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Justice Nwite Against All Entreaties Remands Whistleblower, Isaac Bristol ‘PIDOMNigeria’ In Kuje Prison

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Justice Emeka Nwite of the Federal High Court Abuja has ordered that a Nigerian whistleblower, Isaac Bristol, believed to be behind the prominent whistleblower account “PIDOM Nigeria”, be remanded in Kuje Correctional Centre till September 23.

 

Isaac entered the dock at about 12:30pm and pleaded not guilty to the nine counts charge bordering on cybercrime related offences filed against him by the police.

 

He was arraigned before Justice Emeka Nwite by the Nigerian Police Force (NPF) for mobilising and soliciting support to “unduly compel” the government to act or abstain from certain acts through the #EndBadGovernance protest, false money-laundering allegations against President Bola Tinubu, and unlawfully obtaining, retaining and disseminating classified secret documents in contravention of the official Secret Act 1962.

 

His lawyer, Abubakar Marshal, after mentioning his appearance took the permission of the court and asked Deji Adeyanju to continue with the case

 

Adeyanju urged the court to grant his client bail on health grounds but the oral application was rejected by the judge as he asked him to come up with a formal and written application for bail.

 

He also pleaded with the judge to order the defendant to be remanded in the custody of the police owing to his health challenges.

 

The judge ignored all the entreaties made by Adeyanju as he ordered the defendant to be remanded in the Kuje Correctional Centre till September 23 for the hearing of bail application.

 

Isaac who was critically sick was coughing profusely in the court after he had spent 28 days in the underground cell at the Force Criminal Investigation Department (FCID) Area 10 in Abuja.

Fuel price hits N897 at NNPC outlets

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Fuel price hits N897 at NNPC outlets

 

The recent development comes amid struggles by the nation’s oil company to supply the local market.

 

Petrol pump price rose to N897 per litre at various outlets of the Nigerian National Petroleum Company Limited (NNPC Ltd) in Abuja on Tuesday.

 

The recent development comes amid struggles by the nation’s oil company to supply the local market.

 

Last Sunday, the NNPC said its ability to sustain regular supply of petrol across Nigeria is under threat. The oil company said it is under financial duress due to Premium Motor Spirit (PMS) supply costs, impacting supply sustainability.

 

In recent months, fuel scarcity hit major cities across Nigeria, with attendant effects on businesses and households. This also prompted commercial bus drivers to increase their fares in major towns and cities, including the nation’s capital. As a result, black marketers made brisk business selling to willing buyers at higher prices ranging from N1,000 to N1,200.

 

GoldMyne Entertainment observed Tuesday morning that NNPC Ltd outlets in the Central area of Abuja, the Federal Capital Territory, adjusted the pump price of petroleum to N897.

 

A resident, Peace Nwodo, at the station said: I have been in the queue since 6 a.m. waiting for them to start selling, but we just realised that the pump price has been changed from N617 to N897. This is so terrible and yet they have refused to even start selling the product by now,” she said.

 

At several other outlets in the Wuse, Lugbe area of the capital city, this newspaper confirmed that the pump price equally jumped to N897 as motorists and commuters grumbled amid the uncertainty.

 

When PREMIUM TIMES contacted the NNPC Ltd spokesperson, Olufemi Soneye, said he had no comment on the matter.

 

“Thank you for reaching out. I have no comment on the matter at this time. If there are any updates, I will make sure to inform you. I appreciate your understanding,” he said.

 

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Lotus Bank’s N1.13 Billion Nightmare Leaves Customers in a Tailspin over Security Measures Amid Financial Catastrophe!

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Lotus Bank’s N1.13 Billion Nightmare Leaves Customers in a Tailspin over Security Measures Amid Financial Catastrophe!

 

In a shocking twist that has sent ripples through the financial sector, Lotus Bank has reported a staggering loss of N1,134,491,604.31 due to a major system glitch that allowed customers to execute transfers without proper debit instructions on their accounts.

