Connect with us

News

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

Published

on

473 Views

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.

Continue Reading
Click to comment

Leave a Reply

Your email address will not be published. Required fields are marked *

News

UBEC Unlocks Over ₦100 Billion in Education Grants For States, FCT.

Published

on

12 Views

The Universal Basic Education Commission (UBEC) says it has facilitated the release and utilisation of more than ₦100 billion in previously unaccessed matching grants by states and the Federal Capital Territory, marking a major boost for basic education development across Nigeria.

UBEC Executive Secretary, Aisha Garba, disclosed this during a media luncheon with education correspondents in Abuja, describing the achievement as a significant step in advancing the Federal Government’s Renewed Hope Agenda for education.

Garba said the commission is implementing a results-driven strategy under its 2025–2031 Strategic Blueprint, aimed at improving access to quality basic education, strengthening learning outcomes and expanding opportunities for millions of Nigerian children.

She noted that the newly accessed funds are being deployed to upgrade school infrastructure, support teacher development and enhance the learning environment nationwide.

Track Up:

According to the E.S, UBEC’s partnership with State Universal Basic Education Boards has led to the construction of more than 4,600 classrooms and the renovation of over 6,100 others.

The commission has also provided 2,780 toilets, 678 boreholes and more than 334,000 pieces of school furniture, while establishing over 2,300 Early Childhood Care Development and Education Centres across the country.

The Executive Secretary highlighted teacher development as a key priority, revealing that UBEC has invested over ₦20.4 billion in professional training programmes. She said the intervention is designed to improve classroom instruction, strengthen school leadership and promote accountability through the Effective Schools Programme and School-Based Management Committees.

Meanwhile, Chairman, Education Correspondents Association of Nigeria ( ECAN), Chux Ukwato, and Chairman, Nigerian Union of Journalist, FCT council, comrade Grace Ike, emphasized importance of media engagement in promoting and showcasing achievements of the commission, calling for more synergy between ECAN and UBEC

Continue Reading

News

Oluwabukolami Adeyemi Graduates with First-Class Law Degree on Yahaya Bello Scholarship (Photos)

Published

on

11 Views

Oluwabukolami Adeyemi, the overall best student in the 2023 Cambridge IGCSE and AS Level Examinations, has added another remarkable feat to her academic journey by graduating with a First-Class Honours degree in Law from Newcastle University in the United Kingdom.

Adeyemi’s outstanding performance in the 2023 Cambridge examinations, where she emerged top among over 100 participants from more than 100 countries, earned her widespread acclaim both in Nigeria and internationally.

Prominent figures, including President Bola Ahmed Tinubu and former Labour Party presidential candidate Peter Obi, publicly commended the young scholar for her exceptional academic excellence.

Hailing from Yagba West Local Government Area of Kogi State, Adeyemi was received in August 2023 by the then Governor of Kogi State, Yahaya Bello, at the Government House. In recognition of her achievements, Bello awarded her a full scholarship covering tuition, accommodation, and living expenses for her undergraduate studies in the UK.

The former governor’s investment has yielded impressive results. Adeyemi recently graduated with First-Class honours in Law, justifying the confidence reposed in her.

Elated by her success, Yahaya Bello has offered the academic standout another scholarship to pursue a Master’s degree in the United Kingdom.

In an emotional video message, Adeyemi expressed heartfelt gratitude to the former governor, describing him as “God sent to humanity.”

Her father, Olumide Adeyemi, also conveyed deep appreciation, noting that Bello’s intervention ensured his daughter’s academic brilliance was not dimmed by financial constraints.

“Despite her sterling academic ingenuity, it would have been difficult for me to guarantee the actualisation of her dreams of foreign education,” Engr. Adeyemi said. He added that Bello’s gesture has benefited many other students and prayed for the former governor’s continued good health and fulfilment of his aspirations.

The scholarship was formally fulfilled in September 2023, following Adeyemi’s receipt of the prestigious Cambridge award for recording the highest scores in the 2022/2023 IGCSE and AS Level Examinations across 146 countries.

Continue Reading

News

Anambra Achieves ‘100% Healthy’ Rating in Open Government Partnership Subnational Ranking

Published

on

32 Views

By Christian ABURIME

In a strong validation of institutional transparency and accountability, Anambra State has attained the highest possible “100% Healthy” rating in the latest Open Government Partnership (OGP) Nigeria Subnational Status Ranking released in July 2026.

The ranking evaluates participating states across a rigorous nine-point framework that measures genuine openness, accountability, and citizen engagement in governance. Anambra’s perfect score reflects full compliance and strong performance across all assessed criteria, based on verifiable actions rather than declarations.

Under the leadership of Governor Chukwuma Charles Soludo, CFR, the state has embedded a culture of structured governance that prioritises systems, predictability, and measurable results. The OGP assessment highlights Anambra’s political will, resource commitment, and consistent implementation of open government reforms.

“This rating is not an isolated achievement but the natural outcome of a deliberate approach to public administration,” sources familiar with the state’s reforms noted. Governor Soludo’s background as an economist and institution-builder has shaped policies that favour enduring structures over short-term visibility.

The state’s performance aligns with broader gains in service delivery, including notable improvements in primary healthcare that have earned recognition from international partners such as the World Health Organisation (WHO), UNICEF, and Médecins Sans Frontières.

A “100% Healthy” status signals to investors, development partners, and citizens that Anambra’s regulatory, fiscal, and accountability mechanisms are robust and operational. It positions the state as one of the few in Nigeria with independently verified governance architecture that emphasises transparency as a core operating principle.

The OGP framework operates in continuous cycles of commitment, co-creation, and implementation. Officials say Anambra’s leadership is focused on sustaining and deepening these reforms rather than resting on the current achievement.

In a political landscape often dominated by rhetoric, Anambra’s verified success underscores the compounding value of credibility built on measurable processes. The state continues its upward trajectory, reinforcing its reputation for commercial dynamism and sound governance.

Continue Reading

Trending