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Tinubu: Our Interventions in Oil and Gas ‘ll Safeguard, Enhance Value of Investments

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By David Torough, Abuja

President Bola Tinubu has said his administration will continue to provide the needed interventions in the oil and gas industry in line with the provisions of the Petroleum Industry Act (PIA).

Speaking when he received a delegation from the Chevron Corporation, led by Mr.

Clay Neff, President of Chevron International Exploration and Production, on Tuesday in Abuja, Tinubu said Nigeria would strengthen its long-standing partnership with the multinational company in line with the evolving dynamics in the oil and gas industry.

The President welcomed Chevron’s commitment to build on its investments in shallow and deep water operations in Nigeria, noting the company’s ongoing $1.

4 billion drilling project with the Nigerian National Petroleum Company Limited (NNPCL).

He commended Chevron for its dedication to reducing its carbon footprint in the country.

”You must see the PIA as a legacy law. We assure you of quick interventions and turnaround on any issue you may have in your operations in our country.

”Nigeria is proud of the 60-year partnership with Chevron, and we believe this partnership will be strengthened to add mutually-beneficial value for the benefit of your shareholders as well as the living standards and economic opportunities of our population,” President Tinubu said. 

In his remarks, Mr. Neff pledged that the company would continue to operate in full adherence to the highest standards, even as it meets its investment commitments in Nigeria.

He highlighted the company’s contributions to domestic gas supply, noting the delivery of 25% gas through a joint venture with NNPC Limited.

He said Chevron was scaling up its investments in the country with its recent efforts in a new phase of development to include: “the conversion, under the Petroleum Industry Act, of all the NNPCL/Chevron Nigeria Limited Joint Venture (JV) Oil Mining Leases (OMLs) and Agbami OML 127 to Petroleum Mining Leases and Petroleum Prospecting Licences (PPLs); entry into OPL 215 block to boost deep-water development opportunities; signing of 20-year renewal of three deepwater leases; commencement of seismic data acquisition in several deepwater leases; commencement of life extension work on the Agbami project, and, in partnership with NNPCL, securing of $1.4 billion financing to fund the NNPCL/CNL JV infill drilling programme between 2022 to 2026, which includes the drilling of 37 wells in the shallow offshore and onshore Escravos area and associated facilities”.

Mr. Neff informed Tinubu that Chevron’s average annual tax and royalty remittances over the past three years had reached $3.4 billion.

”The bold steps you have taken since you assumed office are quite impressive. We are encouraged by our partnership of over 60 years, and we look forward, God willing, to continue that partnership for many decades to come.

”We are also looking at other opportunities as well, while operating with the best environmental practices. We will continue to grow our traditional oil and gas business because we know the countries where we operate are in need of those products, and the world needs those products,” he said.

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281 Inmates Missing from Custodial Centre after Borno Flood

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By David Torough, Abuja

Nigerian Correctional Service (NCoS) has declared 281 inmates missing from the Medium Security Custodial Centre, Maiduguri, Borno State.

NCoS said this followed an evacuation after the flood that engulfed the state capital.

A statement onby the Service Public Relations Officer (SPRO), Mr Abubakar Umar yesterday in Abuja said seven other inmates had been recaptured.

Umar said that the service was in custody of the details of the missing inmates, including their biometrics.

“The flood brought down the walls of the correctional facilities, including the medium security custodial centre Maiduguri (MSCC) as well as the staff quarters in the city.

“Upon the evacuation of inmates by officers of the service with support from sister security agencies to a safe and secure facility, 281 inmates were observed to be missing.

“However, it is important to note that the service is in custody of their details, including their biometrics, which is being made available to the public.

“The service is working in synergy with other security agencies as both covert and overt deployments have been activated to look out for them.

“Presently, a total of seven (7) inmates have been recaptured and returned to custody, while efforts are on ground to track down the rest and bring them back to safe custody.“While this effort is on, the public is assured that the incident does not impede or affect public safety,” he said.