 

This major blunder has prompted the bank to take legal action, as they have filed an application before the Federal High Court in Lagos against 45 financial institutions across the country. Lotus Bank is determined to recover the lost funds, leaving other banks on high alert.

 

According to an affidavit sworn by Gbenga Ojerinde, a Fraud Investigation Officer at Lotus Bank, and filed by Lagos lawyer Adebayo Oyagbola, the bank is taking this matter very seriously. Mr. Ojerinde disclosed that, due to his position, he has the authority to represent the bank’s interests in court.

 

In his statement, he reassured stakeholders that Lotus Bank is a duly registered company with the Corporate Affairs Commission and holds a license from the Central Bank of Nigeria to provide financial services.

 

The Respondents are banks and other financial institutions licensed by the Central Bank of Nigeria to provide payment services, banking and financial services and/or mobile money services.

 

On the 20th July 2024, the Lotus Bank experienced a system glitch due to a rollback fix carried out on its e-Bills Pay platform to address a complaint.This fix led to unexpected behaviour which allowed customers with no-debit instructions on their accounts to initiate transfers without their accounts being debited,as a result of the foregoing,some customers of the bank made multiple transfers to the Respondents financial institutions listed before the court beyond the balances in their accounts.

 

This glitch affected 718 customers of the bank who made successful withdrawals and transfers from their accounts without those accounts being debited.

 

The initial financial exposure of the bank from this incident is about N1,134,491,604.31 One Billion, One Hundred and Four Hundred and Ninety-One Thousand, Six Hundred and Four Naira. Thirty-One Kobo) as is more comprehensively detailed in the schedule of accounts Exhibited before the court.

 

Subsequently, Lotus bank seeks the Order of the Court to place restrictions on the said accounts pending the determination of the bank’s motion on Notice dated 22nd July 2024. Unless the bank’s application is granted an accelerated hearing, there is an imminent risk that the sums fraudulently transferred into the respective bank accounts domiciled with the Respondents financial institutions would be dissipated.

 

Any delay in the hearing of this application will severely and irreparably affect the business of the bank.

 

The bank undertakes to pay damages if this application turns out to be frivolous.

 

An interim order of this court directing, mandating and compelling each of the Respondents financial institutions to attach the amounts standing to the credit of the named accounts held with each of them, as listed in the schedule of the accounts contained in Exhibit attached to the Affidavit in Support of this Application, deposed to by Gbenga Ojerinde, which amounts were domiciled with the different Respondents in respect of the un-debited transaction amounts carried out due to a system glitch on 20th July 2024 and which said amounts are in the aggregate sum of N1,134,491,604.31 (One Billion, One Hundred and Thirty-Four Million, Four Hundred and Ninety-One Thousand, Six Hundred and Four Naira, Thirty-One Kobo) pending the hearing and determination of the Motion on Notice in this suit.

 

Consequently, the court has acceded to the request of the bank. This shocking development raises concerns about the security measures in place at financial institutions and the potential implications for customers. As this situation unfolds, all eyes will be on the court proceedings and the future of Lotus Bank in a volatile market

161 Nigerian students fail UK border checks, denied entry

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No fewer than 1,425 international students who gained admission to universities in the United Kingdom were denied entry at the country’s airports between 2021 and 2023.

 

A total of 161 Nigerians were affected, as they were removed on arrival at airports across the UK.

 

According to data exclusively obtained from the UK Home Office through the Freedom of Information Act, India topped the list of affected foreign students with 644, representing 45 per cent of the figure, while Nigeria followed with 11.3 per cent. Ghana is third on the list with 92 (6.46 per cent), while Bangladesh is fourth with 90 (6.32 per cent).

 

However, the released data, covering October 2021 to October 2023, is limited to students denied entry at the airports. It does not include international students deported by the Home Office for violating the terms of their visas, such as working beyond 20 hours weekly and academic malpractice.

 

The Home Office did not also specify the reasons for the removal of the foreign students.

 

But Saturday PUNCH gathered that some of the reasons for such decisions included the inability of students to convince the Border Force officers during checks at the airports, presentation of forged documents, and deficiency in English language usage.

