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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.

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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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NYSC Gets Biggest Revamp Since 1973 as FEC Approves Civilian Leadership, New Uniform, Tech-Driven Call-Up

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By Yusuf Danjuma Yunusa

The Federal Executive Council has approved a comprehensive overhaul of the National Youth Service Corps, marking the first major restructuring of the scheme since it was established 53 years ago.

The reforms, approved at the FEC meeting in Abuja on Monday, are aimed at repositioning the NYSC into a skills-focused, productivity-driven institution aligned with the Federal Government’s economic agenda.

A key aspect of the reform is a change in the leadership structure of the scheme, with the NYSC set to be headed by a civilian, while the military will continue to provide security for corps members nationwide.

The council also directed the Attorney-General of the Federation and the Federal Ministry of Youth Development to amend the NYSC Act and relevant regulations to provide legal backing for the approved changes and enable their implementation.

Announcing the approval on X, the Minister of Youth Development, Ayodele Olawande, described the reforms as the first holistic review of the scheme in its 53-year history.

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He said, “We are transforming the Scheme into a platform that not only unites Nigeria but also equips our young people with the skills, experience and opportunities they need to thrive in a fast-changing world.”

Olawande said the approved reforms would reposition the scheme as “a skills-driven, productivity-focused and youth-empowering institution that aligns with President Bola Tinubu’s vision of building a $1 trillion economy.”

According to him, the reforms include “a technology-driven call-up process, risk-sensitive deployment to better protect corps members, a redesigned six-week orientation programme with stronger focus on leadership, entrepreneurship, digital skills and specialised career streams, skills-based primary assignments aligned with academic background and career pathways, modern governance with civilian operational leadership while the military continues to provide security support, improved camp standards through a national grading and certification system, and a new graduation ceremony to replace the Passing Out Parade, alongside a redesigned NYSC uniform that reflects professionalism and national pride.”

Olawande said the reform process began in 2025 through a broad-based review involving the Federal Ministry of Youth Development, the Federal Ministry of Education and the Office of the Special Adviser to the President on Policy and Coordination before receiving FEC approval.

He added, “This is more than a reform of an institution. It is an investment in Nigeria’s greatest asset, our young people. The future of the NYSC begins now, and it is brighter, more relevant and more impactful than ever.”

Established in 1973 following the Nigerian Civil War, the NYSC was created to promote national unity by deploying graduates to states outside their regions of origin for one year of compulsory national service.

The latest reforms represent the first comprehensive review of the scheme since its creation, with the Federal Government saying the changes are designed to make the institution more relevant to Nigeria’s contemporary economic and youth development needs.

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2027: “I have no apology for supporting re-election bid of President Tinubu”, Gov. Yusuf declares

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Governor Abba Kabir Yusuf has reaffirmed his administration’s commitment to mobilising support for the re-election of President Bola Ahmed Tinubu in the 2027 general elections.

Ostensibly reacting to opposition comments, Gov. Yusuf insisted he has no cause of regret of apologetic to any figure, owing to his support for Tinubu’s re-election.

The governor made the declaration during an interactive session with elected and appointed government officials held at the Coronation Hall of the Government House in Kano.

Expressing confidence in President Tinubu’s chances of securing a second term, Yusuf assured that Kano would deliver overwhelming votes for the President in the 2027 presidential election.

According to him, “our administration in Kano has no reason to apologise for supporting President Tinubu”, stressing that the President’s re-election remains a collective responsibility of all party members and government officials.

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The Governor however directed all political appointees serving in his administration who are yet to register as members of the All Progressives Congress (APC) to do so without further delay.

Yusuf stressed that every elected and appointed government official must identify with the party and actively participate in strengthening its structures ahead of the 2027 polls.

He reaffirmed his administration’s determination to ensure the APC records victories in the presidential, governorship, National Assembly, State Assembly and local government elections.

As part of measures aimed at motivating political office holders, the governor approved the allocation of plots of land to more than 300 political aides, including Senior Special Assistants, Special Assistants, Senior Special Reporters, Special Reporters and Personal Assistants. He also approved the payment of N100,000 to each of the beneficiaries.

Speaker of the Kano State House of Assembly, Rt. Hon. Ismail Falgore, also at the meeting re-emphaised that APC in Kano owes no apology for promoting the achievements of President Tinubu in Kano State.

Falgore noted that constituency projects executed by members of the State Assembly, with the support of Governor Yusuf, had further strengthened the party’s popularity across the state and positioned it for victory in the 2027 elections.

Meanwhile, the APC Chairman in Kano State, Hon. Umar Haruna Doguwa, declared that “the battle line has been drawn” with the Kwankwasiyya movement, expressing confidence that the party would emerge victorious in the forthcoming elections.

At the end of the meeting, elected and appointed government officials unanimously passed a vote of confidence in President Bola Ahmed Tinubu and Governor Abba Kabir Yusuf.

The officials also pledged to intensify grassroots mobilisation and work collectively towards ensuring the success of the APC at all levels during the 2027 general elections.

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BUK Emerges Top Performing Nigerian University In Global Ranking

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Nigeria has reinforced its growing influence in global higher education as 24 universities secured places in the 2026 Times Higher Education (THE) World University Rankings and the Times Higher Education Sub-Saharan Africa University Rankings, the highest representation by any country in Sub-Saharan Africa.

The latest rankings place the University of Ibadan and the University of Lagos among Nigeria’s highest-ranked universities, while Bayero University Kano emerged as one of the country’s top-performing institutions. Nigeria also increased its representation in the global rankings from 21 universities in 2024 and 2025 to 24 universities in 2026, making it the most represented country in Sub-Saharan Africa.

The Nigerian contingent comprises 17 federal universities, three state universities and four private universities, underscoring the increasing competitiveness of the country’s tertiary education sector across teaching, research, knowledge transfer and international outlook.

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The rankings also reflect the growing recognition of specialised institutions, with several federal universities of technology and agriculture earning places, while state-owned universities continued to strengthen their global standing through improved academic performance and research output.

Reacting to the latest rankings, the Minister of Education, Dr. Tunji Alausa, described the achievement as a significant milestone for Nigeria’s higher education sector, saying it reflects the positive outcomes of ongoing reforms aimed at strengthening the nation’s universities. He noted that the growing international recognition of Nigerian institutions underscores the Federal Government’s commitment to transforming tertiary education into a catalyst for innovation, research, human capital development and sustainable national growth.

Pundits say the latest recognition is expected to boost the international profile of Nigerian universities, enhance opportunities for global collaborations, attract research funding and encourage sustained investment in quality teaching, innovation and institutional development across the country’s higher education landscape.

The 24 Nigerian universities that featured in the 2026 THE rankings are:

1. University of Ibadan

2. University of Lagos

3. Bayero University Kano

4. Covenant University

5. Landmark University

6. Ahmadu Bello University

7. Federal University of Technology, Minna

8. University of Ilorin

9. University of Jos

10. University of Nigeria, Nsukka

11. Babcock University

12. Delta State University, Abraka

13. Ekiti State University

14. Federal University of Agriculture, Abeokuta

15. Federal University of Technology, Akure

16. Federal University of Technology, Owerri

17. Federal University Oye-Ekiti

18. Ladoke Akintola University of Technology

19. Lagos State University

20. Nnamdi Azikiwe University

21. Obafemi Awolowo University

22. University of Benin

23. University of Calabar

24. University of Port Harcourt

 

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