Oando PLC has successfully completed its acquisition of the Nigerian Agip Oil Company (NAOC) from Italian energy giant Eni for a total consideration of $783 million.

The company confirmed via a press release that the deal has been completed representing a significant milestone in Oando’s long-term strategy. The transaction includes reimbursement and consideration for the asset.

The acquisition is expected to solidify Oando’s position in Nigeria’s oil and gas sector, enhancing its operational footprint and expanding its upstream capabilities.

Recall Italian Oil Major, Eni, reported it had received the approval of the Nigerian Upstream Petroleum Regulatory Commission (NUPRC) to sell its unit, Nigerian Agip Oil Company (NAOC), to Oando.

Eni said NAOC focuses on onshore oil and gas exploration and production as well as power generation in Nigeria.

The Nigerian Upstream Petroleum Regulatory Commission (NUPRC) had also announced that Oando PLC  completed the acquisition of 100%  shares of Nigerian Agip Oil Company Limited (NAOC Ltd).  

NUPRC Chief Executive, Engineer Gbenga Komolafe disclosed in July that Oando Plc a leading indigenous energy solutions provider has completed its divestment agreement with ENI for the acquisition of 100% of the shares of Nigerian Agip Oil Company Limited (NAOC Ltd). 

Key Transaction Details

Increased Stake in Key Oil Blocks: The acquisition boosts Oando’s participating interest in Oil Mining Leases (OMLs) 60, 61, 62, and 63 from 20% to 40%. This expands Oando’s ownership in all NEPL/NAOC/OOL Joint Venture assets, encompassing 40 discovered oil and gas fields, of which 24 are currently producing.

Enhanced Infrastructure Ownership: Oando now has a stake in vital infrastructure, including approximately 1,490 km of pipelines, three gas processing plants, the Brass River Oil Terminal, and the KwaleOkpai power plants (960MW capacity). This acquisition further strengthens the company’s infrastructure footprint in Nigeria.

Significant Increase in Reserves: Oando’s total reserves have jumped from 505.6 million barrels of oil equivalent (MMboe) to over 1 billion barrels, representing a 98% increase based on 2022 reserve estimates.

Immediate Cash Flow Impact: The transaction is expected to be immediately cash generative, significantly enhancing Oando’s financial position and cash flows.

Strategic Importance

Wale Tinubu, Group Chief Executive of Oando PLC, highlighted the significance of this acquisition as the culmination of a decade-long effort that began with Oando’s acquisition of ConocoPhillips’ Nigerian assets in 2014.

Tinubu stated, “This is a win for Oando and every indigenous energy player as we take our destiny in our hands and play a pivotal role in the next phase of Nigeria’s upstream evolution.”

He further emphasized Oando’s commitment to optimizing the acquired assets’ potential while maintaining a focus on responsible practices, sustainable development, and contributing to Nigeria’s goal of boosting oil production.

Oando has cautioned that while it believes the acquisition will yield significant benefits, the transaction involves inherent risks and uncertainties. These include potential changes in project parameters, the future price of crude oil, and risks associated with international operations. The company advised investors to consider these factors when evaluating its future prospects.

Despite the uncertainties, Oando remains optimistic about the acquisition’s potential to drive growth and value creation, particularly as it explores diversification opportunities in clean energy, agri-feedstock, and energy infrastructure.

[Nairametrics]

Euro 2024 winner and Real Sociedad midfielder Mikel Merino has agreed to become a new Arsenal player ahead of the transfer deadline, according to reports in Spain.

Transfer Expert, Fabrizio Romano, revealed that a verbal agreement has been put in place for the Spanish midfielder to the Premier League side.

Romano in a post on his X handle said €32m plus €5m add-ons with favourable payment terms have been agreed on for the player to move to the Emirate Stadium.

Reports in Spain added that the negotiations between Arsenal and the Spanish club have ended ‘in an agreement’ and Merino ‘did not train on Wednesday with his current Real Sociedad teammates due to lower back pain, according to the official version, but everything indicates that he was already living his last hours as a player for the San Sebastian club, as the agreement for his transfer to Arsenal was being finalised.’

Real Sociedad president Jokin Aperribay was ‘seen taking a flight to London’ late on Tuesday and now a deal is set to go through for around €35m.

Arsenal are being tipped by a number of pundits and former players to win the title and their pursuit of Spain international Merino could help them achieve their ambitions.

[Leadership]

Bolt has blocked numerous accounts involved in the prank between Nigerians and South Africans.

In a trend that took many by surprise, Nigerians and South Africans renewed their online rivalry.