 

An immigration lawyer based in North London, UK, Dele Olawanle, in a post on X in September 2023, decried the maltreatment of students and called on the UK Government to rein in Border Force officers, whom he said had turned themselves to admission officers.

 

Olawanle lamented that three students contacted him for help within three hours after facing threats of removal at the airports.

 

He wrote, “UK border officers have turned themselves into university officials at the point of entry by questioning students entering the UK to start their course on some aspects of the course they are going to start. If they do not answer correctly, they have their visas cancelled, and some are removed from the UK. Sad! I have had three instructions on that in the last 24 hours.

 

“It is not their job because most of these students were interviewed by the university before being offered a place on the course. Most of these Border Force officers have not even been to university and are not qualified to examine these foreign students on their academic knowledge.

 

“I can say this as I have had dealings with them for the last 24 years. Their job is to make sure the students obtain entry clearance genuinely. If you are a student coming to start your course, be prepared for immigration officers turning themselves into university examiners.”

 

A data analyst, Nelly Okechukwu, who claimed he narrowly escaped screening at one of the airports, also shared his experience.

 

He wrote, “After going through a 16-hour flight, a border officer asked for my transcript, which I presented, and this lady started asking me to tell her about a course I studied in my 200-level in the university. A university I graduated from since 2012.”

 

Student admissions

 

A total of 679,970 foreign students were admitted to UK universities for the 2021/2022 academic year, according to data from the Higher Education Statistics Agency.

 

Nigeria had the highest number of foreign students with 44,195 out of the 68,320 African citizens studying in the UK for the 2021/2022 academic year.

 

HESA data also shows that the number of students from Nigeria rose to 72,355 in the 2022/2023 academic year, with the explanation that the data relates to students enrolled between 1 August 2022 and 31 July 2023.

 

Nigerian students and their dependents in the UK contributed an estimated £1.9bn to the economy of the country in one year, according to an analysis by SBM Intelligence. The data covered the 2021/2022 academic session.

 

According to the data, international students contributed £41.9bn to the UK economy in the 2021/22 academic year.

Eguavoen to lead Super Eagles as NFF scraps deal with new coach Bruno Labbadia over tax dispute

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Eguavoen to lead Super Eagles as NFF scraps deal with new coach Bruno Labbadia over tax dispute

 

The deal between the Nigeria Football Federation (NFF) and the new Super Eagles coach Bruno Labbadia has been aborted.

 

NFF had earlier announced on Tuesday that it had reached an agreement with German tactician, Labbadia to become the head coach of the Super Eagles.

 

However, a statement by Ademola Olajire, NFF’s director of communications, on Friday, quoted the NFF president, Musa Gusau, as saying that the deal between the NFF and Labbadia had been botched.

 

Mr Gusau explained that stringent regulations of German tax authorities had conspired to abort the agreement between the NFF and coach Labbadia.

 

“We have been on the tax issue for the past three days.

 

“I told him clearly that there was no way the NFF will agree to offset the concomitant tax percentage on his salary that will be demanded by German tax authorities.

 

“It is not possible for us to shoulder the responsibility of shelling out another money, between 32 per cent to 40 per cent of his salary, after paying the agreed monthly wage.

 

“The NFF and Labbadia reached an agreement in principle before we made the announcement that he would become the Head Coach of the Super Eagles.

 

“The tax details were never part of our discussions, and he had personally agreed to all terms before the tax issue came up.

 

“We were doing our best to be flexible in the discussions but he was adamant that the NFF had to pay the full tax amount as well. We simply cannot do that,” Mr Gusau said.

 

He added that with the latest development, technical director of Nigeria Football Federation, coach Augustine Eguavoen will now take charge of the Super Eagles.

 

Eguavoen will lead the team for the upcoming 2025 Africa Cup of Nations qualifying matches against Benin Republic in Uyo, Sept. 7 and Kigali, Rwanda Kigali, on Sept. 10.

 

This would be Eguavoen’s fourth stint in charge of the three-time African champions, after earlier experience in 2005 to 2007, 2010 and 2022.

