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Fed Govt to stop $418m Paris Club refund payment

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The Federal Government has made moves to block the redemption of about 62 promissory notes issued to consultants/contractors engaged by the Nigeria Governor’s Forum (NGF) and the Association of Local Governments of Nigeria (ALGON) to retrieve their shares of the Paris Club refunds.

The Federal Government, while faulting the procedure for the issuance of the promissory notes, has prayed a Federal High Court in Abuja to void the notes already issued.

In the suit, now before Justice Inyang Ekwo, the Federal Government and three others, listed as plaintiffs, want the court to, among others, set aside all the promissory notes and issue an order of perpetual injunction restraining the defendants and their agents “from exercising any proprietary rights” over the promissory notes.

Listed as defendants in the suit are: FSDH Merchant Bank Limited, Ned Munir Nwoko, Gregory Nangor Lar, Riok Nigeria Limited, Prince Orji Nwafor Orizu, Olaitan Bello, Dr. Ted Iseghohi Edwards, and Panic Alert Security System Limited.

Other plaintiffs in the suit are: the Attorney General of the Federation, the Minister of Finance, Budget and National Planning, and the Accountant General of the Federation.

The 62 promissory notes, valued at $418,953,668, were issued to the defendants on September 27, 2021 by the Debt Management Office (DMO) following judgments and orders of mandamus obtained against the Federal Government and the Minister of Finance by the defendants, who were said to have been engaged by the Federal Government and ALGON.

The plaintiffs are contending, among others, that the promissory notes are invalid, having been wrongly issued in violation of relevant laws.

They added that although the promissory notes were executed by the then Minister of Finance, Budget and National Planning and the Director General of the DMO, the notes were not signed as required.

The plaintiffs argued that “the promissory notes in issue were wrongly and unlawfully changed on the assets and revenues of the federation instead of the assets and revenues of the states and local governments, who incurred the applicable loans/debts”. 

A Principal State Counsel in the Federal Ministry of Justice, Mr. Oyinlade Koleosho, stated in a supporting affidavit that the promissory notes were wrongly and invalidly issued against the assets of the federation. 

The lawyer averred that sections 314 and 317 of the Constitution have separated the assets of a state or local government from the assets of the federation or the Federal Government of Nigeria.

Koleosho added that the 62 promissory notes issued to the defendants are invalid because they were charged on the assets of the Fed Govt, who is not indebted to any of the defendants (contractors/consultants).

The plaintiffs also claimed that the Federal Government of Nigeria did not engage any of the defendants, saying there is no valid consideration for the promissory notes issued to them (defendants). 

According to court documents, FSDH Merchant Bank Limited was issued 10 promissory notes for the total value of $67,925,661.00, at the rate of $6,499,561.00 per note (allegedly for the benefit of Nwoko).

Gregory Nangor Lar, who is described as Nwoko’s agent, was issued two promissory notes “for the account/benefit of the second defendant (Nwoko) for the total value of $732,511.00 at the rate of $366,256.00 per note”.

Riok Nigeria Limited was issued 10 Federal Government of Nigeria promissory notes issued for the total value of $142,028, 941.00, at the rate of $14,202,895.00 per note.

Prince Orji Nwafor Orizu was issued 10 promissory notes for the total value of $1,219,440.00 at the rate of $121,944.00 per promissory note.

Olaitan Bello is said to have been issued eight promissory notes for the total value of $215,195.00 at the rate of $21,524.00 per promissory note.

Dr. Ted Iseghohi Edwards is said to have got 10 promissory notes for the value of $159,000,000.00, at the rate of $15,900,000.00 per note.

Panic Alert Security System Limited was also issued 10 promissory notes for the value of $47,831,920.00 being the total value of the 10 notes, with a value of $4,783,192.00 per note.

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At Heirs Energies Leadership Forum, Oil and Gas Leaders Unite to Drive Nigeria’s Oil Production  Growth 

The dialogue affirmed Nigeria’s commitment to increasing production,while maintaining environmental responsibility and leveraging gas as a transition fuel.

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▪︎HEIRS ENERGIES LEADERSHIP FORUM 2025

L-R: CCE, NUPRC, Engr. Gbenga Komolafe; CEO, Heirs Energies, Osa Igiehon; Minister of State for Petroleum Resources (Oil), Senator Heineken Lokpobiri; Founder/Chairman, Heirs Holdings and Chairman Heirs Energies, Tony O. Elumelu, CFR; OPEC Board of Governors Chairman for Nigeria & CEO, First E&P, Ademola Adeyemi-Bero; CEO, Seplat Energy, Roger Brown and Executive Vice President, Upstream, NNPC Limited, Udobong Ntia, at the Heirs Energies’ Nigeria Petroleum Industry Discourse which held at the Transcorp Hilton Abuja.

Heirs Energies, Africa’s fastest growing indigenous integrated energy company, hosted its inaugural Petroleum Industry Leadership Dialogue at the Transcorp Hilton Abuja, bringing together public and private sector leaders to accelerateNigeria’s production growth.

