Business

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

Published

2 years ago

December 10, 2024

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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.

Business

RMRDC Taking 2027 Africa Raw Materials Summit To Kenya

Speaking with newsmen during the conclusion of the ARMS 2026, Ike-Muonso said Nigeria is the only county that has an organisation, government-owned organisation in the continent that is fully dedicated to adding value to raw materials.

Published

55 minutes ago

October 21, 2026

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• Photo: Hon.Minister, Federal Ministry of Innovation, Science and Technology (FMIST), Dr Kingsley Udeh, declaring the event open.

The third edition of the Africa Raw Materials Summit (ARMS) 2027, would be used to garner support for setting up a centralised continental database for raw processing and value addition that is accessible to investors and industrialists.

The Director-General of the Raw Materials Research and Development Council (RMRDC), Prof. Nnanyelugo Ike-Muonso, disclosed this during the ARMS 2026 Summit , held in Abuja, themed, ‘From African Feedstock To Factories.’

Building enthusiasm ahead of the next year’s event scheduled to hold in Kenya, East Africa, Ike-Muonso explained that the decision to take the summit to Kenya was reached following what he described as the East Africa country participants’ dominance in the first and second edition of the summit.

Ike-Muonso said Nigeria is the only county that has an organisation, government-owned organisation in the continent that is fully dedicated to adding value to raw materials.

Business

JPMorgan Eyeing Entry Into Nigeria’s Banking Industry

J.P. Morgan operates in more than 100 countries worldwide, providing financial services, investment banking, asset management, and commercial banking across major global markets in the Americas, Europe, the Middle East, Africa, and Asia-Pacific.

Published

2 hours ago

October 21, 2026

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JPMorgan Chase & Co has deposited N50 billion with the Central Bank of Nigeria as part of efforts to secure a merchant banking licence and expand its operations in Nigeria .

Bloomberg reported that the CBN deposit, valued at about $38m, meets a key requirement in the American lender’s application and signals its readiness to establish a licensed banking operation in Nigeria.

However, the payment does not guarantee approval, as the CBN is yet to make a final decision on the application.

People familiar with the process, said the deposit was one of the final regulatory requirements for the licence.

They added that the bank expects to obtain approval by the end of 2026 or in early 2027, subject to the regulator’s decision.

Business

How I steal ATM users’ PINs, defraud them

“I do go to the ATM machine to lie in wait for gullible customers who believe whatever I may tell them, and people that seek for help too,” he said.

Published

2 hours ago

October 21, 2026

OCHEFA

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A fraudster has confessed to the police how he stole bank customers’ PINs by pretending to help them operate automated teller machines

The suspect, whose identity was not disclosed in a statement by the Cross River State Police Command, said that he targeted customers who needed assistance at ATM points, withheld their cards and observed them entering their PINs before leaving the premises.

The Cross River State Police Command’s Public Relations Officer, ASP Sunday Eitokpah, disclosed this in a video uploaded to the command’s Facebook page on Tuesday.

Eitokpah said the suspect was arrested on October 6, 2026, over alleged fraud involving unsuspecting ATM users.

Explaining the alleged method, the suspect said he approached customers who appeared to need help and exploited their willingness to trust him.

“I do go to the ATM machine to lie in wait for gullible customers who believe whatever I may tell them, and people that seek for help too,” he said.

He added, “So, if you call for help or assistance from me, what I do is I put the ATM on the cardless transaction mode and withhold your card. You’ll be thinking your card is inside, but your card is not inside.”

According to the suspect, he watched as customers selected the transactions they wanted to carry out and entered their PINs.

He said, “And you’ll choose a transaction which you want to perform. It’s either withdrawal or transfer or inquiry. By the time you click on any of them, ask you to put your password, to put your password, and confirm your password, I will leave the premises.”

Eitokpah said the suspect allegedly memorised customers’ PINs as they entered them, then left the ATM point with the information needed to carry out fraudulent transactions elsewhere.

The customers would subsequently discover that their cards were missing and their accounts had been debited.