 

(NAN)

Wanted Ex-beauty Queen Surrenders After 8 Months in Hiding As NDLEA

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Wanted Ex-beauty Queen Surrenders After 8 Months in Hiding As NDLEA Intercepts 31 million Pills, Bottles of Opioids Worth N17.9billion at Lagos, PH Ports

 

Operatives of the National Drug Law Enforcement Agency, NDLEA, have arrested, a wanted ex-beauty queen, Ms. Aderinoye Queen Christmas also known as Ms. Queen Oluwadamilola Aderinoye has surrendered to the Lagos Command of the Agency after about eight months in hiding.

 

Director, Media & Advocacy, Femi Babafemi in a press statement on Sunday noted that she was declared wanted by the Agency in January after she escaped from her Lekki, Lagos residence when NDLEA operatives raided her apartment at Oral estate, Lekki on Wednesday 24th January following credible intelligence she deals in illicit substances.

 

He said the suspect was Miss Commonwealth Nigeria Culture 2015/2016 and founder of Queen Christmas Foundation. Recovered from her home during the search witnessed by the estate officials include 606 grams of Canadian Loud, a synthetic strain of cannabis, an electronic weighing scale, large quantities of drugs packing plastics, a black RAV 4 SUV marked Lagos KSF 872 GQ, and her picture frame among others.

 

The suspect who claimed she has been hiding in Akure Ondo state since January when she escaped arrest in Lekki Lagos however surrendered to the Agency on Wednesday 28th August.

 

Also operarives of the NDLEA have intercepted a total of Thirty-One Million One Hundred and Twenty-Four Thousand Six Hundred (31, 124, 600) pills of tramadol 225mg and bottles of codeine-based syrup worth over Seventeen Billion Nine Hundred and Thirty-Two Million Two Hundred Thousand Naira (N17, 932, 200, 000.00) in street value at the Port Harcourt Port Complex, Onne, Rivers state and Tincan seaport in Lagos.

 

He said the seizures were made following intelligence processed by the Agency on the movement of the shipments from their port of origin in India, leading to a demand for a 100 percent joint examination of the watch-listed containers with the Nigerian Customs Service and other sister security agencies.

 

A breakdown of the seizures show that 350,000 bottles of codeine-based syrup were recovered from two containers at Tincan port in Lagos on Thursday 29th and Friday 30th August 2024. Each of the two containers had 175,000 bottles of the opioid.

 

At the Port Harcourt Port Complex, Onne, NDLEA operatives equally intercepted a total of 447 cartons of tramadol 225mg containing Twenty-Nine Million Eight Hundred and Forty Thousand (29, 840,000) pills of the opioid as well as 380,000 bottles of codeine syrup from three containers on Thursday 29th August. The tramadol shipments came under different brand names such as Royal Tapetadol, Carisoprodol 225mg and Royal Tramadol Hydrochloride 225mg.

 

The following day, Friday 30th August, another set of three containers watch-listed by NDLEA were subjected to joint examination. At the end of the exercise, a total of 3,030 cartons of codeine syrup containing 554,600 bottles of the opioid were recovered from them.

 

This brings the total bottles of codeine seized at Onne, Rivers and Tincan in Lagos to 1,284,600 bottles worth N8,992,200,000.00 in street value while the combined seizure of tramadol stood at 29, 840,000 pills valued at N8,940,000,000.00.

 

In the same vein, NDLEA operatives at the Port Harcourt International Airport, Rivers state on Tuesday 27th August arrested a suspect, Eze Emekan Don, while attempting to board a Cronos airline flight to Malabo, Equatorial Guinea with 1,490 pills of tramadol concealed and packaged as cosmetics of different brands inside his luggage. His attempt to compromise the officers to evade arrest was rebuffed.

 

No less than 1,122 kilograms of cannabis were seized from a suspect, Mustapha Ibrahim when he was arrested on Monday 26th August along Orchid road, Ajah, Lagos, while 816kg of the same psychoactive substance belonging to a suspect at large was recovered from the same location same day.

