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NNPC Ltd, PSC Contractors Resolve Disputes, Renew PSC Leases

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Less than a month after the unveiling of NNPC Ltd by Mr. President, NNPC Ltd and its Production Sharing Contract (PSC) Contractors are pleased to announce the execution of fully termed agreements for the renegotiated PSCs.

During an event to mark the landmark achievement held today at the NNPC Towers in Abuja, the parties renewed their agreements in five Oil Mining Leases (OMLs 128,130,132, 133, and 138), a development that would not only unlock further investments in the upstream sector and boost investors’ confidence but would also unlock over $500bn in revenue for the country.

Group CEO, NNPC Ltd, Mallam Mele Kyari, said renegotiations of the assets were in line with the provisions of section 311 of the PIA with other improvements to the PSCs aimed at driving performance in the PSC operations.

President Buhari Unveils New NNPC LTD

Speaking further, Kyari said the negotiations were completed within the timeframe specified by PIA for all re-negotiated PSCs, stressing that “the “meaning of this is that there is now a great deal of clarity between NNPC Ltd and its partners in the deep water space.”

Kyari commended President Muhammadu Buhari for his leadership in providing theNNPC Ltd and its Contractors the opportunity to achieve the milestone through thePIA, thereby offering more opportunities for boosting the nation’s crude oil production and revenue base.

In his remarks, Country Chair, Shell Companies in Nigeria, Mr. Osagie Okunbor described the execution of OML 133 PSC contract as significant progress towards harnessing the deep-water resources of Nigeria.

Also speaking, the Chairman/Managing Director of Exxon Mobil Companies in Nigeria,Mr. Richard Laing noted that the renewal of the Usan and Erha leases validates his company’s commitment to maintaining a significant deepwater presence in Nigeria,through Esso Exploration and Production Nigeria (Deepwater) Limited.

On his part, Chairman/Managing Director of Chevron Nigeria Limited (CNL), Mr. Rick Kennedy said Chevron is proud of its strong partnership with Nigeria and its various partners and remains also committed to supporting the country to develop its energy resources safely and reliably.

The recent negotiations will put to rest the protracted dispute between the NNPC Ltd and the Contractor Parties in Oil Mining Leases (OMLs) 125, 128, 130, 132 and 133, as well as 138 PSCs). The PSCs and their leases, except OML 130, will run for another 20 years term under pre-PIA laws, while OML130 is to be renewed under PIA terms.

The PIA in Section 31m(2) stipulates that new PSC agreements under new Heads of Terms will be signed between NNPC Ltd as Concessionaire and her Contractor Parties within one year of signing the PIA into law, giving a deadline of 15th August 2022.

This provision paved the way for the resolution of lingering disputes which created investment uncertainty and stifled new investments in the nation’s deep offshore assets.

To achieve this, NNPC Ltd leveraged on the near-end term of the PSCs and the parties’ interest to renew the PSCs as a negotiation currency in bringing the contractors to work towards trading the past for the future.

These renewed PSCs would provide several benefits such as improved long-term relationships with contractors, elimination of contractual ambiguities, especially in relation to gas terms, and enable early contract renewal amongst others.

In a statement by Group General Manger public affairs Division NNPC Limited Garba Deen Muhammad said the signing ceremony was witnessed by the Honourable Minister of State for Petroleum Resources, Chief Timipre Sylva; Board Members of NNPC Ltd, led by the Chairman, Senator, Margerie Chuba Okadigbo; Chief Executive of NUPRC, Engr. Gbenga Komolafe; Chief Executive of NMDPRA, Mr. Faruk Ahmed and the Executive Chairman, Federal InlandRevenue Service (FIRS), Mr. Muhammad Namu.

NNPC Ltd, PSC Contractors Resolve Disputes, Renew PSC Leases

Less than a month after the unveiling of NNPC Ltd by Mr. President, NNPC Ltd and its Production Sharing Contract (PSC) Contractors are pleased to announce the execution of fully termed agreements for the renegotiated PSCs.

During an event to mark the landmark achievement held today at the NNPC Towers in Abuja, the parties renewed their agreements in five Oil Mining Leases (OMLs 128,130,132, 133, and 138), a development that would not only unlock further investments in the upstream sector and boost investors’ confidence but would also unlock over $500bn in revenue for the country.

Group CEO, NNPC Ltd, Mallam Mele Kyari, said renegotiations of the assets were in line with the provisions of section 311 of the PIA with other improvements to the PSCs aimed at driving performance in the PSC operations.

Speaking further, Kyari said the negotiations were completed within the timeframe specified by PIA for all re-negotiated PSCs, stressing that “the “meaning of this is that there is now a great deal of clarity between NNPC Ltd and its partners in the deep water space.”

