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Afreximbank Commits $250m to OML17 Acquisition
From Joy Ekeke, Lagos
The African Export-Import Bank (Afreximbank) has disbursed $250 million of the $1.1 billion in support of the acquisition of 45 percent stake in Oil Mining Licence (OML 17) onshore oilfield by Trans Niger Oil and Gas Limited (TNOG).
A statement by the bank made the disclosure, and added that the $250-million Reserve Based Lending facility, puts Afreximbank as the largest lender, underwriting about a quarter of the financing that enabled TNOG to buy stakes in OML 17 from Shell Petroleum Development Company, Total Exploration and Production Nigeria Limited and ENI.
Other participating lenders who are expected to redeem their financial commitment are: Africa Finance Corporation (AFC), Union Bank, Shell, Hybrid Capital and Schlumberger, with TNOG advised by United Capital Plc.
The five-year $1.1 billion facility, which was signed in December 2020, despite the economic headwinds caused by the COVID-19 pandemic, was led, as Mandated Lead Arrangers, by Afreximbank, Standard Chartered Bank and ABSA.
Following the acquisition, TNOG will now operate the OML 17 onshore oilfield on behalf of the Nigerian National Petroleum Corporation (NNPC), which owns the remaining 55 per cent working interest.
The statement quoted the President of Afreximbank, Professor Benedict Oramah, as saying that “This transaction further underscores Afreximbank’s commitment to ensuring that indigenous African companies are able to play a more dominant role in the operations of specialized oil and gas assets in an industry hitherto dominated by the International Oil Companies”.
Oramah added that “TNOG as the Operator of OML 17 will invest in an accelerated production ramp up, thereby boosting foreign exchange earnings and employing more Africans.
“This resonates with our mandate. We congratulate Heirs Holdings for keeping the Africa flag flying.”
Also, the Chairman of Heirs Holdings, the parent company of TNOG, Mr. Tony Elumelu, said in the statement that the transaction was a testament of the opportunity in Nigeria.
“The transaction is a testament to the opportunity in Nigeria. Our acquisition of OML 17 and important related assets, significantly advances Heirs Holdings’ strategic vision of creating Africa’s leading integrated energy company.
“We are building a business that will ensure that African natural resources drive African power networks and ensure value creation occurs in Africa,” Elumelu said.
He thanked Oramah and Afreximbank for their strong support and the shared vision of the transaction.
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Enugu Residents Hail Tinubu’s Visit
Some residents of Enugu State have hailed President Bola Tinubu for visiting the state to inaugurate projects done by Gov. Peter Mbah on Saturday.
They said the visit would deepen further collaboration and understanding between the Federal Government, Enugu State Government and the South-East in general.
Report says that some of the projects inaugurated by Tinubu in the state include Airport-New Haven – Bisalla and Okpara Square roads built by the Mbah administration.
Other projects include completed and equipped Enugu Smart Green Schools, the completed multi-auditorium and multi-functional Enugu International Conference Centre, State-of-the-art Command and Control Centre as well as 150 patrol vehicles fitted with AI-embedded surveillance cameras.
A trader, Mr Okwy Okoh, said Tinubu did well for coming to Enugu to inaugurate projects built by the governor.
“This means that he loves the projects our governor is doing. Mbah did his best as he has constructed roads, Smart Green Schools and solved water challenge in Enugu.
“By coming here, Tinubu has shown that Mbah and Enugu people are in his heart and we thank him for the visit,” he said.
Antonia Ogbu, the President, National Council for Women Society, Enugu, expressed happiness over the visit, saying it showed that Tinubu has love for the governor and Enugu people.
“We are happy that he came to Enugu and with the infrastructural development he saw, I know that Mr President is happy with what our governor is doing,” Ogbu said.
A student Ejike Alumona, added that Tinubu’s coming to the state tells a lot politically, economically and otherwise, since he was not coming for tourism but to inaugurate projects.
“This shows that Gov. Mbah is up and doing in the last 18 months. It is kudos to him and his team.
“Tinubu’s coming might open some more doors of development for Enugu as there could be federal government partnership and interaction that could be beneficial to Enugu and Igbo in general.
“It could also be an opportunity for Mr President to visit collapsed Enugu and Port Harcourt expressway way bridge,” he said.
“Though I witnessed presidential visit when President Goodluck Jonathan visited Godfrey Okoye University, Enugu. Today again, I am happy I have opportunity to witness another president’s visit,” he said.
Mr Ogugua Emehelu, the Special Assistant to Gov. Mbah on Works and Infrastructure, described the visit as a very great day in the lives of Enugu people.
“It is not everyday that Mr President visit a state, it is special because it cuts across party line, as it has to do with good governance.
“It is also a testament for the enormous work of Mbah and his integrity in managing public fund. It shows that when you do great work, it will speak for you,” he said. (NAN)
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Alleged Money Laundering: Court Temporarily Freezes 21 Bank Accounts, Orders Holders’ Arrest
A Federal High Court in Abuja on Friday, ordered the temporary freezing of 21 bank accounts domiciled in some commercial banks and directed the arrest of the account holders by the police.
Justice Emeka Nwite gave the order after counsel for the Inspector-General (I-G) of Police, Ibrahim Mohammed, moved a motion ex-parte to the effect.
Justice Nwite also granted the “order directing the banks to issue details of the account package(s) and to place a Post-No-Debit (PND) on the accounts, disable the ATMs while allowing inflow into the said accounts” pending the conclusion of investigation.
