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Addax Petroleum Exits Nigeria, transfers Four Oil Blocks to NNPC Limited

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Addax Petroleum Development Company has resolved its protracted dispute with the Nigeria National Petroleum Limited and concluded transfer of its four Oil Mining Leases (OMLs) 123/124, 126/137 for much-needed investment and growth of the facilities.
With this agreement Addax has ceased to be the Production Sharing Contract ( PSC) contractor for the oil mining licenses
The NNPC Chief Finance Officer, Umar Ajiya signed the agreement on behalf of the company while the Managing Director of Addax Petroleum, Yonghong Chen, signed on behalf of his company.
Confirming the development, Addax  stated that ” NNPC and Addax Petroleum Development ( Nigeria) on Tuesday Signed  a Memorandum of Understanding ( MOU) on the Transfer, Settlement and Exit Agreement ( TSEA) for OML 123/124  and OML 126/137.
Mr Garba Muhammad, Chief Corporate Communications Officer, Nigerian National Petroleum Company Limited (NNPC Ltd) in a statement  said the Production Sharing Contract (PSC) for the blocks was initially signed in 1973 between NNPC and Ashland.
Muhammad said the contract was terminated after 25 years but subsequently, NNPC signed another PSC with Addax in 1998 on the blocks and operated through Addax Petroleum for another 24yrs.
He said in 2021, issues around the revocation of the licences were reconsidered.
This, he said made the Nigeria Upstream Petroleum Regulatory Commission (NUPRC) advise that the assets be returned to the Concessionaires (NNPC Limited) to ensure clean and amicable exit for Addax.
“On January, 25, NNPC Limited commenced formal engagements with Addax and NUPRC; followed by series of meetings to ensure a swift close-out of the exit discussions and formalities.
“These discussions eventually paved way for the preparation and signing of a Transfer, Settlement and Exit Agreement (TSEA),” he said.
In his remarks at the close-out and signing ceremony, the NNPC GCEO, Mele Kyari, charged the Transition Management Team to hit the ground running towards restoration and fulfilment of the promise of the Assets.
He promised that readjustment will be swift and efficient, in order to extract optimum value from the assets, and to deliver maximum value to shareholders.
Bala Wunti, Head of National Petroleum Investment Management Services ( NAPIMS) said ” this is the first time in the history of the hydrocarbon production journey that a PSC will be transferred to us in a prudent mannner”
He noted that in another two weeks, NNPC Limited will be able to bring back about 10,000 barrels of oil.
The event was attended by Chairman, NNPC Board, Sen. Margary Okadigbo, Group CEO, Mele Kyari, Executive VP, Upstream, NNPC, Adokiye Tombomieye, Habib Nuhu of Nigerian Upstream Petroleum Regulatory Commission while MD, Yonghong Chen led other top officials of Addax
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Boko Haram Among Terror Groups Funded by USAID, Says US Congressman, Perry

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US Congressman, Scott Perry, has said that US aid agency, United States Agency for International Development, funded terrorist organisations, including Boko Haram.

Perry, a Republican representing Pennsylvania, made the claim during the inaugural hearing of the Subcommittee on Delivering on Government Efficiency on Thursday.

The session, titled “The War on Waste: Stamping Out the Scourge of Improper Payments and Fraud,” focused on alleged misappropriations of taxpayer funds.

“Who gets some of that money? Does that name ring a bell to anybody in the room? Because your money, your money, $697 million annually, plus the shipments of cash funds in Madrasas, ISIS, Al-Qaeda, Boko Haram, ISIS Khorasan, terrorist training camps. That’s what it’s funding,” Perry said.

According to the subcommittee’s website, it will “actively work with President Trump’s Department of Government Efficiency to root out waste, shore up vulnerable payment systems, and fully investigate schemes to defraud taxpayers.”

Perry further cited USAID’s reported funding of $136 million for building 120 schools in Pakistan, alleging that there was “zero evidence” of the schools’ construction.