 

In Niger state, NDLEA operatives on Monday 26th August arrested a suspect Friday Gabriel along Minna-Suleja road while conveying 1,900 capsules of tramadol, 300 bottles of codeine syrup and 600 packets of exol-5 tablets. Similarly, operatives in Bauchi state on Saturday 31st August arrested two suspects: Garba Muhammed, 35; and Usman Yakubu Shehu, 31,

 

along Bauchi-Gombe road while transporting 308 blocks of cannabis weighing 246.4kg, concealed in false compartment of a J5 bus marked Edo state URM 38 ZY.

 

In the same vein, Commands and formations of the Agency across the country continued their War Against Drug Abuse, WADA, sensitization activities to schools, worship centres, work places and communities among others in the past week. These include: WADA enlightenment lecture to members of Amankwu community, Ohafia LGA, Abia state; WADA advocacy visit to the Vice Chancellor, University of Delta, Prof. Stella Chiemeka, Agbor, Delta state; WADA sensitisation lecture to members of Down Luggere community, Jimeta, Yola North LGA, Adamawa state; youths at the ‘Save the Children Campaign’ annual holiday camp at Community Secondary School, Aka Offot, Uyo, Akwa Ibom state; youths during their summer class at Olubadan stadium, Iyaganku, Ibadan, Oyo state and WADA advocacy visit to Central Bank, Kaduna office, Kaduna state.

 

In his response to the latest seizures and arrests, Chairman/ Chief Executive of NDLEA, Brig Gen Mohamed Buba Marwa (Rtd) commended all the officers and men of PHPC, Tincan and the Special Operations Unit of the Agency that had been working on the targeted containers for their vigilance and professionalism. He equally praised the support received from other stakeholders at the ports that enabled the seamless and successful operations in the course of targeting the shipments. He also applauded operatives in Lagos, Niger, Bauchi and PHIA as well as other Commands across the country for their diligence and balance in their drug demand reduction and drug supply reduction efforts.

Chidimma Adetshina has been crowned Miss Universe Nigeria 2024.

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Chidimma Adetshina has been crowned Miss Universe Nigeria 2024.

Born and raised in South Africa to a Nigerian father and a Mozambican mother, Chidimma was a contender in the recently concluded Miss SA pageant until her withdrawal following weeks of turmoil over her nationality.

 

The 23-year-old accepted the invitation from the organisers to join the Miss Universe Nigeria competition after stepping down from Miss SA and went on to win the crown on Saturday night.

 

“This crown is not just for beauty; it’s a call for unity,” she said.

 

She will represent Nigeria at the Miss Universe contest in November.

 

(📷 Miss Universe Nigeria)

Filmhouse Group Hosts Networking Dinner In Collaboration with The Nigerian International Film & TV Summit

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Filmhouse Group, a leading player in the Nigerian film industry hosted an exclusive networking dinner on Thursday 29th August in the heart of Lekki at the Filmhouse Cinemas – Rooftop Terrace. The event celebrated Ghana being named the country of honour at this year’s Nigerian International Film & TV Summit.

This event had in attendance industry professionals, creative minds and key stakeholders for an evening of insightful discussions and networking. The gathering which was set against a vibrant Ghana theme featured guests dressed to impress in their Ghanian style and colours. The event provided a unique opportunity for guests to engage in meaningful conversations about the future of the film & television industry while enjoying delicious Ghanaian food and refreshing drinks.

Ms Ijeoma Onah, Founder, Nigerian International Film & TV Summit exclaimed “Our summit is dedicated to celebrating and advancing the film and television industries in Nigeria and beyond. This year, we are thrilled to honor Ghana as our country of honour, recognizing its profound cultural contributions. Our partnership with Filmhouse Group exemplifies our shared commitment to fostering a vibrant and inclusive film community, showcasing the strength of African cinema and collaborative spirit that drives our industry forward.”

