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ABC Orjiako Bounces Back as Buhari Renews SEPLAT’s Oil Licence

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It was not long that a Lagos High Court had certified a judgment delivered by the High Court of Justice Queen’s Bench Division and upheld by the Supreme Court of United Kingdom to pay African Export-Import Bank, Diamond Bank Plc and Skye Bank Plc, the sum of $144.2 million being the outstanding and accrued interest of a facility granted to the defendants in 2011.
Though the company is still challenging the extent of its indebtedness, it was a very worrying time for all especially its shareholders
Now, the company fortunes will certainly be on the rise as President Muhammadu Buhari has given consent for the renewal of three Oil Mining Licences (OML) belonging its oil and gas firm, Seplat Petroleum Development Company Plc.

A disclosure sent to the Nigerian Stock Exchange (NSE) on Thursday said the president gave consent for the renewal of the three licences––OMLs 4, 38 and 41––to a new expiry date of 21 October 2038. (http://www.nse.com.ng/Financial_NewsDocs/24435_SEPLAT_PETROLEUM_DEVELOPMENT_COMPANY_PLC_CORPORATE_ACTIONS_NOVEMBER_2018.pdf).

President Buhari, who also doubles as Nigeria’s Petroleum Minister granted the approval after the company paid a renewal bonus of $25.9 million, the disclosure said.

Seplat Petroleum Development Company is a Nigerian indigenous oil and gas company listed on both the Nigeria Stock Exchange and London Stock Exchange.

According to the disclosure, signed by Roger Brown, Seplat’s Chief Financial Officer, the company holds a 45 per cent working interest in OMLs 4, 38 and 41. Mr Brown added that in the first nine months of 2018, production from the licenses accounted for 92 per cent of Seplat’s total oil production and 100 per cent of Seplat’s gas production.

“In connection with the licence renewal Seplat has paid in full a Renewal Bonus of US$25.9 million, thus ensuring all conditions for license renewal have been met,” the disclosure said.

“The Company is now working with the Department of Petroleum Resources to obtain the updated title deeds in connection with the renewal.”

On his part, Austin Avuru, Seplat’s Chief Executive Officer, assured that after the renewal, the company would now invest in the Nigerian oil and gas industry with confidence.

“We are delighted to have concluded the early renewal of our core producing licenses, OMLs 4, 38 and 41,” he was quoted to have said.

“With the extension of the license to 2038 secured, we can now invest with confidence long into the future as we seek to further realise the full oil and gas potential of the licenses and continue to deliver value to all of our stakeholders.”

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Tinubu Seeks Transfer of Jailed Ekweremadu Back to Nigeria

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President Bola Tinubu has dispatched a strong delegation to London to address the situation of Ike Ekweremadu, a former Deputy Senate President, who has been imprisoned in the UK since March 2023.

The delegation includes the Minister of Foreign Affairs, Yusuf Tuggar, and the Attorney General of the Federation and Minister of Justice, Prince Lateef Fagbemi.

The team arrived in London on Monday and held discussions with officials from the UK’s Ministry of Justice.

Alkasim Abdulkadir, spokesperson for Tuggar, said on Tuesday that the presidential delegation was in London to engage with UK authorities to consider the possibility of Ekweremadu serving the remainder of his prison sentence in Nigeria.

The London Metropolitan Police detained the Ekweremadus in June 2022 after a man was deceitfully presented to a private renal unit at Royal Free Hospital in London as a relative of their daughter Sonia, in what turned out to be a failed attempt to convince medical professionals to perform an £80,000 transplant.

The 21-year-old man, who had allegedly been promised employment in the UK, reported the incident to the police in May of that year, saying that he had been brought to the country for an organ transplant.

In March 2023, the former presiding officer of Nigeria’s Senate was convicted of organ trafficking by a UK court. Beatrice, his wife, and Obinna Obeta, a doctor connected to the case, were also found guilty.

This verdict marked the first of its kind under the UK Modern Slavery Act.

On May 5, 2023, Ekweremadu received a nine-year and eight-month prison sentence, while his wife was sentenced to four years and six months, and Obeta was given a ten-year prison sentence.

In his ruling, Judge Jeremy Johnson determined that Beatrice should serve half of her sentence in custody and be supervised for the remainder. However, she was released from prison in January and has since returned to Nigeria.

