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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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Reps Launch Investigation into NPF Amidst Allegations of N50 Billion Procurement Fraud

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House of Representatives has resolved to investigate the alleged contract racketeering in the Nigerian Police amounting to billions of naira.

The decision was taken after a motion of urgent national importance moved by the member representing Arochukwu/Ohafia federal constituency, Abia, Rep. Ibe Osonwa during the plenary on Thursday in Abuja.

Mr Osonwa had raised concerns over the alleged award of N6 billion contact by the Nigerian Police Procurement department without due process which according to him was erosion of public trust.

“The Nigeria Police Force Procurement department allegedly awarded N 6 billion contract to Crown Natures Ltd.

By splitting it into 66 separate contracts in a deliberate attempt to circumvent the public procurement Act of 2007 particularly in procurement of uniforms,” he said.

The lawmaker who expressed concern over the violation of section 214 of the 1999 Constitution as amended by the Police, called for urgent action to address the allegation.

Mr Osonwa, further called the attention of his colleagues to undermining of the country’s internal security architecture by the Nigeria Police with its award of contract for procurement of arms to private companies in violation to procurement rules.

The Speaker, Tajudeen Abbas referred the motion to the committee on public accounts and public procurement for further legislative actions.

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Peter Obi’s brother Lagos Property: We didn’t carry out the demolition – Omotosho

Omotoso said Obi’s allegations on the demolition are “disturbing and without facts

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• Peter Obi at the scene of the demolished property

The Lagos State Government has commenced an investigation into the demolition of a property belonging to the brother of the Labour Party (LP) presidential candidate in the 2023 election, Peter Obi.

Obi had alleged that a property belonging to his younger brother was demolished in the Ikeja area of Lagos State without a court order.

Reacting to the demolition via a statement on Thursday, June 26, the Lagos State Commissioner of Information and Strategy, Gbenga Omotoso, said no agency was involved in the demolition.

Omotoso added that the investigation will help clarify the circumstances surrounding the demolition and ensure that any necessary actions are taken.

The former governor of Anambra State, in a post on his X account on Tuesday, June 24, 2025, disclosed that the property owned by his brother’s company had stood for over 15 years before it was demolished.

Omotoso said Obi’s allegations on the demolition are “disturbing and without facts”.

The commissioner stated: “We wish to categorically state that the Lagos State Building Control Agency (LASBCA) or any other arm of the Lagos State Government did not carry out the said demolition.

“Dr. Olajide Abiodun Babatunde, Special Adviser, eGIS & Urban Development, who supervises LASBCA, has confirmed that the agency was not involved in the demolition.

“The Lagos State Government is committed to upholding the rule of law and ensuring the safety and security of all residents.

“We will not tolerate any acts of lawlessness or violations of extant laws. Any individual or group found involved in such acts will be brought to justice,” he said.

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BREAKING: President Tinubu Vetoes NDLEA Bill Due to Crime Proceeds Clause

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President Bola Tinubu has declined to sign the National Drug Law Enforcement Agency Bill, 2025 into law.

The President’s decision not to sign the bill passed by both chambers of the National Assembly was contained in a letter read in the Green Chamber on Thursday during plenary.

The President, citing Section 58(4) of the 1999 Constitution (as amended), explained that the proposed law seeks to empower the NDLEA to retain a portion of the proceeds from drug-related crimes, a move he said contradicts existing financial regulations.

He noted that under the current system, “All proceeds of crime are paid into the government’s Confiscated and Forfeited Properties Account.

Disbursements to any recovery agency, including the NDLEA, can only be made by presidential approval, subject to the consent of the Federal Executive Council and the National Assembly.”

The President maintained there was no compelling reason to alter a process designed to uphold accountability through executive and legislative oversight.

Details later….

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