Ms Mojisola Oladapo, Chief Marketing Officer, Filmhouse Group exclaimed “We are thrilled to celebrate our collaboration with the Nigerian International Film & TV Summit. This partnership is a significant alignment with our vision and values, representing a pivotal moment for Filmhouse Group as we continue to drive innovation and excellence in the film industry. We are excited about the potential this collaboration holds and the positive impact it will have on our shared goals.”

The Nigerian International Film & TV Summit is renowned for addressing critical issues and opportunities within the film industry, with a focus on Hollywood distribution dynamics and enhancing Nollywood’s international presence. This partnership underscores Filmhouse Group’s commitment to advancing the industry and expanding its global reach.

Mr. Kene Okwuosa – CEO Filmhouse Group (Filmhouse Cinemas, FilmOne Entertainment, FilmOne Studios), spoke on the importance of the event – The Nigerian International Film & TV Summit is an event that discusses the opportunities and challenges that we face in the film business in relation to Hollywood distribution and the Nollywood appeal for international distribution. This partnership resonates deeply with us as it is in line with the work we do as Filmhouse Group.

The event was a resounding success, with guests actively engaging in discussions about the Nigerian film landscape. The evening provided a valuable platform for exploring collaborative efforts needed to advance the industry. It fostered meaningful exchanges of ideas and identified new opportunities for growth and development.

 

As Filmhouse Group and the Nigerian International Film & TV Summit move forward with their partnership, both organizations are committed to leveraging their combined strengths to drive innovation and achieve significant milestones in the film industry. The collaboration marks a new chapter in their ongoing efforts to support and elevate the industry.

About Filmhouse Group

Filmhouse Group is a premier entertainment company that excels in cinema operations and film distribution. The group encompasses Filmhouse Cinemas, known for delivering high-quality movie experiences with advanced technology, comfortable seating, and a diverse film lineup including blockbusters, local, and international films. Additionally, FilmOne Limited, a subsidiary of Filmhouse Group, focused on the distribution and production of Filmed Content, from Nigeria, West Africa, to the World. We distribute and produce a wide range of mainstream and commercial pictures, including international and indigenous films, and maintain strategic alliances and relationships with international studios and distributors. The FilmOne team comprises of West Africa’s most recognized movie professionals in film distribution, production, marketing, general consulting and currently, the exclusive theatrical licensees to The Walt Disney Company, Warner Brothers Discovery, Sony Pictures Entertainment and Empire Entertainment in Anglophone West Africa. We also maintain strategic alliances and relationship with enabling us to distribute a wide range of local and international mainstream, commercial and/or niche content worldwide.

Together, Filmhouse Group and FilmOne Limited are dedicated to enhancing the movie-going experience, engaging with communities, and setting new standards in the entertainment industry.

About Nigerian International Film & TV Summit

The Nigerian International Film & TV Summit is a premier event that explores the opportunities and challenges within the film industry, with a particular emphasis on international distribution and the global appeal of Nollywood. The summit serves as a platform for industry professionals to share insights and drive forward the growth of the film and television sector.

 

 

Why I stepped down as CEO of UBA — Tony Elumelu

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Why I stepped down as CEO of UBA — Tony Elumelu

Tony Elumelu, the chairman of Heirs Holdings Group, has revealed that the Central Bank of Nigeria’s (CBN) policy, which limits the tenure of bank CEOs to ten years, was a key factor in his decision to step down as CEO of the United Bank for Africa (UBA).

 

Speaking at the 14th-anniversary celebration of Heirs Holdings in Lagos, Elumelu shared how this regulatory shift sparked a transformative journey that led to the establishment and growth of Heirs Holdings, now a global conglomerate with investments in diverse sectors across 24 countries.

 

Elumelu recounted how, in 2010, he was compelled to step down as CEO of the United Bank for Africa (UBA) due to a Central Bank of Nigeria (CBN) policy that imposed a maximum tenure of 10 years for bank CEOs.

 

E-payment transactions surge: UBA ranked most visited banking website in Nigeria

“What could have been a setback became the beginning of something extraordinary – an opportunity that was truly transformative,” Elumelu remarked, emphasising that the policy shift, rather than dampening his ambitions, opened new doors for him. “When one door closes, many others open.”

