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JUST IN: Equinor Completes Assets Sale, Ends 31-Year Business Partnership With Nigeria

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Norwegian energy giant, Equinor has announced the decision to end its almost 31-year business partnership with Nigeria, after finalising the sale of its oil assets. 

A statement by the company on Monday said the sale of its assets was completed on December 6, 2024.

“With this exit, we realise the value and execute on our strategy to focus the international portfolio, and in combination with recent acquisitions and investments in our competitive projects, we seek to sustain long-term production and profitability,” says Philippe Mathieu, executive vice president for international exploration and production in Equinor.

The value of the transaction amounted to up to $1.2 billion, consisting of a purchase price of $710 million and the remainder in contingent payments.

“Nigeria has been an important country in our international portfolio for decades. Together with partners and suppliers, we have created significant value for Equinor and society at large. I would like to thank Nigeria and our employees in Nigeria for their great work and dedication over the years and wish our people well in the transition of their professional journey,” Mathieu continues.

The divestments of assets and exits from operations in Nigeria were first announced in 2023.

The international oil company said the assets sale is in line with the strategy of optimising its oil and gas portfolio.

“The exits enable investments to deepen further in countries where Equinor can add the most value and build a more focused and robust international portfolio,” he added.

The total equity production from the assets has been on average 18,700 barrels of oil per day, respectively, in the first three quarters of 2024.

The closing of these transactions will have a positive impact on the cash flow for the fourth quarter of 2024, the company said.

The deal grants Chappal Energies a 53.85 per cent ownership stake in Oil Mining Lease (OML) 128, including a unitised 20.21 per cent interest in the prolific Agbami oil field operated by Chevron.

The Agbami field is one of Nigeria’s largest deep-water oil fields, which began production in 2008 and has produced over one billion barrels of oil to date, solidifying its importance as one of  the country’s most productive offshore assets.

In addition to the acquisition, Chappal Energies will assume operatorship of OML 129, an asset with considerable potential.

The block includes the Nnwa, Bilah, and Sehki discoveries, with the Nnwa discovery being part of the larger Nnwa-Doro gas field. Nnwa-Doro, a major gas resource, has been stranded for over 20 years despite its vast reserves and strategic importance to Nigeria’s energy goals.

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Nigeria First Policy: Customs Championing Made-in-Nigeria Vehicles Procurements

In terms of aesthetics, I am satisfied with what I see here. In terms of functionality, we have been assured by the manufacturers that the vehicles are quite efficient.”

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The Comptroller-General of Customs (CGC), Adewale Adeniyi has assured members of the Nigeria Automotive Manufacturers Association (NAMA) that the Service would champion the procurements of locally assembled vehicles from the auto manufacturers inline with the government’s Nigeria First Policy Directive.

CGC Adeniyi gave the assurance when he inspected vehicles produced by members of the Nigeria Automotive Manufacturers Association (NAMA) at the Service’s headquarters, Maitama, Abuja.

After the inspection, the CGC commended the association for turning up in full strength and expressed satisfaction with the quality of the vehicles.

He remarked, “In terms of aesthetics, I am satisfied with what I see here. In terms of functionality, we have been assured by the manufacturers that the vehicles are quite efficient.”

“What gives me joy is that in all the vehicles I have seen today, there is an imprint of Nigeria, which shows that they are fully assembled here. It gives me joy that Mr President’s policy is on the right course,” he added.

He further praised President Bola Tinubu’s Renewed Hope Nigeria First policy initiative in the automobile industry.

He pledged that the Nigeria Customs Service would continue to patronise and support the sector for the growth and well-being of the nation’s industrial economy.

In response, Ilekuba Anslem Chairman, Chief Executive Officer of Cedric Masters Group, commended the CGC for his unwavering support for the automobile industry.

Also, Oluwatobi Ajayi, Chairman and Chief Executive Officer of Nord Automobile Limited, praised the CGC.

“Even before this policy was announced, you had been championing made-in-Nigeria vehicles.

With Mr President’s announcement, we are confident that you will be the first CEO of a government parastatal to fully champion this policy,” he said.

He assured the CGC that the company would not abandon its vehicles after sales.Similarly, Jonas Ojukwu, a Director at Innoson Vehicle Manufacturing Company Limited (IVM), assured the Nigeria Customs Service of the company’s commitment to delivering the best to the Service.

Other stakeholders who spoke at the event included representatives from Mikano Motors Nigeria and Stallion Motors Nigeria.

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Lagos Marks 39 Building in Lekki Axis for Demolition

Commissioner for the Environment and Water Resources, Tokunbo Wahab, explained that government swung into action following a series of petitions on encroachment of the Ikota River.

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Lagos State government has marked no fewer than 39 buildings located in two highbrow estates for demolition for building on the Right of Way, RoW, of Ikota River, at Eti-Osa Local Government Area. Ikota is part of the Maroko Okun Alfa Ward in the Lekki axis.

This is coming as the state government issued indefinite quit notices to affected occupants to enable them move their properties and families before the demolition exercise commences.

The affected buildings, located at Oral Extension Estate, Westend and Megamound Estate, Eti-Osa, LGA, include 20 buildings to be totally removed, eight marked for partial removal, while 13 buildings are to go down at Westend Estate.

Commissioner for the Environment and Water Resources, Tokunbo Wahab, explained that government swung into action following a series of petitions on encroachment of the Ikota River.

Wahab said: “We had several complaints. We have been on this for a while now, and we found out at the ministry level that while we are engaging to find a win-win solution that will mitigate the negative impact on the environment and they don’t affect the people so much. Some developments were also going on to further push back the RoW, and the alignment of the Ikota River.

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Senate Constitutes Abdullahi Yahaya Tax Harmonisation Committee

Altogether, the four Tax Reform bills were Executive Bills transmitted by President Bola Ahmed Tinubu to the two chambers of the National Assembly in November last year.

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The Senate on Thursday constituted a committee saddled with the responsibility of harmonizing its amendments to the tax reform bills with the House of Representatives version for final transmission to President Bola Ahmed Tinubu.

Senate President, Godswill Akpabio, announced this during plenary after the passage of the bills.

Akpabio named senator Abdullahi Yahaya (Kebbi North) as chairman of the committee.

The members of the committee as announced by the Senate President are Senate Minority Leader, Abba Moro (PDP, Benue South), Chief Whip, Tahir Mongumo (APC, Borno North), Enyinnaya Abaribe (Abia South), Abdulaziz Yari (Zamfara), and Solomon Adeola (APC, Ogun West).

Earlier, the remaining two Tax Reform Bills — the Nigeria Tax Bill 2025 and the Joint Revenue Board (Establishment) Bill, 2025.

This was in addition to passage of the Nigeria Revenue Service (Establishment) Bill, 2025, and the Nigerian Tax Administration Bill, 2025.

Altogether, the four Tax Reform bills were Executive Bills transmitted by President Bola Ahmed Tinubu to the two chambers of the National Assembly in November last year.

The passage of the bills was sequel to the consideration and adoption of a report of the Senate Committee on Finance presented by its Chairman, Senator Sani Musa (APC, Niger East).

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