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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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Breaking: Wike Plans to Attend Thursday’s PDP NEC Meeting

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By Eric Elezuo

The immediate past Governor of Rivers State, and Minister of the Federal Capital Territory (FCT), Mr Nyesom Wike, may have concluded plans to attend the much advertised National Executive Council (NEC) meeting of the main opposition party, the Peoples Democratic Party (PDP), billed to hold on Thursday, in Abuja.

Impeccable source, who is in the know, told The Boss that the minister, whose membership of the PDP is yet to be revoked even as he frolicks with the ruling All Progressives Congress (APC), and serving in the President Bola Tinubu government as a minister.

The Source told The Boss that Wike’s impending presence at the NECeeting on Thursday is not unconnected with plans, already hatched with some governors, to weaken the opposition PDP.

“Yes, we have on good authority that FCT minister, Wike is planning to attend the NEC meeting tomorrow all in a bid to weaken the fabrics of the PDP, and pave the way for the continuation of the Tinubu administration come 2027, and by extension, relapse Nigeria to a full blown one party state.

“From every indication, Wike and his co-travellers, are bent on unleashing the same crisis ravaging the third force, Labour Party, and Senator Rabiu Kwankwaso’s Nigerian National People’s Party (NNPP) on the PDP for the APC to remain the only political party in the country, and ensure that Tinubu has no challenger, come 2027,” the Source said.

It would be recalled that Wike has boasted over and again that there’s no opposition against Tinubu’s re-emergence in 2027, and that they have made sure of that. He has been compensated with the Ministerial job after he withdrew support for his party, and supported the APC and Tinubu to emerge as national government.

The Source further revealed that in the attempt to actualize the intended one party  state, a lot of funding is ongoing to ensure that concerned stakeholders are ‘settled’ handsomely.

Wike, prior, during and after the 2023 general elections, has been floating in between the two major political parties; the APC and the PDP. While he claim to still be a member of the PDP, he is functioning as a minister in an APC government, mocking the inability of his party to discipline him.

Political stakeholders have concluded that the outcome of Thursday’s PDP NEC meeting will determine the path Nigeria’s political trajectory will take, and that it may portend the end of multi-party system and political democracy if Wike succeeds in his plan.

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Bribery, Corruption: APC Suspends National Chairman, Ganduje

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The All Progressives Congress ward in Ganduje, Dawakin Tofa Local Government Area, has suspended the party’s National Chairman, Dr. Abdullahi Ganduje.

The party ward legal adviser, Halliru Gwanzo, announced the suspension while addressing newsmen in Kano State on Monday.

Gwanzo cited allegations of bribery against Ganduje levelled by the Kano State Government as the reason for the suspension.

“We decided to suspend Dr. Abdullahi Ganduje from the party due to the seriousness of the allegations against him,” Gwanzo said.

Meanwhile, efforts to contact the Chief Press Secretary to the APC National Chairman, Mr Edwin Olufo, failed as his mobile phone was unreachable.

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Akpabio Commits to Collaboration with Tinubu, Governor Umo Eno

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The President of the Senate, Godswill Akpabio, has stated his commitment to working closely with Nigeria’s President, Asiwaju Bola Ahmed Tinubu, and Governor Umo Eno to ensure the delivery of democratic benefits to the people of Akwa Ibom State.

Akpabio stated this in his country home, Ukana, Essien Udim Local Government Area of Akwa Ibom, while briefing his constituents on the journey so far as their representative in the red chamber.

He assured the people of Akwa Ibom North West Senatorial District of his commitment to their welfare in appreciation of their total support for him, President Bola Tinubu and the ruling All Progressives Congress (APC) in last year’s election.

The Highpoint of the constituency briefing was the distribution of over 10,000 bags of rice and other essentials for his constituents from the wards, to the local governments.

A statement by his Special Assistant on Media, Jackson Udom, quoted Akpabio as saying, “I am here once again, to thank you for standing by me, our President and the party, before, during and even after last year’s elections. I have come to say thank you and also bring Renewed Hope to you all.

“As the President is doing his own, the Senate President is also doing his bit and being complemented by the state governor, Akwa Ibom would be the better for it. We have finished elections and politics, we are now into governance. The governor of the state must touch you, because he is the governor of all the people in the state irrespective of political affiliation.

” As I am touching you now from the political angle, I will also touch the state without any political party affiliation. Most of the projects we are putting in place would be used by people resident in the state. Relax, things are getting better.”

The former Governor of the state, assured his constituents that his current position as the Senate President would be used for the development of the state in collaboration with the President and the Akwa Ibom State Governor.

Hear him: This Senate President is not the one that would be fighting the state government. I will collaborate with , I will collaborate with , to make the state better for us all. We cannot be out of government for a long time. You have to go to a government that carries you along”

Akpabio promised to work for his constituents and Nigeria with all his strength, noting that, “as the President of the Senate, I am for the Southern region and the entire country. I may not come here regularly to tell you what I have been doing for you, but you will be feeling the impact on way or the other. Our unemployed youths would be gainfully employed. I will construct a mini stadium in all the local governments in the district, for our youths to develop their sporting potentials. ”

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