2023: Afenifere backs South East Presidency
Afenifere, a pan-Yoruba socio-political organization, has backed calls for the South East to produce the country’s next president, calling into question those who believe the region is unworthy of the position.
Ayo Adebanjo, the group’s leader, stated this on Politics Today on Wednesday, basing his argument on the federal character and equity. He claimed that while the South South and South West have tasted power at the center, the Igbo-dominated South East has not.
“How do you say rotation in the North and South so that when it comes to the South, it’s always South-West and South-South?” Isn’t the South East a separate region from the South? During the show, he inquired, “What is the moral we’re talking about?”
Read Also: In Oyo, two doctors are killed by Lassa Fever.
“Hasn’t the South West been served for eight years by Obasanjo, and Osinbajo for another eight years as vice president?” The South-South has taken care of its own. Isn’t the South East a separate region from the South? That is the question we must address,” the wise man added.
According to him, the country adopted a federal character to cater for the country’s weaker regions, a move he claims has contributed to Nigerian unity.
Talking about merit in the presidential election of 2023 would jeopardize the gains made thus far, he said.
“Anyone talking about merit right now isn’t helping the country’s unity.” The question of rotation arises because of the country’s heterogeneity; to keep us together, the question of rotation arises; to accommodate ourselves as much as possible,” Adebanjo explained.
“What makes you think you can get away with it now?” Coming to the South for a presidential candidate in 2023 is a matter of equity, morality, and principle, unless we’re deceiving ourselves.”
The Afenifere leader also criticized the National Assembly’s recently passed constitutional amendment, calling it insincere.
He said a day after lawmakers voted on over 60 proposed amendments, “There is no sincerity in the amendment.”
According to him, the amendments did not carry the people along and thus were not a reflection of Nigerians’ true desires.
Read Also: Seplat and ExxonMobil Deal Positive for Nigerian Economy, Says Wood Mackenzie
“Who are the people who are proposing the change?” “Those are the beneficiaries of constitutional fraud,” he said. “How are you amending a Constitution in which you were not a participant?” Have we made it? What is our contribution? A Constitution that lies to its own people.”
Seplat and ExxonMobil Deal Positive for Nigerian Economy, Says Wood Mackenzie
Wood Mackenzie, a trusted intelligence provider that provides unique insights on the world’s natural resources, has praised ExxonMobil’s recent acquisition of the entire share capital of Mobil Producing Nigeria Unlimited (MPNU).
According to a recent report, both ExxonMobil and Seplat will be pleased with the deal in the energy transition era, and the deal offers huge upside for both oil and gas.
Seplat Energy Plc announced on February 25 that it had reached an agreement to purchase the entire share capital of ExxonMobil subsidiary Mobil Producing Nigeria Unlimited (MPNU).
Because this is a corporate acquisition, the Nigerian National Petroleum Corporation (NNPC) has no rights to pre-empt a deal under the Joint Operating Agreement (JOA) that governs the JV, according to Wood Mackenzie. Instead, ministerial consent would be the only remaining hurdle, “although nothing can be taken for granted.”
“MPNU has a 40% operated interest in a Joint Venture with NNPC,” it continued (60 per cent). The OMLs 67, 68, 70, 104, as well as the Qua Iboe oil export terminal, are part of the JV. In addition, MPNU owns a 51 percent stake in the Bonny River NGL Recovery project. Seplat has agreed to pay $1,283 million plus a $300 million contingent consideration. The new law will take effect on January 1, 2021, and will be completed in H2 2022, pending ministerial approval. A syndicate of Nigerian and African banks, as well as energy and commodity traders, have fully committed to Seplat’s debt financing of $825 million.
“Implications: If the deal goes through, it will be a game-changer for Seplat Energy. It is already Nigeria’s largest indigenous company, but this will increase working interest production to more than 140,000 boe/d. Seplat will be in charge of 15% of Nigeria’s oil production.
“Most importantly, the deal expands the company’s operations into shallow water, which is largely free of the thefts that plague its onshore operations. Despite the fact that this is Seplat’s first overseas acquisition, it will take on all of MPNU’s Nigerian employees, assuaging any concerns about the company’s operational capabilities.”
