Economy
NNPC to begin exploration in Ogun
The Nigerian National Petroleum Corporation Limited (NNPCL) has announced its plans to commence oil and gas exploration in Ogun State.
The announcement was made following a recent visit by key stakeholders, including Minister of State for Petroleum Resources (Oil) Heineken Lokpobiri, Shell Petroleum Development Company Ltd. MD Osagie Okubor, Nigeria Upstream Petroleum Regulatory Commission CEO Engr. Gbenga Komolafe, and NNPC Ltd. Group CEO Mele Kyari, to discuss upcoming exploration efforts.
Hon. Lokpobiri highlighted Ogun State’s potential as part of the Dahomey Basin, known for its significant hydrocarbon deposits. He emphasised the federal government’s commitment to resuming exploration in various basins, including Ogun, to support Nigeria’s economic prosperity through oil and gas.
Lokpobiri said, “We have very high potential for discoveries here. Our presence emphasises the seriousness the federal government attaches to exploration activities in Ogun State.”
NNPCL’s Mele Kyari also expressed optimism about finding oil in commercial quantities in Ogun State, commending its location within the Dahomey Basin.
Governor Abiodun acknowledged Ogun State’s inclusion in oil prospecting licences (OPLs) 302, 303, 306, and 307, which position the state as a Frontier Exploration State under the PIA. He highlighted the state’s investment appeal, low operational costs, and strong support from the state government.
Abiodun also pointed out the area’s potential for bitumen extraction, reducing import dependency, and saving foreign exchange.
Naira appreciated against the dollar on Wednesday at the official foreign exchange market after the Eid-el-Fitr holidays.
The Central Bank of Nigeria’s data showed that the naira strengthened to N1,531.25 per dollar on Wednesday from N1,536.82 recorded last Friday.
This means that the naira gained N5.57 per dollar on a day-to-day basis.
Meanwhile, on the black market, the naira depreciated to N1,555 per dollar on Wednesday from N1,550 traded on Friday before the Eid-el-Fitr holidays.
Meanwhile, recall that over the weekend, the Central Bank of Nigeria announced that the Net Foreign Exchange Reserve, NFER, stood at $23.11 billion, the highest level in over three years.
The Central Bank of Nigeria (CBN) has dismissed claims that it has introduced new N5,000 and N10,000 notes, labeling the reports as false.
In a statement posted on X on Wednesday, the apex bank debunked the rumors, stating: “This content is NOT from the Central Bank of Nigeria. Kindly note that the official website of the CBN is cbn.gov.ng.”
The clarification comes amid widespread misinformation suggesting that the CBN planned to roll out high-denomination banknotes to reduce cash-handling costs and improve liquidity management.
Some versions of the false reports even attributed comments to a supposed Deputy Governor, Dr. Ibrahim Tahir Jr., claiming the notes would be introduced on May 1, 2025.
Amazon has made a last-minute bid to acquire TikTok, the Chinese-owned short-video platform, just days before an April 5 deadline to sell its US operations, The New York Times reported on Wednesday.
The US tech and e-commerce giant’s move adds to the growing uncertainty surrounding TikTok’s future as regulatory pressure mounts.
ByteDance, the parent company of TikTok was ordered to divest TikTok’s US business under the Protecting Americans from Foreign Adversary Controlled Applications Act, which requires the company to sell its US operations to a non-Chinese entity by January 19, 2025, or face a ban.
The company briefly ceased operations in the US on January 18 but resumed service after President Trump signed an executive order extending the deadline by 75 days, setting a new cutoff for April 5.
With less than four days remaining, TikTok’s fate remains unclear. If no sale occurs, the app could be banned, though enforcement details have not been fully outlined.
Several potential buyers have expressed interest in TikTok, including private equity firm Blackstone. Meanwhile, US venture capital firm Andreessen Horowitz is reportedly in talks to raise additional outside investment to buy out TikTok’s Chinese investors.
The effort is part of a bid led by Oracle and a group of American investors seeking to separate the platform from ByteDance, The Financial Times reported on Tuesday.
ByteDance has not publicly disclosed progress on a sale, leaving the fate of TikTok’s 170 million US users uncertain.
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