Business
JUST IN: Equinor Completes Assets Sale, Ends 31-Year Business Partnership With Nigeria
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
Exchange Rates Today Friday, 12 June
Black Market Rates
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Great British Pound (GBP) ₦1,850
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EURO (EUR) ₦1,572. 90
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CHINESE YUAN (CNY) ₦201.20
West African CFA (XOF) ₦2.40
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Black Market Rates
US Dollar (USD) Buy ₦1,397 Sell ₦1,405
Great British Pound (GBP) Buy ₦1,850 Sell: ₦1,870
EURO (EUR) Buy ₦1,587 Sell ₦1, 607
Canadian Dollar (CAD) Buy ₦1,030 Sell ₦1,100
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Business
Airtel launches data calculator to counter depletion complaints
Commenting on the significance of the launch, Dinesh Balsingh, Chief Executive Officer, Airtel Nigeria, said that the company remains focused on building a network and customer experience ecosystem anchored on trust, transparency and continuous improvement.
Airtel Nigeria has launched the Airtel Web Data Calculator, a new digital tool designed to help customers estimate and better understand their internet data consumption based on real-life usage patterns.
Available through Airtel’s website, the calculator enables customers to estimate data usage across common digital activities such as video streaming, social media engagement, voice and video calls, and everyday web browsing.
Speaking on the launch, Oladokun Oye, Customer Experience Director, Airtel Nigeria, said that the initiative reflects Airtel’s commitment to customer empowerment and service transparency.
“As Nigerians become increasingly dependent on digital services for work, education, entertainment and communication, it is important that customers have clear visibility into how their data is consumed.
The Airtel Web Data Calculator was developed to help our customers understand their usage patterns better, make informed choices, and enjoy greater confidence in their digital experience,” he said.
Commenting on the significance of the launch, Dinesh Balsingh, Chief Executive Officer, Airtel Nigeria, said the company remains focused on building a network and customer experience ecosystem anchored on trust, transparency and continuous improvement.
“The future of telecommunications will be defined not only by network investments but also by how effectively operators help customers understand and manage their digital lives. The Airtel Web Data Calculator represents a practical innovation that places more information and control directly in the hands of our customers.” He said.
Business
Kingsley Moghalu chairs Bluecode Africa subsidiary in Nigeria
Moghalu served as Deputy Governor of the Central Bank of Nigeria from 2009 to 2014, heading the Financial System Stability and Operations Directorates at different periods.
Bluecode Africa, the European payments infrastructure operator backed by leading US and European institutional investors, has named Prof Kingsley Chiedu Moghalu as Chairman of the Advisory Board of its Nigerian subsidiary, Bluecode Payments Nigeria Limited as the company formally enters the Nigerian market.
The appointment was jointly announced by Chris Pirkner, Founder of Bluecode, and Odin Krismayr, Managing Director of Bluecode Africa, who described it as a foundational governance decision for the company’s Nigerian and continental operations.
Moghalu served as Deputy Governor of the Central Bank of Nigeria from 2009 to 2014, heading the Financial System Stability and Operations Directorates at different periods.
He led the team that introduced the unique-identifier Bank Verification Number (BVN), enrolling 50 million banking users, simplifying Know Your Customer (KYC) procedures, and doubled Nigeria’s financial inclusion rate from 33 to 60 per cent.
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