“Our equity-based valuation of MPNU – excluding the Qua Iboe terminal – is $870 million (discounted 10%, January 2021, $50/bbl long-term),” the company continued. We value the company at $1.678 billion at $70 per barrel. ExxonMobil will be pleased with this deal in the energy transition era. But Seplat will benefit as well, because the deal has significant oil and gas potential.
Read Also: Fuel scarcity: NNPC Implements Measures To Ensure Only Amount Needed Purchased
“The portfolio includes 1.3 billion boe of contingent resources, with gas accounting for 75% of the total. Only about half of the country’s 70 fields have been developed. Despite the fact that the JV has been producing since the early 1970s, its maturity is due to the extensive infrastructure rather than the reservoirs themselves. Many fields are in decline, but they have also been under-invested for more than two decades.
“Seplat has built a business repurposing the Majors’ unwanted assets, which it began doing in 2010.” As a result of the acquisition, the company’s portfolio is now heavily weighted toward oil. ExxonMobil had no exposure to NLNG because it refused to be drawn into the high-risk domestic gas market. As a result, the acreage has the country’s highest concentration of gas flaring. Seplat, as a publicly traded company, will have to deal with this right away.”
“In the long run, it will seek to develop access to the domestic market in accordance with government policy, while LNG is also a possibility.” Before the deal, an FLNG project at Yoho on OML 104 was already in the works. This could now accelerate, with NLNG as a long-term supply option.
“The fiscal terms of the Petroleum Industry Act (PIA) may also provide an upside.” If Seplat converts, the JV portfolio’s value would more than double, according to our calculations. This, however, is far from certain, as it would have to give up up to 60% of its land and much of the resource it has recently acquired. A thorough review of its now-extensive portfolio will be a top priority in order to identify the most advantageous barrels. February 2023 is the deadline for converting to the new fiscal terms.
“There are risks involved in the deal as well. In the long run, Seplat will need to find billions of dollars to transform its portfolio, and some rationalization may be necessary. “Of course, NNPC will be Seplat’s JV partner, and its ability to fund its 60% equity over the long term as it transitions to a limited liability company will be just as important to the deal’s success,” it stated.
“ExxonMobil has been planning to sell its joint venture business for years, and the time has finally come to do so. The shallow water JV assets have long been considered non-core, and they are among the most expensive barrels in the company’s global portfolio.
Although emissions were not a major factor in the sale, the agreement will aid the company in meeting its recently announced net-zero emissions targets for scope 1 and 2. The portfolio emits 48 kgCO2e/boe, which is more than double the global average.
“It can now concentrate on renegotiating reasonable fiscal terms for its Nigerian deepwater assets, such as Erha and Usan.” Given its deepwater options in Guyana and Brazil, a country exit could be on the cards if that doesn’t work out.
Read Also: In Oyo, two doctors are killed by Lassa Fever.
“Because this is a corporate acquisition, NNPC has no rights under the Joint Operating Agreement (JOA) that governs the JV to pre-empt a deal.” This means that the only remaining hurdle would be ministerial approval, though nothing can be taken for granted.
“Pre-emption is also ruled out by Shell’s ongoing divestment of its subsidiary SPDC. If NNPC wants to buy that portfolio, it will have to outbid the other companies. “If Afrexim Bank is successful in raising up to $5 billion, it will have the firepower to do just that, bolstering its position in the onshore delta massively,” Mackenzie said.
In Oyo, two doctors are killed by Lassa Fever.
The Oyo State branch of the Nigerian Medical Association (NMA) reports that two of its members died of Lassa Fever within 72 hours.
Dr. Ayotunde Fasunla, the chairman, announced this in an Ibadan statement on Thursday.
“The NMA announces the demise of two of her members from Lassa Fever with deepest regret and sorrow,” Fasunla said.
“The tragic deaths happened in less than 72 hours. It’s been a particularly sad week, and our eyes are still welling up with tears.
“Just when we thought COVID-19 had done its worst, a Lassa Fever outbreak strikes again.”
“We’re also concerned about other health workers who may have had unintentional contact with the sick.” We’ve told them to stay in quarantine and report any symptoms of viral hemorrhagic fever.”