 

This policy, which required him to relinquish his role at UBA, spurred the founding of Heirs Holdings, a conglomerate now operating in 24 countries and spanning sectors such as power, energy, financial services, hospitality, real estate, healthcare, and technology.

 

Reflecting on the group’s achievements, Elumelu noted, “Today marks a significant milestone, as we celebrate 14 years of excellence at Heirs Holdings Group.”

 

Elumelu used the occasion to share broader lessons on leadership and resilience. He urged aspiring entrepreneurs to view challenges as opportunities for growth.

 

“When faced with adversity, do not give up. When challenged, bounce back. Persevere, be resilient, and transform your fear into hope, your hope into ambition, and your ambition into action,” he advised.

 

Local energy firm acquires NNPC, TotalEnergies oil field for $19.5 million 

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Aradel Holdings Plc, an indigenous energy company, has entered a purchase agreement through its subsidiary, Aradel Energy Limited, to acquire a 100% interest in the Olo and Olo West marginal fields from TotalEnergies EP Nigeria and the Nigerian National Petroleum Company Limited (NNPC) for $19.5 million.

 

The company made this disclosure in a statement on its official website following the acquisition of the oil field.

 

The energy company said the acquisition was completed for a total consideration of $16 million, with an additional $3.5 million in deferred and conditional payments.

 

Aradel further stated that the Petroleum Mining Lease for Olo and the Petroleum Prospecting License for Olo West will be granted following the payment of the required ministerial consent fees and the successful completion of the approved field development plans within the specified timeframes.

 

“Aradel Holdings Plc (“Aradel Holdings” or “the Company”), through its subsidiary, Aradel Energy Limited, has signed a sale and purchase agreement to acquire the 100% interest in the Olo and Olo West Marginal Fields from TotalEnergies EP Nigeria and NNPC Limited (“the Acquisition”). The Olo and Olo West Fields were formerly part of OML 58.

 

“The Acquisition was completed for a consideration of US$16 million, plus US$3.5 million of deferred and conditional payments.

 

“The Petroleum Mining Lease (for Olo) and Petroleum Prospecting License (for Olo West) will be issued after the payment of relevant Ministerial Consent fees and completion of approved Field development plans within designated timeframes,” Aradel said.

 

What you should know

The Nigerian onshore oil industry has witnessed significant shifts recently, marked by the gradual exit of major international oil companies (IOCs), creating opportunities for local players to take the reins.

 

This trend demonstrates a broader transformation within the sector as global energy giants reassess their portfolios and strategic priorities.

 

This deal, valued at up to $2.4 billion, is particularly noteworthy as it transfers a substantial portion of Nigeria’s onshore oil production into the hands of a consortium dominated by local companies.

 

Other major players, such as ExxonMobil and Norway’s Equinor, have also divested significant assets in recent years. These IOCs are increasingly shifting their focus towards newer, more profitable ventures, often in regions that present fewer operational risks and higher returns.

 

As these global giants withdraw from Nigeria’s onshore oil industry, it has paved the way for indigenous companies to step up and assume greater control over the country’s valuable oil resources.

 

The increased involvement of local companies may lead to more direct economic benefits for the Nigerian economy, fostering greater national control over natural resources and possibly sparking new investments in the sector.

 

However, it also raises questions about the capacity of these local entities to manage and sustain operations at the scale previously handled by multinational corporations.

 

More Insights

Olo and Olo West marginal fields are located within former OML 58, in the Eastern Niger Delta, 80 kilometres northwest of Port Harcourt, Rivers State.

In addition, Aradel Holdings Plc (“Aradel Holdings” or “the Company”) is Nigeria’s foremost integrated independent energy company, delivering critical energy solutions in a sustainable and responsible way.

Aradel Holdings was incorporated on March 25, 1992 (as the Midas Drilling Fund), changed its name to Niger Delta Exploration and Production Plc in November 1996, and assumed its current name in May 2023.