The trend started by the South Africans was tagged: ‘Request in Nigeria Challenge’.

Customers had ordered fake rides and cancelled them after drivers accepted.

Some Nigerians had followed the steps of their South African counterparts.

Several users shared their experiences on X and express their frustration.

One user, @Iamwhykayy, wrote that South Africans were ordering rides from South Africa and then canceling after the driver arrived, “wasting the drivers time & fuel.”

Another user, @Oladapomikky1, claimed that over 40 Bolt and Uber cars were ordered to a single street in Johannesburg by Nigerians, only to be canceled.

The incidents have sparked outrage and concern among X users, who view the behavior as a form of digital harassment and a reflection of underlying prejudices.

Some have argued that the actions are indicative of a “scary kind of obsession” that South Africans have with Nigerians.

Commenting on the situation, Yahaya Mohammed, Country Manager of Bolt in Nigeria, said, “Bolt is aware of the fake ride request incident between some individuals in Nigeria and South Africa. We understand the impact this situation has had on our driver-partners in Nigeria and South Africa. We are committed to ensuring a safe, reliable, and secure experience for all members of our community.”

Coincidentally, the incident happened a day after Chidimma Adetshina, South Africa-based model of Nigerian descent, arrived in Lagos ahead of the 2024 Miss Universe Nigeria competition.

The 23-year-old law student came to Nigeria after accepting to participate in the competition following her controversial withdrawal from Miss South Africa 2024 due to xenophobic backlash over her nationality.

Nigerians and South Africans clashed online over the issue which led to Adetshina’s withdrawal from the event.

Upon arrival, she expressed her excitement: “I’m so thrilled. I was excited throughout the flight and can’t wait to explore more of Nigeria. I look forward to meeting the other contestants. I’m grateful for the opportunity to compete. I believe dreams are valid when action is taken, and I feel this is my time to manifest that. This is the first step towards what I want to achieve.”

[DailyTrust]

A Rivers State High Court sitting in Port Harcourt has granted an ex parte order restraining the national leadership of the All Progressives Congress, APC, led by Abdullahi Umar-Ganduje and the Secretary Surajudeen Ajibola-Basiru, from proceeding with the planned Rivers State Ward, Local Government and State Congresses scheduled for October 11, 16, and 26, 2024.

The lawsuit, filed by Peter Ohochukwu and Haija Ndidi-Chukwuma on behalf of themselves and all elected executive members of the APC in the state, named the APC, the Inspector General of Police, IGP, the Nigeria Police, and the Independent National Electoral Commission, INEC, as defendants.

Justice Godwin O. Ollor, in his ruling on the ex parte motion on Thursday, also restrained the defendants, their representatives, officers, or agents from conducting, supervising, holding, monitoring, or otherwise organizing any elections for the Rivers State executive committee.

Justice Ollor emphasized that his ruling was based on the merits of the application and the oral arguments presented by the plaintiffs’ counsel, Collins Dike.

The court also barred the national leadership of the APC from attempting to suspend the state executives led by Emeka Beke.

The judge further restrained the APC’s national chairman, secretary and the party itself from interfering with the activities of the elected APC executives in the state, led by Beke, pending the hearing and determination of the motion on notice for an interlocutory injunction.

DAILY POST reports that Justice Ollor adjourned the case to September 9, 2024, for the hearing of the motion on notice.

Speaking to journalists outside the courtroom, counsel for the claimants, Collins Dike said, “After the very erudite judgement of My Lord Honorable S. H. Aprioku, the national office wrote a letter in which they disclosed their plans to hold an elective congress specifically for Rivers State.

“Invariably what they intended to achieve with that was to ensure the judgement of Honorable justice Aprioku was rendered a nullity.

“The judgement of Honorable justice Aprioku was very clear, that the tenure of office of the elected executives of the party was still subsisting, was still valid, until the four years term the constitution gave them expired.

“But curiously, these people, in spite of the fact that there’s no vacancy in the various offices that make up the executive committee, went behind and started planning how to hold an elective congress, in-spite of the fact that they are fully aware of that judgement, they have been served with that judgment.

“So, it is for that reason that we said no. They have created a new cause of action by their attempt to proceed with plans to hold an elective congress. And if we do not do anything, they will foist a fait accompli on the court with respect to the judgement of Honorable Justice S. H. Aprioku by purporting to hold that elective congress.

“And it is for that reason that we have gone on to say that no, what they want to do is contrary to the law.

