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NNPC Ltd, PSC Contractors Resolve Disputes, Renew PSC Leases

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3 years ago

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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.

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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.

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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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How Fubara engaged social media influencers to tarnish image of FCT Minister, Wike -Group reveals

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1 hour ago

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January 8, 2026

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Concerned Rivers People, CRP has revealed how Rivers Governor Siminalayi Fubara engaged social media influencers to tarnish image of the Federal Capital Territory FCT Minister Nyesom Wike.

This was contained in a statement issued and signed by the CRP’s Director of Communication, Robinson Uke where he stated that:

“Bloggers engaged by public officials to influence politics in Nigeria has become the norm as we are aware of deliberate moves by Fubara to denigrate the hardworking FCT minister before Mr President.

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“This obviously will not fly as we are also aware that some bloggers equally turned down mouth watering offers declaring that the minister has not in any way attacked the Rivers Governor either directly or indirectly.

Uke explained that: “All the FCT minister has said is that an agreement is an agreement, Fubara should swallow his pride and respect the agreement.

“This he has not done yet he is lavishing hard earned tax payers money of the state on social media influencers across the country without an Appropriation Act to back his spending.

“This development raises ethical concerns, as it undermines transparency and accountability in governance.

” The Nigerian government has responded by demanding approval for sponsored posts, citing concerns over misinformation and manipulation.

“We want to specially thank those bloggers who are standing by the truth and refused to be used by the drowning Fubara who has betrayal flowing in his DNA.

“To Fubara we wish him the best of luck in his political sojourn as an African proverb says a child who refuses to allow his mother to sleep, the child too will not sleep.

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JUST-IN: Rivers Assembly Initiates Impeachment Proceedings Against Fubara

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1 hour ago

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January 8, 2026

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By Yusuf Danjuma Yunusa

The Rivers State House of Assembly has begun impeachment proceedings against Governor Siminalayi Fubara and his deputy, Ngozi Oduh.

During plenary presided over by the Speaker of the state House of Assembly, Martins Amaewhule, according to a live broadcast on Channels Television on Thursday, the Majority Leader, Major Jack, read out the notice of allegations and gross misconduct against Fubara.

“The governor does not even want to present any budget, because if he wanted to, he would have brought it all this while. Siminalayi Fubara is a mistake. Rivers state has never had it this bad,” the Speaker said.

Twenty-six members of the Rivers State House of Assembly signed the notice, which they alleged was against the Nigerian Constitution.

Amaewhule said the notice will be served to Fubara in the next seven days.

The Deputy Majority Leader of the House, Linda Stewart, also read out the notice of allegations and gross misconduct against Oduh.

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Relying on Section 188 of the Nigerian Constitution, Jack reeled out seven points of alleged gross misconduct against Fubara.

Some of the accusations include the demolition of the Assembly Complex, extra budgetary spending, withholding funds meant for the Assembly Service Commission, and refusal to obey the Supreme Court on the financial autonomy of the house.

After Jack laid his notice before the Speaker, who said the notice would be served to the governor in seven days, the deputy leader, Linda Stewart, also brought forward a notice of gross misconduct against Odu.

According to the report, some of the allegations against Odu included reckless and unconstitutional spending of public funds, obstruction of the House of Assembly from performing its constitutional duties as outlined by the 1999 Constitution, conniving to allow unauthorised persons to occupy offices without proper screening by the legitimate House of Assembly.

“Siminalayi Fubara and Ngozi Odu are nothing but a threat to our nascent democracy. If they are allowed to remain in office, I do not know what will become of our democracy. They are moving about from place to place, spending taxpayers’ money without approval,” the Speaker added.

Other allegations were that she approached another group of people for budgetary approval instead of the legitimate Rivers State House of Assembly, seizure of salaries and allowances accruing to the RSHA and the Rivers State Assembly Service Commission.

The move is the second attempt by the lawmakers to impeach Fubara and his deputy, following a similar one in March 2025.

In the notice signed by 26 members of the Rivers Assembly at that time, the lawmakers accused Fubara and Odu of gross misconduct after the governor fell out with the immediate governor of the state, Nyesom Wike.

Following escalating tensions in the oil-rich state, President Bola Tinubu intervened and declared a state of emergency.

The president suspended Fubara, his deputy and the Rivers Assembly and said the development is “required by section 305(5) of the 1999 Constitution as amended.

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Despite Dangote’s Withdrawal, ICPC Vows to Continue Investigation on Ex-NMDPRA Boss

Published

7 hours ago

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January 8, 2026

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By Yusuf Danjuma Yunusa

The Independent Corrupt Practices and Other Related Offences Commission (ICPC) has declared its intention to proceed with an investigation into the sacked Chief Executive of the Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA), Farouk Ahmed, despite the withdrawal of a petition against him by businessman Aliko Dangote.

Mr. Dangote had earlier petitioned the anti-graft agency, alleging that Mr. Ahmed misappropriated $5 million for the payment of his children’s school fees. The ICPC had consequently invited Mr. Dangote in December to formally adopt the petition as required by law.

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However, in a statement issued on Wednesday, the Commission confirmed the petition’s withdrawal. It noted receipt of a formal letter dated January 5, 2025, from Dr. O.J. Onoja, SAN, the legal counsel to Aliko Dangote. The letter, titled “Notice of Withdrawal of Petition against Engineer Farouk Ahmed,” stated that the petitioner was withdrawing the complaint in its entirety and indicated that another law enforcement agency had taken over the matter.

The ICPC, in its response, asserted its statutory authority to continue the probe. Citing sections 3(14) and 27(3) of its enabling Act, the Commission stated that investigations had already commenced in the public interest.

“The ICPC will therefore continue to investigate this matter in line with its statutory mandate and in the interest of transparency, accountability and the fight against corruption for the benefit of Nigeria,” the statement concluded.

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