Read also: Messi Will Return To Barcelona On One Condition
The NMA has urged its members to treat all febrile illnesses with a high index of suspicion, according to him.
He added that the organization had also instructed its members to exercise extreme caution and vigilance at all times.
“Not only for their own health and safety, but also for the patients’ and public health’s sake.”
“At all times, members, particularly frontline doctors and other health care workers, must wear appropriate Personal Protective Equipment (PPEs).”
“We urge the state’s health-care administrators to make PPEs, as well as soap and running water for handwashing, readily available after attending to patients.”
“This is to keep our members and other healthcare workers safe from infectious diseases.”
Read also: Nigerians are suffering as a result of the elite’s reckless misrule – Jega
“We urge the Oyo State Government to conduct intensive surveillance and sensitization on Lassa Fever outbreaks in affected communities and across the state’s local government areas.”
“We express our condolences to the families of our colleagues who died while performing their professional duties in the service of humanity.” Fasunla added, “May their gentle soul rest in peace.
Adegoke’s Murder: Heavy Security Presence As Trial Of Adedoyin, Others Begins
On Thursday, the Osun State High Court was packed with security as the trial of Dr Rahmon Adedoyin, the owner of the Hilton Hotel and Resort in Ile-Ife, and six others began over their alleged involvement in the death of Timothy Adegoke.
Adegoke was a postgraduate student at Obafemi Awolowo University (OAU) in Ile-Ife, Osun State, until his death.
Adedoyin was charged with attempted felony, conspiracy, unlawful interference with Adegoke’s body, and tampering with the hotel’s receipt and CCTV camera with the intent to destroy evidence that the victim had visited the hotel.
Read Also: Fuel scarcity: NNPC Implements Measures To Ensure Only Amount Needed Purchased
Adedeji Adesola, Magdalene Chiefuna, Adeniyi Aderogba, Oluwale Lawrence, Oyetunde Kazeem, Adebayo Kunle, and others have been charged alongside him.
Prince Rahim Adedoyin, Esther Asifo, and Quadiri Moshood are still on the run.
There will be more to come…
Fuel scarcity: NNPC Implements Measures To Ensure Only Amount Needed Purchased
The Nigerian National Petroleum Corporation (NNPC) has begun loading trucks at all of its depots in order to alleviate the country’s current scarcity.
The NNPC stated that 1.7 billion litres of gasoline were currently available in stock.
After meeting with the National Union of Petroleum and Natural Gas Workers (NUPENG) and Petrol Tanker Drivers, the NNPC Group Managing Director, Malam Mele Kyari, told journalists in Abuja (PTD).
Read Also: Road Accidents: Lawmakers Ask FG To Set Up Mobile Clinics On Highway
The meeting was also attended by the Depot and Petroleum Marketers Association of Nigeria (DAPMAN) and the Major Oil Marketers Association of Nigeria (MOMAN).
With fewer stations dispensing the product, Kyari noted that the additional fuel would end the long lines that had formed in Abuja and other parts of the country.
“At the moment, we have over 1.7 billion litres of fuel in our possession, both on land and at sea.”
“This means we have a lot of capacity to load out of all of our depots.” We’ve taken steps to ensure that all of our depots can load 24 hours a day, seven days a week.
“The scarcity created by panic buying will now be relieved, allowing normalcy to return to filling stations across the country,” he said.
Kyari stated that the shortage will be resolved very soon, and that neither the Federal Government nor the NNPC had any plans to raise the price of gasoline at the pump.
He urged retailers not to sell gasoline for more than the government-approved price.
Read Also: Oil Price Risen Above $113 As OPEC Maintains Its supply Levels
He added that the NNPC would impose any legal sanctions on any defaulting depot owner in order for Nigerians to be able to purchase the product at the approved price.
He did, however, apologize to Nigerians for the inconveniences they had experienced at gas stations and urged consumers to only purchase the amount of fuel they needed.
Messi Will Return To Barcelona On One Condition
Lionel Messi, the forward for Paris Saint-Germain, has stated that he would consider returning to Barcelona in the near future if one condition is met.