“And we are happy that the court was convinced with the facts we presented, convinced with the argument we presented. And the court has in very clear terms, restrained them from proceeding in the interim pending when the court will be hearing all the parties.”

[DailyPost]

President Bola Ahmed Tinubu signed a new national minimum wage of N70,000 into law on Monday, July 29, 2024, from the initial N30,000.

This decision followed a series of negotiations where the Tripartite Committee, which includes representatives from Organised Labour, the private sector, and the federal government, failed to reach a consensus.

The new minimum wage is seen as a significant step towards addressing the rising cost of living and enhancing the welfare of Nigerian civil servants.

However, the move has garnered mixed reactions from state governors. While some have expressed their readiness to implement the new minimum wage, others have raised concerns about their financial capacity to do so.

Here are some state governors who have announced their readiness to implement the new N70,000 minimum wage:

1. Babajide Sanwo-Olu (Lagos State):

During Workers’ Day on May 1, 2024, Governor Babajide Sanwo-Olu assured Lagos State civil servants that his administration would implement the new minimum wage. Lagos State Commissioner for Information and Strategy, Gbenga Omotoso, confirmed on August 10, 2024, that the state had been paying above the minimum wage even before it was officially approved.

2. Ademola Adeleke (Osun State):

Governor Ademola Adeleke of Osun State has affirmed his readiness to implement the new minimum wage. On July 19, 2024, Osun State’s Commissioner for Information, Kolapo Alimi, stated that Adeleke’s administration is committed to workers’ welfare and will adhere to the new wage law.

3. Godwin Obaseki (Edo State):

Governor Godwin Obaseki of Edo State has already started paying the new minimum wage of N70,000, even before President Tinubu signed the bill into law.

4. Hyacinth Alia (Benue State):

Governor Hyacinth Alia of Benue State confirmed on July 19, 2024, that his administration is prepared to pay the new N70,000 minimum wage. He also noted that measures have been implemented to block financial leakages and ensure proper payment.

5. Babagana Umara Zulum (Borno State):

Governor Babagana Zulum of Borno State has expressed his commitment to paying the new N70,000 minimum wage. This was reported by Borno State’s Nigeria Labour Congress chairman, Inuwa Yusuf, on July 21, 2024.

6. Seyi Makinde (Oyo State):

Governor Seyi Makinde of Oyo State, through Chief Press Secretary Sulaimon Olanrewaju, stated on July 29, 2024, that implementing the N70,000 minimum wage would be manageable. Olanrewaju highlighted that the governor’s commitment to meeting the new wage requirement remains firm.

7. Abdullahi Sule (Nasarawa State):

Governor Abdullahi Sule of Nasarawa State has indicated readiness to pay the new minimum wage. On August 6, 2024, his Senior Special Assistant on Public Affairs, Comrade Peter Ahemba, confirmed the administration’s commitment to worker welfare and stated that payments would begin soon.

8. Lucky Aiyedatiwa (Ondo State):

Governor Lucky Aiyedatiwa of Ondo State has shown his willingness to implement the new minimum wage. This was announced on August 6, 2024, in a statement from the Ondo State Head of Service, Mr. Bayo Philip.

9. Ahmadu Umaru Fintiri (Adamawa State):

Governor Ahmadu Umaru Fintiri of Adamawa State announced on August 19, 2024, that the new N70,000 minimum wage has been approved for civil servants. He described this as a reaffirmation of his administration’s commitment to workers’ welfare.

[TheNation]

The Enugu State Police Command announced on Thursday that it had apprehended a total of 123 suspects between July and August of this year.

The arrests were made in connection with various crimes, including murder, armed robbery, kidnapping, rape, vandalism, theft, illegal possession of firearms and ammunition, and cultism.

During a press conference at the Command’s Headquarters, State Commissioner of Police Kanayo Uzuegbu revealed that numerous incriminating exhibits were seized during the operations that took place across the state.

Uzuegbu further stated that many of the suspects have been charged and remanded in custody at the Nigerian Correctional Custodial Centres.

While commending the residents of the state for providing the command information, he still appealed they shouldn’t relent timely and actionable information will help the command to provide better security for all in the state.

A breakdown of the arrests shows that 123 suspects were apprehended and 19 victims of kidnapping and abduction were rescued during the period in question.

He said, “AK-47 and assault rifles recovered -15, Pump action guns recovered – 25, other firearms recovered – 35, live ammunition of different calibres recovered – 710, live cartridges recovered – 187, motor vehicles recovered – 17, tricycles recovered – 11, motorcycles recovered – 8,” the crime summary report indicated.

