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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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Olorogun Olori hails Wike’s political sagacity in South South

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Elder statesman, Olorogun Morrison Olori, has hailed the Minister of the Federal Capital Territory, Chief Nyesom Wike, for his outstanding political leadership in the South-South region and his strategic role in advancing President Bola Ahmed Tinubu’s Renewed Hope Agenda.

Olori, an octogenarian and chieftain of the All Progressives Congress (APC) in Delta State, particularly praised Wike for his transformative work as Minister of the Federal Capital Territory (FCT).

In a statement made during a public policy dialogue in Abuja, Olorogun Olori hailed Chief Wike as “a tireless bridge-builder and result-oriented leader who has brought stability and strategic political direction to the South-South and beyond.”

Chief Wike has not only strengthened the political base of the South-South region but has also become a key player in driving the Renewed Hope Agenda of President Tinubu through inclusive governance and infrastructural transformation,” Olori said.

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Highlighting Wike’s impact as FCT Minister, Olori pointed to the minister’s record-setting performance in the signing of over 5,000 Certificates of Occupancy, as well as his aggressive infrastructure renewal across the city, including road expansions, urban beautification, and housing developments. He described Wike’s efforts as “a masterclass in leadership and vision.”

“His work in Abuja has demonstrated that the Renewed Hope Agenda is not just a slogan—it is being implemented in concrete ways. He is delivering real, visible change,” Olori noted.

Olorogun Olori also emphasized Wike’s political courage in rallying support for national unity and economic revival, particularly in the South-South geopolitical zone, where he continues to serve as a stabilizing force and a voice of progress.

“Wike has used his influence not for personal gain, but to elevate the South-South and to help President Tinubu consolidate the gains of this administration,” Olori added. “This kind of partnership between the presidency and regional leaders is exactly what Nigeria needs right now.”

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Olori, however, urged other political leaders to emulate Wike’s commitment to excellence and patriotism, emphasizing that Nigeria needs more leaders who “serve with sincerity and deliver with impact.”

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Nigeria Felicitates with South Africa on 31st Freedom Day Anniversary

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By Gloria Ikibah 

Nigeria has congratulated South Africa on the celebration of its 31st Freedom Day anniversary, marking more than three decades since the end of apartheid rule.

This was contained in a statement issued by the Ministry of Foreign Affairs, on Sunday in Abuja, the Minister, Ambassador Yusuf Maitama Tuggar, extended warm greetings to his South African counterpart, His Excellency Ronald Lamola, Minister of International Relations and Cooperation.

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Ambassador Tuggar described the day as a reminder of the historic victory of democracy over apartheid and a celebration of the resilient and unified spirit that continues to shape South Africa’s journey.

“Nigeria and South Africa share a profound bond forged through decades of solidarity in the liberation struggle. As we reflect on this milestone, we recall Nigeria’s unwavering support for the anti-apartheid movement, including diplomatic, material, and moral contributions that underscored our commitment to justice and the ethos of pan-Africanism,” the statement read.

Highlighting the strong bilateral ties between the two countries, Tuggar emphasized the shared responsibility Nigeria and South Africa have in promoting peace, security, and inclusive development across the African continent.

He noted that as Africa’s two largest economies and democracies, there is a need to strengthen collaboration in areas such as trade and investment through the African Continental Free Trade Area (AfCFTA), as well as cultural exchanges and youth empowerment.

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“Therefore, on this Freedom Day, we stand with South Africa in honouring the sacrifices of heroes like Walter Sisulu, Nelson Mandela, Govan Mbeki, Thabo Mbeki and recommit to working together to realize the vision of a prosperous, peaceful, and united Africa,” he added.

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Enugu Reps caucus backs concessioning of Enugu airport

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The Enugu Caucus in the House of Representatives has thrown its weight behind the Federal Government’s plan to concession the Akanu Ibiam International Airport, Enugu, describing it as a potential catalyst for the Southeast economy.

The caucus commended the Federal Government for the initiative and urged it to hasten the process to enable the people of the Southeast and the nation to benefit from it in earnest.

It also called on the people of the region to support the concession as the only way to guarantee sustainable investment to fully develop the airport into a truly international facility.

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