Buhari flags off oil exploration in Bauchi, Gombe tomorrow – Newstrends
Connect with us

Business

Buhari flags off oil exploration in Bauchi, Gombe tomorrow

Published

on

Crude Oil Exploration

Barring any last minute change of plan, President Muhammadu  Buhari will tomorrow flag off oil exploration activities in Bauchi and Gombe States.

Specifically, the president will conduct the ground-breaking ceremony of the Kolmani Oil Prospecting Lease (OPL) 809 and 810 at the Kolmani field site located in Bauchi and Gombe states.

Nigeria currently produces far less than its Organisation of Petroleum Exporting Countries(OPEC) quota of 2.1 million barrels per day due to hostilities and oil theft in the Niger Delta region.

The latest efforts for oil search at the Kolmani River-II Well in the Gongola Basin have been ongoing for some years with geologists optimistic of commercial discoveries in the zone.

READ ALSO:

This was even as industry observers lauded the  political will of the Nigerian National Petroleum Company Limited (NNPCL) to intensify search for hydrocarbon resources in the region amidst stiff opposition from various stakeholders. ‘‘The flag off of oil drilling in Kolmani River-11 further lays credence that the NNPCL was right afterall in its sustained search for oil in this region. We are happy with with development and wish to congratulate Mr. President and his team,’’ said some industry observers.

In July 2019,  during an inspection tour of the ongoing drilling operations at the Kolmani River-II Well drilling site in Bauchi and Gombe States, along with his successor, Mr Mele Kyari, late Dr. Maikanti Baru, the then Group Managing Director of NNPC, said he could not wait for President Muhammadu Buhari to light the first flame at the area, signifying a  potential discovery of hydrocarbons.

He said: “With the level of commitment and dedication I have seen on the part of the exploration team, I cannot wait for Mr. President to light the first flame at the area.”

Commenting on the development, Managing Director of Contrac International Services, an oil survey firm Mr. Jude Elochukwu, said the move by Buhari, will translate to economic prosperity for the country, saying the commencement of oil drilling in Kolmani River-11, would bring a new dawn for the oil and gas industry.

He said the hope for increased oil production can now be renewed as Nigeria’s oil production was nearly at its knees due to massive oil theft in the Niger Delta region. Also speaking, Chief Executive Officer of Synergy Oil Drilling Services Limited, Mr.Ademola Oladiti, gave kudos to NNPCL, Ministry of Petroleum and other Government agencies for sustaining the search.

He said fresh oil discovery in other parts of the country was long overdue because of the security challenges in the Niger Delta.

SUN

Business

Release Nigerian traders’ data to EFCC, court orders Binance

Published

on

Release Nigerian traders data to EFCC, court orders Binance

 

A Federal High Court in Abuja has ordered Binance Holdings Limited, a cryptocurrency exchange platform, to furnish the Economic and Financial Crimes Commission with the comprehensive data of all persons from Nigeria trading on its platform.

Justice Emeka Nwite granted the interim order after ruling on the ex-parte motion moved by the EFCC’s lawyer, Ekele Iheanacho.

This was granted to enable the anti-graft agency to unravel the alleged money laundering and terrorism financing on Binance.

The ex-parte motion was brought pursuant to Sections 6(b), (h), (I), 7(1), (a)(2), and 38 of the Economic and Financial Crimes Establishment Act, 2004 and Section 15 of the Money Laundering (Prevention and Prohibition) Act, 2022 (as amended) and the inherent powers of the court.

An operative of the EFCC, Hamma Bello, in an affidavit he deposed to, said the matter was of utmost urgent public interest.

He said the data provided would enable the commission to accomplish its investigation activities.

He said it was in the interest of justice to grant the application as refusal of the request would largely hamper the commission’s investigation.

He stated, “That the team uncovered users who have been using the platform for price discovery, confirmation and market manipulation which has caused tremendous distortions in the market, resulting in the naira losing its values against other currencies.

“That the damage the platform has caused was clearly explained to the operators of the platform and they were requested to delist the Naira and avail the ONSA on the activities of the Nigerians on their platform,”

He said the information availed to the team by Binance shows that the total trading volume from Nigeria in 2023 alone stood at $21.6 billion.

Binance is a cryptocurrency exchange that lists more than 350 cryptocurrencies globally.

Continue Reading

Railway

UK firm to build PH-Enugu-Abuja standard rail line – FG

Published

on

UK firm to build PH-Enugu-Abuja standard rail line – FG

The Federal Government has signed a Memorandum of Understanding with Messrs MPH Rail Development Limited, a United Kingdom company for the construction of the Port Harcourt–Enugu–Calabar–Abuja Standard Gauge Rail Line.

The project when completed will be operated under a public-private partnership framework.

These details are contained in a statement issued by the Federal Ministry of Transportation and published on its website.

Under the MoU, the UK firm will manage the design, construction, commissioning, operation and eventually transfer to the Nigerian Railway Corporation.

The ministry stated that the MoU signing followed the approval of the Outline Business Case and the issuance of a compliance certificate by the Infrastructure, Concession, and Regulatory Commission.

This clearance allows Messrs MPH Rail Development (UK) Limited to focus on assembling the necessary documents for the Federal Executive Council (FEC) approval to proceed with the project.

Some of the essential documents for advancing this initiative are listed as a comprehensive feasibility study report, a full Business Case Study, an Environmental and Social Impact Assessment, the production of a Resettlement Action Plan, and the design of a Financial Model to implement the project.

This would ensure transfer of the line to the Federal Government under a PPP arrangement without incurring loans or debts for the Nigerian government or its agencies.

At the MoU signing ceremony, Alkali pledged the ministry’s support for the successful implementation of the project.

He emphasized the importance of diligent preparation and submission of all requisite documents to expedite FEC’s approval.

The statement read in part, “As part of the initiative to consolidate the ongoing railway modernisation projects consistent with the Renewed Hope Agenda of Presidential Bola Ahmed Tinubu administration, the Minister of Transportation, Senator Saidu Ahmed Alkali, has executed a Memorandum of Understanding on behalf of the Federal Ministry of Transportation with Messrs MPH Rail Development (UK) Limited to enable the company to carry out the design, construction, commissioning, operation and transfer of the Port Harcourt–Enugu–Calabar–Abuja Standard Gauge Rail Line on Public – Private Partnership basis.”

Continue Reading

Business

No approvals from FEC for borrowing through eurobond, says DMO

Published

on

No approvals from FEC for borrowing through eurobond, says DMO

The Debt Management Office (DMO) says it has not secured approval of the Federal Executive Council for the appointment of advisers and eurobond issuance.

The Federal Government could raise as much as $1 billion in external borrowing in 2024 through this method to meet its spending needs.

On March 13, there were reports Nigeria had hired investment banks to seek advice on its first eurobond issue since 2022.

But the DMO in a statement on Friday said it had not appointed transaction advisers.

“The appointment of Transaction Advisers by the DMO is done in accordance with the provisions of the Public Procurement Act, 2007 and is subject to the approval of the Federal Executive Council (FEC),” DMO said.

“Also, the Issuance of Eurobonds by the Federal Government of Nigeria in the International Capital Market is subject to the approval of the FEC and receipt of the Resolution of the National Assembly (NASS) in accordance with the provisions of the Fiscal Responsibilities Act, 2007 and Debt Management Office (Establishment, Etc.) Act, 2003.

“Currently, the DMO has not received the requisite approvals from the FEC and Resolution of the NASS for any Eurobond Issuance.”

Continue Reading

Trending

Skip to content