While confirming the attack on the police checkpoint where four policemen were killed by hoodlums, he, however, refuted the purported kidnapping of some persons around the Enugu State College of Health Technology, Oji-River.

He stated, “Rather, the four persons, three of whom were not students of the school, allegedly kidnapped around the College on August 14, 2024, have all been rescued and reunited with their families.

“Meanwhile, be informed that the suspects involved have been arrested and are undergoing interrogation.

“Also, the peddler of the unwarranted panic news on the incident has been traced and he has been apologizing for the mischievous act.

“Similarly, the sinister plans of the IPOB/ESN secessionist renegades to attack the police operatives and cause collateral damage at 4-Corner, along the Enugu/Port-Harcourt Expressway, on August 18, 2024, were squarely thwarted by the operatives.

“The militants, dressed in security forces uniforms and operating in a snatched Lexus 350 Jeep, suddenly opened fire on the patrol team on approaching the operatives.”

Uzuegbu commended the Enugu State Government, under the leadership of His Excellency, Dr. Peter Mbah, “for taking the bold and pragmatic steps of demolishing houses and facilities used in harbouring and perpetrating acts of abduction and kidnapping in the State.

“Therefore, I call on citizens of Enugu State, particularly landlords, hoteliers, and owners of uncompleted buildings to be mindful of who they accommodate in such structures.”

“This is to ensure that they do not harbour criminals whose activities could bring about the demolition of their building facilities.”

While providing further details on the arrests made within the period, the Police Commissioner said, “Yesterday, August 21, 2024, at about 5 p.m., Police Operatives serving in the Anti-Cultism Tactical Squad recovered an AK-47 rifle at New Artisan, Enugu.”

[Punch]

No fewer than 2,111 protesters were arrested in connection with the 10-day #Endbadgovernance action across the country that was held from August 1st to 10th.

Also, 1,403 have been surreptitiously arraigned in various courts. However, the suspects were ordered to be remanded in prison custody due to a lack of legal representation, whereas the Nigerian Bar Association, NBA, had publicly announced its intention to provide lawyers to defend them.

Femi Falana, SAN, human rights activist, and The Chair, Alliance on Surviving Covid-19 and Beyond, ASCAB, made the revelations in a fiery statement that also included an ultimatum for the government to charge them to court.

In the statement, entitled ‘HALT THE CLAMPDOWN ON PROTESTERS’, Falana also said: “Seven Polish students, who were taking part in an exchange programme in Bayero University, Kano, were arrested for taking photographs during the protest.

“They may be charged with espionage to give the impression that the protests were instigated by foreign interest groups.”

On the arrested and detained protesters, Falana demanded that “Whenever the suspects are going to be arraigned, they must be given adequate notice to be able to contact the Nigerian Bar Association, NBA, and their family members to make arrangements for their defence.”

Arrest across Nigeria

Falana also gave a breakdown of the distribution of protesters arrested across the states and the Federal Capital Territory, FCT, Abuja.

1. Kano — 873

2. Jigawa — 403

3. Katsina–120;

4. Gombe — 111

5. Sokoto — 110

6. Borno — 99

7. Yobe — 90

8. Bauchi-60

9. Plateau — 51

10. Kaduna — 50

11. FCT — 50

12. Nasarawa — 40

13. Niger — 25

14. Zamfara — 19

15. Cross Rivers — 10

‘Suspected looters are treated better’

According to the fiery activist, “We have also confirmed that individual lawyers who had applied for the bail of the detained suspects in police stations were not informed that they were going to be arraigned in the courts.

“We submit that the decision of the authorities to deny the suspects legal representation constitutes a violent breach of their fundamental right to fair hearing guaranteed by section 36 of the Constitution and article 7 of the African Charter on Human and Peoples Rights (Ratification and Enforcement) Act.

“This is highly discriminatory and illegal on the ground that politically exposed persons who are arrested for looting the treasury to the tune of several billions of Naira are usually informed in advance of the dates and of their arraignment in the courts.

“Such highly placed suspected looters are always granted bail in liberal terms and even authorised by trial judges to travel abroad for medical treatment.

“The offence allegedly committed by the 783 suspects arrested in Kano is that they displayed the Russian flag during the protest.

“A tailor who was sowing the flag was also arrested by the police. It may be difficult to press charges against the suspects in a country where the flags of the United States, United Kingdom, France, Germany and other European countries are hoisted by the majority of hotels in Nigeria while Churches hoist the flag of Israel based on the erroneous belief that it is a Christian country.”

