News
FG increases number of oil blocks for 2024 bid round
The federal government has increased the number of oil blocks on offer in the 2024 marginal bid round.
Gbenga Komolafe, chief executive officer (CEO) of the Nigerian Upstream Petroleum Regulatory Commission (NUPRC), spoke on Tuesday at the pre-bid conference for the 2024 licencing round in Lagos.
On May 8, NUPRC invited investors to bid for 12 oil blocks and seven deep offshore assets in the 2024 marginal bid round.
In addition to the previously disclosed 12 oil blocks available in the bid round, Komolafe said the nation has placed more oil blocks for sale.
He said this follows the acquisition of more geological data, which resulted in the discovery of more prospective blocks — a feat achieved in partnership with multi-client partners.
Komolafe said details of the newly identified oil blocks “would be made available on the portal”.
“The newly identified blocks will be added to the pool of blocks originally scheduled for the bid exercise and their details will be made available on the bid round portal,” he said.
“In addition to these blocks, the seven deep offshore blocks from the 2022 mini-bid round exercise which cover an area of approximately 6,700 km2 in water depths of 1,150m to 3,100m shall also be concluded along with this licensing round.”
Komolafe expressed the commission’s determination to carry out the bid round in a transparent manner in line with section 76 (1) of the Petroleum Industry Act (PIA).
He said each bloc was picked for its potential to strengthen the nation’s reserve and economic posterity, adding that as of April, Nigeria’s oil reserve stood at 37.5 billion barrels of oil, while gas reserve was 209 trillion cubic feet (tcf).
“We are not just a regulator, but a business enabler. This bid round will enable us an unprecedented opportunity to unlock Nigeria’s vast hydrocarbon potential, attract investment and propel our nation towards greater economic prosperity and shared prosperity,” Komolafe said.
The CEO called on investors to trust their investments in the Nigerian oil sector because it is cheaper for them to conduct exploration and production of oil in the country due to the depth of the oil wells.
“In the past the award of oil blocks culminated to the non-development of over 90 per cent of marginal fields, thus denying the federal government of reaping the intended benefits because such awards were not based on technical and financial considerations,” he said.
Going forward into the 2024 oil bid round, Komolafe said only investors with sufficient financial and technical capacity would be given consideration.
News
Aso Rock in darkness as vandals steal TCN cable
Some parts of the Presidential Villa, popularly known as Aso Rock were yesterday (Friday) thrown into darkness as vandals carted away the Transmission Company of Nigeria (TCN) 132kva underground cables.
The General Manager, Public Affairs, TCN, Ndidi Mbah, confirmed that the attack affected 60 per cent of power supply to Abuja as the vandals carted away 40 meters of 1×500mm2 XLPE conductors on the 2 numbers 132kva transmission lines.
According to her, the attacks also affected some other parts of Abuja which included; Maitama, Wuse, Jabi, Lifecamp, Asokoro, Utako, and Mabushi.
The vandalised 132kV transmission line and underground cable supplies bulk power to the Central Area transmission substation in Katampe, Abuja.
She said the incident impacted eight distribution feeders supplying the Central Area, Abuja.
Mbah expressed concern over the ongoing issue of cable vandalism, which continues to disrupt power delivery nationwide.
She further emphasised that TCN has already dispatched a team of engineers to promptly restore power to the affected areas.
“The vandalism of this critical infrastructure is suspected to have occurred near the Menillum Park axis of Abuja,” she stated.
Mbah therefore appealed to residents in the affected areas to remain patient while efforts to repair the damaged cables are underway.
She also called on Nigerians to stay vigilant and protect transmission equipment to prevent further incidents of vandalism.
News
Kalu Leads House Delegation to Ogun for Condolence Visit
…eulogizes late Onanuga, ex-speaker Bankole’s mother
By Gloria Ikibah
Deputy Speaker of the House of Representatives, Rep. Benjamin Okezie Kalu, CON, has described the late Deputy Chief Whip, Rt. Hon. Adewunmi Oriyomi Onanuga, as an irreplaceable parliamentarian known for her vocal nature and friendly disposition.
Leading a delegation on behalf of the Speaker, Rep. Tajudeen Abbas, Kalu visited Sagamu, Ogun State, on a condolence mission to the late Onanuga’s family.
Addressing the bereaved, he praised her dedication and influence, noting her unique presence in plenary sessions and unwavering support for her colleagues.
Kalu consoled her mother, Chief Mrs. Comfort Folashade Etutu, and her children, urging them to trust in God for comfort and strength. He assured the family of the House’s continued support and prayed against further untimely deaths in the household.
Earlier, Kalu led the delegation to Abeokuta for the fidau prayers of the late Mrs. Monsurat Atinuke Bankole, mother of former House Speaker Rt. Hon. Dimeji Bankole.
He lauded her sacrifices, which contributed to the success of her children, including the former Speaker’s contributions to the National Assembly.
News
N800bn Inadequate for Nigeria’s Road Projects, Minister Umahi Tell Lawmakers
By Gloria Ikibah
The Minister of Works, Dave Umahi, has described the N800 billion allocated to his ministry in the proposed 2025 budget as grossly insufficient to address Nigeria’s growing road infrastructure needs.
Umahi stated this during the 2025 budget defence session held on Friday by the House Committee on Works, chaired by Rep. Akin Alabi.
Speaking candidly, Umahi called for an upward review of the ministry’s budgetary allocation, stressing that the current figure would barely make a dent in the nation’s road development agenda.
“We plead with you to help us. N800 billion cannot do anything for us. It cannot address our road needs, and so we plead with you to help us,” the Minister told the lawmakers.
Umahi who emphasised the importance of adequate funding to complete ongoing projects and initiate critical new ones across the country, also stressed that borrowing was a necessary step to bridge the infrastructure gap and stimulate economic growth.
The Minister underscored the potential economic impact of infrastructure development, stating that it would create jobs and boost local economies.
“When the nation is in recession, you have to borrow money and invest in infrastructure. That is how you emerge from a recession. Infrastructure is a catalyst for economic activities, and this hunger we talk about will become a thing of the past,” he explained.
“Food sellers, sand suppliers, gravel workers, and others will benefit. Support Mr. President, and let’s borrow money to build infrastructure so Nigeria can be great again,” he added.
In response, Chairman of the Committee, assured Umahi that the committee would summon the Minister of Finance and the Head of the Budget Office to clarify the rationale behind the ministry’s limited allocation.
The session also provided an opportunity for the Minister to address lawmakers’ concerns about the state of roads nationwide, with assurances that the government remains committed to completing ongoing projects.
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