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President Tinubu Smiles As Shell and Partners Invest $5bn in Nigeria’s DeepWater

The Bonga North FID dispels the misconceptions about International Oil Companies leaving Nigeria

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President Bola Ahmed Tinubu welcomes Shell and its partners’ announcement today  of the Final Investment Decision (FID) on the Bonga North Deep Offshore Field.

Also, barring any last-minute changes, President Bola Tinubu will today preside over what is expected to be the final Federal Executive Council meeting for 2024, ahead of his budget presentation at the National Assembly on Tuesday. Bayo Onanuga, the Special Adviser to the President, (Information & Strategy), said this morning in a State House press release.

It reads: ” This landmark development, Nigeria’s first deepwater oil project in over a decade, underscores the transformative impact of the President’s policies and reforms in attracting investments in the oil and gas sector.

The Bonga North oilfield, located 130 kilometres offshore in Oil Mining Lease (OML) 118, represents an impressive estimated $5 billion investment and is expected to yield approximately 350 million barrels of crude oil.

Shell holds the largest operational interest, with 55%. Its other partners are the Nigerian National Petroleum Corporation (NNPC), ExxonMobil, TotalEnergies, and Eni.

The FID signals renewed confidence in Nigeria’s energy sector and demonstrates the effectiveness of the Tinubu administration’s strategic focus on engendering a robust and competitive investment climate.

President Tinubu remarked: “The Renewed Hope Agenda fundamentally focuses on attracting investments to transform the Nigerian economy and deliver prosperity to our people.

We designed our policies and reforms from the start of my administration to achieve this goal. Shell and its partners’ decision to invest in Bonga North affirms the success of our efforts. We will continue to offer the necessary support to ensure their success and the realisation of Nigeria’s energy potential.

“President Tinubu’s strategic engagement with global energy stakeholders has been instrumental in this renewed wave of investments.

In July 2023, at the first of several high-level meetings with Shell’s global leadership, President Tinubu declared, “We are open for business and serious about creating a stable, predictable, and investor-friendly environment.

” Presidential Directives issued in early 2024 reinforced this commitment by fast-tracking regulatory approvals, reducing operational costs, and introducing competitive fiscal incentives.

The Bonga North project is the second of the blueprint projects President Bola Ahmed Tinubu selected to drive the implementation of the transformative Presidential Directives 40, 41, and 42 issued in the first quarter of 2024.

These directives, aimed at enhancing regulatory clarity, accelerating project timelines, and incentivising investment in Nigeria’s energy sector, have yielded remarkable results.

Earlier this year, the Ubeta oilfield (OML 58), the first blueprint project under this initiative, achieved a Final Investment Decision (FID) through a partnership between TotalEnergies and NNPC Limited.

Dormant since its discovery in 1965, the Ubeta project will produce 350 million standard cubic feet of gas per day, bolstering domestic supply and expanding Nigeria’s presence in the global energy market.

With both blueprint projects now achieving FID, the success of these initiatives underscores the effectiveness of the President’s strategic vision for Nigeria’s energy future.

Ms Olu Arowolo Verheijen, Special Adviser to the President on Energy, commented on the Bonga North milestone:

“The Bonga North FID dispels the misconceptions about International Oil Companies leaving Nigeria.

Instead, we are witnessing a strategic pivot of IOCs-powered capital and technical capacity to deepwater and integrated gas projects, which align with President Tinubu’s vision of transforming Nigeria into a global energy hub.

The divestments from onshore operations create opportunities for local oil and gas companies to expand and thrive, building a strong foundation for Nigeria’s energy future.

” Ms Verheijen further noted:  “The success of Bonga North and Ubeta demonstrates the efficacy of the reforms and directives championed by the President.

These projects will trigger broader investments to revolutionise Nigeria’s power generation, transportation, and manufacturing sectors.

As we look ahead to 2025, we anticipate further FIDs from international and domestic players, marking a new era of growth and opportunity for Nigeria.

” The Tinubu administration remains steadfast in positioning Nigeria as a global leader in energy innovation and investment, ensuring that these efforts translate into tangible benefits for all Nigerians.

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BREAKING: Court discharges Comfort Emmason accused of unruly behaviour on Ibom Air flight

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An Ikeja Magistrates’ Court on Wednesday discharged Miss Comfort Emmason of charges bordering on unruly behaviour and assaulting the flight crew aboard an Ibom Air aircraft from Uyo to Lagos on Monday.

Magistrate Olanrewaju Salami struck out the five-count charge against Emmason after the police prosecution team withdrew the case.