Heirs Holdings’ subsidiary, Heirs Energies, convened the forum, moderated by CEO of Heirs Energies, Osayande Igiehon, and which featured distinguished speakers including the Minister of State for Petroleum Resources (Oil), Senator Heineken Lokpobiri; Chief Commission Executive, NUPRC, Engr. Gbenga Komolafe; Chairman, OPEC Board of Governors and CEO, First E&P, Adewale Adeyemo-Bero; Executive Vice-President Upstream, NNPC Limited, Udobong Ntia and CEO of Seplat Energy Plc, Roger Brown.

With a new administration and ambitious targets for production critical for Nigeria’s economic growth, the Dialogue provided a timely venue for private and public sectors to continue the successful interaction, that has already seen Nigeria crude production grow by 25%, since May 2023.

The speakers highlighted how a series of Presidential Executive Orders had radically reshaped the operating environment and catalysed industry growth.

Indigenous oil and gas companies were now responsible for more than 60% of Nigeria’s crude output and the successful indigenisation programme was delivering a bold new chapter in Nigeria’s natural resources history.

Tony Elumelu, Founder and Chairman of Heirs Holdings and Chairman of Heirs Energies, in his opening remarks, paid tribute to the catalytic role that current government had played in reinvigorating the sector.

Mr Elumelu also set out Heirs Holdings’ vision of transforming Africa’s energy landscape, through indigenous leadership and sustainable development.

Heirs Energies, in just four years, had rapidly grown its production from 21,000 to over 50,000 barrels per day of hydrocarbon.

Mr Elumelu also welcomed both public and private sector guests, emphasising the strong spirit of collaboration that underscored the successful indigenisation:

“Production growth, ambitious and sustained, is our shared national mission. I am honoured that Heirs Energies is bringing together distinguished peers from the industry and our partners in government.

As an investor not just in resources, but in Nigeria’s power production and distribution sectors, all of us, need to come together to ensure Nigerians get the benefits of our resources.

As we build Africa’s largest integrated energy business, innovation and collaboration are central to our execution”.

The dialogue affirmed Nigeria’s commitment to increasing production,while maintaining environmental responsibility and leveraging gas as a transition fuel.

Speaking at the forum, Minister of State for Petroleum Resources (Oil), Sen. Heineken Lokpobiri, applauded Heirs Energies for hosting this inaugural event.

Indigenous oil and gas companies were now responsible for more than 60% of Nigeria’s crude output and the successful indigenisation programme was delivering a bold new chapter in Nigeria’s natural resources history.

“Let me express our gratitude to Heirs Energies for providing this platform for meaningful industry engagement.”

The Minister announced Nigeria’s oil production had reached 1.8 million barrels per day in January 2025 and set an ambitious target of 2.5 million barrels per day for 2025.

He also reaffirmed the administration’s “drill or drop” policy to accelerate production growth.

The Petroleum Industry Leadership Dialogue, which will become an annual event, brought together key stakeholders in the oil and gas industry, including MD of The Shell Petroleum Development Company of Nigeria Limited, Osagie Okunbor; Managing Director of Aradel Holdings, Adegbite Falade and industry veteran and founder of Platform Petroleum & Managing Director A.A Holdings, Austin Avuru, among others.

NUPRC Chief Executive, Engr. Gbenga Komolafe, empahsised the dialogues significance in advancing the sectors objectives,

“I thank Heirs Energies for this beautiful initiative of putting together the Petroleum Industry Leadership Dialogue as a commitment to achieving our national objective in the upstream sector.”

He highlighted the surge in active drilling rigs to 38, with projections to reach 50 by March 2025.

OPEC Board of Governors Chairman for Nigeria and CEO, First E&P, Ademola Adeyemi-Bero, commended the forum’s timing, noting “It’s apt.

It’s early in the year and it’s about how we grow production.

That’s why you see all of us participating.” He shared how indigenous operators have successfully increased production, citing his company’s achievement of 57,000 barrels per day from previously untapped fields.Heirs Energies CEO, Osa Igiehon, reinforced this perspective, showcasing Heirs Energies’ impact in Nigeria’s onshore sector.

“Our success at Heirs Energies demonstrates what’s possible in Nigeria’s onshore sector, through our Brownfield Excellence Strategy, robust security measures, and genuine community partnership,” he said.

“By tripling our producing wells to over 100, we’ve shown how indigenous operators can efficiently unlock value while ensuring sustainable development of host communities.

“The Petroleum Industry Leadership Dialogue also exemplified Heirs Energies’ commitment to Mr Elumelu’s Africapitalism, the private sector’s transformative role in driving Africa’s economic and social development through strategic, long-term investments hinged on partnership and collaboration.

Heirs Energies Limited is Africa’s leading indigenous-owned integrated energy company, committed to meeting Africa’s unique energy needs while aligning with global sustainability goals.

With a strong focus on innovation, environmental responsibility, and community development, Heirs Energies leads in the evolving energy landscape and contributes to a more prosperous Africa.