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NNPCL Lifts Petrol from Dangote at N898 Per Litre

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By Tony Obiechina, Abuja

After controversies, trucks from the Nigerian National Petroleum Corporation Limited (NNPCL) yesterday lifted petrol from the Dangote Refinery.

NNPCL revealed that Dangote Refinery sold the fuel at N898 per litre.

The national oil company began loading yesterday after moving about 300 trucks to the 650,000 capacity refinery Dangote Refinery located in Ibeju-Lekki, Lagos State.

Its spokesman, Olufemi Soneye was quoted as saying, “We successfully loaded PMS at the Dangote Refinery today [Sunday].

“The claim that we purchased it at N760 per liter is incorrect.

“For this initial loading, the price from the refinery was N898 per liter.

At least, over 70 trucks had loaded at the time of this report.

This marks an end to the month-long debate over the quality and sale of the Dangote petrol.

Speaking to newsmen at the refinery, the Vice President of Oil and Gas at Dangote Industries Limited (DIL), Devakumar Edwin described the commencement of the petrol lifting moment of pride to every Nigerian.

He said, “My President has been showing presentations that 52 years ago, we were trying to see how to solve the problem of PMS supply and the queues. Now, after 52 years, we have a solution.

“And the solution is local production of PMS and it is from a Nigerian oil company. And as EPC contractor, it was constructed by a Nigerian company.

“So, it’s a matter of pride that a Nigerian oil company, constructed by a Nigerian-owned company, is able to generate PMS from the local crude and daily will not only to meet the entire requirement of Nigeria, but can also have surplus to export. So, it is a time and moment of great pride to every Nigerian.”

Edwin said 44 percent of the PMS production from the Dangote refinery can meet the requirement of the entire country.

“If you look at the refinery as a whole, PMS alone, every day, 650,000 barrels of crude if we’re processing, we can generate more than 54 million litres of PMS.

“And, of course, the refinery has the capacity to produce various other products too. 44% of the production can meet the entire requirement of the country, 56% of the production has to be exported. “So, it is a huge refinery. So, it is not only going to be doing import substitution, but it is also going to make Forex generation through export revenue.

“The gantries are actually 86 and they can load 86 trucks at a go,” he said.

Last Friday, in Abuja, a member of the Presidential Committee on the Sale of Crude Oil and Refined Product and Chairman of the Federal Inland Revenue Service (FIRS), Zacch Adedeji confirmed that the NNPCL remains the sole buyer of petrol from the Dangote refinery while willing off-takers are free to lift diesel and other products from the refinery.

According to Adedeji, the NNPCL would further distribute to other independent marketers after lifting from the refinery.

He said the nation’s oil company will commence the sale of crude oil to the Dangote refinery in naira from October 1.

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CBN Issues 30-day Deadline to Payment Service Providers on PoS Transactions

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By Tony Obiechina, Abuja

Central Bank of Nigeria (CBN) has issued a new directive to Payment Service Providers (PSPs), requiring them to comply with enhanced routing guidelines for Point of Sale (PoS) transactions.This move is aimed at strengthening the monitoring of electronic transactions across Nigeria.

The directive issued on Wednesday aims at strengthening the monitoring of electronic transactions across Nigeria following CBN’s initiative to diversify the Payment Terminal Service Aggregator (PTSA) structure, which previously operated through a single aggregator.
In a circular signed by Oladimeji Yisa Taiwo on behalf of the CBN Payments System Management Department, the apex bank mandates that all PoS transactions from merchant and agent locations—whether physical or electronic—must now be routed through any CBN-licensed PTSA.
The directive is part of efforts to decentralize PoS transaction routing and address concerns over the centralization of such transactions under a single entity.In Aug. 2011, the CBN initially granted a PTSA license to the Nigeria Interbank Settlement System (NIBSS) Plc to serve as the sole aggregator of PoS transactions.However, to promote competition and enhance service delivery, the CBN awarded a second PTSA license to Unified Payment Services Limited (UPSL) on April 19.This development aims to reduce the dependence on a single aggregator for the management of PoS transactions, promoting transparency and operational efficiency in Nigeria’s growing electronic payments landscape.

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