Perry added, ” If you think that the programme under Operation Enduring Sentinel entitled Women’s Scholarship Endowment, which receives $60 million annually, or the Young Women Lead, which gets about $5 million annually, is going to women who, by the way, if you read the Inspector General’s report, is telling you that the Taliban does not
allow women to speak in public, yet somehow you’re believing, and American people are supposed to believe, that this money is going for the betterment of the women in Afghanistan. It is not.

“You are funding terrorism, and it’s coming through USAID. And it’s not just Afghanistan, because Pakistan’s right next door.

“USAID spent $840 million in the last year, the last 20 years, on Pakistan’s education-related programme. It includes $136 million to build 120 schools, of which there is zero evidence that any of them were built. Why would there be any evidence? The Inspector General can’t get in to see them.

“But you know what? We doubled down and spent $20 million from USAID to create educational television programs for children unable to attend the physical school. Yeah, they can’t attend it, because it doesn’t exist. You paid for it.

“Somebody else got the money. You are paying for terrorism. This has got to end.”

US President Donald Trump has previously called for the closure of USAID, accusing the agency of corruption in a post on his Truth Social platform.

The move is part of Trump’s–and his billionaire ally Elon Musk’s–drive to shrink the US government.

Musk, whom Trump appointed to lead the Department of Government Efficiency, has also criticised USAID, alleging that it engages in rogue operations.

Musk has called USAID “a viper’s nest of radical-left Marxists who hate America” and has vowed to shut it down.

Among other criticisms, which Musk has claimed that USAID does “rogue CIA work” and even “funded bioweapon research, including COVID-19, that killed millions of people.”

Trump said DOGE would “dismantle government bureaucracy, slash excessive regulations, cut wasteful expenditures, and restructure federal agencies — essential to the ‘Save America’ movement. This will send shockwaves through the system, and anyone involved in government waste, which is a lot of people!”

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CDS Visa Denial: No Comments, Canadian Embassy Declares

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The Canadian High Commission in Nigeria has refused to make further comments on circumstances surrounding the denial of visas to some senior Nigerian military officials, including the Chief of Defence Staff, General Christopher Musa, citing privacy policies.

The Authorities however, acknowledged social media reports of the situation.

Musa and some military officials were denied visas to attend an event in Canada honouring war veterans, a situation the CDS revealed during an event in Abuja on Thursday.

Responding on Friday, via its social media handle, the Canadian High Commission stated, “The High Commission of Canada in Nigeria is aware of media reports related to planned travel by senior officials. However, for privacy reasons, we are unable to comment on the status of visa applications of specific individuals.”

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Afenifere Leader, Pa Ayo Adebanjo Dies at 96

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Pa Ayo Adebanjo, the Afenifere leader, is dead.

He died on Friday morning at his Lekki residence in Lagos, according to a family statement. He was aged 96.

It reads: “With a heart full of gratitude for a selfless life spent in the service of God, the nation and humanity, we announce the passing on of our beloved patriarch, Chief Samuel Ayodele Adebanjo.

“He died peacefully this morning, Friday, February 14, 2025 at his Lekki, Lagos Nigeria home at the age of 96.

“The foremost nationalist, elder statesman, distinguished lawyer, very distinct politician, apostle of true federalism, former organising secretary of Action Group and the national leader of Afenifere is survived by his 94 year-old wife, Chief Christy Ayo-Adebanjo, children, grandchildren and great grandchildren.

“We will forever cherish his commitment to fighting for truth, equity and justice. His belief and struggle for a truly independent and progressive Nigeria was total and this he fought for until he breathed his last breath.

“The family is consulting with Papa’s friends, associates, numerous interest groups across the length and breadth of Nigeria and beyond, to fine tune plans for a befitting funeral details which will be communicated in due course.

“A condolence register is open at his residence in Lagos (8, Ayo Adebanjo Close, Lekki Phase 1, Lagos) and  his country home in Isanya Ogbo, near Ijebu Ode Ogun State.”

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