Heirs Energies is a key implementor of Heirs Holdings integrated energy strategy, Africa’s largest integrated energy business, , whose objective is to ensure Africans benefit directly from their continent’s resources.

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Here’s When To Watch Lunar Crescent Across Nigeria on Friday, February 28, according to NASRDA

The last cities to experience the lunar crescent, he said, would be Lagos and Abeokuta between the hours of 6:59 pm to 7:30 pm.

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The National Space Research and Development Agency (NASRDA) said that Nigeria would likely witness its first astronomical lunar crescent on Friday evenings, February 28.

The Director of Media and Corporate Communications of NASRDA, Dr. Felix Ale, disclosed this in a statement, saying that the lunar crescent had been calculated to occur at 1:45 A.M. West African Time (WAT).

He said that the predicted time of 1:45 A.M time, also known as the Crescent Zero hour, would be when the crescent could be seen under perfect atmospheric conditions with the aid of optical instruments like binoculars or telescopes.

“The crescent will become visible to the naked eye in the evening of Friday, February 28, 2025, between 6:17 PM and 7:35 PM across different locations in Nigeria.

“Maiduguri will be the first city to witness the young lunar crescent from 6:17 PM to 6:48 PM, followed by Yola, Adamawa State, from 6:21 PM to 6:51 PM.

“Damaturu, Yobe, will follow from 6:22 PM to 6:53 PM, Kano, Kastina, Jos and Kaduna will experience the first lunar crescent between 6:38 pm and 7:12 pm.

“The sunset and moon set will occur between 6:35 pm and 7:12 pm, 6:38 pm and 7:15 pm, 6:35 pm and 7:11 pm, 6:40 pm and 7:17 pm respectively.

“Enugu will experience the lunar crescent between 6:42 pm and 7:32 pm with sunset and moonset at about 6:42 pm and 7:18 pm,’’ he said.

He predicted that in the FCT, the first lunar crescent would appear between 6:44 pm and 7:15 pm, with sunset and moonset at about 6:44 pm and 7:20 pm.

The last cities to experience the lunar crescent, he said, would be Lagos and Abeokuta between the hours of 6:59 pm to 7:30 pm.

Ale said that other cities across the federation will experience the lunar crescent at different times within the estimated visibility window of 6:17 pm and 7:35 pm on the same day.

He said “For a clear sighting of the first lunar crescent, observers are to use optical aids where necessary, and observe under clear atmospheric conditions.

“Observers are to position themselves in locations with an unobstructed view of the western horizon after sunset.

“He added that the scientific report provided precise predictions on the lunar crescent across locations of the country.

According to him, the report ensured accuracy for those who relied on lunar observations for religious, cultural, and scientific purposes.

The space agency encouraged researchers, scholars, and religious groups to utilise the findings, adding that anyone requiring additional data for further analyses could visit the official office website.

Director, the Centre for Basic Space Science and Astronomy (CBSSA), an activity centre of NASRDA, Dr Bonaventure Okere, said it was regarded as the first stage of the moon, hence the new crescent.

Okere said the appearance of the new crescent was highly significant in the Islamic religion because it was used to determine some rites and practices like the beginning of the Ramadan fast.

“The Islamic religion uses moon phases for their Islamic rites but astronomers study the cycle of the rising and setting of the moon to determine moon days, which is usually 28 days.

“Astronomers use the moon cycle to generate the Lunar calendar, understand the part of the moon you can see daily,’’ he said.

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Kogi State Mourns Loss of Media Icon Prof. Tom Adaba

Prof. Adaba, who passed away at the age of 83, was celebrated for his trailblazing contributions to Nigeria’s media landscape.

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The Kogi State Government has expressed a huge sense of loss following the demise of Prof. Tom Adaba, a pioneering broadcast expert, patriot, and distinguished son of Kogi.

Prof. Adaba, who passed away at the age of 83, was celebrated for his trailblazing contributions to Nigeria’s media landscape.

Prof. Adaba’s legacy is marked by groundbreaking achievements.

He was one of the first Nigerians to earn a Doctorate in Mass Communication, setting a high standard for academic excellence in the field.

His visionary leadership was evident during his tenure as the Principal of the Nigerian Television College, Jos, and as the inaugural Director General of the National Broadcasting Commission.

His work not only transformed the media industry but also laid a strong foundation for ethical journalism and responsible broadcasting across the nation.

In an official condolence message signed by the State Information Commissioner, Mr Kingsley Fanwo, the Kogi State Government described Prof. Adaba as “a media colossus, patriot, and a distinguished Nigerian” whose wisdom and dedication left an indelible mark on the country.

The government extended heartfelt condolences to his family, friends, and the entire media community, urging that his legacy be remembered as a beacon of inspiration.

The statement reads: “We have lost a great media pioneer whose life-long contributions to Nigeria’s broadcasting industry will forever be cherished. May the Almighty God grant him eternal rest and give his loved ones the strength to bear this irreparable loss.”

Prof. Adaba’s passing is not only a significant loss to Kogi State but also to Nigeria as a whole.

His illustrious career and unwavering patriotism will continue to inspire future generations in the realms of media and beyond.

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