Messi will return to Barcelona if Gerard Pique leaves the Blaugrana, according to El Nacional.
Pique had told Barcelona President Joan Laporta that with Messi’s departure, the club’s finances would improve, according to the 34-year-old.
Read Also: Oil Price Risen Above $113 As OPEC Maintains Its supply Levels
Given that the two have known each other since they were 13, the seven-time Ballon d’Or winner is said to be irritated by the Spain defender telling Laporta such a thing.
After 16 seasons at Barcelona, Messi left for PSG on a free transfer in the summer of 2021.
Messi set a record at Barcelona by scoring 672 goals in 778 appearances.
Many consider the Argentine captain to be the greatest footballer of all time.
Messi, on the other hand, has not been in top form for PSG this season, scoring just seven goals and registering 11 assists in 23 games across all competitions for the French Ligue 1 giants.
Read Also: Council Boss Demands Deployment Of Voters’ Capturing Machines To Mambilla Plateau
Messi has been linked with a return to the Catalan giants, with the PSG number 30 reportedly dissatisfied with the French media’s portrayal of him.
Nigerians are suffering as a result of the elite’s reckless misrule – Jega
Prof. Attahiru Jega, a former Chairman of the Independent National Electoral Commission, believes Nigeria is on the verge of collapse.
Jega stated this on Wednesday in Abuja at the Nigeria Labour Congress’s 2022 Workers’ Political Conference.
He described the 2023 general elections as crucial for Nigeria’s unity and a watershed moment that could pull the country back from the brink.
“While Nigeria has not completely collapsed, it is on the verge of doing so, as the country’s governance process is being blindly run aground by reckless elites.” And the general elections in 2023 could be a “make or break” epochal moment.
“Given this, all hands must be on deck to prevent our country from impending collapse and to turn it around on a path of good democratic governance for the benefit of Nigerian citizens’ democratic, socioeconomic development, and human security,” he said.
Read also: Civil Servants Behind Boko Haram, Banditry, Killer Herdsmen – Sanusi
Jega, who oversaw the general elections in 2011 and 2015, said the state of the Nigerian working class’s socioeconomic conditions is depressing.
Nigerians, he claimed, have continued to suffer under the reckless misrule of a small, rabid, and reckless group of elites.
“The manner in which these myopic ‘elected’ so-called’leaders’ and their collaborators have devastated the Nigerian economy, heightened insecurity, and virtually destroyed the foundation for national cohesion and integration, Nigeria, as a potentially great nation, is crying out for a rescue mission before it is too late,” Jega said.
Read also: Timaya dismisses allegations of a hit-and-run on a Lagos woman.
To get Nigeria out of its current unwholesome predicament, the former INEC boss added, a broad alliance of progressive forces for national rescue and emancipation was required.
“Without the active engagement and involvement of Nigerian workers through genuine representatives in working-class organizations, such a rescue mission cannot be serious, positive, and successful.”
“We’re working together with other progressive and patriotic Nigerians on projects and movements,” Jega said.
Oil Price Risen Above $113 As OPEC Maintains Its supply Levels
The price of crude oil continued to rise yesterday, with Brent, Nigeria’s benchmark crude, rising above $113 per barrel for the first time in nearly eight years. This came as the Organization of Petroleum Exporting Countries (OPEC) decided to keep adding 400,000 barrels per day to the measured volume agreed with its allies, OPEC+, in August last year.
Nigeria will produce 1.735 million barrels per day next month, according to the producers’ group, which decided on the quota for member countries for April. However, it is doubtful that Nigeria will be able to meet its monthly allocation, having been unable to supply the global market with the required volume for nearly a year.
Even though the total amount of oil drilled in that month, roughly 1.4 million bpd, was the highest in several months, the country recorded a deficit of over 300,000 barrels per day.
Because the pump price of petrol in Nigeria, which does not refine a drop of the product, has a positive relationship with international crude oil prices, the controversial subsidy payments in the country will also rise when the computation for this month is completed.
Nigeria should be saving as much as $50 per barrel it sells by now, but the opposite appears to be the case, as the cost of under-recovery continues to rise.