Kyari commended President Muhammadu Buhari for his leadership in providing theNNPC Ltd and its Contractors the opportunity to achieve the milestone through thePIA, thereby offering more opportunities for boosting the nation’s crude oil production and revenue base.

In his remarks, Country Chair, Shell Companies in Nigeria, Mr. Osagie Okunbor described the execution of OML 133 PSC contract as significant progress towards harnessing the deep-water resources of Nigeria.

Also speaking, the Chairman/Managing Director of Exxon Mobil Companies in Nigeria,Mr. Richard Laing noted that the renewal of the Usan and Erha leases validates his company’s commitment to maintaining a significant deepwater presence in Nigeria,through Esso Exploration and Production Nigeria (Deepwater) Limited.

On his part, Chairman/Managing Director of Chevron Nigeria Limited (CNL), Mr. Rick Kennedy said Chevron is proud of its strong partnership with Nigeria and its various partners and remains also committed to supporting the country to develop its energy resources safely and reliably.

The recent negotiations will put to rest the protracted dispute between the NNPC Ltd and the Contractor Parties in Oil Mining Leases (OMLs) 125, 128, 130, 132 and 133, as well as 138 PSCs). The PSCs and their leases, except OML 130, will run for another 20 years term under pre-PIA laws, while OML130 is to be renewed under PIA terms.

The PIA in Section 31m(2) stipulates that new PSC agreements under new Heads of Terms will be signed between NNPC Ltd as Concessionaire and her Contractor Parties within one year of signing the PIA into law, giving a deadline of 15th August 2022.

This provision paved the way for the resolution of lingering disputes which created investment uncertainty and stifled new investments in the nation’s deep offshore assets.

To achieve this, NNPC Ltd leveraged on the near-end term of the PSCs and the parties’ interest to renew the PSCs as a negotiation currency in bringing the contractors to work towards trading the past for the future.

These renewed PSCs would provide several benefits such as improved long-term relationships with contractors, elimination of contractual ambiguities, especially in relation to gas terms, and enable early contract renewal amongst others.

In a statement by Group General Manger public affairs Division NNPC Limited Garba Deen Muhammad said the signing ceremony was witnessed by the Honourable Minister of State for Petroleum Resources, Chief Timipre Sylva; Board Members of NNPC Ltd, led by the Chairman, Senator, Margerie Chuba Okadigbo; Chief Executive of NUPRC, Engr. Gbenga Komolafe; Chief Executive of NMDPRA, Mr. Faruk Ahmed and the Executive Chairman, Federal InlandRevenue Service (FIRS), Mr. Muhammad Namu.

 

 

 

 

 

 

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Emir Sanusi Woos Foreign Investors, assures opportunities, profit margin in Nigeria

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Emir of Kano, His Highness, Khalifa Muhammadu Sanusi II, has urged foreign investors to take advantage of booming business environment in Nigeria to invest their resources for maximum profit margin.

Khalifa Sanusi solicited investment opportunities in Nigeria while addressing global investors and captains of industries at the International Financial Investment and Trade Conference holding in Tunisia.

The former Governor of the Central Bank of Nigeria, explained that Nigeria reserves one of the fastest growing economy in Africa with highly competitive markets and business opportunities readily available for capital investors.

Sanusi essentially appealed to business and investment giants to tap from the robust economy with enabling environment in the areas of Manufacturing, Agriculture, ICT, Innovation and financial sector to grow their investment.

The royal highness used the occasion to showcase the growing fortune and global investment of Alh. Aliko Dangote, who started his empire taking the Nigerian business environment, believed foreign investors should capitalize on similar advantage.

Sanusi made a strong case for investment opportunities in his country home, assured socio-econmic and natural endowments as major advantages investors should consider to build viral growth in Kano.

According to Emir Sanusi, remained that Kano is destination for trade, commerce and industries with 22 million population, natural resources, strategic location and well established international markets that serve many countries in West and Central Africa and beyond. That’s apart, he said incentives provided by the Kano State Government is another avenue for ease of doing business.

A release by Munir Sanusi Bayero, Galadiman Kano and Chief of Staff to emir Sanusi said the conference attracted prominent personalities including Governor of Bauchi State, Sen Bala Mohammed, Hon. Minister of Women Affairs, Haj. Imaan Suleiman, Amb. Bolaji, representing the Hon. Minister of State for Foreign Affairs, Bianca Ojukwu and DG of NEPZA.

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Kwankwasiyya Professionals Forum Condemns AB Bappah Bichi’s Remarks, Calls for Legal Action

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The Kwankwasiyya Professionals Forum convened a two-day emergency stakeholders’ meeting on May 4th and 5th, 2025, at Tahir Guest Palace Hotel in Kano to address concerns over alleged defamatory statements made by former Secretary to the State Government, AB Bappah Bichi, against the esteemed leader of the Kwankwasiyya movement, Dr. Rabi’u Musa Kwankwaso. The forum, comprising experts from diverse backgrounds, strongly condemned what it described as inflammatory remarks aimed at tarnishing Dr. Kwankwaso’s reputation. According to Comr. Haruna Musa Gaza, Chairman of the forum, “These statements are not only malicious but also an attempt to incite hatred and provoke violence against our revered leader.”