“I have listened to the submission of the learner counsel for applicant and gone through the affidavit evidence.
“I am of the view that the motion ex-parte is meritorious.
“The application is hereby granted except that the period of the investigation can only last for a period of 90 days,” Justice Nwite said.
The judge adjourned the matter until April 3 for mention.
The banks are Access Bank Plc, Sterling Bank Ltd, Wema Bank Plc, Fidelity Bank Plc, Zenith Bank Plc, Union Bank Plc, Guarantee Trust Bank Ltd, United Bank of Africa Plc, Stanbic IBTC Bank Plc, First Monument Bank Plc, Heritage Bank Plc, TAJ Bank Plc and Keystone Bank Plc.
Report says that while the I-G is the applicant in the motion ex-parte marked: FHC/ABJ/CS/1965/V/2024, the 13 banks are sued as 1st to 13 defendants respectively.
The I-G, in the motion filed by Mohammed, sought an interim order directing the listed “banks to freeze the accounts mentioned in the schedule attached to this summon pending investigation and prosecution of this case.
“An order directing the banks to issue details of the account package(s) and to place a Post-No-Debit (PND) on the accounts, disable the ATM while allowing inflow into the said account as from the date of this court order.
“An order of the court, directing the bank to apprehend the account holder or any person transacting business on the said account and contact the police through this number 09011483807”
Giving two grounds, the lawyer said the accounts are subject of investigation and are reasonably suspected to be warehousing proceeds of unlawful activities or fraud.
He said “iIf there is any dealing with the accounts by way of withdrawal or transfer to another account by the person under investigation/investigator and the person that have absolute power to deal with the account will render nugatory any consequential order(s) which the court may make at the conclusion of this application.”
In the affidavit deposed to by Glory Ohio, a detective with the Nigeria Police Force attached to Force Criminal Investigation Department, on Feb. 12, 2024, the I-G received a petition bordering on stealing and breach of trust which preliminary investigation revealed to be money laundering.
Ohio averred that the head of the team was assigned to investigate the complaint to determine the allegations contained in the petition and investigations were initiated in that respect.
“That the complainant alleged that, he needs a (SPV) Special Purpose Vehicle company to enable him secure the contract with Nigeria Navy which led him to entered a joint venture agreement with the defendant who has the company name Indetix Limited.
“That the petitioner was offered contract to supply ICT Equipment and Accessories, supply 10 wooden canoes and out Board engines, supply of 13x115HP Yamaha 4-stroke long shaft outboard engines, supply and installation of inverter batteries and supply of outboard engines and firefighting equipment.
“That the Nigeria Navy offered the petitioner the contract and both parties open a joint account with Zenith Bank where they made themselves the two signatories to the account.
“That both parties concerned drafted memorandum of understanding and a clause spelt the sum of 15% of the profit to be paid to the defendant and parties append their signatures.
“The Nigeria Navy disbursed the contract sum in instalment to be used in execution of the contract.
“That the petitioner received a letter from the complainant that he is not comfortable with the first agreement signed by both parties for 15% of the profit rather a 7.5% of the total sum of the contract to his own share of the contract.
“That the petitioner disagreed with the proposal and the new terms intended to be smuggled into parties earlier agreement.
“That the refusal of the petitioner does not go well with the suspect as a result of which the suspect sent a purported company resolution to the bank and removed the petitioner as a signatory to the joint account, which makes him the sole signatory.
“That his act was motivated in furtherance of his clandestine motives to steal from the joint account and he did stole money under the guise of purchase of the board engine.
“That the suspect further transferred the contract sum paid into the joint account to various accounts in other to disguise the origin of his illegal activities,” the officer said.
Ohio said the purported money disbursed for the purchase of the engine board was later transferred back to the suspect different account from the joint account.
According to the detective, this is done to promote money laundering and conceal his illegal activities.
The officer said the intelligent report gathered so far revealed that the suspects were making effort to transfer or withdraw money from the accounts and that unless the court grants the order, otherwise, the investigation will be jeopardise.(NAN)
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New Year: Gov. Mbah Frees 7 Inmates, Pardons one on Parole
Gov. Peter Mbah of Enugu State has granted various forms of prerogative of mercy to eight inmates of the Correctional Centres in the state on parole.
This is contained in a statement released by the Governor’s Media Aide, Mr Uche Anichukwu, on Wednesday in Enugu.
Anichukwu said the decision was communicated to the Comptroller, Nigerian Correctional Service, Enugu State Command, Mr.
Nicholas Obiako, in a letter dated Dec. 31, 2024.He said that the letter was signed by the Chief of Staff to the Governor, Mr Victor Udeh.
According to him, Mbah had exercised his power of Prerogative of Mercy under Section 212 of the 1999 Constitution of the Federal Republic of Nigeria as amended.
He added that in consultation with the Advisory Council on Prerogative of Mercy, Enugu State, granted various forms of Prerogative of Mercy to the following convicts in the Correctional Centres in Enugu State.
“A breakdown of the reprieves shows that Mbah approved the release, subject to a one-year parole, of eight inmates who have spent substantial parts of their jail terms for various offences.
“One offender was granted pardon subject also to a one-year parole, having spent part of his five-year jail term for contempt of court and equally purged himself of the contempt,” Anichukwu said.
He added that the decision was also subject to reports of proven reform in character, ability to reintegrate with the society having possessed or learnt some productive skills.
He said that it also followed the recommendation by the Correctional Services and the Advisory Council on Prerogative of Mercy. (NAN)