At the resumed hearing, prosecutor Oluwabunmi Adeitan informed the court of new developments that necessitated the withdrawal.

She tendered an application to the court for the withdrawal of the case, which was admitted by the court.

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FG Gives KWAM 1 airport job as ambassador security protocol

Meanwhile, the Federal Government has reduced the flight ban imposed on KWAM1 , to one month instead of six months.

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In a statement on Wednesday, the Minister of Aviation and Aerospace Development, Festus Keyamo, directed the Nigeria Civil Aviation Authority (NCAA) to withdraw its criminal complaint against Fuji musician Wasiu Ayinde, popularly known as KWAM1.

Keyamo also mandated the Federal Airports Authority of Nigeria (FAAN) to engage the singer as an ambassador for proper airport security protocol.

Meanwhile, the Federal Government has reduced the flight ban imposed on KWAM1 , to one month instead of six months.

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Keyamo Orders Ibom Airlines to withdraw criminal charges against passenger Comfort Emmason

Though regrettable, we think valuable lessons have been learned by all sides to these incidents and airport security protocol, especially, have been well highlighted for the travelling public.

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Aviation’s Minister , Festus Keyamo, says this morning that the authority has ordered Ibom airlines to withdrawn the criminal complaint against the passenger Ms Comfort Emmason, being docked at the Kirikiri prison ,for her alleged unruly behaviour on flights.

Keyamo said : ” In the last 48 hours, I have been in consultation with critical stakeholders in the Aviation Sector and those involved in the unfortunate incidents regarding the unruly behaviours of certain individuals at our airports of recent.

Though regrettable, we think valuable lessons have been learned by all sides to these incidents and airport security protocol, especially, have been well highlighted for the travelling public.

If nothing at all, the episodes have undoubtedly helped to raise public awareness about appropriate conduct within the aviation space.

As highlighted in my previous statements on the last two incidents, clear wrongs were committed by both the offending passengers and staff of the airlines involved from all the evidence available to us and those available to the public.

It is clear that all the actors involved cannot continue to highlight the injury or injustice done to them without acknowledging their own equal culpability.

Therefore, after reviewing the entire incidents, including appeals made by well-meaning individuals and remorse shown by the actors, the following decisions have been reached:

THE CASE OF IBOM AIRLINE AND MS. COMFORT EMMANSON(a) In the case of the unruly passenger, Ms. Comfort Emmanson, on the Ibom Airline on Sunday, the 10th of August, 2025, I have conferred with Ibom Airline to withdraw the Complaint against her today.

When the Police took her Statement in presence of her lawyer, she exhibited great remorse for her conduct. (b) Subsequent to the withdrawal of the complaint by the Complainant, the CP of Airport Command and the Police Prosecutor will immediately take the remaining steps to facilitate her release from Kirikiri Prisons within this week. (c) I have also conferred with the leadership of the Airline Operators of Nigeria (AON) and have appealed to them to lift the life-time flying ban imposed on her, to which they agreed.

The details of the resolution will be made public by the AON subsequently.

THE CASE OF VALUEJET AND WASIU AYINDE MARSHALL (KWAM 1)(d) In the case of KWAM 1, the NCAA is to reduce his flight ban to a one-month period.

FAAN will also work with the music star with a view to engaging him as an ambassador for proper airport security protocol going forward.(e) Having publicly demonstrated penitence, the NCAA is also to withdraw its criminal complaints against KWAM 1 earlier lodged with the Police. (f) In the case of Captain Oluranti Ogoyi, and the co-pilot, First Officer Ivan Oloba of VALUEJET, the NCAA is to restore their licenses after the same period of one-month ban after undergoing some mandatory professional re-appraisal.

The details will be announced by the NCAA.AIRLINE OPERATORS, AVIATION AND OTHER GOVERNMENT AGENCIES

I have directed all relevant Aviation agencies in collaboration with other complementary agencies outside aviation to IMMEDIATELY begin a retreat NEXT WEEK to properly retrain and prepare our Aviation security personnel on how to deal with errant and disruptive passengers and not to escalate potentially explosive situations.

The retreat will be fully covered by the Press with the opportunity to ask all the relevant questions.

The Airlines will also have their own session when the conduct and attitude of their staff towards members of the travelling public will be in full focus.

FINAL COMMENT

. These above decisions were taken by Government and the airline operators purely on COMPASSIONATE grounds as Government will never pander to base sentiments, politically-motivated views or warped legal opinions when clear encroachment of our laws are involved.

We are also sending a CLEAR MESSAGE that we take safety and security in the aviation sector very seriously and we have decided to draw a line after these clemencies.

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