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Tinubu Congratulates Soludo on Reelection As Anambra Governor

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President Bola Tinubu has congratulated Prof Chukwuma Soludo on his re-election as Governor of Anambra State.

Soludo was returned for a second term in office after recording a landslide victory, winning all 21 local government areas in the election, according to results declared by the Independent National Electoral Commission (INEC) on Sunday.

The massive victory makes the professor the third governor in Anambra’s political history to win a second term.

In a statement he personally signed, President Tinubu described Soludo’s re-election as a testament to his visionary leadership and the significant progress recorded under his administration.

“Governor Soludo, the Solution, has demonstrated that knowledge is indeed power and that academic principles can be applied in serving the people, undergirding accountability, transparency, and prudent management of people and resources.

“I visited Anambra State in May this year, where I inaugurated some projects executed by the Soludo administration. I highlighted the good thinking behind the landmark projects embarked upon by Mr Solution. That experience is indeed remarkable and will remain indelible in my mind.

“I commend Governor Soludo for bringing discipline, grace, brilliance, and a fresh perspective to governance in Anambra. Under him, Anambra is living up to its motto as the Light of the Nation.

“I urge Governor Soludo to be magnanimous in victory and to seek the cooperation of his opponents in the just-concluded election.

“I assure Governor Soludo of my unwavering support, and I look forward to continued collaboration between Anambra and the Federal government.

“The victory of the opposition All Progressives Grand Alliance in the election again demonstrates the vitality of our political system and the fact that victory for any progressive and hardworking leader can hardly be encumbered or denied,” the President said.

President Tinubu also commended the new INEC Chairman, Joash Amupitan, and his team for conducting what he described as a credible election, based on reports received so far.

He charged the commission to maintain high standards and continue to improve its performance “so we can strengthen and deepen our electoral system.”

The State Returning Officer and Vice-Chancellor of the University of Benin,  Omoregie Edoba, who announced the result,  declared Soludo the winner after the collation of results from the local government areas.

“I hereby declare that Soludo Chukwuma Charles of the APGA, having satisfied the requirements of the law, is hereby declared the winner and returned elected,” he said at the State headquarters of the Independent National Electoral Commission (INEC) in Awka, the state capital.

Soludo, the candidate of the All Progressives Grand Alliance (APGA), secured 422,664 votes to defeat his closest rival, Nicholas Ukachukwu of the All Progressives Congress (APC), who polled 99,445 votes.

Paul Chukwuma of the Young Progressives Party (YPP) came third with 37,753 votes, while John Nwosu of the African Democratic Congress (ADC) scored 8,208 votes. George Moghalu of the Labour Party (LP) and Jude Ezenwafor of the Peoples’ Democratic Party (PDP) polled 10,576 and 1,401 votes, respectively.

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Soludo in Landslide Victory, Relected As Anambra Governor

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Governor Chukwuma Soludo has secured a second term in office until 2030 after he was declared the winner of the November 8 Anambra State governorship election by the Independent National Electoral Commission (INEC)

According to the results announced by INEC in the early hours of Sunday, Soludo won by a landslide in the 21 local government areas of the South-East state.  

The State Returning Officer and Vice Chancellor of the University of Benin, Omoregie Edoba, declared Soludo as the winner of the exercise after the collation of results from the local government areas of the state where the election was held.

“I hereby declare that Soludo Chukwuma  Charles of the APGA, having satisfied the requirements of the law, is hereby declared the winner and is returned elected,” Edoba, a professor, told a gathering at the state headquarters of INEC in Awka, the state capital, where the election results were collated.

Soludo, the candidate of the All Progressives Grand Alliance (APGA), secured 422,664 votes to trounce his closest rival, the All Progressives Congress (APC)’s Nicholas Ukachukwu, who polled 99,445 votes.

Paul Chukwuma of the Young Progressives Party (YPP) came third with 37,753 votes, while John Nwosu of the African Democratic Congress (ADC) scored 8,208 votes.

George Moghalu of the Labour Party (LP) and Jude Ezenwafor of the Peoples Democratic Party (PDP) scored 10,576 votes and 1,401 votes, respectively.

Shortly after the results were announced, there was jubilation at the residence of the governor in Isoufia community, Aguata LGA.

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