms of production, it is one of the most important blocks in Nigeria.

The terrain is swampy to the south with numerous rivers and creeks. Port Harcourt is located in the northwest of the block, while the major yard and logistics base at Onne is located by the Bonny River. The Bonny oil terminal – the largest in Nigeria – and Nigeria LNG (NLNG) are both located at Bonny.

When contacted, the Media Relations Manager, Shell Nigeria, Bamidele Odugbesan, declined to comment on the matter, as he specifically told our correspondent that he would not speak on the issue.

The Group General Manager, Group Public Affairs Division, NNPC, Ndu Ughamadu, also did not answer his telephone when contacted and had yet to respond to a text message on the matter up till the time of filing this report.

It was, however, gathered from sources at the Federal Ministry of Petroleum Resources in Abuja that there were four partners in the OML 11 joint venture.

“If you are talking about that operatorship, you are talking about a joint venture where you have four partners and you can pick any of the partners to run the asset on behalf of others. And whoever runs the asset will account to the partners when it comes to the sharing table,” a source at the FMPR said.

The source added, “So if you look at some deep water projects or if you look at the OPL 245, that is Zabazaba for instance, it is operated by Agip but Shell has 50 per cent stake in it. So if tomorrow Agip says it does not want to operate the asset anymore and asks Shell to come and operate it, that won’t change anything. Rather it is only the operatorship that will change.”

It was also gathered that the NNPC owns 55 per cent shares in the OML 11 partnership, while Shell, Total and Agip own 30, 15 and five per cent respectively in the joint venture.

Officials at the FMPR stated that the operatorship of the asset, based on the latest directive of the President, had moved from Shell to NPDC, the flagship oil exploration and production subsidiary of the NNPC.

Industry players further explained that whoever operated an OML on behalf of partners would bring in its expertise and that the NPDC had such capacity right now.

They noted that what was transferred to NNPC, based on Buhari’s order, was basically the operatorship of the OML and not the shares of the partners in the joint venture.

Our correspondent further gathered that Shell had not produced a drop of crude oil from Ogoniland for about five years and that partners were not earning revenue as a result of this.

“So if another partner is willing to run the asset, I think he should be allowed to try. Four persons own an asset and it is being run by owner number one and owner number one is not able to run the asset for several years, you can try owner number two. That’s what is happening,” another source said.  (Punch)

 

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Buhari Appoints New Directors For National Sovereign Investment Authority

Uche Usim, Abuja

 

President Muhammadu Buhari has approved the appointment of two new Executive Directors for the Nigerian Sovereign Investment Authority (NSIA).

The appointees are Mrs Stella Ojekwe-Onyejeli, the Chief Operating Officer, who was reappointed as Executive Director for a second term. The second person is Mr Aminu Umar-Sadiq, who is NSIA’s Deputy Head of Direct Investments, has been appointed for the first time as Executive Director.

The appointments, according NSIA Chairman, Board of Directors, Mr Jide Zeitlin, follow the realignment in 2018 of NSIA’s strategy with a pivot towards domestic infrastructure, as reflected in the allocation of 50 per cent of future contributions to infrastructure investments.

In 2018, the NSIA Board established for the first time a Direct Investment Committee for review and oversight of investments in core domestic infrastructure sectors such as motorways, agriculture, healthcare, power, and education.

He revealed recent NSIA initiatives that reflect the increased focus on domestic infrastructure include the
Presidential Infrastructure Development Fund (PIDF) which will fast-track the completion of five infrastructure projects of national priority, namely: Abuja-Kano Roadway, Second Niger Bridge, East-West Roadway, Lagos-Ibadan Expressway, and Mambilla Hydroelectric Power Plant.

“NSIA is also galvanizing investments in tertiary healthcare. The Authority invested in the development of the LUTH Cancer Treatment Centre and is developing advanced diagnostic centres in AKTH, Kano and FMCU, Umuahia. The NSIA also co-sponsored the establishment of InfraCredit, a specialized financial guarantor that facilitates the financing of domestic infrastructure assets by domestic pension funds. The Authority remains committed to leading the development of strategic infrastructure initiatives in Nigeria.

“These appointments strengthen the Authority’s executive team and are consistent with our focus on maintaining a broadly representative leadership team and workforce so as to ensure that the institution remains a key participant in Nigeria’s economic transformation,” Zeitlin explained.

He continued, “both appointees are committed professionals who, along with other talented colleagues, have been instrumental in NSIA’s development.”