During the deliberations, members reaffirmed Dr. Kwankwaso’s enduring legacy and contributions to Nigeria’s political and socio-economic development. The forum praised his leadership, integrity, and philanthropic efforts, insisting that his work has positively impacted millions of Nigerians. “Dr. Kwankwaso is a visionary leader whose contributions to our great nation cannot be undermined by baseless accusations,” Gaza stated. The body further emphasized its unwavering support for Kwankwaso while calling on Nigerians to recognize the profound impact of his leadership.

In response to Bichi’s remarks, the forum resolved to pursue legal action to ensure accountability for what they termed defamatory allegations. Legal proceedings, according to Gaza, will be instituted to address the matter in court, and all available legal avenues will be explored to seek redress. “We will not allow these false claims to go unchallenged. Justice must prevail, and we will fight to ensure that defamatory statements like these do not go unchecked,” Gaza affirmed. The forum vowed to hold Bichi responsible for his utterances and pursue the matter to its logical conclusion through legal means.

Despite the forum’s strong condemnation, it urged all Kwankwasiyya supporters and Nigerians to remain calm and law-abiding in the face of provocation. The forum stressed the importance of maintaining peace and avoiding unnecessary escalation. “We call on our supporters to exercise restraint. Violence is never the answer, and our movement stands for peace and development,” Gaza emphasized. The forum maintained that while legal action is necessary, peaceful resolution and respect for the law remain top priorities.

Additionally, the Kwankwasiyya Professionals Forum commended the Kano State Governor, Engr. Abba Kabir Yusuf, for his administration’s efforts in advancing development projects across the state. The forum encouraged Kano residents to continue supporting the governor’s initiatives aimed at fostering progress and stability. “Governor Yusuf is working tirelessly for the betterment of Kano State, and we urge citizens to stand behind his administration’s laudable projects,” Gaza concluded. The forum reiterated its commitment to ensuring accountability while championing the cause of peace and development.

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Market Traders Association of Nigeria Suspends Operations of 36 State Chapters

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President market traders association of Nigeria Jamilu Abbas

 

The Market Traders Association of Nigeria (MATAN) has announced the suspension of operations across its 36 state chapters and the Federal Capital Territory (FCT), Abuja. The decision was disclosed by MATAN’s National President, Jamilu Abbas, while addressing journalists on the prevailing challenges within the association.

According to Abbas, the suspension comes in response to multiple concerns raised by stakeholders, alongside unforeseen circumstances that have impacted the organization’s unity.

He emphasized the need for solidarity, stating, “Based on the current situation across the country regarding our association, along with the receipt of various calls from stakeholders and unforeseen circumstances—including exchanges of words on our platform—I believe that we are one family, united in the progress of our great nation. That is why we are MATAN: when we work, our nation moves forward.”

The MATAN President clarified that, despite the general suspension, the scheduled inauguration for Imo State would proceed as planned, while that of Enugu State has been postponed. Abbas noted that further directives on the future of the association’s activities would be determined by the Federal Executive Council. He stated, “In view of all these developments, as the President and father of our teeming family members, I am here to announce that the Enugu State inauguration is suspended, while Imo State’s inauguration should proceed as scheduled. Furthermore, the operations of all 36 state chapters and Abuja are hereby suspended until the Federal Executive Council convenes and announces a new mode of operation for the entire 36 states and Abuja.”

Abbas acknowledged that the suspension could cause disruptions for MATAN members but stressed that it was a necessary course of action. He expressed his regret over the inconvenience, adding that he remains optimistic about the upcoming discussions with the Federal Executive Council, which he believes will provide lasting solutions to the association’s concerns. “This decision was made out of necessity. I believe the suspension may hurt our members, and we regret any inconvenience this painful decision may cause. However, we had no choice but to implement it. I am confident that the outcome of our meeting will serve as the final solution to our grievances,” he stated.

MATAN members across the country will be awaiting further updates as the association navigates this transitional phase. In the meantime, Abbas urged traders to remain united, emphasizing his unwavering commitment to resolving the underlying issues affecting the organization.

The Market Traders Association of Nigeria is a national organization committed to supporting market traders and advancing trade-related policies for economic growth. The association plays a crucial role in facilitating dialogue between traders and government stakeholders, ensuring that market conditions remain favorable for business development.

This latest suspension marks a pivotal moment for MATAN, with traders, stakeholders, and the government looking ahead to forthcoming resolutions.

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