Vanguard News

Agora Policy, an Abuja-based think tank, says petrol subsidy will reach an all-time high in 2024 after gulping N4.2 trillion from January to August.

In a post on Thursday, the organisation said petrol subsidy, which was supposedly ended in mid-2023, “is not only back but bigger than prior era”.

Agora Policy said petrol subsidy stood at N5.10 trillion in 2023 — almost double the record set in 2022. 

“With 4.2t incurred in just seven months, 2024 is set for an all-time record,” the think tank said.

According to data shared by Agora Policy, Nigeria spent N220 billion in 2006 on subsidy, N236 billion in 2007, and N360 billion in 2008.

In 2009, petrol subsidy payments dropped to N198 billion, increasing to N416 billion in 2010, and N1.9 trillion in 2011.

The year after, the petrol subsidy culminated in N690 billion, but dropped to N495 billion in 2013, N482 billion in 2014, N317 billion in 2015, and N99 billion in 2016.

However, in 2017, Agora Policy said the amount spent on petrol subsidy rose to N142 billion, N722 billion in 2018, before declining to N578 billion in 2019, and N135 billion in 2020.

The decline halted in 2021, as the petrol subsidy rose to N1.16 trillion, N2.91 trillion in 2022, and N5.10 trillion in 2023. 

“Out of N20.37t incurred on petrol subsidy from January 2006 to July 2024, the year 2023 accounted for 25.04% of the total while seven months in 2024 alone is responsible for 20.67% of the total,” Agora Policy said.

By contrast, the organisation said 16 years accounted for just 40 percent of the total subsidy.

“Petrol subsidy as a percentage of gross oil revenues in 18 years and seven months: from 21% in 2011 to 126% in 2023, then to 113% between January and July 2024,” Agora Policy said.

“Another dimension: petrol subsidy as a percentage of FAAC net revenues, ranging from 1.9% in 2020 to 50% in seven months of 2024.

“Here’s what petrol subsidy as a percentage of GDP looks like. Petrol subsidy was 2.2% of GDP in 2023, when it was supposedly gone by mid-year.”

Agora Policy said the percentage for 2023 was only surpassed by that of 2011 (3 percent), “regarded as a tipping point”.

TheCable had reported that President Bola Tinubu approved a request by the Nigerian National Petroleum Company (NNPC) Limited to utilise the 2023 final dividends due to the federation to pay for the petrol subsidy.

However, on August 19, the national oil company said the federal government owes it N7.8 trillion for petrol subsidy — despite denying the existence of petrol subsidy 

On August 20, the NNPC said it is selling petrol at only half the landing cost.

[TheCable]

The Federal Government has unveiled the new Presidential Jet -Airbus A330 which it acquired against widespread criticism Many Nigerians had argued that the acquisition would be insensitive given the country’s economic challenges; hence suggested that existing aircraft should be overhauled while others maintained that the purchase was a necessity rather than a luxury. The Government as an act of being transparent and accountable should make public the cost of the Jet.

The current presidential fleet consists of old aircraft that have become unreliable and consume high maintenance costs. The President was forced to use chartered flights to Saudi Arabia and from South Africa; the Vice President also had to cancel an official visit to the United States due to faulty presidential aircraft. It is more cost-effective, safer, and convenient to have a functional presidential fleet than frequently chartering flights.  New planes consume less fuel, require less maintenance, and are more reliable than older ones.

The President and the Vice President require a functional and reliable presidential fleet to perform their duties optimally. They are often required to travel to attend summits, and meetings, engage in foreign missions, respond to emergencies, etc. Lest we forget, Presidential Jets are also a symbol of National Pride and the Status of Office. Also recently a good number of high-profile persons including the former President of Iran have died in air mishaps; a call for more caution. New planes have better visibility, navigation systems and are more resilient.

It is important to note that three aging presidential aircraft were put up for sale in June 2024 and that the  Presidential Jet is an asset, not an expense which is expected to be used beyond this administration.  It is an investment that will facilitate effective governance. While wastage in governance should be minimized, cost containment should not be over-emphasized. A leader can save a lot of money during his tenure whilst leaving important things undone; sometimes as a result of lack of initiative. More important is tackling corruption and ensuring that government expenditures pass the cost-benefit assessment before they are incurred.

The outcry over the purchase of the President Jet is understandable considering the current economic hardship in the country, the government should therefore sensitize people on the benefits of the purchase and reassure people that it is working on improving their welfare. The government should also fast-track the implementation of policies that will reduce economic hardship in the country. The cost of the new Presidential Jet should be made public.

Kenechukwu Aguolu FCA,CBAP,PMP
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