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ExxonMobil/Seplat divestment to get ministerial approval soon – Tinubu

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ExxonMobil/Seplat divestment to get ministerial approval soon – Tinubu

By Francesca Hangeior

President Bola Tinubu says the ExxonMobil and Seplat divestment transactions will get ministerial approval in a few days.

The president disclosed this in his Independence broadcast on Tuesday, saying the divestment process had been approved by the Nigerian Upstream Petroleum Regulatory Commission in line with the Petroleum Industry Act.

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Tinubu disclosed that the divestment process was done in the same manner as other qualified divestments approved in the sector.

Tinubu stressed that his administration is committed to free enterprise, free entry, and free exit in investments while maintaining the sanctity and efficacy of the nation’s regulatory processes.

This principle, he said, guides the divestment transactions in the upstream petroleum sector, where he promised his commitment to changing the fortune positively.

“As such, the ExxonMobil Seplat divestment will receive ministerial approval in a matter of days, having been concluded by the regulator, NUPRC, in line with the Petroleum Industry Act, PIA. This was done in the same manner as other qualified divestments approved in the sector.

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“The move will create vibrancy and increase oil and gas production, positively impacting our economy,” the president noted.

The divestment deal between Seplat and ExxonMobil has been stalled for over two years.

On July 12, 2022, PUNCH Online reported that Nigerian National Petroleum Company Limited blocked ExxonMobil’s asset sale to Seplat.

The report stated that NNPC won a court decision temporarily blocking ExxonMobil Corporation from selling assets in Nigeria to Seplat Energy Plc.

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Seplat had agreed to acquire the United States oil major’s subsidiary for at least $1.28bn in February.

The NNPC had wished to block the transaction and to take over the permits itself and this led to litigations.

A settlement agreement was reached this year as the NNPC lifted a court injunction so that the sale of the asset to Seplat could be concluded.

The eurozone’s annual inflation rate fell to its lowest level in three-and-a-half years in September, official data showed Tuesday, dropping below the European Central Bank’s two-per cent target and fuelling expectations of a rate cut.

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Year-on-year consumer price increases in the single currency area slowed to 1.8 per cent in September, down from 2.2 per cent in August, thanks to falling energy costs.

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Aso Rock in darkness as vandals steal TCN cable

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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.

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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.

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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.

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Kalu Leads House Delegation to Ogun for Condolence Visit

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…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.

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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.

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N800bn Inadequate for Nigeria’s Road Projects, Minister Umahi Tell Lawmakers

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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.

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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.

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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.

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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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