Mrs Ojekwe-Onyejeli was first appointed an Executive Director in October 2012 and served as the Chief Risk Officer until 2017 when her role was expanded to that of Chief Operating Officer. She has a wealth of experience spanning nearly three decades. She joined the Authority from Barclays where she was Director and Head of Operational Risk and Control at the Bank, overseeing 15 countries across Africa, Middle East and Asia. Prior to Barclays, Mrs. Ojekwe-Onyejeli held senior roles at Citibank. Mrs. Ojekwe-Onyejeli received a degree in Chemistry from the University of Lagos, and an MBA from Cranfield School of Management in the UK. She is a Fellow of the Institute of Chartered Accountants of Nigeria and also a qualified Chartered Financial and Tax Accountant. She is an Alumna of both the Oxford and Wharton Executive Management Programs and has attended many director-level programmes in leading institutions globally.

Mr Umar-Sadiq has significant experience in investment banking, private equity and public finance, including his most recent role at the NSIA where he served as a Senior Vice President. (The Sun)

 

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NJC Begins Hearing On Petitions Against Onnoghen, Acting CJN, Tanko |RN

Walter-onnoghen-and-tanko-muhammad-

Ade Adesomoju, Abuja

 

An investigative panel of the National Judicial Council will this week begin hearing on the petitions of alleged misconduct written against the suspended Chief Justice of Nigeria, Justice Walter Onnoghen; and the Acting CJN, Justice Tanko Muhammad, The PUNCH learnt on Sunday.

Our correspondent learnt the five-man panel set up by the NJC to investigate the petitions against the top judicial officers would conduct a hearing on Muhammad’s case on Tuesday.

It was also learnt that the panel had its first sitting on Onnoghen’s case on February 6 and adjourned till Wednesday.

The NJC had at its February 13, 2019 meeting reviewed the pre-assessment report on the petitions written against the two men and considered the complaints worthy of being investigated.

The council then set up a five-man panel led by a retired Justice of the Supreme Court, Justice S.A Akande, to investigate the petitions and issued queries to the judicial officers.

One of the petitions was reportedly written by a civil society group, the Anti-Corruption and Research-Based Data Initiative, and its Executive Director, Mr Dennis Aghanya.

The allegations in the petition sent to the NJC were said to be the same as the one sent to the Code of Conduct Bureau, made up of six counts, accusing the suspended CJN of failure to declare some bank accounts with huge funds in foreign currencies as part of his assets.

The other petition sent to the NJC was said to be by the Economic and Financial Crimes Commission accusing Onnoghen of having suspicious lodgements of huge funds in his bank accounts.

The petition sent to the NJC against Muhammad was reportedly authored by a former President of the Nigerian Bar Association, Mr Olisa Agbakoba (SAN), who requested that Muhammad be sanctioned for submitting himself to President Muhammadu Buhari to be sworn in as acting CJN without any recommendation by the NJC.

Our correspondent gathered that both Onnoghen and Muhammad had replied to the queries issued to them.

Agbakoba, the author of the petition against Justice Muhammad, confirmed to our correspondent on Sunday that he had received a notice for the Tuesday hearing on the Acting CJN’s case.

“I will appear before the panel on Tuesday,” Agbakoba told our correspondent over the telephone.

Our correspondent learnt that Mr R.A. Rabana-Lawal (SAN), who was said to have led Onnoghen’s team to the March 6 sitting of the NJC’s investigative panel, could not be reached on the telephone on Sunday.    (Punch)

 

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Buhari Runs A Government With No Direction, Says Financial Times London |RN

Buhari-on-microphone

President Muhammadu Buhari

Eniola Akinkuotu, Abuja

 

The Financial Times of London says President Muhammadu Buhari has been running a government that lacks a clear direction in the last four years.

The respected newspaper therefore called on the President to see his re-election as an opportunity to do the right thing.

The Financial Times said this in its editorial which has been read and shared thousands of times around the world.

It said there was no clear economic policy like that of Rwanda and Ethiopia.

It read in part, “With his renewed mandate, it is now Mr Buhari’s task to rebuild faith by running a dynamic and successful administration and by building the institutions that can lay firmer foundations than in his previous term.

“The omens from his first four years in office are not good. During that time, the former military leader ran a lacklustre administration with no obvious sense of direction. There was no coherent economic strategy of the sort being attempted by the likes of Ethiopia, Rwanda or west African neighbours Ghana and Senegal to produce the rapid growth needed to haul tens of millions of people out of poverty. It is an indictment of its leadership — both military and democratic — that the continent’s biggest oil producer should have more people living in absolute poverty than any other country in the world.”

FT advised the President to appoint more technocrats in his second term who can help turn things around.

The newspaper said the anti-corruption war must be more holistic and less selective.

FT added, “Mr Buhari’s priority this time must be to set out a coherent agenda, implemented by technocrats rather than ideologues, to turn things around. Nigeria desperately needs to create a level playing field for business in which access to foreign currency, permits, and other requirements is both predictable and rational.