The Nigerian National Petroleum Company (NNPC) Limited claimed to have spent N210.38 billion on petrol subsidies in January 2022 alone.
Furthermore, the oil company failed to remit any money to the federation account last month as a result of the challenge, a development that would severely limit sub-nationals’ ability to meet their financial obligations.
President Muhammadu Buhari recently requested that the National Assembly approve a N2.557 trillion budget for the 2022 petrol subsidy.
Apart from Brent, which surpassed $113 per barrel at the time of writing this report, with a 7.69% increase, West Texas Intermediate (WTI), the US benchmark, also increased to $111.24 per barrel, with a 7.57% increase.
It came as Russia’s flagship crude oil, which was offered for sale at a record low price, drew no bidders, the latest sign that oil trading from the country’s western ports is halting.
Despite the tightening global oil market, OPEC yesterday defied US and some of its allies’ pressure to increase supply, despite the fact that prices were already under pressure prior to Russia’s invasion of Ukraine last week.
Though the United States and other members of the International Energy Agency (IEA) announced a strategic oil reserve release in an attempt to cool prices, it has done little to calm the market.
Despite calls to increase output, the OPEC alliance maintained a daily output of 400,000 barrels.
It did not surprise those who closely followed the oil cartel’s activities, however, because the producer group had insisted that supply was not a problem. Around 40% of the world’s oil supply is controlled by OPEC.
The market remained balanced and did not require further distortions, according to a statement issued after the 26th OPEC and non-OPEC ministerial meeting, which ended yesterday. It stated that the current oil market fundamentals and consensus on its outlook “pointed to a well-balanced market” following the conclusion of the 26th OPEC and non-OPEC ministerial meeting.
“The current volatility is caused by current geopolitical developments, not by changes in market fundamentals,” OPEC said.
“The OPEC and participating non-OPEC oil-producing countries decided to: reaffirm the decision of the 10th ministerial meeting on 12 April 2020, as well as the decisions of subsequent meetings, including the 19th ministerial meeting on 18 July 2021,” it continued.
“It reaffirms the production adjustment plan and monthly production adjustment mechanism approved at the 19th ministerial meeting, as well as the decision to increase monthly overall production by 0.4 mb/d in April 2022.”
“OPEC emphasizes the critical importance of full conformity and the compensation mechanism, taking advantage of the compensation period’s extension until June 30, 2022.”
Compensation plans should be submitted in accordance with the previously agreed procedure, according to the Sanusi Barkindo-led organization, which has scheduled its next meeting for March 31.
Petrol scarcity continues to exist.
Despite the worsening fuel supply situation across the country, the NNPC announced yesterday that it has over 1.7 billion litres of the product on hand.
Mallam Mele Kyari, Group Managing Director, NNPC, told journalists on the sidelines of the Nigeria International Energy Summit (NIES), which entered its fourth day yesterday, that the situation was being exacerbated by motorists who were buying more than they needed.
The NNPC CEO stated that loading is now taking place 24 hours a day across the country, and that the company has enough capacity to meet the country’s current demand.
“We want Nigerians to know that we have a sufficient supply of petroleum products.” We currently have over 1.7 billion litres of gasoline on hand, both marine and land, which means we have enough capacity to load from all depots.
“All of our depots have multiple loading points. This will ensure that spaces (gaps) created by panic buying, such as those seen today in gas stations, are filled,” he explained.
Kyari argued that in a situation like Nigeria’s, people would typically buy more than they require, believing that more supply would solve the problem. “I am confident that you will see relief on this very soon,” he promised.
He stressed that neither the government nor the NNPC had any plans to adjust the price of petrol at the pump or at the ex-depot, and urged marketers to sell at the government-approved prices.
He stated that the NNPC was in talks with industry unions and that the NNPC and the midstream/downstream authority had agreed to impose sanctions on anyone caught doing illegal business.
“We don’t have a shortage in the country, but getting a car takes longer.” We apologize for the inconvenience, but we will be out of here soon,” he said.
He urged motorists to trust the NNPC that there is enough fuel in the country, claiming that panic buying is still a problem. “Let them make sure they don’t buy anything they don’t need because petroleum products will still be available when they return,” he said.
The GMD stated that the directive prohibiting the sale of gasoline in jerry cans would be relaxed soon, noting that the decision was made to ensure filling station safety and avoid overcrowding.
“The issue is that people who would normally buy N3,000 are buying N13,000,” he explained, adding that this was causing the system to slow down.
Although supply disruptions cannot be completely avoided, Kyari believes that recovery time is crucial. According to him, the NNPC was collaborating with security agencies to ensure that black marketers were not exploiting Nigerians.
Earlier, during the main program, the NNPC GMD stated that investment in the oil and gas industry has been stifled for over 50 years due to a lack of the proper framework.
“This is an energy company that also serves as an enabler, and it is a company for all of us.” However, it is the company that is expected to support energy security that is most important.
“And that won’t work unless we work together and create the right environment.” I’m sure we’re all aware of the challenges we’ve faced in putting the right fiscal and regulatory framework in place to ensure that businesses operate in the best possible way and in the best possible business environment.
“In reality, we’ve been struggling with fiscal change and creating the right business environment since 1967.” That means our environment has been frozen for nearly 50 years, and we haven’t changed fundamentally in that time.
“And whether it was intended or not, it had an effect and took a toll.” And it’s very visible in our recent history, in the sense that investment inflows into Sub-Saharan Africa and our country have likely ranged from $3 billion to $5 billion in the last ten years.
“We have done nothing in reality.” And the reason is simple: you don’t have the right fiscal structure, climate, regulatory stability, or framework in place to allow people to predict what will happen next.
“And that’s why, in the aggregate, there’s underinvestment and a lack of growth.” And, of course, it resulted in some other outcomes. Part of it is due to the fact that many of our partners have now invested significantly in all of their ramifications, even for new projects.
“When you look at many of these structures now, you think you’re on the battleground, and many of them also look like museums.” Even in the best of companies, I believe they are not designed to function,” he said.
He stated that now is the right time to turn things around, citing the passage of new legislation, which he said was previously opposed because people did not want to lose power and control.
With the new law, the NNPC will become a commercial company that will pay dividends to its shareholders, Kyari stated that the company will be fully operational by July of this year.
“The combination of these factors means that this company must operate to world-class standards, be fully automated, imbibe transition, and recognize the importance of energy transition,” he explained.
He stated that the company was looking for the right partners, emphasizing the importance of developing Nigeria’s gas resources as a transition fuel.
“Data to Barrel” was the topic of discussion. Gbenga Komolafe, the Chief Executive of the Nigerian Upstream Petroleum Regulatory Agency (NURPC), said the industry needs big data to explore, capture, develop, and produce hydrocarbons, as well as monitor reservoir performance and surveillance in real time.
He explained that the upstream industry was facing challenges that necessitated the use of large amounts of data in reservoir modeling and surveillance with high precision.
“To turn big data into barrels and value for money, superior computing power, high-performance storage capacity, and powerful and integrated mapping applications are required.”
As a result, the primary challenge for service providers in the oil and gas industry is to demonstrate the value that obtaining additional data will add to the asset. As a result, it’s not just about collecting more data, but also about the Value of Information (VOI) derived from that data,” he argued.
Council Boss Demands Deployment Of Voters’ Capturing Machines To Mambilla Plateau
Oliver Wubon, the council chairman of Sardauna in Taraba State’s Mambilla Plateau, has urged the Independent National Electoral Commission (INEC) to send more voting machines to the local government.
On Thursday, he made the demand while speaking with members of the media.
Read Also: Civil Servants Behind Boko Haram, Banditry, Killer Herdsmen – Sanusi
He claimed that INEC had assigned the council an insufficient number of voter-capturing machines.
The council boss went on to say that deploying more of these machines would go a long way in alleviating the hardships the people were currently facing, citing the council’s population and difficult terrains.
He stated that the INEC should make it easier for eligible voters to travel from different parts of the council.
Read Also: Road Accidents: Lawmakers Ask FG To Set Up Mobile Clinics On Highway
“In view of the land mass, population, and difficult terrain in Mambilla Plateau, Sardauna requires more capturing machines,” he said.
The chairman urged members of the council, particularly eligible voters, to participate in the current election.