“His much-vaunted crackdown on corruption must go beyond taking action against a few minor officials. Some big scalps would help. More important still is to implement systematic changes — whether by reforming institutions, using technology or by removing arbitrage opportunities — to create a more transparent environment. People should prosper in Nigeria based on what they know and how much value and employment they can create, not by their connections.”    (Punch)

 

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United States Congratulates Buhari, Nigeria |The Republican News

US Iran

U.S. Secretary of State, Mike Pompeo

The U. S. has congratulated Nigeria on its successful presidential election and President Muhammadu Buhari on his re-election.

U.S. Secretary of State Michael Pompeo, in a statement, noted the assessments of international and domestic observer missions affirming the overall credibility of the election.

Pompeo said the United States’ assessment was  “in spite of  localised violence and irregularities”.

He called on all Nigerians to ensure successful Gubernatorial and House of Assembly elections on March 9.

Pompeo said: “The United States congratulates the people of Nigeria on a successful presidential election, and President Muhammadu Buhari on his re-election.

“We commend all those Nigerians who participated peacefully in the election and condemn those whose acts of violence harmed Nigerians and the electoral process.

“We note the assessments of international and domestic observer missions affirming the overall credibility of the election, despite localised violence and irregularities.

“We also congratulate all the other candidates for their peaceful participation in the electoral process.

“We call on all Nigerians to ensure successful state elections next week.

“Going forward, the United States remains committed to working together with Nigeria to achieve greater peace and prosperity for both our nations”.

The presidential election, held on February 23 saw Buhari poll 15,191,847 votes and his closest challenger, People’s Democratic Party’s candidate and former Vice President Atiku Abubakar polled 11,255,978 votes to emerge a runner-up.

Buhari, who was declared re-elected by the Independent National Electoral Commission, also won in 19 states, to defeat other 72 candidates including Atiku, who  won 17 states and the Federal Capital Territory, to occupy the second position. (NAN)

 

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NEXT LEVEL: The Next Four Years Will Be Tough, Buhari Warns |The Republican News

                                            President Muhammadu Buhari

President Muhammadu Buhari says the new four-year mandate given to his administration by Nigerians will be tough as he pursues his campaign promises of securing the country, transforming the economy and the fight against corruption.

The President stated this at a special meeting with his cabinet ministers, who were in the State House, Abuja, on Friday to congratulate him on his electoral victory.

The Independent National Electoral Commission had, on Wednesday, declared President Buhari, candidate of the All Progressives Congress, winner of the 2019 presidential election held on February 23.

Buhari was declared re-elected, having polled 15,191,847 votes, winning in 19 states, to defeat other 72 candidates including Atiku Abubakar, the candidate of the Peoples Democratic Party who scored 11, 255,978 votes.

The President said: “My last lap of four years I think is going to be tough because people are very forgetful – that was why wherever I went I reminded them of the campaign by our party of the three fundamental issues – security because you have to secure a country or an institution to manage it properly.

“If you don’t secure it you can’t manage it no matter how much propaganda you put in place.

“Secondly the economy, the unemployed able bodies is the problem of this country as a whole – more than 60 per cent are youths – that meant 35 years and below – they need to be kept busy.

“I realised that and I think God had our prayers that the two previous rainy seasons were good and we had the for sight to get the Ministry of Agriculture and Rural Development and the Central Bank to try and give soft loans to farmers so that able bodies that have land can go back to land.’’

The President, who also spoke on his campaign tour, stated that the successful completion of the tour had proven the opposition wrong that he was unfit to govern the nation.

He said the campaign tour did not only prove that he was medically fit but a clear indication that he was ready to continue in leading Nigeria for the next four years.

The News Agency of Nigeria (NAN) reports that the highlight of the event was the presentation of congratulatory cards to the president by the Secretary to the Government of the Federation, Boss Mustapha and the Head of Civil Service of the Federation, Mrs Winfred Oyo-Ita.

(NAN)

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Fr. Mbaka Celebrates Buhari’s Victory, Says God Has Answered My Prayers |RN

 

Raphael Ede, Enugu

 

The Spiritual Director Adoration Ministry, Enugu Nigeria (AMEN), Reverend Fr. Ejike Mabaka, is celebrating the re-election of President Muhammadu Buhari, saying that God has confirmed his prophecy.

Fr. Mbaka who stated this during his Wednesday midweek prayers, said that God of Adoration Ministry is a big miracle. “Our God is a God that answerth prayers. God has answered us again.

“I am happy; I am happy that my God has answered my prayer. Our God has answered our prayer.”

The Catholic priest said that what happened in the re-election of Buhari should serve as lessons to Nigerian politicians.   (The Sun)

 

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